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FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

DECEMBER 2011
Additional Financial Management Service 

Releases on Federal Finances

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December 2011 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

Analysis.—Summary of Economic Indicators ....................................................................................................................... 3

FEDERAL FISCAL OPERATIONS 

Introduction.—Federal Fiscal Operations .............................................................................................................................. 9 

Analysis.—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source .................... 10 

FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 12 

FFO-B.—Chart: Budget Receipts by Source ....................................................................................................................... 12 

FFO-1.—Summary of Fiscal Operations ............................................................................................................................. 13 

FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 14 

FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 16 

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency ....................................................... 18

FFO-5 —Internal Revenue Receipts by State ...................................................................................................................... 19 

FFO-6 —Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports ............................ 23 

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 29 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 29

FEDERAL DEBT 

Introduction.—Federal Debt ................................................................................................................................................ 31 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 32 

FD-2.—Debt Held by the Public ......................................................................................................................................... 33 

FD-3.—Government Account Series ................................................................................................................................... 34 

FD-4.—Interest-Bearing Securities Issued by Government Agencies ................................................................................. 35 

FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by 

 Private Investors .................................................................................................................................................... 36 

FD-6.—Debt Subject to Statutory Limit .............................................................................................................................. 37 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 38

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 40 

TREASURY FINANCING ................................................................................................................................................. 40 

PDO-1.—Offerings of Regular Weekly Treasury Bills ....................................................................................................... 47 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 48 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 49 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 50 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 51

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 52 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins .............................................................................. 52 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 53
December 2011 

IV 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 57 

IFS-1.—U.S. Reserve Assets ............................................................................................................................................... 57 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 58 

IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other 

 Residents of Foreign Countries .............................................................................................................................. 59

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 60 

SECTION I.—Liabilities to Foreigners Reported by Banks in the United States 

CM-I-1.—Total Liabilities by Type and Holder .................................................................................................................. 63 

CM-I-2.—Total Liabilities by Country ................................................................................................................................ 64 

CM-I-3.—Total Liabilities by Type and Country ................................................................................................................ 66 

CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers 

 with Respect to Selected Countries ...................................................................................................................... 68 

SECTION II.—Claims on Foreigners Reported by Banks in the United States 

CM-II-1.—Total Claims by Type ........................................................................................................................................ 69 

CM-II-2.—Total Claims by Country ................................................................................................................................... 70 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 72 

CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers 

 with Respect to Selected Countries ...................................................................................................................... 74

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business 

 Enterprises in the United States 

CM-III-1.—Total Liabilities and Claims by Type ............................................................................................................... 75 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country ................................................................................... 76 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country ....................................................................................... 78 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ........................................ 80 

SECTION IV.—U.S. International Transactions in Long-Term Securities 

CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 82 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 83 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ...................................... 84 

CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type 

 and Country, during (third quarter) ................................................................................................................... 86 

CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type 

 and Country, during (calendar year) ................................................................................................................. 88 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 90 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 91 

SECTION V.—Holdings of, and Transactions in, Derivatives Contracts with Foreigners Reported by 

 Businesses in the United States 

CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 92 

CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 93 

CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country ...................................................................... 94 

CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract .................. 95 

CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ............................... 96
December 2011 

V

Contents 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions ......................................................................................................................... 97 

SECTION I.—Canadian Dollar Positions 

FCP-I-1.—Weekly Report of Major Market Participants .................................................................................................... 98 

FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 99 

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 99 

SECTION II.—Japanese Yen Positions 

FCP-II-1.—Weekly Report of Major Market Participants................................................................................................. 100 

FCP-II-2.—Monthly Report of Major Market Participants ............................................................................................... 101 

FCP-II-3.—Quarterly Report of Large Market Participants .............................................................................................. 101 

SECTION III.—Swiss Franc Positions 

FCP-III-1.—Weekly Report of Major Market Participants ............................................................................................... 102 

FCP-III-2.—Monthly Report of Major Market Participants .............................................................................................. 103 

FCP-III-3.—Quarterly Report of Large Market Participants ............................................................................................. 103 

SECTION IV.—Sterling Positions 

FCP-IV-1.—Weekly Report of Major Market Participants ............................................................................................... 104 

FCP-IV-2.—Monthly Report of Major Market Participants .............................................................................................. 105 

FCP-IV-3.—Quarterly Report of Large Market Participants ............................................................................................. 105 

SECTION V.—U.S. Dollar Positions 

FCP-V-1.—Weekly Report of Major Market Participants ................................................................................................ 106 

FCP-V-2.—Monthly Report of Major Market Participants ............................................................................................... 107 

FCP-V-3.—Quarterly Report of Large Market Participants .............................................................................................. 107 

SECTION VI.—Euro Positions 

FCP-VI-1.—Weekly Report of Major Market Participants ............................................................................................... 108 

FCP-VI-2.—Monthly Report of Major Market Participants .............................................................................................. 109 

FCP-VI-3.—Quarterly Report of Large Market Participants ............................................................................................. 109 

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund ..................................................................................................................... 110 

ESF-1.—Balance Sheet ..................................................................................................................................................... 110 

ESF-2.—Income and Expense ........................................................................................................................................... 111

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 115 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 115

RESEARCH PAPER SERIES ........................................................................................................................................... 116

GLOSSARY ...................................................................................................................................................................... 118

ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because 

of rounding; p = Preliminary; n.a. = Not available; r = Revised. 
December 2011 

VI 

Nonquarterly Tables and Reports 

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports 

are listed below along with the issues in which they appear. 

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

FFO-5.—Internal Revenue Receipts by State ........................................................... √

FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees 

by Districts and Ports ............................................................................... √

 

Special Reports 

 

Financial Report of the United States Government excerpt ...................................... √ 

Trust Fund Reports: 

Agriculture Disaster Relief Trust Fund ............................................................. √ 

Airport and Airway Trust Fund ........................................................................ √ 

Black Lung Disability Trust Fund .................................................................... √ 

Harbor Maintenance Trust Fund ....................................................................... √ 

Hazardous Substance Superfund ....................................................................... √ 

Highway Trust Fund ......................................................................................... √ 

Inland Waterways Trust Fund ........................................................................... √ 

Leaking Underground Storage Tank Trust Fund .............................................. √ 

Nuclear Waste Fund .......................................................................................... √ 

Oil Spill Liability Trust Fund ........................................................................... √ 

Reforestation Trust Fund .................................................................................. √ 

Sport Fish Restoration and Boating Trust Fund ................................................ √ 

Uranium Enrichment Decontamination and Decommissioning Fund ............... √ 

Vaccine Injury Compensation Trust Fund ........................................................ √ 

Wool Research, Development, and Promotion Trust Fund ............................... √ 

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
December 2011 

3

Growth of Real GDP

-1.8

1.3

-6.7

3.8

0.5

3.63.0

1.7

-3.7

-8.9

-0.7

1.7

3.93.8

2.52.3

0.4

1.3

2.5

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

2007 2008 2009 2010 2011

(Quarterly percent change at annual rate)

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of November 18, 2011 

Introduction 

Economic growth accelerated during the third quarter of 

2011, as the temporary factors that weighed on growth 

during the first half of the year (including poor weather, 

higher energy prices, and the disaster in Japan) largely faded 

and underlying private demand strengthened. Despite the 

pickup in growth, the pace of job creation moderated 

somewhat. Over the past 20 months, the economy has added 

2.3 million payroll jobs. The unemployment rate has edged 

down 0.7 percentage point but is still high at 9.0 percent. 

Activity in the housing sector remains weak and continues to 

be restrained by a number of factors, including the high level 

of unemployment, excess supply, relatively tight lending 

standards, and uncertainty about future home price values. 

The run-up in oil and food prices this year has impacted 

inflation as well as private consumption. Headline inflation 

has moved higher since February 2011, and core inflation 

(which excludes food and energy) has stabilized very recently 

at a higher level, although it remains low by historical 

standards. In financial markets, equity indexes have declined, 

reflecting diminished risk appetite, and Treasury bond yields 

have generally trended substantially lower. 

Financial disbursements under the American Recovery 

and Reinvestment Act of 2009 (ARRA, or the “Recovery 

Act”) will be completed this year, but additional measures to 

restore financial stability and improve housing markets 

remain in place. In addition, the Federal Housing Finance 

Agency (FHFA) recently announced changes to the Home 

Affordable Refinance Program (HARP) in an effort to attract 

more eligible borrowers who can benefit from refinancing 

their mortgage loans. 

Pursuing its statutory mandate to foster maximum 

employment and price stability, the Federal Reserve 

continues to bolster liquidity by maintaining holdings of 

securities at current levels and rolling over holdings of 

Treasury securities as they mature. At the end of June 2011, 

the Federal Reserve completed its purchases of longer-term 

Treasury securities. At its latest meeting in early November, 

the Federal Open Market Committee (FOMC) affirmed a 

continuation of the current federal funds rate target range of 

0 to 0.25 percent through mid-2013, citing a weak labor 

market and significant downside risks to the economy. 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 5.6 percent and as of the most recent 

quarter, has surpassed the pre-recession peak recorded in the 

fourth quarter of 2007. According to the advance estimate, 

real gross domestic product (GDP) growth accelerated from 

a 1.3 percent annual rate in the second quarter of 2011 to a 

2.5 percent annual rate in the third quarter of 2011–the ninth 

straight quarter of growth since the economy emerged from 

recession in mid-2009. As temporary impediments to growth 

faded (including a spike in energy prices, supply disruptions 

associated with the disaster in Japan, poor weather, and a 

very sharp drop in federal defense spending), growth in the 

third quarter picked up, led by stronger consumer spending 

and business investment. Exports and federal spending also 

made positive contributions to growth in the third quarter. 

Consensus forecasts currently put fourth-quarter real GDP 

growth at a 2-1/4 percent annual rate. 

Private domestic final demand (consumption plus private 

fixed investment, considered a better measure of underlying 

demand because it subtracts out inventory movements) grew 

by 4.1 percent in the third quarter, accelerating from the 

second quarter’s 1.9 percent pace. The acceleration reflected 

strong consumer spending. Real personal consumption 

expenditures–which account for about 70 percent of GDP–

advanced 2.4 percent at an annual rate in the third quarter, 

after rising 0.7 percent at an annual rate in the second quarter. 

Residential investment–mostly residential homebuilding– 

rose 2.4 percent in the third quarter, after rising 4.2 percent in 

the second quarter. Residential activity added roughly 

0.1 percentage point to real GDP growth in both quarters. 

Housing activity continues to be weighed down by a number 

of factors, including uncertainty about future home price 

values, an inventory overhang in the market for existing 

homes, concerns about the level of future foreclosures, and 

the high level of unemployment. Single family housing starts 

rose 3.9 percent in October to 430,000 units (annualized), 

but this level was still 76 percent below the January 2006 

peak, and well below the 1.1 million average level from 
4 PROFILE OF THE ECONOMY 

December 2011 

1980 to 2004. New single-family home sales rose 5.7 

percent in September to 313,000 (annualized) but were still 

78 percent below the July 2005 peak. Existing single-family 

home sales fell 3.6 percent in September to 4.3 million units 

(annualized). The number of new single-family homes for 

sale is at its lowest level on record (back to 1963). Relative 

to sales, there was a 6.2-month supply of new homes on the 

market at the end of September. While the supply of new 

homes available for sale has returned to its long-run average, 

the inventory of existing single-family homes was still very 

high relative to sales at an 8.5-month supply in September. 

Selected home price measures appear to have stabilized 

recently, but continue to fall on a year-over-year basis. The 

Federal Housing Financing Authority (FHFA) purchase-only 

house price index edged 0.1 percent lower in August and 

was down 4.0 percent in the year through August, compared 

with a 2.2 percent decline a year earlier. The Standard & 

Poor’s (S&P)/Case-Shiller composite home price indexes 

rose in August: the 10-city and 20-city indexes each rose 0.2 

percent. On a 12-month basis through August 2011, the 10-

city index declined 3.5 percent while the 20-city index was 

3.8 percent lower. The large inventory of homes on the 

market and in the foreclosure pipeline augur for future 

weakness in prices. According to the September MacroMarkets survey, home prices are expected to show no 

recovery during 2012, after having fallen 2.5 percent over 

the four quarters of 2011. 

Nonresidential fixed investment–about 10 percent of 

GDP–rose 16.3 percent at an annual rate in the third quarter 

of 2011, accelerating from an annual rate of 10.3 percent in 

the second quarter. For the past seven quarters, 

nonresidential fixed investment growth has averaged 10.5 

percent. Growth in business spending on equipment and 

software climbed to a 17.4 percent pace in the third quarter, 

after rising 6.2 percent in the second quarter. Outlays for 

structures moderated to a 13.3 percent increase in the third 

quarter after jumping nearly 23 percent in the second 

quarter. Altogether, nonresidential fixed investment 

contributed 1.5 percentage points to real GDP growth in the 

third quarter. Inventory accumulation slowed, subtracting 

1.1 percentage points from growth. 

Exports account for about 12 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for about 17 percent. In each of 

the 3 years prior to 2010, the net export deficit (exports less 

imports) narrowed, reflecting weak demand for imports that 

exceeded softer foreign demand for U.S. goods and services. 

The improvement in the net export deficit contributed 1 

percentage point on average to quarterly real GDP growth 

during this period. In 2010, this trend reversed, and for the 

year as a whole, net exports posed a drag on growth of 0.5 

percentage point. Although net exports posed a modest drag 

on growth in the first quarter of 2011, exports grew faster 

than imports in the second and third quarters, such that net 

exports added 0.2 percentage point to real GDP growth in 

each quarter. In the third quarter, exports grew 4 percent and 

imports grew 1.9 percent. 

The current account balance (reflecting international 

trade in goods and services, investment income flows, and 

unilateral transfers) has been in deficit almost continuously 

since the early 1980s, and in 2006, reached a record $800 

billion, equivalent to 6.0 percent of GDP. By 2009, the 

current account deficit had narrowed to $377 billion (2.7 

percent of GDP) as the trade deficit narrowed, but it widened 

in 2010 to $471 billion (3.2 percent of GDP) as the U.S. 

economy recovered. The current account deficit continued to 

grow to $478 billion in the first quarter of 2011, then 

narrowed somewhat to $472 billion in the second quarter. As 

a share of GDP, the deficit has remained roughly stable at 

3.2 percent since the first quarter of 2010. 

Government purchases–which account for roughly 20 

percent of GDP–were flat in the third quarter, after falling 

0.9 percent in the second quarter. Federal spending increased 

2.0 percent in the third quarter, adding nearly 0.2 percentage 

point to GDP growth, but State and local Government 

expenditures fell 1.3 percent, subtracting 0.2 percentage 

point from GDP growth. 

Labor Markets 

During the recession (from December 2007 through June 

2009), the economy lost 7.7 million private-sector jobs. Job 

losses continued even after the recovery began, but in March 

2010 nonfarm payrolls began to rise again. Since then, total 

employment has grown by more than 2.3 million. In the 

private sector, employment has increased by almost 2.8 

million during the same period. 

Job losses during the recession were spread broadly 

across most sectors but with the resumption of job growth, 

many of these sectors have added jobs. Since the labor 

market recovery began in early 2010, payrolls in 

professional and business services have risen by 777,000, 

and leisure and hospitality industries’ employment has 

increased by 343,000. Manufacturing payrolls have grown 

by 297,000 since early 2010. A few sectors continued to add 

jobs throughout the recession and continue to hire new 

workers: since early 2010, the health care and social 

assistance sector has added 592,000 jobs. On the other hand, 

the government sector, notably at the local level, has lost 

more jobs in recent months than during the 19 months of 

recession. Since early 2010, government payrolls have 

declined by nearly 500,000, including 350,000 local 

government jobs. 

The unemployment rate peaked at 10.1 percent in 

October 2009–a 26-year high and 5.7 percentage points 

above the May 2007 low of 4.4 percent. The unemployment 

rate has since declined, falling to 8.8 percent in March 2011 

before climbing back up to 9.2 percent in June. As of 

October 2011, however, it had edged back down to 9.0 

percent. A broader measure of unemployment that includes 

workers who are underemployed and those who are only 

marginally attached to the labor force (the U-6 
PROFILE OF THE ECONOMY 5 

December 2011 

-3

-2

-1

0

1

2

3

4

5

6

7

98 99 00 01 02 03 04 05 06 07 08 09 10 11

Excluding food and energy Total

Consumer Prices

(Percent change from a year earlier)

Food

unemployment rate) reached a record high of 17.4 percent in 

October 2009 (series dates from 1994)–nearly double its 

level of 8.8 percent in December 2007. This measure stood 

at 16.2 percent in October 2011. The percentage of the 

unemployed who have been out of work for 27 weeks or 

more peaked at an all-time high of 45.6 percent in May 

2010, then edged down in subsequent months before 

climbing again to reach 45.5 percent in March 2011. As of 

October 2011, it had trended gradually lower to 42.4 percent. 

Inflation 

Headline inflation has moved higher recently, reflecting 

sharp increases in food and energy prices. Core inflation 

(excluding food and energy) has flattened out at a higher 

level in very recent months. Nonetheless, core inflation 

remains low by historical standards. Headline consumer 

prices rose 3.5 percent over the 12 months ending in 

October, accelerating from the previous year’s 1.2 percent 

increase. Energy prices rose 14.2 percent in the year through 

September, far surpassing the year-earlier increase of 5.9 

percent. On a 12-month basis core consumer prices 

(excluding food and energy) rose 2.1 percent through 

October 2011, the largest increase in 3 years, compared with 

a 0.6 percent advance a year ago. Labor market slack and the 

continued low level of capacity utilization are expected to 

keep core inflation relatively low going forward. 

Energy prices sharply rose earlier this year, reflecting 

political turmoil in the Middle East and North Africa and 

concerns about supply disruptions. From mid-February to 

late April, the front-month futures price of West Texas 

Intermediate (WTI) crude oil increased by almost $30 (about 

35 percent) to nearly $114 per barrel. Retail gasoline prices 

climbed in response, reaching a peak of $3.97 per gallon in 

May. Energy prices have since fallen, a trend that could help 

reduce headline inflation in the future. The front-month 

futures price of WTI averaged $86 per barrel in October. 

The retail price of regular gasoline was $3.44 per gallon in 

the week ended November 14, 2011, down 53 cents from its 

early May peak. 
6 PROFILE OF THE ECONOMY 

December 2011 

Food prices have accelerated further in recent months. In 

the year through October 2011, consumer food prices 

increased 4.7 percent, much faster than the 1.4 percent rise 

of the previous year. 

Federal Budget 

The federal budget deficit was $1.3 trillion (8.7 percent of 

GDP) in fiscal year 2011, little changed from fiscal year 2010 

in nominal terms, but down from 9.0 percent of GDP. The 

Mid Session Review of the Fiscal Year 2012 Budget (Mid 

Session Review) projects the deficit will narrow to 3.9 percent 

of GDP in fiscal year 2013 as the economic improves and 

provisions of the December 2010 tax relief package and 

Recovery Act expire. Over the longer term, the Budget 

Control Act, which was signed into law last August 2, will 

sharply reduce the deficit, such that the average deficit as a 

share of GDP is forecast to be 2.3 percent between fiscal years 

2012 and 2021. The Act envisages a nominal budget deficit 

reduction of nearly $1 trillion over 10 years, with savings split 

equally between cuts to defense and nondefense discretionary 

spending. The agreement also established a bipartisan 

committee process to identify an additional $1.5 trillion in 

deficit reduction, including savings from entitlement and tax 

reform. The committee is required to report legislation by 

November 23, 2011, and Congress is required to vote on 

recommendations by December 23, 2011. If the committee 

fails to produce an agreement, an automatic sequestration 

process will reduce government spending by an additional 

$133 billion each year from 2013 to 2021, for a total savings 

of $1.2 trillion. Cuts will be split equally between defense and 

nondefense outlays; Social Security, Medicaid and lowincome programs would be exempt. The primary deficit 

(receipts less spending excluding interest payments) falls from 

7.6 percent of GDP in fiscal year 2010 to 0.3 percent of GDP 

in fiscal year 2015. A small primary surplus of 0.7 percent of 

GDP is projected for fiscal years 2017 to 2021. The Budget 

Control Act also authorized the President to increase the debt 

limit by at least $2.1 trillion, eliminating the need for further 

increases until 2013. 

Economic Policy 

Key fiscal and monetary policy actions taken over the past 

few years have aided the recovery. On the fiscal policy side, 

the ARRA authorized the Federal Government to spend $787 

billion to stimulate domestic demand. As of late July, 2011, 

nearly $670 billion in funds had been paid out, and all 

disbursements will be completed later this year. This spending 

has provided an important boost to economic activity in recent 

years. The CBO estimates that payroll employment would 

have been 1.0 million to 2.9 million lower in the second 

quarter of 2011 without the Recovery Act. 

Late in 2009, the first-time home buyer tax credit was 

temporarily extended and expanded to include all home 

buyers (it expired on April 30, 2010), and a new Small 

Business Jobs and Wages Tax Credit was announced to help 

small businesses create jobs. In August 2010, the Government 

approved legislation providing an additional $26 billion for 

State and local Governments to support jobs and medical 

services. Finally, in December 2010, the 2010 Tax Relief Act 

authorized a 2 percent payroll tax cut, extensions of 

unemployment benefits, extensions of refundable tax credits, 

and a 2-year extension of the 2001 tax cuts. 

Partly in response to rising financial market stress, as 

well as to signs of more slowing in the broader economy, the 

Federal Reserve began easing monetary policy in August 

2007. By late 2008, the FOMC had lowered the federal 

funds target interest rate dramatically, reducing it to a 

historically low target range of 0 percent to 0.25 percent at 

the December 2008 FOMC meeting. That target range was 

maintained at the FOMC’s most recent meeting in early 

November 2011. At the same time, the Committee 

acknowledged that, “economic growth strengthened 

somewhat in the third quarter” but also reaffirmed that, 

“economic conditions ... are likely to warrant exceptionally 

low levels for the federal funds rate at least through fiscal 

year 2013.” The September and November FOMC 

accompanying statements noted that, “there are significant 

downside risks to the economic outlook, including strains in 

global financial markets.” 

In addition to lowering the federal funds rate target, in 

late 2008, the Federal Reserve significantly expanded its 

tools to increase liquidity in credit markets and eased 

lending terms to sectors in need of liquidity, including a 

variety of facilities and funds directed at specific financial 

markets. As of June 30, 2010, all of these special facilities 

had expired. At the August 2010 FOMC meeting, the Federal 

Reserve announced it would maintain its holdings of 

securities at current levels by reinvesting principal payments 

from agency debt and agency mortgage-backed securities in 

longer-term Treasury securities and to continue rolling over 

the Federal Reserve’s holdings of Treasury securities as they 

mature. At the end of June 2011, the FOMC completed 

purchases of $600 billion of longer-term Treasury securities. 

At its September 2011 meeting, the FOMC announced that it 

would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of 

longer-term (6 to 30 years) Treasury securities and selling an 

equal amount of shorter-term (3 years or less) Treasury 

securities, all by the end of June 2012. The Committee also 

announced a reinvestment of principal payments from its 

holdings of agency debt and agency mortgage-backed 

securities into the latter securities. The FOMC reaffirmed 

these policies at its November meeting. 

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008, but 

have recently come under renewed pressure as investors 

expressed concerns about slowing economic growth in the 

U.S. as well as globally and about strains in debt markets in 

Europe. Credit flows have improved substantially since early 
PROFILE OF THE ECONOMY 7 

December 2011 

2009, although credit conditions in some markets remain 

relatively tight. Bank lending continues to pick up, albeit at a 

slower pace, and the easing of standards and terms has also 

moderated a bit. Demand for loans has generally slowed, 

although there appears to be increased activity in connection 

with mortgage refinancing. Measures of risk tolerance and 

volatility deteriorated in late summer, reflecting renewed 

concerns about economic conditions in the U.S. and abroad. 

After plunging 38.5 percent in 2008, the sharpest loss 

since 1931 (when an earlier version of the index, containing 

only 90 stocks, dropped 47 percent), the S&P 500 index rose 

23.5 percent in 2009 and 12.8 percent in 2010. However, 

thus far in 2011, the S&P 500 is about 3 percent lower. The 

S&P Stock Market Volatility Index (VIX), often used as a 

measure of financial market uncertainty, surged to an alltime high of 80 percent in late October 2008, after hovering 

in a range of 20 to 30 percent for most of that year. The VIX 

retreated fairly steadily during 2009, ending that year at 

about 20 percent. Since then, the VIX has fluctuated more 

widely, resurging to 46 percent in mid-May 2010 and to that 

level again in early October 2011. Since the most recent 

peak, this index has trended lower, and stood at about 27 

percent as of early November. 

A variety of factors have buffeted long-term Treasury 

interest rates, including flight-to-quality flows in response to 

a variety of specific risk events as well as supply concerns 

related to funding of the government’s debt, concern about 

the need for fiscal retrenchment, the downgrade of U.S. 

Treasury debt by rating agency S&P in early August, and 

concerns about European debt markets. The yield on the 10-

year note traded above the 3 percent level during the first 

half of 2011, but since that has trended lower, reaching a 

record low of 1.72 percent in late September. The 3-month 

Treasury bill yield has fluctuated in a range from about 0.05 

percent to 0.17 percent for much of 2011, but since last 

August, the yield has fluctuated in a range of 0.0 percent to 

0.02 percent. It stood at 0.01 percent as of early November 

2011. The 2- to 10-year Treasury yield spread, one measure 

of the steepness of the yield curve, widened to as much as 

291 basis points in early February 2011, but since then, it 

has narrowed noticeably, reaching 180 basis points as of 

early November. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

(LIBOR) and the 3-month Treasury bill rate (the TED 

spread, a measure of inter-bank liquidity and credit risk) rose 

to an all-time high of nearly 460 basis points in early 

October 2008. However, improvements in short-term credit 

availability have led to a narrowing of this spread since. In 

2011, through early August, the TED spread fluctuated in a 

range from 14 to 25 basis points. Since then, this spread has 

widened, reaching 43 basis points in early November. The 

spread between the Baa corporate bond yield and the 10-year 

Treasury yield peaked at nearly 620 basis points in 

December 2008. After narrowing, on trend, in the 

intervening years and trading below 300 basis points for 

much of 2011, it widened above that level again in early 

August, reaching a peak of 340 in late September before 

narrowing to 302 basis points in early November, still very 

high by historical standards. 

Rates for conforming mortgages have trended lower in 

recent years, as have rates for jumbo mortgages. The interest 

rate for a 30-year conforming fixed-rate mortgage fell to a 

record low of 4.15 percent in late September 2011. Since 

then, the rate has edged up slightly, reaching 4.2 percent as 

of early November 2011. 
8 PROFILE OF THE ECONOMY 

December 2011 

Foreign Exchange Rates 

The value of the U.S. dollar compared with the 

currencies of seven major trading partners (the euro area 

countries, Japan, Canada, the United Kingdom, Australia, 

Sweden, and Switzerland) has depreciated significantly from 

its peak in February 2002. For example, between February 

2002 and July 2009, the exchange value of the dollar 

compared to an index of these currencies fell by about 19 

percent. Over the past 2 years (October 2009 to October 

2011), the dollar has depreciated by about 2 percent against 

this index. Over the longer timeframe, the dollar depreciated 

by nearly 30 percent against the yen and by almost 40 

percent against the euro. Over the past 2 years, the dollar has 

depreciated by 15 percent against the yen and has 

appreciated by nearly 8 percent against the euro. Against an 

index of currencies of 19 other important trading partners 

(including China, India, and Mexico), the dollar depreciated 

2 percent over the longer timeframe, and has depreciated 

roughly 3 percent against this basket over the past 2 years. 
December 2011 

9

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

occur in two instances: (1) when authorized by law, amounts 

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

determining net outlays from such appropriations; and (2) in 

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal intrafund 

transactions—payments and receipts both occur within the 

Federal fund group; and (3) trust intrafund transactions—

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ 

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental 

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on 

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have 

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have moved 

certain off-budget Federal entities onto the budget. Under 

current law, the off-budget Federal entities consist of the two 

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

Although an off-budget Federal entity’s receipts, outlays, 

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

as the Gramm-Rudman-Hollings Act as amended by the 

Budget Enforcement Act of 1990 (2 United States Code 900-

922)] included off-budget surplus or deficit in calculating 

deficit targets under that act and in calculating excess deficit. 

Partly for this reason, attention has focused on both on- and 

off-budget receipts, outlays and deficit of the Government. 
FEDERAL FISCAL OPERATIONS 

December 2011 

10 

Tables FFO-1, FFO-2, and FFO-3 are published 

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

receipts, outlays, and surplus or deficit, as well as 

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

• Table FFO-2 includes on- and off-budget receipts 

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

excise taxes, estate and gift taxes, customs duties, and net 

miscellaneous receipts. 

• Table FFO-3 details on- and off-budget outlays by 

agency. 

• Table FFO-4 summarizes on- and off-budget 

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source 

[Source: Office of Tax Analysis, Office of Tax Policy] 

Fourth-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the fourth quarter of fiscal 

year 2011 supplements fiscal data reported in the 

September issue of the “Treasury Bulletin.” At the 

time of that issue’s release, not enough data were 

available to adequately analyze collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $276.6 billion for the fourth 

quarter of fiscal year 2011. This is an increase of $33.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $21.2 billion and non-withheld receipts 

increased by $7.8 billion during this period. Refunds 

decreased by $4.5 billion over the comparable fiscal year 

2010 quarter. There was a decrease of $8.8 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2010. 

Corporate income taxes—Net corporate income tax 

receipts were $46.8 billion for the fourth quarter of fiscal 

year 2011. This is a decrease of $11.7 billion compared to 

the prior year fourth quarter. The $11.7 billion change is 

comprised of a decrease of $15.7 billion in estimated and 

final payments, and a decrease of $4.0 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of fiscal 

year 2011 were $180.3 billion, a decrease of $13.7 billion 

over the comparable prior year quarter. Receipts to the Federal 

Old-Age and Survivors Insurance, Federal Disability 

Insurance, and Federal Hospital Insurance trust funds changed 

by -$14.4 billion, -$2.4 billion, and $3.5 billion respectively. 

There was a $0.3 billion accounting adjustment for prior 

years’ employment tax liabilities made in the fourth quarter of 

fiscal year 2011, while there was a -$8.4 billion adjustment in 

the fourth quarter of fiscal year 2010. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the fourth quarter of fiscal year 

2011 were $11.5 billion, an increase of $1.6 billion over the 

comparable quarter of fiscal year 2010. Net State taxes 

deposited in the U.S. Treasury increased by $1.6 billion to 

$10.5 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $1.0 billion. 
FEDERAL FISCAL OPERATIONS 

December 2011 

11

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.0 billion for the 

fourth quarter of fiscal year 2011. This was a negligible 

change from the comparable quarter of fiscal year 2010. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2011 were $21.2 billion, an increase of 

$1.6 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.9 billion, a 

decrease of $0.3 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts were 

$0.6 billion for the fourth quarter of fiscal year 2011. These 

receipts represent a decrease of $3.2 billion over the same 

quarter in fiscal year 2010. 

Customs duties—Customs duties net of refunds were 

$8.3 billion for the fourth quarter of fiscal year 2011. This is 

an increase of $0.7 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2011 were $22.2 billion, 

a decrease of $5.1 billion over the comparable prior year 

quarter. This change is due in part to deposits of earnings by 

Federal Reserve banks decreasing by $3.7 billion. 

Total On- and Off-Budget Results and Financing of the U.S. Government 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

 Fourth quarter

 July - Sept. Fiscal year 2011 

Total on- and off-budget results: 

Total receipts ............................................................... 568,462 2,302,495

On-budget receipts .................................................. 435,853 1,736,709

Off-budget receipts .................................................. 132,610 565,788

Total outlays................................................................. 896,550 3,601,108

On-budget outlays.................................................... 748,942 3,102,500

Off-budget outlays.................................................... 147,609 498,609

Total surplus or deficit (-)............................................. -328,088 -1,298,613

On-budget surplus or deficit (-)................................ -313,089 -1,365,792

Off-budget surplus or deficit (-)................................ -14,999 67,178

Means of financing: 

Borrowing from the public ............................................ 389,052 1,109,849

Reduction of operating cash........................................ 78,894 251,743

Other means ................................................................ -139,858 -62,979

Total on- and off-budget financing........................... 328,088 1,298,613

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2011 

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Source July Aug. Sept. 

Individual income taxes...................................................... 75.7 86.4 114.4

Corporate income taxes..................................................... 6.3 1.6 38.9

Employment and general retirement.................................. 56.6 58.0 65.6

Unemployment insurance .................................................. 2.6 8.2 0.7

Contributions for other insurance and retirement .............. 0.3 0.3 0.4

Excise taxes ....................................................................... 6.1 5.0 10.1

Estate and gift taxes .......................................................... 0.2 0.2 0.2

Customs duties .................................................................. 2.8 2.6 2.9

Miscellaneous receipts ....................................................... 8.5 6.9 6.9

Total budget receipts ..................................................... 159.1 169.2 240.1

Note.—Detail may not add to totals due to independent rounding. 
FEDERAL FISCAL OPERATIONS 

December 2011 

12 
FEDERAL FISCAL OPERATIONS 

December 2011 

13

TABLE FFO-1.—Summary of Fiscal Operations 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Total on-budget and off-budget results 

Means of 

financing 

– net transactions 

Borrowing from 

the public– 

Federal securities 

Public debt 

securities 

(10) 

Fiscal year 

or month 

Total receipts 

 (1) 

 On-budget

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

 

2007 ............................ 2,567,447 1,932,359 635,088 2,728,970 2,275,334 453,636 -161,527 -342,978 181,452 499,976

2008 ............................ 2,523,324 1,865,279 658,045 2,978,123 2,503,371 474,751 -454,798 -638,092 183,294 1,035,015

2009 ............................ 2,104,365 1,450,355 654,010 3,520,088 3,003,070 517,018 -1,415,722 -1,552,714 136,992 1,889,727

2010 ............................ r 2,161,728 r 1,530,040 631,688 r 3,455,931 r 2,901,248 554,683 -1,294,204 -1,371,208 77,004 1,652,342

2011 ............................ 2,302,495 1,736,709 565,788 3,601,108 3,102,500 498,607 -1,298,613 -1,365,792 67,178 1,234,576 2011 - Est.................... 2,314,389 1,750,252 564,137 3,630,146 3,127,674 502,472 -1,315,757 -1,377,422 61,665 1,388,085

2012 - Est.................... 2,673,576 2,022,384 651,192 3,670,035 3,082,762 587,273 -956,455 -1,020,374 63,919 1,176,660 2010 - Sept.................. 245,206 194,528 50,678 279,845 216,700 63,145 -34,639 -22,171 -12,468 112,781

Oct................... 145,951 99,702 46,249 286,384 232,255 54,128 -140,432 -132,553 -7,879 108,712

Nov .................. 148,970 99,222 49,748 299,364 241,169 58,195 -150,394 -141,947 -8,447 192,517

Dec .................. 236,875 197,098 39,778 315,009 314,504 505 -78,134 -117,406 39,272 162,832

2011 - Jan ................... 226,550 171,448 55,102 276,346 230,966 45,380 -49,796 -59,518 9,722 103,980

Feb .................. 110,656 67,556 43,100 333,163 282,276 50,887 -222,507 -214,721 -7,787 63,412

Mar .................. 150,894 105,897 44,997 339,048 289,979 49,068 -188,154 -184,082 -4,072 76,515

Apr................... 289,543 229,912 59,631 329,929 284,498 45,431 -40,387 -54,586 14,200 18,920

May.................. 174,936 130,554 44,382 232,577 181,441 51,136 -57,641 -50,887 -6,754 56,961

June................. 249,658 199,467 50,191 292,738 296,470 -3,732 -43,080 -97,003 53,922 -221

July .................. 159,063 117,047 42,016 288,439 242,804 45,635 -129,376 -125,757 -3,619 485

Aug .................. 169,246 126,274 42,972 303,388 252,991 50,398 -134,143 -126,717 -7,426 342,447

Sept................. 240,153 192,532 47,622 304,723 253,147 51,576 -64,569 -60,615 -3,954 108,016 Fiscal year 2011............... 2,302,495 1,736,709 565,788 3,601,108 3,102,500 498,607 -1,298,613 -1,365,792 67,178 1,234,576

Means of financing—net transactions, con.

Borrowing from the publicFederal securities, con. Cash and monetary assets (deduct) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government 

accounts 

(12) 

Total 

10+11-12

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the 

IMF (deduct)

 (17) 

 

2007 ...................................... -433 293,218 206,325 23,110 646 1,314 -2,157 -22,667 - 160,745

2008 ...................................... 145 267,438 767,722 296,371 117 1,552 286 -15,356 - 454,040

2009 ...................................... 99 146,766 1,743,060 -96,343 45,528 1,674 8,719 -368,200 - 1,415,282

2010 ...................................... 771 179,044 1,474,069 34,567 -535 -538 -531 -146,495 -375 r 1,294,838

2011 ...................................... 1,014 125,742 1,109,850 -251,743 -1,536 6,011 9,720 -48,785 - 1,298,613 2011 - Est.............................. 846 143,924 1,245,008 -199,833 * * * -129,084 * 1,315,757

2012 - Est.............................. 189 133,477 1,043,373 - * * * -86,918 * 956,455 2010 - Sept ........................... 65 15,474 97,373 32,366 1,744 -221 832 -28,288 275 34,639

Oct............................. 111 61,033 47,790 -83,658 576 73 189 9,822 - 140,432

Nov ............................ -52 -13,168 205,633 55,202 -1,688 101 -771 -2,395 - 150,394

Dec ............................ 134 48,503 114,463 61,351 526 -773 136 24,911 - 78,134

2011 - Jan ............................. 209 10,832 93,358 6,412 808 365 235 -35,742 - 49,796

Feb ............................ 225 -16,394 80,031 -158,527 421 102 83 -15,445 - 222,507

Mar ............................ -135 -10,441 86,821 -72,557 -1,512 -683 6,509 33,090 - 188,154

Apr............................. 166 14,476 4,610 -11,596 1,264 953 636 27,034 - 40,387

May............................ -2 -11,184 68,143 13,159 -662 -380 1,692 3,307 - 57,641

June........................... -125 -20,294 19,948 17,365 90 3,148 81 43,816 - 43,080

July ............................ 1,015 -14,376 15,877 -69,808 -52 1,433 1,300 46,372 - 129,376

Aug ............................ -15 73,507 268,925 -22,687 401 -416 224 -157,260 - 134,143

Sept........................... -517 3,248 104,251 13,601 -1,708 2,088 -594 -26,295 * 64,569 Fiscal year 2011....................... 1,014 125,742 1,109,850 -251,743 -1,536 6,011 9,720 -48,785 * 1,298,613 

 

Note.—These estimates are based on the Fiscal Year 2012 Mid-Session Review, released by the 

Office of Management and Budget on September 1, 2011. 

Note.—Includes the effects of the deficit reduction allowance of $40,004 million for Fiscal Year 2012. 

* Less than $500,000. 

- No Transactions 

Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 

December 2011 

14 

TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds

 (10) 

 Net 

 (11) 

 

2007 .................. 928,583 437,668 202,779 1,163,472 395,534 25,292 370,243 1,533,715 822,216 2,220 819,996

2008 .................. 970,195 455,399 279,845 1,145,748 354,293 49,947 304,346 1,450,094 854,485 2,461 852,024

2009 .................. 861,774 312,474 258,940 915,307 225,891 87,662 138,229 1,053,536 847,184 2,511 844,673

2010 .................. 880,361 278,220 260,035 898,549 279,880 88,443 191,437 1,089,986 813,505 1,749 811,756

2011 .................. 990,952 338,347 237,827 1,091,473 243,493 62,407 181,086 1,272,559 756,370 2,094 754,276

 

2011 - Est.......... 1,089,065 - - 1,089,065 194,193 - 194,193 1,283,258 752,398 - 752,398

2012 - Est.......... 1,208,547 - - 1,208,547 332,820 - 332,820 1,541,367 850,985 - 850,985

 

2010 - Sept........ 70,883 40,620 4,176 107,327 54,046 5,006 49,040 156,367 67,727 1,748 65,979

Oct......... 69,456 11,360 9,417 71,399 8,729 13,132 -4,404 66,995 60,675 - 60,675

Nov ........ 72,592 4,064 12,349 64,306 3,648 6,713 -3,065 61,241 65,456 - 65,456

Dec ........ 111,023 11,803 2,510 120,316 48,864 5,463 43,400 163,716 53,289 - 53,289

2011 - Jan ......... 86,420 47,292 4,740 128,973 9,213 5,568 3,645 132,618 72,868 - 72,868

Feb ........ 87,161 4,469 53,783 37,847 4,555 5,953 -1,397 36,450 56,688 - 56,688

Mar ........ 101,495 10,549 59,288 52,757 23,918 7,016 16,902 69,659 59,997 - 59,997

Apr......... 76,384 143,394 64,217 155,561 30,969 5,922 25,046 180,607 79,707 - 79,707

May........ 80,651 5,847 15,807 70,691 8,529 3,123 5,406 76,097 58,693 - 58,693

June....... 75,013 41,972 3,913 113,072 50,594 1,839 48,755 161,827 67,792 - 67,792

July ........ 74,281 5,774 4,325 75,730 8,541 2,289 6,253 81,983 56,231 - 56,231

Aug ........ 84,027 5,715 3,302 86,440 3,757 2,120 1,637 88,077 57,580 - 57,580

Sept....... 72,449 46,108 4,176 114,381 42,176 3,269 38,908 153,289 67,394 2,094 65,300

 

Fiscal year 2011... 990,952 338,347 237,827 1,091,473 243,493 62,407 181,086 1,272,559 756,370 2,094 754,276

 

Fiscal year 

or month 

Social insurance and retirement receipts, con.

Employment and general retirement, con. Unemployment insurance Net for other insurance and retirement 

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un-

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

 

2007 ............................ 4,263 2 4,261 824,257 41,216 125 41,091 4,207 51 4,258

2008 ............................ 4,445 12 4,433 856,457 39,642 115 39,527 4,125 44 4,169

2009 ............................ 4,214 1 4,213 848,886 37,996 107 37,889 4,104 38 4,142

2010 ............................ 4,141 1 4,140 815,896 44,922 99 44,823 4,042 35 4,076

2011 ............................ 4,240 3 4,236 758,514 56,336 96 56,241 4,021 30 4,051

 

2011 - Est.................... 4,177 - 4,177 756,575 54,570 - 54,570 4,293 26 4,319

2012 - Est.................... 4,356 - 4,356 855,341 54,963 - 54,963 4,027 23 4,050

 

2010 - Sept ................. 357 * 357 66,336 718 13 705 313 3 316

Oct................... 358 * 358 61,034 1,682 5 1,677 379 2 382

Nov.................. 386 * 386 65,842 4,818 1 4,817 337 2 339

Dec.................. 379 * 379 53,669 2,659 4 2,655 368 3 370

2011 - Jan ................... 425 * 425 73,292 2,810 4 2,806 307 3 310

Feb.................. 483 * 483 57,171 3,426 1 3,426 302 2 304

Mar.................. 382 * 382 60,380 681 8 673 308 3 311

Apr................... 372 1 372 80,079 5,672 18 5,654 369 2 371

May ................. 425 2 423 59,116 22,331 8 22,323 322 2 325

June ................ -117 1 -119 67,673 697 15 682 359 2 361

July.................. 378 * 378 56,609 2,642 18 2,624 300 3 303

Aug.................. 427 -1 427 58,007 8,173 8 8,165 303 3 305

Sept................. 342 * 342 65,642 745 6 739 367 3 370

 

Fiscal year 2011................ 4,240 3 4,236 758,514 56,336 96 56,241 4,021 30 4,051

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2011 

15

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve banks

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget

(46) 

 

2007 ....................... 65,069 26,978 934 26,044 27,548 1,538 26,010 32,043 14,960 47,003 1,932,359 635,088

2008 ....................... 67,334 29,824 980 28,844 28,537 969 27,568 33,598 15,732 49,330 1,865,279 658,045

2009 ....................... 62,484 24,677 1,195 23,482 23,546 1,092 22,454 34,318 17,172 51,490 1,450,355 654,010

2010 ....................... 66,909 19,751 866 18,885 26,266 969 25,298 75,845 20,010 r 95,855 1,530,040 631,688

2011 ....................... 72,380 9,080 1,679 7,401 30,699 1,180 29,519 82,545 19,286 101,832 1,736,709 565,788 2011 - Est............... 70,316 7,499 - 7,499 29,597 - 29,597 86,211 22,044 108,255 1,750,252 564,137

2012 - Est............... 79,279 12,365 - 12,365 33,552 - 33,552 72,910 19,749 92,659 2,022,384 651,192 2010 - Sept ............ 8,361 1,161 53 1,108 2,685 59 2,626 7,423 1,966 9,386 194,528 50,678

Oct.............. 4,476 330 49 281 2,699 80 2,619 6,569 1,919 8,488 99,702 46,249

Nov............. 6,326 320 95 225 2,553 95 2,458 5,915 1,807 7,722 99,222 49,748

Dec............. 5,968 289 71 218 2,390 94 2,296 6,269 1,714 7,983 197,098 39,778

2011 - Jan .............. 5,137 262 1,066 -804 2,509 89 2,420 9,095 1,676 10,771 171,448 55,102

Feb ............. 4,016 226 92 134 2,192 81 2,111 5,424 1,619 7,043 67,556 43,100

Mar............. 7,108 232 110 122 2,351 136 2,215 8,808 1,620 10,428 105,897 44,997

Apr.............. 6,303 6,248 57 6,191 2,570 109 2,461 6,233 1,641 7,875 229,912 59,631

May ............ 5,089 295 32 263 2,211 101 2,110 8,283 1,330 9,613 130,554 44,382

June ........... 6,752 208 18 190 2,599 88 2,511 8,298 1,364 9,662 199,467 50,191

July............. 6,099 197 18 179 2,891 92 2,799 7,071 1,396 8,467 117,047 42,016

Aug............. 5,011 202 45 157 2,762 114 2,648 5,392 1,485 6,877 126,274 42,972

Sept............ 10,095 271 26 245 2,972 101 2,871 5,188 1,715 6,903 192,532 47,622 Fiscal year 2011 ........ 72,380 9,080 1,679 7,401 30,699 1,180 29,519 82,545 19,286 101,832 1,736,709 565,788 

Note.—These estimates are based on the Fiscal Year 2012 Mid-Session Review, released by the 

Office of Management and Budget on September 1, 2011. 

Note.—Includes the effects of the deficit reduction allowance of $40,004 million for Fiscal Year 2012. 

* Less than $500,000. 

- No Transactions 

Detail may not add to totals due to rounding. 

TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net 

 (34) 

 

2007.............................. 869,607 11,535 67 11,468 639 - 639 40,402 1,040 39,362 18,734 5,134 13,600

2008.............................. 900,154 12,048 56 11,992 653 - 653 37,441 1,057 36,385 19,742 1,438 18,304

2009.............................. 890,918 10,679 110 10,569 645 - 645 36,007 1,046 34,961 23,408 7,100 16,308

2010.............................. 864,795 10,632 19 10,613 595 - 595 35,562 569 34,993 27,942 7,234 20,709

2011.............................. 818,806 11,552 18 11,534 622 - 622 36,908 - 36,908 27,508 4,192 23,316 2011 - Est ..................... 815,464 10,486 - 10,486 595 - 595 35,873 - 35,873 23,362 - 23,362

2012 - Est ..................... 914,354 11,250 - 11,250 587 - 587 38,596 - 38,596 28,846 - 28,846 2010 - Sept ................... 67,357 1,807 3 1,804 79 - 79 5,232 - 5,232 1,558 312 1,246

Oct .................... 63,093 138 - 138 8 - 8 477 - 477 4,007 154 3,853

Nov.................... 70,998 1,008 - 1,008 58 - 58 3,461 - 3,461 1,958 159 1,799

Dec.................... 56,694 930 - 930 53 - 53 3,191 - 3,191 1,969 175 1,794

2011 - Jan..................... 76,408 867 - 867 50 - 50 2,971 - 2,971 1,370 121 1,249

Feb.................... 60,901 1,210 7 1,203 64 - 64 3,835 - 3,835 -664 421 -1,085

Mar.................... 61,364 850 - 850 51 - 51 2,818 - 2,818 3,638 249 3,389

Apr .................... 86,104 975 - 975 59 - 59 3,230 - 3,230 2,209 170 2,039

May ................... 81,764 979 4 975 39 - 39 2,551 - 2,551 2,327 803 1,524

June .................. 68,716 1,017 - 1,017 51 - 51 3,099 - 3,099 2,678 93 2,585

July.................... 59,536 1,049 - 1,049 53 - 53 3,199 - 3,199 2,036 238 1,798

Aug.................... 66,477 1,100 4 1,096 50 - 50 2,712 - 2,712 2,152 999 1,153

Sept................... 66,751 1,429 3 1,426 86 - 86 5,364 - 5,364 3,828 610 3,218 Fiscal year 2011 ................ 818,806 11,552 18 11,534 622 - 622 36,908 - 36,908 27,508 4,192 23,316 
FEDERAL FISCAL OPERATIONS 

December 2011 

16 

TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

2007 ....................... 4,292 6,008 84,423 6,477 528,575 66,372 20,117 671,983 39,172 45,559 10,467 23,351 47,543

2008 ....................... 4,409 6,345 90,789 7,725 594,656 65,957 21,404 700,454 40,683 49,086 9,822 26,544 58,840

2009 ....................... 4,703 6,643 114,436 10,720 636,772 53,387 23,684 796,266 51,720 61,018 11,778 27,713 138,156

2010 ....................... 5,838 7,185 129,454 13,233 666,717 92,858 30,775 854,060 44,455 60,143 13,163 29,558 173,053

2011 ....................... 4,582 7,296 139,397 9,929 678,077 64,271 31,371 891,249 45,711 57,007 13,529 30,518 135,031 2011 - Est............... 4,860 7,296 143,660 11,105 678,999 69,240 32,894 898,198 43,382 56,974 30,787 135,028 25,454

2012 - Est............... 5,318 7,555 149,134 11,314 708,112 78,082 42,662 882,845 44,859 46,873 31,947 89,407 32,729 2010 - Sept............. 1,345 759 10,114 859 61,684 11,244 4,088 72,309 4,081 3,498 1,293 2,302 14,265

Oct.............. 395 598 16,406 789 65,401 7,645 2,900 71,553 3,890 4,174 796 2,353 10,339

Nov ............. 442 579 11,916 1,126 57,827 7,559 2,753 72,978 4,284 4,019 1,540 3,169 12,949

Dec ............. 428 594 13,314 853 64,556 8,077 3,421 78,810 3,902 4,416 1,167 2,341 12,943

2011 - Jan .............. 358 555 11,842 644 46,360 7,615 2,403 63,800 3,268 4,104 1,044 2,771 12,249

Feb ............. 362 533 9,775 1,012 47,268 11,746 2,521 70,925 2,766 3,840 924 2,191 10,916

Mar ............. 381 601 12,077 798 61,126 11,230 3,210 79,970 3,971 4,308 940 2,579 12,713

Apr.............. 369 700 10,090 702 57,512 3,904 2,137 87,693 3,302 4,560 898 2,449 10,757

May............. 408 571 11,385 904 49,318 8,519 2,972 56,260 3,958 3,633 1,144 2,754 9,897

June............ 370 584 10,888 775 56,729 -20,237 3,449 77,921 4,174 13,095 1,410 2,477 9,395

July ............. 350 557 9,813 700 52,368 6,097 2,696 70,059 3,510 3,725 1,235 2,477 9,746

Aug ............. 363 617 10,800 955 56,404 8,385 1,681 75,802 3,833 3,852 1,196 2,548 10,711

Sept ............ 356 807 11,091 671 63,208 3,731 1,228 85,478 4,853 3,281 1,235 2,409 12,416 ` Fiscal year 2011........ 4,582 7,296 139,397 9,929 678,077 64,271 31,371 891,249 45,711 57,007 13,529 30,518 135,031

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, other

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense,

civil 

programs

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration

(23) 

International 

Assistance 

Program

(24) 

 

2007 ....................... 13,739 61,701 429,978 60,619 72,792 3,918 47,111 8,258 2,957 29 12,750

2008 ....................... 17,493 64,945 451,154 97,658 84,746 5,077 45,783 7,938 1,172 342 11,362

2009 ....................... 21,430 73,006 383,073 318,701 95,454 6,840 57,276 8,070 742 320 14,801

2010 ....................... 23,804 77,751 413,955 r 30,385 108,275 9,875 54,031 11,007 583 861 20,040

2011 ....................... 24,336 77,305 454,014 82,720 126,917 10,137 54,775 10,769 484 1,888 20,597

 2011 - Est............... 12,657 80,804 453,752 77,299 130,677 11,200 56,906 11,300 437 1,378 20,735

2012 - Est............... 13,924 80,732 466,449 95,495 127,850 8,243 52,200 9,370 468 1,982 25,630 

2010 - Sept ............ 4,200 8,305 18,186 -24,199 9,272 939 4,821 1,178 29 119 1,393

Oct.............. 1,867 7,182 24,143 3,386 10,265 882 3,588 1,019 51 20 997

Nov............. 2,202 7,694 19,396 5,633 9,644 920 4,852 1,032 38 178 2,075

Dec............. 2,641 6,306 104,700 2,183 13,889 1,165 4,489 1,041 34 215 1,255

2011 - Jan .............. 1,355 5,172 21,123 14,204 5,593 764 4,958 825 34 29 1,154

Feb............. 2,092 4,772 21,759 54,223 9,781 878 4,143 1,044 42 98 1,448

Mar............. 2,138 5,155 24,460 24,399 11,565 843 4,533 924 64 333 991

Apr.............. 1,502 5,070 28,895 17,995 15,092 871 2,927 745 42 259 1,550

May ............ 1,769 5,926 30,859 -35,302 5,443 910 3,629 841 35 114 3,324

June ........... 1,790 7,491 110,537 8,426 9,996 921 4,037 815 45 263 3,085

July............. 1,747 6,140 26,645 3,613 9,518 669 4,109 735 15 -82 564

Aug............. 1,818 8,330 21,614 3,946 10,403 613 4,761 759 30 259 2,013

Sept............ 3,415 8,067 19,883 -19,986 15,728 701 8,749 989 54 202 2,141

 

Fiscal year 2011........ 24,336 77,305 454,014 82,720 126,917 10,137 54,775 10,769 484 1,888 20,597

 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

December 2011 

17

TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget

 (36) 

 2007 .................. 15,861 5,488 58,431 1,175 621,761 18,265 -61,774 -177,963 -6,762 -13,700 2,275,334 453,636

2008 .................. 17,834 5,786 64,393 528 657,799 45,192 -66,178 -191,537 -18,285 -1,790 2,503,371 474,751

2009 .................. 19,168 5,958 72,302 2,246 727,549 50,356 -70,656 -181,561 -5,293 -16,690 3,003,070 517,018

2010 .................. 18,906 6,720 69,916 6,126 754,182 r -3,094 -77,036 -185,764 -4,883 -197 r 2,901,248 554,684

2011 .................. 17,616 7,146 74,090 6,162 784,195 14,504 -79,680 -188,018 -6,384 -431 3,102,500 498,609

 

2011 - Est.......... 17,986 8,467 72,391 5,970 784,534 21,645 -79,126 -189,274 -5,802 -1,667 3,127,674 502,472

2012 - Est.......... 18,667 7,519 76,622 1,174 822,867 39,100 -80,856 -180,085 -7,995 -40,158 3,082,762 587,273

 

2010 - Sept ....... 1,965 657 1,004 119 63,657 6,304 -5,249 -193 -502 - 216,700 63,145

Oct......... 1,247 546 6,269 90 63,693 -1,561 -21,471 -3,141 76 - 232,255 54,128

Nov........ 1,703 629 6,097 116 63,614 -1,459 -4,837 -354 -954 - 241,169 58,195

Dec........ 1,737 536 5,636 137 68,227 -3,502 -5,773 -84,354 -375 - 314,504 505

2011 - Jan ......... 1,172 537 6,469 156 60,044 2,724 -5,181 -1,189 -609 - 230,966 45,380

Feb ........ 1,208 497 5,850 130 64,218 3,575 -5,143 -1,669 -565 - 282,276 50,887

Mar........ 1,633 515 6,902 4,872 64,407 -1,571 -5,137 -1,427 -455 - 289,979 49,070

Apr......... 1,356 583 6,228 131 69,076 2,589 -5,652 -4,316 -84 - 284,498 45,431

May ....... 1,477 539 5,910 120 61,420 3,253 -5,365 -2,777 -1,161 -108 181,441 51,136

June ...... 1,500 655 5,558 112 69,482 -1,742 -5,715 -84,994 -551 - 296,470 -3,732

July........ 1,447 652 6,645 88 65,150 4,942 -4,900 -2,519 -74 - 242,804 45,635

Aug........ 1,389 755 6,405 112 65,319 4,818 -5,079 -959 -1,064 - 252,991 50,398

Sept....... 1,747 702 6,121 98 69,545 2,438 -5,427 -319 -568 -323 253,147 51,576

 Fiscal year 2011.... 17,616 7,146 74,090 6,162 784,195 14,504 -79,680 -188,018 -6,384 -431 3,102,500 498,609 

Note.—These estimates are based on the Fiscal Year 2012 Mid-Session Review, released by the 

Office of Management and Budget on September 1, 2011. 

Note.—Includes the effects of the deficit reduction allowance of $40,004 million for Fiscal Year 2012. 

* Less than $500,000. 

- No Transactions 

Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 

December 2011 

18 

TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

September 2011 and Other Periods 

[In millions of dollars. Source: Financial Management Service] 

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 1,091,433 40 - 1,091,473 898,508 41 - 898,549

Corporation income taxes........................................... 181,085 - * 181,085 191,434 - 2 191,437

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 565,787 565,787 - - 631,688 631,688

Employment and general retirement (on-budget)... - - 192,728 192,728 - - 184,208 184,208

Unemployment insurance ....................................... - - 56,241 56,241 - - 44,823 44,823

Other retirement...................................................... - - 4,052 4,052 - - 4,076 4,076

Excise taxes ................................................................ 18,011 893 53,477 72,381 17,429 827 48,653 66,909

Estate and gift taxes ................................................... 7,399 - - 7,399 18,885 - - 18,885

Customs duties ........................................................... 18,221 9,760 1,537 29,519 15,636 8,374 1,288 25,298

Miscellaneous receipts................................................ 85,747 15,269 815 101,831 78,498 15,985 1,372 95,855

Total receipts....................................................... 1,401,896 25,962 874,637 2,302,496 1,220,390 25,227 916,110 2,161,728

(On-budget)..................................................... 1,401,897 25,962 308,849 1,736,708 1,220,391 25,227 284,422 1,530,040

(Off-budget)..................................................... - - 565,787 565,787 - - 631,688 631,688

Budget outlays: 

Legislative branch ....................................................... 4,626 -39 -4 4,583 4,715 1,122 1 5,838

Judicial branch ............................................................ 7,025 282 -12 7,295 6,992 211 -18 7,185

Department of Agriculture ........................................... 124,444 14,012 937 139,394 115,380 13,069 1,005 129,454

Department of Commerce........................................... 9,644 285 1 9,930 13,356 -121 -1 13,233

Department of Defense-military .................................. 676,257 1,685 136 678,077 664,056 2,548 113 666,717

Department of Education ............................................ 65,089 -819 1 64,271 93,864 -1,010 3 92,858

Department of Energy................................................. 32,971 -1,600 * 31,372 31,942 -1,167 * 30,775

Department of Health and Human Services ............... 647,449 -75 243,871 891,246 631,133 9 222,916 854,058

Department of Homeland Security.............................. 48,956 -3,512 267 45,711 47,178 -2,671 -52 44,455

Department of Housing and Urban Development....... 58,254 -1,240 -7 57,008 62,338 -2,189 -6 60,143

Department of the Interior........................................... 13,198 -140 470 13,529 12,722 33 408 13,163

Department of Justice ................................................. 28,370 2,163 -15 30,518 27,667 1,879 12 29,558

Department of Labor................................................... 67,519 -1,083 68,593 135,030 99,268 -1,196 74,980 173,053

Department of State.................................................... 23,958 -100 475 24,334 23,624 -322 502 23,804

Department of Transportation..................................... 22,032 -112 55,382 77,302 47,790 -141 30,102 77,751

Department of the Treasury: 

Interest on the public debt....................................... 454,015 - - 454,015 413,955 - - 413,955

Other ....................................................................... 82,658 136 -74 82,720 30,527 -2 -140 30,385

Department of Veterans Affairs .................................. 128,724 -2,864 1,058 126,917 110,085 -2,861 1,050 108,275

Corps of Engineers ..................................................... 9,274 16 848 10,138 9,011 -29 893 9,875

Other defense civil programs...................................... 71,309 -10,204 -6,330 54,775 68,744 -6,692 -8,021 54,031

Environmental Protection Agency............................... 10,367 -13 416 10,770 11,172 -39 -125 11,008

Executive Office of the President................................ 484 * * 484 583 * * 583

General Services Administration ................................ 195 1,695 * 1,889 223 636 2 862

International Assistance Program............................... 22,388 -823 -966 20,599 21,250 -833 -377 20,040

National Aeronautics and Space Administration ........ 17,612 4 2 17,617 18,892 12 2 18,906

National Science Foundation...................................... 7,050 115 -18 7,146 6,607 114 -1 6,720

Office of Personnel Management ............................... 41,519 -1,605 34,177 74,091 42,781 -6,808 33,944 69,916

Small Business Administration ................................... 6,173 -11 * 6,162 6,141 -15 * 6,126

Social Security Administration .................................... 155,304 10 628,880 784,194 70,743 16 683,420 754,179

Other independent agencies....................................... 10,680 1,018 2,807 14,504 11,687 -19,320 4,539 -3,094

Undistributed offsetting receipts: 

Interest .................................................................... - - -188,017 -188,017 - - -185,764 -185,764

Other ....................................................................... -5,757 -12,373 -68,366 -86,496 -3,583 -12,592 -65,941 -82,116

Total outlays........................................................ 2,841,787 -15,192 774,512 3,601,108 2,700,843 -38,359 793,446 3,455,932

(On-budget)..................................................... 2,841,528 -15,743 276,712 3,102,497 2,700,583 -42,801 243,466 2,901,248

(Off-budget)..................................................... 259 550 497,800 498,609 259 4,442 549,983 554,684

Surplus or deficit (-)............................................. -1,439,891 41,154 100,125 -1,298,612 -1,480,453 63,586 122,664 -1,294,204

(On-budget)..................................................... -1,439,631 41,705 32,137 -1,365,789 -1,480,192 68,028 40,956 -1,371,208

(Off-budget)..................................................... -259 -550 67,987 67,178 -259 -4,442 81,705 77,004

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 

December 2011 

19

TABLE FFO-5.—Internal Revenue Receipts by State, 2011 

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management OS:CFO:R] 

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1 

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

United States, total 5 ................... 2,414,952,113 242,848,122 2,113,687,051 1,722,260,982 364,818,756

Alabama ........................................ 20,394,671 979,201 19,221,725 15,527,971 3,554,591

Alaska ............................................ 4,860,572 219,033 4,583,557 3,566,740 947,038

Arizona .......................................... 32,920,415 1,836,127 29,812,625 24,514,496 5,063,120

Arkansas ....................................... 26,326,077 5,259,228 19,553,291 17,171,493 2,131,052

California ....................................... 281,227,298 35,086,915 241,301,492 186,549,105 52,787,590

Colorado ........................................ 40,328,519 3,625,590 35,433,010 28,441,355 6,780,908

Connecticut ................................... 45,561,956 4,471,855 40,117,676 30,716,783 8,396,693

Delaware ....................................... 21,088,276 7,577,762 13,246,722 11,256,537 793,748

District of Columbia ....................... 19,619,128 442,343 19,133,638 16,913,518 1,793,437

Florida ........................................... 116,758,697 5,638,216 109,627,416 82,775,515 25,146,506

Georgia .......................................... 60,601,096 6,030,220 51,916,589 44,019,139 7,506,175

Hawaii ............................................ 6,127,725 365,380 5,610,788 4,305,223 1,240,301

Idaho ............................................. 6,345,865 286,609 6,004,060 4,717,916 1,223,668

Illinois ............................................ 119,116,442 15,106,615 100,881,276 82,459,483 16,723,892

Indiana ........................................... 43,886,554 2,793,470 40,389,485 35,274,373 4,867,542

Iowa ............................................... 17,805,295 1,325,364 16,314,416 13,404,560 2,813,928

Kansas .......................................... 19,758,229 1,438,465 17,166,592 13,626,306 3,124,498

Kentucky........................................ 24,451,664 1,849,020 22,350,286 19,285,204 2,873,279

Louisiana ....................................... 35,888,004 1,541,069 33,967,154 28,829,166 4,948,627

Maine ............................................. 6,153,147 408,867 5,590,148 4,473,460 1,054,335

Maryland........................................ 49,083,255 3,128,766 45,659,933 37,887,162 7,303,873

Massachusetts .............................. 77,218,196 6,006,072 70,215,693 56,987,035 12,526,392

Michigan ........................................ 55,625,833 3,485,347 51,901,912 43,828,098 7,486,292

Minnesota ...................................... 72,676,800 11,386,276 60,641,041 54,056,050 6,153,890

Mississippi ..................................... 9,183,541 538,662 8,406,669 6,565,453 1,778,053

Missouri ......................................... 46,794,981 5,214,958 40,433,278 34,842,178 5,104,358

Montana ........................................ 4,197,002 159,792 3,978,688 2,872,641 1,054,754

Nebraska ....................................... 15,664,192 2,697,893 12,899,190 9,782,314 2,052,485

Nevada .......................................... 13,032,725 559,943 12,137,660 8,661,135 3,158,205

New Hampshire ............................. 8,702,370 335,589 8,221,439 6,550,617 1,595,058

New Jersey ................................... 112,103,329 16,657,494 93,468,097 79,445,339 13,215,670

New Mexico ................................... 8,039,313 143,804 7,751,692 5,864,434 1,575,214

New York ....................................... 202,149,306 21,463,187 178,286,613 140,226,446 35,949,363

North Carolina ............................... 56,809,844 4,983,577 51,530,201 44,262,512 6,924,650

North Dakota ................................. 4,917,384 243,707 4,594,906 3,291,220 1,276,009

Ohio ............................................... 112,069,407 9,548,173 99,581,044 89,911,545 8,865,148

Oklahoma ...................................... 24,400,086 3,118,775 18,441,981 14,069,311 3,822,869

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2011 

20 

TABLE FFO-5.—Internal Revenue Receipts by State, 2011, con. 

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management OS:CFO:R] 

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

Oregon .......................................... 22,366,343 1,347,161 20,788,228 17,240,179 3,408,755

Pennsylvania ................................. 103,134,437 9,179,966 91,351,732 77,288,281 13,160,343

Rhode Island ................................. 10,428,091 2,212,331 8,179,575 7,007,168 1,059,922

South Carolina .............................. 17,465,006 884,984 16,385,581 13,191,106 3,065,804

South Dakota ................................ 4,624,947 189,462 4,367,571 2,952,640 1,127,485

Tennessee .................................... 45,189,610 3,350,941 40,872,114 35,476,117 5,051,279

Texas ............................................. 198,295,817 21,880,905 160,086,749 124,891,467 32,213,420

Utah ............................................... 14,700,936 1,602,887 12,618,879 10,383,127 2,127,865

Vermont ......................................... 3,333,342 200,691 3,107,109 2,473,706 604,664

Virginia .......................................... 60,074,032 6,532,774 53,214,256 42,802,309 9,482,943

Washington ................................... 52,531,569 4,793,734 46,928,717 37,172,392 9,389,390

West Virginia ................................. 6,386,378 297,252 6,001,033 4,753,560 1,205,703

Wisconsin ...................................... 38,866,764 3,463,905 34,958,511 29,459,677 5,148,307

Wyoming ....................................... 3,516,453 106,111 3,325,267 2,075,646 1,185,262

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico ............................... 595,864 2,219 583,148 453,519 126,881

Puerto Rico ................................... 3,313,199 177,178 3,134,536 2,780,153 320,304

International .................................. 8,611,086 1,296,039 6,946,801 3,686,019 3,234,400

Undistributed 6 ............................... -368,955 -623,782 465,263 1,242,083 -707,176

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2011 

21

TABLE FFO-5.—Internal Revenue Receipts by State, 2011, con. 

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management OS:CFO:R] 

 Individual income and employment taxes-continued

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate

and trust 

income 

taxes 

(8) 

Estate 

taxes 4

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 

(11) 

United States, total 5 ........................ 6,893,226 4,692,329 15,021,758 2,506,991 6,572,384 49,337,564 

Alabama ............................................. 74,360 2,335 62,468 12,879 43,530 137,335 

Alaska ................................................. 15,142 1,633 53,004 3,589 1,686 52,707 

Arizona ............................................... 123,351 1,337 110,322 20,346 31,913 1,219,403 

Arkansas ............................................ 145,215 2,155 103,376 13,802 972,819 526,937 

California ............................................ 743,432 7,821 1,213,544 715,888 1,142,626 2,980,378 

Colorado ............................................. 104,464 11,346 94,937 31,305 59,022 1,179,593 

Connecticut ........................................ 83,992 4,528 915,680 26,990 170,255 775,181 

Delaware ............................................ 30,968 76 1,165,393 5,541 17,036 241,213 

District of Columbia ............................ 16,106 383,365 27,212 22,457 9,084 11,607 

Florida ................................................ 380,804 671,478 653,113 104,931 499,479 888,656 

Georgia ............................................... 226,963 1,964 162,348 64,824 80,312 2,509,152 

Hawaii ................................................. 19,625 - 45,639 16,004 5,159 130,395 

Idaho .................................................. 27,627 850 33,999 4,952 7,941 42,304 

Illinois ................................................. 319,051 173,556 1,205,294 80,318 198,076 2,850,157 

Indiana ................................................ 148,507 15,373 83,690 15,739 40,387 647,473 

Iowa .................................................... 57,750 4,880 33,298 9,711 52,420 103,384 

Kansas ............................................... 65,643 268,590 81,556 28,451 33,033 1,091,687 

Kentucky............................................. 77,189 9,569 105,046 14,288 76,176 161,893 

Louisiana ............................................ 80,679 3,345 105,337 20,338 69,279 290,164 

Maine .................................................. 22,625 2,177 37,550 3,811 5,037 145,284 

Maryland............................................. 119,406 13,445 336,047 80,447 93,023 121,086 

Massachusetts ................................... 176,459 61,927 463,881 53,548 184,591 758,291 

Michigan ............................................. 299,565 81,308 206,649 73,479 61,829 103,265 

Minnesota ........................................... 195,171 86,490 149,441 38,792 69,652 541,039 

Mississippi .......................................... 36,892 950 25,321 18,091 4,032 216,087 

Missouri .............................................. 143,324 65,586 277,833 38,424 84,889 1,023,432 

Montana ............................................. 15,730 18,560 17,003 3,196 12,876 42,450 

Nebraska ............................................ 40,450 984,417 39,525 3,395 6,525 57,188 

Nevada ............................................... 47,098 93 271,129 18,414 188,177 128,531 

New Hampshire .................................. 23,969 111 51,684 2,054 9,627 133,661 

New Jersey ........................................ 234,789 129,094 443,206 44,331 179,925 1,753,482 

New Mexico ........................................ 27,615 235 284,194 8,002 49,153 86,662 

New York ............................................ 384,887 319,407 1,406,510 220,570 736,609 1,442,327 

North Carolina .................................... 217,958 5,489 119,592 20,418 74,015 201,631 

North Dakota ...................................... 14,575 4,656 8,447 1,430 2,665 74,676 

Ohio .................................................... 295,710 20,538 488,103 68,175 126,533 2,745,483 

Oklahoma ........................................... 73,025 1,996 474,780 29,552 43,088 2,766,690 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2011 

22 

TABLE FFO-5.—Internal Revenue Receipts by State, 2011, con. 

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management OS:CFO:R] 

 Individual income and employment taxes-continued

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate

and trust 

income 

taxes 

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 

(11) 

Oregon ............................................... 74,010 666 64,618 15,515 27,971 187,468

Pennsylvania ...................................... 294,878 56,105 552,125 39,865 183,433 2,379,441

Rhode Island ...................................... 31,275 9 81,201 3,643 21,977 10,565

South Carolina ................................... 83,347 1,238 44,086 14,660 17,201 162,580

South Dakota ..................................... 14,136 356 272,955 8,383 37,505 22,026

Tennessee ......................................... 182,347 2,292 160,080 29,565 24,278 912,714

Texas .................................................. 558,895 657,764 1,765,203 117,936 359,987 15,850,240

Utah .................................................... 55,094 3,704 49,089 4,193 10,368 464,608

Vermont .............................................. 10,478 2,048 16,214 2,976 2,369 20,196

Virginia ............................................... 164,735 597,464 166,805 82,532 71,879 172,590

Washington ........................................ 164,734 7,125 195,076 68,150 107,095 633,874

West Virginia ...................................... 20,726 385 20,660 11,618 2,181 74,295

Wisconsin ........................................... 141,329 5,209 203,989 18,449 60,924 364,974

Wyoming ............................................ 9,757 554 54,047 1,955 28,075 55,046

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico .................................... 2,223 - 525 1,192 166 9,139

Puerto Rico ....................................... 33,897 2 179 998 14 473

International ...................................... 6,548 1,076 18,758 83,569 10,558 274,119

Undistributed 6 ................................... -65,297 -4,347 - 63,308 163,925 -437,669

1 Excludes excise taxes paid to the U.S. Customs Border Protection and the Alcohol and 

Tobacco Tax and Trade Bureau. 

2 Includes taxes on corporation income (Form 1120 series) and unrelated business income 

from tax-exempt organizations (Form 990–T). 

3

 Collections of individual income tax are not reported by taxpayers separately from Old-Age, 

Survivors, Disability, and Hospital Insurance (OASDHI) taxes on salaries and wages (under 

the Federal Insurance Contributions Act or FICA) and taxes on self-employment income 

(under the Self-Employment Insurance Contributions Act or SECA). 

4

 The estate tax was temporarily repealed for decedents who died in Calendar Year 2010. 

However, estate tax returns were filed in Fiscal Year 2010 for decedents who died prior to 

Calendar Year 2010. Legislation enacted in December 2010 clarified the filing requirements 

for the estates of 2010 decedents, creating two options that affect statistics reported for 

Fiscal Year 2011. 

5

 Excludes adjustments and credits to taxpayer accounts. 

6 Includes tax and excess withholding payments not classified by State as of the end of the 

fiscal year because they had not been applied to taxpayer accounts. 

Notes: Partnership and S corporation data are not shown in this table since these entities 

generally do not have a tax liability. Instead, they pass through any profits or losses to the 

underlying owners who include these profits or losses on their income tax returns. 

Collection and refund data may not be comparable for a given fiscal year, 

because payments made in prior years may be refunded in the current fiscal 

year. Adjustments to prior-year refunds made in Fiscal Year 2011 may result in 

negative amounts when such adjustments exceed current-year collections. 

Classification by State is based on the individual's address (or, in the case of 

businesses, the location of the principal office or place of business). However, 

some individuals may use the address of a tax attorney or accountant. Sole 

proprietors, partners in a partnership, or shareholders in an S corporation may 

use their business addresses. Such addresses could have been located in a 

State other than the State in which the individual resided. Similarly, taxes 

withheld reported by employers located near a State boundary might include 

substantial amounts withheld from salaries of employees who reside in a 

neighboring State. Also, while taxes of corporations may be paid from the 

principal office, the operations of these corporations may be located in one or 

more other State(s). 

Detail may not add to totals because of rounding 
FEDERAL FISCAL OPERATIONS 

December 2011

23

TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports 

[Source: U. S. Customs and Border Protection]

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2011

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2011

 

Headquarters: 

Revenue Division ......................................................... $2,464,333,365.19

 

Portland, Maine: 

Portland, ME .................................. 10101................. 43,062,298.41 

Bangor, ME .................................... 10102................. 232,856.41 

Eastport, ME .................................. 10103................. 77,737.84 

Jackman, ME ................................. 10104................. 438,771.57 

Vanceboro, ME .............................. 10105................. 5,561,851.62 

Houlton, ME ................................... 10106................. 3,134,178.65 

Fort Fairfield, ME............................ 10107................. 40,216.64 

Van Buren, ME............................... 10108................. 71,334.01 

Madawaska, ME............................. 10109................. 47,782.78 

Fort Kent, ME................................. 10110................. 11,840.10 

Calais, ME...................................... 10115................. 2,694,523.70 

Limestone, ME ............................... 10118................. 7,096.36 

Bridgewater, ME............................. 10127................. 20,664.88 

Portsmouth, NH.............................. 10131................. 3,456,311.88 

Belfast, ME..................................... 10132................. 1,420,141.37 

Manchester, NH User Fee Airport... 10182................. 313,091.40 

Total District ........................................................... 60,590,697.62

 

St. Albans, Vermont: 

St. Albans, VT..................................... 10201................. 94,665.96 

Richford, VT ........................................ 10203................. 20,997.08 

Beecher Falls, VT ............................... 10206................. 40,813.64 

Burlington, VT ..................................... 10207................. 54,155.83 

Derby Line, VT.................................... 10209................. 6,351,902.96 

Norton, VT........................................... 10211................. 669,332.36 

Highgate Springs, VT ......................... 10212................. 39,385,623.66 

Total District ........................................................... 46,617,491.49

 

Boston, Massachusetts: 

Boston, MA..................................... 10401................. 231,032,181.02 

Springfield, MA............................... 10402................. 15,551.96 

Worchester, MA ............................. 10403................. 16,704,331.68 

Glouchester, MA ............................ 10404................. 4,642.93 

New Bedford, MA........................... 10405................. 6,347,256.55 

Fall River, MA................................. 10407 26.00 

Salem, MA...................................... 10408................. 5,695,716.18 

Bridgeport, CT................................ 10410................. 2,701,662.43 

Hartford, CT ................................... 10411................. 6,497,225.46 

New Haven, CT.............................. 10412................. 7,919,316.26 

New London, CT ............................ 10413................. 153,594.20 

Lawrence, MA ................................ 10416................. 2,204.74 

Logan Airport, MA .......................... 10417................. 75,680,490.10 

Hanscom Field User Fee Airport ... 10481................. 265,620.18 

Total District ........................................................... 353,019,819.69

 

Providence, Rhode Island: 

Newport, RI .................................... 10501................. 70,519.02 

Providence, RI................................ 10502................. 111,941,784.05 

Total District ........................................................... 112,012,303.07

 

 

Ogdensburg, New York: 

Ogdensburg, NY ............................ 10701................. 2,525,882.78 

Massena, NY.................................. 10704................. 1,538,592.49 

Alexandria Bay, NY........................ 10708................. 22,625,103.42 

Champlain, NY............................... 10712................. 106,905,283.92 

Trout River, NY .............................. 10715................. 48,067.12 

Total District ........................................................... 133,642,929.73

 

Buffalo, New York:

Buffalo, NY..................................... 10901................. 284,746,319.86 

Rochester, NY................................ 10903................. 9,159,108.47 

Oswego, NY................................... 10904................. 1,121,319.25 

Syracuse, NY ................................. 10906................. 1,914,906.14 

Binghamton, NY ............................ 10981................. 133,465.73 

Total District ........................................................... 297,075,119.45

 

New York, New York:

New York, NY................................. 21001................. 830,971,490.27 

Albany, NY ..................................... 21002................. 7,056,727.56 

UPS, Newark, NJ ........................... 24670................. 20,579,059.87 

Federal Express, Newark, NJ ........ 24671................. 44,585,416.16 

Newark, NJ..................................... 24601................. 4,157,742,196.92 

Perth Amboy, NJ ............................ 24602................. 4,336,086.79 

Morristown, NJ User Fee Airport ... 24681................. 207,084.18 

JFK................................................. 24701................. 1,009,396,038.83 

Federal Express, Jamaica, NJ....... 24770................. 2,123.92 

NYACC, Jamaica, NY.................... 24771................. 2,136,395.34 

DHL Airways, Jamaica, NY............ 24772................. 8,210,622.25 

MICOM, Jamaica, NY .................... 24773................. 16,258.25

TNT Skypak (JFK).......................... 24778................. 4,456,779.70 

JFK Int'l. Airport.............................. 24779................. 153.00 

Total District ........................................................... 6,089,696,433.04

 

Philadelphia, Pennsylvania:

Philadelphia, PA............................. 11101................. 214,535,925.87 

Chester, PA.................................... 11102................. 57,192,601.79 

Wilmington, DE .............................. 11103................. 10,568,734.19 

Pittsburgh, PA ................................ 11104................. 50,329,824.34 

Wilkes-Barre/Scranton, PA ............ 11106................. 4,697,800.43 

Philadelphia Int'l. Airport ................ 11108................. 38,677,804.72 

Harrisburg, PA................................ 11109................. 32,380,952.20 

Allentown, PA................................. 11119................. 7,658,929.34 

Atlantic City, NJ User Fee 

Airport ......................................... 11182 ................. 138,310.73 

Trenton/Mercer User Fee

Airport ......................................... 11183 ................. 148,153.10 

UPS (Philadelphia, PA).................. 11195................. 38,912,069.65 

Total District ........................................................... 455,241,106.36

 

Baltimore, Maryland:

Baltimore, MD ................................ 11303................. 610,153,886.03 

BWI Airport..................................... 11305................. 21,725,261.81 

Total District ........................................................... 631,879,147.84

 

 

 

 

 
FEDERAL FISCAL OPERATION 

December 2011

24 

TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2011

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2011

 

Norfolk, Virginia: 

Norfolk, VA ..................................... 41401...................... 659,482,918.32 

Newport News, VA......................... 41402...................... 30,541,848.51 

Norfolk Subport, VA ...................... 41403...................... 129.45 

Richmond-Petersburg, VA ............. 41404...................... 6,034,527.30 

Charleston, WV.............................. 41409...................... 7,463,435.52 

New River Valley Airport ................ 41412...................... 860,685.62 

Total District ................................................................ 704,383,544.72

 

Charlotte, North Carolina: 

Wilmington, NC .............................. 41501...................... 160,014,593.13 

Winston Salem, NC........................ 41502...................... 16,412,057.29 

Durham, NC ................................... 41503...................... 12,951,092.61 

Beaufort-Morehead, NC................. 41511...................... 1,061,582.83 

Charlotte, NC ................................. 41512...................... 121,829,405.45 

Total District ................................................................ 312,268,731.31

 

Charleston, South Carolina: 

Charleston, SC............................... 41601...................... 928,096,187.32 

Georgetown, SC............................. 41602...................... 8,217.29 

Greenville-Spartanburg, SC ............ 41603...................... 108,161,689.77 

Columbia, SC................................. 41604...................... 3,020,778.28 

Myrtle Beach User Fee Airport....... 41681...................... 136,701.65 

Total District ................................................................ 1,039,423,574.31

 

Savannah, Georgia: 

Brunswick, GA................................ 41701...................... 229,220,151.20 

Savannah, GA................................ 41703...................... 1,245,343,961.48 

Atlanta, GA..................................... 41704...................... 521,968,087.14 

Total District ................................................................ 1,996,532,199.82

 

Tampa, Florida: 

Tampa, FL...................................... 41801...................... 66,831,872.30 

Jacksonville, FL.............................. 41803...................... 270,534,361.50 

Fernandina, FL............................... 41805...................... 152,250.02 

Orlando, FL .................................... 41808...................... 13,741,234.34 

Orlando/Sanford, FL ...................... 41809...................... 52,326.95 

St. Petersburg, FL.......................... 41814...................... 47,951.46 

Port Canaveral, FL......................... 41816...................... 9,359,565.57 

Panama City, FL ............................ 41818...................... 79,874,157.34 

Pensacola, FL ................................ 41819...................... 186,832.22 

Manatee, FL ................................... 41821...................... 11,695,056.28 

Ft. Myers, FL .................................. 41822...................... 93,426.83 

Naples Municipal Airport, FL.......... 41880...................... 228,044.41 

Sarasota, FL User Fee Airport....... 41883...................... 132,899.03 

Daytona Beach, FL User Fee 

Airport ........................................ 41884 ...................... 321,680.11 

Melbourne, FL User Fee 

Airport ......................................... 41885 ...................... 158,515.29 

Leesburg Regional User Fee 

Airport ........................................ 41887 ...................... 99,595.21 

Orlando Executive Airport.............. 41888...................... 143,169.89 

St. Augustine, User Fee 

Airport ......................................... 41889 ...................... 99,530.44 

Total District ................................................................ 453,752,469.19

 

 

Mobile, Alabama:

Mobile, AL ...................................... 51901...................... 52,805,755.05 

Gulfport, MS................................... 51902...................... 18,984,052.47 

Pascagoula, MS............................. 51903...................... 3,443,799.95 

Birmingham, AL.............................. 51904...................... 46,528,422.82 

Huntsville, AL ................................. 51910...................... 60,338,906.20 

Total District ................................................................ 182,100,936.49

New Orleans, Louisiana:

Morgan City, LA ............................. 52001...................... 7,384,611.43 

New Orleans, LA............................ 52002...................... 227,217,375.66 

Little Rock, AR ............................... 52003...................... 1,157,207.81 

Baton Rouge, LA............................ 52004...................... 18,073,056.90 

Port Sulphur, LA............................. 52005...................... 200.40 

Memphis, TN.................................. 52006...................... 519,305,940.37 

Nashville, TN.................................. 52007...................... 69,531,504.89 

Chattanooga, TN............................ 52008...................... 345,337.11 

Gramercy, LA................................. 52010...................... 34,258,203.45 

Vicksburg, MS................................ 52015...................... 5,989,232.81 

Knoxville, TN.................................. 52016...................... 41,444,669.36 

Lake Charles, LA............................ 52017...................... 4,824,339.94 

Shrevesport/Bossler, LA ................ 52018...................... 277,457.23 

Port of Tri-Cities Blountville, TN ........ 52027...................... 6,972,054.80 

Tri-City User Fee Airport ................ 52082...................... 9,929.52 

Rogers User Fee Airport ................ 52084...................... 106,685.30 

Federal Express (Memphis, TN)........ 52095...................... 307,390,668.85 

Total District ................................................................ 1,244,288,475.83

Port Arthur, Texas:

Port Arthur, TX ............................... 62101...................... 21,065,915.93 

Sabine, TX ..................................... 62102...................... 1,632.77 

Orange, TX..................................... 62103...................... 27.50 

Beaumont, TX ................................ 62104...................... 9,070,043.23 

Yuma, AZ ....................................... 62150...................... 6,083.87 

Total District ................................................................ 30,143,703.30

Laredo BP:

Laredo Del Mar, TX........................ 62250...................... 37,837.57 

Laredo South BP............................ 62254...................... 9,922.29 

Total District ................................................................ 47,759.86

Laredo, Texas:

Brownsville, TX .............................. 62301...................... 26,642,580.51 

Del Rio, TX..................................... 62302...................... 3,503,360.71 

Eagle Pass, TX .............................. 62303...................... 154,331,335.43 

Laredo, TX ..................................... 62304...................... 350,445,963.84 

Hidalgo, TX .................................... 62305...................... 60,182,553.93 

Rio Grande City, TX....................... 62307...................... 441,476.67 

Progresso, TX ................................ 62309...................... 1,968,279.44 

Roma, TX ....................................... 62310...................... 700,971.79 

Border Patrol HQ Del Rio, TX........ 62350...................... 1,891.83 

Comstock,TX BP............................ 62351...................... 100.00 

Carrizo Springs, TX BP.................. 62352...................... 16,109.34 

Del Rio, TX BP............................... 62353...................... 5,422.44 

Eagle Pass, TX BP......................... 62354...................... 10,550.00 

Brackettville, TX BP ....................... 62355...................... 600.00 

Uvalde, TX BP................................ 62356...................... 19,056.75 

Rocksprings BP.............................. 62357...................... 100.00 
FEDERAL FISCAL OPERATIONS 

December 2011

25

TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2011

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2011

 

Laredo, Texas, con: 

San Angelo BP............................... 62359................... 550.00

Abilene BP, TX.............................. 62360................... 1,500.00 

Laredo UPS Airport........................ 62371................... 25.00

Valley Int'l User Fee Airport ........... 62383................... 107,049.43

Total District ............................................................. 598,379,477.11

El Paso, Texas: 

El Paso, TX .................................... 62402................... 142,374,729.46 

Presidio, TX.................................... 62403................... 653,009.56 

Fabens, TX..................................... 62404................... 29,163.71 

Columbus, TX ................................ 62406................... 265,320.91 

Albuquerque, NM........................... 62407................... 578,684.60 

Santa Teresa, NM.......................... 62408................... 8,787,113.44 

Total District ............................................................. 152,688,021.68

 

San Diego, California: 

San Diego, CA ............................... 72501................... 101,505,754.97 

Andrade, CA................................... 72502................... 233,206.26 

Calexico, CA .................................. 72503................... 980,363.53 

San Ysidro, CA............................... 72504................... 4,302,289.03 

Tecate, CA ..................................... 72505................... 18,285,702.40 

Otay Mesa, CA............................... 72506................... 87,325,201.05 

Calexico East, CA .......................... 72507................... 22,833,994.74 

McClellan-Palomar Airport ............ 72581................... 278,675.14 

Total District ............................................................. 235,745,187.12

 

Nogales, Arizona: 

Douglas, AZ ................................... 62601................... 2,914,964.54 

Lukeville, AZ................................... 62602................... 192,979.23 

Naco, AZ ........................................ 62603................... 118,201.53 

Nogales, AZ ................................... 62604................... 83,330,607.53 

Phoenix, AZ.................................... 62605................... 22,353,890.59 

Sasabe, AZ .................................... 62606................... 15,672.75 

San Luis, AZ................................... 62608................... 4,371,267.17 

Tucson, AZ..................................... 62609................... 1,137,290.70 

Border Patrol HQ Tucson, AZ........ 62650................... 118,899.63 

Tuscon, AZ BP............................... 62652................... 87.71 

Nogales, AZ Border BP.................. 62653................... 329.22 

Wilcox, AZ BP ................................ 62654................... 23.65 

Scottsdale User Fee Airport........... 62681................... 102,964.93 

Williams Gateway User Fee 

Airport ......................................... 62682 ................... 128,328.95 

Total District ......................................................... 114,785,508.13

 

Los Angeles, California: 

Los Angeles, CA ............................ 72704 ................... 9,130,903,521.48 

Long Beach, CA ............................. 72709 ................... 138,145.51 

Port Hueneme, CA ......................... 72713 ................... 28,387,975.55 

LAX ................................................. 72720 ................... 535,475,075.53 

Las Vegas, NV ............................... 72722 ................... 6,519,234.31 

DHL (LAX) ...................................... 72770 ................... 1,074.29 

TNT Express Worldwide ................ 72775 ................... 200,769.64 

Int'l Bonded Couriers ...................... 72776 ................... 907,415.12 

Micom, Ingelwood, CA................... 72777................... 57,210.13 

Palm Springs User Fee Airport ...... 72781................... 169,014.73 

San Bernardino U.F. Airport, CA ... 72782................... 8,781,675.95 

So. California Logistics Airport, CA.... 72783................... 1,628,854.68 

Meadows Field Airport ................... 72786................... 1,566,099.91 

DHL HUB Los Angeles, CA ........... 72791................... 14,096,252.41 

Los Angeles, California, con:

DHL Hub Riverside, CA ................. 72792................... 7,368.91 

UPS Ontario ................................... 72795................... 19,490,832.68 

Total District ............................................................. 9,748,330,520.83

 

San Francisco, California:

San Francisco Int'l Airport.............. 72801................... 123,810,128.87 

Eureka, CA..................................... 72802................... 11,571.42 

Fresno, CA..................................... 72803................... 33,204,676.85 

San Francisco, CA ......................... 72809................... 1,107,271,198.99 

Oakland, CA................................... 72811................... 5,038.81 

Sacramento, CA............................. 72816................... 1,771.90 

Reno, NV........................................ 72833................... 2,680,556.44 

San Jose, CA ................................. 72834................... 145,484.52 

Sacramento Int'l Airport, CA .......... 72835................... 12,673,339.56 

DHL (SFO) ..................................... 72870................... 1,616,397.96 

Fresno Yosemite User Fee 

Airport ......................................... 72882 ................... 357,500.55 

Federal Express (SFO).................. 72895................... 25,121,926.41 

Total District ............................................................. 1,306,899,592.28

 

Great Falls, Montana:

Raymond, MT................................. 33301................... 536,887.29 

Eastport, ID .................................... 33302................... 7,442,208.67 

Salt Lake City, UT .......................... 33303................... 51,212,091.87 

Great Falls, MT .............................. 33304................... 691,439.49 

Butte, MT........................................ 33305................... 31,778.91 

Turner, MT ..................................... 33306................... 20,737.59 

Denver, CO .................................... 33307................... 93,528,889.06 

Porthill, ID....................................... 33308................... 1,530,056.30 

Scoby, MT ...................................... 33309................... 2,044.21 

Sweetgrass, MT ............................. 33310................... 16,943,009.63 

Whitetail, MT .................................. 33312................... 174.50 

Piegan, MT..................................... 33316................... 71,042.34 

Ophiem, MT ................................... 33317................... 3,706.75 

Roosville, MT ................................. 33318................... 83,629.75 

Morgan, MT.................................... 33319................... 232,548.61 

Whitlash, MT .................................. 33321................... 32.25 

Del Bonita, MT ............................... 33322................... 11,187.24 

Wildhorse, MT................................ 33323................... 35,136.61 

Willow Creek, MT........................... 33325................... 312.25 

Jefferson County Airport ................ 33383................... 110,004.58 

Arapahoe County Airport ............... 33384................... 135,511.73 

Eagle County User Fee Airport...... 33385................... 119,960.04 

Total District ............................................................. 172,742,389.67

 

Pembina, North Dakota:

Pembina, ND.................................. 33401................... 17,152,230.79 

Portal, ND....................................... 33403................... 6,029,194.66 

Neche, ND...................................... 33404................... 24,042.40 

St. John, ND................................... 33405................... 2,949.25 

Northgate, ND ................................ 33406................... 16,360.13 

Walhalla, ND .................................. 33407................... 44,160.52 

Hannah, ND ................................... 33408................... 258.25 

Sarles, ND...................................... 33409................... 2,333.00 

Ambrose, ND.................................. 33410................... 3,644.05 

Fargo In’tl Airport, ND .................... 33411................... 147,836.64 

Antler, ND....................................... 33413................... 2,502.25 

Sherwood, ND................................ 33414................... 958,373.26 

Hansboro, ND ................................ 33415................... 4,609.23 
FEDERAL FISCAL OPERATION 

December 2011

26 

TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2011

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2011

 

Pembina, North Dakota, con.: 

Maida, ND ...................................... 33416........................ 3,517.25 

Fortuna, ND.................................... 33417........................ 13,690.36 

Westhope, ND................................ 33419........................ 8,426.60 

Noonan, ND ................................... 33420........................ 13,511.06 

Carbury, ND ................................... 33421........................ 6,458.25 

Dunseith, ND.................................. 33422........................ 396,878.08 

Warroad, MN.................................. 33423........................ 92,169.10 

Baudette, MN ................................. 33424........................ 60,724.77 

Pinecreek, MN................................ 33425........................ 1,377.50 

Roseau, MN ................................... 33426........................ 192,444.70 

Grand Forks Airport, ND ................ 33427........................ 1,349.67 

Lancaster, MN................................ 33430........................ 236,262.03 

Hector User Fee Airport ................. 33481........................ 241.43 

Total District .................................................................. 25,415,545.23

 

Minneapolis, Minnesota: 

Minneapolis, MN ............................ 33501........................ 179,630,589.81 

Sioux Falls, SD............................... 33502........................ 32,162.05 

Duluth, MN ..................................... 33510........................ 6,009,714.96 

Omaha, NE ................................... 33512........................ 55,432,512.83 

Des Moines, IA............................... 33513........................ 1,727,442.95 

Rochester User Fee Airport ........... 33581........................ 147,551.24 

Total District .................................................................. 242,979,973.84

 

Duluth, Minnesota: 

Int’l Falls/Ranier, MN...................... 33604........................ 5,305,023.45 

Grand Portage, MN........................ 33613........................ 1,476,840.62 

Total District .................................................................. 6,781,864.07

 

Milwaukee, Wisconsin: 

Milwaukee, WI................................ 33701........................ 23,933,604.79 

Green Bay, WI................................ 33703........................ 217,028.60 

Racine, WI...................................... 33708........................ 224,349.99 

Total District .................................................................. 24,374,983.38

 

Portland, Oregon: 

Astoria, OR..................................... 72901........................ 704,907.32 

Newport, OR .................................. 72902........................ 5,962.07 

Coos Bay, OR ................................ 72903........................ 116,897.43 

Portland, OR .................................. 72904........................ 308,240,013.20 

Longview, WA ................................ 72905........................ 1,678,674.19 

Boise, ID......................................... 72907........................ 1,028,875.79 

Portland Int'l Airport........................ 72910........................ 5,079.63 

Hillsboro Airport.............................. 72983........................ 140,970.56 

Total District .................................................................. 311,921,380.19

 

Detroit, Michigan: 

Detroit, MI....................................... 33801........................ 449,765,056.45 

Port Huron, MI................................ 33802........................ 77,539,373.16 

Sault St. Marie, MI.......................... 33803........................ 1,186,372.85 

Saginaw/Bay City/Flint, MI ............. 33804........................ 41,533.60 

Battle Creek, MI ............................. 33805........................ 8,302,247.05 

Grand Rapids, MI........................... 33806........................ 35,017,935.78 

Detroit Airport, MI........................... 33807........................ 63,278,708.04 

Algonac, MI .................................... 33814........................ 6,050.25 

Oakland County User Fee Airport ..... 33881........................ 279,755.72 

Willow Run User Fee Airport.......... 33882........................ 282,714.39 

Capital City Airport UFA 

Lansing, MI ................................. 33883 ........................ 487,048.99 

Total District .............................................................. 636,186,796.28

Chicago, Illinois:

Chicago, IL ..................................... 33901........................ 1,873,540,055.39 

Peoria, IL........................................ 33902........................ 11,426,079.42 

Omaha, NE .................................... 33903........................ 29,019.43 

Davenport/Rock Island/Moline, IL.... 33908........................ 2,385,827.24 

Rockford Airport, IL ........................ 33909........................ 31,443,874.66 

Midway Int'l Airport......................... 33910........................ 158,561.76 

Waukegan User Fee Airport .......... 33981........................ 153,996.22 

Pal-waukee User Fee Airport......... 33983........................ 143,807.87 

Dupage User Fee Airport............... 33984........................ 108,405.78 

Decatur User Fee Airport ............... 33985........................ 98,808.30 

Total District .................................................................. 1,919,488,436.07

Cleveland, Ohio:

Cleveland, OH................................ 34101........................ 156,762,769.70 

Cincinnati, OH /Lawrenceburg, IN ... 34102........................ 157,328,875.35 

Columbus, OH................................ 34103........................ 674,860,414.18 

Dayton, OH .................................... 34104........................ 2,727,753.74 

Toledo/Sandusky, OH.................... 34105........................ 9,816,220.28 

Erie, PA .......................................... 34106........................ 21,833.80 

Indianapolis, IN .............................. 34110........................ 134,656,465.42 

Louisville, KY.................................. 34115........................ 214,426,039.70 

Owensboro, KY.............................. 34116........................ 16,614,338.80 

Ashtabula/Conneaut, OH............... 34122........................ 264,739.70 

Ft. Wayne User Fee Airport ........... 34183........................ 187,699.32 

Bluegrass User Fee Airport............ 34184........................ 357,535.50 

BAX Global Emery Worldwide ....... 34192........................ 4,536,126.97 

DHL Express .................................. 34194........................ 1,235,033.57 

Emery Courier................................ 34195........................ 48,663.23 

UPS Courier................................... 34196........................ 258,697,743.74 

DHL (Cincinnati)............................. 34197........................ 65,236,369.58 

Federal Express (Indianapolis)...... 34198........................ 16,022,235.57 

Total District .................................................................. 1,713,800,858.15

St. Louis, Missouri:

Kansas City, MO............................ 34501........................ 169,403,737.40 

St. Louis, MO ................................. 34503........................ 146,291,647.79 

Wichita, KS..................................... 34504........................ 48,573,587.86 

Springfield, MO .............................. 34505........................ 1,847,328.08 

Spirit of St. Louis Airport, MO ........ 34506........................ 2,292.67 

MidAmerica Airport......................... 34581........................ 129,271.11 

Total District .................................................................. 366,247,864.91

Preclearance:

Vancouver, Canada Preclearance .... 37922........................ 850,239.77 

Calgary, Canada Preclearance...... 37923........................ 1,415,236.94 

Edmondton, Canada Preclearance... 37924........................ 514,636.36 

Montreal, Canada Preclearance .... 37925........................ 680,882.62 

Toronto, Canada Preclearance...... 37926........................ 2,327,712.20 

Winnipeg, Canada Preclearance ... 37928........................ 307,656.69 

Ottawa, Canada Preclearance....... 37929........................ 237,292.93 

Victoria, Canada Preclearance ...... 37930........................ 67,045.00 

Halifax, Canada Preclearance ....... 37931........................ 103,039.00 

Preclearance-Christiansted, VI ...... 47401........................ 434,798.61 

Preclearance-St. Croix, VI ............. 47404........................ 6,723.86 

Kindley Field, Bermuda.................. 47421........................ 19,888.99 

Freeport, Bahamas ........................ 47422........................ 3,455.50 

Nassau, Bahamas.......................... 47423........................ 57,035.71 

Aruba.............................................. 47424........................ 56,002.80 
FEDERAL FISCAL OPERATIONS 

December 2011

27

TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2011

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2011

 

Preclearance, con.: 

Dublin, IE Preclearance.................... 57541........................ 41,622.98 

Shannon, IE Preclearance ............... 57542........................ 19,977.76 

Total District..................................................................... 7,143,247.72

 

San Juan, Puerto Rico: 

Aguadilla, PR.................................... 44901........................ 974,613.95 

Fajardo, PR....................................... 44904........................ 1,698,686.11 

Mayaguez, PR.................................. 44907........................ 867,979.63 

Ponce, PR......................................... 44908........................ 5,700,570.31 

San Juan, PR.................................... 44909........................ 107,958,182.54 

Old San Juan Int'l Airport.................. 44913........................ 8,951,763.29 

Total District..................................................................... 126,151,795.83

 

Virgin Islands of the United States: 

Charlotte Amalie, VI.......................... 45101........................ 8,605,505.31 

Cruz Bay, VI...................................... 45102........................ 150,072.47 

Christiansted, VI ............................... 45104........................ 5,897,984.95 

Total District..................................................................... 14,653,562.73

 

Miami, Florida: 

Miami, FL .......................................... 45201........................ 452,789,994.68 

Key West, FL .................................... 45202........................ 82,614.49 

Port Everglades, FL.......................... 45203........................ 165,326,127.44 

West Palm Beach, FL....................... 45204........................ 3,247,675.17 

Fort Pierce, FL.................................. 45205........................ 76,384.35 

Miami Int'l Airport .............................. 45206........................ 150,279,491.65 

Fort Lauderdale Int'l Airport.............. 45210........................ 363,623.42 

INT Courier ....................................... 45270........................ 25.00 

DHL Worldwide Express................... 45271........................ 312,745.71 

UPS (Miami Int'l Airport)................... 45273........................ 10,036.11 

UPS Courier Hub.............................. 45295........................ 171,296.01 

DHL Worldwide Express 

Miami, FL ...................................... 45296 ........................ 1,186,629.40 

FED EX Courier Hub ....................... 45297........................ 1,050,132.26 

IBC Courier Hub ............................... 45298........................ 266,699.46 

Miami Seaport................................... 45299........................ 2,670,962.43 

Total District..................................................................... 777,834,437.58

 

Washington, DC: 

Dulles Int'l Airport.............................. 45401........................ 30,565,478.29

Total District..................................................................... 30,565,478.29

 

Houston, Texas: 

Houston, TX...................................... 65301........................ 831,128,752.55 

Houston Intercontinental................... 65309........................ 57,830,260.37 

Galveston, TX................................... 65310........................ 13,935,676.74 

Freeport, TX...................................... 65311........................ 6,753,618.74 

Corpus Christi, TX ............................ 65312........................ 16,239,546.49 

Port Lavaca, TX................................ 65313........................ 1,167,459.23 

McAllen, TX ...................................... 65350........................ 17,945.32 

Mercedes (Weslaco) Border............. 65351........................ 26,630.67 

Falfurrias BP..................................... 65352........................ 154,153.00 

Rio Grande City BP .......................... 65353........................ 20,613.00 

McAllen,TX BP.................................. 65354........................ 21,305.00 

Brownsville, TX BP.......................... 65355........................ 3,183.00 

Harlingen, TX BP............................. 65356........................ 250.00 

Kingsville, TX BP.............................. 65357........................ 74,163.00 

Fort Brown, TX BP............................ 65358........................ 3,500.00 

Sugarland User Fee Airport.............. 65381........................ 150,776.95 

Total District..................................................................... 927,527,834.06

Dallas-Ft. Worth, Texas:

Dallas/Ft. Worth, TX ......................... 65501........................ 500,130,588.17 

Amarillo, TX ...................................... 65502........................ 4,754.44 

Lubbock, TX...................................... 65503........................ 131,910.54 

Oklahoma City, TX ........................... 65504........................ 1,619,305.00 

Tulsa, OK.......................................... 65505........................ 10,565,000.96 

Austin, TX ......................................... 65506........................ 2,942,422.26 

San Antonio, TX ............................... 65507........................ 19,751,221.19 

Marfa Headquarters, TX................... 65550........................ 1,584.44 

Lubbock, TX...................................... 65551........................ 1,828.75 

Amarillo, TX ...................................... 65552........................ 2,565.50 

Presidio, TX ...................................... 65553........................ 5,016.66 

Marfa, TX BC.................................... 65554........................ 1,605.00 

Sierra Blanca, TX BC ....................... 65560........................ 1,009.50 

Van Horn, TX BP............................. 65561........................ 750.00 

Midland User Fee Airport.................. 65562........................ 6,405.00 

Midland User Fee Airport User 

Fee ................................................ 65582 ........................ 136,671.08 

Fort Worth Alliance User Fee 

Airport ........................................... 65583 ........................ 119,924.95 

Addison User Fee Airport ................. 65584........................ 133,629.84 

McKinney User Fee Airport .............. 65585........................ 131,987.94 

Kelly Field Annex San Antonio, TX ...... 65587........................ 123,911.81 

Dallas Love Field User Fee 

Airport ................................................. 65588 ........................ 143,441.36 

Total District..................................................................... 535,955,534.39

Seattle, Washington:

Seattle, WA....................................... 73001........................ 767,854,415.94 

Tacoma, WA..................................... 73002........................ 448,120,562.75 

Aberdeen, WA .................................. 73003........................ 470,738.16 

Blaine, WA........................................ 73004........................ 34,445,813.64 

Bellingham, WA ................................ 73005........................ 1,127,572.75 

Everett, WA....................................... 73006........................ 1,803,493.93 

Port Angeles, WA ............................. 73007........................ 131,698.28 

Port Townsend, WA.......................... 73008........................ 5,929.54 

Sumas, WA....................................... 73009........................ 4,067,527.28 

Anacortes, WA.................................. 73010........................ 3,161,292.17 

Nighthawk, WA................................. 73011........................ 671.19 

Danville, WA ..................................... 73012........................ 7,451.75 

Ferry, WA.......................................... 73013........................ 1,508.75 

Friday Harbor, WA............................ 73014........................ 30,183.79 

Boundary, WA................................... 73015........................ 17,983.76 

Laurier, WA....................................... 73016........................ 14,245.88 

Point Roberts, WA............................ 73017........................ 166,533.28 

Oroville, WA...................................... 73019........................ 1,245,722.95 

Frontier, WA...................................... 73020........................ 25,661.26 

Spokane, WA.................................... 73022........................ 201,086.92 

Lynden, WA ...................................... 73023........................ 288,195.30 

Metaline Falls, WA............................ 73025........................ 16,615.58 

Olympia, WA..................................... 73026........................ 27,902.70 

Seattle-Tacoma Airport..................... 73029........................ 49,427,890.27 

UPS (SEATAC)................................. 73071........................ 2,412,146.84 

Moses Lake Grant County User 

Fee Airport .................................... 73082 ........................ 211,870.09 

Total District..................................................................... 1,315,284,714.75

Anchorage, Alaska:

Juneau, AK ....................................... 73101........................ 68,763.58 

Ketchikan, AK ................................... 73102........................ 215,622.13 

Skagway, AK .................................... 73103........................ 42,387.76 
FEDERAL FISCAL OPERATION 

December 2011

28 

TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2011

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2011

 

Anchorage, Alaska, con.: 

Alcan, AK.......................................... 73104................... 388,905.08 

Wrangell, AK..................................... 73105................... 5,250.00 

Dalton Cache, AK............................. 73106................... 50,480.14 

Valdez, AK........................................ 73107................... 7,846.04 

Fairbanks, AK................................... 73111................... 32,893.06 

Sitka, AK........................................... 73115................... 4,918.47 

Anchorage, AK.................................. 73126................... 11,492,352.01 

Kodiak, AK........................................ 73127................... 995.71 

Federal Express Courier Hub........... 73195................... 121,750,255.66 

UPS Courier Hub.............................. 73196................... 298,009.93 

Total District................................................................ 134,358,679.57

 

Honolulu, Hawaii: 

Honolulu, HI...................................... 73201................... 30,955,962.41 

Hilo, HI .............................................. 73202................... 98,280.61 

Kahului, HI ........................................ 73203................... 78,995.88 

 

Honolulu, Hawaii, con.:

Honolulu Int'l Airport ......................... 73205................... 6,211,974.55 

Kailua-Kona, HI ................................ 73206................... 130,931.11 

Guam................................................ 73207................... 2,097.46 

Saipan Tamuning, Guam ................. 73211 1,950.00

Total District................................................................ 37,480,192.02

 

 

 

 

 

Total Customs and Border Protection Collections for 

fiscal year 2011 ............................................................ $38,090,773,684.19 
December 2011 

29

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating 

cash is maintained in accounts with the Federal Reserve 

banks (FRBs) and branches, as well as in tax and loan 

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

are depleted, funds are called in (withdrawn) from thousands 

of tax and loan accounts at financial institutions throughout 

the country. 

Under authority of Public Law 95-147 (codified at 31 

United States Code 323), Treasury implemented a program 

on November 2, 1978, to invest a portion of its operating 

cash in obligations of depositaries maintaining tax and loan 

accounts. Under the Treasury tax and loan (TT&L) 

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

through financial institutions and to leave the funds in TT&L 

depositaries and in the financial communities in which they 

arise until Treasury needs the funds for its operations. In this 

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

remit the funds to the Treasury account at FRBs do so as 

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

cases, this involves a transfer of funds from a customer’s 

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

TABLE UST-1.—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 1

[In millions of dollars. Source: Financial Management Service] 

 Credits and withdrawals

 Federal Reserve accounts

 Credits 2 Tax and loan note accounts

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

2007 ................................................ 8,455,356 528,724 8,983,992 1,571,322 1,548,300 

2008 ................................................ 9,947,954 530,425 10,151,438 1,602,823 1,633,393 

2009 ................................................ 11,577,153 482,146 12,118,510 1,398,542 1,435,675 

2010 ................................................ 11,016,385 556,403 11,538,208 1,362,591 1,362,604 

2011 ................................................ 10,508,615 592,338 11,352,518 1,366,003 1,366,181 

 2010 - Sept...................................... 1,041,313 55,848 1,064,800 129,983 129,977 

Oct....................................... 719,030 43,597 846,304 92,813 92,794 

Nov ...................................... 940,586 42,471 927,843 96,841 96,853 

Dec ...................................... 1,019,745 63,172 1,021,566 151,833 151,834 

2011 - Jan ....................................... 872,343 45,483 911,411 115,496 115,499 

Feb ...................................... 811,106 40,299 1,009,944 104,826 104,814 

Mar ...................................... 994,693 51,559 1,118,662 132,553 132,700 

Apr....................................... 856,002 55,336 923,094 130,541 130,380 

May...................................... 881,266 45,463 913,531 99,821 99,860 

June..................................... 907,430 58,898 948,843 127,622 127,742 

July ...................................... 610,948 44,530 725,437 93,363 93,212 

Aug ...................................... 912,117 45,996 980,804 97,073 97,069 

Sept..................................... 953,587 55,536 995,320 123,221 123,423 

 

See footnotes at end of table. 
ACCOUNT OF THE U.S. TREASURY 

December 2011 

30 

TABLE UST-1.—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, con. 1

[In millions of dollars. Source: Financial Management Service] 

Balances

 During period

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6) 

SFP 

(7) 

Tax and 

loan 

note 

accounts 

(8) 

Federal 

Reserve

(9) 

SFP 

(10) 

Tax and 

loan 

note 

accounts

(11) 

Federal 

Reserve 

(12) 

SFP 

(13) 

Tax and 

loan 

note 

accounts 

(14) 

Federal 

Reserve 

(15) 

SFP 

(16) 

Tax and 

loan 

note 

accounts 

(17) 

 

2007 ....................... 5,539 - 69,698 29,504 - 98,264 3,239 - 75 5,216 - 23,961 

2008 ....................... 32,988 - 39,129 32,988 - 135,752 2,973 - - 5,181 - 17,751 

2009 ....................... 108,324 164,945 1,996 136,672 558,864 79,897 3,987 - 284 52,381 144,538 4,161 

2010 ....................... 107,888 199,962 1,983 186,632 199,965 2,630 3,191 - 62 53,632 115,525 1,957 

2011 ....................... 56,284 - 1,805 147,189 199,964 3,067 3,302 5,000 113 58,431 83,628 1,982 

 

2010 - Sept............. 107,888 199,962 1,983 114,568 199,962 2,030 4,859 199,956 1,159 47,204 199,959 1,949 

Oct.............. 24,212 199,960 2,003 63,148 199,962 2,007 7,394 199,960 1,890 37,561 199,962 1,974 

Nov ............. 79,426 199,959 1,991 79,426 199,960 2,018 3,302 199,958 113 28,682 199,959 1,785 

Dec ............. 140,773 199,964 1,990 140,773 199,964 2,117 10,567 199,959 1,931 60,317 199,961 1,979 

2011 - Jan .............. 147,189 199,963 1,987 147,189 199,964 2,015 41,191 199,961 1,987 87,841 199,962 1,990 

Feb ............. 88,632 99,980 1,999 117,875 199,963 2,052 23,123 99,980 1,999 58,348 144,615 2,010 

Mar ............. 111,203 5,000 1,852 111,203 99,980 2,163 14,159 5,000 1,852 57,477 41,605 2,011 

Apr.............. 99,447 5,000 2,012 131,725 5,000 2,046 23,405 5,000 1,911 66,889 5,000 2,001 

May............. 112,645 5,000 1,974 144,911 5,000 2,228 54,144 5,000 1,605 90,511 5,000 1,993 

June............ 130,130 5,000 1,853 134,570 5,000 3,067 20,027 5,000 1,853 79,240 5,000 2,051 

July ............. 65,172 - 2,004 107,369 5,000 2,038 35,827 - 1,879 70,304 4,355 1,987 

Aug ............. 42,481 - 2,007 66,958 - 2,048 8,905 - 1,948 24,006 - 1,998 

Sept............ 56,284 - 1,805 79,414 - 2,437 10,572 - 1,805 39,351 - 2,007 

 

 1 This report includes Supplementary Financing Program (SFP) balances.

2

 Represents transfers from tax and loan note accounts, proceeds from sales of 

securities other than Government account series, and taxes. 

3

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, 

redemptions of securities other than Government account series, and investment 

(transfer) of excess funds out of this account to the tax and loan note accounts. 

4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 

depositaries as follows: withheld income taxes beginning March 1948; taxes on 

employers and employees under the Federal Insurance Contributions Act beginning 

January 1950 and under the Railroad Retirement Tax Act beginning July 1951; a 

number of excise taxes beginning July 1953; estimated corporation income taxes 

beginning April 1967; all corporation income taxes due on or after March 15, 1968; 

Federal Unemployment Tax Act taxes beginning April 1970; and individual estimated 

income taxes beginning October 1988. 
December 2011 

31

INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” tables FD-2 and 

FD-6 from the “Monthly Statement of the Public Debt of the 

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

• Table FD-2 categorizes by type, that is, marketable 

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

• In table FD-6, the debt ceiling is compared with the 

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

December 2011

32 

TABLE FD-1.—Summary of Federal Debt

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency

securities 

(3) 

Total 

(4) 

Public debt

securities 

(5) 

Agency

securities

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency

securities

(9) 

 

2007............................... 9,030,612 9,007,653 22,959 3,958,417 3,958,411 6 5,072,195 5,049,242 22,953

2008............................... 10,047,828 10,024,725 23,104 4,210,491 4,210,485 6 5,837,337 5,814,240 23,098

2009............................... 11,933,031 11,909,828 23,203 4,355,292 4,355,291 1 7,577,739 7,554,537 23,202

2010............................... 13,585,596 13,561,622 23,974 4,534,014 4,534,011 3 9,051,582 9,027,611 23,971

2011............................... 14,815,328 14,790,340 24,988 4,658,307 4,658,301 6 10,157,021 10,132,039 24,982

 

2010 - Sept .................... 13,585,596 13,561,622 23,974 4,534,014 4,534,011 3 9,051,582 9,027,611 23,971

Oct ..................... 13,692,910 13,668,825 24,085 4,594,673 4,594,669 4 9,098,237 9,074,156 24,081

Nov..................... 13,884,806 13,860,773 24,033 4,581,398 4,581,393 5 9,303,408 9,279,380 24,028

Dec..................... 14,049,381 14,025,215 24,166 4,629,808 4,629,804 5 9,419,573 9,395,411 24,161

2011 - Jan...................... 14,155,425 14,131,050 24,375 4,640,544 4,640,539 5 9,514,881 9,490,511 24,370

Feb..................... 14,219,364 14,194,764 24,600 4,624,079 4,624,074 5 9,595,285 9,570,690 24,595

Mar..................... 14,294,579 14,270,114 24,465 4,613,547 4,613,541 6 9,681,032 9,656,573 24,459

Apr ..................... 14,312,261 14,287,629 24,632 4,627,930 4,627,924 6 9,684,331 9,659,705 24,626

May .................... 14,369,297 14,344,667 24,629 4,616,651 4,616,645 6 9,752,646 9,728,022 24,623

June ................... 14,367,591 14,343,087 24,504 4,596,214 4,596,208 6 9,771,377 9,746,879 24,498

July..................... 14,367,889 14,342,369 25,520 4,581,748 4,581,742 6 9,786,141 9,760,627 25,514

Aug..................... 14,709,806 14,684,292 25,514 4,655,154 4,655,148 6 10,054,652 10,029,144 25,508

Sept.................... 14,815,328 14,790,340 24,988 4,658,307 4,658,301 6 10,157,021 10,132,039 24,982

 

End of fiscal 

year or month 

Federal debt securities Securities held by Government accounts Securities held by the public 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net

unamortized 

premium 

and discount

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount

(17) 

Accrual

amount

(18) 

 

2007 ............................... 9,030,612 82,078 8,948,534 3,958,417 42,796 3,915,621 5,072,195 39,282 5,032,913

2008 ............................... 10,047,828 64,135 9,983,694 4,210,491 27,432 4,183,059 5,837,337 36,703 5,800,635

2009 ............................... 11,933,031 59,219 11,873,812 4,355,292 25,467 4,329,825 7,577,739 33,752 7,543,987

2010 ............................... 13,585,596 58,963 13,526,633 4,534,014 25,145 4,508,869 9,051,582 33,818 9,017,764

2011 ............................... 14,815,328 53,105 14,762,223 4,658,307 23,697 4,634,610 10,157,021 29,408 10,127,613

 

2010 - Sept .................... 13,585,596 58,963 13,526,633 4,534,014 25,145 4,508,869 9,051,582 33,818 9,017,764

Oct...................... 13,692,910 57,454 13,635,456 4,594,673 24,771 4,569,902 9,098,237 32,683 9,065,554

Nov..................... 13,884,806 56,884 13,827,921 4,581,398 24,664 4,556,734 9,303,408 32,220 9,271,187

Dec..................... 14,049,381 58,494 13,990,887 4,629,808 24,571 4,605,237 9,419,573 33,923 9,385,650

2011 - Jan ...................... 14,155,425 60,349 14,095,076 4,640,544 24,475 4,616,069 9,514,881 35,874 9,479,007

Feb ..................... 14,219,364 60,650 14,158,713 4,624,079 24,404 4,599,675 9,595,285 36,246 9,559,038

Mar..................... 14,294,579 59,486 14,235,093 4,613,547 24,313 4,589,234 9,681,032 35,173 9,645,860

Apr...................... 14,312,261 58,082 14,254,179 4,627,930 24,221 4,603,710 9,684,331 33,861 9,650,470

May .................... 14,369,297 58,159 14,311,138 4,616,651 24,126 4,592,526 9,752,646 34,033 9,718,612

June ................... 14,367,591 56,800 14,310,792 4,596,214 23,983 4,572,231 9,771,377 32,817 9,738,561

July..................... 14,367,889 55,596 14,312,292 4,581,748 23,894 4,557,855 9,786,141 31,702 9,754,437

Aug..................... 14,709,806 55,072 14,654,733 4,655,154 23,792 4,631,362 10,054,652 31,280 10,023,371

Sept.................... 14,815,328 53,105 14,762,223 4,658,307 23,697 4,634,610 10,157,021 29,408 10,127,613

 
FEDERAL DEBT 

December 2011 

33

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Depositary

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

2007 ....................................... 197,126 - 2,986 88,153 296,513 29,995 6,126 

2008 ....................................... 194,253 - 2,986 107,498 260,238 29,995 3,569 

2009 ....................................... 192,452 - 4,886 118,636 216,488 29,995 1,466 

2010 ....................................... 188,796 - 4,186 129,355 193,208 29,995 1,340 

2011 ....................................... 185,187 - 2,986 151,346 151,831 29,995 1,386 

 

2010 - Sept ............................ 188,796 - 4,186 129,355 193,208 29,995 1,340

Oct.............................. 188,674 - 4,186 129,594 195,009 29,995 1,363

Nov............................. 188,401 - 4,186 130,034 194,181 29,995 1,336

Dec............................. 188,007 - 3,986 132,852 192,928 29,995 1,297

2011 - Jan .............................. 187,537 - 3,986 132,537 187,213 29,995 1,293

Feb ............................. 187,303 - 3,786 134,593 182,360 29,995 1,289

Mar............................. 186,864 - 3,786 136,956 181,922 29,995 1,301

Apr.............................. 186,562 - 3,786 137,707 180,849 29,995 1,336

May ............................ 186,428 - 3,686 85,545 175,651 29,995 1,364

June ........................... 186,085 - 3,686 39,793 166,423 29,995 1,380

July............................. 185,758 - 3,086 22,187 155,835 29,995 1,367

Aug............................. 185,368 - 2,986 151,903 150,918 29,995 1,435

Sept............................ 185,187 - 2,986 151,346 151,831 29,995 1,386

 

*Effective June 2001, FMS revised procedures and categories in this table to reflect the 

format changes in the Monthly Statement of the Public Debt of the United States. 

TABLE FD-2.—Debt Held by the Public*

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Marketable

Nonmarketable 

Total 

(7) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

 

2007 .................................. 5,049,306 4,428,405 954,607 2,456,100 560,922 456,776 620,900

2008 .................................. 5,808,692 5,210,151 1,484,332 2,623,364 578,504 523,951 598,540

2009 .................................. 7,551,862 6,987,937 1,986,173 3,772,964 677,491 551,308 563,924

2010 .................................. 9,022,808 8,475,928 1,783,675 5,252,585 846,054 593,614 546,880

2011 .................................. 10,127,031 9,604,300 1,475,557 6,406,983 1,016,407 705,352 522,731

 

2010 - Sept ....................... 9,022,808 8,475,928 1,783,675 5,252,585 846,054 593,614 546,880

Oct......................... 9,069,879 8,521,058 1,764,088 5,293,330 859,206 604,435 548,821

Nov........................ 9,275,025 8,726,892 1,771,238 5,464,887 875,646 615,121 548,133

Dec........................ 9,390,476 8,841,411 1,768,931 5,568,201 888,429 615,851 549,065

2011 - Jan ......................... 9,485,417 8,942,856 1,756,620 5,668,644 901,967 615,625 542,561

Feb ........................ 9,565,541 9,026,217 1,734,504 5,747,050 918,418 626,245 539,325

Mar........................ 9,651,643 9,110,819 1,694,692 5,843,938 931,474 640,714 540,824

Apr......................... 9,654,950 9,114,716 1,635,406 5,898,889 945,100 635,321 540,234

May ....................... 9,723,456 9,240,787 1,576,536 6,049,390 961,176 653,686 482,669

June ...................... 9,742,223 9,314,861 1,529,417 6,145,991 974,150 665,303 427,363

July........................ 9,755,796 9,357,568 1,490,449 6,199,125 986,819 681,176 398,227

Aug........................ 10,024,253 9,501,649 1,491,239 6,313,529 1,003,417 693,464 522,604

Sept....................... 10,127,031 9,604,300 1,475,557 6,406,983 1,016,407 705,352 522,731
FEDERAL DEBT 

December 2011

34 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

 

2007 ..................... 1,968,262 3,182 39,248 12,205 9,752 979 596 74,923 555,118

2008 ..................... 2,150,651 3,320 59,090 12,811 9,272 1,605 624 72,432 614,991

2009 ..................... 2,296,316 3,313 61,764 11,484 8,735 4,239 405 19,628 683,808

2010 ..................... 2,399,111 3,388 70,982 24,455 8,161 1,142 506 18,703 759,426

2011 ..................... 2,492,531 3,374 70,446 16,302 7,541 1,207 696 16,030 855,991

 

2010 - Sept .......... 2,399,111 3,388 70,982 24,455 8,161 1,142 506 18,703 759,426

 Oct............ 2,396,724 3,391 70,639 22,557 8,089 950 481 16,163 837,532

 Nov........... 2,391,235 3,392 70,922 23,352 8,018 750 388 17,472 835,976

 Dec........... 2,429,514 3,397 71,662 22,273 8,151 1,005 378 14,268 837,643

2011 - Jan ............ 2,440,571 3,398 75,117 22,487 8,072 392 469 12,486 837,859

 Feb ........... 2,436,034 3,398 76,202 21,610 7,986 392 498 13,582 841,130

 Mar........... 2,433,539 3,398 77,342 23,752 7,879 592 543 12,144 842,528

Apr............ 2,450,012 3,398 72,338 24,000 7,781 555 544 12,201 847,269

 May .......... 2,446,613 3,374 78,365 24,177 7,694 392 457 23,668 797,171

 June ......... 2,498,211 3,374 80,356 22,050 7,803 592 484 21,126 742,747

 July........... 2,498,080 3,374 79,248 21,436 7,724 392 518 16,686 727,495

Aug........... 2,492,618 3,374 77,638 19,541 7,644 392 457 17,858 862,234

 Sept.......... 2,492,531 3,374 70,446 16,302 7,541 1,207 696 16,030 855,991

 

 

Note.—Detail may not add to totals due to rounding. 

TABLE FD-3.—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

 

2007 .................. 4,026,772 7,931 47,515 32,965 16,436 213,830 702,043 319,377 22,410

2008 .................. 4,297,677 7,674 29,937 34,397 16,847 216,487 729,705 318,741 19,093

2009 .................. 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668

2010 .................. 4,645,280 7,045 37,441 37,605 20,436 187,222 785,988 279,475 4,194

2011 .................. 4,793,916 8,641 34,926 39,678 22,721 161,965 811,768 245,939 4,160

 

2010 - Sept ....... 4,645,280 7,045 37,441 37,605 20,436 187,222 785,988 279,475 4,194

 Oct......... 4,706,387 8,065 36,751 37,728 20,438 183,975 782,501 275,943 4,460

 Nov........ 4,693,896 7,884 38,426 38,103 20,441 180,685 778,955 272,840 5,057

 Dec........ 4,745,249 7,862 39,430 38,200 20,434 180,023 793,917 271,405 5,687

2011 - Jan ......... 4,755,829 7,537 37,593 38,254 20,437 179,313 790,056 275,462 6,326

 Feb ........ 4,741,324 8,394 35,914 38,555 20,438 175,823 786,319 268,110 6,939

 Mar........ 4,733,014 8,463 38,291 38,591 22,905 173,057 782,674 259,965 7,351

Apr......... 4,748,039 8,700 38,747 38,669 22,906 172,809 779,362 260,974 7,774

 May ....... 4,684,821 7,071 37,583 39,025 22,890 169,639 757,549 260,890 8,263

 June ...... 4,620,377 7,604 37,161 39,077 22,750 171,004 696,628 267,165 2,245

 July........ 4,588,205 8,224 36,177 39,126 22,750 168,149 696,584 259,358 2,884

Aug........ 4,791,292 8,801 36,101 39,584 22,725 164,436 784,010 250,349 3,530

 Sept....... 4,793,916 8,641 34,926 39,678 22,721 161,965 811,768 245,939 4,160

 
FEDERAL DEBT 

December 2011 

35

TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

 

2007 ............................ 22,959 85 152 22,506 215 -1

2008 ............................ 23,104 69 150 22,680 204 *

2009 ............................ 23,203 33 144 22,834 193 *

2010 ............................ 23,974 29 139 23,627 180 *

2011 ............................ 24,988 29 133 24,660 166 *

 

2010 - Sept ................. 23,974 29 139 23,627 180 *

Oct................... 24,085 29 140 23,737 180 *

Nov.................. 24,033 29 141 23,683 180 *

Dec.................. 24,166 31 142 23,813 180 *

2011 - Jan ................... 24,375 31 143 24,021 180 *

Feb .................. 24,600 31 135 24,261 173 *

Mar.................. 24,465 31 136 24,125 173 *

Apr................... 24,632 31 137 24,291 173 *

May ................. 24,629 31 138 24,287 173 *

June ................ 24,504 31 139 24,161 173 *

July.................. 25,520 29 140 25,178 173 *

Aug.................. 25,514 29 141 25,178 166 *

Sept................. 24,988 29 133 24,660 166 *

 

 

Note.—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

December 2011

36 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within 

1 year 

(2) 

1-5

years 

(3) 

5-10

years 

(4) 

 10-20

 years 

 (5) 

20 years 

or more 

(6) 

Average length

(months) 

(7) 

2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 58

2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 49

2009 ............................... 6,228,565 2,604,676 2,074,723 994,689 350,550 203,928 49

2010 ............................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57

2011 ............................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60

 

2010 - Sept..................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57

Oct...................... 7,659,482 2,470,906 2,930,452 1,537,902 338,278 381,945 57

Nov ..................... 7,827,328 2,510,845 3,012,545 1,572,551 334,655 396,733 57

Dec ..................... 7,831,450 2,544,760 2,981,135 1,568,471 330,178 406,906 57

2011 - Jan ...................... 7,825,784 2,559,917 2,968,708 1,552,207 328,998 415,954 57

Feb ..................... 7,810,240 2,568,072 2,962,896 1,527,039 329,050 423,183 57

Mar ..................... 7,781,983 2,555,954 2,937,225 1,528,474 329,019 431,311 58

Apr...................... 7,653,649 2,522,043 2,870,226 1,496,984 324,243 440,152 58

May..................... 7,721,626 2,499,253 2,953,201 1,499,893 317,188 452,090 59

June.................... 7,706,588 2,474,344 2,961,638 1,486,856 315,369 468,382 59

July ..................... 7,674,300 2,481,706 2,924,762 1,471,149 315,618 481,063 60

Aug ..................... 7,861,156 2,495,843 3,048,014 1,510,394 310,042 496,863 60

Sept.................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60

 

Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 

December 2011 

37

TABLE FD-6.—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities

 not subject

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 

2007 ................................................ 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379

2008 ................................................ 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926

2009 ................................................ 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408

2010 ................................................ 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794

2011 ................................................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797

 

2010 - Sept...................................... 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794

Oct....................................... 14,294,000 13,617,337 13,617,326 10 13,668,825 10 51,499

Nov ...................................... 14,294,000 13,809,121 13,809,111 10 13,860,774 10 51,663

Dec ...................................... 14,294,000 13,972,516 13,972,503 13 14,025,215 13 52,713

2011 - Jan ....................................... 14,294,000 14,078,501 14,078,487 13 14,131,051 13 52,564

Feb ...................................... 14,294,000 14,142,331 14,142,318 13 14,194,764 13 52,447

Mar ...................................... 14,294,000 14,217,862 14,217,849 13 14,270,115 13 52,266

Apr....................................... 14,294,000 14,235,938 14,235,925 13 14,287,630 13 51,704

May...................................... 14,294,000 14,293,975 14,293,962 13 14,344,668 13 50,705

June..................................... 14,294,000 14,293,975 14,293,962 13 14,343,088 13 49,124

July ...................................... 14,294,000 14,293,975 14,293,965 10 14,342,369 10 48,404

Aug ...................................... 14,694,000 14,638,920 14,638,910 10 14,684,293 10 45,382

Sept..................................... 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797

 

 1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

December 2011

38 

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

(1) 

 Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2007 ................................................ 219,079 10,662 22,803 13,803 420 1,448

2008 ................................................ 252,783 9,691 24,789 14,780 479 1,456

2009 ................................................ 747,566 11,617 26,074 16,675 481 778

2010 ................................................ 881,890 11,284 25,098 18,534 522 1,160

2011 ................................................ 937,923 9,349 24,883 19,438 523 1,163

 

2011 - Sept ..................................... 881,890 11,284 25,098 18,534 522 1,160

Oct....................................... 950,919 17,429 25,292 18,666 526 1,160

Nov...................................... 954,009 19,822 25,439 18,939 528 1,160

Dec...................................... 948,584 21,740 25,707 19,213 532 1,160

2011 - Jan ....................................... 981,808 22,280 25,823 19,368 538 1,160

Feb ...................................... 1,003,066 22,254 25,958 19,470 540 1,160

Mar...................................... 999,202 10,178 26,117 19,587 545 1,160

Apr....................................... 1,008,098 10,178 26,212 19,753 548 1,160

May ..................................... 991,105 11,009 26,387 19,923 553 1,160

June .................................... 1,006,839 11,113 25,682 19,599 513 1,160

July...................................... 1,048,986 9,166 25,682 19,600 513 1,160

Aug...................................... 945,601 9,345 24,748 19,311 515 1,163

Sept..................................... 937,923 9,349 24,883 19,438 523 1,163

 

 Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2007 ................................................ 103,973 2,241 4,573 - 17,609

2008 ................................................ 128,331 2,186 4,832 - 21,957

2009 ................................................ 234,918 2,130 4,420 5 47,107

2010 ................................................ 373,717 2,513 4,749 21 46,809

2011 ................................................ 546,321 2,943 6,032 58 45,257

 

2010 - Sept ..................................... 373,717 2,513 4,749 - 46,809

Oct ...................................... 438,811 2,578 4,749 - 39,098

Nov...................................... 438,811 2,578 4,749 - 39,024

Dec...................................... 435,535 2,588 4,749 - 38,612

2011 - Jan....................................... 448,202 2,763 4,749 - 38,598

Feb...................................... 451,721 2,883 4,749 - 39,476

Mar...................................... 470,015 2,883 4,749 - 39,738

Apr ...................................... 474,825 2,948 4,749 - 41,751

May ..................................... 483,302 3,048 4,749 - 42,422

June .................................... 505,409 3,218 4,749 - 43,475

July...................................... 545,977 3,218 4,749 26 42,922

Aug...................................... 542,629 3,153 4,749 39 42,717

Sept..................................... 546,321 2,943 6,032 58 45,257

 
FEDERAL DEBT 

December 2011 

39

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2007 ...................................... 4,364 2,945 11,366 22,872

2008 ...................................... 2,929 3,096 9,463 28,793

2009 ...................................... 3,805 3,359 10,873 385,323

2010 ...................................... 7,254 3,481 11,752 374,997

2011 ...................................... 8,279 3,484 11,190 259,006

 

2010 - Sept ........................... 7,254 3,481 11,752 375,018

Oct............................. 7,357 3,812 11,751 379,690

Nov............................ 7,357 4,119 11,811 379,673

Dec............................ 7,432 4,465 11,811 375,040

2011 - Jan ............................. 7,483 4,806 11,811 394,226

Feb ............................ 7,483 5,089 11,811 410,471

Mar............................ 7,635 5,409 10,942 400,244

Apr............................. 7,669 5,708 11,037 401,560

May ........................... 7,872 6,003 11,037 373,640

June .......................... 8,241 2,523 11,037 370,120

July............................ 8,241 2,853 11,080 373,797

Aug............................ 7,652 3,149 11,080 275,351

Sept........................... 8,279 3,484 11,190 259,006

 

Note.—For the Department of Housing and Urban Development, other HUD Housing 

Programs were reclassified from “Other” to “Other Housing Programs” for fiscal year 2009 

through the current fiscal year to date. 

Note.—Detail may not add to totals due to rounding. 
40 

December 2011 

INTRODUCTION: Public Debt Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United 

States.” The information in this section of the “Treasury 

Bulletin” pertains only to marketable Treasury securities. 

Table PDO-1 presents the results of weekly auctions of 

4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and 

smaller institutions, Treasury accepts noncompetitive 

tenders of up to $5 million for bills and $5 million for notes 

and bonds in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order 

over the past 2 years. Issues of cash management bills also 

are presented. 

Note: Cash management bills identified below are 

issued as part of the Supplementary Financing Program 

(SFP). For more details about the SFP, visit 

www.treasury.gov/ press/releases/hp1144.htm or call 202-

622-2960. 

Note: On February 4, 2009, Treasury announced the 

reintroduction of the 7-year note. The first auction of this 

security took place on February 26, 2009. 

TREASURY FINANCING: JULY-SEPTEMBER 

[Source: Bureau of the Public Debt, Office of Financing]

J U L Y 

Cash Management Bills 

On July 11, 2011, Treasury announced it would auction 

$5,000 million of 14-day bills. They were issued July 14 and 

matured July 28. The issue was part of the SFP. Treasury 

auctioned the bills on July 13. Tenders totaled $37,766 

million; Treasury accepted $5,000 million. The high bank 

discount rate was 0.000 percent. 

On July 25, Treasury announced it would auction 

$12,000 million of 5-day bills. They were issued July 28 and 

matured August 2. The issue was to raise new cash. Treasury 

auctioned the bills on July 27. Tenders totaled $54,977 

million; Treasury accepted $12,001 million. The high bank 

discount rate was 0.000 percent. 

Auction of 3-Year Notes 

On July 7, 2011, Treasury announced it would auction 

$32,000 million of 3-year notes. The issue was to raise new 

cash of approximately $66,000 million of securities 

maturing July 15. 

The 3-year notes of Series AB-2014 were dated and 

issued July 15. They are due July 15, 2014, with interest 

payable on January 15 and July 15 until maturity. Treasury 

set an interest rate of 0-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

noon eastern time (e.t.) for noncompetitive tenders and 

before 1:00 p.m. e.t. for competitive tenders on July 12. 

Tenders totaled $103,008 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 0.670 percent with the equivalent price of $99.866569. 

Treasury accepted in full all competitive tenders at yields 

lower than 0.670 percent. Tenders at the high yield were 

allotted 31.73 percent. The median yield was 0.640 percent, 

and the low yield was 0.578 percent. Noncompetitive 

tenders totaled $39 million. Competitive tenders accepted 

from private investors totaled $31,936 million. The 

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of 

notes of Series AB-2014 is $100. 

Auction of 9-Year 10-Month 3-1/8 Percent Notes 

On July 7, 2011, Treasury announced it would auction 

$21,000 million of 9-year 10-month 3-1/8 percent notes. The 

issue was to raise new cash of approximately $66,000 

million of securities maturing July 15. 

The 9-year 10-month notes of Series C-2021 were dated 

May 15 and issued July 15. They are due May 15, 2021, 

with interest payable on November 15 and May 15 until 

maturity. 

Treasury received tenders for the notes before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on July 13. Tenders totaled 

$66,625 million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.918 percent with an 

equivalent price of $101.753719. Treasury accepted in full 

all competitive tenders at yields lower than 2.918 percent. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2011 

41

Tenders at the high yield were allotted 65.17 percent. The 

median yield was 2.891 percent, and the low yield was 2.808 

percent. Noncompetitive tenders totaled $31 million. 

Competitive tenders accepted from private investors totaled 

$20,969 million. Accrued interest of $5.18003 per $1,000 

must be paid for the period from May 15 to July 15. The 

minimum par amount required for STRIPS of notes of Series 

C-2021 is $100. 

Auction of 29-Year 10-Month 4-3/8 Percent Bonds 

On July 7, 2011, Treasury announced it would auction 

$13,000 million of 29-year 10-month 4-3/8 percent bonds. 

The issue was to raise new cash of approximately $66,000 

million of securities maturing July 15. 

The 29-year 10-month bonds of May 2041 were dated 

May 15 and issued July 15. They are due May 15, 2041, 

with interest payable on November 15 and May 15 until 

maturity. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on July 14. Tenders totaled 

$36,370 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.198 percent with an 

equivalent price of $102.985551. Treasury accepted in full 

all competitive tenders at yields lower than 4.198 percent. 

Tenders at the high yield were allotted 1.61 percent. The 

median yield was 4.170 percent, and the low yield was 4.100 

percent. Noncompetitive tenders totaled $9,175 million. 

Competitive tenders accepted from private investors totaled 

$12,991 million. Accrued interest of $7.25204 per $1,000 

must be paid for the period from May 15 to July 15. The 

minimum par amount required for STRIPS of bonds of May 

2041 is $100. 

52-Week Bills 

On July 21, 2011, Treasury announced it would auction 

$20,000 million of 364-day Treasury bills. They were issued 

July 28, and will mature July 26, 2012. The issue was to 

refund $115,002 million of all maturing bills and pay down 

approximately $14,002 million. Treasury auctioned the bills 

on July 26. Tenders totaled $92,615 million; Treasury 

accepted $20,000 million, which included $105 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.200 percent. 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On July 14, 2011, Treasury announced it would auction 

$13,000 million of 10-year TIPS. The issue was to raise new 

cash of approximately $13,000 million of securities 

maturing July 15. 

The 10-year TIPS of Series D-2021 were dated July 15 

and issued July 29. They are due July 15, 2021, with interest 

payable on January 15 and July 15 until maturity. Treasury 

set an interest rate of 0-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on July 21. Tenders totaled 

$34,038 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.639 percent with an 

equivalent adjusted price of $100.076731. Treasury accepted 

in full all competitive tenders at yields lower than 0.639. 

Tenders at the high yield were allotted 20.04 percent. The 

median yield was 0.595 percent, and the low yield was 0.500 

percent. Noncompetitive tenders totaled $96 million. 

Competitive tenders accepted from private investors totaled 

$12,904 million. Adjusted accrued interest of $0.23827 per 

$1,000 must be paid for the period from July 15 to July 29. 

Both the unadjusted price of $99.865017 and the unadjusted 

accrued interest of $0.23777 were adjusted by an index ratio 

of 1.00212 for the period from July 15 to July 29. 

The minimum par amount required for STRIPS of TIPS 

of Series D-2021 is $100. 

A U G U S T 

Cash Management Bills 

On August 3, 2011, Treasury announced it would 

auction $20,000 million of 10-day bills. They were issued 

August 5 and matured August 15. The issue was to raise new 

cash. Treasury auctioned the bills on August 4. Tenders 

totaled $101,500 million; Treasury accepted $20,001 

million. The high bank discount rate was 0.000 percent. 

On August 16, Treasury announced it would auction 

$20,000 million of 12-day bills. They were issued August 19 

and matured August 31. The issue was to raise new cash. 

Treasury auctioned the bills on August 17. Tenders totaled 

$102,100 million; Treasury accepted $20,000 million. The 

high bank discount rate was 0.015 percent. 

Auction of 2-Year Notes 

On July 21, 2011, Treasury announced it would auction 

$35,000 million of 2-year notes. The issue was to refund 

$56,934 million of securities maturing August 1 and to raise 

new cash of approximately $42,066 million. 

The 2-year notes of Series AN-2013 were dated July 31 

and issued August 1. They are due July 31, 2013, with 

interest payable on January 31 and July 31 until maturity. 

Treasury set an interest rate of 0-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2011 

42 

Treasury received tenders for the note before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on July 26. Tenders totaled 

$109,906 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.417 percent with an 

equivalent price of $99.916547. Treasury accepted in full all 

competitive tenders at yields lower than 0.417 percent. 

Tenders at the high yield were allotted 27.89 percent. The 

median yield was 0.395 percent, and the low yield was 0.326 

percent. Noncompetitive tenders totaled $130 million. 

Competitive tenders accepted from private investors totaled 

$34,870 million. Accrued interest of $0.01019 per $1,000 

must be paid for the period from July 31 to August 1. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,042 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for STRIPS of notes of Series 

AN-2013 is $100. 

Auction of 5-Year Notes 

On July 21, 2011, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$56,934 million of securities maturing August 1 and to raise 

new cash of approximately $42,066 million. 

The 5-year notes of Series AA-2016 were dated July 31 

and issued August 1. They are due July 31, 2016, with 

interest payable on January 31 and July 31 until maturity. 

Treasury set an interest rate of 1-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the note before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on July 27. Tenders totaled 

$91,844 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.580 percent with an 

equivalent price of $99.617012. Treasury accepted in full all 

competitive tenders at yields lower than 1.580 percent. 

Tenders at the high yield were allotted 48.79 percent. The 

median yield was 1.516 percent, and the low yield was 1.400 

percent. Noncompetitive tenders totaled $31 million. 

Competitive tenders accepted from private investors totaled 

$34,919 million. Accrued interest of $0.04076 per $1,000 

must be paid for the period from July 31 to August 1. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,042 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AA-2016 is $100. 

Auction of 7-Year Notes 

On July 21, 2011, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$56,934 million of securities maturing August 1 and to raise 

new cash of approximately $42,066 million. 

The 7-year notes of Series N-2018 were dated July 31 

and issued August 1. They are due July 31, 2018, with 

interest payable on January 31 and July 31 until maturity. 

Treasury set an interest rate of 2-1/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the note before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on July 28. Tenders totaled 

$76,266 million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.280 percent with an 

equivalent price of $99.806914. Treasury accepted in full all 

competitive tenders at yields lower than 2.280 percent. 

Tenders at the high yield were allotted 72.00 percent. The 

median yield was 2.222 percent, and the low yield was 2.097 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$28,987 million. Accrued interest of $0.06114 per $1,000 

must be paid for the period from July 31 to August 1. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $864 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series N-2018 is $100. 

August Quarterly Financing 

On August 3, 2011, Treasury announced it would 

auction $32,000 million of 3-year notes, $24,000 million of 

10-year notes, and $16,000 million of 30-year bonds to 

refund $24,430 million of securities maturing on August 15 

and to raise new cash of approximately $47,570 million. 

The 3-year notes of Series AC-2014 were dated and 

issued August 15. They are due August 15, 2014, with 

interest payable on February 15 and August 15 until 

maturity. Treasury set an interest rate of 0-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the note before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on August 9. Tenders totaled 

$105,261 million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.500 percent with an 

equivalent price of $100.000000. Treasury accepted in full 

all competitive tenders at yields lower than 0.500. Tenders at 

the high yield were allotted 29.50 percent. The median yield 

was 0.480 percent, and the low yield was 0.396 percent. 

Noncompetitive tenders totaled $15 million. Competitive 

tenders accepted from private investors totaled $31,985 

million. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $980 million from 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2011 

43

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AC-2014 is $100. 

The 10-year notes of Series E-2021 were dated and 

issued August 15. They are due August 15, 2021, with 

interest payable on February 15 and August 15 until 

maturity. Treasury set an interest rate of 2-1/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the note before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on August 10. Tenders totaled 

$77,381 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.140 percent with an 

equivalent price of $99.865607. Treasury accepted in full all 

competitive tenders at yields lower than 2.140. Tenders at 

the high yield were allotted 54.31 percent. The median yield 

was 2.101 percent, and the low yield was 2.000 percent. 

Noncompetitive tenders totaled $40 million. Competitive 

tenders accepted from private investors totaled $23,910 

million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $735 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2021 is $100. 

The 30-year bonds of August 2041 were dated and 

issued August 15. They are due August 15, 2041, with 

interest payable on February 15 and August 15 until 

maturity. Treasury set an interest rate of 3-3/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the bond before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on August 11. Tenders totaled 

$33,321 million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.750 percent with an 

equivalent price of $100.000000. Treasury accepted in full 

all competitive tenders at yields lower than 3.750. Tenders at 

the high yield were allotted 41.74 percent. The median yield 

was 3.629 percent, and the low yield was 3.537 percent. 

Noncompetitive tenders totaled $15 million. Competitive 

tenders accepted from private investors totaled $15,985 

million. 

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $490 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of August 2041 is $100. 

52-Week Bills 

On August 18, 2011, Treasury announced it would 

auction $25,000 million of 364-day Treasury bills. They 

were issued August 25, and will mature August 23, 2012. 

The issue was to refund $100,004 million of all maturing 

bills and raise new cash of approximately $15,996 million. 

Treasury auctioned the bills on August 23. Tenders totaled 

$106,478 million; Treasury accepted $25,000 million, which 

included $131 million of noncompetitive tenders from the 

public. The high bank discount rate was 0.100 percent. 

Auction of 2-Year Notes 

On August 18, 2011, Treasury announced it would 

auction $35,000 million of 2-year notes. The issue was to 

refund $57,367 million of securities maturing August 31 and 

to raise new cash of approximately $53,633 million. 

The 2-year notes of Series AP-2013 were dated and 

issued August 31. They are due August 31, 2013, with 

interest payable on the last calendar day of February and 

August 31 until maturity. Treasury set an interest rate of 

0-1/8 percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the note before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on August 23. Tenders totaled 

$120,475 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.222 percent with an 

equivalent price of $99.806537. Treasury accepted in full all 

competitive tenders at yields lower than 0.222 percent. 

Tenders at the high yield were allotted 73.87 percent. The 

median yield was 0.209 percent, and the low yield was 0.147 

percent. Noncompetitive tenders totaled $148 million. 

Competitive tenders accepted from private investors totaled 

$34,852 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,070 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AP-2013 is $100. 

Auction of 4-Year 8-Month 0-1/8 Percent TIPS 

On August 11, 2011, Treasury announced it would 

auction $12,000 million of 4-year 8-month 0-1/8 percent 

TIPS. The issue was to refund $57,367 million of securities 

maturing August 31 and to refund approximately $53,633 

million. 

The 4-year 8-month TIPS of Series W-2016 were dated 

April 15 and issued August 31. They are due April 15, 2016, 

with interest payable on October 15 and April 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on August 18. Tenders totaled 

$29,895 million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -0.825 percent with an 

equivalent adjusted price of $106.852530. Treasury accepted 

in full all competitive tenders at yields lower than -0.825 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2011 

44 

percent. Tenders at the high yield were allotted 57.89 

percent. The median yield was -0.910 percent, and the low 

yield was -1.000 percent. Noncompetitive tenders totaled 

$38 million. Competitive tenders accepted from private 

investors totaled $11,962 million. Adjusted accrued interest 

of $0.48199 per $1,000 must be paid for the period from 

April 15 to August 31. Both the unadjusted price of 

104.485924 and the unadjusted accrued interest of 0.47131 

were adjusted by an index ratio of 1.02265 from the period 

of April 15 to August 31. 

In addition to the $12,000 million of tenders accepted in 

the auction process, Treasury accepted $367 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series W-2016 is $100. 

Auction of 5-Year Notes 

On August 18, 2011, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $57,367 million of securities maturing August 31 and 

to raise new cash of approximately $53,633 million. 

The 5-year notes of Series AB-2016 were dated and 

issued August 31. They are due August 31, 2016, with 

interest payable on the last calendar day of February and 

August 31 until maturity. Treasury set an interest rate of 1 

percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the note before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on August 24. Tenders totaled 

$94,937 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.029 percent with an 

equivalent price of $99.859020. Treasury accepted in full all 

competitive tenders at yields lower than 1.029 percent. 

Tenders at the high yield were allotted 9.30 percent. The 

median yield was 0.979 percent, and the low yield was 0.882 

percent. Noncompetitive tenders totaled $57 million. 

Competitive tenders accepted from private investors totaled 

$34,894 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,070 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AB-2016 is $100. 

Auction of 7-Year Notes 

On August 18, 2011, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $57,367 million of securities maturing August 31 and 

to raise new cash of approximately $53,633 million. 

The 7-year notes of Series P-2018 were dated and 

issued August 31. They are due August 31, 2018, with 

interest payable on the last calendar day of February and 

August 31 until maturity. Treasury set an interest rate of 

1-1/2 percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the note before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on August 25. Tenders totaled 

$80,000 million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.580 percent with an 

equivalent price of $99.471828. Treasury accepted in full all 

competitive tenders at yields lower than 1.580 percent. 

Tenders at the high yield were allotted 79.88 percent. The 

median yield was 1.529 percent, and the low yield was 1.449 

percent. Noncompetitive tenders totaled $29 million. 

Competitive tenders accepted from private investors totaled 

$28,921 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $887 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series P-2018 is $100. 

S E P T E M B E R 

Cash Management Bills 

On August 29, 2011, Treasury announced it would 

auction $30,000 million of 14-day bills. They were issued 

September 1 and matured September 15. The issue was to 

raise new cash. Treasury auctioned the bills on August 30. 

Tenders totaled $142,394 million; Treasury accepted 

$30,001 million. The high bank discount rate was 0.005 

percent. 

On September 1, Treasury announced it would auction 

$15,000 million of 8-day bills. They were issued September 

7 and will mature September 15. The issue was to raise new 

cash. Treasury auctioned the bills on September 6. Tenders 

totaled $76,370 million; Treasury accepted $15,000 million. 

The high bank discount rate was 0.030 percent. 

Auction of 3-Year Notes 

On September 8, 2011, Treasury announced it would 

auction $32,000 million of 3-year notes. The issue was to 

raise new cash of approximately $66,000 million. 

The 3-year note of Series AD-2014 were dated and 

issued September 15. They are due September 15, 2014, 

with interest payable on March 15 and September 15 until 

maturity. Treasury set an interest rate of 0-1/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the note before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on September 12. Tenders totaled 

$100,749 million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.334 percent with an 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2011 

45

equivalent price of $99.749466. Treasury accepted in full all 

competitive tenders at yields lower than 0.334 percent. 

Tenders at the high yield were allotted 81.11 percent. The 

median yield was 0.310 percent, and the low yield was 0.249 

percent. Noncompetitive tenders totaled $26 million. 

Competitive tenders accepted from private investors totaled 

$31,974 million. The minimum par amount required for 

STRIPS of notes of Series AD-2014 is $100. 

Auction of 9-Year 11-Month 2-1/8 Percent Notes 

On September 8, 2011, Treasury announced it would 

auction $21,000 million of 9-year 11-month 2-1/8 notes. The 

issue was to raise new cash of approximately $66,000 

million. 

The 9-year 11-month 2-1/8 notes of Series E-2021 were 

dated August 15 and issued September 15. They are due 

August 15, 2021, with interest payable on February 15 and 

August 15 until maturity. 

Treasury received tenders for the note before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on September 13. Tenders totaled 

$63,677 million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.000 percent with an 

equivalent price of $101.117812. Treasury accepted in full 

all competitive tenders at yields lower than 2.000 percent. 

Tenders at the high yield were allotted 45.20 percent. The 

median yield was 1.947 percent, and the low yield was 1.860 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$20,987 million. Accrued interest of $1.79008 per $1,000 

must be paid for the period from August 15 to September 15. 

The minimum par amount required for STRIPS of notes of 

Series E-2021 is $100. 

Auction of 29-Year 11-Month 3-3/4 Percent Bonds 

On September 8, 2011, Treasury announced it would 

auction $13,000 million of 29-year 11-month 3-3/4 percent 

bonds. The issue was to raise new cash of approximately 

$66,000 million. 

The 29-year 11-month bonds of August 2041 were 

dated August 15 and issued September 15. They are due 

August 15, 2041, with interest payable on February 15 and 

August 15 until maturity. 

Treasury received tenders for the bond before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on September 14. Tenders totaled 

$37,072 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.310 percent with an 

equivalent price of $108.310327. Treasury accepted in full 

all competitive tenders at yields lower than 3.310 percent. 

Tenders at the high yield were allotted 74.48 percent. The 

median yield was 3.285 percent, and the low yield was 3.240 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled 

$12,985 million. Accrued interest of $3.15897 per $1,000 

must be paid for the period from August 15 to September 15. 

The minimum par amount required for STRIPS of bonds of 

August 2041 is $100. 

52-Week Bills 

On September 15, 2011, Treasury announced it would 

auction $25,000 million of 364-day Treasury bills. They 

were issued September 22, and will mature September 20, 

2012. The issue was to refund $117,000 million of securities 

maturing September 22 and to pay down approximately 

$6,000 million. Treasury auctioned the bills on September 

20. Tenders totaled $116,295 million; Treasury accepted 

$25,000 million, which included $136 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.090 percent. 

Auction of 9-Year 10-Month 0-5/8 Percent TIPS 

On September 15, 2011, Treasury announced it would 

auction $11,000 million of 9-year 10-month 0-5/8 percent 

TIPS. The issue was to refund $57,837 million of securities 

maturing September 30 and to raise new cash of 

approximately $52,163 million. 

The 9-year 10-month TIPS of Series D-2021 were dated 

July 15 and issued September 30. They are due July 15, 

2021, with interest payable on January 15 and July 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on September 22. Tenders 

totaled $28,715 million; Treasury accepted $11,000 

million. All noncompetitive and successful competitive 

bidders were allotted securities at the high yield of 0.078 

percent with an equivalent adjusted price of $105.582684. 

Treasury accepted in full all competitive tenders at yields 

lower than 0.078 percent. Tenders at the high yield were 

allotted 48.46 percent. The median yield was 0.010 

percent, and the low yield was -0.100 percent. 

Noncompetitive tenders totaled $41 million. Competitive 

tenders accepted from private investors totaled $10,959 

million. Adjusted accrued interest of $1.31083 per $1,000 

must be paid for the period from July 15 to September 30. 

Both the unadjusted price of 105.334096 and the 

unadjusted accrued interest of 1.30774 were adjusted by an 

index ratio of 1.00236 from the period of July 15 to 

September 30. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2011 

46 

In addition to the $11,000 million of tenders accepted in 

the auction process, Treasury accepted $342 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series D-2021 is $100. 

Auction of 2-Year Notes 

On September 22, 2011, Treasury announced it would 

auction $35,000 million of 2-year notes. The issue was to 

refund $57,837 million of securities maturing September 30 

and to raise new cash of approximately $52,163 million. 

The 2-year notes of Series AQ-2013 were dated and 

issued September 30. They are due September 30, 2013, 

with interest payable on March 31 and September 30 until 

maturity. Treasury set an interest rate of 0-1/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the note before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on September 27. Tenders totaled 

$131,740 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.249 percent with an 

equivalent price of $99.752770. Treasury accepted in full all 

competitive tenders at yields lower than 0.249 percent. 

Tenders at the high yield were allotted 19.45 percent. The 

median yield was 0.225 percent, and the low yield was 0.171 

percent. Noncompetitive tenders totaled $205 million. 

Competitive tenders accepted from private investors totaled 

$34,796 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,090 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AQ-2013 is $100. 

Auction of 5-Year Notes 

On September 22, 2011, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $57,837 million of securities maturing September 30 

and to raise new cash of approximately $52,163 million. 

The 5-year notes of Series AC-2016 were dated and 

issued September 30. They are due September 30, 2016, 

with interest payable on March 31 and September 30 until 

maturity. Treasury set an interest rate of 1 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on September 28. Tenders totaled 

$106,417 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.015 percent with an 

equivalent price of $99.927052. Treasury accepted in full all 

competitive tenders at yields lower than 1.015 percent. 

Tenders at the high yield were allotted 64.28 percent. The 

median yield was 0.980 percent, and the low yield was 0.870 

percent. Noncompetitive tenders totaled $40 million. 

Competitive tenders accepted from private investors totaled 

$34,960 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,090 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AC-2016 is $100. 

Auction of 7-Year Notes 

On September 22, 2011, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $57,837 million of securities maturing September 30 

and to raise new cash of approximately $52,163 million. 

The 7-year notes of Series Q-2018 were dated and 

issued September 30. They are due September 30, 2018, 

with interest payable on March 31 and September 30 until 

maturity. Treasury set an interest rate of 1-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on September 29. Tenders totaled 

$87,518 million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.496 percent with an 

equivalent price of $99.198680. Treasury accepted in full all 

competitive tenders at yields lower than 1.496 percent. 

Tenders at the high yield were allotted 3.77 percent. The 

median yield was 1.439 percent, and the low yield was 1.330 

percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors totaled 

$28,986 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $903 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Q-2018 is $100. 
PUBLIC DEBT OPERATIONS 

December 2011 

47

TABLE PDO-1.—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount

of bids 

tendered 

(3) 

Total 

amount 2

(4) 

On

competitive

basis 

(5) 

On noncompetitive 

basis 3 

(6) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

2011 - July 07.............. 2011 - Aug. 04 28 137,892.6 31,784.2 26,954.7 228.0 100.000000 0.000 0.000

Oct. 06 91 126,381.7 27,000.6 25,167.8 952.6 99.993681 0.025 0.025

2012 - Jan. 05 182 131,050.8 24,000.3 22,594.9 705.5 99.959556 0.080 0.081

July 14 ................. 2011 - Aug. 11 28 139,871.6 34,286.4 27,784.8 216.5 99.998444 0.020 0.020

 Oct. 13 91 110,859.3 27,000.2 25,922.0 843.4 99.992417 0.030 0.031

 2012 - Jan. 12 182 116,750.3 24,000.0 22,619.7 680.3 99.967139 0.065 0.066

July 21 ................. 2011 - Aug. 18 28 128,257.9 30,418.3 27,824.4 175.9 99.999611 0.005 0.005

 Oct. 20 91 119,763.4 27,000.3 26,073.2 920.1 99.994944 0.020 0.020

 2012 - Jan. 19 182 113,421.2 24,000.3 22,782.5 706.8 99.969667 0.060 0.061

July 28 ................. 2011 - Aug. 25 28 101,409.5 23,938.1 16,811.7 212.3 99.995722 0.055 0.056

 Oct. 27 91 118,211.8 27,000.5 25,117.9 926.2 99.984833 0.060 0.061

 2012 - Jan. 26 182 114,502.2 24,000.1 22,294.3 735.9 99.949444 0.100 0.102

Aug. 04 ................ 2011 - Sept. 01 28 112,393.6 26,781.6 22,802.1 197.9 99.994556 0.070 0.071

 Nov. 03 91 121,808.5 27,000.3 26,205.3 795.0 99.970931 0.115 0.117

 2012 - Feb. 02 182 115,764.4 24,000.5 23,066.3 634.2 99.924167 0.150 0.153

Aug. 11 ................ 2011 - Sept. 08 28 155,605.4 41,285.6 34,746.3 254.2 99.997278 0.035 0.036

 Nov. 10 91 118,696.6 29,000.4 27,962.1 863.3 99.988625 0.045 0.046

 2012 - Feb. 09 182 116,872.0 27,000.1 25,606.1 694.0 99.967139 0.065 0.066

Aug. 18 ................ 2011 - Sept. 15 28 147,562.1 37,418.5 34,794.7 205.8 99.999222 0.010 0.010

 Nov. 17 91 129,363.2 29,000.6 27,961.5 939.2 99.991153 0.035 0.036

 2012 - Feb. 16 182 122,501.6 27,000.8 25,809.8 766.1 99.959556 0.080 0.081

Aug. 25 ................ 2011 - Sept. 22 28 157,975.7 40,940.4 34,747.8 254.6 100.000000 0.000 0.000

 Nov. 25 92 132,570.3 29,000.2 28,026.8 843.4 99.996167 0.015 0.015

 2012 - Feb. 23 182 119,644.1 27,000.2 25,832.5 706.9 99.977250 0.045 0.046

Sept. 01 ............... 2011 - Sept. 29 28 135,540.8 33,782.3 29,188.0 216.6 99.999611 0.005 0.005

 Dec. 01 91 132,429.4 29,000.7 27,187.1 871.6 99.996208 0.015 0.015

 2012 - Mar. 01 182 128,321.8 27,000.8 25,329.3 696.6 99.977250 0.045 0.046

Sept. 08 ............... 2011 - Oct. 06 28 153,578.0 36,287.7 29,772.8 229.9 100.000000 0.000 0.000

 Dec. 08 91 131,676.6 29,000.4 28,019.5 780.9 99.992417 0.030 0.031

 2012 - Mar. 08 182 121,936.2 27,000.8 25,935.5 565.3 99.964611 0.070 0.071

Sept. 15 ............... 2011 - Oct. 13 28 156,128.8 29,420.4 26,818.5 183.9 100.000000 0.000 0.000

 Dec. 15 91 132,151.1 29,000.5 28,188.3 812.2 99.997472 0.010 0.010

 2012 - Mar.15 182 130,945.6 27,000.5 25,941.9 658.6 99.974722 0.050 0.051

Sept. 22 ............... 2011 - Oct. 20 28 190,908.8 35,948.4 29,784.5 225.9 100.000000 0.000 0.000

 Dec. 22 91 136,262.9 29,001.0 28,159.9 841.1 99.997472 0.010 0.010

 2012 - Mar. 22 182 148,048.4 27,000.5 26,054.4 633.6 99.984833 0.030 0.031

Sept. 29 ............... 2011 - Oct. 27 28 169,651.4 33,781.8 28,803.5 207.0 100.000000 0.000 0.000

 Dec. 29 91 132,232.1 29,000.9 27,114.5 889.2 99.994944 0.020 0.020

 2012 - Mar. 29 182 138,119.3 27,000.4 25,249.2 758.7 99.982306 0.035 0.036

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

December 2011

48 

TABLE PDO-2.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and

equivalent price 

for notes and 

bonds 

(6) 

 

07/13/11 07/14/11 0.000% bill—07/28/11 14d 37,766 5,000 

07/12/11 07/15/11 0.625% note—07/15/14-AB 3y 103,008 32,000 0.670 - 99.866569

07/13/11 07/15/11 3.125% note—05/15/21-C 9y 10m 66,625 21,000 2.918 - 101.753719

07/14/11 07/15/11 4.375% bond—05/15/41 29y 10m 36,370 13,000 4.198 - 102.985551

07/26/11 07/28/11 0.200% bill—07/26/12 364d 92,615 20,000 

07/27/11 07/28/11 0.000% bill—08/02/11 5d 54,977 12,001 

07/21/11 07/29/11 0.625% TIPS—07/15/21-D 10y 34,038 13,000 0.639 - 100.076731

07/26/11 08/01/11 0.375% note—07/31/13-AN 2y 110,948 36,042 0.417 - 99.916547

07/27/11 08/01/11 1.500% note—07/31/16-AA 5y 92,887 36,042 1.580 - 99.617012

07/28/11 08/01/11 2.250% note—07/31/18-N 7y 77,130 29,864 2.280 - 99.806914

08/04/11 08/05/11 0.000% bill—08/15/11 10d 101,500 20,001 

08/09/11 08/15/11 0.500% note—08/15/14-AC 3y 106,241 32,980 0.500 - 100.000000

08/10/11 08/15/11 2.125% note—08/15/21-E 10y 78,116 24,735 2.140 - 99.865607

08/11/11 08/15/11 3.750% bond—08/15/41 30y 33,811 16,490 3.750 - 100.000000

08/17/11 08/19/11 0.015% bill—08/31/11 12d 102,100 20,000 

08/23/11 08/25/11 0.100% bill—08/23/12 364d 106,478 25,000 

08/18/11 08/31/11 0.125% TIPS—04/15/16-W 4y 8m 30,262 12,367 -0.825 - 106.852530

08/23/11 08/31/11 0.125% note—08/31/13-AP 2y 121,546 36,071 0.222 - 99.806537

08/24/11 08/31/11 1.000% note—08/31/16-AB 5y 96,007 36,071 1.029 - 99.859020

08/25/11 08/31/11 1.500% note—08/31/18-P 7y 80,887 29,887 1.580 - 99.471828

08/30/11 09/01/11 0.005% bill—09/15/11 14d 142,394 30,001 

09/06/11 09/07/11 0.030% bill—09/15/11 8d 76,370 15,000 

09/12/11 09/15/11 0.250% note—09/15/14-AD 3y 100,749 32,000 0.334 - 99.749466

09/13/11 09/15/11 2.125% note—08/15/21-E 9y 11m 63,677 21,000 2.000 - 101.117812

09/14/11 09/15/11 3.750% bond—08/15/41 29y 11m 37,072 13,000 3.310 - 108.310327

09/20/11 09/22/11 0.090% bill—09/20/12 364d 116,295 25,000 

09/22/11 09/30/11 0.625% TIPS—07/15/21-D 9y 10m 29,058 11,342 0.078 - 105.582684

09/27/11 09/30/11 0.125% note—09/30/13-AQ 2y 132,829 36,090 0.249 - 99.752770

09/28/11 09/30/11 1.000% note—09/30/16-AC 5y 107,507 36,090 1.015 - 99.927052

09/29/11 09/30/11 1.375% note—09/30/18-Q 7y 88,421 29,903 1.496 - 99.198680

 

 1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
December 2011 

49

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

December 2011 

50 

TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues 

[In millions of dollars. Source: Financial Management Service] 

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues

held by Federal

Reserve banks

(6) 

 Total

 outstanding

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

 

2007 ................................................ 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913

2008 ................................................ 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486

2009 ................................................ 11,933,031 11,909,828 4,355,292 - 4,355,292 827,126

2010 ................................................ 13,585,596 13,561,622 4,534,014 - 4,534,014 909,910

2011 ................................................ 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

 

2010 - Sept...................................... 13,585,596 13,561,622 4,534,014 - 4,534,014 909,910

Oct....................................... 13,692,910 13,668,825 4,594,673 - 4,594,673 935,625

Nov ...................................... 13,884,806 13,860,773 4,581,398 - 4,581,398 1,004,438

Dec ...................................... 14,049,381 14,025,215 4,629,808 - 4,629,808 1,112,948

2011 - Jan ....................................... 14,155,425 14,131,050 4,640,544 - 4,640,544 1,218,348

Feb ...................................... 14,219,364 14,194,764 4,624,079 - 4,624,079 1,316,019

Mar ...................................... 14,294,579 14,270,114 4,613,547 - 4,613,547 1,427,405

Apr....................................... 14,312,261 14,287,629 4,627,930 - 4,627,930 1,506,178

May...................................... 14,369,297 14,344,667 4,616,651 - 4,616,651 1,614,484

June..................................... 14,367,591 14,343,087 4,596,214 - 4,596,214 1,702,065

July ...................................... 14,367,889 14,342,369 4,581,748 - 4,581,748 1,719,555

Aug ...................................... 14,709,806 14,684,292 4,655,154 - 4,655,154 1,732,525

Sept..................................... 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

 

 Public debt securities, con. Agency securities 1

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,953 6

2008 .................................................................... 5,329,748 4,751,490 578,258 23,104 23,098 6

2009 .................................................................... 6,727,410 6,182,607 544,804 23,203 23,202 1

2010 .................................................................... 8,117,698 7,588,415 529,284 23,974 23,971 3

2011 .................................................................... 8,442,847 7,935,360 507,488 24,988 24,982 6

 

2010 - Sept.......................................................... 8,117,698 7,588,415 529,284 23,974 23,971 3

Oct........................................................... 8,138,527 7,607,094 531,433 24,085 24,081 4

Nov .......................................................... 8,274,937 7,743,848 531,089 24,033 24,028 5

Dec .......................................................... 8,282,459 7,750,313 532,147 24,166 24,161 5

2011 - Jan ........................................................... 8,272,158 7,746,357 525,802 24,375 24,370 5

Feb .......................................................... 8,254,666 7,732,196 522,471 24,600 24,595 5

Mar .......................................................... 8,229,162 7,705,335 523,827 24,465 24,459 6

Apr........................................................... 8,153,521 7,630,392 523,130 24,632 24,626 6

May.......................................................... 8,113,532 7,647,747 465,786 24,629 24,623 6

June......................................................... 8,044,808 7,632,583 412,225 24,504 24,498 6

July .......................................................... 8,041,066 7,658,075 382,991 25,520 25,514 6

Aug .......................................................... 8,296,613 7,789,280 507,334 25,514 25,508 6

Sept......................................................... 8,442,847 7,935,360 507,488 24,988 24,982 6

 

 1

 Agency securities have been revised to show separate amounts for securities held 

by private investors and those held by government accounts. 

Note. – Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, 

and the Federal Home Loan Bank System.
OWNERSHIP OF FEDERAL SECURITIES 

December 2011 

51

TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities 

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Federal 

Reserve and 

Intragovernmental 

Holdings 2

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S.

savings

bonds 5

(5) 

 Private 6

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign

 and inter-

 national 8

 (11) 

 Other 

 investors 9

 (12) 

 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 153.4 177.3 109.1 225.3 316.9 1,012.5 525.5

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 324.8 983.3 380.3

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.2 992.2 433.1

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 145.8 155.1 105.7 261.9 328.4 1,040.1 410.7

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 152.7 163.3 114.0 266.1 327.6 1,057.2 388.8

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 152.1 153.9 122.0 253.8 333.6 1,123.1 313.8

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 154.5 156.3 130.4 256.8 338.6 1,188.6 297.0

 Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 153.8 158.9 139.7 281.0 354.7 1,235.6 277.4

2003 - Mar......... 6,460.8 3,390.8 3,070.0 153.6 196.9 165.8 162.1 139.5 296.6 350.0 1,275.2 330.2

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.2 170.2 161.3 138.7 302.3 347.9 1,371.9 327.8

 Sept........ 6,783.2 3,515.3 3,267.9 146.8 201.6 167.7 155.5 137.4 287.1 357.7 1,443.3 371.0

 Dec......... 6,998.0 3,620.1 3,377.9 153.1 203.9 172.2 148.6 136.5 280.9 364.2 1,523.1 395.4

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.8 204.5 169.8 143.6 172.4 280.8 374.1 1,670.0 324.8

 June ....... 7,274.3 3,742.8 3,531.5 158.6 204.6 173.3 134.9 174.6 258.7 381.2 1,735.4 310.1

 Sept........ 7,379.1 3,772.0 3,607.1 138.5 204.2 174.0 140.8 182.9 255.0 381.7 1,794.5 335.5

 Dec......... 7,596.1 3,905.6 3,690.5 125.0 204.5 173.7 151.0 188.5 254.1 389.1 1,849.3 355.4

2005 - Mar......... 7,776.9 3,921.6 3,855.3 141.8 204.2 177.3 158.0 193.3 261.1 412.0 1,952.2 355.5

 June ....... 7,836.5 4,033.5 3,803.0 126.9 204.2 181.0 171.3 195.0 248.7 444.0 1,877.5 354.4

 Sept........ 7,932.7 4,067.8 3,864.9 125.3 203.6 184.2 164.8 200.7 244.7 467.6 1,929.6 344.3

 Dec......... 8,170.4 4,199.8 3,970.6 117.1 205.2 184.9 153.8 202.3 251.3 481.4 2,033.9 340.6

2006 - Mar......... 8,371.2 4,257.2 4,114.0 113.0 206.0 186.7 153.0 200.3 248.7 486.1 2,082.1 438.1

 June ....... 8,420.0 4,389.2 4,030.8 119.5 205.2 192.1 150.9 196.1 244.2 499.4 1,977.8 445.6

 Sept........ 8,507.0 4,432.8 4,074.2 113.6 203.7 201.9 154.7 196.8 235.7 502.1 2,025.3 440.3

 Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 207.5 156.2 197.9 250.7 526.9 2,103.1 362.5

2007 - Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 221.7 158.3 185.4 264.5 555.0 2,194.8 373.2

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 232.5 159.3 168.9 267.7 576.2 2,192.0 246.9

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 246.7 138.9 155.1 306.3 535.0 2,235.3 335.5

 Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 257.6 141.6 141.9 362.9 534.1 2,353.2 278.2

2008 - Mar......... 9,437.6 4,694.7 4,742.9 125.3 195.4 270.5 142.0 152.1 484.4 531.0 2,506.3 335.8

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 276.7 141.8 159.4 477.2 519.9 2,587.4 336.1

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 292.5 143.9 163.4 656.1 503.2 2,802.4 446.2

 Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 297.2 146.4 171.4 768.8 485.5 3,077.2 647.9

2009 - Mar......... 11,126.9 4,785.2 6,341.7 129.1 194.0 330.9 150.2 191.0 715.9 516.8 3,265.7 848.1

 June ....... 11,545.3 5,026.8 6,518.5 140.7 193.6 353.4 159.9 200.0 695.6 514.3 3,460.8 800.1

 Sept........ 11,909.8 5,127.1 6,782.7 199.3 192.5 398.1 167.3 210.2 644.9 504.2 3,570.6 895.6

 Dec......... 12,311.3 5,276.9 7,034.4 206.4 191.3 429.8 174.5 222.0 666.2 505.6 3,685.1 953.5

2010 - Mar......... 12,773.1 5,259.8 7,513.3 274.4 190.2 462.2 179.1 225.7 646.4 506.1 3,877.9 1,151.3

 June ....... 13,201.8 5,345.1 7,856.7 270.1 189.6 531.9 182.0 231.8 632.1 511.6 4,070.0 1,237.6

 Sept........ 13,561.6 5,350.5 8,211.1 328.8 188.7 595.2 185.5 240.6 609.6 506.2 4,324.2 1,232.5

 Dec......... 14,025.2 5,656.2 8,368.9 322.7 187.9 615.9 185.6 248.4 637.9 512.9 4,435.6 1,222.0

2011 - Mar......... 14,270.0 5,958.9 8,311.1 328.1 186.7 632.9 187.9 248.8 641.1 500.8 4,476.1 1,108.6

 June ....... 14,343.1 6,220.4 8,122.7 284.5 186.0 656.2 186.0 250.1 653.5 484.4 4,500.8 921.2

 Sept........ 14,790.3 6,328.0 8,462.4 n.a. 185.1 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, Statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information see: http://www.treasury.gov/resourcecenter/data-chart-center/tic/Documents/mfh.txt. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
December 2011 

52 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, September 30, 2011 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,211,331,109,846 $1,167,732,506,303 $1,167,249,469,278 $240,558,166 $242,478,859

Less amounts held by: 

The Treasury....................................... 164,318,187 29,040,550 28,826,721 7,505 206,324

FRBs ................................................... 173,647,613,889 171,381,932,056 171,381,910,261 - 21,795

Amounts in circulation............................. $1,037,519,177,770 $996,321,533,697 $995,838,732,296 $240,550,661 $242,250,740

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $43,598,603,543 $6,240,247,008 $37,358,356,535

Less amounts held by: 

The Treasury....................................... 135,277,637 71,830,490 63,447,147

FRBs ................................................... 2,265,681,833 1,364,580,074 901,101,759 

Amounts in circulation............................. $41,197,644,073 $4,803,836,444 $36,393,807,629 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

December 2011 

53

TABLE USCC-2.—Amounts Outstanding and in Circulation, September 30, 2011 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no

longer issued 

(4) 

$1 ................................................................................ $9,740,191,546 $9,598,253,841 $143,503 $141,794,202

$2 ................................................................................ 1,844,039,406 1,712,055,630 131,971,218 12,558

$5 ................................................................................ 11,239,824,595 11,105,708,535 108,414,710 25,701,350

$10 .............................................................................. 16,270,963,830 16,250,315,450 6,300 20,642,080

$20 .............................................................................. 133,381,614,620 133,361,510,740 3,840 20,100,040

$50 .............................................................................. 67,214,542,200 67,203,047,700 500 11,494,000

$100 ............................................................................ 756,317,500,900 756,295,524,900 - 5 21,976,000

$500 ............................................................................ 142,156,000 141,967,500 5,500 183,000

$1,000 ......................................................................... 165,485,000 165,278,000 5,000 202,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,450,000 3,360,000 - 90,000

Fractional notes 4 ........................................................ 600 - 90 510 

Total currency ......................................................... $996,321,533,697 $995,838,732,296 $240,550,661 $242,250,740 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

Sept. 30, 2011...................................................................................... 1,037,519 $3,323

Aug. 31, 2011....................................................................................... 1,037,758 3,326

July 31, 2011........................................................................................ 1,030,457 3,305

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

June 30, 1960 ...................................................................................... 32,064 177

June 30, 1955 ...................................................................................... 30,229 183

1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain partial denominations not presented for redemption. 

5 Represents current FRB adjustment. 

6 Based on Bureau of the Census’ estimates of population.
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
December 2011 

57

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary

Fund 1, 5, 6

(5) 

2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040

2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244

2008 ................................................................................... 77,648 11,041 9,340 49,584 7,683

2009 ................................................................................... 130,760 11,041 57,814 50,520 11,385

 

2010 - Oct .......................................................................... 135,392 11,041 57,986 53,241 13,124 

Nov ......................................................................... 130,282 11,041 56,298 50,588 12,355 

Dec ......................................................................... 132,433 11,041 56,824 52,075 12,492 

2011 - Jan .......................................................................... 133,943 11,041 57,633 52,544 12,725 

Feb ......................................................................... 134,655 11,041 58,054 52,754 12,806 

Mar ......................................................................... 139,315 11,041 56,543 52,399 19,332 

Apr.......................................................................... 142,989 11,041 57,806 54,191 19,950 

May r ...................................................................... 146,946 11,041 57,144 53,301 25,460 

June r ..................................................................... 147,660 11,041 57,234 53,843 25,542 

July r....................................................................... 149,704 11,041 57,182 54,635 26,845 

Aug ......................................................................... 150,654 11,041 57,583 54,933 27,096 

Sept........................................................................ 148,487 11,041 55,875 52,766 28,804 

Oct.......................................................................... 150,695 11,041 56,744 53,583 29,327 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. Recent allocations are as follows: August 2009—$43,069 million and 

September 2009—$4,529 million. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. Excludes 

outstanding reciprocal currency swaps with foreign central banks. As of end-October 

2011, swaps were $1.853 billion with the European Central Bank. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

6

 IMF data include the reserve tranche position and, as of May 2011, New 

Arrangements to Borrow. 

Note.—Detail may not add to totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

December 2011 

58 

TABLE IFS-2.—Selected U.S. Liabilities to Foreigners 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

Liabilities

to nonmonetary

international and 

regional 

organizations 7

(11) 

 Official institutions 1 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities

reported 

by 

banks in 

United 

States 

(3) 

Marketable

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Liabilities to other foreigners

Total 

(8) 

Liabilities

reported 

by banks

in the 

United 

States 

(9) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2, 6

(10) 

 2001 ............................ 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612

2002 - June 8 ............... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263

Series Break................ 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690

2002 ............................ 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692

2003 - June 8 ............... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864

Series Break................ 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677

2003 ............................ 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081

2004 - June 8 .............. 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631

Series Break................ 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324

2004 ............................ 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178

2005 - June 8 ............... 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502

Series Break................ 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905

2005 ............................ 5,371,673 2,012,633 498,510 1,102,333 948 410,842 1,895,904 1,415,705 769,564 646,141 47,431

2006 - June 8 ............... 6,067,930 2,070,222 493,689 1,112,617 986 462,930 2,189,218 1,747,557 1,041,558 705,999 60,933

Series Break................ 6,056,640 2,275,684 493,689 1,211,819 986 569,190 2,189,218 1,537,251 1,041,558 495,693 54,487

2006 ............................ 6,500,815 2,372,319 461,829 1,271,174 1,026 638,290 2,415,205 1,663,099 1,102,189 560,910 50,192

2007 - June 8 ............... 7,098,730 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,926,307 1,261,391 664,916 50,129

Series Break................ 7,210,387 2,795,998 495,176 1,450,593 1,067 849,161 2,607,127 1,759,699 1,261,391 498,308 47,563

2007 ............................ 7,676,097 2,960,682 596,660 1,443,691 1,111 919,220 2,769,850 1,901,789 1,311,466 590,323 43,776

2008 - June 8 ............... 8,078,003 3,108,890 583,829 1,523,888 1,155 1,000,017 2,612,236 2,314,685 1,598,663 716,022 42,192

Series Break................ 8,103,582 3,340,105 583,829 1,683,160 1,155 1,071,960 2,612,236 2,107,622 1,598,663 508,959 43,619

2008 ............................ 8,220,414 3,386,589 711,622 1,679,181 1,203 994,583 2,799,649 1,980,221 1,357,856 622,365 53,955

2009 - June 8 ............... 8,036,897 3,473,629 779,889 1,722,168 1,251 970,321 2,565,058 1,961,550 1,173,725 787,825 36,659

Series Break................ 8,044,916 3,734,843 779,889 2,052,329 1,251 901,375 2,565,058 1,697,792 1,173,725 524,067 47,223

2009 ............................ 8,295,001 3,766,445 713,990 2,170,748 1,302 880,406 2,607,210 1,877,701 1,142,188 735,513 43,645

2010 - June 8 .............. 8,658,334 3,752,827 630,061 2,232,904 1,354 888,509 2,658,164 2,194,406 1,181,414 1,012,992 52,937

Series Break................ 8,655,385 4,065,513 630,061 2,615,683 1,354 818,416 2,658,164 1,864,438 1,181,414 683,024 67,270

2010 - Sept. r .............. 8,974,328 4,153,039 681,089 2,695,896 1,381 774,673 2,748,310 2,005,155 1,176,610 828,545 67,824

Oct. r................ 8,992,093 4,189,769 724,034 2,695,203 1,391 769,142 2,703,870 2,029,098 1,176,434 852,664 69,356

Nov. r............... 8,994,549 4,170,977 683,680 2,711,844 1,400 774,054 2,681,787 2,073,323 1,175,816 897,507 68,462

Dec .................. 9,118,516 4,140,756 640,802 2,725,592 1,409 772,953 2,795,800 2,120,244 1,183,270 936,974 61,716

2011 - Jan. r................ 9,150,676 4,135,729 608,322 2,743,704 1,419 782,285 2,766,820 2,179,287 1,212,685 966,602 68,840

Feb. r............... 9,284,434 4,149,738 602,189 2,759,136 1,427 786,986 2,859,301 2,209,317 1,228,841 980,476 66,078

Mar. r............... 9,539,666 4,147,670 589,738 2,766,562 1,437 789,933 3,039,632 2,281,967 1,284,428 997,539 70,397

Apr. r................ 9,665,734 4,195,447 608,616 2,794,681 1,447 790,704 3,133,578 2,257,180 1,268,238 988,942 79,529

May.................. 9,739,279 4,212,667 604,018 2,816,211 1,456 790,982 3,219,827 2,231,903 1,228,033 1,003,870 74,882

June................. 9,433,322 4,215,400 596,048 2,829,982 1,466 787,905 2,912,147 2,225,925 1,240,139 985,786 79,850

July .................. 9,326,345 4,215,058 580,853 2,843,860 1,476 788,870 2,820,497 2,214,617 1,227,325 987,292 76,173

Aug. p.............. 9,645,180 4,252,050 626,490 2,834,244 1,486 789,831 2,998,577 2,317,930 1,260,565 1,057,365 76,623

Sept. p............. 9,658,348 4,245,433 582,520 2,873,038 1,495 788,380 2,945,946 2,392,738 1,288,444 1,104,294 74,231

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: 

Mexico, beginning March 1990, 30-year maturity issue (Note: this bond was paid off in full in 

January 2004); Venezuela, beginning December 1990, 30-year maturity issue; Argentina, 

beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies, and 

private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies 

to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the Inter-American 

Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to those 

for earlier dates; figures on the second line are based in part on benchmark surveys as of endJune 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, end-June 2007, 

end-June 2008, end-June 2009, and end-June 2010, respectively, and are comparable to 

those shown for the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other 

depository institutions and brokers in the United States. Data generally correspond to statistics 

following in this section and in the “Capital Movements” section. Table excludes International 

Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and 

nonnegotiable noninterest-bearing special U.S. notes held by international and regional 

organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

December 2011 

59

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Payable in dollars 

Grand total

(1) 

Total

(2) 

Argentina 1

(3) 

Venezuela 2

(4) 

2006 .............................................................................. 1,026 1,026 82 944

2007 .............................................................................. 1,111 1,111 88 1,022

2008 .............................................................................. 1,203 1,203 95 1,108

2009 .............................................................................. 1,302 1,302 102 1,200

 

2010 - Sept.................................................................... 1,381 1,381 108 1,274

Oct ..................................................................... 1,391 1,391 108 1,282

Nov .................................................................... 1,400 1,400 109 1,291

Dec .................................................................... 1,409 1,409 110 1,299

2011 - Jan ..................................................................... 1,419 1,419 110 1,308

Feb..................................................................... 1,427 1,427 111 1,317

Mar..................................................................... 1,437 1,437 112 1,326

Apr ..................................................................... 1,447 1,447 112 1,334

May .................................................................... 1,456 1,456 113 1,343

June................................................................... 1,466 1,466 114 1,352

July .................................................................... 1,476 1,476 114 1,361

Aug .................................................................... 1,486 1,486 115 1,371

Sept ................................................................... 1,495 1,495 116 1,380

1

 Beginning April 1993, indicates current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

December 2011 

60 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe.” 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. 
CAPITAL MOVEMENTS 

December 2011 

61

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007, 

with data on holdings beginning from end-December 2005, 

and data on net settlements beginning from the first quarter 

of 2006. 

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Effective with the December 2009 Treasury Bulletin, a 

number of data reporters were reclassified in the TIC system 

as bank holding companies, beginning with the reports as of 

the fourth quarter of 2008. These data reporters are now 

included in the monthly bank-reported statistics and are no 

longer reporting as nonbanks. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported 

by banks, other depository institutions, and securities 

brokers and dealers in the United States. BHCs/FHCs also 

report for their domestic nonbank and non-securities firm 

affiliates, other than their insurance affiliates, which report 
CAPITAL MOVEMENTS 

December 2011 

62 

separately on the C-series forms. Data on respondents’ own 

dollar claims are collected monthly on Form BC. 

Information on claims held for domestic customers as well 

as on claims denominated in foreign currencies is collected 

on a quarterly basis only on Forms BQ-1 and BQ-2, 

respectively. Effective with reports filed as of February 28, 

2003, reporting coverage was expanded as outlined in 

Section I. Additionally, columns were added for separate 

reporting of negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

• Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

• Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

Table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

• Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the 

reporter. The fair (market) value is generally defined as the 

amount for which a derivative contract could be exchanged 

in a current transaction between willing parties, other than in 

a forced or liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the 

terms of derivatives contracts such as the periodic settlement 

under a swap agreement and the daily settlement of an 

exchange-traded contract. In calculating net settlements, 

U.S. receipts of cash from foreign persons are positive 

amounts (+), and U.S. payments of cash to foreign persons 

are negative amounts (-). Items excluded from net 

settlements are: (a) collateral including initial and 

maintenance margins, whether or not in the form of cash; 

and (b) purchases of underlying commodities, securities, or 

other noncash assets. (e.g., the purchase/sale by foreigners of 

a long-term security is reported on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative 

and by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

December 2011 

63

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

Table CM-I-1.—Total Liabilities by Type and Holder 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Liability 

 Calendar 

 Year 

2010 r 

2011 

Mar. r Apr. r May r June July Aug. Sept. p 

Total liabilities to all foreigners ............................... 4,640,001 4,941,096 5,042,774 5,079,706 4,780,489 4,656,996 4,914,730 4,844,824 

Payable in dollars............................................... 4,447,191 4,721,058 4,822,736 4,859,668 4,546,737 4,423,244 4,680,978 4,611,072 

Foreign official institutions.............................. 640,802 589,738 608,616 604,018 596,048 580,853 626,490 582,520 

Deposits, excluding negotiable CDs............. 49,884 49,063 57,801 59,166 56,579 53,247 59,035 51,960 

U.S. Treasury bills and certificates ............... 462,303 414,920 421,658 423,248 407,732 392,314 409,224 387,297 

Other short-term negotiable securities,

negotiable CDs, and other custody 

liabilities ....................................................... 26,559 22,841 22,934 21,271 25,532 25,403 26,496 22,440 

Other liabilities............................................ 102,056 102,914 106,223 100,333 106,205 109,889 131,735 120,823 

Foreign banks (including own foreign 

offices) and other foreigners .................... 3,787,151 4,105,579 4,183,335 4,229,379 3,920,399 3,815,935 4,027,255 4,002,503 

Deposits, excluding negotiable CDs.......... 1,780,399 1,947,460 1,953,674 2,027,714 1,893,989 1,863,674 2,052,928 2,058,755 

U.S. Treasury bills and certificates ............ 262,245 244,505 225,554 217,417 222,822 206,981 218,518 242,474 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ................................................... 377,304 398,249 405,765 400,299 396,155 393,156 386,388 382,001 

Other liabilities............................................ 1,367,203 1,515,365 1,598,342 1,583,949 1,407,433 1,352,124 1,369,421 1,319,273 

International and regional organizations 1 ..... 19,238 25,741 30,785 26,271 30,290 26,456 27,233 26,049 

Deposits, excluding negotiable CDs.......... 9,637 13,413 17,566 16,151 17,734 15,580 13,610 13,948 

U.S. Treasury bills and certificates ............ 5,454 8,081 8,479 5,592 5,297 4,496 4,154 5,424 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ................................................... 1,863 2,122 2,492 2,298 2,383 2,359 2,846 3,195 

Other liabilities............................................ 2,284 2,125 2,248 2,230 4,876 4,021 6,623 3,482 

Payable in foreign currencies2 ........................... 192,810 220,038 220,038 220,038 233,752 233,752 233,752 233,752 

Sector: 

Banks and other foreigners........................ 191,919 218,481 218,481 218,481 231,887 231,887 231,887 231,887 

International and regional organizations 1 ...... 891 1,557 1,557 1,557 1,865 1,865 1,865 1,865 

Major currencies: 

Canadian dollars ........................................ 15,776 22,255 22,255 22,255 23,156 23,156 23,156 23,156 

Euro............................................................ 81,626 93,545 93,545 93,545 105,344 105,344 105,344 105,344 

United Kingdom pounds sterling................ 11,329 14,618 14,618 14,618 13,999 13,999 13,999 13,999 

Japanese yen............................................. 46,183 48,563 48,563 48,563 42,781 42,781 42,781 42,781 

Memoranda: 

Respondents’ own liabilities payable in 

dollars ........................................................ 3,311,463 3,630,340 3,735,854 3,789,543 3,486,816 3,398,535 3,633,352 3,568,241 

Liabilities to own foreign offices..................... 2,247,574 2,484,250 2,552,606 2,596,188 2,270,127 2,195,306 2,386,677 2,325,310 

Liabilities collaterized by repurchase 

agreements ............................................ 635,755 694,514 744,393 760,829 734,289 701,606 735,837 683,801 

Foreign official institutions...................... 87,475 94,175 92,208 88,293 96,791 99,141 124,301 109,967 

Foreign banks and other foreigners....... 546,721 598,630 650,741 671,109 634,157 599,266 606,097 572,121 

International and regional organizations 1..... 1,559 1,709 1,444 1,427 3,341 3,199 5,439 1,713 

Reported by IBFs ....................................... 560,121 668,996 655,494 689,647 649,989 617,742 750,267 710,497 

Respondents’ own liabilities payable in 

 foreign currencies 2 ..................................... 186,579 212,602 212,602 212,602 224,674 224,674 224,674 224,674 

Reported by IBFs ....................................... 45,650 51,079 51,079 51,079 50,592 50,592 50,592 50,592 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 1,141,959 1,098,154 1,094,318 1,077,561 1,068,999 1,033,787 1,056,704 1,051,909 

Payable in dollars....................................... 1,135,728 1,090,718 1,086,882 1,070,125 1,059,921 1,024,709 1,047,626 1,042,831 

of which: other short-term negotiable 

securities and negotiable CDs ............ 217,402 234,577 242,021 236,313 234,315 229,791 225,799 218,147 

 of which: short-term U.S. Government 

agency securities ................................ 43,594 38,018 40,912 37,149 41,623 48,307 49,794 45,421 

 of which: negotiable CDs ...................... 72,552 80,056 84,035 84,670 76,725 71,342 70,151 68,910 

Payable in foreign currencies 2 .................. 6,231 7,436 7,436 7,436 9,078 9,078 9,078 9,078 

 1

 Principally the Bank for International Settlements, the International Bank for 

Reconstruction and Development (World Bank), and the Inter-American Development 

Bank. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

December 2011 

64 

TABLE CM-I-2.—Total Liabilities by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2011 

2008 2009 r 2010 r May r June July Aug. Sept. p 

Europe: 

Austria...................................................... 2,568 1,954 2,436 3,454 4,004 2,850 3,260 2,722

Belgium ................................................... 16,278 14,676 19,090 21,787 21,346 23,899 18,149 23,556

Bulgaria.................................................... 125 148 130 158 737 672 681 662

Cyprus...................................................... 789 1,780 968 1,084 1,097 845 698 720

Czech Republic ........................................ 681 881 504 176 1,119 163 172 428

Denmark .................................................. 4,548 3,339 5,168 5,505 5,107 5,251 5,501 5,747

Finland ..................................................... 1,615 1,127 1,095 1,045 2,811 1,123 872 1,256

France...................................................... 59,520 60,904 58,462 85,326 97,231 99,217 112,960 124,499

Germany .................................................. 159,709 112,143 108,350 142,624 132,105 129,634 138,154 129,718

Greece ..................................................... 2,005 1,071 1,270 1,130 1,237 1,292 879 992

Hungary ................................................... 781 575 794 1,227 541 717 706 743

Iceland ..................................................... 1,096 815 864 696 1,567 1,413 1,495 1,591

Ireland...................................................... 182,351 147,936 129,133 136,809 142,850 137,885 130,845 139,005

Italy .......................................................... 8,821 8,695 6,367 10,855 9,088 10,871 13,361 13,512

Kazakhstan .............................................. 13,765 10,425 13,219 17,401 15,123 18,199 20,834 19,720

Luxembourg ............................................ 130,917 101,534 89,844 91,980 92,996 81,638 83,808 96,143

Monaco .................................................... 314 177 186 196 211 306 347 679

Netherlands.............................................. 37,005 17,924 15,794 26,907 23,656 22,106 24,564 22,336

Norway..................................................... 18,000 2,438 3,002 2,875 2,400 2,376 3,394 4,770

Poland...................................................... 4,731 4,786 6,037 8,591 7,007 5,491 5,189 4,049

Portugal.................................................... 2,166 1,790 2,710 1,393 1,705 1,507 941 1,903

Romania................................................... 647 590 3,468 450 429 274 286 296

Russia ..................................................... 73,139 74,671 50,963 34,843 25,071 13,374 13,194 12,011

Serbia and Montenegro............................ 182 300 457 583 481 496 694 1,542

Spain........................................................ 17,414 14,369 12,615 21,419 14,012 14,619 14,754 16,214

Sweden.................................................... 3,963 5,917 5,296 10,561 11,273 9,277 9,564 11,131

Switzerland .............................................. 57,583 47,786 45,900 39,008 40,812 48,251 87,431 88,992

Turkey...................................................... 20,281 22,377 24,178 32,927 33,461 32,581 30,357 29,744

Ukraine..................................................... 4,071 3,167 4,278 3,642 4,657 4,321 4,431 3,489

United Kingdom........................................ 784,793 784,529 996,534 1,172,405 1,022,748 1,012,939 1,132,245 1,084,081

Channel Islands ....................................... 12,344 14,953 18,238 14,173 12,570 12,696 11,596 11,998

All other Europe ....................................... 7,965 9,182 8,826 9,091 8,576 8,742 8,361 7,602

Total Europe........................................ 1,630,168 1,472,960 1,636,176 1,900,323 1,738,029 1,705,026 1,879,722 1,861,851

Memo: Euro Area 1 ................................. 621,493 486,405 448,708 546,559 544,772 528,085 544,061 573,166

Memo: European Union 2........................ 1,422,690 1,287,981 1,467,299 1,746,305 1,594,400 1,563,323 1,698,785 1,680,584

Canada......................................................... 80,127 93,981 111,020 129,397 142,618 123,724 131,013 143,076

Latin America: 

Argentina.................................................. 12,949 12,653 12,378 12,077 11,937 11,936 11,990 11,893

Belize ....................................................... 299 329 308 399 422 391 400 412

Bolivia ...................................................... 4,544 2,955 1,711 2,363 2,265 2,242 2,371 2,072

Brazil........................................................ 18,586 62,357 47,326 27,385 23,939 26,279 22,947 25,868

Chile......................................................... 15,909 11,710 16,277 19,885 19,376 19,721 22,806 22,717

Colombia.................................................. 10,396 17,640 21,022 20,311 19,915 19,933 20,703 20,740

Costa Rica ............................................... 2,005 1,957 1,431 1,425 1,203 1,351 1,452 1,329

Ecuador.................................................... 3,600 3,919 3,841 3,653 3,625 3,617 3,491 3,618

El Salvador............................................... 2,945 2,826 1,873 2,256 2,106 2,011 1,740 1,800

Guatemala ............................................... 1,875 2,153 2,170 2,133 1,996 1,935 2,369 2,467

Guyana .................................................... 276 204 270 330 352 322 291 237

Honduras ................................................. 1,570 1,420 1,549 1,698 1,647 1,583 1,609 1,598

Mexico...................................................... 71,040 51,643 62,657 68,235 59,537 63,670 58,327 63,283

Nicaragua................................................. 301 491 773 1,004 1,026 888 889 926

Panama.................................................... 10,891 9,852 8,095 7,890 7,951 7,730 6,970 7,425

Paraguay.................................................. 667 716 902 795 628 645 739 841

Peru ......................................................... 4,712 4,894 7,761 11,759 11,210 10,964 9,051 7,958

Suriname.................................................. 157 278 269 323 344 415 383 343

Uruguay ................................................... 8,221 8,768 7,746 8,154 8,343 8,671 8,509 8,248

Venezuela ................................................ 26,816 25,245 23,060 22,797 22,467 24,043 23,200 23,774

All other Latin America ............................. 48 59 50 57 58 31 33 30

Total Latin America.............................. 197,807 222,069 221,469 214,929 200,347 208,378 200,270 207,579

Caribbean: 

Anguilla .................................................... 13,091 11,520 10,913 11,336 12,185 13,701 13,407 12,802

Antigua and Barbuda ............................... 115 118 69 79 87 81 89 91

Aruba ....................................................... 738 589 372 388 481 417 388 485

Bahamas.................................................. 338,432 290,354 264,388 293,639 265,000 270,819 279,681 268,471

Barbados.................................................. 17,056 10,407 11,538 11,475 10,937 10,807 11,524 11,660

Bermuda .................................................. 53,173 40,291 42,395 48,469 51,734 53,422 55,415 57,223

British Virgin Islands................................. 44,616 34,856 44,215 45,257 43,522 42,569 42,572 43,440

Cayman Islands ....................................... 1,544,995 1,480,624 1,531,892 1,632,686 1,525,570 1,442,638 1,482,324 1,470,652

Cuba ........................................................ 89 83 77 52 52 52 51 51

Dominican Republic ................................. 3,089 3,286 3,546 2,965 2,878 3,762 2,965 2,936

French West Indies .................................. 26 36 35 29 26 26 27 36

Haiti.......................................................... 540 679 1,275 1,159 1,156 1,150 1,303 996

Jamaica.................................................... 1,023 989 877 1,136 970 956 972 941

Netherlands Antilles ................................. 6,679 6,944 7,681 6,658 6,114 4,638 6,296 6,626

See footnotes at end of table.
CAPITAL MOVEMENTS 

December 2011 

65

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2011 

2008 2009 r 2010 r May r June July Aug. Sept. p

Caribbean, con. 

St. Kitts and Nevis ............................ 139 144 159 177 168 164 167 183

Trinidad and Tobago......................... 3,945 3,988 3,474 3,661 3,767 3,687 3,802 3,941

Turks and Caicos Islands.................. 227 107 100 94 84 83 76 74

All other Caribbean ........................... 170 127 161 189 193 152 120 118

Total Caribbean ............................ 2,028,143 1,885,142 1,923,168 2,059,448 1,924,923 1,849,123 1,901,178 1,880,726

Asia: 

Bangladesh....................................... 3,479 4,506 3,837 2,895 3,590 3,156 3,685 2,721

China, Mainland................................ 226,169 106,078 47,475 33,441 42,262 41,940 49,621 30,787

Hong Kong........................................ 54,534 129,918 106,545 105,468 98,400 90,815 89,168 87,683

India.................................................. 28,834 26,421 25,762 26,324 24,420 22,810 25,761 22,102

Indonesia.......................................... 10,005 21,671 22,547 35,337 32,423 32,363 30,425 21,966

Israel................................................. 20,860 16,816 18,485 18,644 17,803 17,225 18,872 20,621

Japan................................................ 251,993 185,546 161,612 187,513 170,565 183,175 211,563 185,090

Jordan............................................... 2,247 2,527 2,752 2,455 2,508 2,077 2,120 1,849

Korea, South..................................... 16,078 12,458 12,305 13,798 13,108 13,888 13,368 17,167

Laos.................................................. 66 74 103 89 87 94 59 38

Lebanon............................................ 1,434 1,421 1,616 1,464 1,606 1,254 2,438 954

Malaysia ........................................... 2,346 2,297 4,290 4,440 3,460 3,815 4,105 3,143

Pakistan............................................ 4,186 3,805 5,272 7,222 8,338 7,654 7,101 5,476

Philippines ........................................ 9,561 5,365 6,189 5,621 6,950 4,077 6,459 6,685

Singapore ......................................... 45,194 28,378 43,422 33,254 35,604 33,416 37,110 38,167

Syria ................................................. 65 34 39 41 43 42 44 41

Taiwan.............................................. 30,702 29,938 31,349 27,851 26,173 26,957 24,981 27,903

Thailand............................................ 18,748 17,028 31,736 38,496 41,195 42,149 32,652 33,832

Yemen .............................................. 212 336 247 280 273 257 482 327

Oil exporting countries 3 .................... 121,758 105,728 100,923 107,657 116,041 117,300 120,832 118,923

All other Asia..................................... 7,133 7,563 6,501 7,483 7,499 8,396 6,265 6,783

Total Asia ..................................... 855,604 707,908 633,007 659,773 652,348 652,860 687,111 632,258

Africa: 

Botswana.......................................... 376 307 232 419 496 728 716 609

Egypt ................................................ 9,401 17,481 26,550 16,298 15,609 13,954 12,669 11,034

Ghana............................................... 316 284 641 490 1,764 554 702 665

Kenya ............................................... 342 476 400 422 596 449 614 450

Liberia............................................... 466 626 664 795 776 733 677 668

Mauritius ........................................... 1,089 1,669 2,145 1,676 1,866 2,412 1,880 1,809

Morocco............................................ 379 339 786 515 645 454 547 353

Mozambique ..................................... 141 232 283 350 234 324 309 339

South Africa ...................................... 4,215 3,005 1,384 2,071 1,701 2,122 1,621 1,586

Tanzania........................................... 682 482 483 450 453 521 572 585

Uganda............................................. 329 441 468 608 585 514 520 345

Zambia.............................................. 141 235 425 380 496 534 487 379

Zimbabwe ......................................... 88 276 321 253 317 318 193 192

Oil exporting countries 4 .................... 4,380 7,108 5,605 6,258 6,031 6,119 6,777 7,193

All other Africa .................................. 6,605 8,239 6,938 8,304 9,864 9,228 9,045 8,120

Total Africa ................................... 28,950 41,200 47,325 39,289 41,433 38,964 37,329 34,327

Other countries: 

Australia............................................ 33,479 27,056 32,863 34,296 33,973 34,243 33,125 38,953

New Zealand..................................... 3,849 5,480 3,919 5,775 4,430 5,828 5,469 7,737

French Polynesia .............................. 143 164 142 125 134 120 138 126

All other ............................................ 10,857 7,428 10,783 8,523 10,099 10,409 10,277 10,277

Total other ................................... 48,328 40,128 47,707 48,719 48,636 50,600 49,009 57,093

All countries .......................................... 4,869,127 4,463,388 4,619,872 5,051,878 4,748,334 4,628,675 4,885,632 4,816,910

International and regional orgs: 

International organizations............... 32,837 13,453 14,667 22,665 27,015 22,143 21,140 19,811

Regional organizations 5 .................. 4,692 3,126 5,462 5,163 5,140 6,178 7,958 8,103

Total international and 

 regional organizations................ 37,529 16,579 20,129 27,828 32,155 28,321 29,098 27,914

Grand total................................ 4,906,656 4,479,967 4,640,001 5,079,706 4,780,489 4,656,996 4,914,730 4,844,824

 

1

 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For data as of January 

2009, also includes Slovakia. For data as of January 2011, also includes Estonia. 

2 As of January 2007, includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, 

Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

December 2011 

66 

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2011, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Liabilities payable in dollars 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Non-negotiable deposits 

and brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous liabilities 2

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

Europe: 

Austria ............................ 2,722 1,934 1,174 760 497 485 548 10 4 188 201 788

Belgium .......................... 23,556 21,521 9,256 12,264 3,728 652 5,982 1,424 4,825 4,874 35 2,035

Cyprus............................ 720 717 714 3 549 155 3 - - 4 6 3

Czech Republic .............. 428 400 399 1 31 82 1 - - 285 1 28

Denmark......................... 5,747 5,736 1,140 4,596 365 253 4,442 72 16 556 32 11

Finland............................ 1,256 1,144 708 436 382 118 77 92 251 191 33 112

France ............................ 124,499 118,562 107,076 11,486 72,306 2,157 9,693 1,337 373 21,710 10,986 5,937

Germany......................... 129,718 106,130 98,637 7,493 30,900 2,587 5,021 898 490 65,412 822 23,588

Greece............................ 992 988 919 69 243 602 65 - 4 57 17 4

Hungary.......................... 743 736 298 438 104 104 430 3 5 88 2 7

Ireland ............................ 139,005 137,780 29,950 107,830 3,605 5,038 25,861 48,047 30,543 6,675 18,011 1,225

Italy................................. 13,512 12,650 11,172 1,478 9,288 1,079 1,332 10 13 812 116 862

Kazakhstan .................... 19,720 19,308 2,288 17,020 1,588 34 16,820 200 - 647 19 412

Luxembourg ................... 96,143 93,443 25,325 68,118 5,144 12,401 35,696 18,550 11,968 858 8,826 2,700

Monaco........................... 679 675 586 89 299 251 89 - - 36 - 4

Netherlands.................... 22,336 21,323 15,440 5,883 3,917 8,435 1,980 2,309 546 2,539 1,597 1,013

Norway ........................... 4,770 4,675 3,608 1,067 525 462 755 280 32 2,591 30 95

Poland ............................ 4,049 4,009 577 3,432 278 197 2,575 857 - 102 - 40

Portugal.......................... 1,903 1,837 1,792 44 1,478 257 43 - 1 55 2 66

Romania......................... 296 294 294 - 28 67 - - - 196 3 2

Russia ............................ 12,011 11,875 6,670 5,205 4,783 834 5,200 4 1 957 96 136

Spain .............................. 16,214 15,497 12,131 3,366 5,359 2,417 3,267 6 30 4,347 70 717

Sweden........................... 11,131 11,031 8,428 2,603 551 335 1,190 707 598 6,386 1,264 100

Switzerland..................... 88,992 84,776 48,336 36,440 22,591 3,084 30,039 5,815 428 21,475 1,344 4,216

Turkey............................. 29,744 29,701 2,232 27,469 990 240 27,408 56 2 1,001 4 43

Ukraine ........................... 3,489 3,472 3,472 - 3,249 194 - - - 26 3 17

United Kingdom.............. 1,084,081 1,013,568 991,606 21,962 450,852 26,139 14,418 2,189 3,308 292,462 224,200 70,513

Channel Islands ............. 11,998 11,766 9,487 2,279 3,804 3,410 1,619 470 22 100 2,341 232

All other Europe............... 11,397 10,849 8,535 2,314 2,028 880 2,236 75 3 5,575 52 548

Total Europe ................ 1,861,851 1,746,397 1,402,249 344,148 629,463 72,949 196,793 83,411 53,463 440,205 270,113 115,454

Memo: Euro Area 4...... 573,166 534,103 314,785 219,318 137,594 36,600 89,612 72,726 49,049 107,799 40,723 39,063

Canada................................. 143,076 134,284 119,153 15,131 12,488 9,236 11,510 1,967 371 76,525 22,187 8,792

Latin America: 

Argentina.......................... 11,893 11,696 11,077 619 689 9,916 343 96 178 305 169 197

Belize................................ 412 410 397 13 148 195 - - 13 53 1 2

Bolivia............................... 2,072 2,049 1,771 278 518 1,242 47 72 159 10 1 23

Brazil................................. 25,868 25,004 19,663 5,341 7,132 7,424 4,533 349 453 1,338 3,775 864

Chile ................................. 22,717 22,254 14,170 8,084 7,413 4,511 4,379 2,027 1,653 2,210 61 463

Colombia .......................... 20,740 20,657 6,610 14,047 1,687 4,484 13,014 627 393 420 32 83

Costa Rica........................ 1,329 1,321 1,217 104 328 609 21 27 55 279 2 8

Ecuador............................ 3,618 3,598 3,419 179 800 2,348 24 115 22 232 57 20

El Salvador....................... 1,800 1,788 1,221 567 313 600 10 352 205 289 19 12

Guatemala........................ 2,467 2,402 1,632 770 232 1,211 674 80 16 176 13 65

Honduras.......................... 1,598 1,598 1,534 64 805 708 1 34 28 21 1 -

Mexico .............................. 63,283 56,667 52,386 4,281 23,265 23,036 1,450 1,052 1,763 5,456 645 6,616

Panama............................ 7,425 7,238 6,742 496 2,385 3,660 186 205 104 618 80 187

Paraguay.......................... 841 840 807 33 197 582 1 30 2 20 8 1

Peru .................................. 7,958 7,922 6,360 1,562 4,421 1,824 252 1,224 19 110 72 36

Uruguay............................ 8,248 8,178 7,835 343 1,373 2,622 105 171 67 3,656 184 70

Venezuela ........................ 23,774 22,948 22,066 882 3,540 17,816 48 671 161 460 252 826

All other Latin America .... 1,536 1,535 1,384 151 609 500 35 43 73 275 - 1

Total Latin America ..... 207,579 198,105 160,291 37,814 55,855 83,288 25,123 7,175 5,364 15,928 5,372 9,474

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2011 

67

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2011, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1)

Liabilities payable in dollars

 Total 

liabilities 

payable in 

foreign 

currency 3

(12)

Total 

liabilities 

payable in 

dollars 

(2)

Total own 

liabilities 

payable in 

dollars 

(3)

Total 

custody 

liabilities 

payable in 

dollars 

(4)

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

 Liabilities 2 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5)

Held by all 

other 

foreigners

(6)

Of which: 

short-term 

U.S. 

Treasury 

obligations 

(7)

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8)

Of which: 

negotiable 

CDs 

(9)

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10)

Held by all 

other 

foreigners 

(11)

Caribbean: 

Aruba........................................ 485 485 483 2 102 335 - - 2 7 39 -

Bahamas.................................. 268,471 267,840 265,401 2,439 228,668 6,541 1,493 805 93 26,763 3,477 631

Barbados.................................. 11,660 11,648 6,517 5,131 2,146 538 3,433 1,310 379 3,791 51 12

Bermuda .................................. 57,223 54,003 20,320 33,683 840 15,810 18,811 13,863 701 247 3,731 3,220

British Virgin Islands ................ 43,440 42,462 25,154 17,308 45 23,374 13,637 2,936 379 - 2,091 978

Cayman Islands ....................... 1,470,652 1,429,471 1,173,599 255,872 534,603 212,186 65,622 13,751 2,216 468,926 132,167 41,181

Dominican Republic................. 2,936 2,906 2,879 27 758 1,917 4 15 8 192 12 30

Haiti .......................................... 996 996 949 47 282 333 12 7 28 334 - -

Jamaica.................................... 941 863 856 7 400 311 2 - 5 139 6 78

Netherlands Antilles................. 6,626 6,578 6,371 207 2,607 3,422 8 182 17 204 138 48

Trinidad and Tobago................ 3,941 3,835 2,557 1,278 1,874 434 1,265 2 10 245 5 106

All other Caribbean .................. 13,355 12,136 12,047 89 139 11,215 67 10 12 2 691 1,219

Total Caribbean.................. 1,880,726 1,833,223 1,517,133 316,090 772,464 276,416 104,354 32,881 3,850 500,850 142,408 47,503

Asia: China, Mainland....................... 30,787 30,649 25,603 5,046 11,891 4,096 4,408 395 66 9,558 235 138

Hong Kong............................... 87,683 86,510 32,846 53,664 20,187 2,998 47,324 6,117 131 9,040 713 1,173

India ......................................... 22,102 22,030 8,083 13,947 2,218 2,475 12,534 1,239 55 3,268 241 72

Indonesia ................................. 21,966 21,963 3,874 18,089 2,213 355 17,172 909 6 1,261 47 3

Israel ........................................ 20,621 20,459 11,427 9,032 1,273 1,972 8,939 50 42 8,160 23 162

Japan ....................................... 185,090 153,070 86,018 67,052 27,723 9,205 64,429 1,059 131 45,112 5,411 32,020

Jordan ...................................... 1,849 1,849 1,365 484 1,291 60 374 - 110 10 4 -

Korea, South............................ 17,167 16,808 10,133 6,675 4,323 1,045 4,373 1,848 287 4,756 176 359

Malaysia................................... 3,143 3,132 2,887 245 2,114 234 238 2 2 508 34 11

Pakistan ................................... 5,476 5,476 4,584 892 360 288 865 2 2 3,931 28 -

Philippines................................ 6,685 6,665 5,592 1,073 1,788 695 1,012 46 15 3,028 81 20

Singapore................................. 38,167 36,666 25,658 11,008 20,191 2,270 9,274 1,243 482 3,066 140 1,501

Taiwan...................................... 27,903 27,642 24,501 3,141 9,499 6,596 2,782 28 309 8,073 355 261

Thailand ................................... 33,832 33,823 3,123 30,700 1,386 654 30,640 48 5 1,079 11 9

All other Asia............................ 129,787 129,768 46,058 83,710 15,073 3,522 74,704 7,416 1,571 27,212 270 19

Total Asia............................. 632,258 596,510 291,752 304,758 121,530 36,465 279,068 20,402 3,214 128,062 7,769 35,748

Africa: Egypt........................................ 11,034 11,032 4,641 6,391 1,849 231 6,348 - 42 2,559 3 2

Ghana ...................................... 665 665 625 40 182 95 40 - - 347 1 -

Kenya....................................... 450 450 450 - 322 81 - - - 46 1 -

Liberia ...................................... 668 657 548 109 29 379 80 12 17 140 - 11

Morocco ................................... 353 353 244 109 167 67 100 - - 10 9 -

South Africa ............................. 1,586 1,482 1,217 265 784 241 251 7 7 106 86 104

All other Africa.......................... 19,571 19,210 18,059 1,151 10,711 2,542 1,150 1 - 4,433 373 361

Total Africa........................... 34,327 33,849 25,784 8,065 14,044 3,636 7,969 20 66 7,641 473 478

Other countries: Australia ................................... 38,953 33,737 26,556 7,181 18,764 2,682 4,043 1,307 1,348 4,760 833 5,216

New Zealand............................ 7,737 7,624 6,768 856 285 319 775 76 4 6,107 58 113

All other.................................... 10,403 1,294 1,125 169 237 594 136 30 3 288 6 9,109

Total other........................... 57,093 42,655 34,449 8,206 19,286 3,595 4,954 1,413 1,355 11,155 897 14,438

All countries.................................. 4,816,910 4,585,023 3,550,811 1,034,212 1,625,130 485,585 629,771 147,269 67,683 1,180,366 449,219 231,887

International and regional orgs: International organizations....... 19,811 17,951 12,634 5,317 - 10,635 4,902 71 344 - 1,999 1,860

Regional organizations 5.......... 8,103 8,098 4,796 3,302 - 3,313 522 1,897 883 - 1,483 5

Total International and 

 regional organizations ........ 27,914 26,049 17,430 8,619 - 13,948 5,424 1,968 1,227 - 3,482 1,865

Grand total ...................... 4,844,824 4,611,072 3,568,241 1,042,831 1,625,130 499,533 635,195 149,237 68,910 1,180,366 452,701 233,752

1

 Excludes negotiable certificates of deposit. 

2

 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in 

the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 

3

 Foreign currency data are as of the previous quarter-end. 

4

 As of January 2008, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. 

For data as of January 2009, also includes Slovakia. For data as of January 2011, also 

includes Estonia.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

December 2011 

68 

U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.8 trillion in September 2011, an 

increase of $205 billion from yearend 2010. U.S. banking liabilities include foreign holdings of U.S. shortterm securities but exclude foreign holdings of U.S. long-term securities. U.S. banking liabilities decreased 

about $427 billion in 2009 but increased about $200 billion in 2008 and about $160 billion in 2010. However, 

the 2008 increase is primarily attributable to the addition of several new bank holding companies to the 

reporter panel.

U.S. banking liabilities are concentrated in international financial centers. The data on this page show that 

over 60 percent of U.S. banking liabilities is currently recorded against the United Kingdom and banking 

centers in the Caribbean. These financial centers recorded most of the decline in banking liabilities in 2008 

and 2009. However, the crisis affected other regions as well, including all other Europe and Asia (including 

Japan), all of which experienced a decline in banking liabilities against the U.S. in 2009 and 2010. In contrast, 

during the third quarter of 2011, U.S. liabilities to foreigners grew for most regions. The Caribbean and all 

other Asia were the exceptions, with U.S. liabilities falling slightly over those recorded in 2010. 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years

2007 2008 2009 2010 Sept. 2011 

United Kingdom ..................... 1,051,764 784,793 784,529 996,534 1,084,081

All other Europe ..................... 828,379 845,375 688,431 639,642 777,770

Caribbean banking centers 1 .... 1,877,001 1,998,786 1,862,921 1,898,666 1,853,837

Japan ..................................... 190,122 251,993 185,546 161,612 185,090

All other Asia ......................... 385,448 603,611 522,362 471,395 447,168

Subtotal ............................... 4,332,714 4,484,558 4,043,789 4,167,849 4,347,946

All other countries .................. 373,596 422,098 436,178 472,152 496,878

Grand total ........................... 4,706,310 4,906,656 4,479,967 4,640,001 4,844,824

 

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British 

Virgin Islands. 
 CAPITAL MOVEMENTS 

December 2011 

69

SECTION II.—Claims on Foreigners Reported by Banks in the United States 

TABLE CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Claim 

Calendar 

Year 

2009 r 

2010 2011 

June r Sept. r Dec. r Mar. June p

 

Total claims .............................................................. 3,981,531 4,248,641 4,431,775 4,545,799 4,660,538 4,458,447

Payable in dollars .................................................. 3,600,673 3,882,471 4,031,661 4,123,616 4,223,587 4,031,862

Own claims on foreigners ................................... 2,808,203 3,068,847 3,227,841 3,258,964 3,352,906 3,210,896

Foreign official institutions ............................... 47,057 69,054 59,323 55,772 58,141 44,325

Foreign banks, including own foreign 

offices ........................................................... 2,155,942 2,320,594 2,448,604 2,467,628 2,522,400 2,336,765

All other foreigners .......................................... 603,743 670,072 710,286 724,705 772,365 829,806

Claims of domestic customers .............................. 792,470 813,624 803,820 864,652 870,681 820,966

Payable in foreign currencies .................................. 380,858 366,170 400,114 422,183 436,951 426,585

Own claims on foreigners ..................................... 333,622 312,718 324,671 340,060 352,824 312,504

of which: 

Canadian dollars .............................................. 43,712 36,642 38,055 41,919 49,071 51,041

Euros ................................................................ 182,243 169,695 160,833 169,033 170,501 133,432

United Kingdom pounds sterling ...................... 33,074 33,733 32,771 30,481 35,686 37,344

Japanese yen ................................................... 37,615 36,112 48,659 50,879 39,997 33,708

Claims of domestic customers .............................. 47,236 53,452 75,443 82,123 84,127 114,081

of which: 

Canadian dollars .............................................. 6,912 11,487 13,791 15,436 16,111 16,650

Euros ................................................................ 28,355 27,158 31,267 32,940 40,628 42,327

United Kingdom pounds sterling ...................... 3,680 5,215 3,012 2,822 4,817 3,518

Japanese yen ................................................... 3,468 2,170 17,182 18,149 10,043 35,880

Memoranda: 

Total own claims on foreigners ............................. 3,141,825 3,381,565 3,552,512 3,599,024 3,705,730 3,523,400

Non-negotiable deposits .................................... 1,492,372 1,575,028 1,640,692 1,671,754 1,713,000 1,473,054

Short-term negotiable instruments 

 (payable in dollars) ........................................... 13,201 13,297 14,061 16,633 15,269 18,366

Resale agreements ............................................ 530,527 696,975 752,743 734,316 733,448 791,512

Other ................................................................... 1,107,574 1,097,877 1,147,064 1,176,321 1,244,013 1,240,468

Claims on own foreign offices ............................... 2,054,846 2,195,959 2,288,296 2,295,951 2,341,764 2,285,280

Claims reported by IBFs ....................................... 669,710 586,407 655,933 669,307 716,753 670,271

Payable in dollars ............................................... 627,476 541,801 600,171 615,435 664,970 623,224

Payable in foreign currencies ............................. 42,234 44,606 55,762 53,872 51,783 47,047

Total claims held for domestic customers ............ 839,706 867,076 879,263 946,775 954,808 935,047

Non-negotiable deposits .................................... 378,672 406,811 400,434 436,422 405,799 407,679

Short-term negotiable instruments 

 (payable in dollars) ........................................... 417,354 406,503 402,770 424,957 466,149 427,705

Other................................................................... 43,680 55,149 77,590 85,396 82,860 99,663

 
CAPITAL MOVEMENTS 

December 2011 

70 

TABLE CM-II-2.—Total Claims by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 Calendar 

 year 

 2008 

2009 2010 2011 

 Dec. r Mar. r June r Sept. r Dec. r Mar. June p

Europe: 

Austria ................................................... 5,294 3,299 3,600 3,119 2,786 3,470 3,639 3,171

Belgium.................................................. 16,821 14,056 13,544 17,702 19,546 20,967 19,761 20,211

Bulgaria ................................................. 43 23 18 17 15 19 10 9

Czech Republic ..................................... 225 514 469 114 50 72 49 59

Denmark................................................ 9,844 6,054 4,421 3,237 4,278 4,004 3,231 2,784

Finland................................................... 25,315 43,722 26,151 27,998 36,662 45,772 41,767 40,547

France ................................................... 191,695 196,350 208,454 165,469 205,399 210,262 249,451 264,131

Germany................................................ 77,686 88,001 76,895 90,422 96,587 91,730 90,537 84,718

Greece................................................... 1,227 970 1,313 663 655 693 990 1,017

Hungary................................................. 413 1,395 1,324 1,077 602 556 179 179

Ireland.................................................... 88,371 76,082 60,237 54,391 43,406 29,265 32,683 31,250

Italy ........................................................ 52,700 51,033 55,101 31,211 45,189 32,858 30,896 29,108

Kazakhstan ........................................... 1,048 377 262 223 357 270 277 358

Luxembourg .......................................... 26,209 31,406 25,442 26,835 25,063 23,661 31,819 36,211

Netherlands ........................................... 74,144 66,921 57,840 47,074 52,522 48,175 58,621 68,872

Norway .................................................. 19,935 21,433 18,123 20,626 22,695 17,456 21,864 18,228

Poland ................................................... 1,712 495 1,270 1,229 2,192 402 940 233

Portugal ................................................. 1,885 2,357 1,620 1,261 1,269 1,415 1,542 1,611

Romania ................................................ 154 183 128 119 116 112 178 254

Russia.................................................... 2,269 1,822 1,548 1,219 1,453 1,353 1,105 1,104

Spain ..................................................... 61,971 46,988 44,900 27,813 28,321 15,122 14,076 16,887

Sweden.................................................. 17,606 15,715 24,042 33,558 32,255 41,082 54,828 43,329

Switzerland............................................ 113,177 79,447 73,951 66,840 67,536 57,841 69,991 69,700

Turkey.................................................... 3,881 4,170 4,422 4,887 5,373 5,526 4,947 5,042

United Kingdom..................................... 1,016,448 1,157,152 1,241,191 1,246,841 1,309,092 1,328,195 1,346,750 1,261,760

Channel Islands..................................... 19,830 19,616 19,287 13,679 15,736 15,497 16,340 14,699

All other Europe .................................... 2,887 5,227 6,927 6,995 5,444 4,901 6,081 6,221

Total Europe ....................................... 1,832,790 1,934,807 1,972,481 1,894,617 2,024,599 2,000,677 2,102,551 2,021,693

Memo: Euro Area 1 ............................. 623,984 625,053 578,472 497,430 559,726 525,427 578,104 600,139

Memo: European Union 2 ................... 1,670,521 1,806,596 1,851,346 1,783,634 1,908,336 1,899,876 1,984,275 1,908,761

Canada ..................................................... 159,408 170,119 200,986 190,477 184,736 221,489 224,844 232,988

Latin America: 

Argentina ............................................... 4,319 3,585 3,554 3,869 4,216 4,372 4,534 4,944

Bolivia ................................................... 157 516 411 387 409 154 137 158

Brazil...................................................... 35,080 32,953 36,709 42,009 53,607 56,730 64,344 73,762

Chile ...................................................... 10,172 14,461 14,048 14,452 15,041 14,985 16,077 16,713

Colombia ............................................... 4,257 3,553 3,862 4,360 4,610 7,443 8,831 8,165

Costa Rica ............................................ 1,339 1,017 950 1,036 997 1,228 1,208 1,605

Ecuador................................................. 826 503 500 488 508 491 452 433

El Salvador ........................................... 928 558 424 358 261 386 395 551

Guatemala............................................. 1,275 1,103 1,123 1,076 1,055 1,249 1,298 1,983

Honduras .............................................. 533 391 320 347 336 372 397 434

Mexico ................................................... 27,855 24,658 26,146 29,823 28,737 31,723 36,585 35,086

Nicaragua .............................................. 134 73 77 74 79 97 89 105

Panama ................................................. 4,880 3,229 3,009 3,035 3,767 3,768 3,870 4,402

Paraguay .............................................. 153 137 151 147 180 488 289 349

Peru ....................................................... 4,603 3,118 3,612 3,706 4,376 4,419 5,268 6,040

Uruguay................................................. 696 715 537 687 395 2,446 503 550

Venezuela ............................................. 1,625 1,742 1,583 1,579 1,536 1,573 1,743 2,069

All other Latin America ......................... 92 35 32 32 29 72 42 71

Total Latin America............................. 98,924 92,347 97,048 107,465 120,139 131,996 146,062 157,420

Caribbean: 

Anguilla ................................................. 12,180 10,715 11,544 13,167 10,693 10,826 13,235 13,117

Bahamas ............................................... 283,701 268,057 352,345 355,349 370,710 380,494 404,566 374,171

Barbados .............................................. 1,324 489 438 561 523 504 547 627

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2011 

71

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar 

year 

2008 

2009 2010 2011 

 Dec. r Mar. r June r Sept. r Dec. r Mar. June p

Caribbean, con. 

Bermuda...................................... 16,296 11,202 10,502 10,718 10,524 12,256 12,669 14,286

British Virgin Islands.................... 5,882 7,007 8,896 11,452 10,651 12,552 13,472 13,950

Cayman Islands........................... 1,074,414 1,073,339 1,094,406 1,149,172 1,142,204 1,177,426 1,140,965 982,858

Dominican Republic .................... 813 780 719 827 845 891 897 1,103

Haiti ............................................. 92 48 42 40 43 38 40 33

Jamaica ....................................... 833 452 435 395 341 379 355 466

Netherlands Antilles .................... 4,836 7,210 7,126 8,026 6,906 6,080 6,988 6,530

Trinidad and Tobago ................... 713 540 612 419 526 546 636 727

All other Caribbean...................... 499 796 678 573 564 645 462 489

Total Caribbean ........................ 1,401,583 1,380,635 1,487,743 1,550,699 1,554,530 1,602,637 1,594,832 1,408,357

Asia: 

China, Mainland. ......................... 3,304 4,252 12,532 20,366 15,181 18,011 23,812 24,728

Hong Kong .................................. 13,449 21,504 30,107 36,667 41,826 38,751 49,998 62,136

India............................................. 6,215 7,624 9,903 11,503 12,359 13,040 14,440 16,730

Indonesia..................................... 1,111 813 749 721 682 1,009 1,243 1,647

Israel............................................ 2,621 3,382 3,981 5,591 5,680 5,828 5,613 6,167

Japan........................................... 101,218 185,928 193,394 225,858 269,554 289,392 279,615 300,811

Jordan ......................................... 23 17 24 19 46 77 72 80

Korea, South ............................... 13,812 15,658 22,279 25,669 24,133 19,259 18,271 19,413

Lebanon....................................... 56 67 69 96 77 59 114 109

Malaysia ...................................... 561 354 483 1,361 1,987 2,293 3,424 5,299

Pakistan....................................... 76 22 50 30 21 11 71 47

Philippines ................................... 1,069 905 1,158 1,064 1,839 1,715 1,957 1,749

Singapore .................................... 10,057 16,281 20,271 22,616 21,668 19,965 21,316 18,489

Taiwan......................................... 1,367 3,019 2,618 3,587 5,385 5,405 5,797 5,230

Thailand....................................... 181 236 296 335 385 702 1,386 876

Asian oil exporters 3 .................... 11,863 22,712 13,440 15,572 14,165 16,068 19,112 16,184

All other Asia ............................... 807 602 654 822 904 1,289 1,738 3,076

Total Asia .................................. 167,790 283,376 312,008 371,877 415,892 432,874 447,979 482,771

Africa: 

Cameroon.................................... 10 86 7 6 5 7 5

Egypt ........................................... 1,288 646 2,391 3,089 4,308 7,775 2,527 4,225

Ghana.......................................... 18 186 194 218 198 104 153 204

Liberia.......................................... 367 449 671 737 723 951 1,005 985

Morocco....................................... 33 12 36 108 112 232 175 311

South Africa................................. 1,495 1,508 890 699 1,187 1,266 1,498 1,017

African oil exporters 4 .................. 1,333 291 273 346 269 308 276 341

All other Africa ............................. 3,367 5,691 5,643 5,595 6,116 6,228 5,978 5,813

Total Africa ............................... 7,911 8,791 10,104 10,799 12,919 16,869 11,619 12,901

Other countries: 

Australia....................................... 35,814 84,446 84,178 90,845 87,108 97,219 104,427 112,989

New Zealand ............................... 6,048 10,658 10,531 9,841 9,211 10,437 8,746 7,695

All other ....................................... 599 573 654 751 4,221 4,683 1,064 1,171

Total other countries ................. 42,461 95,677 95,363 101,437 100,540 112,339 114,237 121,855

Total foreign countries ........... 3,710,867 3,965,752 4,175,733 4,227,371 4,413,355 4,518,881 4,642,124 4,437,985

International and regional orgs: 

International organizations.......... 5,119 14,328 20,669 17,133 16,735 17,234 14,220 16,060

Regional organizations 5 ............. 3,207 1,451 1,147 4,137 1,685 9,684 4,194 4,402

Total international 

 and regional organizations ......... 8,326 15,779 21,816 21,270 18,420 26,918 18,414 20,462

 Grand total ............................ 3,719,193 3,981,531 4,197,549 4,248,641 4,431,775 4,545,799 4,660,538 4,458,447

1 As of January 2008, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. 

For data as of January 2009, also includes Slovakia. For data as of January 2011, also 

includes Estonia. 

2 As of January 2007, includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, 

Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria. 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

December 2011 

72 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2011 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Country 

Total 

claims 

(1) 

Total 

own 

claims

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Claims of domestic customers 

Total 

customer 

claims 

(7) 

Payable

in 

dollars 

(8) 

Payable in

foreign

currencies

(9) 

Europe: 

Austria ............................................... 3,634 2,529 2,521 272 2,249 8 1,105 316 789

Belgium.............................................. 18,896 16,668 15,357 14,617 740 1,311 2,228 1,225 1,003

Czech Republic ................................. 48 45 8 4 4 37 3 1 2

Denmark............................................ 3,206 2,180 733 406 327 1,447 1,026 747 279

Finland............................................... 41,767 38,083 37,300 37,242 58 783 3,684 2,974 710

France ............................................... 245,509 180,439 166,155 136,009 30,146 14,284 65,069 56,738 8,331

Germany............................................ 90,268 58,202 49,081 44,663 4,418 9,121 32,066 22,644 9,422

Greece............................................... 985 176 94 14 80 82 809 - 809

Hungary............................................. 179 165 152 4 148 13 14 - 14

Ireland................................................ 32,641 26,120 19,833 5,837 13,996 6,287 6,520 5,919 601

Italy .................................................... 30,149 24,540 22,477 22,348 129 2,063 5,610 369 5,241

Kazakhstan........................................ 277 275 275 69 206 - 2 - 2

Luxembourg ...................................... 31,672 24,675 22,479 3,509 18,970 2,196 6,997 6,641 356

Netherlands ....................................... 58,415 41,182 35,929 14,784 21,145 5,253 17,232 14,334 2,898

Norway .............................................. 21,876 10,311 10,204 9,348 856 107 11,565 10,797 768

Poland ............................................... 940 924 864 860 4 60 16 2 14

Portugal ............................................. 1,493 781 728 175 553 53 712 - 712

Romania ............................................ 178 132 99 12 87 33 46 - 46

Russia................................................ 1,105 1,068 1,033 787 246 35 37 37 -

Spain ................................................. 13,908 8,911 5,712 5,230 482 3,199 4,997 1,622 3,375

Sweden.............................................. 54,852 10,961 4,774 3,436 1,338 6,187 43,891 42,770 1,121

Switzerland........................................ 69,966 64,859 60,508 55,032 5,476 4,351 5,107 4,979 128

Turkey................................................ 4,944 4,841 4,668 3,720 948 173 103 38 65

United Kingdom................................. 1,346,513 1,169,399 1,007,741 721,836 285,905 161,658 177,114 167,643 9,471

Channel Islands .................................. 16,394 9,558 9,212 2,533 6,679 346 6,836 6,798 38

All other Europe ................................ 6,107 4,289 3,703 476 3,227 586 1,818 1,207 611

Total Europe ................................... 2,095,921 1,701,314 1,481,641 1,083,224 398,417 219,673 394,607 347,801 46,806

Memo: Euro Area 1 ......................... 571,670 423,007 378,039 284,835 93,204 44,968 148,663 113,846 34,817

Canada ................................................. 224,577 166,423 130,773 107,674 23,099 35,650 58,154 42,850 15,304

Latin America: 

Argentina ........................................... 4,543 4,519 4,287 695 3,592 232 24 24 -

Bolivia................................................ 136 136 126 5 121 10 - - -

Brazil.................................................. 64,469 61,622 57,945 35,179 22,766 3,677 2,847 2,794 53

Chile .................................................. 16,039 15,940 15,646 9,362 6,284 294 99 98 1

Colombia ........................................... 8,800 8,800 6,683 4,542 2,141 2,117 - - -

Costa Rica ........................................ 1,209 1,209 1,198 566 632 11 - - -

Ecuador............................................. 445 445 436 45 391 9 - - -

El Salvador ....................................... 393 392 392 259 133 - 1 1 -

Guatemala......................................... 1,299 1,299 1,264 740 524 35 - - -

Honduras .......................................... 398 398 397 272 125 1 - - -

Mexico ............................................... 36,669 36,408 33,204 10,803 22,401 3,204 261 7 254

Panama ............................................. 3,845 3,770 3,612 1,618 1,994 158 75 75 -

Peru ................................................... 5,297 5,287 5,113 2,263 2,850 174 10 10 -

Uruguay............................................. 514 504 495 79 416 9 10 1 9

Venezuela ......................................... 1,745 1,621 1,520 446 1,074 101 124 124 -

All other Latin America ..................... 414 414 414 202 212 - - - -

Total Latin America......................... 146,215 142,764 132,732 67,076 65,656 10,032 3,451 3,134 317

 

See footnotes at end of table.
 CAPITAL MOVEMENTS 

December 2011 

73

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2011, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Country 

Total 

claims 

(1) 

Total 

own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners

(5) 

Payable in 

foreign 

currencies 

(6) 

Claims of domestic customers 

Total 

customer 

claims 

(7) 

Payable

in 

dollars

(8) 

Payable in

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 404,565 311,984 311,372 305,099 6,273 612 92,581 92,478 103

Bermuda............................................ 12,700 11,561 9,159 10 9,149 2,402 1,139 1,139 -

British Virgin Islands.......................... 13,461 13,386 10,144 46 10,098 3,242 75 75 -

Cayman Islands................................. 1,123,100 836,072 796,943 640,506 156,437 39,129 287,028 283,602 3,426

Dominican Republic .......................... 885 885 880 249 631 5 - - -

Jamaica ............................................. 356 356 355 131 224 1 - - -

Netherlands Antilles .......................... 7,016 7,015 6,687 535 6,152 328 1 1 -

Trinidad and Tobago ......................... 641 641 640 10 630 1 - - -

All other Caribbean ........................... 14,265 14,265 11,914 140 11,774 2,351 - - - 

Total Caribbean .............................. 1,576,989 1,196,165 1,148,094 946,726 201,368 48,071 380,824 377,295 3,529 

Asia: 

China, Mainland ................................ 23,296 22,015 21,580 20,427 1,153 435 1,281 1,210 71

Hong Kong ........................................ 49,840 49,678 45,407 41,630 3,777 4,271 162 55 107

India................................................... 14,435 13,423 13,164 10,410 2,754 259 1,012 976 36 

Indonesia........................................... 1,240 1,144 1,077 1,016 61 67 96 37 59

Israel.................................................. 5,607 3,272 3,109 2,690 419 163 2,335 286 2,049

Japan................................................. 279,634 256,774 234,754 185,611 49,143 22,020 22,860 13,468 9,392 

Korea, South ..................................... 18,264 17,655 15,731 15,245 486 1,924 609 369 240

Malaysia ............................................ 3,439 597 435 204 231 162 2,842 2 2,840

Pakistan............................................. 70 70 69 66 3 1 - - - 

Philippines ......................................... 1,956 1,693 1,444 1,293 151 249 263 7 256

Singapore .......................................... 21,248 21,083 20,237 17,002 3,235 846 165 15 150

Taiwan............................................... 5,752 5,595 5,235 4,883 352 360 157 8 149 

Thailand............................................. 1,385 1,234 1,049 1,006 43 185 151 9 142

All other Asia ..................................... 20,918 20,795 20,510 18,302 2,208 285 123 78 45 

Total Asia ........................................ 447,084 415,028 383,801 319,785 64,016 31,227 32,056 16,520 15,536 

Africa: 

Egypt ................................................. 4,282 2,225 2,200 2,025 175 25 2,057 7 2,050 

Ghana................................................ 153 152 152 142 10 - 1 1 -

Liberia................................................ 1,014 1,013 965 1 964 48 1 - 1

Morocco............................................. 175 175 164 161 3 11 - - - 

South Africa....................................... 1,495 1,452 1,122 1,043 79 330 43 - 43

All other Africa ................................... 6,261 6,199 5,812 330 5,482 387 62 51 11 

Total Africa ..................................... 13,380 11,216 10,415 3,702 6,713 801 2,164 59 2,105 

Other countries: 

Australia............................................. 104,503 42,955 39,851 34,534 5,317 3,104 61,548 61,129 419

New Zealand ..................................... 8,744 2,973 1,093 870 223 1,880 5,771 5,713 58

All other ............................................. 1,067 1,067 1,037 2 1,035 30 - - - 

Total other countries ....................... 114,314 46,995 41,981 35,406 6,575 5,014 67,319 66,842 477 

Total foreign countries ................. 4,618,480 3,679,905 3,329,437 2,563,593 765,844 350,468 938,575 854,501 84,074 

International and regional orgs: 

International organizations................ 14,226 7,973 7,970 - 7,970 3 6,253 6,245 8 

Regional organizations 2 .................... 4,194 2,042 2,042 - 2,042 - 2,152 2,140 12 

Total international and regional 

 organizations ................................ 18,420 10,015 10,012 - 10,012 3 8,405 8,385 20 

 Grand total .................................. 4,636,900 3,689,920 3,339,449 2,563,593 775,856 350,471 946,980 862,886 84,094

1 As of January 2008, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and 

Spain. For data as of January 2009, also includes Slovakia. For data as of January 2011, 

also includes Estonia. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

December 2011 

74 

In June 2011, U.S. claims on foreigners reported by U.S. banks amounted to about $4.5 trillion, a 

decrease of $87 billion from that recorded at yearend 2010. U.S. banking claims include holdings of 

foreign short-term securities but exclude holdings of foreign long-term securities. U.S. banking claims 

increased $262 billion in 2009 and $564 billion in 2010. However, they decreased $95 billion during the 

global financial crisis in 2008, despite an increase from the addition of several new bank holding 

companies to the reporter panel. 

As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international 

financial centers. Nearly 60 percent of these claims are reported opposite the United Kingdom and 

banking centers in the Caribbean. These financial centers accounted for much of the decline in U.S. 

banking claims in 2008. U.S. banking claims on most regions recovered during 2009 and 2010; however, 

claims fell slightly for the Caribbean and the United Kingdom in the first half of 2011 while remaining 

strong in other areas. The share of U.S. claims accounted for by “All other countries”, which includes 

Australia and Canada as well as countries in Latin America, has increased steadily over the past 4 years. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years 

2007 2008 2009 2010 June 2011 

United Kingdom ........................... 1,111,135 1,016,448 1,157,152 1,328,195 1,261,760

All other Europe ........................... 945,500 816,342 777,655 672,482 759,933

Caribbean banking centers 1 ....... 1,239,679 1,390,009 1,370,044 1,592,576 1,396,197

Japan ........................................... 97,856 101,218 185,928 289,392 300,811

All other Asia ................................ 111,059 66,572 97,448 143,482 181,960

Subtotal ...................................... 3,505,229 3,390,589 3,588,227 4,026,127 3,900,661

All other countries ........................ 309,079 328,604 393,304 519,672 557,786

Grand total ................................. 3,814,308 3,719,193 3,981,531 4,545,799 4,458,447

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British 

Virgin Islands. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 
CAPITAL MOVEMENTS 

December 2011 

75

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

TABLE CM-III-1.—Total Liabilities and Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of liability or claim 

Calendar year 2010 2011 

2007 2008 2009 r June r Sept. r Dec. r Mar. June p

Total liabilities ................................................... 103,835 87,630 79,272 86,083 82,118 78,876 75,641 74,961 

Payable in dollars .......................................... 79,161 69,124 58,595 66,591 63,066 63,764 61,866 61,851 

Financial .................................................... 26,474 18,650 12,986 13,418 11,645 12,225 11,586 11,482 

Short-term negotiable securities ........... 1,983 2,740 1,300 1,001 1,012 902 933 1,113 

Other ..................................................... 24,491 15,910 11,686 12,417 10,633 11,323 10,653 10,369 

Commercial ............................................... 52,687 50,474 45,609 53,173 51,421 51,539 50,280 50,369 

Trade payables ..................................... 26,261 18,811 21,000 27,381 26,369 27,087 26,318 26,036 

Advance receipts and other .................. 26,426 31,663 24,609 25,792 25,052 24,452 23,962 24,333 

Payable in foreign currencies ....................... 24,674 18,506 20,677 19,492 19,052 15,112 13,775 13,110 

By major foreign currency: 

Canadian dollars ................................... 2,162 2,235 3,709 5,091 4,450 3,456 3,509 3,218 

Euros ..................................................... 9,075 6,487 5,276 5,257 5,446 4,742 4,337 4,432 

United Kingdom pounds sterling ........... 4,267 1,361 1,431 1,754 1,578 1,241 1,379 1,387 

Japanese yen ........................................ 3,908 962 926 804 1,609 1,645 1,326 1,307 

Other ..................................................... 5,262 7,461 9,335 6,586 5,969 4,028 3,224 2,766 

By type of liability: 

Financial ................................................ 21,445 15,632 16,914 15,171 14,480 9,966 8,598 7,863 

Short-term negotiable securities ....... 2,940 2,108 1,264 278 624 633 501 318 

Other ................................................. 18,505 13,524 15,650 14,893 13,856 9,333 8,097 7,545 

Commercial ........................................... 3,229 2,874 3,763 4,321 4,572 5,146 5,177 5,247 

Trade payables ................................. 1,605 1,334 1,318 1,567 1,937 1,889 2,185 1,998 

Advance receipts and other .............. 1,624 1,540 2,445 2,754 2,635 3,257 2,992 3,249 

Total claims ....................................................... 136,416 107,476 102,138 107,819 98,898 100,052 92,429 109,864 

Payable in dollars .......................................... 110,070 83,810 77,184 82,031 75,024 79,207 70,804 73,914 

Financial .................................................... 66,726 43,223 35,654 38,645 31,752 31,721 28,796 32,720 

Non-negotiable deposits ....................... 28,393 12,539 9,042 11,903 11,596 10,674 9,213 8,109 

Negotiable CDs and short-term 

negotiable instruments .......................... 1,168 1,133 7,082 11,763 5,860 6,517 6,556 7,119 

Other ..................................................... 37,165 29,551 19,530 14,979 14,296 14,530 13,027 17,492 

Commercial ............................................... 43,344 40,587 41,530 43,386 43,272 47,486 42,008 41,194 

Trade receivables ................................. 37,108 31,161 29,196 31,344 32,207 35,109 32,075 31,156 

Advance payments and other ............... 6,236 9,426 12,334 12,042 11,065 12,377 9,933 10,038 

Payable in foreign currencies ....................... 26,346 23,666 24,954 25,788 23,874 20,845 21,625 35,950 

By major foreign currency: 

Canadian dollars ................................... 5,371 2,409 2,519 2,153 2,076 1,647 1,798 4,704 

Euros ..................................................... 10,833 5,140 8,838 12,559 11,301 7,808 9,857 11,747 

United Kingdom pounds sterling ........... 4,210 1,922 1,738 1,595 2,724 2,593 2,500 3,797 

Japanese yen ........................................ 1,378 451 1,795 1,328 1,769 3,278 2,504 9,317 

Other ..................................................... 4,554 13,744 10,064 8,153 6,004 5,519 4,966 6,385 

By type of claim: 

Financial ................................................ 21,305 19,851 21,405 22,382 20,336 17,253 17,381 31,997 

Non-negotiable deposits ................... 1,498 1,968 2,139 2,728 1,762 1,314 1,372 1,642 

Short-term negotiable securities ....... 77 86 7,462 11,714 11,694 10,475 11,083 20,739 

Other ................................................. 19,730 17,797 11,804 7,940 6,880 5,464 4,926 9,616 

Commercial ........................................... 5,041 3,815 3,549 3,406 3,538 3,592 4,244 3,953 

Trade receivables ............................. 4,684 3,595 3,334 3,195 3,247 3,268 3,705 3,302 

Advance payments and other ........... 357 220 215 211 291 324 539 651 
CAPITAL MOVEMENTS 

December 2011 

76 

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2010 2011 

2006 2007 2008 2009 r June r Sept. r Dec. r Mar. June p

Europe: 

Austria ................................. 91 230 95 78 179 166 113 166 114

Belgium ............................... 181 492 427 201 401 291 258 210 239

Bulgaria ............................... 44 36 1 - 1 - - - -

Czech Republic ................... 14 25 45 44 24 28 32 32 33

Denmark .............................. 132 937 161 140 123 167 177 196 103

Finland ................................ 140 63 79 521 54 118 105 70 111

France ................................. 2,562 3,165 4,801 3,004 3,211 3,546 2,968 2,545 2,523

Germany ............................. 12,391 4,977 3,746 5,428 5,664 5,403 4,563 3,804 3,874

Greece ................................ 182 187 241 232 278 277 273 245 250

Hungary ............................... 18 46 30 16 24 57 58 60 66

Ireland ................................. 316 1,569 2,067 2,725 1,934 1,688 1,532 1,333 1,505

Italy ...................................... 1,040 1,196 509 509 584 435 463 473 440

Luxembourg ........................ 977 235 837 503 404 529 373 379 336

Netherlands ......................... 1,709 1,194 1,728 882 880 910 731 629 873

Norway ................................ 545 721 385 472 652 835 870 890 655

Poland ................................. 330 385 269 201 155 140 151 133 125

Portugal ............................... 27 205 35 25 27 56 26 19 26

Romania .............................. 9 6 71 11 11 19 15 14 8

Russia ................................. 110 306 524 297 346 425 714 428 563

Serbia and Montenegro 

(formerly Yugoslavia) ...... 1 3 6 - 3 3 2 3 5

Spain ................................... 269 533 816 502 417 528 363 457 482

Sweden ............................... 952 438 274 446 230 209 1,345 1,371 1,369

Switzerland ......................... 1,070 1,705 2,333 2,444 2,530 2,509 2,357 2,254 2,015

Turkey ................................. 261 754 709 1,619 1,919 1,916 1,358 886 773

United Kingdom .................. 17,339 23,350 14,916 10,428 10,557 9,369 10,150 9,316 9,500

Channel Islands and 

Isle of Man ...................... 15 208 95 84 75 171 70 60 60

Other Europe ...................... 421 539 435 524 1,226 503 484 660 573

Total Europe ................... 41,146 43,505 35,635 31,336 31,909 30,298 29,551 26,633 26,621

Canada .................................... 7,694 7,767 5,960 6,199 9,430 9,157 8,800 9,214 7,782

Latin America: 

Argentina ............................. 138 156 89 68 75 91 110 178 73

Brazil ................................... 264 940 626 587 661 521 734 791 985

Chile .................................... 406 546 353 318 360 462 553 573 689

Colombia ............................. 208 356 332 385 603 509 550 393 393

Ecuador ............................... 89 33 30 13 194 23 28 70 28

Guatemala .......................... 25 10 8 6 6 8 5 9 9

Mexico ................................. 2,150 2,848 1,579 2,088 2,666 2,460 3,121 3,095 3,422

Panama ............................... 57 85 166 330 208 232 221 188 239

Peru ..................................... 6 36 34 32 123 71 99 94 113

Uruguay ............................... 13 20 12 13 33 12 55 5 59

Venezuela ........................... 353 575 413 190 452 509 726 869 660

Other Latin America ............ 24 106 50 74 110 167 34 71 64

Total Latin America ............ 3,733 5,711 3,692 4,104 5,491 5,065 6,236 6,336 6,734

Caribbean: 

Bahamas ............................. 70 89 52 85 37 131 103 13 15

Bermuda .................................. 777 707 723 1,706 2,860 1,433 1,069 829 846

Cayman Islands .................. 12,804 15,969 10,354 8,348 5,760 4,132 2,175 1,908 1,750

Cuba .................................... - - - 8 - - 1 1 -

Jamaica ............................... 20 18 37 15 12 17 13 12 14

Netherlands Antilles ............ 2 4 6 3 4 10 8 3 5

Trinidad and Tobago ........... 25 74 60 45 19 52 19 24 69

Other Caribbean ................. 761 803 444 362 1,332 1,049 1,057 1,561 729

Total Caribbean .............. 14,459 17,664 11,676 10,572 10,024 6,824 4,445 4,351 3,428

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2011 

77

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2010 2011 

2006 2007 2008 2009 r June r Sept. r Dec. r Mar. June p

Asia: 

China, Mainland. ...................... 1,297 857 4,769 3,956 4,285 4,121 4,346 4,754 4,566

Hong Kong ............................... 564 981 593 689 851 1,062 1,147 1,326 1,220

India .......................................... 418 1,447 1,082 761 953 761 818 870 826

Indonesia .................................. 57 172 366 381 375 369 424 455 544

Israel ......................................... 385 293 292 336 217 155 205 130 146

Japan ........................................ 7,210 6,888 6,190 6,072 6,501 6,898 6,544 6,397 6,016

Korea, South ............................ 1,350 1,213 1,314 919 1,153 1,168 1,169 1,112 1,255

Lebanon ................................... 11 9 15 8 9 3 7 7 7

Malaysia ................................... 471 562 363 311 358 178 347 384 448

Pakistan .................................... 171 172 28 25 72 83 67 64 47

Philippines ................................ 95 89 107 86 100 93 100 124 162

Singapore ................................. 2,839 4,255 3,767 1,872 1,637 1,852 1,447 1,311 1,354

Syria ......................................... 8 8 3 1 2 1 - - 6

Taiwan ...................................... 1,093 1,019 722 483 421 743 360 394 429

Thailand .................................... 599 380 295 432 980 437 403 336 394

Oil-exporting countries 1 ........... 3,955 7,158 6,378 6,700 6,770 8,441 8,567 7,788 8,875

Other Asia ................................ 156 377 460 305 418 606 423 407 538

Total Asia ............................. 20,679 25,880 26,744 23,337 25,102 26,971 26,374 25,859 26,833

Africa: 

Congo (formerly Zaire) ............. - - - 8 - - - - -

Egypt ........................................ 132 280 293 192 259 102 111 119 71

Ghana ....................................... 6 12 5 3 4 4 2 4 6

Liberia ....................................... 3 6 64 61 55 55 52 53 52

Morocco .................................... 42 190 112 118 77 75 89 121 89

South Africa .............................. 35 52 256 283 104 64 67 107 145

Oil-exporting countries 2 ........... 283 655 764 984 1,296 1,030 799 741 780

Other Africa .............................. 379 294 341 541 508 635 693 653 894

Total Africa ........................... 880 1,489 1,835 2,190 2,303 1,965 1,813 1,798 2,037

Other countries: 

Australia ................................... 560 1,658 1,925 1,228 1,344 1,378 1,241 1,069 1,165

New Zealand ............................ 36 91 92 179 262 309 279 198 201

All other .................................... 15 25 30 25 76 29 23 6 15

Total other countries ............ 611 1,774 2,047 1,432 1,682 1,716 1,543 1,273 1,381

Total foreign countries ..... 89,202 103,790 87,589 79,170 85,941 81,996 78,762 75,464 74,816

International and regional orgs: 

International organizations ....... - 2 7 71 112 93 109 107 130

Regional organizations 3 .......... 15 43 34 31 30 29 5 70 15

Total international and 

regional organizations ...... 15 45 41 102 142 122 114 177 145

Grand total ....................... 89,217 103,835 87,630 79,272 86,083 82,118 78,876 75,641 74,961

1

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

Emirates (Trucial States). 

2

 Includes Algeria, Gabon, Libya, and Nigeria. 

3

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2011 

78 

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2010 2011 

2006 2007 2008 2009 r June r Sept. r Dec. r Mar. June p

Europe: 

Austria .......................................... 2,031 2,039 1,951 1,832 1,810 1,752 1,789 1,775 1,616

Belgium ........................................ 419 807 393 365 376 411 451 390 439

Bulgaria ........................................ 3 6 6 7 3 13 16 9 12

Czech Republic ............................ 50 134 85 107 105 93 131 111 123

Denmark ....................................... 149 184 74 272 159 83 168 66 129

Finland ......................................... 591 805 541 1,801 317 312 1,469 36 41

France .......................................... 3,420 6,061 2,736 3,184 2,700 2,449 2,293 1,900 3,545

Germany ...................................... 10,148 4,926 8,621 4,151 3,815 5,705 4,805 8,290 9,302

Greece ......................................... 163 250 192 193 154 139 223 154 163

Hungary ........................................ 45 153 95 197 35 45 83 81 150

Ireland .......................................... 858 968 1,814 1,252 1,056 896 764 881 815

Italy ............................................... 2,337 2,515 1,195 1,981 2,378 1,962 1,778 1,510 1,400

Luxembourg ................................. 352 919 183 188 259 250 177 209 191

Netherlands .................................. 3,570 3,989 2,092 2,783 2,307 2,265 2,097 2,037 2,418

Norway ......................................... 366 325 271 257 160 234 170 193 262

Poland .......................................... 99 153 132 239 261 195 213 272 284

Portugal ........................................ 64 89 76 67 46 72 53 39 42

Romania ....................................... 36 60 54 96 124 127 112 110 117

Russia .......................................... 774 1,326 694 547 541 481 506 511 555

Serbia and Montenegro 

(formerly Yugoslavia) ............... 10 15 14 17 13 10 13 8 10

Spain ............................................ 1,425 1,625 1,072 967 718 803 692 789 1,170

Sweden ........................................ 652 689 450 311 432 445 448 409 475

Switzerland .................................. 1,424 2,143 1,788 1,723 1,163 1,437 1,705 1,707 1,397

Turkey .......................................... 420 732 593 667 636 631 672 452 597

United Kingdom ........................... 17,483 23,662 17,983 25,389 27,140 23,508 19,390 18,289 27,984

Channel Islands and 

Isle of Man ............................... 19 109 419 541 115 86 100 116 147

Other Europe ............................... 1,267 1,465 1,107 433 1,627 372 412 471 479

Total Europe ............................ 48,175 56,149 44,631 49,567 48,450 44,776 40,730 40,816 53,864

Canada ............................................. 17,520 16,418 10,551 10,474 15,468 11,787 12,219 11,050 12,821

Latin America: 

Argentina ...................................... 470 463 473 513 563 568 581 449 469

Brazil ............................................ 2,927 2,682 2,365 2,003 1,997 2,070 2,424 2,133 2,224

Chile ............................................. 299 404 540 362 609 468 454 508 579

Colombia ...................................... 349 449 429 411 452 424 455 487 538

Ecuador ........................................ 119 160 173 146 151 164 173 170 164

Guatemala ................................... 116 200 180 134 109 111 115 107 115

Mexico .......................................... 3,242 3,505 3,089 3,082 3,584 3,067 3,958 3,968 4,709

Panama ........................................ 266 323 408 340 378 369 330 359 388

Peru .............................................. 164 196 270 194 230 229 319 209 262

Uruguay ........................................ 12 33 106 68 196 196 148 129 171

Venezuela .................................... 481 669 657 479 479 495 412 407 398

Other Latin America ..................... 376 431 435 336 369 602 319 284 337

Total Latin America ...................... 8,821 9,515 9,125 8,068 9,117 8,763 9,688 9,210 10,354

Caribbean: 

Bahamas ...................................... 3,949 2,200 353 302 122 111 146 211 138

Bermuda ............................................ 1,734 1,704 1,722 3,567 2,375 2,282 1,448 1,284 1,417

Cayman Islands ........................... 26,051 16,987 19,513 6,908 7,559 6,977 8,416 6,383 5,904

Cuba ............................................. 2 10 - - - - 2 1 -

Jamaica ........................................ 60 106 79 64 58 61 58 53 27

Netherlands Antilles ..................... 30 118 112 52 66 109 178 75 30

Trinidad and Tobago .................... 125 172 111 83 56 43 42 32 66

Other Caribbean .......................... 1,264 1,518 1,013 1,188 1,169 1,037 1,061 1,015 697

Total Caribbean ....................... 33,215 22,815 22,903 12,164 11,405 10,620 11,351 9,054 8,279

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2011 

79

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2010 2011 

2006 2007 2008 2009 r June r Sept. r Dec. r Mar. June p

Asia: 

China, Mainland. ....................... 1,772 1,913 1,455 1,737 1,908 1,976 2,278 2,081 2,448

Hong Kong ................................ 1,009 8,762 809 943 987 984 1,490 1,280 1,137

India .......................................... 654 812 695 779 890 1,002 997 949 1,392

Indonesia................................... 231 206 273 354 388 348 362 449 412

Israel ......................................... 360 601 635 456 276 213 284 277 280

Japan ........................................ 3,349 5,518 4,578 2,513 3,353 3,443 4,371 3,004 3,532

Korea, South ............................. 1,143 1,272 980 2,312 2,505 2,250 1,986 2,258 2,121

Lebanon .................................... 19 19 44 19 13 12 29 10 13

Malaysia .................................... 270 362 275 215 165 219 245 154 188

Pakistan .................................... 86 115 33 38 24 31 33 39 32

Philippines ................................. 109 109 63 81 116 112 126 122 115

Singapore .................................. 1,811 2,809 1,448 2,991 3,109 3,532 3,532 2,649 3,043

Syria .......................................... 10 1 12 11 10 21 15 13 32

Taiwan ....................................... 972 1,240 976 966 1,017 936 1,025 914 1,070

Thailand .................................... 312 416 330 336 220 235 250 198 257

Oil-exporting countries 1 ............ 1,814 2,552 3,392 2,601 3,572 3,002 4,035 3,096 3,062

Other Asia ................................. 328 513 179 230 247 212 307 273 315

Total Asia .............................. 14,249 27,220 16,177 16,582 18,800 18,528 21,365 17,766 19,449

Africa: 

Congo (formerly Zaire) .............. 11 6 5 15 - -2 1 -

Egypt ......................................... 165 296 362 228 229 171 219 133 164

Ghana ....................................... 3 8 7 6 8 13 14 18 13

Liberia ....................................... 73 54 54 55 52 38 37 36 3

Morocco .................................... 21 21 24 10 9 27 15 28 28

South Africa .............................. 221 254 356 374 337 368 403 352 355

Oil-exporting countries 2 ............ 332 350 300 260 284 216 270 212 342

Other Africa ............................... 411 400 495 498 411 365 383 328 328

Total Africa ............................ 1,237 1,389 1,603 1,446 1,330 1,198 1,343 1,108 1,233

Other countries: 

Australia .................................... 2,365 2,467 2,194 3,655 3,084 3,044 3,198 3,252 3,711

New Zealand ............................. 351 145 72 100 89 77 90 86 91

All other ..................................... 76 37 13 7 25 44 24 20 11

Total other countries ............. 2,792 2,649 2,279 3,762 3,198 3,165 3,312 3,358 3,813

Total foreign countries ...... 126,009 136,155 107,269 102,063 107,768 98,837 100,008 92,362 109,813

International and regional orgs: 

International organizations ........ 4 150 21 49 46 45 37 56 39

Regional organizations 3 ........... 19 111 186 26 5 16 7 11 12

Total international and 

regional organizations ........... 23 261 207 75 51 61 44 67 51

Grand total .................... 126,032 136,416 107,476 102,138 107,819 98,898 100,052 92,429 109,864

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2011 

80 

TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, June 30, 2011, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Liabilities Claims 

Total liabilities

(1) 

Financial

(2) 

Commercial

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

 (6) 

Europe: 

Austria ............................................... 114 61 53 1,616 1,543 73 

Belgium ............................................ 239 61 178 439 184 255 

Bulgaria ............................................ - - - 12 - 12 

Czech Republic ................................ 33 - 33 123 9 114 

Denmark ........................................... 103 2 101 129 63 66 

Finland .............................................. 111 17 94 41 6 35 

France .............................................. 2,523 1,690 833 3,545 2,214 1,331 

Germany........................................... 3,874 2,174 1,700 9,302 7,648 1,654 

Greece .............................................. 250 11 239 163 99 64 

Hungary ............................................ 66 6 60 150 2 148 

Ireland .............................................. 1,505 483 1,022 815 513 302 

Italy ................................................... 440 13 427 1,400 125 1,275 

Luxembourg ..................................... 336 165 171 191 64 127 

Netherlands ...................................... 873 216 657 2,418 1,577 841 

Norway ............................................. 655 86 569 262 83 179 

Poland .............................................. 125 2 123 284 114 170 

Portugal ............................................ 26 4 22 42 6 36 

Romania ........................................... 8 -8 117 25 92 

Russia .............................................. 563 13 550 555 281 274 

Serbia and Montenegro 

(formerly Yugoslavia) ................... 5 2 3 10 - 10 

Spain ................................................ 482 119 363 1,170 684 486 

Sweden ............................................ 1,369 1,088 281 475 200 275 

Switzerland ....................................... 2,015 31 1,984 1,397 613 784 

Turkey .............................................. 773 19 754 597 437 160 

United Kingdom ................................ 9,500 5,671 3,829 27,984 22,592 5,392 

Channel Islands and 

Isle of Man .................................... 60 56 4 147 144 3 

Other Europe .................................... 573 58 515 479 239 240 

Total Europe ................................. 26,621 12,048 14,573 53,864 39,466 14,398 

Canada ................................................. 7,782 2,257 5,525 12,821 9,336 3,485 

Latin America: 

Argentina .......................................... 73 12 61 469 36 433 

Brazil ................................................ 985 22 963 2,224 977 1,247 

Chile ................................................. 689 21 668 579 71 508 

Colombia .......................................... 393 11 382 538 65 473 

Ecuador ............................................ 28 3 25 164 27 137 

Guatemala ........................................ 9 -9 115 30 85 

Mexico .............................................. 3,422 250 3,172 4,709 1,378 3,331 

Panama ............................................ 239 15 224 388 177 211 

Peru .................................................. 113 - 113 262 8 254 

Uruguay ............................................ 59 - 59 171 2 169 

Venezuela ........................................ 660 14 646 398 57 341 

Other Latin America ......................... 64 2 62 337 68 269 

Total Latin America .......................... 6,734 350 6,384 10,354 2,896 7,458 

Caribbean: 

Bahamas .......................................... 15 - 15 138 113 25 

Bermuda................................................ 846 50 796 1,417 131 1,286 

Cayman Islands .................................. 1,750 1,581 169 5,904 5,447 457 

Cuba ................................................. - - - - - - 

Jamaica ............................................ 14 - 14 27 2 25 

Netherlands Antilles ......................... 5 -5 30 23 7 

Trinidad and Tobago ........................ 69 6 63 66 - 66 

Other Caribbean ............................... 729 209 520 697 108 589 

Total Caribbean ............................ 3,428 1,846 1,582 8,279 5,824 2,455 

See footnote at end of table. 
CAPITAL MOVEMENTS 

December 2011 

81

TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, June 30, 2011, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Liabilities Claims 

Total liabilities

(1) 

Financial

(2) 

Commercial

(3) 

Total claims

(4) 

Financial 

 (5) 

Commercial

 (6) 

Asia: 

China, Mainland ................................ 4,566 132 4,434 2,448 552 1,896 

Hong Kong ........................................ 1,220 48 1,172 1,137 115 1,022 

India ................................................... 826 153 673 1,392 171 1,221 

Indonesia ........................................... 544 12 532 412 253 159 

Israel .................................................. 146 2 144 280 24 256 

Japan ................................................. 6,016 1,832 4,184 3,532 1,180 2,352 

Korea, South ..................................... 1,255 42 1,213 2,121 298 1,823 

Lebanon ............................................ 7 -7 13 2 11 

Malaysia ............................................ 448 2 446 188 32 156 

Pakistan ............................................. 47 3 44 32 - 32 

Philippines ......................................... 162 2 160 115 40 75 

Singapore .......................................... 1,354 73 1,281 3,043 532 2,511 

Syria .................................................. 6 -6 32 - 32 

Taiwan ............................................... 429 20 409 1,070 21 1,049 

Thailand ............................................. 394 1 393 257 51 206 

Other Asia ......................................... 538 61 477 315 52 263 

Total Asia ........................................ 26,833 2,674 24,159 19,449 3,576 15,873 

Africa: 

Congo (formerly Zaire) ...................... - - - - - - 

Egypt ................................................. 71 1 70 164 53 111 

Ghana ................................................ 6 -6 13 6 7 

Liberia ................................................ 52 47 5 3 - 3 

Morocco ............................................. 89 1 88 28 1 27 

South Africa ....................................... 145 12 133 355 215 140 

Other Africa ....................................... 894 17 877 328 168 160 

Total Africa .................................... 2,037 79 1,958 1,233 461 772 

Other countries: 

Australia ............................................ 1,165 74 1,091 3,711 3,141 570 

New Zealand ..................................... 201 15 186 91 14 77 

All other ............................................. 15 2 13 11 3 8 

Total other countries ..................... 1,381 91 1,290 3,813 3,158 655 

Total foreign countries .............. 74,816 19,345 55,471 109,813 64,717 45,096 

International and regional orgs: 

International organizations ................ 130 - 130 39 - 39 

 Regional organizations 1 .................. 15 - 15 12 - 12 

Total international and 

regional organizations ............... 145 - 145 51 - 51 

Grand total ................................ 74,961 19,345 55,616 109,864 64,717 45,147 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

December 2011 

82

SECTION IV.—U.S. International Transactions in Long-Term Securities 

TABLE CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Calendar 

year or month

Marketable Treasury bonds and notes 

U.S. Government corporations and 

federally-sponsored agencies

Net foreign purchases 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Foreign countries 

 Total 

 (1) 

Official 

institutions 

(2) 

Other

foreigners 

(3) 

International

and regional

(4) 

Net foreign 

purchases 

(7) 

 Gross foreign

 purchases 

 (8) 

Gross foreign

sales 

(9) 

2007 ......................................... 197,967 2,994 196,021 -1,048 15,127,526 14,929,559 218,979 2,050,451 1,831,472 

2008 ......................................... 314,880 76,218 239,105 -443 14,629,213 14,314,333 -38,664 2,590,262 2,628,926 

2009 ......................................... 538,388 161,406 376,906 76 11,593,203 11,054,815 -11,491 1,043,178 1,054,669 

2010 r ....................................... 703,682 172,065 531,429 188 16,189,912 15,486,230 108,019 1,108,653 1,000,634 

2011 - Jan. - Sept. p ................ 319,496 147,446 167,320 4,730 14,236,140 13,916,644 42,262 817,098 774,836 

 

2010 - Sept. r ........................... 77,151 41,390 36,155 -394 1,433,672 1,356,521 -23,561 120,514 144,075

Oct. r............................. 23,312 -693 24,119 -114 1,272,329 1,249,017 1,669 116,139 114,470

Nov. r............................ 60,673 16,641 44,843 -811 1,770,566 1,709,893 14,002 106,644 92,642

Dec. r............................ 53,045 13,748 39,467 -170 1,424,061 1,371,016 10,054 97,125 87,071

2011 - Jan. r............................. 47,126 18,112 29,628 -614 1,428,582 1,381,456 11,274 96,479 85,205

Feb. r............................ 29,894 15,432 13,874 588 1,515,097 1,485,203 -1,589 77,070 78,659

Mar. r............................ 26,027 7,426 17,063 1,538 1,732,864 1,706,837 9,493 86,287 76,794

Apr. r............................. 23,610 28,119 -8,597 4,088 1,267,441 1,243,831 7,504 86,587 79,083

May............................... 36,325 21,530 14,928 -133 1,634,416 1,598,091 -8,316 75,232 83,548

June.............................. -3,672 13,771 -18,084 641 1,708,114 1,711,786 -254 82,582 82,836

July ............................... 15,541 13,878 1,506 157 1,324,741 1,309,200 8,283 92,285 84,002

Aug. p........................... 60,130 -9,616 70,073 -327 2,109,388 2,049,258 8,815 99,433 90,618

Sept. p.......................... 84,515 38,794 46,929 -1,208 1,515,497 1,430,982 7,052 121,143 114,091

Calendar 

year or month 

Corporate and other securities 

Bonds * Stocks 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

2007 .............................................................................. 393,355 1,913,307 1,519,952 195,521 10,639,315 10,443,794 

2008 .............................................................................. 93,877 1,467,469 1,373,592 44,796 12,037,928 11,993,132 

2009 ............................................................................. -40,774 1,189,391 1,230,165 152,734 6,653,957 6,501,223 

2010 r ............................................................................ -13,154 971,246 984,400 109,741 6,747,218 6,637,477 

2011 - Jan. - Sept. p ..................................................... -10,348 824,095 834,443 40,724 5,978,191 5,937,467 

 

2010 - Sept.................................................................... 4,724 106,486 101,762 20,640 493,567 472,927

Oct..................................................................... 7,183 98,599 91,416 16,198 556,356 540,158

Nov .................................................................... 4,412 90,309 85,897 13,297 569,668 556,371

Dec .................................................................... 2,904 79,908 77,004 6,763 540,138 533,375

2011 - Jan. r.................................................................. 604 97,409 96,805 15,944 574,905 558,961

Feb. r................................................................. -2,620 92,950 95,570 6,095 595,067 588,972

Mar. r................................................................. 3,346 109,584 106,238 14,577 732,444 717,867

Apr. r.................................................................. -4,870 84,436 89,306 17,805 593,135 575,330

May.................................................................... 5,559 87,647 82,088 9,222 673,811 664,589

June................................................................... -10,780 114,251 125,031 3,793 665,514 661,721

July .................................................................... 1,199 77,178 75,979 -969 606,492 607,461

Aug. p................................................................ 3,687 98,183 94,496 -6,494 901,451 907,945

Sept. p............................................................... -6,473 62,457 68,930 -19,249 635,372 654,621

* Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities. 
 CAPITAL MOVEMENTS 

December 2011 

83

TABLE CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Foreign bonds Foreign stocks 

Net foreign

purchases from

U.S. 

(2) 

Gross foreign

purchases from

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign

purchases from

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2007 ...................................................... -229,205 -133,905 2,973,330 3,107,235 -95,300 5,215,764 5,311,064

2008 ...................................................... 74,188 53,942 2,271,636 2,217,694 20,246 5,443,267 5,423,021

2009 ...................................................... -186,834 -127,474 1,951,939 2,079,413 -59,360 3,169,501 3,228,861

2010 r .................................................... -115,259 -54,644 3,650,150 3,704,794 -60,615 3,673,648 3,734,263

2011 - Jan. - Sept. p ............................. -95,232 -14,931 2,782,430 2,797,361 -80,301 3,070,587 3,150,888

2010 - Sept ........................................... -3,511 1,950 308,059 306,109 -5,461 298,916 304,377

Oct. r ......................................... -18,969 -9,005 255,159 264,164 -9,964 356,515 366,479

Nov ............................................ -8,025 605 264,879 264,274 -8,630 337,400 346,030

Dec. ........................................... -11,461 -2,978 230,791 233,769 -8,483 319,975 328,458

2011 - Jan. r .......................................... -18,971 -360 279,141 279,501 -18,611 316,024 334,635

Feb. r ......................................... -5,531 7,688 295,445 287,757 -13,219 342,644 355,863

Mar. r ......................................... -30,657 -16,925 385,367 402,292 -13,732 403,391 417,123

Apr. r ......................................... -14,313 -1,319 316,165 317,484 -12,994 328,232 341,226

May ........................................... -20,396 -14,069 316,006 330,075 -6,327 341,585 347,912

June .......................................... 15,058 13,400 360,013 346,613 1,658 341,182 339,524

July ............................................ -15,000 580 290,201 289,621 -15,580 305,573 321,153

Aug. p ........................................ -8,129 -4,903 266,094 270,997 -3,226 378,375 381,601

Sept. p...................................... 2,707 977 273,998 273,021 1,730 313,581 311,851

 
CAPITAL MOVEMENTS 

December 2011 

84

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks

 Calendar 

 year 

 2010 r 

 (1) 

2011 

Calendar

year 

2010 

(4) 

2011

 Calendar

 year 

 2010 r 

 (7) 

2011

Calendar 

year 

2010 

(10) 

2011

 Jan. 

 through 

Sept. 

(2) 

 July

 through 

 Sept. p 

 (3) 

Jan.

 through

Sept. 

 (5) 

 July

 through

 Sept. p 

 (6) 

Jan.

 through

Sept. 

 (8) 

 July

 through 

Sept. p 

 (9) 

Jan.

 through

Sept. 

(11) 

 July

through

 Sept. p

 (12) 

Europe: 

Austria ............................. -277 -30 -72 117 162 3 271 111 9 -29 -125 -25

Belgium ........................... -1,757 -517 -157 2,256 -248 -69 -16,201 -13,508 -2,877 -494 -2,872 -1,963

Bulgaria ........................... 239 180 74 - - - - -4 - - -28 -38

Cyprus ............................ -198 -155 -268 42 -35 - -114 -25 -9 -25 -51 -49

Czech Republic ............... -177 144 46 -88 - - - 6 - -134 -163 -329

Denmark ......................... 2,319 722 1,041 -2,028 37 -32 175 -371 -162 128 698 -253

Finland ............................ 398 -6 -120 3 47 19 -257 -160 -85 719 667 -585

France ............................. -5,819 27,242 24,415 16,377 5,246 4,232 -6,429 -7,391 -3,808 19,640 -20,515 -14,120

Germany ......................... 13,165 1,987 -2,191 3,565 -42 211 -2,997 -3,099 -1,411 -443 241 -1,542

Greece ............................ 19 -129 -160 -9 -64 1 -7 -2 -1 29 -104 -78

Hungary .......................... -659 66 -53 -125 26 3 13 78 21 65 -59 -239

Ireland ............................. -3,127 -14,827 -5,256 -3,956 -4,674 -1,090 -2,980 -173 33 976 -234 -236

Italy ................................. 963 374 1,234 392 -266 29 184 -119 -240 -3,074 3,016 1,425

Kazakhstan ..................... 2,924 1,384 256 -104 117 - 99 4 1 -1 12 -11

Luxembourg .................... -4,704 -10,707 3,105 -15,303 -11,020 -6,220 1,380 -1,004 -2,382 131 -68 -2,473

Monaco ........................... 572 17 26 173 -41 -4 -57 -171 -28 301 -424 157

Netherlands .................... -1,356 893 638 -153 826 151 -1,688 -1,637 -80 -5,654 -705 922

Norway ............................ 8,244 2,993 2,099 912 2,215 235 -956 -4,060 -2,869 2,075 3,391 351

Poland ............................. -752 2,765 698 1,065 635 685 -23 118 60 20 -86 -30

Portugal .......................... -374 2 59 -14 -5 - -109 -12 1 -152 -759 -214

Romania ......................... 101 394 -1,910 9 - - -8 - - -24 -9 -2

Russia ............................. -15,771 -20,152 -5,745 -3 31 -25 -268 129 3 -155 2 -9

Serbia and Montenegro ..... -583 -276 -146 6 -10 -16 2 - - -1 -1 -1

Spain............................... -5,086 -944 513 -96 31 13 -1,893 -569 -142 943 -446 -448

Sweden ........................... 2,150 4,095 391 -174 -453 19 -1,693 -224 -454 1,740 -3,166 -1,576

Switzerland ..................... 19,517 25,470 19,730 -3,300 539 127 -283 2,076 842 7,553 -2,634 -3,699

Turkey ............................. -2,592 4,994 1,253 1 - - 170 70 1 71 -23 -

Ukraine ........................... 3,609 -405 -237 -126 -5 - 35 -12 -13 34 -6 1

United Kingdom .............. 341,751 167,010 71,883 17,836 -16,564 -1,872 -10,921 -1,859 8,430 27,839 8,669 -9,614

Channel Islands .............. -368 1,190 671 590 73 72 -1,478 -2,135 -184 1,625 876 192

All other Europe .............. -154 376 37 -807 661 269 -48 257 112 350 91 25

Total Europe ............... 352,217 194,151 111,855 17,060 -22,782 -3,258 -46,081 -33,686 -5,233 54,053 -14,815 -34,461

Memo: Euro Area 1 ..... -8,242 3,144 21,718 3,235 -10,054 -2,719 -30,925 -27,612 -11,011 12,779 -21,861 -19,358

Memo: European 

 Union 2 ..................... 336,813 178,518 93,847 19,676 -26,408 -3,968 -43,315 -29,894 -3,122 42,485 -16,060 -31,476

Canada ............................... 78,712 4,696 856 7,778 4,739 671 1,578 -1,457 -1,457 6,469 13,566 446

Latin America: 

Argentina ........................ 66 -148 -63 47 9 -8 243 2 52 293 93 -209

Brazil ............................... 24,934 44,001 -1,227 1,297 615 -480 -149 149 206 -68 -192 -21

Chile ............................... 743 3,314 749 -98 -92 -103 369 460 152 854 -1,247 -881

Colombia ......................... -84 2,863 195 208 124 -3 232 -200 -195 210 -18 -13

Ecuador .......................... 335 -80 15 -5 20 2 28 -2 -4 -22 4 -19

Costa Rica ...................... 128 938 198 683 84 -40 146 -43 -4 760 56 -4

Guatemala ...................... -31 269 -265 3 -15 -2 40 -34 -16 10 -3 -

Mexico ............................ -1,973 -5,278 -1,859 1,433 6,556 3,691 302 901 -162 2,598 1,865 -271

Panama .......................... -244 -182 -148 524 305 23 881 -19 249 579 378 24

Peru ................................ 1,305 -702 -214 553 64 109 254 -63 43 -556 393 265

Uruguay .......................... 1,231 1,082 824 -402 -364 55 348 136 80 308 63 -72

Venezuela ....................... 90 -43 -29 164 23 -5 194 219 71 159 366 77

All other Latin America ..... 108 -141 -146 228 532 391 87 269 193 56 21 -13

Total Latin America ..... 26,608 45,893 -1,970 4,635 7,861 3,630 2,975 1,775 665 5,181 1,779 -1,137

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2011 

85

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country 

Marketable Treasury 

bonds and notes 

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

Calendar 

year 

2010 r 

(1) 

2011 

Calendar

year 

2010 

(4) 

2011

Calendar 

year 

2010 r 

(7) 

2011 

Calendar 

year 

2010 

(10) 

2011

 Jan. 

 through 

Sept. 

(2) 

 July

 through

 Sept. p 

 (3) 

Jan.

 through

Sept. 

 (5) 

 July

 through

 Sept. p 

 (6) 

Jan.

 through

Sept.

 (8) 

 July

 through 

Sept. p 

 (9) 

Jan.

 through

Sept. 

(11) 

 July

through

 Sept. p

 (12) 

Caribbean: 

Anguilla...................................... -1,424 955 1,138 -29 54 98 723 -183 -28 571 -1,911 -1,164

Bahamas.................................... -8,752 9,568 6,663 715 462 -37 -878 116 -108 108 568 446

Barbados ................................... 416 31 -1,351 772 90 -36 -724 478 328 136 -39 113

Bermuda .................................... 3,110 2,921 1,138 4,625 2,198 1,157 1,742 1,339 1,158 5,501 1,619 -944

British Virgin Islands................... 562 4,899 1,206 276 -276 -71 339 709 622 1,566 3,764 2,090

Cayman Islands ......................... 13,262 -15,605 10,254 6,697 10,277 9,214 18,422 10,733 3,352 16,081 24,294 2,761

Cuba .......................................... - - - - - - - - - - -24 -

Jamaica ..................................... 6 - 1 -20 -89 -57 22 21 9 -11 10 -1

Netherlands Antilles ................... 2,763 -5,961 205 108 353 444 1,656 2,004 620 -204 133 -55

Trinidad and Tobago.................. 392 264 -189 85 -38 9 -116 42 -7 204 44 46

All other Caribbean .................... 221 -104 -187 582 126 112 451 299 125 243 -17 -47

Total Caribbean ..................... 10,556 -3,032 18,878 13,811 13,157 10,833 21,637 15,558 6,071 24,195 28,441 3,245

Asia: 

China, Mainland. ........................ 51,159 -854 -17,113 -29,282 10,584 750 -354 3,658 2,962 2,798 -569 -23

Hong Kong................................. 8,743 606 2,636 6,505 268 -451 -896 -1,409 417 9,760 5,574 885

India........................................... 1,494 -1,495 -632 -4 - - 14 -40 -5 -591 -408 -86

Indonesia ................................... 5,081 1,690 1,924 124 190 166 -49 133 -86 -50 129 -5

Israel.......................................... 3,366 -2,072 -2,450 565 -437 -73 210 111 13 392 -556 101

Japan......................................... 124,121 75,523 44,811 71,289 23,390 15,648 842 5,350 -1,047 4,587 3,451 4,614

Korea, South.............................. -3,152 -5,380 633 6,967 4,818 -2,201 1,248 -2,003 -1,634 281 -225 -301

Lebanon..................................... 35 52 -1 -1 1 - 153 -79 92 15 68 44

Malaysia..................................... -131 2,664 1,610 2,861 -562 -2,034 454 126 203 317 229 136

Pakistan..................................... 69 - - - -2 -4 9 -7 - -4 -16 -

Philippines ................................. 2,846 5,505 2,661 -21 -2,776 -1 135 314 304 27 -38 -7

Singapore .................................. 15,219 354 -933 -1,479 -1,167 36 8,280 2,163 -719 -4,445 -2,042 -833

Syria .......................................... - - - - - - - -3 - -31 -1 -

Taiwan ....................................... 14,869 -5,910 -4,546 13,621 5,950 528 5,288 2,330 -456 339 -411 -74

Thailand..................................... 18,278 1,506 164 -1,549 -72 15 101 149 -94 68 -49 -107

Oil exporting countries 3 ............. -6,234 -1,444 3,347 -2,060 70 145 -5,675 -688 -131 4,570 4,672 638

All other Asia.............................. 152 949 221 -32 -22 12 53 -42 -43 93 25 35

Total Asia ............................... 235,915 71,694 32,332 67,504 40,233 12,536 9,813 10,063 -224 18,126 9,833 5,017

Africa: 

Egypt.......................................... 1,112 130 16 -42 -3 -1 -13 -12 -2 -19 -14 -7

Liberia........................................ 51 3 -1 1 1 2 19 75 2 -10 -33 -31

Morocco ..................................... -115 -38 -21 -914 5 2 2 1 -1 -13 -6 1

South Africa ............................... -5,020 -1,111 713 21 2 16 147 -67 -108 -27 -68 -131

Oil exporting countries 4 ............. 8,244 `2,214 -816 65 -13 -16 39 196 201 -27 14 -10

All other Africa............................ 863 249 -192 39 169 2 48 -10 -20 -224 53 -54

Total Africa............................. 5,135 1,447 -301 -830 161 5 242 183 72 -320 -54 -232

Other countries: 

Australia..................................... -5,646 135 58 -638 -378 -189 -1,582 -836 -1,032 2,024 1,380 231

New Zealand.............................. -7 -215 -138 -39 6 10 -21 51 -4 93 268 158

All other countries ...................... 4 -3 -6 -11 20 20 19 -87 -18 -34 2 15

Total other countries .............. -5,649 -83 -86 -688 -352 -159 -1,584 -872 -1,054 2,083 1,650 404

Total foreign countries ....... 703,494 314,766 161,564 109,270 43,017 24,258 -11,420 -8,436 -1,160 109,787 40,400 -26,718

International and regional orgs: 

International organizations ......... 145 4,541 -1,388 -1,258 -156 326 -1,594 -1,290 -316 -41 325 4

Regional organizations 5 ............ 43 189 10 7 -599 -434 -140 -622 -111 -5 -1 2

Total international and 

 regional organizations .............. 188 4,730 -1,378 -1,251 -755 -108 -1,734 -1,912 -427 -46 324 6

Grand total......................... 703,682 319,496 160,186 108,019 42,262 24,150 -13,154 -10,348 -1,587 109,741 40,724 -26,712

1As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia. 

2

 As of January 2007,Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, 

Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. 

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2011 

86

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2011, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country 

Total 

 purchases 

 (1) 

Domestic securities

 Foreign securities 

Total

 sales

 (8) 

Domestic securities 

 Foreign securities 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

Corporate and 

other 

Marketable

Treasury 

 and 

 Federal 

 Financing 

Bank 

bonds 

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

 other 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

Bonds 

 (11) 

Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria .................................... 2,987 641 320 140 596 716 575 2,632 713 317 131 621 379 472

Belgium................................... 7,432 641 146 307 2,889 2,135 1,314 23,896 798 215 3,184 4,852 13,286 1,560

Bulgaria .................................. 552 302 - - 215 - 35 540 228 - - 253 23 36

Cyprus .................................... 38,811 146 - 3 33,937 137 4,588 39,259 413 - 12 33,986 140 4,708

Czech Republic ...................... 1,786 276 - - 360 252 898 1,263 230 - - 689 128 216

Denmark................................. 11,791 3,224 28 330 5,507 1,425 1,277 11,609 2,183 60 492 5,760 1,637 1,477

Finland.................................... 2,422 290 353 37 880 240 622 3,942 410 334 122 1,465 1,027 584

France .................................... 1,310,579 1,006,323 9,700 3,827 220,870 44,749 25,110 1,296,357 981,907 5,468 7,635 234,990 40,732 25,624

Germany................................. 90,772 25,332 1,010 1,236 27,137 26,747 9,309 80,115 27,523 799 2,647 28,679 10,444 10,023

Greece.................................... 817 171 2 4 434 91 116 994 331 1 5 512 30 115

Hungary.................................. 1,019 455 3 31 230 221 79 2,926 508 - 10 469 1,908 31

Ireland..................................... 95,209 46,798 14,341 3,910 10,401 4,932 14,825 107,018 52,055 15,431 3,877 10,637 8,333 16,684

Italy ......................................... 31,840 3,752 162 277 16,156 7,645 3,849 22,694 2,517 132 517 14,731 917 3,880

Kazakhstan............................. 1,727 1,258 - 1 49 379 40 1,424 1,002 - - 60 292 70

Luxembourg ........................... 58,648 13,465 9,556 4,469 12,742 7,466 10,950 80,387 10,360 15,776 6,851 15,215 20,844 11,341

Monaco................................... 1,021 68 11 31 769 18 124 836 42 15 59 612 4 104

Netherlands ............................ 50,216 13,579 491 3,043 12,480 13,200 7,422 41,344 12,941 340 3,123 11,558 5,520 7,862

Norway ................................... 50,682 29,104 3,850 3,357 3,734 7,786 2,851 50,241 27,005 3,615 6,226 3,383 7,723 2,289

Poland .................................... 8,316 6,970 685 66 180 248 167 8,960 6,272 - 6 210 2,154 318

Portugal .................................. 2,940 702 1 10 1,686 160 381 3,024 644 1 9 1,900 154 317

Romania ................................. 109 53 - - 30 21 5 2,032 1,963 - - 32 34 3

Russia..................................... 9,135 7,795 - 113 280 368 579 15,945 13,540 25 110 289 1,641 340

Serbia and Montenegro.......... 121 117 3 - 1 - - 284 263 19 - 2 - -

Spain ...................................... 12,853 3,802 302 221 2,120 2,894 3,514 10,217 3,289 289 363 2,568 598 3,110

Sweden................................... 20,843 5,788 42 821 3,503 4,580 6,109 21,028 5,397 23 1,275 5,079 3,269 5,985

Switzerland............................. 82,625 33,632 822 5,319 25,139 3,925 13,788 66,125 13,902 695 4,477 28,838 4,184 14,029

Turkey..................................... 3,668 2,450 - 1 206 588 423 2,021 1,197 - - 206 121 497

Ukraine ................................... 1,241 1,191 - 1 15 34 - 1,548 1,428 - 14 14 54 38

United Kingdom...................... 3,166,652 2,080,460 67,393 100,754 368,595 225,370 324,080 3,100,439 2,008,577 69,265 92,324 378,209 227,401 324,663

Channel Islands...................... 42,642 5,585 695 915 29,472 1,762 4,213 41,620 4,914 623 1,099 29,280 1,648 4,056

All other Europe...................... 4,107 599 630 154 1,819 673 231 4,397 562 361 42 1,794 1,327 310

Total Europe....................... 5,113,561 3,294,968 110,545 129,378 782,432 358,763 437,475 5,045,115 3,183,113 113,803 134,611 816,893 355,952 440,743

Memo: Euro Area 1 ............. 1,706,928 1,115,772 36,384 17,489 343,381 111,181 82,721 1,713,593 1,094,054 39,103 28,500 362,739 102,764 86,433

Canada....................................... 498,778 198,648 8,787 12,474 109,030 102,793 67,046 511,711 197,792 8,116 13,931 108,584 115,880 67,408

Latin America: 

Argentina ................................ 4,699 84 12 218 2,228 1,278 879 5,730 147 20 166 2,437 2,041 919

Brazil....................................... 68,231 41,834 1,345 301 3,732 8,003 13,016 68,124 43,061 1,825 95 3,753 5,772 13,618

Chile ....................................... 14,205 4,863 12 341 3,601 3,117 2,271 14,419 4,114 115 189 4,482 3,140 2,379

Colombia ................................ 10,598 4,115 581 172 3,306 1,514 910 10,787 3,920 584 367 3,319 1,652 945

Costa Rica.............................. 1,736 1,217 3 24 378 62 52 1,732 1,202 1 28 397 54 50

Ecuador.................................. 1,549 230 791 44 129 232 123 1,222 32 831 48 133 26 152

Guatemala.............................. 898 532 - 10 195 134 27 1,168 797 2 26 195 120 28

Mexico .................................... 44,699 9,708 6,480 2,334 10,665 6,147 9,365 49,612 11,567 2,789 2,496 10,936 13,525 8,299

Panama .................................. 7,290 643 338 1,029 2,186 2,383 711 6,839 791 315 780 2,162 1,957 834

Peru ........................................ 6,792 2,278 367 162 1,681 1,228 1,076 6,567 2,492 258 119 1,416 1,235 1,047

Uruguay.................................. 6,972 2,349 118 315 1,711 1,971 508 5,984 1,525 63 235 1,783 1,820 558

Venezuela .............................. 4,298 101 30 172 1,160 2,475 360 7,083 130 35 101 1,083 5,425 309

All other Latin America ........... 1,942 309 438 248 253 628 66 1,345 455 47 55 266 443 79

Total Latin America ............ 173,909 68,263 10,515 5,370 31,225 29,172 29,364 180,612 70,233 6,885 4,705 32,362 37,210 29,217

Caribbean: 

Anguilla................................... 189,466 6,149 101 31 153,181 44 29,960 190,609 5,011 3 59 154,345 25 31,166

Bahamas ................................ 95,269 44,333 820 5,157 32,473 5,341 7,145 88,800 37,670 857 5,265 32,027 5,399 7,582

Barbados ................................ 3,017 584 86 436 353 644 914 3,559 1,935 122 108 240 527 627

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2011 

87

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2011, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country 

Domestic securities 

Foreign securities Total

 sales

(8) 

Domestic securities 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Corporate and 

other 

Marketable

Treasury 

and 

Federal 

 Financing

Bank bonds

 and notes

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

Bonds

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks

(7) 

 Bonds 

 (11) 

 Stocks

 (12) 

Bonds

 (13) 

Stocks

 (14) 

Caribbean, con. 

Bermuda................................ 233,645 27,857 9,044 7,200 111,627 52,101 25,816 231,274 26,719 7,887 6,042 112,571 51,850 26,205

British Virgin Islands .............. 133,446 22,982 323 3,681 78,990 7,326 20,144 130,825 21,776 394 3,059 76,900 8,079 20,617

Cayman Islands..................... 1,871,425 624,045 76,527 47,344 750,298 203,812 169,399 1,859,699 613,791 67,313 43,992 747,537 203,027 184,039

Cuba...................................... --------------

Jamaica................................. 390 129 163 44 32 19 3 451 128 220 35 33 31 4

Netherlands Antilles............... 17,418 2,973 738 710 9,223 507 3,267 17,861 2,768 294 90 9,278 1,285 4,146

Trinidad and Tobago ............. 2,451 1,102 958 85 170 101 35 2,533 1,291 949 92 124 54 23

All other Caribbean ................ 3,121 282 299 217 1,568 605 150 3,611 469 187 92 1,615 833 415

Total Caribbean ................. 2,549,648 730,436 89,059 64,905 1,137,915 270,500 256,833 2,529,222 711,558 78,226 58,834 1,134,670 271,110 274,824

Asia: 

China, Mainland. ................... 131,013 110,888 5,173 5,022 4,711 2,533 2,686 148,044 128,001 4,423 2,060 4,734 629 8,197

Hong Kong ............................ 136,875 26,057 5,576 1,661 11,501 5,945 86,135 125,521 23,421 6,027 1,244 10,616 4,837 79,376

India ...................................... 6,459 1,517 - 1 331 178 4,432 7,269 2,149 - 6 417 273 4,424

Indonesia............................... 11,846 8,920 872 2 140 436 1,476 10,154 6,996 706 88 145 531 1,688

Israel ..................................... 137,543 129,809 239 455 3,910 858 2,272 140,004 132,259 312 442 3,809 1,117 2,065

Japan .................................... 376,159 223,381 53,865 8,998 23,042 16,881 49,992 304,822 178,570 38,217 10,045 18,428 15,576 43,986

Korea, South ......................... 43,704 17,016 12,333 735 556 3,488 9,576 48,527 16,383 14,534 2,369 857 3,616 10,768

Lebanon ................................ 1,352 29 - 289 920 29 85 1,183 30 - 197 876 2 78

Malaysia ................................ 15,597 3,810 1,602 965 614 7,068 1,538 12,597 2,200 3,636 762 478 3,690 1,831

Pakistan ................................ 110 - - 7 10 18 75 60 - 4 7 10 5 34

Philippines............................. 10,671 8,899 6 360 357 755 294 7,897 6,238 7 56 364 834 398

Singapore.............................. 97,480 64,812 2,972 2,203 9,791 4,819 12,883 101,161 65,745 2,936 2,922 10,624 4,887 14,047

Syria...................................... --------------

Taiwan................................... 25,947 4,424 2,528 1,419 6,469 1,894 9,213 28,116 8,970 2,000 1,875 6,543 1,211 7,517

Thailand ................................ 8,039 4,767 24 19 200 1,122 1,907 8,061 4,603 9 113 307 597 2,432

All other Asia ......................... 47,104 30,713 2,984 677 8,273 2,405 2,052 42,555 27,145 2,827 851 7,600 2,311 1,821

Total Asia .......................... 1,049,899 635,042 88,174 22,813 70,825 48,429 184,616 985,971 602,710 75,638 23,037 65,808 40,116 178,662

Africa: 

Egypt..................................... 589 99 10 9 263 89 119 564 83 11 11 270 84 105

Liberia ................................... 428 22 2 64 253 42 45 422 23 - 62 284 5 48

Morocco ................................ 36 24 2 - 3 - 7 64 45 - 1 2 6 10

South Africa........................... 5,741 3,686 174 195 319 444 923 5,642 2,973 158 303 450 574 1,184

All other Africa ....................... 5,236 2,124 38 213 880 136 1,845 7,947 3,132 52 32 944 521 3,266

Total Africa ........................ 12,030 5,955 226 481 1,718 711 2,939 14,639 6,256 221 409 1,950 1,190 4,613

Other countries: 

Australia ................................ 53,211 9,977 2,952 2,235 9,110 11,115 17,822 50,904 9,919 3,141 3,267 8,879 9,005 16,693

New Zealand ......................... 2,449 554 132 35 645 683 400 1,781 692 122 39 487 209 232

All other ................................. 320 47 25 14 65 131 38 249 53 5 32 50 39 70

Total other countries .......... 55,980 10,578 3,109 2,284 9,820 11,929 18,260 52,934 10,664 3,268 3,338 9,416 9,253 16,995

Total foreign countries ... 9,453,805 4,943,890 310,415 237,705 2,142,965 822,297 996,533 9,320,204 4,782,326 286,157 238,865 2,169,683 830,711 1,012,462

International and regional orgs: 

International organizations..... 11,101 5,559 1,872 75 335 3,061 199 11,988 6,947 1,546 391 331 2,511 262

Regional organizations 2 ........ 6,536 177 574 38 15 4,935 797 3,635 167 1,008 149 13 417 1,881

Total international and 

 regional organizations .... 17,637 5,736 2,446 113 350 7,996 996 15,623 7,114 2,554 540 344 2,928 2,143

Grand total .................... 9,471,442 4,949,626 312,861 237,818 2,143,315 830,293 997,529 9,335,827 4,789,440 288,711 239,405 2,170,027 833,639 1,014,605

1

 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as of January 2011, 

also includes Estonia. 

2 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2011 

88

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2010 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country

Domestic securities Domestic securities 

 Total 

 purchases

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

Corporate and 

other 

 Marketable

 Treasury

 and 

 Federal

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

Foreign securities other Foreign securities Total

 sales

 (8) 

 Bonds

 (4) 

Stocks

 (5) 

Bonds

 (6) 

 Stocks

 (7) 

 Bonds

 (11) 

 Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria................................ 13,696 2,250 815 654 1,982 5,965 2,030 9,233 2,527 698 383 2,011 1,718 1,896

Belgium .............................. 39,717 4,014 3,689 3,153 15,484 8,792 4,585 98,662 5,771 1,433 19,354 15,978 51,221 4,905

Bulgaria .............................. 1,585 1,083 - - 491 1 10 1,347 844 - - 491 3 9

Cyprus................................ 9,796 1,703 125 1,030 2,871 1,618 2,449 10,357 1,901 83 1,144 2,896 1,745 2,588

Czech Republic .................. 4,082 1,353 49 - 992 1,064 624 3,351 1,530 137 - 1,126 139 419

Denmark............................. 41,875 11,317 86 2,941 6,773 15,328 5,430 37,722 8,998 2,114 2,766 6,645 11,251 5,948

Finland ............................... 13,632 2,959 647 601 4,283 2,456 2,685 13,930 2,561 644 858 3,564 3,772 2,531

France................................ 4,074,693 2,942,757 38,993 15,675 871,487 97,369 108,412 4,042,583 2,948,576 22,616 22,104 851,847 92,793 104,648

Germany ............................ 341,578 117,835 9,465 9,007 74,460 91,442 39,369 292,800 104,669 5,900 12,004 74,903 59,283 36,040

Greece ............................... 5,670 613 67 75 2,050 1,660 1,205 4,483 594 76 82 2,021 339 1,371

Hungary.............................. 3,559 550 242 31 1,503 819 414 3,596 1,209 367 18 1,438 320 244

Ireland ................................ 297,602 137,539 32,802 18,700 35,606 26,619 46,336 314,546 140,666 36,757 21,680 34,630 37,068 43,745

Italy..................................... 117,248 20,539 1,462 1,059 56,872 22,186 15,131 108,473 19,576 1,070 875 59,946 11,384 15,622

Kazakhstan......................... 8,729 6,398 150 101 39 2,000 41 5,522 3,474 254 2 40 1,722 30

Luxembourg ....................... 194,957 26,018 36,189 22,221 55,211 26,554 28,763 250,099 30,722 51,493 20,841 55,080 64,782 27,181

Monaco .............................. 3,968 753 207 337 1,860 512 299 2,565 181 34 394 1,559 112 285

Netherlands........................ 163,412 27,943 4,454 6,638 42,544 35,319 46,513 165,952 29,299 4,607 8,326 48,198 28,009 47,514

Norway ............................... 120,217 48,128 9,277 4,320 35,132 9,400 13,960 106,110 39,884 8,365 5,276 33,057 7,499 12,029

Poland................................ 44,478 38,986 1,065 18 286 3,607 516 44,386 39,738 - 41 266 3,570 771

Portugal.............................. 8,038 760 14 135 3,602 2,083 1,445 8,357 1,134 28 244 3,754 1,508 1,689

Romania............................. 1,468 1,239 10 - 184 13 22 1,399 1,138 1 8 208 27 17

Russia ................................ 54,300 51,627 - 31 1,041 393 1,208 70,338 67,398 3 299 1,196 211 1,231

Serbia and Montenegro ...... 269 135 77 2 38 11 6 849 718 71 - 39 3 18

Spain.................................. 69,723 28,520 526 1,401 9,517 14,275 15,484 71,887 33,605 622 3,294 8,574 7,880 17,912

Sweden .............................. 75,414 23,790 1,020 1,271 17,972 12,763 18,598 78,682 21,640 1,194 2,964 16,232 18,539 18,113

Switzerland......................... 277,883 59,676 3,017 25,823 106,787 14,154 68,426 253,950 40,159 6,317 26,106 99,234 19,873 62,261

Turkey ................................ 11,066 5,695 1 175 615 2,636 1,944 12,556 8,287 - 5 544 2,146 1,574

Ukraine............................... 7,378 6,158 28 50 95 391 656 4,351 2,549 154 15 61 473 1,099

United Kingdom.................. 11,657,990 7,485,729 253,535 320,235 935,538 1,516,285 1,146,668 11,250,761 7,143,978 235,699 331,156 907,699 1,489,347 1,142,882

Channel Islands.................. 79,800 5,282 2,075 4,528 47,400 5,814 14,701 79,910 5,650 1,485 6,006 45,775 5,829 15,165

All other Europe .................. 16,467 4,073 1,766 795 5,120 2,293 2,421 18,437 4,227 2,572 843 4,770 3,222 2,804

Total Europe ................... 17,760,291 11,065,420 401,854 441,007 2,337,835 1,923,822 1,590,353 17,367,195 10,713,203 384,794 487,088 2,283,782 1,925,787 1,572,541

Memo: Euro Area 1 ......... 5,352,431 3,313,584 129,341 80,461 1,177,620 336,722 314,703 5,394,039 3,321,826 126,106 111,386 1,164,841 361,982 307,898

Canada ................................... 1,726,036 715,768 38,424 49,410 368,994 309,436 244,004 1,684,015 637,056 30,646 47,832 362,525 359,181 246,775

Latin America: 

Argentina............................ 19,115 996 180 951 7,672 5,867 3,449 18,805 930 133 708 7,379 5,624 4,031

Brazil .................................. 257,817 153,360 4,549 2,980 16,612 32,644 47,672 252,440 128,426 3,252 3,129 16,680 33,493 67,460

Chile................................... 41,187 13,089 2,252 1,050 9,762 7,102 7,932 43,337 12,346 2,350 681 8,908 12,213 6,839

Colombia ............................ 30,889 10,624 2,997 854 6,745 7,483 2,186 30,604 10,708 2,789 622 6,535 7,801 2,149

Costa Rica.......................... 4,603 2,336 50 170 1,349 443 255 4,072 2,001 55 142 1,371 293 210

Ecuador.............................. 6,490 555 3,011 426 1,663 273 562 4,493 427 2,328 280 903 170 385

Guatemala.......................... 2,069 1,336 14 55 410 183 71 2,231 1,367 11 15 400 394 44

Mexico................................ 143,559 47,662 10,329 4,000 29,204 22,301 30,063 150,671 49,635 8,896 3,698 26,606 32,481 29,355

Panama.............................. 24,005 1,275 1,155 3,249 7,590 7,675 3,061 21,471 1,519 631 2,368 7,011 7,348 2,594

Peru.................................... 24,215 8,343 1,669 873 5,067 3,710 4,553 24,050 7,038 1,116 619 5,623 5,089 4,565

Uruguay.............................. 23,925 6,476 431 1,186 5,180 8,268 2,384 20,850 5,245 833 838 4,872 6,892 2,170

Venezuela .......................... 14,100 812 545 1,500 5,047 5,136 1,060 15,013 722 381 1,306 4,888 6,933 783

All other Latin America ....... 7,332 1,123 384 604 3,091 1,720 410 6,587 1,015 156 517 3,035 1,515 349

Total Latin America ........ 599,306 247,987 27,566 17,898 99,392 102,805 103,658 594,624 221,379 22,931 14,923 94,211 120,246 120,934

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2011 

89

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2010, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country

Domestic securities Domestic securities 

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

Corporate and 

other Foreign securities Total

sales

(8) 

Marketable

Treasury

and 

Federal 

Financing 

Bank bonds

and notes

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

 Bonds 

(4) 

Stocks

(5) 

Bonds

(6) 

Stocks

 (7) 

Bonds 

(11) 

Stocks

(12) 

Bonds

 (13) 

 Stocks

 (14) 

Caribbean: 

Anguilla ................................. 592,042 20,724 177 1,163 479,180 654 90,144 591,987 22,148 206 440 478,609 404 90,180

Bahamas ............................... 548,283 211,569 4,929 63,536 178,838 27,989 61,422 556,370 220,321 4,214 64,414 178,730 29,139 59,552

Barbados ............................... 8,375 3,327 1,565 512 1,095 1,406 470 7,957 2,911 793 1,236 959 1,669 389

Bermuda ................................ 1,003,034 94,484 50,485 36,845 450,911 274,976 95,333 990,797 91,374 45,860 35,103 445,410 276,522 96,528

British Virgin Islands .............. 589,713 202,375 2,096 20,159 241,794 26,701 96,588 583,351 201,813 1,820 19,820 240,228 27,197 92,473

Cayman Islands ..................... 5,831,388 1,785,058 176,401 233,874 2,264,609 727,939 643,507 5,779,089 1,771,796 169,704 215,452 2,248,528 724,174 649,435

Cuba ..................................... ------ --- - ----

Jamaica ................................. 1,681 854 407 88 195 124 13 1,743 848 427 66 206 179 17

Netherlands Antilles .............. 146,439 77,253 2,969 3,553 38,992 8,090 15,582 142,636 74,490 2,861 1,897 39,196 7,856 16,336

Trinidad and Tobago ............. 6,534 3,568 986 247 983 501 249 5,868 3,176 901 363 779 469 180

All other Caribbean ................ 7,111 747 1,281 687 3,037 689 670 6,003 526 699 236 2,794 1,273 475

Total Caribbean ................ 8,734,600 2,399,959 241,296 360,664 3,659,634 1,069,069 1,003,978 8,665,801 2,389,403 227,485 339,027 3,635,439 1,068,882 1,005,565

Asia: 

China, Mainland................ 284,556 203,746 36,696 3,917 20,377 8,280 11,540 255,240 152,587 65,978 4,271 17,579 3,901 10,924

Hong Kong ........................ 486,905 79,105 23,538 10,748 41,789 38,500 293,225 481,007 70,362 17,033 11,644 32,029 30,725 319,214

India................................... 34,123 11,326 - 99 1,104 1,624 19,970 40,235 9,832 4 85 1,695 2,759 25,860

Indonesia........................... 22,135 13,047 774 111 665 1,750 5,788 19,554 7,966 650 160 715 2,493 7,570

Israel.................................. 159,435 131,154 2,931 2,140 14,600 2,074 6,536 153,065 127,788 2,366 1,930 14,208 984 5,789

Japan................................. 1,389,490 829,747 219,125 31,759 68,633 59,618 180,608 1,208,127 705,626 147,836 30,917 64,046 66,098 193,604

Korea, South...................... 124,900 38,865 34,639 7,665 3,388 13,303 27,040 128,363 42,017 27,672 6,417 3,107 13,155 35,995

Lebanon ............................ 3,039 168 - 436 2,049 91 295 2,844 133 1 283 2,034 58 335

Malaysia ............................ 21,687 2,116 8,718 1,549 1,454 3,116 4,734 20,802 2,247 5,857 1,095 1,137 3,768 6,698

Pakistan............................. 534 145 - 30 116 142 101 427 76 - 21 120 87 123

Philippines ......................... 26,475 19,504 178 307 1,373 4,037 1,076 23,147 16,658 199 172 1,346 3,355 1,417

Singapore .......................... 345,772 210,742 12,864 17,856 37,668 20,766 45,876 314,913 195,523 14,343 9,576 42,113 9,641 43,717

Syria .................................. 205 - - - 186 - 19 228 - - - 217 - 11

Taiwan............................... 124,049 39,408 26,360 8,773 17,979 5,180 26,349 91,652 24,539 12,739 3,485 17,640 2,874 30,375

Thailand............................. 37,030 28,890 133 158 1,064 2,047 4,738 22,256 10,612 1,682 57 996 2,470 6,439

All other Asia ..................... 119,154 47,514 15,364 3,411 33,017 9,838 10,010 128,543 53,596 17,456 9,033 28,354 12,780 7,324

Total Asia ...................... 3,179,489 1,655,477 381,320 88,959 245,462 170,366 637,905 2,890,403 1,419,562 313,816 79,146 227,336 155,148 695,395

Africa: 

Egypt ................................. 5,733 2,690 27 4 867 894 1,251 4,838 1,578 69 17 886 696 1,592

Liberia................................ 2,787 109 9 222 1,955 131 361 2,623 58 8 203 1,965 35 354

Morocco............................. 449 288 25 14 49 28 45 1,533 403 939 12 62 51 66

South Africa....................... 20,919 14,036 662 247 1,185 662 4,127 27,966 19,056 641 100 1,212 3,114 3,843

All other Africa ................... 31,549 18,369 422 273 1,822 1,907 8,756 19,731 9,262 318 186 2,073 1,768 6,124

Total Africa .................... 61,437 35,492 1,145 760 5,878 3,622 14,540 56,691 30,357 1,975 518 6,198 5,664 11,979

Other countries: 

Australia ............................ 225,682 57,945 10,284 10,881 27,831 41,995 76,746 249,014 63,591 10,922 12,463 25,807 59,319 76,912

New Zealand ..................... 5,376 544 695 417 1,751 1,289 680 7,220 551 734 438 1,658 3,068 771

All other ............................. 904 20 19 150 411 38 266 2,318 16 30 131 445 550 1,146

Total other countries...... 231,962 58,509 10,998 11,448 29,993 43,322 77,692 258,552 64,158 11,686 13,032 27,910 62,937 78,829

Total foreign 

 countries................ 32,293,121 16,178,612 1,102,603 970,146 6,747,188 3,622,442 3,672,130 31,517,281 15,475,118 993,333 981,566 6,637,401 3,697,845 3,732,018

International and regional orgs: 

International organizations ... 23,074 10,388 3,802 655 7 8,049 173 22,728 10,243 5,060 2,249 48 4,911 217

Regional organizations 2 ..... 24,632 912 2,248 445 23 19,659 1,345 7,789 869 2,241 585 28 2,038 2,028

Total international and 

 regional organizations ....... 47,706 11,300 6,050 1,100 30 27,708 1,518 30,517 11,112 7,301 2,834 76 6,949 2,245

Grand total..................... 32,340,827 16,189,912 1,108,653 971,246 6,747,218 3,650,150 3,673,648 31,547,798 15,486,230 1,000,634 984,400 6,637,477 3,704,794 3,734,263

1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. For data as of January 

2011, also includes Estonia. 

2 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
90 CAPITAL MOVEMENTS

December 2011 

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years

2008 2009 2010

 2011 

 Jan. - Sept.

 2011

July- Sept.

United Kingdom .......................... 328,706 212,743 376,505 157,256 68,827

All other Europe .......................... -105,325 33,534 744 -34,388 76

Caribbean banking centers 1 ...... -74,524 23,959 69,439 54,597 40,263

Japan.......................................... 57,276 128,219 200,839 107,714 64,026

All other Asia .............................. 193,377 187,661 130,519 24,109 -14,365

Subtotal .................................. 399,510 586,116 778,046 309,288 158,827

All other countries ....................... 15,379 52,741 130,242 82,846 -2,790

Grand total.............................. 414,889 638,857 908,288 392,134 156,037

1 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. 

The data on this page represent foreign investors’ purchases and sales of long-term U.S. securities (that is, U.S. Treasury and

Government agency bonds and notes, and U.S. corporate bonds and stocks) as reported in the TIC reporting system. Foreign investors 

have also acquired U.S. equities through mergers and reincorporations that involve stock swaps, but these acquisitions have been 

relatively small in recent years, with no acquisitions in 2008, and acquisitions of less than $1 billion in 2009. Stock swap acquisitions 

picked up to over $8 billion in 2010, but this pace of acquisition again declined during the first three quarters of 2011 to less than $3.3 

billion (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial 

revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC Website. The TIC Website 

also provides estimates from the Federal Reserve Bank of New York on principal repayment flows of foreign holdings of U.S. 

government agency and corporate asset-backed securities (ABS). These repayments are estimated to have reduced foreign net purchases 

of U.S. securities by $191 billion in 2008, $204 billion in 2009, $232 billion in 2010, and $119 billion in the first three quarters of 2011. 

After including stock swaps and accounting for ABS repayment flows, net foreign acquisitions of U.S. securities totaled $224 billion 

in 2008, as foreign investors acquired U.S. securities in the first half of the year, but on net sold U.S. securities in the second half of the 

year. Foreign net purchases recovered to $436 billion in 2009. The pace of acquisition picked up further in 2010, when foreign net 

purchases were recorded at $685 billion, surpassing those in 2008 and 2009 and nearly recovering the momentum recorded in 2007. The 

pace of acquisition has slowed so far in 2011, with acquisitions in the first three quarters of the year recorded at only $276 billion.
 CAPITAL MOVEMENTS 

December 2011 

91

The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to 

the TIC reporting system. U.S. investors also have acquired foreign stocks through mergers that involve stock swaps. 

Net acquisitions through stock swaps amounted to $12 billion in 2007, $7 billion in 2008, $2 billion in 2009, $12 

billion in 2010, and $11 billion during the first three quarters of 2011. (Stock swaps data for the most recent quarter 

are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not 

reported under the TIC reporting system, but are available on the TIC Website. 

Including acquisitions through stock swaps, U.S. net purchases of long-term foreign securities amounted to $241 

billion in 2007. U.S. investors switched to net sales of $67 billion in foreign securities in 2008 but resumed their net 

purchases of foreign securities in 2009 with acquisitions of $189 billion. Net purchases slowed in 2010 to $127 

billion but have picked up slightly during the first three quarters of 2011 to $106 billion. 

CHART CM-D.—Net Purchases of Long-Term 

Foreign Securities by U.S. Investors* 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Type 

Calendar years

2007 2008 2009 2010

 2011 

 Jan. - Sept. 

 2011 

 July - Sept.

Foreign bonds.................................. 133,905 -53,942 127,474 54,644 14,931 3,346

Foreign stocks ................................. 95,300 -20,246 59,360 60,615 80,301 17,076

Total ............................................... 229,205 -74,188 186,834 115,259 95,232 20,422

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

December 2011 

92 

SECTION V.—Holdings of, and Transactions in, Financial Derivatives 

Contracts with Foreigners Reported by Businesses in the United States 

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, 

by Type of Contract 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2009 2010 2011 

 Dec. June Sept. Dec. Mar. June p

Gross total of holdings with negative fair values ........................... 3,363,444 4,211,100 4,679,187 3,541,931 3,074,890 3,335,602

Total over-the-counter (OTC) contracts..................................... 3,333,846 4,179,917 4,649,244 3,512,342 3,043,560 3,306,478

Single-currency interest rate contracts.................................. 2,532,612 3,380,359 3,855,297 2,787,529 2,347,106 2,631,741

Forwards ............................................................................ 5,733 6,654 9,225 6,684 6,373 5,354

Swaps ................................................................................ 2,310,645 3,129,622 3,556,177 2,557,293 2,131,854 2,411,235

Options............................................................................... 216,234 244,083 289,895 223,552 208,879 215,152

Foreign exchange contracts .................................................. 245,230 299,236 343,410 304,088 291,083 280,952

Forwards ............................................................................ 67,679 93,086 127,208 110,520 112,508 104,154

Swaps ................................................................................ 139,065 161,097 176,830 153,063 139,116 136,126

Options............................................................................... 38,486 45,053 39,372 40,505 39,459 40,672

Other contracts ...................................................................... 556,004 500,322 450,537 420,725 405,371 393,785

Equity ................................................................................. 55,363 46,917 45,504 40,073 40,864 40,667

Credit.................................................................................. 404,839 374,516 319,892 290,208 264,462 274,520

All other .............................................................................. 95,802 78,889 85,141 90,444 100,045 78,598

Total exchange-traded contracts ............................................... 29,598 31,183 29,943 29,589 31,330 29,124

Own contracts on foreign exchanges .................................... 515 1,086 911 674 649 663

U.S. customers’ contracts on foreign exchanges.................. 4,342 4,431 4,962 3,847 4,288 4,724

Foreign counterparty contracts on U.S. exchanges .............. 24,741 25,666 24,070 25,068 26,393 23,737

Memorandum items: 

Contracts with own foreign office........................................... 847,311 985,985 1,100,869 853,851 749,229 788,613

Contracts with foreign official institutions .............................. 14,299 16,259 16,884 15,975 13,937 14,363

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.

Gross total of holdings with positive fair values............................. 3,489,779 4,310,312 4,783,698 3,652,313 3,184,240 3,456,211

Total over-the-counter (OTC) contracts..................................... 3,460,696 4,279,105 4,754,629 3,621,801 3,150,701 3,425,364

Single-currency interest rate contracts.................................. 2,596,825 3,437,872 3,915,177 2,844,526 2,405,824 2,691,798

Forwards ............................................................................ 5,440 6,403 9,257 6,541 5,375 4,662

Swaps ................................................................................ 2,357,111 3,164,663 3,591,278 2,596,870 2,176,884 2,452,140

Options............................................................................... 234,274 266,806 314,642 241,115 223,565 234,996

Foreign exchange contracts .................................................. 277,387 298,553 358,225 330,298 317,734 313,425

Forwards ............................................................................ 71,203 94,487 127,118 113,369 113,784 108,899

Swaps ................................................................................ 164,657 153,342 186,574 170,886 160,243 160,824

Options............................................................................... 41,527 50,724 44,533 46,043 43,707 43,702

Other contracts ...................................................................... 586,484 542,680 481,227 446,977 427,143 420,141

Equity ................................................................................. 41,864 44,684 44,576 44,936 47,278 48,589

Credit.................................................................................. 445,687 415,861 355,504 318,710 287,870 296,677

All other .............................................................................. 98,933 82,135 81,147 83,331 91,995 74,875

Total exchange-traded contracts ............................................... 29,083 31,207 29,069 30,512 33,539 30,847

Own contracts on foreign exchanges .................................... 751 739 1,163 878 1,067 787

Customers’ contracts on foreign exchanges ......................... 3,702 3,775 3,807 3,226 3,720 3,920

Foreign counterparty contracts on U.S. exchanges .............. 24,630 26,693 24,099 26,408 28,752 26,140

Memorandum items: 

Contracts with own foreign office........................................... 877,838 995,809 1,107,824 874,301 764,566 814,875

Contracts with foreign official institutions .............................. 12,483 12,459 14,845 13,451 12,382 13,202

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.
 CAPITAL MOVEMENTS 

December 2011 

93

TABLE CM-V-2.—Gross Total of Holdings with Negative Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 2009 2010 2011 

 Dec. June Sept. Dec. Mar. June p

Europe: 

Belgium...................................................................................... 11,312 13,132 14,508 10,244 8,934 9,267

France........................................................................................ 146,048 172,396 198,743 156,930 139,413 145,427

Germany .................................................................................... 197,835 249,953 294,082 209,014 182,462 192,725

Ireland ........................................................................................ 261,347 304,670 332,169 251,881 212,960 248,282

Italy............................................................................................. 7,457 9,242 9,317 6,893 5,386 5,254

Netherlands................................................................................ 13,838 14,316 17,608 12,907 11,349 11,772

Switzerland ................................................................................ 47,560 79,810 94,420 81,315 72,251 80,059

United Kingdom ......................................................................... 2,352,344 2,997,181 3,302,886 2,468,669 2,136,456 2,323,168

All other Europe ......................................................................... 40,712 50,687 60,067 42,746 38,612 38,793

Total Europe .......................................................................... 3,078,453 3,891,387 4,323,800 3,240,599 2,807,823 3,054,747

Memo: Euro Area 1 .................................................................... 663,627 796,865 904,730 676,357 585,217 638,065

Memo: European Union 2........................................................... 3,024,687 3,805,868 4,223,012 3,154,262 2,731,106 2,970,428

Canada........................................................................................... 40,263 48,091 56,200 45,276 43,351 45,040

Total Latin America........................................................................ 7,949 8,355 9,337 9,327 10,494 7,690

Caribbean: 

Cayman Islands ......................................................................... 54,221 53,088 50,126 48,930 36,264 36,579

All other Caribbean .................................................................... 11,874 17,694 20,261 14,925 12,177 12,849

Total Caribbean ..................................................................... 66,095 70,782 70,387 63,855 48,441 49,428

Asia: 

Japan ......................................................................................... 91,203 109,382 125,547 106,590 96,724 108,352

All other Asia.............................................................................. 30,447 37,156 41,344 31,901 26,398 26,012

Total Asia ............................................................................... 121,650 146,538 166,891 138,491 123,122 134,364

Total Africa..................................................................................... 17,072 20,510 24,816 20,527 19,382 20,256

Other countries: 

Australia ..................................................................................... 22,434 15,429 16,314 14,480 13,558 14,782

All other...................................................................................... 742 1,202 1,464 995 920 1,107

Total other countries .............................................................. 23,176 16,631 17,778 15,475 14,478 15,889

Total foreign countries ....................................................... 3,354,658 4,202,294 4,669,209 3,533,550 3,067,091 3,327,414

Total international and regional organizations............................... 8,784 8,807 9,979 8,379 7,798 8,186

Grand total ............................................................................. 3,363,444 4,211,100 4,679,187 3,541,931 3,074,890 3,335,602

1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia. 

2 As of January 2007, includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, 

Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

December 2011 

94 

TABLE CM-V-3.—Gross Total of Holdings with Positive Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 2009 2010 2011 

 Dec. June Sept. Dec. Mar. June p

Europe: 

Belgium ..................................................................... 15,638 17,762 18,842 13,449 11,508 12,271

France ....................................................................... 164,934 194,524 224,928 180,511 161,320 169,252

Germany.................................................................... 216,416 261,180 305,392 220,547 193,137 205,759

Ireland ....................................................................... 281,432 319,989 351,467 268,319 226,655 264,454

Italy ............................................................................ 10,546 11,040 10,804 8,392 7,492 7,353

Netherlands ............................................................... 16,622 15,603 20,837 15,457 13,840 14,348

Switzerland ................................................................ 54,305 86,716 100,589 87,746 79,165 88,156

United Kingdom ......................................................... 2,386,455 3,030,897 3,330,615 2,503,208 2,167,570 2,366,810

All other Europe ........................................................ 35,827 42,359 51,641 37,176 34,001 35,583

Total Europe .......................................................... 3,182,175 3,980,070 4,415,115 3,334,805 2,894,688 3,163,986

Memo: Euro Area 1 .................................................... 726,892 848,062 966,650 731,174 635,184 696,428

Memo: European Union 2 .......................................... 3,121,726 3,887,984 4,309,146 3,242,593 2,812,097 3,072,397

Canada .......................................................................... 44,255 49,387 56,365 46,349 47,532 46,459

Total Latin America ....................................................... 10,714 11,822 13,588 11,961 10,694 10,302

Caribbean: 

Cayman Islands ........................................................ 62,945 69,445 64,962 60,329 48,187 45,184

All other Caribbean ................................................... 13,687 15,211 17,541 14,472 14,550 12,917

Total Caribbean ..................................................... 76,632 84,656 82,503 74,801 62,737 58,101

Asia: 

Japan ......................................................................... 91,422 105,752 122,724 104,198 96,511 104,190

All other Asia ............................................................. 35,400 38,758 43,193 35,925 30,988 29,527

Total Asia .............................................................. 126,822 144,510 165,917 140,123 127,499 133,717

Total Africa .................................................................... 17,127 20,316 25,235 20,988 19,513 20,490

Other countries: 

Australia .................................................................... 27,467 14,902 19,548 18,704 17,318 18,683

All other ..................................................................... 1,075 1,459 1,877 1,049 1,023 1,125

Total other countries ............................................. 28,542 16,361 21,425 19,753 18,341 19,808

Total foreign countries ...................................... 3,486,267 4,307,122 4,780,148 3,648,780 3,181,004 3,452,863

Total international and regional organizations .............. 3,513 3,189 3,551 3,532 3,235 3,348

Grand total ............................................................ 3,489,779 4,310,312 4,783,698 3,652,313 3,184,240 3,456,211

1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia.

2 As of January 2007, includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, 

Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

December 2011 

95

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Type of Contract 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Derivatives Contract 

2009 2010 2010 2011 

Total Total Apr. - June July - Sept. Oct. - Dec. Jan. - Mar. Apr. - June p

Total over-the-counter (OTC) contracts........................................... 38,796 14,531 14,558 -9,307 -360 1,236 6,494

Single-currency interest rate contracts ........................................ 26,347 9,423 -741 4,939 6,537 102 -1,393

Foreign exchange contracts......................................................... -2,780 -12,798 8,511 -19,269 -8,373 -895 4,591

Other contracts............................................................................. 15,229 17,906 6,788 5,023 1,476 2,029 3,296

Total exchange-traded contracts ..................................................... 6,020 -455 -4,578 -2,586 197 1,984 1,010

Own contracts on foreign exchanges .......................................... -287 6,225 64 1,754 1,527 2,891 2,526

U.S. customers’ contracts on foreign exchanges ........................ 13,521 5,637 -1,809 1,053 3,624 1,133 -584

Foreign counterparty contacts on U.S. exchanges ..................... -7,214 -12,317 -2,833 -5,393 -4,954 -2,040 -932

Total net cash settlements from foreigners ..................................... 44,816 14,076 9,980 -11,893 -163 3,220 7,504

Memorandum items: 

Contracts with foreign official institutions................................. -2,599 -1,816 -967 -710 218 2,181 -215

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

December 2011 

96 

TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Country 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

2009 2010 2010 2011 

 Total Total Apr. - June July - Sept. Oct. - Dec. Jan. - Mar. Apr. - June p

Europe: 

Belgium..................................................................................... 2,547 3,046 802 759 646 146 -128

France....................................................................................... 6,090 887 2,939 -1,146 1,448 -3,738 710

Germany................................................................................... -1,565 6,911 2,891 1,417 39 -65 196

Ireland....................................................................................... 3,401 -2,314 -1,918 571 -861 -133 -505

Italy ........................................................................................... 698 -802 -684 301 -208 -603 -476

Netherlands .............................................................................. 1,656 1,436 445 -234 662 -78 567

Switzerland ............................................................................... 3,998 4,863 4,198 -1,327 -27 246 16

United Kingdom........................................................................ 25,063 6,047 7,339 -12,516 577 7,192 1,694

All other Europe........................................................................ -5,278 1,742 1,468 -1,257 1,273 -988 -1,412

Total Europe ......................................................................... 36,610 21,816 17,480 -13,432 3,549 1,979 662

Memo: Euro area 1 ................................................................... 7,582 9,825 5,455 760 2,118 -5,395 -867

Memo: European Union 2 ......................................................... 30,065 14,819 12,630 -12,444 2,972 1,458 599

Canada ......................................................................................... -7,531 -5,060 -1,091 -1,162 -674 -1,267 1,275

Total Latin America....................................................................... 1,571 -1,957 -614 -830 -659 -321 1,076

Caribbean: 

Cayman Islands........................................................................ 5,425 5,801 -755 4,314 -2,377 344 2,775

All other Caribbean................................................................... 1,176 40 -1,739 937 -17 2,819 1,792

Total Caribbean.................................................................... 6,601 5,841 -2,494 5,251 -2,394 3,163 4,567

Asia: 

Japan........................................................................................ -4,031 -7,829 -1,701 -2,542 -1,338 -1,064 -1,810

All other Asia ............................................................................ 7,564 3,748 192 1,629 1,414 658 182

Total Asia.............................................................................. 3,533 -4,081 -1,509 -913 76 -406 -1,628

Total Africa ................................................................................... 449 119 461 -233 -60 210 666

Other countries: 

Australia.................................................................................... 4,259 -2,117 -2,159 -371 65 135 936

All other..................................................................................... 286 255 78 -47 179 -59 121

Total other countries............................................................. 4,545 -1,862 -2,081 -418 244 76 1,057

Total foreign countries...................................................... 45,778 14,816 10,152 -11,737 82 3,434 7,675

Total international and regional organizations ............................. -964 -739 -172 -155 -245 -214 -172

Grand total............................................................................ 44,816 14,076 9,980 -11,893 -163 3,220 7,504

1

 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia. 

2 As of January 2007, includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, 

Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
December 2011 

97

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

December 2011 

98 

SECTION I.—Canadian Dollar Positions 

TABLE FCP-I-1.—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

Purchased

(1) 

Sold

(2) 

04/06/11 ................................................................... 791,073 790,547 n.a. 0.9587

04/13/11 ................................................................... 804,027 804,088 n.a. 0.9638

04/20/11 ................................................................... 802,859 803,077 n.a. 0.9523

04/27/11 ................................................................... 829,376 829,634 n.a. 0.9550

05/04/11 ................................................................... 869,744 870,909 n.a. 0.9579

05/11/11 ................................................................... 837,842 840,444 n.a. 0.9581

05/18/11 ................................................................... 825,172 824,534 n.a. 0.9722

05/25/11 ................................................................... 841,488 841,271 n.a. 0.9765

06/01/11 ................................................................... 886,943 889,316 n.a. 0.9713

06/08/11 ................................................................... 862,241 871,073 n.a. 0.9778

06/15/11 ................................................................... 821,009 815,780 n.a. 0.9778

06/22/11 ................................................................... 753,131 759,395 n.a. 0.9725

06/29/11 ................................................................... 807,218 811,488 n.a. 0.9703

07/06/11 ................................................................... 792,632 797,398 n.a. 0.9656

07/13/11 ................................................................... 786,668 790,835 n.a. 0.9582

07/20/11 ................................................................... 790,845 794,904 n.a. 0.9479

07/27/11 ................................................................... 815,592 819,837 n.a. 0.9474

08/03/11 ................................................................... 859,550 863,794 n.a. 0.9632

08/10/11 ................................................................... 883,529 890,244 n.a. 0.9909

08/17/11 ................................................................... 828,322 838,167 n.a. 0.9818

08/24/11 ................................................................... 852,296 858,553 291 0.9878

08/31/11 ................................................................... 886,373 894,058 308 0.9783

09/07/11 ................................................................... 877,904 884,952 -197 0.9882

09/14/11 ................................................................... 900,155 905,679 -56 0.9913

09/21/11 ................................................................... 838,961 843,347 15 0.9985

09/28/11 ................................................................... 841,110 844,467 505 1.0226
FOREIGN CURRENCY POSITIONS 

December 2011 

99

SECTION I.—Canadian Dollar Positions, con. 

TABLE FCP-I-2.—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2008 - Dec................... 634,789 666,685 175,405 154,246 34,361 32,641 36,089 37,162 -829 1.2240

2009 - Dec................... 648,180 654,762 137,411 123,434 34,825 35,049 39,374 39,028 80 1.0461

2010 - Oct ................... 811,314 816,413 147,841 138,053 49,040 48,537 48,582 39,113 1,803 1.0187

Nov .................. 897,995 901,249 137,893 127,681 51,348 50,280 50,613 41,149 n.a. 1.0266

Dec .................. 747,120 746,173 141,440 133,757 39,079 38,777 42,042 34,912 n.a. 0.9948

2011 - Jan ................... 829,978 831,752 143,519 133,333 45,062 44,298 43,018 37,610 n.a. 1.0020

Feb .................. 858,909 860,188 137,594 132,598 44,768 44,493 41,672 36,065 n.a. 0.9737

Mar .................. 811,147 812,875 141,682 129,660 43,980 45,167 44,015 36,141 n.a. 0.9717

Apr................... 848,798 857,909 140,773 131,956 43,538 41,911 40,687 36,170 n.a. 0.9486

May.................. 890,188 884,305 140,125 132,574 43,219 46,069 45,214 36,396 n.a. 0.9688

June................. 810,775 813,780 140,904 129,388 40,184 44,873 45,922 36,346 n.a. 0.9642

July .................. 849,173 853,378 140,666 129,389 42,991 45,587 46,514 38,498 -47 0.9539

Aug .................. 893,126 898,959 145,861 135,064 53,133 53,359 49,859 43,525 213 0.9783

Sept................. 861,826 865,238 150,198 146,729 42,510 45,355 50,628 46,404 563 1.0389

 

TABLE FCP-I-3.—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2008 - Dec................... 14,969 27,815 110,044 67,230 n.a. 743 1,846 n.a. n.a. 1.2240

2009 - Mar................... 8,282 19,513 85,319 62,047 185 381 1,261 861 n.a. 1.2606

June ................. 12,824 18,576 66,859 43,860 n.a. 196 n.a. 325 -78 1.1626

Sept.................. 11,176 19,962 63,808 35,565 135 174 n.a. 489 -33 1.0719

Dec................... 18,006 20,677 68,743 37,845 n.a. 191 n.a. 384 n.a. 1.0461

2010 - Mar................... 23,218 23,775 77,202 39,870 2,063 n.a. n.a. n.a. 322 1.0156

June ................. 15,373 23,010 76,448 40,542 n.a. n.a. 789 n.a. 59 1.0606

Sept.................. 15,553 26,118 79,561 41,980 378 163 941 n.a. 2 1.0293

Dec ................... 13,215 25,873 89,655 46,260 n.a. n.a. n.a. n.a. n.a. 0.9948

2011 - Mar................... 26,658 38,809 95,621 49,357 n.a. 112 n.a. n.a. n.a. 0.9717

June ................. 19,953 34,024 77,376 39,454 1,222 1,129 1,194 869 137 0.9642

 
FOREIGN CURRENCY POSITIONS 

December 2011 

100

SECTION II.—Japanese Yen Positions 

TABLE FCP-II-1.—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/06/11 .................................................................. 345,283 351,173 n.a. 85.26

04/13/11 .................................................................. 357,431 364,142 n.a. 83.59

04/20/11 .................................................................. 347,016 353,215 n.a. 82.58

04/27/11 .................................................................. 344,687 350,849 n.a. 82.60

05/04/11 .................................................................. 347,647 353,447 n.a. 80.69

05/11/11 .................................................................. 336,798 342,805 n.a. 80.78

05/18/11 .................................................................. 331,273 337,037 n.a. 81.37

05/25/11 .................................................................. 334,320 340,005 n.a. 81.96

06/01/11 .................................................................. 335,296 340,804 n.a. 80.82

06/08/11 .................................................................. 333,442 338,282 n.a. 79.87

06/15/11 .................................................................. 323,107 327,733 n.a. 80.71

06/22/11 .................................................................. 314,419 319,143 n.a. 80.06

06/29/11 .................................................................. 334,281 339,065 n.a. 80.80

07/06/11 .................................................................. 325,605 331,101 n.a. 80.90

07/13/11 .................................................................. 351,913 356,677 n.a. 78.99

07/20/11 .................................................................. 342,685 347,781 n.a. 78.76

07/27/11 .................................................................. 343,238 348,092 1,326 77.99

08/03/11 .................................................................. 348,013 352,868 n.a. 76.87

08/10/11 .................................................................. 361,741 366,902 n.a. 76.41

08/17/11 .................................................................. 346,639 352,922 n.a. 76.46

08/24/11 .................................................................. 352,781 359,258 n.a. 76.78

08/31/11 .................................................................. 357,145 364,146 n.a. 76.50

09/07/11 .................................................................. 363,844 371,333 n.a. 77.39

09/14/11 .................................................................. 363,215 370,109 n.a. 76.71

09/21/11 .................................................................. 351,566 358,146 n.a. 76.38

09/28/11 .................................................................. 353,022 359,236 n.a. 76.51
FOREIGN CURRENCY POSITIONS 

December 2011 

101

SECTION II.—Japanese Yen Positions, con. 

TABLE FCP-II-2.—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2008 - Dec.................. 323,332 327,005 56,606 55,822 64,185 54,758 75,507 81,983 3,295 90.79

2009 - Dec.................. 317,699 320,782 47,339 46,598 43,504 41,972 69,372 70,737 166 93.08

2010 - Oct .................. 362,120 367,842 52,677 50,873 41,775 41,134 65,483 66,797 n.a. 80.48

Nov ................. 366,606 371,472 51,489 48,558 41,880 40,534 65,201 67,747 n.a. 83.56

Dec ................. 334,455 341,219 51,195 48,863 38,832 37,514 62,387 64,110 n.a. 81.11

2011 - Jan .................. 364,177 371,093 50,342 47,786 38,536 37,363 62,464 64,271 n.a. 81.97

Feb ................. 360,100 366,328 50,457 48,588 39,920 37,887 63,714 66,716 n.a. 81.94

Mar ................. 364,629 370,168 50,249 48,654 41,382 40,403 67,835 71,394 n.a. 82.76

Apr.................. 358,101 367,397 52,355 48,951 41,746 39,871 67,405 71,277 n.a. 81.31

May................. 355,251 360,546 50,272 46,958 40,764 38,916 65,572 69,116 1,811 81.29

June................ 355,673 360,346 48,986 45,895 39,206 38,412 63,550 65,848 n.a. 80.64

July ................. 362,549 367,390 48,253 47,188 40,254 38,455 62,444 66,803 n.a. 77.18

Aug ................. 384,366 390,928 60,968 56,746 38,713 36,863 61,504 65,712 n.a. 76.50

Sept................ 375,488 380,625 55,892 51,847 36,949 36,960 58,380 61,117 n.a. 77.04

 

TABLE FCP-II-3.—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

 Written 

 (8) 

 

2008 - Dec................... 4,674 4,299 8,662 2,901 227 313 812 314 -11 90.79

2009 - Mar................... 2,589 3,575 5,080 2,267 140 206 825 333 -42 99.15

June ................. 2,914 4,274 5,703 2,303 n.a. 167 846 269 -29 96.42

Sept.................. 3,099 4,231 5,633 2,209 n.a. 401 964 321 n.a. 89.49

Dec................... 2,980 4,598 5,640 2,192 84 288 475 170 -9 93.08

2010 - Mar................... 3,021 5,650 6,166 2,051 142 285 961 417 -66 93.40

June ................. 2,934 4,106 5,443 2,064 135 292 919 594 50 88.49

Sept.................. 2,516 3,636 5,388 1,989 54 253 558 274 n.a. 83.53

Dec ................... 2,308 3,649 5,164 2,218 n.a. 206 329 n.a. -8 81.11

2011 - Mar................... 2,337 3,797 5,672 2,108 77 238 820 276 -28 82.76

 June ................. 2,364 3,360 5,006 2,030 233 327 837 422 -28 80.64

 
FOREIGN CURRENCY POSITIONS 

December 2011 

102

SECTION III.—Swiss Franc Positions 

TABLE FCP-III-1.—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/06/11 .................................................................. 997,635 994,019 n.a. 0.9172

04/13/11 .................................................................. 971,453 968,943 1,707 0.8939

04/20/11 .................................................................. 971,564 969,797 1,722 0.8914

04/27/11 .................................................................. 999,005 995,164 1,658 0.8807

05/04/11 .................................................................. 959,606 957,237 1,664 0.8582

05/11/11 .................................................................. 976,775 972,086 2,002 0.8846

05/18/11 .................................................................. 955,017 949,977 2,220 0.8792

05/25/11 .................................................................. 983,714 977,186 n.a. 0.8720

06/01/11 .................................................................. 976,335 969,534 n.a. 0.8401

06/08/11 .................................................................. 984,123 975,798 n.a. 0.8369

06/15/11 .................................................................. 942,856 936,264 n.a. 0.8508

06/22/11 .................................................................. 895,895 890,455 n.a. 0.8356

06/29/11 .................................................................. 927,810 922,031 n.a. 0.8349

07/06/11 .................................................................. 904,845 899,448 n.a. 0.8393

07/13/11 .................................................................. 958,757 952,565 2,603 0.8213

07/20/11 .................................................................. 917,160 911,157 n.a. 0.8204

07/27/11 .................................................................. 920,289 915,464 1,802 0.8023

08/03/11 .................................................................. 1,027,356 1,021,253 2,321 0.7660

08/10/11 .................................................................. 1,080,107 1,100,062 2,165 0.7296

08/17/11 .................................................................. 1,023,715 1,052,444 1,271 0.7891

08/24/11 .................................................................. 963,018 997,637 1,487 0.7950

08/31/11 .................................................................. 1,025,424 1,057,321 1,629 0.8038

09/07/11 .................................................................. 1,096,224 1,128,957 n.a. 0.8599

09/14/11 .................................................................. 1,035,684 1,069,405 1,169 0.8772

09/21/11 .................................................................. 991,361 1,020,693 1,301 0.8932

09/28/11 .................................................................. 995,634 1,011,897 508 0.8955
FOREIGN CURRENCY POSITIONS 

December 2011 

103

SECTION III.—Swiss Franc Positions, con. 

TABLE FCP-III-2.—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2008 - Dec................... 685,168 683,919 65,440 69,021 162,230 158,197 175,827 178,706 -1,352 1.0673

2009 - Dec................... 740,722 741,622 65,758 62,901 91,492 93,507 108,091 102,644 1,914 1.0358

2010 - Oct ................... 987,907 991,373 79,232 72,269 139,735 133,612 150,018 152,457 697 0.9850

Nov .................. 1,067,845 1,067,334 72,283 67,021 148,620 139,686 148,550 155,462 354 0.9985

Dec .................. 925,231 925,607 71,121 66,905 140,721 129,496 137,715 152,403 721 0.9341

2011 - Jan ................... 1,022,670 1,025,943 74,535 70,135 145,540 133,181 152,008 164,044 1,471 0.9402

Feb .................. 1,109,820 1,109,849 73,732 68,924 148,595 141,507 175,322 177,947 1,516 0.9305

Mar .................. 1,045,227 1,042,431 69,916 67,362 152,725 134,358 165,523 178,907 1,804 0.9157

Apr................... 1,003,496 999,501 70,568 69,452 139,908 141,342 162,399 159,494 1,106 0.8666

May.................. 1,027,820 1,019,801 71,988 71,273 146,502 139,388 158,394 161,950 4,474 0.8525

June................. 991,598 985,975 69,256 66,774 146,897 146,788 171,173 167,020 1,937 0.8413

July .................. 1,007,310 1,001,480 69,432 68,493 148,579 152,686 175,232 168,250 1,887 0.7881

Aug .................. 1,076,001 1,107,231 150,545 124,161 161,406 164,505 191,042 182,291 1,416 0.8038

Sept................. 1,001,507 1,031,167 147,141 108,985 159,289 168,838 195,863 182,445 n.a. 0.9048

 

TABLE FCP-III-3.—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2008 - Dec................... 11,140 22,483 52,460 10,716 n.a. n.a. 438 544 n.a. 1.0673

2009 - Mar................... 9,740 20,478 40,011 8,364 113 103 805 644 n.a. 1.1395

June ................. 10,224 18,654 41,166 7,626 n.a. n.a. n.a. 285 n.a. 1.0867

Sept.................. 10,249 18,023 42,832 7,643 n.a. n.a. 372 211 n.a. 1.0375

Dec................... 11,702 18,533 44,073 8,570 n.a. 208 212 n.a. n.a. 1.0358

2010 - Mar................... 7,785 15,776 43,909 7,963 n.a. n.a. 539 n.a. n.a. 1.0528

June ................. 7,881 14,563 50,071 6,861 n.a. n.a. 545 n.a. -56 1.0774

Sept.................. 8,832 14,725 50,746 6,710 428 280 241 n.a. -24 0.9808

Dec ................... 8,596 14,121 51,384 10,691 233 n.a. 256 n.a. -27 0.9341

2011 - Mar................... 9,235 15,778 49,072 7,928 47 n.a. 1,796 n.a. n.a. 0.9157

 June ................. 8,945 15,214 50,445 7,240 n.a. n.a. n.a. n.a. n.a. 0.8413

 
FOREIGN CURRENCY POSITIONS 

December 2011 

104

SECTION IV.—Sterling Positions 

TABLE FCP-IV-1.—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/06/11 .................................................................. 1,329,037 1,355,766 n.a. 1.6314

04/13/11 .................................................................. 1,393,774 1,418,951 n.a. 1.6285

04/20/11 .................................................................. 1,392,825 1,422,751 n.a. 1.6405

04/27/11 .................................................................. 1,438,583 1,466,795 n.a. 1.6530

05/04/11 .................................................................. 1,415,902 1,447,358 n.a. 1.6524

05/11/11 .................................................................. 1,402,390 1,431,879 n.a. 1.6412

05/18/11 .................................................................. 1,398,376 1,426,096 n.a. 1.6148

05/25/11 .................................................................. 1,433,837 1,459,056 n.a. 1.6277

06/01/11 .................................................................. 1,408,205 1,435,182 n.a. 1.6391

06/08/11 .................................................................. 1,391,083 1,414,846 n.a. 1.6381

06/15/11 .................................................................. 1,339,453 1,362,370 n.a. 1.6218

06/22/11 .................................................................. 1,324,193 1,350,007 n.a. 1.6131

06/29/11 .................................................................. 1,407,171 1,435,734 n.a. 1.6070

07/06/11 .................................................................. 1,344,706 1,371,159 n.a. 1.5998

07/13/11 .................................................................. 1,406,570 1,434,742 n.a. 1.6111

07/20/11 .................................................................. 1,348,759 1,379,087 n.a. 1.6139

07/27/11 .................................................................. 1,395,434 1,422,119 n.a. 1.6357

08/03/11 .................................................................. 1,349,643 1,377,178 n.a. 1.6406

08/10/11 .................................................................. 1,373,446 1,419,182 149 1.6169

08/17/11 .................................................................. 1,371,250 1,402,998 656 1.6591

08/24/11 .................................................................. 1,372,499 1,406,480 -105 1.6375

08/31/11 .................................................................. 1,408,081 1,444,425 146 1.6269

09/07/11 .................................................................. 1,451,911 1,489,258 n.a. 1.5948

09/14/11 .................................................................. 1,519,403 1,567,960 n.a. 1.5773

09/21/11 .................................................................. 1,439,003 1,478,052 n.a. 1.5619

09/28/11 .................................................................. 1,480,493 1,522,276 167 1.5648
FOREIGN CURRENCY POSITIONS 

December 2011 

105

SECTION IV.—Sterling Positions, con. 

TABLE FCP-IV-2.—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2008 - Dec................... 975,940 995,931 495,444 342,452 44,891 43,251 51,977 53,230 631 1.4619

2009 - Dec................... 986,296 1,001,159 387,924 314,233 46,626 40,857 45,641 50,928 1,394 1.6167

2010 - Oct ................... 1,318,215 1,344,868 444,767 359,408 69,653 70,928 78,659 77,742 1,232 1.6020

Nov .................. 1,367,810 1,401,574 460,968 370,658 70,278 71,514 80,305 78,709 -71 1.5578

Dec .................. 1,186,954 1,214,317 440,137 357,473 61,124 61,160 68,496 69,450 n.a. 1.5598

2011 - Jan ................... 1,324,315 1,359,811 454,479 363,151 66,634 65,657 71,459 73,613 1,496 1.6042

Feb .................. 1,346,398 1,377,467 457,600 369,742 65,282 63,651 67,650 67,081 1,644 1.6247

Mar .................. 1,390,086 1,415,627 468,338 380,121 66,069 62,049 71,734 69,838 964 1.6048

Apr................... 1,389,582 1,434,019 457,079 365,635 62,419 60,137 73,038 70,265 1,783 1.6691

May.................. 1,439,707 1,463,742 479,479 388,470 62,273 61,613 71,210 68,032 n.a. 1.6439

June................. 1,418,672 1,446,820 470,579 382,409 58,697 58,458 70,087 65,306 745 1.6067

July .................. 1,378,793 1,407,923 483,598 400,670 57,444 57,300 65,098 64,703 n.a. 1.6455

Aug .................. 1,434,791 1,472,276 535,699 440,290 57,005 59,391 65,098 67,299 n.a. 1.6269

Sept................. 1,467,511 1,512,216 577,876 480,158 59,812 72,398 75,831 74,116 -246 1.5624

 

TABLE FCP-IV-3.—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2008 - Dec................... 16,513 28,787 80,329 29,461 124 149 2,441 n.a. n.a. 1.4619

2009 - Mar................... 12,645 15,895 56,756 32,465 153 137 2,142 763 n.a. 1.4300

June ................. 8,486 14,527 60,057 33,670 n.a. 146 n.a. n.a. n.a. 1.6452

Sept.................. 9,181 18,330 64,224 32,062 n.a. 77 1,164 n.a. n.a. 1.6004

Dec................... 16,192 22,107 63,937 33,351 n.a. n.a. 791 n.a. -289 1.6167

2010 - Mar................... 7,844 11,669 84,735 32,660 418 570 1,202 427 n.a. 1.5186

June ................. 9,249 12,221 80,621 32,372 1,277 n.a. 1,391 388 70 1.4947

Sept.................. 12,213 17,669 67,095 28,640 695 n.a. 2,659 n.a. n.a. 1.5731

Dec ................... 8,935 12,996 102,530 31,868 n.a. n.a. n.a. n.a. n.a. 1.5598

2011 - Mar................... 13,697 15,909 105,928 30,888 n.a. n.a. n.a. n.a. -106 1.6048

 June ................. 9,867 12,330 105,531 28,359 n.a. n.a. n.a. 371 n.a. 1.6067

 
FOREIGN CURRENCY POSITIONS 

December 2011 

106

SECTION V.—U.S. Dollar Positions 

TABLE FCP-V-1.—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts 

Net options positions 

(3) 

Exchange 

rate 

(4) 

Purchased

(1) 

Sold

(2) 

04/06/11 ................................................................ 18,914,712 18,934,563 7,763 n.a.

04/13/11 ................................................................ 19,540,366 19,483,083 8,503 n.a.

04/20/11 ................................................................ 19,497,400 19,392,666 9,396 n.a.

04/27/11 ................................................................ 19,991,941 19,903,213 12,652 n.a.

05/04/11 ................................................................ 19,831,013 19,710,029 13,925 n.a.

05/11/11 ................................................................ 20,032,751 19,885,257 12,944 n.a.

05/18/11 ................................................................ 19,899,382 19,757,747 17,357 n.a.

05/25/11 ................................................................ 20,331,814 20,186,663 17,311 n.a.

06/01/11 ................................................................ 20,635,910 20,479,568 n.a. n.a.

06/08/11 ................................................................ 20,526,668 20,381,527 n.a. n.a.

06/15/11 ................................................................ 19,760,453 19,619,749 n.a. n.a.

06/22/11 ................................................................ 19,380,831 19,207,696 n.a. n.a.

06/29/11 ................................................................ 20,147,404 19,962,849 n.a. n.a.

07/06/11 ................................................................ 19,504,377 19,340,509 n.a. n.a.

07/13/11 ................................................................ 20,471,017 20,295,432 n.a. n.a.

07/20/11 ................................................................ 19,836,670 19,707,179 n.a. n.a.

07/27/11 ................................................................ 20,396,881 20,271,017 13,363 n.a.

08/03/11 ................................................................ 20,343,912 20,207,301 18,479 n.a.

08/10/11 ................................................................ 21,439,535 21,266,426 14,426 n.a.

08/17/11 ................................................................ 20,867,220 20,653,617 10,068 n.a.

08/24/11 ................................................................ 20,905,231 20,684,720 10,185 n.a.

08/31/11 ................................................................ 21,292,470 21,064,448 8,997 n.a.

09/07/11 ................................................................ 21,558,982 21,329,054 11,290 n.a.

09/14/11 ................................................................ 22,036,464 21,817,054 13,928 n.a.

09/21/11 ................................................................ 20,970,616 20,765,017 12,808 n.a.

09/28/11 ................................................................ 21,278,005 21,067,260 8,134 n.a.
FOREIGN CURRENCY POSITIONS 

December 2011 

107

SECTION V.—U.S. Dollar Positions, con. 

TABLE FCP-V-2.—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2008 - Dec.............. 14,157,193 14,295,305 - - 3,216,341 3,311,971 3,750,439 3,700,270 -4,233 n.a.

2009 - Dec.............. 14,948,153 15,027,056 - - 2,051,936 2,045,710 2,082,460 2,176,010 -8,965 n.a.

2010 - Oct .............. 19,155,321 19,229,984 - - 2,002,542 2,056,815 2,152,366 2,187,315 23,625 n.a.

Nov ............. 19,757,307 19,831,432 - - 1,992,441 1,994,884 2,081,154 2,145,094 19,313 n.a.

Dec ............. 17,841,875 17,894,094 - - 1,850,633 1,880,718 1,947,389 1,981,515 31,985 n.a.

2011 - Jan .............. 19,348,247 19,347,216 - - 1,873,961 1,858,929 1,964,439 2,033,492 29,688 n.a.

Feb ............. 19,563,921 19,509,722 - - 1,865,744 1,846,065 1,958,218 2,013,424 19,628 n.a.

Mar ............. 19,905,851 19,834,347 - - 1,967,993 1,946,123 2,050,308 2,074,159 10,248 n.a.

Apr.............. 20,386,991 20,136,837 - - 2,005,060 2,000,171 2,150,862 2,172,908 19,417 n.a.

May............. 21,053,699 20,941,761 - - 1,981,114 1,956,860 2,106,823 2,058,876 22,589 n.a.

June............ 20,771,102 20,627,000 - - 2,020,550 2,039,558 2,164,360 2,086,752 n.a. n.a.

July ............. 21,009,618 20,940,565 - - 2,050,727 2,074,287 2,189,727 2,136,681 11,576 n.a.

Aug ............. 22,111,097 21,960,561 - - 2,119,719 2,164,981 2,298,110 2,243,556 16,163 n.a.

Sept............ 21,657,548 21,491,909 - - 2,291,627 2,233,487 2,289,449 2,343,601 12,940 n.a.

 

TABLE FCP-V-3.—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

 Bought

 (7) 

Written 

(8) 

 

2008 - Dec................... 291,721 281,080 - - 25,365 15,176 8,439 6,931 1,145 n.a.

2009 - Mar................... 229,519 196,627 - - 29,452 25,135 6,956 5,394 2,291 n.a.

June ................. 237,066 197,226 - - 16,989 12,555 7,236 6,082 1,027 n.a.

Sept.................. 248,288 197,037 - - 18,396 11,084 7,159 6,473 -658 n.a.

Dec................... 242,369 200,350 - - 18,084 9,575 8,305 9,191 1,150 n.a.

2010 - Mar................... 266,851 214,775 - - 26,305 15,869 12,439 11,812 1,690 n.a.

June ................. 287,185 212,890 - - 23,353 20,732 11,872 12,702 -361 n.a.

Sept.................. 262,280 232,330 - - 20,297 17,238 17,441 15,217 -1,748 n.a.

Dec ................... 269,279 242,657 - - 14,838 14,605 11,007 9,394 -901 n.a.

2011 - Mar................... 304,902 257,575 - - 23,859 13,314 19,004 14,882 -1,380 n.a.

 June ................. 300,147 256,588 - - 28,158 15,066 30,490 26,443 -2,250 n.a.

 
FOREIGN CURRENCY POSITIONS 

December 2011 

108

SECTION VI.—Euro Positions 

TABLE FCP-VI-1.—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased

(1) 

Sold

(2) 

04/06/11 ............................................................................. 5,179,102 5,157,788 2,025 0.6977

04/13/11 ............................................................................. 5,326,297 5,325,838 1,374 0.6908

04/20/11 ............................................................................. 5,316,166 5,324,145 n.a. 0.6890

04/27/11 ............................................................................. 5,391,351 5,385,606 322 0.6822

05/04/11 ............................................................................. 5,321,445 5,325,272 n.a. 0.6730

05/11/11 ............................................................................. 5,519,564 5,540,205 n.a. 0.7008

05/18/11 ............................................................................. 5,476,642 5,507,633 n.a. 0.7008 

05/25/11 ............................................................................. 5,657,867 5,688,598 n.a. 0.7091

06/01/11 ............................................................................. 5,691,511 5,731,313 n.a. 0.6929

06/08/11 ............................................................................. 5,684,457 5,725,561 n.a. 0.6855

06/15/11 ............................................................................. 5,445,839 5,487,285 n.a. 0.7032

06/22/11 ............................................................................. 5,390,115 5,440,558 n.a. 0.6943

06/29/11 ............................................................................. 5,577,152 5,623,713 n.a. 0.6931

07/06/11 ............................................................................. 5,395,464 5,438,903 n.a. 0.6979

07/13/11 ............................................................................. 5,913,583 5,961,099 n.a. 0.7059

07/20/11 ............................................................................. 5,465,227 5,508,224 n.a. 0.7048

07/27/11 ............................................................................. 5,544,275 5,585,438 n.a. 0.6957

08/03/11 ............................................................................. 5,585,387 5,633,063 1,338 0.6983

08/10/11 ............................................................................. 5,832,796 5,883,749 -1,818 0.7046

08/17/11 ............................................................................. 5,593,138 5,651,523 -2,170 0.6927

08/24/11 ............................................................................. 5,503,681 5,560,422 -2,365 0.6944

08/31/11 ............................................................................. 5,554,878 5,600,827 n.a. 0.6942

09/07/11 ............................................................................. 5,816,955 5,866,835 n.a. 0.7113

09/14/11 ............................................................................. 6,053,598 6,115,293 n.a. 0.7294

09/21/11 ............................................................................. 5,688,088 5,744,343 -2,415 0.7287

09/28/11 ............................................................................. 5,825,741 5,882,978 n.a. 0.7338
FOREIGN CURRENCY POSITIONS 

December 2011 

109

SECTION VI.—Euro Positions, con. 

TABLE FCP-VI-2.—Monthly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2008 - Dec................... 3,956,295 3,869,172 1,836,594 1,823,683 466,120 501,559 750,439 760,767 1,108 0.7184

2009 - Dec................... 3,927,051 3,825,779 1,553,009 1,537,447 303,073 343,638 362,861 362,206 3,486 0.6977

2010 - Oct ................... 5,059,741 5,037,302 1,783,375 1,769,667 426,780 446,515 516,661 485,300 7,849 0.7197

Nov .................. 5,487,642 5,429,686 1,787,586 1,791,160 394,661 441,571 529,553 488,377 4,010 0.7671

Dec .................. 4,885,766 4,822,039 1,689,896 1,688,619 355,082 405,184 496,740 452,756 n.a. 0.7467

2011 - Jan ................... 5,295,622 5,244,730 1,657,444 1,638,401 388,497 436,009 497,076 457,433 n.a. 0.7291

Feb .................. 5,210,482 5,193,935 1,683,599 1,670,482 363,000 426,238 474,054 411,072 4,514 0.7250

Mar .................. 5,343,106 5,330,481 1,642,456 1,612,170 367,591 432,617 483,071 417,972 n.a. 0.7051

Apr................... 5,271,703 5,330,836 1,703,388 1,657,971 361,987 416,194 461,163 412,973 187 0.6747

May.................. 5,690,696 5,725,074 1,837,081 1,789,572 373,713 429,356 494,072 441,933 n.a. 0.6956

June................. 5,672,844 5,721,827 1,740,499 1,689,348 389,773 443,656 528,911 480,874 n.a. 0.6886

July .................. 5,670,528 5,715,270 1,727,062 1,683,211 398,864 464,626 517,135 494,113 n.a. 0.6950

Aug .................. 5,675,395 5,721,575 2,094,082 2,022,768 413,941 487,622 551,442 540,026 -5,052 0.6942

Sept................. 5,786,779 5,854,033 2,156,655 2,081,147 424,055 617,014 679,703 615,732 n.a. 0.7436

 

TABLE FCP-VI-3.—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2008 - Dec................... 92,026 88,502 212,167 106,561 6,839 2,745 5,509 4,762 1,761 0.7184

2009 - Mar................... 70,202 78,229 163,971 94,269 6,348 3,043 n.a. n.a. 1,529 0.7541

June ................. 60,845 70,738 190,153 91,171 5,447 3,728 4,911 4,031 1,337 0.7133

Sept.................. 61,451 71,630 195,739 88,701 3,932 2,135 4,389 2,517 835 0.6835

Dec................... 56,682 71,813 186,442 84,509 4,315 5,441 6,307 1,914 -1,070 0.6977

2010 - Mar................... 51,627 76,239 217,047 103,767 5,079 3,219 11,669 6,053 -2,245 0.7393

June ................. 62,220 98,323 228,160 108,120 6,650 2,309 11,961 10,324 -875 0.8136

Sept.................. 64,821 69,400 212,020 100,815 11,214 4,215 5,996 7,070 931 0.7352

Dec ................... 59,300 69,535 218,518 99,413 9,683 2,980 7,674 7,871 -115 0.7467

2011 - Mar................... 66,879 76,993 234,768 104,938 10,426 3,469 6,505 6,628 534 0.7051

June.................. 64,095 74,345 242,868 106,237 11,741 6,946 13,773 8,825 -624 0.6886

 
December 2011 

110

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of March 31, 2011, and June 30, 2011 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital March 31, 2011 

April 1, 2011, 

through 

June 30, 2011 June 30, 2011 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,905,221 -155,595 22,749,626 

Government Sponsored Enterprises (GSE) Securities ... - - -

Special drawing rights 1 ........................................................... 56,542,353 691,849 57,234,202 

Foreign exchange and securities: 

European euro ..................................................................... 14,882,431 409,794 15,292,225 

Japanese yen....................................................................... 11,192,590 302,791 11,495,381 

Accounts receivable................................................................. 152,689 19,851 172,540 

Total assets.......................................................................... 105,675,284 1,268,690 106,943,974 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 39,147 11,598 50,745 

Total current liabilities ...................................................... 39,147 11,598 50,745 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 55,993,012 527,969 56,520,981 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 61,193,012 527,969 61,720,981 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... 910,361 729,123 1,639,484 

Total capital...................................................................... 44,443,125 729,123 45,172,248 

Total liabilities and capital............................................ 105,675,284 1,268,690 106,943,974 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

December 2011 

111

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter

April 1, 2011, 

through 

June 30, 2011 

Fiscal year to date

Oct. 1, 2010, 

through 

June 30, 2011 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ 653,593 1,382,469 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. 5,740 55,753 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 210 4,796 

U.S. Government securities......................................................... 1,481 13,181 

GSE Securities............................................................................. - -

Foreign exchange ........................................................................ 68,099 183,285 

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations ............................................................... 729,123 1,639,484 

Net income (+) or loss (-)............................................................. 729,123 1,639,484 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note. — Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

December 2011 

115

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2011. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2011. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2012) *............................................................................................................ 109

less: 

Cash balance (fiscal year 2012) ......................................................................................................................................................................................... 8 

Unfunded authorizations (fiscal year 2012)........................................................................................................................................................................ 101 

48-month revenue estimate (fiscal years 2013, 2014, 2015, and 2016)........................................................................................................................... 141

* The changes in cash balances are due to the actual end-of-year balance, which differed 

from DOT’s projected end-of-year balance. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2012) .............................................................................................................. 15

less: 

Cash balance (fiscal year 2012) ......................................................................................................................................................................................... 4 

Unfunded authorizations (fiscal year 2012)........................................................................................................................................................................ 11 

48-month revenue estimate (fiscal years 2013, 2014, 2015, and 2016)........................................................................................................................... 20 
December 2011 

116

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

December 2011 

117

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
December 2011 

118

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of September 2011, the 

debt limit was $15,194,000 million; the limit may change 

from year to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 
GLOSSARY 

December 2011 

119

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 
GLOSSARY 

December 2011 

120

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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