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BULLETIN

FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

DECEMBER 2009
Additional Financial Management Service 

Releases on Federal Finances

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Combined Statement of Receipts, Outlays, and Balances of the United States 

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and liabilities of the Federal Government with supporting details. Single copy 

price: $67.00 (domestic), $93.80 (foreign). 

Financial Report of the United States Government. This annual report provides 

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† Subscription order form on inside back cover. 
BULLETIN

The Treasury Bulletin is for sale

by the Superintendent of Documents

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Washington, D.C. 20402.
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

Financial Management Service. The Budget Reports Division, Governmentwide Accounting, 

compiles statistical data from sources within Treasury departmental offices and bureaus, as well 

as various other Federal program agencies. Readers can contact the publication staff at (202) 

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Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format 

through the Financial Management Service’s home page. 

www.fms.treas.gov/ 
December 2009 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction.—Federal Fiscal Operations.............................................................................................................................. 8 

Analysis.—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ...................... 9 

FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 11 

FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 11 

FFO-1.—Summary of Fiscal Operations............................................................................................................................. 12 

FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 13 

FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 15 

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency....................................................... 17

FFO-5 —Internal Revenue Receipts by State...................................................................................................................... 18 

FFO-6 —Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports............................ 20

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 26 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 26

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 28 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 29 

FD-2.—Debt Held by the Public ......................................................................................................................................... 30 

FD-3.—Government Account Series................................................................................................................................... 31 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 32 

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

 Private Investors .................................................................................................................................................... 33 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 34 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 35

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 37 

TREASURY FINANCING ................................................................................................................................................. 37 

PDO-1.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 44 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 45 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 46 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 47 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 48

MARKET YIELDS 

Introduction.—Market Yields.............................................................................................................................................. 49 

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 49
December 2009 

IV 

Contents 

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 50 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 50 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 51

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 55 

IFS-1.—U.S. Reserve Assets............................................................................................................................................... 55 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 56 

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

 Residents of Foreign Countries.............................................................................................................................. 57

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 58 

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

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 61 

CM-I-2.—Total Liabilities by Country................................................................................................................................ 62 

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 64 

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

 with Respect to Selected Countries...................................................................................................................... 66 

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

CM-II-1.—Total Claims by Type........................................................................................................................................ 67 

CM-II-2.—Total Claims by Country ................................................................................................................................... 68 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 70 

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

 with Respect to Selected Countries...................................................................................................................... 72

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

 in the United States 

CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 73 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 74 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 76 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 78 

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 ............................................ 80 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 81 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 82 

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

 and Country, during (third quarter)................................................................................................................... 84 

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

 and Country, during (calendar year) ................................................................................................................. 86 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 88 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 89 
December 2009 

V

Contents 

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 .................................. 90

CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 91 

CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country...................................................................... 92 

CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract.................. 93 

CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Country ................. 94

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 95 

SECTION I.—Canadian Dollar Positions 

FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 96 

FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 97 

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 97 

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 108 

ESF-1.—Balance Sheet ..................................................................................................................................................... 108 

ESF-2.—Income and Expense........................................................................................................................................... 109
December 2009 

VI 

Contents 

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 113 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 113

RESEARCH PAPER SERIES........................................................................................................................................... 114

GLOSSARY ...................................................................................................................................................................... 116

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 2009 

VII

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: 

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

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
December 2009 

3

Growth of Real GDP

3.8

1.3

4.8

2.7

0.8

1.5

4.8

-0.2

0.9

-5.4

-6.4

3.5

-0.5 -0.7

4.8

3.0 2.8

0.1

2.6

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

2005 2006 2007 2008 2009

(Quarterly percent change at annual rate)

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of November 12, 2009

Introduction 

Economic activity picked up substantially in the third 

quarter of 2009, after the pace of economic contraction 

slowed noticeably in the second quarter. Although the 

economy has stabilized and there are clear signs of recovery 

in some sectors, improvements to date are modest compared 

to the declines during the recession. As of November 2009, 

the recession has lasted 2 years, using the December 2007 

business cycle peak chosen by the National Bureau of 

Economic Research (NBER). The recession became the 

longest in the post-war period as of April, 2009. 

Headline consumer prices were down on 12-month basis 

in 7 of the 9 months through September, reflecting the 

substantial decline in oil and commodity prices from peak 

levels reached in summer 2008. Core inflation (a measure 

excluding food and energy prices) has remained contained for 

the past several months, and fell to the lower end of recent 

ranges in September. Conditions in housing and financial 

markets have continued to improve from the start made earlier 

this year. Stock market indexes have trended notably higher 

since early March while Treasury bond yields have remained 

fairly steady. Most economists predict continued growth in the 

fourth quarter of 2009, and moderate growth through 2010. 

The economy has been supported by a wide variety of 

measures implemented under the American Recovery and 

Reinvestment Act of 2009 (ARRA, or the “Recovery Act”), as 

well as efforts to restore financial stability and improve 

conditions in housing markets. 

Growth 

The U.S. economy experienced its first four-quarter 

contraction since 1991 during the four quarters of 2008, as 

real gross domestic product (GDP) fell by 1.9 percent. 

Although the contraction intensified in the last quarter of 2008 

and the first quarter of 2009—the fourth quarter decline in real 

GDP of 6.4 percent was the largest quarterly contraction since 

1982–the pace of contraction slowed dramatically in the 

second quarter, with a contraction of 0.7 percent, the smallest 

in a year. Real GDP rose 3.5 percent in the third quarter, the 

first increase in over a year. Government spending gave a 

solid boost to growth, but private spending increased for the 

first time since the second quarter of 2008. Residential fixed 

investment grew after 14 straight quarterly declines, and 

inventory investment, personal consumption expenditures and 

government spending all rose. Nonresidential fixed 

investment fell, but less dramatically than in the previous 

quarter, and net exports detracted from growth for the first 

time in a year. 

In 2008, consumer spending-which accounts for about 70 

percent of GDP–registered its largest four-quarter drop since 

1974, falling by 1.8 percent. After rising by 0.6 percent in 

the first quarter of 2009, and declining by 0.9 percent in the 

second, consumer spending rose by 3.4 percent in the third 

quarter, adding 2.4 percentage points to real GDP growth. 

Residential investment–mostly residential homebuilding– 

now accounts for only about 3-1/2 percent of GDP after 

declining sharply since early 2006. After plunging 38 

percent in the first quarter of 2009, residential investment 

fell by a somewhat more moderate 23 percent in the second 

quarter. Residential investment then surged by more than 23 

percent in the third quarter. A number of monthly housing 

measures have shown marked improvement. Single-family 

housing starts rose 3.9 percent in September, continuing an 

upward trend begun in March. Sales of existing single 

family homes surged 9.4 percent in September and are now 

24 percent above January’s record lows, even as they remain 

23 percent below their late 2005 peak. After 5 months of 

uninterrupted growth, new single family home sales fell 3.6 

percent in September, but are still up about 8 percent from 

their early January lows. The inventories of unsold new and 

existing homes continued to shrink in September, and are at 

their lowest levels since early 2007, but both remain high 

relative to sales. 
4 Profile of the Economy 

December 2009 

Payroll Employment

-208 -226

-553

-691

-428

-153

-113

71 80 109 105

151

255

88

206

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

I II III IV I II III IV I II III IV I II III

(Average monthly change in thousands

from end of quarter to end of quarter)

2006 2009 2007 2008

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

00 01 02 03 04 05 06 07 08 09

(Percent)

Oct. 2009

10.2%

Rising home sales and declining inventories have helped 

stabilize house prices; 12-month declines in prices have 

slowed. The Federal Housing Financing Authority (FHFA) 

purchase-only house price index has been stable since 

November 2008 and edged down 0.3 percent in August (the 

first decline since April). This measure is down 3.6 percent 

in the 12 months through August but is roughly unchanged 

since November 2008. The 10-city Standard & Poor’s 

(S&P)/Case-Shiller composite home price index rose 1.3 

percent in August, and the comparable 20-city index rose 1.2 

percent in August, the fourth straight monthly increases for 

both measures. Year-over-year declines in both measures 

have moderated to about 11 percent (from around 19 percent 

in early 2009). 

The decline in business activity outside of homebuilding 

in 2008 and earlier this year began to moderate in the second 

quarter of 2009 and moderated further in the third quarter. 

Nonresidential fixed investment–about 10 percent of GDP–

plunged by nearly 40 percent at an annual rate during the 

first quarter (a record decline) and by nearly 10 percent in 

the second quarter, but fell by a more modest 2.5 percent in 

the third quarter. Outlays for equipment and software edged 

up in the third quarter after falling sharply during the first 

half of the year. Altogether, the drop in business investment 

subtracted 0.2 percentage point from real GDP growth in the 

third quarter, posing much less drag than in the first or 

second quarters. 

Export growth was a key driver of overall economic 

growth in 2007 and most of 2008, but in the three quarters 

prior to the third quarter exports were a significant drag. As 

exports declined, imports also declined sharply. Exports 

account for about 12 percent of GDP, while imports, which 

are subtracted from GDP, account for about 17 percent. In 

the third quarter, exports grew by 14.7 percent and imports 

grew faster, by 16.4 percent. As a result, net exports 

subtracted 0.5 percentage point from third quarter growth in 

real GDP. 

Although the U.S. trade balance (which measures trade 

in goods and services) and the current account (which also 

includes investment income flows and unilateral transfers) 

remains in deficit, both deficits have narrowed appreciably 

in recent years. The merchandise trade deficit reached $828 

billion in 2006, but declined to $794 billion in 2007, then 

widened a bit to $816 billion in 2008. The current account 

balance has been in deficit almost continuously since the 

early 1980s, and in 2006, reached a record $804 billion, 

equivalent to 6.0 percent of GDP. In 2007, the deficit 

narrowed to $727 billion, or 5.2 percent of GDP, and in 

2008, the current account narrowed further to $706 billion, 

equivalent to 4.9 percent of GDP. 

Public sector purchases–which account for roughly 20 

percent of GDP–rose 2.3 percent at an annual rate in the 

third quarter, adding 0.5 percentage point to real GDP 

growth. Federal spending jumped almost 8 percent in the 

third quarter, after an 11.4 percent surge in the second 

quarter. State and local government spending fell 1.1 

percent, after growing by 5.2 percent in the second quarter. 

Labor Markets 

Labor market conditions deteriorated throughout 2008 

and conditions worsened during the first part of 2009, 

although the pace of job loss has moderated during the year. 

From the beginning of the recession in December 2007 

through October 2009, 7.3 million jobs have been lost, 
Profile of the Economy 5 

December 2009 

-3

-2

-1

0

1

2

3

4

5

6

7

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

Excluding food and energy Total

Consumer Prices

(Percent change from a year earlier)

Food

including over 4.2 million jobs during the first 10 months of 

this year alone. Nonfarm payrolls fell by an average of 

nearly 700,000 per month during the first quarter of 2009. 

Job declines started to slow in the second quarter, and in 

October, the decline in payrolls was roughly one-third of the 

557,000 average monthly job loss during the first 6 months 

of 2009, and below the average monthly loss of 226,000 in 

the third quarter. The unemployment rate has generally 

trended higher through October, rising above the 10 percent 

mark to 10.2 percent, a 26-year high and 5.8 percentage 

points above the March 2007 low of 4.4 percent. A measure 

of unemployment that includes workers who are 

underemployed and those who are only marginally attached 

to the labor force reached a record high of 17.5 percent in 

October 2009 (series dates from 1994)–more than double its 

level of 8.7 percent in December 2007. 

Job losses have been spread broadly across most sectors. 

Since the start of the recession, manufacturing payrolls have 

declined by 2.1 million, and construction payrolls have 

declined by 1.6 million. However, a few sectors have 

continued to see job growth, including health care and 

education, which together added more than 800,000 jobs to 

payrolls between December 2007 and October 2009. 

Inflation 

Headline inflation peaked at 5.6 percent in the year 

through July 2008, boosted by surging food and energy 

prices. Since then, the headline measure has retreated 

noticeably on a 12 month basis, mainly due to declines in 

energy prices (down 22 percent in the year through 

September) as well as increasing economic slack and to a 

lesser extent, slowing food price inflation. Headline 

consumer prices have fallen on a 12-month basis in 7 of the 

last 9 months, including a decline of 1.3 percent in the year 

ending in September 2009, a sharp contrast from the 4.9 

percent rise in the previous year. More recently, headline 

prices have turned up. For the 3 months ending in September 

2009, headline consumer prices rose at an annual rate of 2.5 

percent (energy prices rose nearly 21 percent at an annual 

rate over that same period) and so far in 2009, headline 

inflation is 2.7 percent (annualized). Core consumer prices 

(excluding food and energy) rose by 1.5 percent in the year 

through September 2009, well-below the year-earlier pace of 

2.5 percent and still close to 2004 lows. In the 3 months 

ending in September 2009, core prices increased at a 1.3 

percent annual rate. 

Energy prices have risen since late 2008, but are wellbelow the record highs reached in mid-summer 2008. The 

retail price of regular gasoline hit a record of $4.11 per 

gallon in early July 2008, then dropped to $1.61 in late 

December 2008. At the end of October the price had risen to 

$2.67 per gallon, more than $1.00 higher than the December 

low and unchanged from a year ago. The front-month futures 

price for West Texas Intermediate (WTI) crude oil traded to 

a record $147 per barrel in mid-July 2008, but has since 

dropped, and averaged $76 per barrel in October. 

Food prices rose rapidly over much of 2007 and 2008, 

remaining above the overall inflation rate, but have since 

declined. In September, consumer food prices edged 0.1 

percent lower and fell 0.2 percent over the year, contrasting 

sharply with the 6.2 percent rate of the preceding year. 

Federal Budget 

The federal budget deficit widened to $1.4 trillion in 

fiscal year 2009 (10 percent of GDP), well above the $459 

billion in fiscal year 2008 (3.2 percent of GDP). This 

deterioration followed 3 years of improvement that had 

trimmed the deficit to $162 billion (1.2 percent of GDP) in 

fiscal year 2007. Outlays grew by over 18 percent in fiscal 

year 2009 compared with fiscal year 2008, and included 

expenditures under the Troubled Asset Relief Program 

(TARP) and for Housing and Economic Recovery Programs 

(HERA). Weak economic growth weighed on receipts, 

which fell by nearly 17 percent. 

The Mid-Session Review of the Budget, released in 

August, projects the budget deficit will be $1.5 trillion (10.4 

percent of GDP) in fiscal year 2010. Expenditures are 

expected to grow by 3.1 percent, and receipts are projected 

to rise by 9.2 percent, reflecting rising growth and incomes. 

The budget deficit will narrow in subsequent years, 

averaging 4.5 percent of GDP from fiscal year 2011 to fiscal 

year 2019. New economic and budget projections will be 

released early in 2010. 
6 Profile of the Economy 

December 2009 

Economic Policy 

Key policy actions taken over the past year have kept the 

economy from contracting even further, and continue to set 

the stage for recovery in the remainder of 2009 and beyond. 

The ARRA puts $787 billion toward stimulating domestic 

demand; through the end of September, the Federal 

Government had paid out more than $85 billion in Recovery 

Act funds to the fifty states plus the District of Columbia, 

with a total of about $204 billion either already paid out or 

obligated to be paid out in the near future. This spending 

will provide an important boost to economic activity through 

the remainder of this year and in 2010. Specifically, the 

Recovery Act is expected to create or save an estimated 3.5 

million jobs in a range of industries from clean energy to 

health care. The ARRA is also helping to bolster incomes 

and support consumer spending: government estimates 

suggest that as of May, nominal disposable personal income 

was about $207 billion (nearly 2 percent) higher than it 

otherwise would have been without the Making Work Pay 

tax cuts or the one-time payments to eligible recipients 

(mostly Social Security recipients). 

Financial Markets 

Financial markets came under unprecedented stress in 

the fall of 2008, but a wide range of financial stability 

measures and the boost to the economy through the ARRA 

have helped to support more normal functioning. Since early 

this year, credit flows have picked up and measures of 

financial risk have since improved substantially, with some 

returning to pre-crisis levels. 

Partly in response to rising financial market stress, as 

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

Federal Reserve began easing monetary policy in August 

2007, and has since cut the rate to a range of 0 percent to 

0.25 percent set at the December 2008 Federal Open Market 

Committee (FOMC) meeting, which brought the target to its 

lowest level in history. The target range was maintained at 

the FOMC’s most recent meeting in early November, when 

the Committee observed a pick up in economic activity, 

general stabilization in financial market conditions, and 

subdued inflation. The Federal Reserve has greatly expanded 

its tools to increase liquidity in credit markets and ease 

lending terms to sectors that need a temporary injection. 

These include a variety of facilities and funds directed at 

specific financial markets, including commercial paper and 

money market funds. Purchases of about $300 billion of 

Treasury securities were completed by the end of October 

2009. The expiration date of the Term Asset-Backed 

Securities Loan Facility (TALF) remains December 31, 

2009, and other liquidity facilities, such as the Term Auction 

Facility (TAF) do not have a fixed expiration date. At the 

November meeting, the FOMC reaffirmed its support of 

mortgage lending and housing markets through purchases of 

agency mortgage-backed securities ($1.25 trillion) and 

agency debt (about $175 billion). It noted that agency debt 

purchases were less than the previously announced 

maximum of $200 billion, but were consistent with plans to 

slow the pace of such purchases as well as the limited 

availability of agency debt. Both types of purchases will 

finish by the end of the first quarter of 2010, a quarter later 

than first announced. 

Equity market indexes fell very sharply in 2008, and 

volatility rose to record levels. The S&P 500 index declined 

38.5 percent in 2008, compared with a 3.5 percent gain the 

previous year. The loss was the largest since 1931, when an 

earlier version of the index (containing only 90 stocks) 

dropped 47 percent. This year, the S&P 500 reached a 12-

year low in mid-March and since then has risen by about 60 

percent. Year-to-date, the index is about 20 percent higher. 

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 2008. The VIX has 

since retreated to about 28 percent as of early November. 

Long-term Treasury interest rates have responded to a 

variety of factors, including flight-to-quality flows in 

response to financial market pressures, as well as concerns 

about the increase in supply that will be necessary to fund 

the government’s emergency support programs. After 

trading between 3.5 percent and 4.5 percent for most of 

2008, the yield dropped off sharply starting in midNovember 2008, reaching a low of 2.1 percent in late 

December. Since then, the 10-year note yield has generally 

trended higher, and in recent months has traded in a more 

stable range. The yield stood at about 3.6 percent as of early 

November. The 3-month Treasury bill yield, by contrast, 

generally trended lower throughout 2008 under the relatively 

steady influence of safe-haven demand for short-term liquid 

assets. The yield reached an all-time low of slightly above 

zero by the end of December, but rose during the first half of 

2009, trading in the range of 0.2 percent. Since late August, 

however, the 3-month yield has declined, falling to 0.05 

percent as of early November. The 2- to 10-year Treasury 

yield spread, one measure of the steepness of the yield 

curve, has widened noticeably since mid-2007, when it was 

roughly 20 basis points. This spread has steepened to an 

average 250 basis points in October. A steepening yield 

curve may suggest rising uncertainty about long-term 

prospects. 
Profile of the Economy 7 

December 2009 

Long-Term Interest Rate Spreads

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2006 2007 2008 2009

(Percent)

Corporate Baa to

Treasury Ten-Year Yield Spread

Treasury Two-Year

to Ten-Year Yield Spread

Short-Term Interest Rate Spreads

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2006 2007 2008 2009

(Percent)

TED Spread

Libor-OIS Spread

Key interest rates on private securities, which spiked in 

response to financial market turbulence late last year, have 

retraced in 2009 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) had 

averaged less than 50 basis points before the crisis began to 

worsen in August 2007 and rose to an all-time high of nearly 

460 basis points in early October 2008. Improvements in 

short-term credit availability narrowed the spread to about 

15 basis points in late September, but the spread had 

widened to about 25 basis points in early November. The 

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

Treasury yield averaged 170 basis points through most of 

2007, before the financial market turmoil emerged. It peaked 

at nearly 620 basis points last December and has narrowed 

since then, but has remained in the range of about 290 basis 

points over the past 3 months–still very high by historical 

standards. 

Rates for conforming mortgages have remained 

relatively stable in recent months, and jumbo mortgage rates 

have started to trend lower. The interest rate for a 30-year 

conforming fixed-rate mortgage rose to about 5.3 percent as 

of early November. The jumbo-conforming spread had 

widened to 160 basis points by the end of last year, well up 

from the more typical 20 to 25 basis point spread seen prior 

to the onset of the housing and credit market problems. 

Although this spread had widened again to about 160 basis 

points in mid-May, it has since narrowed to just under 100 

basis points as of early November. 

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, but most recently, has begun to 

stabilize. Between February 2002 and January 2009, the 

exchange value of the dollar compared to an index of these 

currencies fell by about 16 percent. Between October 2007 

and October 2009, however, the dollar appreciated by 2.0 

percent against these currencies. Over the longer timeframe, 

the dollar depreciated by about 33 percent against the yen, 

and by 34 percent against the euro. Over the past 2 years, the 

dollar has depreciated by about 22 percent against the yen 

and by 4.0 percent against the euro. The dollar has 

appreciated against an index of currencies of 19 other 

important trading partners (including China, India, and 

Mexico). Between February 2002 and January 2009, the 

dollar firmed by about 1 percent against this basket of 

currencies, and over the past 2 years, appreciated by about 

4.0 percent. 
December 2009 

8 

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 2009 

9

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 2009 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 analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $229.8 billion for the fourth 

quarter of fiscal year 2009. This is a decrease of $38.2 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $32.3 billion and non-withheld 

receipts decreased by $20.5 billion during this period. 

Refunds decreased by $14.7 billion over the comparable 

fiscal year 2008 quarter. There was an increase of $0.7 

billion in accounting adjustments between individual income 

tax receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2008. 

Corporate income taxes—Net corporate income tax 

receipts were $36.3 billion for the fourth quarter of fiscal 

year 2009. This is a decrease of $31.5 billion compared to 

the prior year fourth quarter. The $31.5 billion change is 

comprised of a decrease of $27.3 billion in estimated and 

final payments, and an increase of $4.2 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal year 2009 were $195.8 billion, a decrease of $6.2 

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 -$3.2 billion, -$0.5 billion, and -$2.3 

billion respectively. There was a -$3.4 billion accounting 

adjustment for prior years’ employment tax liabilities made 

in the fourth quarter of fiscal year 2009, while there was a -$2.6 

billion adjustment in the fourth quarter of fiscal year 2008. 

Unemployment insurance—Unemployment insurance 

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

2009 were $7.6 billion, an increase of $0.1 billion over the 

comparable quarter of fiscal year 2008. Net State taxes 

deposited in the U.S. Treasury increased by $0.3 billion to 

$6.7 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.1 billion to $1.0 billion.
FEDERAL FISCAL OPERATIONS 

December 2009 

10 

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 2009. This was a negligible 

change from the comparable quarter of fiscal year 2008. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2009 were $16.0 billion, a decrease of 

$3.0 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $6.3 billion, an 

increase of $5.6 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.0 billion for the fourth quarter of fiscal year 2009. 

These receipts represent a decrease of $1.5 billion over the 

same quarter in fiscal year 2008. 

Customs duties—Customs duties net of refunds were 

$5.5 billion for the fourth quarter of fiscal year 2009. This is 

a decrease of $1.9 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2009 were $19.0 billion, 

an increase of $8.2 billion over the comparable prior year 

quarter. This change is due to deposits of earnings by 

Federal Reserve banks increasing by $8.2 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 2009 

Total on- and off-budget results: 

Total receipts ............................................................... 515,943 2,104,613

On-budget receipts .................................................. 364,666 1,450,603

Off-budget receipts .................................................. 151,277 654,010

Total outlays................................................................. 846,783 3,521,734

On-budget outlays.................................................... 684,328 3,004,716

Off-budget outlays.................................................... 162,455 517,018

Total surplus or deficit (-) ............................................. -330,840 -1,417,121

On-budget surplus or deficit (-)................................ -319,662 -1,554,113

Off-budget surplus or deficit (-)................................ -11,178 136,992

Means of financing: 

Borrowing from the public ............................................ 378,638 1,743,352

Reduction of operating cash........................................ 42,597 96,343

Other means ................................................................ -82,547 -422,575

Total on- and off-budget financing........................... 338,688 1,417,121

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2009 

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

Source July Aug. Sept. 

Individual income taxes...................................................... 64.9 62.5 102.4 

Corporate income taxes..................................................... 2.6 5.0 28.8 

Employment and general retirement.................................. 64.0 63.6 68.2 

Unemployment insurance .................................................. 3.2 3.9 0.5 

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

Excise taxes ....................................................................... 7.1 1.9 7.0 

Estate and gift taxes .......................................................... 1.9 1.4 1.6 

Customs duties .................................................................. 2.1 1.5 2.0 

Miscellaneous receipts....................................................... 5.4 5.5 8.1

Total budget receipts ..................................................... 151.5 145.5 218.9

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

December 2009 

11

CHART FFO-A.—

Monthly Receipts and Outlays, 2008-2009

(In billions of dollars) 

-50

0

50

100

150

200

250

300

350

SONDJ FMAM J J AS

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Excise

taxes

Misc. 

receipts 

Estate/gift

taxes

Custom

duties

* Prior-year data are for the comparable year.

2009

2008 *

CHART FFO-B.—

Budget Receipts by Fiscal Year to Date, 2008-2009

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

December 2009 

12 

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 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 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) 

Means of 

financing 

– net transactions

Borrowing from

the public–

Federal securities

Public debt

securities 

(10) 

 

2005 ............................ 2,153,350 1,575,874 577,475 2,471,647 2,069,437 402,210 -318,298 -493,562 175,265 551,329 

2006 ............................ 2,406,675 1,798,293 608,382 2,654,873 2,232,804 422,069 -248,197 -434,510 186,313 546,436 

2007 ............................ 2,567,672 1,932,584 635,088 2,729,199 2,275,562 453,636 -161,527 -342,978 181,452 499,976 

2008 ............................ 2,523,642 1,865,597 658,045 2,978,440 2,503,689 474,751 -454,798 -638,092 183,294 1,035,015 

2009 ............................ 2,104,614 1,450,603 654,011 3,521,738 3,004,719 517,017 -1,417,124 -1,554,115 136,993 1,890,021 

2009 - Est.................... 2,073,735 1,420,995 652,740 3,653,290 3,133,440 519,850 -1,579,555 -1,712,445 132,890 2,226,439 

2010 - Est.................... 2,264,362 1,603,024 661,338 3,766,012 3,214,586 551,426 -1,501,650 -1,611,562 109,912 1,875,559 

2008 - Sept.................. 272,228 218,144 54,083 226,494 169,541 56,953 45,734 48,604 -2,870 376,498 

Oct................... 164,847 117,998 46,849 r 320,378 r 272,921 47,457 r -155,531 r -154,923 -608 546,654 

Nov .................. 144,782 94,377 50,405 269,983 219,480 50,503 -125,201 -125,103 -98 88,115 

Dec .................. 237,811 191,039 46,772 289,566 296,073 -6,507 -51,755 -105,034 53,279 41,709 

2009 - Jan ................... 226,109 161,462 64,647 289,567 241,802 47,765 -63,457 -80,339 16,882 -64,215 

Feb .................. 87,328 34,133 53,195 281,188 226,552 54,635 -193,860 -192,419 -1,440 245,229 

Mar .................. 128,957 71,507 57,450 320,545 266,461 54,084 -191,589 -194,954 3,365 249,178 

Apr................... 266,232 195,849 70,383 287,139 237,834 49,305 -20,907 -41,985 21,078 114,465 

May.................. 117,241 64,098 53,143 306,892 250,801 56,090 -189,651 -186,703 -2,947 82,882 

June................. 215,364 155,474 59,890 r 309,697 r 308,467 1,230 r -94,333 r -152,993 58,660 221,645 

July .................. 151,503 101,818 49,685 332,183 282,233 49,950 -180,680 -180,415 -265 123,452 

Aug .................. 145,538 96,166 49,372 249,093 194,024 55,069 -103,555 -97,857 -5,697 142,701 

Sept................. 218,902 166,682 52,220 265,507 208,071 57,436 -46,605 -41,390 -5,216 98,206 

Fiscal year 2009............... 2,104,614 1,450,603 654,011 3,521,734 3,004,716 517,017 -1,417,121 -1,554,113 136,993 1,890,021 

Means of financing—net transactions, con. 

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

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) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

 

2005 ...................................... -547 254,096 296,687 -669 -4,537 -182 -6,195 9,250 778 318,298 

2006 ...................................... -245 309,215 236,975 16,447 410 196 -6,626 20,983 666 248,197 

2007 ...................................... -433 293,218 206,325 23,110 646 1,314 -2,157 -22,667 782 161,527 

2008 ...................................... 145 267,438 767,722 296,371 117 1,552 286 -15,354 759 454,795 

2009 ...................................... 98 146,783 1,743,337 -96,343 45,527 574 8,719 -360,349 440 1,424,951 

 

2009 - Est.............................. -177 173,392 2,052,869 -101,608 - - - -574,923 - 1,579,555 

2010 - Est.............................. -278 156,218 1,719,063 - - - - -217,413 - 1,501,650 

 2008 - Sept ........................... -139 41,472 334,887 364,735 -77 509 -25 -15,777 295 -45,737 

Oct............................. 2,465 54,614 494,505 243,350 -417 440 -314 -95,921 - 155,525 

Nov............................ -2,317 -5,478 91,276 -112,502 23 -28 2,908 -75,674 - 125,201 

Dec............................ 100 66,695 -24,887 -135,809 317 577 339 -58,124 190 51,755 

2009 - Jan ............................. -265 -15,667 -48,813 -170,896 -293 444 -2 -58,477 - 63,457 

Feb ............................ -337 -15,802 260,695 30,572 -134 361 -64 -36,100 - 193,860 

Mar ............................ -196 -4,552 253,534 42,503 168 -661 584 -19,351 - 191,589 

Apr............................. -145 17,030 97,290 69,302 16 -137 51 -7,151 - 20,907 

May ........................... -145 -4,312 87,049 -120,986 314 -642 3,791 -14,921 - 189,651 

June .......................... 12 67,607 154,050 100,720 25 75 71 41,159 - 94,318 

July............................ 212 -37,157 160,822 -22,982 7 -201 457 -2,861 - 180,680 

Aug............................ -151 -5,464 148,014 336 43,216 195 124 7,260 - 111,403 

Sept........................... 865 29,269 69,802 -19,951 2,285 151 774 -40,188 250 46,605 

 

Fiscal year 2009.................... 98 146,766 1,743,352 -96,343 45,527 574 8,719 -360,349 440 1,417,121 

 

Note.—These estimates are based on the Mid-Session Review of the Budget for Fiscal 

Year 2010, released by the Office of Management and Budget on August 25, 2009. 

* Less than $500,000. 

- No Transactions 

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

December 2009 

13

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”] 

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds

 (10) 

 Net 

 (11) 

 

2005 .................. 786,559 320,942 180,279 927,222 307,095 28,814 278,281 1,205,503 746,129 2,585 743,544 

2006 .................. 848,954 387,307 192,354 1,043,908 380,925 27,010 353,915 1,397,823 788,024 2,213 785,810 

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 .................. 970,195 455,398 279,845 1,145,748 354,293 49,947 304,346 1,450,093 854,485 2,461 852,024 

2009 .................. 861,775 312,475 258,941 915,307 225,892 87,662 138,229 1,053,536 847,185 2,511 844,674 

 

2009 - Est.......... 903,525 - - 903,525 121,233 - 121,233 1,024,758 842,954 - 842,954 

2010 - Est.......... 1,027,798 - - 1,027,798 163,782 - 163,782 1,191,580 850,323 - 850,323 

 

2008 - Sept........ 76,035 59,089 3,527 131,597 58,537 4,906 53,631 185,228 73,309 2,461 70,848 

Oct......... 79,525 14,554 7,756 86,323 9,926 9,845 81 86,404 61,916 - 61,916 

Nov ........ 67,870 3,663 11,437 60,095 4,209 2,215 1,994 62,089 66,825 - 66,825 

Dec ........ 103,431 8,187 2,738 108,880 51,345 3,052 48,293 157,173 63,790 - 63,790 

2009 - Jan ......... 75,792 54,612 5,945 124,459 9,734 5,202 4,532 128,991 82,939 - 82,939 

Feb ........ 74,704 4,120 70,107 8,717 4,696 6,751 -2,056 6,661 67,267 - 67,267 

Mar ........ 83,889 8,792 51,455 41,227 22,315 18,923 3,392 44,619 72,657 - 72,657 

Apr......... 62,502 130,795 56,629 136,668 27,519 12,974 14,545 151,213 90,637 - 90,637 

May........ 58,335 4,082 36,198 26,218 6,211 7,615 -1,404 24,814 67,367 - 67,367 

June....... 64,528 33,930 5,523 92,935 40,772 8,243 32,529 125,464 76,604 - 76,604 

July ........ 67,013 4,774 6,928 64,859 8,034 5,457 2,577 67,436 63,610 - 63,610 

Aug ........ 62,305 3,927 3,742 62,489 4,135 -818 4,953 67,442 63,181 - 63,181 

Sept....... 61,881 41,039 483 102,437 36,996 8,203 28,793 131,230 70,392 2,511 67,881 

Fiscal year 2009... 861,775 312,475 258,941 915,307 225,892 87,662 138,229 1,053,536 847,185 2,511 844,674 

 

Social insurance and retirement receipts, con. 

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

Railroad retirement 

Fiscal year 

or month 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

 

2005 ............................ 4,123 3 4,119 747,663 42,120 119 42,001 4,409 50 4,460 

2006 ............................ 4,234 2 4,231 790,042 43,559 139 43,420 4,308 50 4,358 

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 4,121 44 4,165 

2009 ............................ 4,215 1 4,213 848,887 37,996 107 37,890 4,103 37 4,141 

 

2009 - Est.................... 4,256 - 4,256 847,210 39,511 - 39,511 4,435 26 4,461 

2010 - Est.................... 4,241 - 4,241 854,564 51,396 - 51,396 4,311 26 4,337 

 

2008 - Sept ................. 459 * 459 71,307 2 9 -7 323 4 327 

Oct................... 388 - 388 62,304 2,014 6 2,007 391 3 394 

Nov.................. 383 * 383 67,208 2,980 4 2,976 319 3 322 

Dec.................. 369 * 368 64,158 245 3 242 391 3 394 

2009 - Jan ................... 353 * 353 83,292 1,154 6 1,149 316 4 320 

Feb.................. 538 * 538 67,805 3,349 1 3,348 320 2 323 

Mar.................. 425 * 425 73,081 348 11 338 321 3 324 

Apr................... 352 5 348 90,985 7,078 20 7,058 320 4 323 

May ................. 410 -2 412 67,779 12,694 9 12,685 387 3 390 

June ................ -112 * -113 76,491 424 -23 447 366 3 369 

July.................. 392 -1 393 64,003 3,286 51 3,235 334 3 338 

Aug.................. 387 -1 388 63,569 3,957 10 3,947 313 3 315 

Sept................. 330 * 330 68,212 467 9 458 325 3 329 

 

Fiscal year 2009................ 4,215 1 4,213 848,887 37,996 107 37,890 4,103 37 4,141 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2009 

14 

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

Deposits of 

earnings by 

Federal 

Reserve banks

(42) 

Universal 

service 

fund and all

other 

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget

(46) 

 

2005 ....................... 73,093 25,606 841 24,764 24,198 820 23,378 19,297 13,190 32,487 1,575,874 577,475 

2006 ....................... 73,962 28,688 811 27,877 25,701 891 24,810 29,945 14,439 44,384 1,798,293 608,382 

2007 ....................... 65,069 26,978 934 26,044 27,548 1,538 26,010 32,043 15,185 47,228 1,932,584 635,088 

2008 ....................... 67,334 29,824 980 28,844 28,537 969 27,568 33,598 16,049 49,647 1,865,593 658,045 

2009 ....................... 62,484 24,675 1,197 23,482 23,544 1,091 22,455 34,318 17,419 51,739 1,450,603 654,011 

2009 -Est................ 65,280 26,341 - 26,341 22,552 - 22,552 27,406 16,216 43,622 1,420,995 652,740 

2010 -Est................ 68,068 19,429 - 19,429 20,464 - 20,464 38,648 15,876 54,524 1,603,024 661,338 

2008 - Sept ............ 7,684 2,140 96 2,044 2,585 102 2,483 1,917 1,241 3,158 218,141 54,083 

Oct.............. 3,911 2,181 85 2,097 2,727 94 2,633 3,607 1,489 5,097 117,998 46,849 

Nov............. 5,321 2,387 112 2,274 2,310 85 2,225 1,333 1,033 2,366 94,377 50,405 

Dec............. 5,185 2,293 107 2,186 2,165 127 2,038 4,826 1,609 6,435 191,039 46,772 

2009 - Jan .............. 5,042 2,432 46 2,387 2,134 50 2,085 1,361 1,483 2,844 161,462 64,647 

Feb ............. 4,248 1,438 195 1,244 1,743 61 1,682 192 1,826 2,018 34,133 53,195 

Mar ............. 4,994 2,048 130 1,919 1,636 114 1,522 652 1,507 2,159 71,507 57,450 

Apr.............. 5,642 4,060 84 3,976 1,960 82 1,878 4,005 1,153 5,158 195,849 70,383 

May ............ 5,427 1,549 92 1,457 1,459 76 1,383 1,959 1,346 3,305 64,098 53,143 

June ........... 6,735 1,051 68 983 1,614 116 1,498 1,992 1,385 3,378 155,474 59,890 

July............. 7,057 2,030 105 1,926 2,108 35 2,073 3,727 1,708 5,435 101,818 49,685 

Aug............. 1,944 1,494 98 1,396 1,649 195 1,455 4,140 1,330 5,470 96,166 49,372 

Sept............ 6,978 1,712 75 1,637 2,039 56 1,983 6,524 1,550 8,074 166,682 52,220 

Fiscal year 2009......... 62,484 24,675 1,197 23,482 23,544 1,091 22,455 34,318 17,419 51,739 1,450,603 654,011 

 

Note.—These estimates are based on the Mid-Session Review of the Budget for Fiscal Year 

2010, released by the Office of Management and Budget on August 25, 2009. 

* 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”] 

Excise taxes 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Fiscal year 

or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net 

 (34) 

 

2005.............................. 794,123 10,415 101 10,314 610 - 610 38,897 1,007 37,890 25,272 994 24,278

2006.............................. 837,820 10,531 105 10,425 607 - 607 39,433 891 38,543 25,509 1,123 24,386

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

2008.............................. 900,150 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 36,006 1,046 34,960 23,408 7,101 16,309 2009 - Est ..................... 891,182 10,450 - 10,450 371 - 371 35,271 - 35,271 19,188 - 19,188

2010 - Est ..................... 910,297 10,600 - 10,600 670 - 670 35,990 - 35,990 20,808 - 20,808

 2008 - Sept ................... 71,626 1,764 5 1,759 100 - 100 5,574 138 5,436 515 126 389

Oct .................... 64,706 265 - 265 14 - 14 912 - 912 2,782 63 2,720

Nov.................... 70,506 942 - 942 53 - 53 3,171 - 3,171 1,293 137 1,155

Dec.................... 64,794 898 - 898 50 - 50 3,021 - 3,021 1,384 169 1,216

2009 - Jan..................... 84,760 876 - 876 49 - 49 2,946 - 2,946 1,192 21 1,171

Feb.................... 71,476 928 71 857 59 - 59 2,830 355 2,475 1,023 166 857

Mar.................... 73,743 854 - 854 48 - 48 2,736 - 2,736 1,504 148 1,356

Apr .................... 98,366 955 - 955 53 - 53 3,055 - 3,055 1,695 116 1,579

May ................... 80,854 1,092 10 1,082 74 - 74 3,141 300 2,842 1,589 160 1,430

June .................. 77,307 1,167 - 1,167 61 - 61 3,364 - 3,364 2,349 207 2,142

July.................... 67,576 1,323 - 1,323 69 - 69 3,821 - 3,821 1,927 84 1,843

Aug.................... 67,831 694 21 673 58 - 58 2,754 256 2,498 3,140 4,425 -1,285

Sept................... 68,999 685 8 677 57 - 57 4,255 135 4,119 3,530 1,405 2,125

 Fiscal year 2009 ................ 890,918 10,679 110 10,569 645 - 645 36,006 1,046 34,960 23,408 7,101 16,309

 
FEDERAL FISCAL OPERATIONS 

December 2009 

15

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) 

 

2005 ....................... 3,995 5,543 85,333 6,147 474,374 72,857 21,274 581,463 38,717 42,448 9,288 22,366 46,943

2006 ....................... 4,129 5,820 93,533 6,374 499,350 93,427 19,653 614,313 69,100 42,434 9,063 23,320 43,139

2007 ....................... 4,307 6,008 84,427 6,479 528,590 66,372 20,117 672,036 39,172 45,559 10,497 23,351 47,543

2008 ....................... 4,429 6,345 90,786 7,726 594,680 65,957 21,404 700,501 40,683 49,086 9,880 26,544 58,840

2009 ....................... 4,714 6,645 114,437 10,720 636,793 53,387 23,684 796,323 51,720 61,024 11,809 27,712 138,156 

2009 - Est............... 4,890 6,810 120,837 11,774 641,158 49,486 27,166 813,896 49,915 62,775 11,701 29,075 138,708

2010 - Est............... 5,791 7,210 133,698 16,326 692,397 102,397 46,364 879,594 50,833 53,047 13,072 31,420 160,573 

2008 - Sept............. 389 550 6,271 671 52,024 5,549 4,522 46,577 4,169 3,411 978 2,296 5,528

Oct.............. 378 706 14,704 748 66,078 5,609 r 2,190 76,469 5,060 3,884 889 2,292 6,492

Nov ............. 343 473 8,064 745 45,627 4,286 1,620 44,875 4,419 3,685 880 2,262 5,566

Dec ............. 706 528 11,518 1,119 60,484 6,042 r 2,026 63,502 5,907 4,145 988 2,570 r 11,408

2009 - Jan .............. 343 503 10,852 777 47,009 5,921 1,601 73,151 4,210 3,737 793 1,890 9,750

Feb ............. 324 497 10,278 1,235 48,258 6,591 r 1,616 61,628 3,631 3,510 835 1,895 9,625

Mar ............. 357 535 9,057 655 49,428 5,351 1,907 60,167 4,333 3,828 866 2,141 12,388

Apr.............. 362 527 7,884 1,035 51,704 5,653 1,909 72,707 3,989 3,507 1,088 1,774 13,000

May............. 356 639 8,026 978 50,490 8,689 2,217 67,703 3,525 3,811 902 2,466 12,194

June............ 437 564 8,881 1,124 53,691 -12,422 1,907 68,526 4,748 20,752 1,597 2,887 14,477

July ............. 365 599 7,270 809 58,041 6,639 2,078 88,975 4,161 3,791 1,025 2,454 14,688

Aug ............. 371 502 8,743 723 45,633 8,016 1,432 51,918 3,361 3,333 935 2,607 13,887

Sept ............ 372 572 9,160 772 60,350 3,012 3,181 66,702 4,376 3,041 1,011 2,474 14,681 

Fiscal year 2009........ 4,714 6,643 114,437 10,720 636,793 53,387 23,684 796,323 51,720 61,024 11,809 27,712 138,156

 

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) 

 

2005 ....................... 12,754 56,597 352,350 57,927 69,844 4,720 43,484 7,911 7,689 17 15,034 

2006 ....................... 12,957 60,141 405,872 58,873 69,808 6,946 44,435 8,322 5,378 22 13,945 

2007 ....................... 13,749 61,701 429,978 60,623 72,820 3,918 47,112 8,258 2,957 32 12,764 

2008 ....................... 17,505 64,945 451,154 97,665 84,783 5,077 45,784 7,938 1,172 342 11,403 

2009 ....................... 21,434 73,007 383,365 319,806 95,489 6,840 57,277 8,072 742 319 14,827 

2009 - Est............... 21,317 80,496 394,433 407,119 96,438 12,632 48,494 8,421 755 1,423 15,140 

2010 - Est............... 28,952 91,089 465,444 168,869 109,527 9,744 48,568 10,760 748 2,290 23,588 

2008 - Sept ............ 1,347 6,881 19,883 -5,771 4,284 487 3,875 695 -130 -34 2,282 

Oct.............. 2,372 6,606 18,984 35,082 11,568 634 3,922 645 82 20 2,344 

Nov............. 1,697 5,318 18,559 52,089 4,059 629 5,238 653 40 -73 2,215 

Dec............. 2,037 6,253 97,775 r 19,399 10,969 906 5,683 743 55 65 -175 

2009 - Jan .............. 1,482 4,245 3,133 29,357 7,499 369 6,957 581 71 16 810 

Feb............. 1,384 4,182 10,311 37,178 7,672 402 5,469 647 50 -52 924 

Mar............. 1,465 4,451 19,830 63,135 4,383 501 4,613 689 58 306 613 

Apr.............. 1,368 4,748 24,847 13,539 8,017 447 3,235 617 57 -8 3,122 

May ............ 1,330 5,382 20,600 21,968 8,827 538 4,599 634 65 -66 1,006 

June ........... 1,765 6,645 106,612 38,133 8,331 544 4,562 838 48 49 2,549 

July............. 1,879 7,502 19,813 23,564 11,447 707 4,668 639 78 81 526 

Aug............. 972 7,438 27,375 -585 4,388 566 3,429 695 82 -24 -238 

Sept............ 3,683 10,237 15,526 -13,053 8,329 597 4,902 691 56 5 1,131 

 

Fiscal year 2009........ 21,434 73,007 383,365 319,806 95,489 6,840 57,277 8,072 742 319 14,827 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

December 2009 

16 

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 

Total outlays 

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) 

Onbudget 

(35) 

Offbudget 

(36) 

 

2005 .................. 15,600 5,432 59,500 2,503 561,333 14,419 -58,919 -160,992 -6,144 -160 2,069,437 402,210 

2006 .................. 15,125 5,541 62,400 905 585,742 12,351 -60,856 -169,295 -7,282 -113 2,232,803 422,069 

2007 .................. 15,861 5,529 58,431 1,175 621,761 18,271 -61,774 -177,963 -6,762 -13,700 2,275,562 453,636 

2008 .................. 17,834 5,848 64,393 527 657,799 45,196 -66,178 -191,537 -18,285 -1,790 2,503,689 474,751 

2009 .................. 19,169 6,004 72,303 2,247 727,549 50,364 -70,657 -181,560 -5,293 -16,690 3,004,716 517,017 

 

2009 - Est.......... 19,358 6,687 68,256 2,304 727,364 50,598 -69,141 -186,439 -5,103 -15,453 3,133,440 519,850 

2010 - Est.......... 18,759 8,143 71,618 1,320 755,265 34,543 -75,809 -200,449 -6,664 6,985 3,214,586 551,426 

 

2008 - Sept ....... 1,872 570 400 75 52,131 11,560 -4,407 -1,030 -1,413 * 169,541 56,953 

Oct......... 1,483 477 6,008 82 59,153 6,380 -18,701 -1,906 -357 * r 272,921 47,457 

Nov........ 1,426 492 5,604 81 52,073 10,777 -4,260 52 -144 -9,389 219,480 50,503 

Dec........ 1,810 452 5,335 101 58,693 304 -4,968 -86,222 -594 - r 296,072 -6,507

2009 - Jan ......... 1,185 437 6,624 74 60,358 7,095 -4,211 3,196 -248 * 241,802 47,765 

Feb........ 1,345 432 5,870 1,285 59,839 5,677 -4,894 483 -364 -6,577 r 226,551 54,635 

Mar........ 1,677 450 6,730 72 56,394 10,012 -4,569 -864 -414 - 266,461 54,084 

Apr......... 1,518 458 6,868 73 59,854 1,560 -4,346 -3,658 -317 - 237,834 49,305 

May ....... 1,631 449 5,627 86 73,473 5,953 -5,325 -667 -488 -724 250,801 56,090 

June ...... 1,750 562 5,459 89 64,869 r -6,098 -4,903 -88,313 -963 * r 308,466 1,230

July........ 1,570 597 6,632 96 64,625 2,894 -4,644 -940 -443 - 282,233 49,950 

Aug........ 1,584 667 6,320 94 56,982 5,921 -4,712 -2,896 -427 - 194,024 55,069 

Sept....... 2,190 531 5,226 114 61,236 -111 -5,124 175 -534 - 208,071 57,436 

 

Fiscal year 2009.... 19,169 6,004 72,303 2,247 727,549 50,361 -70,657 -181,560 -5,293 -16,690 3,004,716 517,017 

 

Note.—These estimates are based on the Mid-Session Review of the Budget for Fiscal Year 

2010, released by the Office of Management and Budget on August 25, 2009. 

* Less than $500,000. 

- No transactions. 

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

December 2009 

17

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

September 2009 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............................................... 915,253 55 - 915,308 1,145,685 63 - 1,145,748

Corporation income taxes........................................... 138,229 - - 138,229 304,346 - - 304,346

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 654,010 654,010 - - 658,045 658,045

Employment and general retirement (on-budget)... - - 194,876 194,876 - - 198,412 198,412

Unemployment insurance ....................................... - - 37,889 37,889 - - 39,527 39,527

Other retirement...................................................... - - 4,142 4,142 - - 4,169 4,169

Excise taxes ................................................................ 12,838 1,016 48,630 62,484 14,950 777 51,608 67,334

Estate and gift taxes ................................................... 23,482 - - 23,482 28,844 - - 28,844

Customs duties ........................................................... 13,663 7,601 1,189 22,454 17,027 9,002 1,539 27,568

Miscellaneous receipts................................................ 36,564 13,865 1,310 51,738 35,600 12,979 1,068 49,647

Total receipts....................................................... 1,140,030 22,537 942,047 2,104,613 1,546,453 22,821 954,368 2,523,642

(On-budget)..................................................... 1,140,030 22,537 288,037 1,450,603 1,546,453 22,821 296,323 1,865,597

(Off-budget)..................................................... - - 654,010 654,010 - - 658,045 658,045

 

Budget outlays: 

Legislative branch ....................................................... 4,377 313 23 4,713 4,204 199 27 4,429

Judicial branch ............................................................ 6,424 235 -15 6,643 6,318 31 -4 6,345

Department of Agriculture ........................................... 96,752 16,628 1,057 114,436 80,160 9,628 1,001 90,789

Department of Commerce........................................... 9,491 1,229 * 10,721 7,202 523 * 7,726

Department of Defense-military .................................. 633,562 3,111 119 636,793 589,677 4,884 119 594,680

Department of Education ............................................ 54,151 -773 9 53,387 66,684 -749 22 65,957

Department of Energy................................................. 25,256 -1,572 - 23,684 22,461 -1,057 * 21,404

Department of Health and Human Services ............... 575,513 -134 220,944 796,323 502,564 39 197,899 700,501

Department of Homeland Security.............................. 50,402 1,016 302 51,721 43,379 -2,962 267 40,683

Department of Housing and Urban Development....... 62,475 -1,449 -2 61,024 50,947 -1,863 * 49,086

Department of the Interior........................................... 11,554 -272 528 11,810 9,944 -543 479 9,880

Department of Justice ................................................. 25,893 1,834 -15 27,713 24,638 1,896 10 26,544

Department of Labor................................................... 42,334 315 95,507 138,156 10,256 1,497 47,088 58,840

Department of State.................................................... 20,986 -123 572 21,435 17,196 -160 469 17,506

Department of Transportation..................................... 23,718 -346 49,634 73,006 17,338 -197 47,803 64,945

Department of the Treasury: 

Interest on the public debt....................................... 383,365 - - 383,365 451,154 - - 451,154

Other ....................................................................... 320,230 -347 -76 319,806 98,730 -980 -85 97,665

Department of Veterans Affairs .................................. 97,182 -2,787 1,095 95,490 86,171 -2,436 1,048 84,783

Corps of Engineers ..................................................... 6,142 -220 918 6,840 4,531 -220 766 5,077

Other defense civil programs...................................... 61,894 -3,396 -1,221 57,277 59,227 -12,861 -582 45,784

Environmental Protection Agency............................... 8,478 -31 -376 8,070 7,909 -19 48 7,938

Executive Office of the President................................ 743 * * 743 1,172 * * 1,172

General Services Administration ................................ 307 13 * 320 201 140 * 342

International Assistance Program............................... 18,756 -934 -2,995 14,827 17,197 -1,164 -4,630 11,403

National Aeronautics and Space Administration ........ 19,169 -2 1 19,168 17,841 -9 1 17,834

National Science Foundation...................................... 5,859 96 50 6,005 5,738 74 36 5,848

Office of Personnel Management ............................... 40,598 -2,888 34,592 72,302 39,792 -7,003 31,604 64,393

Small Business Administration ................................... 2,255 -9 * 2,246 551 -24 * 528

Social Security Administration .................................... 78,679 -24 648,894 727,549 58,608 -7 599,197 657,799

Other independent agencies....................................... 10,278 29,724 10,358 50,361 8,851 28,148 8,198 45,196

Undistributed offsetting receipts: 

Interest .................................................................... - - -181,561 -181,561 - - -191,537 -191,537

Other ....................................................................... -3,992 -28,635 -60,012 -92,638 -16,973 -14,598 -54,682 -86,253

Total outlays........................................................ 2,692,829 10,572 818,332 3,521,734 2,293,670 207 684,563 2,978,440

(On-budget)..................................................... 2,692,576 10,522 301,618 3,004,716 2,293,670 -2,210 212,230 2,503,689

(Off-budget)..................................................... 253 51 516,714 517,018 - 2,417 472,334 474,751

Surplus or deficit (-)............................................. -1,552,800 11,965 123,714 -1,417,121 -747,217 22,614 269,805 -454,798

(On-budget)..................................................... -1,552,547 12,016 -13,582 -1,554,113 -747,217 25,031 84,094 -638,092

(Off-budget)..................................................... -253 -51 137,296 136,992 - -2,417 185,711 183,294

- No transactions. 

* Less than $500,000. 

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

December 2009 

18 

 TABLE FFO-5.—Internal Revenue Receipts by State, 2009 

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

 Individual income and employment taxes 

State 

Total 

Internal 

Revenue 

collections 

(1) 

Corporation 

income tax 1

(2) 

Total 

(3) 

Income tax 

not withheld

and SECA 

 tax 2, 3

(4) 

Income tax 

withheld 

and FICA 

tax 2

(5) 

Railroad 

retirement

tax 

(6) 

Unemployment 

insurance 

 tax 

(7) 

Estate 

tax 

(8) 

Gift 

 tax 

(9) 

Excise 

taxes 

(10) 

United States, total 4 ................... 2,345,337,178 225,481,588 2,048,546,621 364,073,379 1,672,997,777 4,710,453 6,765,012 21,583,131 3,094,192 46,631,646

Alabama ........................................ 20,093,422 690,741 19,053,914 3,758,622 15,218,090 2,805 74,396 204,275 32,438 112,055

Alaska............................................ 4,670,157 222,515 4,387,073 1,019,760 3,350,707 1,777 14,828 16,978 91 43,500

Arizona .......................................... 32,372,226 2,471,398 28,564,174 5,172,402 23,267,499 1,750 122,524 209,951 20,209 1,106,494

Arkansas ....................................... 25,727,268 5,524,663 19,431,278 2,293,283 16,989,868 2,124 146,003 84,012 55,826 631,489

California ....................................... 264,868,391 27,095,063 230,209,894 47,999,999 181,431,700 7,846 770,349 4,072,265 429,024 3,062,144

Colorado........................................ 38,484,608 2,856,472 34,005,912 6,403,331 27,483,580 11,745 107,256 290,309 52,409 1,279,506

Connecticut ................................... 44,684,141 4,800,755 39,059,563 8,620,898 30,351,139 4,112 83,414 356,361 81,155 386,307

Delaware ....................................... 13,683,353 2,725,766 10,832,715 1,388,202 9,418,102 32 26,378 97,427 13,413 14,033

District of Columbia....................... 19,487,689 1,466,547 17,896,573 1,422,826 16,043,213 415,193 15,341 97,661 15,627 11,281

Florida ........................................... 110,156,809 4,426,304 102,968,650 24,677,272 77,258,273 656,021 377,085 1,742,496 313,100 706,259

Georgia.......................................... 59,486,251 5,671,371 51,636,705 7,789,692 43,616,892 2,201 227,921 392,509 35,182 1,750,485

Hawaii............................................ 6,747,592 423,772 6,134,814 1,334,210 4,778,720 [5] 21,883 67,301 6,777 114,929

Idaho ............................................. 6,859,632 501,992 6,249,425 1,296,892 4,920,516 1,003 31,015 85,015 7,075 16,125

Illinois ............................................ 116,130,852 12,991,659 100,734,255 18,091,514 82,165,107 155,382 322,253 807,157 109,784 1,487,997

Indiana........................................... 42,108,854 2,883,236 38,686,817 4,597,156 33,968,701 13,870 107,091 249,491 21,314 267,996

Iowa............................................... 17,614,407 1,427,436 15,963,661 2,873,082 13,027,713 5,381 57,486 114,710 4,780 103,820

Kansas .......................................... 20,374,354 1,267,195 17,803,520 3,120,008 13,726,781 889,434 67,298 131,621 21,564 1,150,454

Kentucky........................................ 23,313,696 1,446,147 21,512,933 2,877,224 18,549,489 9,655 76,565 134,635 4,643 215,337

Louisiana....................................... 34,882,848 1,326,230 32,971,179 5,816,545 27,068,053 4,465 82,116 278,455 23,669 283,315

Maine............................................. 6,105,799 177,487 5,692,584 1,010,443 4,655,688 3,071 23,382 49,689 3,693 182,346

Maryland........................................ 44,484,984 2,186,965 41,674,214 6,966,298 34,578,449 15,704 113,764 439,308 86,449 98,048

Massachusetts .............................. 70,108,079 5,014,595 63,808,820 10,631,713 52,949,497 58,282 169,327 652,577 70,521 561,567

Michigan........................................ 56,050,689 3,429,151 52,053,616 6,820,114 44,946,212 94,889 192,402 311,650 138,800 117,472

Minnesota...................................... 67,646,589 8,850,168 57,135,872 5,534,072 51,349,111 63,783 188,906 295,775 202,196 1,162,578

Mississippi..................................... 9,603,121 554,850 8,738,012 1,971,346 6,728,925 1,025 36,716 63,994 11,173 235,092

Missouri......................................... 44,310,000 3,861,265 39,048,966 5,462,043 33,381,605 64,929 140,390 560,301 30,584 808,884

Montana ........................................ 4,136,011 177,339 3,864,272 1,001,462 2,827,815 18,868 16,127 40,038 5,399 48,963

Nebraska....................................... 16,200,400 3,941,704 12,121,294 1,927,204 9,151,055 1,001,201 41,834 71,577 13,205 52,620

Nevada.......................................... 13,770,576 728,916 12,802,614 3,530,890 9,216,494 91 55,139 117,542 16,780 104,724

New Hampshire............................. 8,739,838 467,026 8,118,357 1,563,751 6,529,298 126 25,182 101,868 4,282 48,304

New Jersey ................................... 103,548,696 14,950,946 87,095,421 13,265,999 73,482,062 122,535 224,824 483,034 60,920 958,376

New Mexico................................... 8,188,815 284,268 7,713,273 1,636,948 6,046,363 531 29,431 81,270 8,965 101,040

New York....................................... 193,446,916 18,213,230 171,565,629 34,383,573 136,468,421 331,953 381,681 2,342,343 369,050 956,664

North Carolina ............................... 63,348,252 9,039,509 53,783,272 7,084,679 46,484,462 5,249 208,882 341,501 80,981 102,990

North Dakota ................................. 4,115,943 261,179 3,816,679 1,059,714 2,739,527 4,149 13,288 16,533 3,759 17,793

Ohio............................................... 103,638,344 8,826,533 91,350,121 8,400,504 82,638,467 19,679 291,471 664,998 54,977 2,741,714

Oklahoma...................................... 24,297,410 2,387,976 17,936,398 4,604,861 13,257,886 3,044 70,607 182,627 10,982 3,779,428

Oregon .......................................... 21,736,643 1,147,789 20,196,879 3,420,525 16,701,037 665 74,652 174,889 33,948 183,139

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2009 

19

TABLE FFO-5.—Internal Revenue Receipts by State, 2009, con. 

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

 Individual income and employment taxes 

State 

Total 

Internal 

Revenue 

collections 

 (1) 

Corporation 

income tax 1 

(2) 

Total 

(3) 

Income tax 

not withheld 

 and SECA 

 tax 2, 3

(4) 

Income tax

withheld 

and FICA

tax 2

(5) 

Railroad 

retirement 

tax 

(6) 

Unemployment 

insurance 

 tax 

(7) 

Estate 

tax 

(8) 

Gift 

tax 

(9) 

Excise 

taxes 

(10) 

Pennsylvania............................ 106,613,979 10,612,832 92,949,541 12,783,695 79,809,018 56,815 300,014 745,977 60,576 2,245,053

Rhode Island............................ 10,909,205 2,745,130 8,063,988 1,049,469 6,982,925 14 31,580 83,025 10,217 6,845

South Carolina ......................... 17,806,603 937,804 16,524,564 3,007,867 13,448,793 1,537 66,368 197,902 18,553 127,780

South Dakota ........................... 4,888,826 171,290 4,664,408 1,759,322 2,873,256 17,501 14,328 27,542 2,022 23,564

Tennessee ............................... 44,047,939 3,651,310 39,436,002 5,036,613 34,218,714 1,831 178,844 195,345 8,569 756,713

Texas........................................ 200,521,512 24,235,172 158,798,111 34,220,816 123,995,690 17,012 564,593 1,780,030 242,918 15,465,279

Utah.......................................... 14,270,839 686,104 12,906,483 2,319,181 10,526,001 3,304 57,997 34,201 8,919 635,132

Vermont.................................... 3,366,627 209,377 3,066,551 645,516 2,408,321 2,157 10,558 72,808 956 16,936

Virginia ..................................... 58,598,281 7,229,899 50,669,866 9,039,113 40,875,271 592,451 163,032 501,374 59,684 137,458

Washington .............................. 48,587,720 5,161,652 42,552,023 8,645,142 33,738,292 5,744 162,844 328,734 84,452 460,859

West Virginia ............................ 6,332,264 370,444 5,852,802 1,192,854 4,638,334 449 21,166 26,179 1,113 81,726

Wisconsin................................. 38,642,363 3,288,051 34,662,866 5,260,909 29,260,384 4,856 136,716 250,149 48,862 392,435

Wyoming .................................. 3,833,691 214,410 3,407,743 1,275,372 2,121,261 670 10,440 83,743 13,551 114,244

U.S. Armed Services 

overseas and Territories 

other than Puerto Rico ........ 601,822 1,630 574,724 140,091 432,339 - 2,294 9,364 4,039 12,065

Puerto Rico .......................... 3,742,730 183,108 3,558,007 320,839 3,198,739 3 38,425 570 17 1,027

International ......................... 11,061,106 2,055,407 8,508,466 2,881,642 5,614,491 769 11,564 123,340 7,608 366,284

Undistributed 4 .......................... 6,288,017 -992,188 5,731,128 3,665,881 2,089,432 10,771 -34,956 698,710 67,392 782,975

 

1 Includes tax-exempt business income taxes from "unrelated business income" (Form 990-T) 

and farmer's cooperatives (Form 990-C). 

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

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

the Federal Insurance Contributions Act or FICA), and on self-employment income (under 

the Self-Employment Insurance Contributions Act or SECA). 

3 Includes estate and trust income tax collections of $14.7 billion. 4 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. 

5 Less than $500. 

Notes: Gross collections exclude excise taxes paid to the Customs Service and the Alcohol 

and Tobacco Tax and Trade Bureau. 

Collection and refund data by State 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 years made in fiscal year 2009 may result in negative amounts when such adjustments 

exceed current year collections. See Table 8 for refund data. 

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 address. 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 OPERATION 

December 2009

20 

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 

2009

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2009

 

Headquarters: 

Revenue Division ........................................................... $1,492,447,692.42 

 

Portland, Maine: 

Portland, ME .................................. 10101.................... 37,691,934.31 

Bangor, ME .................................... 10102.................... 140,976.25 

Eastport, ME .................................. 10103.................... 58,323.09 

Jackman, ME ................................. 10104.................... 441,347.56 

Vanceboro, ME .............................. 10105.................... 4,885,659.38 

Houlton, ME ................................... 10106.................... 4,649,134.18 

Fort Fairfield, ME............................ 10107.................... 53,091.69 

Van Buren, ME............................... 10108.................... 89,330.57 

Madawaska, ME............................. 10109.................... 66,546.31 

Fort Kent, ME................................. 10110.................... 20,385.00 

Calais, ME...................................... 10115.................... 3,530,448.88 

Limestone, ME ............................... 10118.................... 5,884.58 

Bridgewater, ME............................. 10127.................... 9,597.26 

Portsmouth, NH.............................. 10131.................... 2,057,457.42 

Belfast, ME..................................... 10132.................... 3,076,127.13 

Manchester, NH User Fee Airport.... 10182.................... 246,869.44 

Total District ............................................................. 57,023,113.05 

 

St. Albans, Vermont: 

St. Albans, VT ..................................... 10201.................... 702,862.61 

Richford, VT ........................................ 10203.................... 23,103.32 

Beecher Falls, VT ............................... 10206.................... 680,227.86 

Burlington, VT ..................................... 10207.................... 65,348.89 

Derby Line, VT.................................... 10209.................... 6,508,366.69 

Norton, VT........................................... 10211.................... 542,195.93 

Highgate Springs, VT ......................... 10212.................... 34,774,619.32 

Total District ............................................................. 43,296,724.62 

 

Boston, Massachusetts: 

Boston, MA..................................... 10401.................... 244,902,421.10 

Springfield, MA............................... 10402.................... 229,118.73 

Worchester, MA ............................. 10403.................... 54,880,465.72 

Glouchester, MA ............................ 10404.................... 4,822.68 

New Bedford, MA........................... 10405.................... 4,339,055.18 

Plymouth, MA................................. 10406.................... 1,263.52 

Salem, MA...................................... 10408.................... 3,257,917.59 

Bridgeport, CT................................ 10410.................... 2,567,976.92 

Hartford, CT ................................... 10411.................... 5,153,702.80 

New Haven, CT.............................. 10412.................... 12,508,927.02 

New London, CT ............................ 10413.................... 34,684.16 

Lawrence, MA ................................ 10416.................... 21,608.76 

Logan Airport, MA .......................... 10417.................... 72,422,750.93 

Hanscom Field User Fee Airport ... 10481.................... 278,181.63 

Total District ............................................................. 400,602,896.74 

 

Providence, Rhode Island: 

Newport, RI .................................... 10501.................... 78,885.97 

Providence, RI................................ 10502.................... 75,711,225.18 

Total District ............................................................. 75,790,111.15 

 

 

 

 

Ogdensburg, New York: 

Ogdensburg, NY ............................ 10701.................... 2,563,813.52 

Massena, NY.................................. 10704.................... 1,939,661.84 

Alexandria Bay, NY........................ 10708.................... 20,186,977.00 

Champlain, NY............................... 10712.................... 91,270,399.14 

Trout River, NY .............................. 10715.................... 2,298,892.76 

Total District ............................................................. 118,259,744.26 

 

Buffalo, New York: 

Buffalo, NY ..................................... 10901.................... 236,965,812.77 

Rochester, NY................................ 10903.................... 5,599,899.54 

Oswego, NY ................................... 10904.................... 103,929.59 

Syracuse, NY ................................. 10906.................... 2,480,980.31 

Binghamton, NY ............................ 10981.................... 128,203.22 

Total District .............................................................. 245,278,825.43 

 

New York, New York: 

New York, NY................................. 21001.................... 728,780,101.41 

Albany, NY ..................................... 21002.................... 899,052.58 

UPS, Newark, NJ ........................... 24670.................... 14,658,350.56 

Federal Express, Newark, NJ ........ 24671.................... 23,995,043.81 

Newark, NJ..................................... 24601.................... 3,266,492,711.56 

Perth Amboy, NJ ............................ 24602.................... 12,684,176.92 

Morristown, NJ User Fee Airport ... 24681.................... 174,054.95 

JFK ................................................. 24701.................... 854,687,859.75 

NYACC, Jamaica, NY .................... 24771.................... 1,131,360.74 

DHL Airways, Jamaica, NY............ 24772.................... 7,419,749.96 

Dworkin/Cosell Courier, 

Jamaica, NY............................... 24775.................... 2,183.70 

TNT Skypak (JFK).......................... 24778.................... 2,027,410.84 

Total District ............................................................. 4,912,952,056.78 

 

Philadelphia, Pennsylvania: 

Philadelphia, PA............................. 11101.................... 243,678,951.63 

Chester, PA.................................... 11102.................... 46,768,635.12 

Wilmington, DE .............................. 11103.................... 7,650,213.02 

Pittsburgh, PA ................................ 11104.................... 43,865,104.52 

Wilkes-Barre/Scranton, PA ............ 11106.................... 11,744,434.86 

Philadelphia, PA............................. 11107.................... 471.86 

Philadelphia Int'l. Airport ................ 11108.................... 33,124,288.46 

Harrisburg, PA................................ 11109.................... 24,024,101.06 

Allentown, PA................................. 11119.................... 8,163,538.98 

Atlantic City, NJ User Fee 

Airport......................................... 11182.................... 139,869.18 

Trenton/Mercer User Fee Airport... 11183.................... 151,799.29 

UPS (Philadelphia, PA).................. 11195.................... 36,485,651.30 

Total District .............................................................. 455,797,059.28

 

Baltimore, Maryland: 

Baltimore, MD ................................ 11303.................... 522,774,090.73 

BWI Airport..................................... 11305.................... 30,265,174.55 

Total District .............................................................. 553,039,265.28

 
FEDERAL FISCAL OPERATIONS 

December 2009

21

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 

2009

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2009

 

Norfolk, Virginia: 

Norfolk, VA ..................................... 41401.................... 590,786,669.57 

Newport News, VA......................... 41402.................... 18,306,088.39 

Norfolk Subport, VA ...................... 41403.................... 1,555.62 

Richmond-Petersburg, VA ............. 41404.................... 17,214,032.60 

Charleston, WV .............................. 41409.................... 9,617,929.70 

Front Royal, VA.............................. 41410.................... 3,050.35 

New River Valley Airport ................ 41412.................... 1,507,018.66 

Total District ............................................................. 637,436,344.89 

 

Charlotte, North Carolina: 

Wilmington, NC .............................. 41501.................... 93,062,703.34 

Winston Salem, NC........................ 41502.................... 21,419,446.76 

Durham, NC ................................... 41503.................... 11,344,467.02 

Beaufort-Morehead, NC................. 41511.................... 556,400.10 

Charlotte, NC ................................. 41512.................... 143,994,648.47 

Total District ............................................................. 270,377,665.69

 

Charleston, South Carolina: 

Charleston, SC............................... 41601.................... 727,625,636.21 

Georgetown, SC............................. 41602.................... 196,688.35 

Greenville-Spartanburg, SC ............. 41603.................... 86,077,269.21 

Columbia, SC ................................. 41604.................... 8,880,806.86 

Myrtle Beach User Fee Airport....... 41681.................... 126,301.93 

Total District ............................................................. 822,906,702.56

 

Savannah, Georgia: 

Brunswick, GA................................ 41701.................... 93,876,217.60 

Savannah, GA................................ 41703.................... 868,270,254.56 

Atlanta, GA..................................... 41704.................... 452,655,156.57 

Total District ............................................................. 1,414,801,628.73

 

Tampa, Florida: 

Tampa, FL...................................... 41801.................... 62,271,828.80 

Jacksonville, FL.............................. 41803.................... 230,174,562.39 

Fernandina, FL............................... 41805.................... 139,938.30 

Orlando, FL .................................... 41808.................... 13,796,365.01 

Orlando/Sanford, FL ...................... 41809.................... 28,550.14 

St. Petersburg, FL.......................... 41814.................... 46,889.33 

Port Canaveral, FL......................... 41816.................... 2,710,444.94 

Panama City, FL ............................ 41818.................... 42,005,147.37 

Pensacola, FL ................................ 41819.................... 20,436.01 

Manatee, FL ................................... 41821.................... 10,946,873.57 

Ft. Myers, FL .................................. 41822.................... 171,944.87 

Sarasota, FL User Fee Airport....... 41883.................... 165,389.12 

Daytona Beach, FL User Fee 

Airport........................................ 41884.................... 339,622.98 

Melbourne, FL User Fee Airport .... 41885.................... 201,110.11 

Leesburg Regional User Fee 

Airport ........................................ 41887.................... 132,571.40 

Orlando Executive Airport.............. 41888.................... 140,287.69 

St. Augustine, User Fee Airport ..... 41889.................... 89,095.32 

Total District ............................................................. 363,381,057.35

 

 

Mobile, Alabama: 

Mobile, AL ...................................... 51901.................... 50,215,300.09 

Gulfport, MS ................................... 51902.................... 17,915,156.68 

Pascagoula, MS............................. 51903.................... 1,930,419.55 

Birmingham, AL.............................. 51904.................... 36,716,478.36 

Huntsville, AL ................................. 51910.................... 53,337,742.68 

Total District ............................................................. 160,115,097.36

 

New Orleans, Louisiana: 

Morgan City, LA ............................. 52001.................... 7,736,785.27 

New Orleans, LA............................ 52002.................... 187,016,819.22 

Little Rock, AR ............................... 52003.................... 3,688,573.55 

Baton Rouge, LA............................ 52004.................... 18,944,305.06 

Memphis, TN.................................. 52006.................... 460,725,364.25 

Nashville, TN.................................. 52007.................... 53,277,152.09 

Chattanooga, TN............................ 52008.................... 284,636.75 

Gramercy, LA ................................. 52010.................... 17,620,669.64 

Vicksburg, MS ................................ 52015.................... 2,832,904.77 

Knoxville, TN .................................. 52016.................... 31,251,371.26 

Lake Charles, LA............................ 52017.................... 6,816,041.30 

Shrevesport/Bossler, LA ................ 52018.................... 71,619.18 

Port of Tri-Cities Blountville, TN .... 52027.................... 2,544,516.68 

Tri City User Fee Airport ................ 52082.................... 9,972.56 

Rogers User Fee Airport ................ 52084.................... 133,928.76 

Federal Express (Memphis, TN).... 52095.................... 155,153,024.68 

Total District ............................................................. 948,107,685.02

 

Port Arthur, Texas: 

Port Arthur, TX ............................... 62101.................... 22,193,555.98 

Beaumont, TX ................................ 62104.................... 11,482,568.96 

Yuma, AZ ....................................... 62150.................... 19,366.12 

Total District ............................................................. 33,695,491.06

 

Laredo, Texas: 

Brownsville, TX .............................. 62301.................... 45,345,291.05 

Del Rio, TX..................................... 62302.................... 2,016,328.45 

Eagle Pass, TX .............................. 62303.................... 70,856,186.03 

Laredo, TX ..................................... 62304.................... 257,230,091.22 

Hidalgo, TX .................................... 62305.................... 46,576,748.24 

Rio Grande City, TX....................... 62307.................... 444,475.88 

Progresso, TX ................................ 62309.................... 1,127,242.48 

Roma, TX ....................................... 62310.................... 889,652.65 

Border Patrol HQ Del Rio, TX........ 62350.................... 2,333.01 

Comstock,TX BP............................ 62351.................... 400.00 

Carrizo Springs, TX BP.................. 62352.................... 17,099.83 

Del Rio, TX BP ............................... 62353.................... 8,269.00 

Eagle Pass, TX BP......................... 62354.................... 10,805.00 

Brackettville, TX BP ....................... 62355.................... 3,177.00 

Uvalde, TX BP................................ 62356.................... 4,800.00 

Abilene Border Patrol, TX ............. 62360.................... 100.00 

Valley International User Fee 

Airport......................................... 62383.................... 152,640.20 

Total District ......................................................... 424,685,640.04

 
FEDERAL FISCAL OPERATION 

December 2009

22 

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 

2009

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2009

 

El Paso, Texas: 

El Paso, TX .................................... 62402.................... 139,577,690.51 

Presidio, TX.................................... 62403.................... 558,898.13 

Fabens, TX..................................... 62404.................... 43,333.08 

Columbus, TX ................................ 62406.................... 277,003.90 

Albuquerque, NM ........................... 62407.................... 714,223.64 

Santa Teresa, NM.......................... 62408.................... 2,720,528.49 

Total District ............................................................. 143,891,677.75 

 

San Diego, California: 

San Diego, CA ............................... 72501.................... 116,842,968.69 

Andrade, CA................................... 72502.................... 345,315.70 

Calexico, CA .................................. 72503.................... 1,288,023.39 

San Ysidro, CA............................... 72504.................... 3,811,891.24 

Tecate, CA ..................................... 72505.................... 19,179,999.03 

Otay Mesa, CA............................... 72506.................... 65,535,917.77 

Calexico East, CA .......................... 72507.................... 17,530,138.04 

McClellan -Palomar Airport ........... 72581.................... 505,250.34 

Total District ............................................................. 225,039,504.20

 

Nogales, Arizona: 

Douglas, AZ ................................... 62601.................... 1,464,261.55 

Lukeville, AZ................................... 62602.................... 187,093.61 

Naco, AZ ........................................ 62603.................... 89,065.80 

Nogales, AZ ................................... 62604.................... 50,701,546.63 

Phoenix, AZ.................................... 62605.................... 22,988,477.41 

Sasabe, AZ .................................... 62606.................... 20,614.00 

San Luis, AZ................................... 62608.................... 2,781,183.23 

Tucson, AZ..................................... 62609.................... 1,561,263.96 

Border Patrol HQ Tucson, AZ........ 62650.................... 55,463.12 

Nogales, AZ Border Patrol............. 62653.................... 330.48 

Douglas, AZ Border Patrol............. 62655.................... 3.47 

Scottsdale User Fee Airport........... 62681.................... 130,028.46 

Williams Gateway User Fee 

Airport......................................... 62682.................... 156,119.01 

Total District ......................................................... 80,135,450.73

 

Los Angeles, California: 

Los Angeles, CA ............................ 72704.................... 6,993,185,342.33 

Port San Luis Harbor, CA ............. 72707.................... 218.60 

Long Beach, CA............................. 72709.................... 38,875.03 

Port Hueneme, CA......................... 72713.................... 6,304,139.18 

LAX................................................. 72720.................... 422,398,989.28 

Las Vegas, NV ............................... 72722.................... 35,990,665.05 

DHL (LAX)...................................... 72770.................... 38,439.02 

Virgin Atlantic Cargo (LAX)............ 72774.................... 750.75 

TNT Express Worldwide ................ 72775.................... 170,384.25 

Int'l Bonded Couriers...................... 72776.................... 83,725.32 

Micom, Ingelwood, CA................... 72777.................... 252,710.52 

Palm Springs User Fee Airport ...... 72781.................... 163,803.24 

San Bernardino U.F. Airport, CA ... 72782.................... 409,322.15 

 

 

Los Angeles, California, con.: 

So. California Logistics Airport, CA.... 72783.................... 1,719,634.71 

Santa Marie Airport, CA................. 72784.................... 113,261.68 

March Inland, Riverside, CA .......... 72785.................... 157,682.62 

Meadows Field Airport ................... 72786.................... 906,845.05 

DHL HUB Los Angeles, CA ........... 72791.................... 7,310,421.58 

DHL Hub Riverside, CA ................. 72792.................... 343,814.02 

UPS Ontario ................................... 72795.................... 13,133,122.21 

Total District ............................................................. 7,482,722,146.59

 

San Francisco, California: 

San Francisco Int'l Airport.............. 72801.................... 102,878,457.54 

Eureka, CA..................................... 72802.................... 3,887.00 

Fresno, CA ..................................... 72803.................... 401,401.30 

San Francisco, CA ......................... 72809.................... 912,542,186.77 

Oakland, CA................................... 72811.................... 18,987.69 

Sacramento, CA............................. 72816.................... 158,171.59 

Reno, NV........................................ 72833.................... 2,030,202.36 

San Jose, CA ................................. 72834.................... 256,162.56 

Sacramento Int'l Airport, CA .......... 72835.................... 27,953.49 

DHL (SFO) ..................................... 72870.................... 1,437,389.04 

Fresno Yosemite User Fee 

Airport......................................... 72882.................... 1,328,877.94 

Federal Express (SFO).................. 72895.................... 18,904,671.71 

Total District ............................................................. 1,039,988,348.99

 

Great Falls, Montana: 

Raymond, MT................................. 33301.................... 209,100.09 

Eastport, ID .................................... 33302.................... 7,833,374.56 

Salt Lake City, UT .......................... 33303.................... 38,447,023.42 

Great Falls, MT .............................. 33304.................... 851,452.41 

Turner, MT ..................................... 33306.................... 26,554.95 

Denver, CO .................................... 33307.................... 75,685,515.32 

Porthill, ID....................................... 33308.................... 1,944,645.65 

Scoby, MT ...................................... 33309.................... 3,114.02 

Sweetgrass, MT ............................. 33310.................... 12,103,224.34 

Whitetail, MT .................................. 33312.................... 307.00 

Piegan, MT..................................... 33316.................... 63,344.86 

Ophiem, MT ................................... 33317.................... 1,750.60 

Roosville, MT ................................. 33318.................... 78,679.28 

Morgan, MT.................................... 33319.................... 116,257.41 

Whitlash, MT .................................. 33321.................... 1,419.40 

Del Bonita, MT ............................... 33322.................... 8,343.20 

Wildhorse, MT ................................ 33323.................... 99,025.01 

Willow Creek, MT........................... 33325.................... 977.25 

Jefferson County Airport ................ 33383.................... 141,810.45 

Arapahoe County Airport ............... 33384.................... 161,435.58 

Eagle County User Fee Airport...... 33385.................... 140,014.80 

Total District ............................................................. 137,917,369.60

 
FEDERAL FISCAL OPERATIONS 

December 2009

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 

2009

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2009

 

Pembina, North Dakota: 

Pembina, ND.................................. 33401.................... 16,234,848.77 

Portal, ND....................................... 33403.................... 5,199,026.41 

Neche, ND...................................... 33404.................... 19,752.48 

St John, ND.................................... 33405.................... 3,192.60 

Northgate, ND ................................ 33406.................... 21,589.85 

Walhalla, ND .................................. 33407.................... 28,529.05 

Hannah, ND ................................... 33408.................... 154.25 

Sarles, ND...................................... 33409.................... 1,640.31 

Ambrose, ND.................................. 33410.................... 367.00 

Antler, ND....................................... 33413.................... 2,945.34 

Sherwood, ND................................ 33414.................... 737,114.50 

Hansboro, ND ................................ 33415.................... 4,406.42 

Maida, ND ...................................... 33416.................... 1,884.00 

Fortuna, ND.................................... 33417.................... 6,956.20 

Westhope, ND................................ 33419.................... 9,594.06 

Noonan, ND ................................... 33420.................... 9,215.45 

Carbury, ND ................................... 33421.................... 4,891.61 

Dunseith, ND.................................. 33422.................... 499,536.00 

Warroad, MN.................................. 33423.................... 75,793.54 

Baudette, MN ................................. 33424.................... 65,790.73 

Pinecreek, MN................................ 33425.................... 997.85 

Roseau, MN ................................... 33426.................... 120,781.08 

Grand Forks Airport, ND ................ 33427.................... 3,953.84 

Lancaster, MN................................ 33430.................... 30,433.75 

Minot Airport, ND............................ 33434.................... 90.00 

Hector User Fee Airport ................. 33481.................... 20,277.17 

Total District ............................................................. 23,103,762.26

 

Minneapolis, Minnesota: 

Minneapolis, MN ............................ 33501.................... 132,812,752.94 

Sioux Falls, SD............................... 33502.................... 59,543.46 

Duluth, MN ..................................... 33510.................... 2,197,043.60 

Omaha, NE ................................... 33512.................... 29,241,550.31 

Des Moines, IA............................... 33513.................... 1,492,236.46 

Rochester User Fee Airport ........... 33581.................... 143,629.01 

Total District ............................................................. 165,946,755.78

 

Duluth, Minnesota: 

Duluth, MN ..................................... 33601.................... 470.10 

Int’l Falls/Ranier, MN...................... 33604.................... 4,378,455.45 

Grand Portage, MN........................ 33613.................... 1,814,328.75 

Total District ............................................................. 6,193,254.30

 

Milwaukee, Wisconsin: 

Milwaukee, WI................................ 33701.................... 25,363,711.93 

Green Bay, WI................................ 33703.................... 216,959.40 

Racine, WI...................................... 33708.................... 215,868.25 

Total District ............................................................. 25,796,539.58

 

Portland, Oregon: 

Astoria, OR..................................... 72901.................... 516,229.38 

Newport, OR .................................. 72902.................... 38.00 

Coos Bay, OR ................................ 72903.................... 63,254.35 

Portland, OR .................................. 72904.................... 305,489,331.83 

Longview, WA ................................ 72905.................... 12,973,278.11 

Boise, ID......................................... 72907.................... 283,044.40 

 

 

Portland, Oregon, con.: 

Vancouver, WA .............................. 72908.................... 1,208.87 

Kalama, WA ................................... 72909.................... 1,236.70 

Portland Int'l Airport........................ 72910.................... 938.97 

Hillsboro Airport.............................. 72983.................... 288,404.23 

Total District ............................................................. 319,616,955.84

 

Detroit, Michigan: 

Detroit, MI....................................... 33801.................... 326,433,001.86 

Port Huron, MI................................ 33802.................... 65,384,305.08 

Sault St. Marie, MI.......................... 33803.................... 2,039,796.74 

Saginaw/Bay City/Flint, MI............. 33804.................... 81,584.52 

Battle Creek, MI ............................. 33805.................... 7,657,693.46 

Grand Rapids, MI........................... 33806.................... 11,479,721.41 

Detroit Airport, MI........................... 33807.................... 37,523,993.06 

Algonac, MI .................................... 33814.................... 8,257.97 

Oakland County User Fee Airport ..... 33881.................... 298,367.20 

Willow Run User Fee Airport.......... 33882.................... 371,973.86 

Capital City Airport UFA 

Lansing, MI................................. 33883.................... 357,563.60 

Total District ......................................................... 451,636,258.76

 

Chicago, Illinois: 

Chicago, IL ..................................... 33901.................... 1,353,807,789.35 

Peoria, IL........................................ 33902.................... 17,803,428.91 

Omaha, NE .................................... 33903.................... 90,600.99 

Gary, IN.......................................... 33905.................... 335.00 

Davenport/Rock Island/Moline, IL.... 33908.................... 12,657,254.14 

Rockford Airport, IL ........................ 33909.................... 26,880,773.98 

Midway Int'l Airport......................... 33910.................... 111,277.17 

Waukegan User Fee Airport .......... 33981.................... 144,756.93 

Pal-waukee User Fee Airport......... 33983.................... 161,024.56 

Dupage User Fee Airport............... 33984.................... 140,010.70 

Decatur User Fee Airport ............... 33985.................... 128,894.03 

Total District ............................................................. 1,411,926,145.76 

 

Cleveland, Ohio: 

Cleveland, OH................................ 34101.................... 121,072,784.32 

Cincinnati, OH /Lawrenceburg, IN ... 34102.................... 98,758,408.25 

Columbus, OH................................ 34103.................... 516,744,157.78 

Dayton, OH .................................... 34104.................... 1,865,978.23 

Toledo/Sandusky, OH.................... 34105.................... 4,253,001.31 

Erie, PA .......................................... 34106.................... 271,703.34 

Indianapolis, IN .............................. 34110.................... 96,976,125.96 

Louisville, KY.................................. 34115.................... 231,185,381.95 

Owensboro, KY.............................. 34116.................... 4,698,979.16 

Ashtabula/Conneaut, OH............... 34122.................... 287,488.54 

Airbourne Airpark User Fee Airport ... 34181.................... 99,059.00 

Ft Wayne User Fee Airport ............ 34183.................... 163,988.02 

Bluegrass User Fee Airport............ 34184.................... 468,639.58 

Airbourne Express.......................... 34191.................... 195.22 

BAX Global Emery Worldwide ....... 34192.................... 4,359,917.62 

DHL Express .................................. 34194.................... 29,067,123.22 

Emery Courier ................................ 34195.................... 23,732.44 

UPS ................................................ 34196.................... 159,520,420.55 

DHL (Cincinnati)............................. 34197.................... 5,369,752.03 

Federal Express (Indianapolis) ...... 34198.................... 16,562,686.14 

Total District ............................................................. 1,291,749,522.66
FEDERAL FISCAL OPERATION 

December 2009

24 

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 

2008

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

 

St. Louis, Missouri: 

Kansas City, MO ............................ 34501.................... 123,677,893.56 

St. Louis, MO ................................. 34503.................... 115,357,500.52 

Wichita, KS..................................... 34504.................... 33,524,939.51 

Springfield, MO .............................. 34505.................... 2,794,700.09 

Spirit of St. Louis Airport, MO ........ 34506.................... 618.35 

MidAmerica Airport......................... 34581.................... 391,515.65 

Total District ............................................................. 275,747,167.68 

 

Preclearance-Canada: 

Vancouver, Canada Preclearance .... 37922.................... 706,382.01 

Calgary, Canada Preclearance...... 37923.................... 1,092,481.93 

Edmondton, Canada Preclearance... 37924.................... 504,823.45 

Montreal, Canada Preclearance .... 37925.................... 655,106.13 

Toronto, Canada Preclearance...... 37926.................... 2,544,679.16 

Winnipeg, Canada Preclearance ... 37928.................... 233,191.00 

Ottawa, Canada Preclearance....... 37929.................... 204,993.47 

Victoria, Canada Preclearance ...... 37930.................... 39,925.00 

Halifax, Canada Preclearance ....... 37931.................... 95,220.00 

Total District ............................................................. 6,076,802.15 

 

San Juan, Puerto Rico: 

Aguadilla, PR ................................. 44901.................... 383,106.42 

Fajardo, PR .................................... 44904.................... 1,538,450.29 

Mayaguez, PR................................ 44907.................... 1,063,421.57 

Ponce, PR ...................................... 44908.................... 10,343,687.15 

San Juan, PR ................................. 44909.................... 94,798,920.86 

Old San Juan Int'l Airport ............... 44913.................... 8,326,573.37 

Total District ............................................................. 116,454,159.66 

 

Virgin Islands of the United States: 

Charlotte Amalie, VI ....................... 45101.................... 8,395,018.11 

Cruz Bay, VI ................................... 45102.................... 247,825.49 

Christiansted, VI............................. 45104.................... 6,374,272.03 

St. Thomas, VI ............................... 45107.................... 265.33 

Total District ............................................................. 15,017,380.96 

 

Miami, Florida: 

Miami, FL........................................ 45201.................... 344,964,959.08 

Key West, FL.................................. 45202.................... 70,279.16 

Port Everglades, FL ....................... 45203.................... 112,908,503.05 

West Palm Beach, FL .................... 45204.................... 6,381,888.19 

Fort Pierce, FL ............................... 45205.................... 89,048.85 

Miami Int'l Airport ........................... 45206.................... 74,313,805.57 

Fort Lauderdale Int'l ....................... 45210.................... 239,303.59 

Miami Int'l Courier Association....... 45270.................... 230.64 

DHL Worldwide Express ................ 45271.................... 1,122,439.03 

MIA/CFS ECCF.............................. 45272.................... 1,646.68 

UPS (Miami Int'l Airport)................. 45273.................... 7,604.66 

UPS Courier Hub ........................... 45295.................... 94,978.71 

FED EX Courier Hub...................... 45297.................... 956,048.43 

IBC Courier Hub............................. 45298.................... 171,971.94 

Miami Seaport ................................ 45299.................... 2,391,824.24 

Total District ............................................................. 543,714,531.82 

 

 

Washington, DC: 

Dulles Int'l Airport ........................... 45401.................... 23,039,560.70 

Total District ............................................................. 23,039,560.70 

 

Bahamas Preclearance: 

Southeast Region Miami, FL.......... 47400.................... -50.00 

Preclearance-Christiansted, VI ...... 47401.................... 435,085.49 

Preclearance-St. Croix, VI ............. 47404.................... 3,978.21 

Kindley Field, Bermuda.................. 47421.................... 12,553.95 

Freeport, Bahamas ........................ 47422.................... 10,506.00 

Nassau, Bahamas.......................... 47423.................... 90,735.26 

Aruba.............................................. 47424.................... 33,747.62 

Total District ............................................................. 586,556.53 

 

Ireland Preclearance: 

Dublin, IE Preclearance ................. 57541.................... 12,290.00 

Shannon, IE Preclearance............. 57542.................... 1,370.00 

Total District ............................................................. 13,660.00 

 

Houston, Texas: 

Houston, TX ................................... 65301.................... 673,400,649.09 

Houston Intercontinental................ 65309.................... 42,694,008.57 

Galveston, TX ................................ 65310.................... 11,290,289.14 

Freeport, TX................................... 65311.................... 19,384,791.46 

Corpus Christi, TX.......................... 65312.................... 21,782,525.39 

Port Lavaca, TX ............................. 65313.................... 519,214.44 

Sugarland User Fee Airport ........... 65381.................... 135,658.32 

Total District ............................................................. 769,207,136.41 

 

Dallas-Ft. Worth, Texas: 

Dalllas/Ft Worth, TX....................... 65501.................... 392,636,451.04 

Amarillo, TX.................................... 65502.................... 4,282.96 

Lubbock, TX................................... 65503.................... 5,861.98 

Oklahoma City, TX......................... 65504.................... 4,615,305.94 

Tulsa, OK ....................................... 65505.................... 3,035,600.04 

Austin, TX....................................... 65506.................... 2,897,566.44 

San Antonio, TX............................. 65507.................... 10,816,276.29 

Lubbock, TX................................... 65551.................... 1,718.00 

Amarillo, TX.................................... 65552.................... 500.00 

Presidio, TX.................................... 65553.................... 750.00 

Marfa, TX BC ................................. 65554.................... 2,823.75 

Sanderson, TX ............................... 65557.................... 3,657.50 

Alpine, TX....................................... 65558.................... 6,242.50 

Sierra Blanca, TX BC..................... 65560.................... 21,366.75 

Van Horn, TX ................................. 65561.................... 1,330.00 

Midland User Fee Airport ............... 65562.................... 14,960.50 

Midland User Fee Airport User 

Fee ............................................. 65582.................... 133,759.54 

Fort Worth Alliance User Fee 

Airport......................................... 65583.................... 132,462.62 

Addison User Fee Airport............... 65584.................... 155,184.48 

McKinney User Fee Airport............ 65585.................... 127,356.37 

Total District ............................................................. 414,613,456.70 

 
FEDERAL FISCAL OPERATIONS 

December 2009

25

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 

2008

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

 

Seattle, Washington: 

Seattle, WA .................................... 73001.................... 610,485,452.45 

Tacoma, WA .................................. 73002.................... 443,699,415.17 

Aberdeen, WA................................ 73003.................... 1,489,068.94 

Blaine, WA ..................................... 73004.................... 25,810,043.86 

Bellingham, WA.............................. 73005.................... 1,794,893.16 

Everett, WA .................................... 73006.................... 2,564,587.25 

Port Angeles, WA........................... 73007.................... 92,991.93 

Port Townsend, WA ....................... 73008.................... 16,110.44 

Sumas, WA .................................... 73009.................... 3,223,499.62 

Anacortes, WA ............................... 73010.................... 654,793.87 

Nighthawk, WA............................... 73011.................... 314.25 

Danville, WA................................... 73012.................... 5,991.00 

Ferry, WA ....................................... 73013.................... 1,280.25 

Friday Harbor, WA ......................... 73014.................... 76,002.05 

Boundary, WA ................................ 73015.................... 15,016.21 

Laurier, WA .................................... 73016.................... 11,575.92 

Point Roberts, WA.......................... 73017.................... 181,726.87 

Oroville, WA ................................... 73019.................... 1,403,870.34 

Frontier, WA ................................... 73020.................... 22,833.39 

Spokane, WA ................................. 73022.................... 160,275.90 

Lynden, WA.................................... 73023.................... 248,183.55 

Metaline Falls, WA ......................... 73025.................... 14,517.51 

Olympia, WA .................................. 73026.................... 22,011.52 

Seattle-Tacoma Airport .................. 73029.................... 32,238,719.93 

UPS (SEATAC).............................. 73071.................... 1,430,423.11 

Moses Lake Grant County User 

Fee Airport ................................. 73082.................... 177,635.26 

Border Patrol Spokane, WA........... 75750.................... 53.71 

Total District ............................................................. 1,125,841,287.46 

 

 

Anchorage, Alaska: 

Juneau, AK..................................... 73101.................... 99,499.59 

Ketchikan, AK................................. 73102.................... 143,802.46 

Skagway, AK.................................. 73103.................... 52,370.69 

Alcan, AK........................................ 73104.................... 515,459.57 

Wrangell, AK .................................. 73105.................... 6,365.30 

Dalton Cache, AK........................... 73106.................... 18,113.52 

Valdez, AK ..................................... 73107.................... 11,764.68 

Fairbanks, AK................................. 73111.................... 19,311.89 

Sitka, AK......................................... 73115.................... 5,835.23 

Anchorage, AK............................... 73126.................... 7,622,059.64 

Kodiak, AK ..................................... 73127.................... 146.92 

Federal Express............................. 73195.................... 92,470,969.94 

UPS ................................................ 73196.................... 327,651.53 

Total District ............................................................. 101,293,350.96 

 

Honolulu, Hawaii: 

Honolulu, HI ................................... 73201.................... 27,470,015.46 

Hilo, HI............................................ 73202.................... 76,044.83 

Kahului, HI...................................... 73203.................... 78,128.39 

Nawiliwili-Port Allen, HI .................. 73204.................... 2,124.50 

Honolulu Int'l Airport....................... 73205.................... 5,974,821.35 

Kailua-Kona, HI.............................. 73206.................... 198,452.44 

Total District ............................................................. 33,799,595.97 

 

Total Customs and Border Protection Collections 

for fiscal year 2009..................................................... $29,661,063,141.51

 
December 2009 

26 

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) 

 

2005 ................................................ 7,485,532 468,563 7,955,702 1,339,363 1,338,425 

2006 ................................................ 7,839,784 501,945 8,340,659 1,478,945 1,463,568 

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 

 

2008 - Sept...................................... 1,248,995 48,868 970,065 152,727 115,790 

Oct....................................... 1,513,643 40,509 1,283,783 108,703 135,722 

Nov ...................................... 801,868 35,649 939,874 101,651 111,797 

Dec ...................................... 799,185 55,150 989,379 161,413 162,177 

2009 - Jan ....................................... 912,889 40,310 1,124,877 120,405 119,623 

Feb ...................................... 828,709 34,888 833,021 108,724 108,729 

Mar ...................................... 1,010,666 41,716 1,009,644 133,781 134,015 

Apr....................................... 1,053,394 44,467 1,028,822 125,868 125,604 

May...................................... 830,049 33,823 984,841 95,184 95,201 

June..................................... 1,071,115 41,660 1,012,006 130,518 130,566 

July ...................................... 1,038,765 37,981 1,099,764 99,192 99,156 

Aug ...................................... 910,038 33,639 943,317 94,114 94,138 

Sept..................................... 808,315 42,353 870,664 118,991 118,946 

 

See footnotes at end of table. 
ACCOUNT OF THE U.S. TREASURY 

December 2009 

27

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) 

Tax and loan 

note 

accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan

note 

accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note 

accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan

note 

accounts 

(13) 

 

2005 ...................................... 4,381 31,300 9,849 78,251 3,159 30 5,025 19,819 

2006 ...................................... 5,451 46,676 7,507 93,784 2,637 78 5,019 20,614 

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 1,996 136,672 79,897 3,987 284 52,381 4,161 

 

2008 - Sept............................ 32,988 39,129 32,988 39,129 3,899 1,177 5,757 16,359 

Oct............................. 43,998 12,109 136,672 79,897 3,987 8,172 33,898 24,884 

Nov ............................ 66,385 1,964 91,193 12,109 17,355 1,722 55,834 5,209 

Dec ............................ 106,123 1,199 132,738 2,181 41,646 1,199 90,197 1,912 

2009 - Jan ............................. 23,548 1,981 106,123 2,043 23,548 1,199 46,983 1,927 

Feb ............................ 23,502 1,976 75,506 2,124 20,266 1,756 36,532 1,960 

Mar ............................ 67,151 1,742 114,510 2,114 23,502 1,206 62,945 1,917 

Apr............................. 136,194 2,005 136,194 2,027 23,684 1,830 59,078 1,973 

May............................ 15,222 1,988 84,855 2,076 11,048 1,746 51,840 1,961 

June........................... 115,984 1,940 132,837 2,140 7,384 1,691 64,483 1,965 

July ............................ 92,971 1,976 92,971 2,016 17,168 1,862 50,429 1,959 

Aug ............................ 93,333 1,951 93,333 2,021 8,802 1,915 39,934 1,978 

Sept........................... 108,324 1,996 108,324 2,168 4,500 284 35,050 1,894 

 

 

1 This report does not include Supplementary Financing Program 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 2009 

28 

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 2009 

29

TABLE FD-1.—Summary of Federal Debt

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

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) 

 

2005............................... 7,956,346 7,932,710 23,637 3,331,333 3,331,332 1 4,625,013 4,601,378 23,636 

2006............................... 8,530,366 8,506,974 23,392 3,663,773 3,663,766 7 4,866,593 4,843,208 23,385 

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 

 

2008 - Sept .................... 10,047,828 10,024,725 23,104 4,210,491 4,210,485 6 5,837,337 5,814,240 23,098 

Oct ..................... 10,599,663 10,574,094 25,569 4,266,386 4,266,380 6 6,333,277 6,307,714 25,563 

Nov..................... 10,684,427 10,661,175 23,252 4,260,586 4,260,581 6 6,423,841 6,400,594 23,246 

Dec..................... 10,723,156 10,699,805 23,352 4,327,160 4,327,154 6 6,395,996 6,372,651 23,346 

2009 - Jan...................... 10,655,167 10,632,080 23,087 4,311,381 4,311,375 6 6,343,786 6,320,705 23,081 

Feb..................... 10,899,894 10,877,144 22,750 4,295,278 4,295,273 6 6,604,615 6,581,871 22,744 

Mar..................... 11,149,495 11,126,941 22,554 4,290,609 4,290,603 6 6,858,886 6,836,338 22,548 

 Apr ..................... 11,261,000 11,238,592 22,409 4,305,333 4,305,326 6 6,955,667 6,933,266 22,403 

May .................... 11,343,863 11,321,599 22,264 4,301,352 4,301,350 2 7,042,511 7,020,249 22,262 

June ................... 11,567,551 11,545,275 22,276 4,368,813 4,368,811 2 7,198,738 7,176,464 22,274 

July..................... 11,691,765 11,669,276 22,489 4,331,562 4,331,561 1 7,360,203 7,337,715 22,488 

Aug..................... 11,835,208 11,812,870 22,338 4,326,507 4,326,506 1 7,508,701 7,486,364 22,337 

Sept.................... 11,933,031 11,909,828 23,203 4,355,292 4,355,291 1 7,577,739 7,554,537 23,202 

 

Federal debt securities Securities held by Government accounts Securities held by the public 

End of fiscal 

year or month 

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) 

 

2005 ............................... 7,956,346 53,546 7,902,800 3,331,333 18,145 3,313,188 4,625,013 35,401 4,589,612 

2006 ............................... 8,530,366 81,375 8,448,991 3,663,773 41,370 3,622,403 4,866,593 40,005 4,826,588 

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 

 

2008 - Sept .................... 10,047,828 64,135 9,983,694 4,210,491 27,432 4,183,059 5,837,337 36,703 5,800,635 

Oct...................... 10,599,663 66,851 10,532,813 4,266,386 28,713 4,237,672 6,333,277 38,138 6,295,140 

Nov..................... 10,684,427 65,816 10,618,610 4,260,586 28,392 4,232,194 6,423,841 37,424 6,386,416 

Dec..................... 10,723,156 62,737 10,660,419 4,327,160 28,271 4,298,889 6,395,996 34,466 6,361,529 

2009 - Jan ...................... 10,655,167 59,228 10,595,939 4,311,381 28,158 4,283,222 6,343,786 31,070 6,312,717 

Feb ..................... 10,899,894 59,063 10,840,831 4,295,278 27,859 4,267,420 6,604,616 31,204 6,573,411 

Mar ..................... 11,149,495 59,682 11,089,813 4,290,609 27,741 4,262,868 6,858,886 31,941 6,826,945 

Apr...................... 11,261,000 56,868 11,204,133 4,305,333 25,434 4,279,898 6,955,667 31,434 6,924,234 

May .................... 11,343,863 56,993 11,286,870 4,301,352 25,766 4,275,585 7,042,511 31,227 7,011,284 

June ................... 11,567,551 59,024 11,508,527 4,368,813 25,620 4,343,192 7,198,738 33,404 7,165,335 

July..................... 11,691,765 59,573 11,632,192 4,331,562 25,542 4,306,020 7,360,203 34,031 7,326,172 

Aug..................... 11,835,208 60,466 11,774,742 4,326,507 25,951 4,300,556 7,508,701 34,515 7,474,185 

Sept.................... 11,933,031 59,219 11,873,812 4,355,292 25,467 4,329,825 7,577,739 33,752 7,543,987 

 
FEDERAL DEBT 

December 2009

30 

 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) 

 

2005 ....................................... 203,645 - 3,086 67,961 225,283 29,995 5,214 

2006 ....................................... 203,656 - 2,986 78,129 238,835 29,995 5,715 

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 

 

2008 - Sept ............................ 194,253 - 2,986 107,498 260,238 29,995 3,569 

Oct.............................. 194,236 - 3,986 112,814 254,564 29,995 3,058 

Nov............................. 194,216 - 3,986 113,884 253,455 29,995 2,618 

Dec............................. 194,075 - 3,986 115,117 249,318 29,995 2,637 

2009 - Jan .............................. 193,810 - 4,986 115,508 244,800 29,995 2,037 

Feb ............................. 194,057 - 4,986 117,375 241,929 29,995 1,846 

Mar ............................. 193,975 - 5,986 119,543 240,096 29,995 1,594 

Apr.............................. 193,998 - 6,986 119,871 238,195 29,995 1,628 

May ............................ 193,871 - 6,486 119,353 235,523 29,995 1,540 

June ........................... 193,592 - 5,986 119,112 232,965 29,995 1,522 

July............................. 193,267 - 5,486 119,570 223,901 29,995 1,574 

Aug............................. 192,822 - 4,486 118,945 218,336 29,995 1,556 

Sept............................ 192,452 - 4,886 118,636 216,488 29,995 1,466 

 

 

TABLE FD-2.—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

Nonmarketable

Total 

(7) 

 

2005 .................................. 4,601,239 4,066,053 910,323 2,328,213 520,507 307,011 535,186 

2006 .................................. 4,843,121 4,283,804 908,474 2,445,307 534,473 395,550 559,317 

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 

 

2008 - Sept ....................... 5,808,692 5,210,151 1,484,332 2,623,364 578,504 523,951 598,540 

Oct......................... 6,302,794 5,704,139 1,904,060 2,685,691 578,915 535,472 598,655 

Nov........................ 6,396,591 5,798,435 1,998,226 2,673,928 591,492 534,789 598,156 

Dec........................ 6,369,319 5,774,190 1,861,187 2,791,514 591,867 529,622 595,129 

2009 - Jan ......................... 6,317,299 5,726,162 1,792,889 2,825,174 591,890 516,209 591,137 

Feb ........................ 6,579,163 5,988,974 1,979,787 2,891,334 606,670 511,183 590,189 

Mar ........................ 6,833,543 6,242,353 2,027,691 3,084,283 617,628 512,751 591,190 

 Apr......................... 6,930,825 6,340,151 1,988,380 3,204,051 618,353 529,367 590,674 

May ....................... 7,019,322 6,432,553 2,059,387 3,210,872 631,734 530,561 586,768 

June ...................... 7,174,912 6,591,740 2,000,458 3,417,319 642,050 531,913 583,173 

July........................ 7,335,598 6,761,806 2,014,176 3,546,950 653,069 547,611 573,793 

Aug........................ 7,484,145 6,918,004 2,062,265 3,638,049 665,744 551,947 566,141 

Sept....................... 7,551,862 6,987,937 1,986,173 3,772,964 677,491 551,308 563,924 
FEDERAL DEBT 

December 2009 

31

End of fiscal 

year or month 

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) 

Treasury 

deposit 

funds 

(17) 

Unemployment Trust 

Fund 

(18) 

Other 

(19) 

 

2005 ..................... 3,123 17,204 8,271 10,597 1,218 570 - 54,806 427,868 

2006 ..................... 3,029 33,061 10,998 10,189 4,233 477 - 66,213 484,104 

2007 ..................... 3,182 39,248 12,205 9,752 979 596 - 74,923 555,118 

2008 ..................... 3,320 59,090 12,811 9,272 1,605 624 - 72,432 614,991 

2009 ..................... 3,313 61,764 11,484 8,735 4,239 405 - 19,628 683,808 

 

2008 - Sept.......... 3,320 59,090 12,811 9,272 1,605 624 - 72,432 614,991 

 Oct............ 3,320 54,795 10,906 9,186 1,200 561 - 68,300 697,150 

 Nov........... 3,319 59,364 10,804 9,119 1,200 367 - 67,362 691,988 

 Dec........... 3,325 59,850 10,386 9,294 1,200 364 - 61,805 689,981 

2009 - Jan ............ 3,325 56,323 9,886 9,205 1,000 469 - 53,958 682,586 

 Feb ........... 3,326 57,782 9,545 9,123 1,000 501 - 48,370 682,383 

 Mar ........... 3,327 63,639 9,738 9,020 1,200 525 - 38,252 683,460 

 Apr............ 3,327 62,801 10,208 8,921 1,000 452 - 30,292 685,674 

 May .......... 3,317 63,006 9,102 8,841 1,200 431 - 38,141 686,004 

 June ......... 3,317 64,716 8,695 8,995 1,200 450 - 30,099 684,649 

 July........... 3,317 56,833 7,207 8,910 1,009 600 - 22,744 683,601 

 Aug........... 3,318 61,516 12,160 8,828 1,009 410 - 22,762 684,875 

 Sept.......... 3,313 61,764 11,484 8,735 4,239 405 - 19,628 683,808 

 

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) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

2005 .................. 3,380,605 10,047 32,733 29,485 15,238 193,263 660,109 277,268 22,646 1,616,159 

2006 .................. 3,722,747 7,893 46,216 31,282 15,711 202,178 689,812 302,186 22,036 1,793,129 

2007 .................. 4,026,772 7,931 47,515 32,965 16,436 213,830 702,043 319,377 22,410 1,968,262 

2008 .................. 4,297,677 7,674 29,937 34,397 16,847 216,487 729,705 318,741 19,093 2,150,651 

2009 .................. 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668 2,296,316 

 

2008 - Sept ....... 4,297,677 7,674 29,937 34,397 16,847 216,487 729,705 318,741 19,093 2,150,651 

 Oct......... 4,358,403 8,432 29,519 34,494 17,184 214,667 726,483 310,991 19,244 2,151,971 

 Nov........ 4,353,747 7,593 24,611 34,963 17,179 213,094 722,953 316,700 19,379 2,153,752 

 Dec........ 4,421,658 7,855 25,496 35,032 17,661 215,810 738,870 321,910 19,415 2,203,404 

2009 - Jan ......... 4,406,044 7,362 24,355 35,079 14,107 216,320 734,906 318,373 19,475 2,219,315 

 Feb ........ 4,391,447 7,357 22,681 35,278 14,652 214,514 731,109 314,163 19,698 2,219,965 

 Mar ........ 4,388,682 7,186 23,739 35,294 15,004 212,929 727,303 314,082 19,741 2,224,243 

 Apr......... 4,403,906 6,848 21,598 35,298 15,106 213,778 723,442 321,142 19,916 2,244,103 

 May ....... 4,399,423 7,371 17,589 35,773 15,102 211,735 720,053 317,045 20,058 2,244,655 

 June ...... 4,468,613 7,803 20,675 35,806 15,104 215,111 737,529 324,823 9,974 2,299,667 

 July........ 4,431,781 8,068 20,144 35,822 15,106 212,878 733,688 310,462 10,027 2,301,365 

 Aug........ 4,425,942 8,108 13,099 36,116 15,359 210,285 729,854 309,906 10,245 2,298,092 

 Sept....... 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668 2,296,316 

 
FEDERAL DEBT 

December 2009

32 

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) 

Federal 

Communications 

Commission 

(6) 

 

2005 ............................ 23,637 146 160 23,097 235 1 

2006 ............................ 23,392 112 156 22,899 225 * 

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 * 

 

2008 - Sept ................. 23,104 69 150 22,680 204 * 

Oct................... 25,569 69 149 25,146 204 * 

Nov.................. 23,252 69 150 22,828 204 -1 

Dec.................. 23,352 69 151 22,926 204 * 

2009 - Jan ................... 23,087 69 152 22,661 204 * 

Feb .................. 22,750 69 145 22,337 199 * 

Mar .................. 22,554 33 146 22,177 199 * 

Apr................... 22,409 33 147 22,031 199 * 

May ................. 22,264 33 148 21,884 199 * 

June ................ 22,276 33 149 21,896 199 * 

July.................. 22,489 33 150 22,107 199 * 

Aug.................. 22,338 33 143 21,970 193 * 

Sept................. 23,203 33 144 22,834 193 * 

 

 

Note.—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

December 2009 

33

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] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 

2006 ............................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 

2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 4 yrs. 10 mos. 

2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 4 yrs. 1 mo. 

2009 ............................... 6,228,565 2,604,676 2,074,723 994,689 350,550 203,928 4 yrs. 1 mo. 

 

2008 - Sept..................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 4 yrs. 1 mo. 

Oct...................... 5,238,827 2,462,352 1,496,698 764,782 352,076 162,919 3 yrs. 10 mos. 

Nov ..................... 5,312,125 2,540,826 1,490,667 761,948 355,148 163,536 3 yrs. 10 mos. 

Dec ..................... 5,307,633 2,406,537 1,607,484 776,147 354,202 163,262 3 yrs. 10 mos. 

2009 - Jan ...................... 5,260,475 2,331,996 1,631,789 773,548 360,402 162,741 3 yrs. 11 mos. 

Feb ..................... 5,505,532 2,543,867 1,659,368 776,956 358,570 166,771 3 yrs. 11 mos. 

Mar ..................... 5,759,709 2,601,162 1,790,274 833,981 357,716 176,575 3 yrs. 11 mos. 

Apr...................... 5,800,248 2,601,043 1,792,321 875,653 376,004 155,227 3 yrs. 11 mos. 

May..................... 5,815,094 2,660,151 1,762,962 856,289 367,080 168,611 3 yrs. 11 mos. 

June.................... 5,943,636 2,611,596 1,891,559 900,239 361,806 178,436 3 yrs. 11 mos. 

July ..................... 6,065,512 2,636,005 1,964,000 916,972 360,698 187,837 4 yrs. 0 mos. 

Aug ..................... 6,179,984 2,669,428 2,014,501 951,363 352,756 191,935 4 yrs. 0 mos. 

Sept.................... 6,228,565 2,604,676 2,074,723 994,689 350,550 203,928 4 yrs. 1 mo. 

 

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

December 2009

34 

TABLE FD-6.—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Debt subject to limit Securities outstanding 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

2005 ................................................ 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 

2006 ................................................ 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 

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 

 

2009 - Sept...................................... 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 

Oct....................................... 11,315,000 10,504,702 10,504,651 51 10,574,094 51 69,444 

Nov ...................................... 11,315,000 10,595,725 10,595,674 51 10,661,175 51 65,502 

Dec ...................................... 11,315,000 10,640,274 10,640,223 51 10,699,805 51 59,583 

2009 - Jan ....................................... 11,315,000 10,569,310 10,569,296 14 10,632,080 14 62,784 

Feb ...................................... 12,104,000 10,814,630 10,814,616 14 10,877,145 14 62,529 

Mar ...................................... 12,104,000 11,066,217 11,066,203 14 11,126,941 14 60,738 

Apr....................................... 12,104,000 11,178,827 11,178,813 14 11,238,592 14 59,779 

May...................................... 12,104,000 11,260,445 11,260,430 14 11,321,600 14 61,170 

June..................................... 12,104,000 11,487,470 11,487,456 14 11,545,275 14 57,819 

July ...................................... 12,104,000 11,611,178 11,611,163 14 11,669,277 14 58,113 

Aug ...................................... 12,104,000 11,755,205 11,755,191 14 11,812,870 14 57,678 

Sept..................................... 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

December 2009 

35

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”] 

 Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

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) 

 

2005 ................................................ 211,763 26,851 18,489 12,608 461 1,979 

2006 ................................................ 228,065 22,578 20,432 12,911 485 1,358 

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 

 

2008 - Sept ..................................... 252,783 9,691 24,789 14,780 479 1,456 

Oct....................................... 298,445 16,067 25,003 14,908 484 1,456 

Nov...................................... 326,003 18,862 25,155 15,022 488 1,456 

Dec...................................... 357,973 9,673 25,659 15,171 490 1,456 

2009 - Jan ....................................... 410,516 12,043 25,921 15,291 494 1,456 

Feb ...................................... 432,532 12,499 26,194 15,407 495 1,456 

Mar ...................................... 479,064 13,567 26,761 15,533 497 1,456 

Apr....................................... 691,504 11,393 27,145 15,685 499 1,461 

May ..................................... 706,075 11,625 27,584 15,834 502 1,461 

June .................................... 748,498 11,023 26,084 16,599 497 1,461 

July...................................... 774,408 10,581 26,084 16,599 497 1,461 

Aug...................................... 789,194 10,360 25,912 17,026 477 730 

Sept..................................... 747,566 11,617 26,074 16,675 481 778 

 

 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) 

 

2005 ................................................ 104,471 2,777 7,548 239 12,413 

2006 ................................................ 105,522 2,482 6,258 - 16,618 

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 - 47,107 

 

2008 - Sept ..................................... 128,331 2,186 4,832 - 21,957 

Oct....................................... 144,402 2,186 4,832 - 23,148 

Nov...................................... 145,018 2,151 4,832 - 22,948 

Dec...................................... 145,131 2,151 4,832 - 22,868 

2009 - Jan....................................... 167,659 2,246 4,832 - 27,938 

Feb...................................... 168,602 2,246 4,832 - 31,124 

Mar...................................... 174,838 2,161 4,832 - 40,926 

Apr ...................................... 178,690 2,221 4,932 - 39,815 

 May ..................................... 188,280 2,111 5,107 - 41,481 

 June .................................... 209,413 2,151 5,107 - 41,884 

 July...................................... 214,585 2,042 5,107 - 41,651 

 Aug...................................... 224,647 2,042 5,107 - 41,703 

Sept..................................... 234,918 2,130 4,420 - 47,107 

 
FEDERAL DEBT 

December 2009

36 

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) 

 

2005 ...................................... 5,848 2,973 7,695 7,411 

2006 ...................................... 4,911 2,958 9,303 22,249 

2007 ...................................... 4,364 2,945 11,366 22,872 

2008 ...................................... 2,929 3,096 9,463 28,793 

20009 .................................... 3,805 3,359 10,873 385,328 

 

2008 - Sept ........................... 2,929 3,096 9,463 28,793 

Oct............................. 2,929 3,394 9,463 50,174 

Nov............................ 2,929 3,683 9,463 73,996 

Dec............................ 3,151 3,990 9,463 113,939 

2009 - Jan ............................. 3,309 4,294 9,463 135,570 

Feb ............................ 3,309 4,555 8,310 153,501 

Mar ............................ 3,309 4,857 8,902 181,425 

Apr............................. 3,479 5,160 8,902 392,121 

May ........................... 3,943 5,463 9,632 393,053 

June .......................... 4,028 2,400 10,124 417,727 

July............................ 4,355 2,734 10,124 438,587 

Aug............................ 3,664 3,029 10,656 443,841 

Sept........................... 3,805 3,359 10,873 385,328 

 

Note.—Detail may not add to totals due to rounding. 
December 2009 

37

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: Additional information, including maturity 

schedules of interest-bearing marketable public debt securities 

other than regular weekly and 52-week Treasury bills 

outstanding, can now be found on the Bureau of Public Debt’s 

website at http://www.treasurydirect.gov/govt/ reports/pd/pd_ 

pdotables_downloadable_files.htm. 

Note: On April 30, 2008, Treasury announced the 

reintroduction of the 52-week bill. The first auction of this 

security took place on June 3, 2008. 

Note: Cash managements bills that are 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 June 29, 2009, Treasury announced it would auction 

$30,000 million of 339-day bills. They were issued July 6 and 

will mature June 10, 2010. The issue was to raise new cash. 

Treasury auctioned the bills on July 1. Tenders totaled $82,191 

million; Treasury accepted $30,000 million. The high bank 

discount rate was 0.540 percent. 

On July 13, Treasury announced it would auction $35,000 

million of 70-day bills. They were issued July 16 and matured 

September 24. The issue was part of the SFP. Treasury 

auctioned the bills on July 15. Tenders totaled $111,875 

million; Treasury accepted $35,000 million. The high bank 

discount rate was 0.185 percent. 

On July 20, Treasury announced it would auction $35,000 

million of 70-day bills. They were issued July 23 and will 

mature October 1. The issue was part of the SFP. Treasury 

auctioned the bills on July 22. Tenders totaled $126,162 

million; Treasury accepted $35,000 million. The high bank 

discount rate was 0.180 percent. 

On July 20, Treasury announced it would auction $30,000 

million of 70-day bills. They were issued July 30 and will 

mature October 8. The issue was part of the SFP. Treasury 

auctioned the bills on July 24. Tenders totaled $126,704 

million; Treasury accepted $30,000 million. The high bank 

discount rate was 0.185 percent. 

52-Week Bills 

On June 25, 2009, Treasury announced it would auction 

$27,000 million of 364-day Treasury bills. They were issued 

July 2, and will mature July 1, 2010. The issue was to refund 

$150,006 million of all maturing bills and pay down 

approximately $26,006 million. Treasury auctioned the bills on 

June 30. Tenders totaled $79,361 million; Treasury accepted 

$27,000 million. That included $152 million of noncompetitive 

tenders from the public. The high bank discount rate was 0.545 

percent. 

Auction of 3-Year Notes 

On July 2, 2009, Treasury announced it would auction 

$35,000 million of 3-year notes. The issue was to refund 
38 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2009 

$13,771 million of securities maturing July 15 and to raise new 

cash of approximately $59,229 million. 

The 3-year notes of Series AA-2012 were dated and issued 

July 15. They are due July 15, 2012, with interest payable on 

January 15 and July 15 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 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 7. Tenders totaled 

$91,572 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.519 percent with the 

equivalent price of $99.944485. Treasury accepted in full all 

competitive tenders at yields lower than 1.519 percent. Tenders 

at the high yield were allotted 76.31 percent. The median yield 

was 1.430 percent, and the low yield was 1.370 percent. 

Noncompetitive tenders totaled $73 million. Competitive 

tenders accepted from private investors totaled $34,927 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $592 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series AA-2012 is $100. 

Auction of 9-Year 10-Month 3-1/8 Percent Notes 

On July 2, 2009, Treasury announced that it would auction 

$19,000 million of 9-year 10-month 3-1/8 percent notes. The 

issue was to refund $13,771 million of securities maturing July 

15 and to raise new cash of approximately $59,229 million. 

The 9-year 10-month notes of series C-2019 were dated 

May 15 and issued July 15. They are due May 15, 2019, 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 8. Tenders totaled $62,396 million; 

Treasury accepted $19,000 million. All noncompetitive and 

successful competitive bidders were allotted securities at the 

high yield of 3.365 percent with an equivalent adjusted price of 

$97.998772. Treasury accepted in full all competitive tenders at 

yields lower than 3.365. Tenders at the high yield were allotted 

86.72 percent. The median yield was 3.340 percent, and the low 

yield was 3.282 percent. Noncompetitive tenders totaled $43 

million. Competitive tenders accepted from private investors 

totaled $18,908 million. Accrued interest of 5.18003 per $1,000 

must be paid for the period from May 15 to July 15. 

In addition to the $19,000 million of tenders accepted in 

the auction process, Treasury accepted $321 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of series C-2019 is $100. 

Auction of 10-Year Treasury Inflation Protected 

Security (TIPS) 

On July 2, 2009, Treasury announced that it would auction 

$8,000 million of 10-year TIPS. The issue was to refund 

$13,771 million of securities maturing July 15 and to raise new 

cash of approximately $59,229 million. 

The 10-year TIPS of Series D-2019 were dated and issued 

July 15. They are due July 15, 2019, with interest payable on 

January 15 and July 15 until maturity. Treasury set an interest 

rate of 1-7/8 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 6. Tenders totaled $20,090 million; 

Treasury accepted $8,000 million. All noncompetitive and 

successful competitive bidders were allotted securities at the 

high yield of 1.920 percent with an equivalent adjusted price of 

$99.592335. Treasury accepted in full all competitive tenders at 

yields lower than 1.920 percent. Tenders at the high yield were 

allotted 23.38 percent. The median yield was 1.799 percent, and 

the low yield was 1.630 percent. Noncompetitive tenders 

totaled $259 million. Competitive tenders accepted from private 

investors totaled $7,741 million. 

In addition to the $8,000 million of tenders accepted in the 

auction process, Treasury accepted $135 million from FRBs for 

their own accounts. The minimum par amount required for 

STRIPS of TIPS of Series D-2019 is $100. 

Auction of 29-Year 10-Month 4-1/4 Percent Bonds 

On July 2, 2009, Treasury announced it would auction 

$11,000 million of 29-year 10-month 4-1/4 percent bonds. The 

issue was to refund $13,771 million of securities maturing July 

15 and to raise new cash of approximately $59,229 million. 

The 29-year 10-month bonds of May 2039 were dated 

May 15 and issued July 15. They are due May 15, 2039, 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 9. Tenders totaled $25,934 

million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.303 percent with an 

equivalent price of $99.104142. Treasury accepted in full all 

competitive tenders at yields lower than 4.303 percent. 

Tenders at the high yield were allotted 67.88 percent. The 

median yield was 4.230 percent, and the low yield was 4.150 

percent. Noncompetitive tenders totaled $6 million. 

Competitive tenders accepted from private investors totaled 

$10,994 million. Accrued interest of $7.04484 per $1,000 

must be paid for the period from May 15 to July 15. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2009 

39

In addition to the $11,000 million of tenders accepted in 

the auction process, Treasury accepted $186 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of bonds of May 2039 is $100. 

52-Week Bills 

On July 23, 2009, Treasury announced it would auction 

$27,000 million of 364-day Treasury bills. They were issued 

July 30 and will mature July 29, 2010. The issue was to refund 

$176,005 million of all maturing bills and to pay down 

approximately $26,005 million. Treasury auctioned the bills on 

July 28. Tenders totaled $106,748 million; Treasury accepted 

$27,000 million. That included $214 million of noncompetitive 

tenders from the public. The high bank discount rate was 0.470 

percent. 

Auction of 2-Year Notes 

On July 23, 2009, Treasury announced it would auction 

$42,000 million of 2-year notes. The issue was to refund 

$19,007 million of securities maturing July 31 and to raise new 

cash of approximately $95,993 million. 

The 2-year notes of Series AA-2011 were dated and issued 

July 31. They are due July 31, 2011, with interest payable on 

January 31 and July 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 notes 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 $115,612 

million; Treasury accepted $42,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.080 percent with an equivalent price of 

$99.842137. Treasury accepted in full all competitive tenders at 

yields lower than 1.080 percent. Tenders at the high yield were 

allotted 21.59 percent. The median yield was 1.039 percent, and 

the low yield was 0.950 percent. Noncompetitive tenders 

totaled $441 million. Competitive tenders accepted from private 

investors totaled $41,534 million. 

In addition to the $42,000 million of tenders accepted in 

the auction process, Treasury accepted $1,052 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AA-2011 is $100. 

Auction of 5-Year Notes 

On July 23, 2009, Treasury announced it would auction 

$39,000 million of 5-year notes. The issue was to refund 

$19,007 million of securities maturing July 31 and to raise new 

cash of approximately $95,993 million. 

The 5-year notes of Series P-2014 were dated and issued 

July 31. They are due July 31, 2014, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 2-5/8 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 July 29. Tenders totaled $75,015 

million; Treasury accepted $39,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 2.689 percent with an equivalent price of 

$99.702444. Treasury accepted in full all competitive tenders at 

yields lower than 2.689 percent. Tenders at the high yield were 

allotted 31.16 percent. The median yield was 2.590 percent, and 

the low yield was 2.000 percent. Noncompetitive tenders 

totaled $130 million. Competitive tenders accepted from private 

investors totaled $38,845 million. 

In addition to the $39,000 million of tenders accepted in 

the auction process, Treasury accepted $977 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series P-2014 is $100. 

Auction of 7-Year Notes 

On July 23, 2009, Treasury announced it would auction 

$28,000 million of 7-year notes. The issue was to refund 

$19,007 million of securities maturing July 31 and to raise new 

cash of approximately $95,993 million. 

The 7-year notes of Series M-2016 were dated and issued 

July 31. They are due July 31, 2016, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 3-1/4 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 July 30. Tenders totaled $73,586 

million; Treasury accepted $28,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.369 percent with an equivalent price of 

$99.263422. Treasury accepted in full all competitive tenders at 

yields lower than 3.369 percent. Tenders at the high yield were 

allotted 91.73 percent. The median yield was 3.287 percent, and 

the low yield was 3.210 percent. Noncompetitive tenders 

totaled $50 million. Competitive tenders accepted from private 

investors totaled $27,935 million. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $701 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series M-2016 is $100. 

Auction of 19-Year 6-Month 2-1/2 Percent TIPS 

On July 23, 2009, Treasury announced it would auction 

$6,000 million of 19-year 6-month 2-1/2 percent TIPS. The 

issue was to refund $19,007 million of securities maturing July 

31 and to raise new cash of approximately $95,993 million. 

The 19-year 6-month TIPS of January 2029 were dated 

July 15 and issued July 31. They are due January 15, 2029, with 

interest payable on January 15 and July 15 until maturity. 
40 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2009 

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 27. Tenders totaled $13,598 

million; Treasury accepted $6,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 2.387 percent with an equivalent adjusted price 

of $101.340316. Treasury accepted in full all competitive 

tenders at yields lower than 2.387 percent. Tenders at the high 

yield were allotted 97.30 percent. The median yield was 2.300 

percent, and the low yield was 2.199 percent. Noncompetitive 

tenders totaled $100 million. Competitive tenders accepted 

from private investors totaled $5,900 million. Adjusted accrued 

interest of $1.08259 per $1,000 must be paid for the period 

from July 15 to July 31. Both the unadjusted price of 

$101.749348 and the unadjusted accrued interest of $1.08696 

were adjusted by an index ratio of 0.99598, for the period from 

January 15 to July 31. 

In addition to the $6,000 million of tenders accepted in the 

auction process, Treasury accepted $150 million from FRBs for 

their own accounts. The minimum par amount required for 

STRIPS of TIPS of January 2029 is $100. 

A U G U S T 

Cash Management Bills 

On August 3, 2009, Treasury announced it would auction 

$35,000 million of 70-day bills. They were issued August 6 and 

will mature October 15. The issue was part of the SFP. 

Treasury auctioned the bills on August 5. Tenders totaled 

$115,997 million; Treasury accepted $35,000 million. The high 

bank discount rate was 0.185 percent. 

On August 3, Treasury announced it would auction 

$35,000 million of 70-day bills. They were issued August 13 

and will mature October 22. The issue was part of the SFP. 

Treasury auctioned the bills on August 7. Tenders totaled 

$135,930 million; Treasury accepted $35,000 million. The high 

bank discount rate was 0.185 percent. 

On August 10, Treasury announced it would auction 

$36,000 million of 303-day bills. They were issued August 18 

and will mature June 17, 2010. The issue was to raise new cash. 

Treasury auctioned the bills on August 13. Tenders totaled 

$118,250 million; Treasury accepted $36,001 million. The high 

bank discount rate was 0.445 percent. 

On August 17, Treasury announced it would auction 

$30,000 million of 70-day bills. They were issued August 20 

and will mature October 29. The issue was part of the SFP. 

Treasury auctioned the bills on August 19. Tenders totaled 

$142,306 million; Treasury accepted $30,000 million. The high 

bank discount rate was 0.145 percent. 

August Quarterly Financing 

On August 5, 2009, Treasury announced it would auction 

$37,000 million of 3-year notes, $23,000 million of 10-year 

notes and $15,000 million of 30-year bonds to refund $60,919 

million of securities maturing on August 15 and to raise new 

cash of approximately $14,081 million. 

The 3-year notes of Series AB-2012 were dated August 15 

and issued August 17. They are due August 15, 2012, with 

interest payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 1-3/4 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 August 11. Tenders totaled $106,992 

million; Treasury accepted $37,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.780 percent with an 

equivalent price of $99.912808. Treasury accepted in full all 

competitive tenders at yields lower than 1.780. Tenders at the 

high yield were allotted 13.08 percent. The median yield was 

1.727 percent, and the low yield was 1.600 percent. 

Noncompetitive tenders totaled $205 million. Competitive 

tenders accepted from private investors totaled $36,745 

million. Accrued interest of $0.09511 per $1,000 must be paid 

for the period from August 15 to August 17. 

In addition to the $37,000 million of tenders accepted in 

the auction process, Treasury accepted $5,715 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series AB-2012 is $100. 

The 10-year notes of Series E-2019 were dated August 15 

and issued August 17. They are due August 15, 2019, with 

interest payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 3-5/8 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 August 12. Tenders totaled $57,263 

million; Treasury accepted $23,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.734 percent with an equivalent price of 

$99.097347. Treasury accepted in full all competitive tenders at 

yields lower than 3.734. Tenders at the high yield were allotted 

20.93 percent. The median yield was 3.636 percent, and the low 

yield was 3.550 percent. Noncompetitive tenders totaled $138 

million. Competitive tenders accepted from private investors 

totaled $22,762 million. Accrued interest of $0.19701 per 

$1,000 must be paid for the period from August 15 to 

August 17. 

In addition to the $23,000 million of tenders accepted in 

the auction process, Treasury accepted $3,552 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series E-2019 is $100. 

The 30-year bonds of August 2039 were dated August 15 

and issued August 17. They are due August 15, 2039, with 

interest payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 4-1/2 percent after determining 

which tenders were accepted on a yield auction basis. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2009 

41

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 August 13. Tenders totaled 

$38,032 million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.541 percent with an 

equivalent price of $99.331386. Treasury accepted in full all 

competitive tenders at yields lower than 4.541. Tenders at the 

high yield were allotted 16.77 percent. The median yield was 

4.480 percent, and the low yield was 4.392 percent. 

Noncompetitive tenders totaled $22 million. Competitive 

tenders accepted from private investors totaled $14,978 

million. Accrued interest of $0.24457 per $1,000 must be paid 

for the period from August 15 to August 17. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $2,317 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of August 2039 is $100. 

52-Week Bills 

On August 20, 2009, Treasury announced it would auction 

$27,000 million of 364-day Treasury bills. They were issued 

August 27, and will mature August 26, 2010. The issue was to 

refund $111,007 million of all maturing bills and to raise new 

cash of approximately $6,993 million. Treasury auctioned the 

bills on August 25. Tenders totaled $92,950 million; Treasury 

accepted $27,000 million. That included $248 million of 

noncompetitive tenders from the public. The high bank discount 

rate was 0.460 percent. 

Auction of 2-Year Notes 

On August 20, 2009, Treasury announced it would auction 

$42,000 million of 2-year notes. The issue was to refund 

$19,002 million of securities maturing August 31 and to raise 

new cash of approximately $89,998 million. 

The 2-year notes of Series AB-2011 were dated and issued 

August 31. They are due August 31, 2011, with interest payable 

on February 28 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 notes 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 $112,655 

million; Treasury accepted $42,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.119 percent with an equivalent price of 

$99.765292. Treasury accepted in full all competitive tenders at 

yields lower than 1.119 percent. Tenders at the high yield were 

allotted 92.32 percent. The median yield was 1.060 percent, and 

the low yield was 0.950 percent. Noncompetitive tenders 

totaled $530 million. Competitive tenders accepted from private 

investors totaled $41,420 million. 

In addition to the $42,000 million of tenders accepted in 

the auction process, Treasury accepted $1,264 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AB-2011 is $100. 

Auction of 5-Year Notes 

On August 20, 2009, Treasury announced it would auction 

$39,000 million of 5-year notes. The issue was to refund 

$19,002 million of securities maturing August 31 and to raise 

new cash of approximately $89,998 million. 

The 5-year notes of Series Q-2014 were dated and issued 

August 31. They are due August 31, 2014, with interest payable 

on the last calendar day of February and August 31 until 

maturity. Treasury set an interest rate of 2-3/8 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 August 26. Tenders totaled $97,696 

million; Treasury accepted $39,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 2.494 percent with an equivalent price of 

$99.443852. Treasury accepted in full all competitive tenders at 

yields lower than 2.494 percent. Tenders at the high yield were 

allotted 16.55 percent. The median yield was 2.419 percent, and 

the low yield was 2.310 percent. Noncompetitive tenders 

totaled $136 million. Competitive tenders accepted from private 

investors totaled $38,864 million. 

In addition to the $39,000 million of tenders accepted in 

the auction process, Treasury accepted $1,174 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Q-2014 is $100. 

Auction of 7-Year Notes 

On August 20, 2009, Treasury announced it would auction 

$28,000 million of 7-year notes. The issue was to refund 

$19,002 million of securities maturing August 31 and to raise 

new cash of approximately $89,998 million. 

The 7-year notes of Series N-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 3 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 August 27. Tenders totaled $76,722 

million; Treasury accepted $28,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.092 percent with an equivalent price of 

$99.424898. Treasury accepted in full all competitive tenders at 

yields lower than 3.092 percent. Tenders at the high yield were 
42 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2009 

allotted 46.29 percent. The median yield was 3.014 percent, and 

the low yield was 2.970 percent. Noncompetitive tenders 

totaled $53 million. Competitive tenders accepted from private 

investors totaled $27,947 million. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $843 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series N-2016 is $100. 

S E P T E M B E R 

Cash Management Bills 

On August 31, 2009, Treasury announced it would auction 

$29,000 million of 308-day bills. They were issued September 

10 and will mature July 15, 2010. The issue was to raise new 

cash. Treasury auctioned the bills on September 3. Tenders 

totaled $110,662 million; Treasury accepted $29,000 million. 

The high bank discount rate was 0.385 percent. 

Auction of 3-Year Notes 

On September 3, 2009 Treasury announced it would 

auction $38,000 million of 3-year notes. The issue was to 

refund $14,857 million of securities maturing September 15 and 

to raise new cash of approximately $55,143 million. 

The 3-year notes of Series AC-2012 were dated and issued 

September 15. They are due September 15, 2012, with interest 

payable on March 15 and September 15 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 8. Tenders totaled $114,937 

million; Treasury accepted $38,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.487 percent with the equivalent price of 

$99.672573. Treasury accepted in full all competitive tenders at 

yields lower than 1.487 percent. Tenders at the high yield were 

allotted 54.60 percent. The median yield was 1.430 percent, and 

the low yield was 1.350 percent. Noncompetitive tenders 

totaled $81 million. Competitive tenders accepted from private 

investors totaled $37,819 million. 

In addition to the $38,000 million of tenders accepted in 

the auction process, Treasury accepted $80 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series AC-2012 is $100. 

Auction of 9-Year 11-Month 3-5/8 Percent Notes 

On September 3, 2009, Treasury announced that it would 

auction $20,000 million of 9-year 11-month 3-5/8 percent 

notes. The issue was to refund $14,857 million of securities 

maturing September 15 and to raise new cash of approximately 

$55,143 million. 

The 9-year 11-month notes of Series E-2019 were dated 

August 15 and issued September 15. They are due August 15, 

2019, with interest payable on February 15 and August 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 September 9. Tenders totaled $55,416 

million; Treasury accepted $20,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.510 percent with an equivalent price of 

$100.951686. Treasury accepted in full all competitive tenders 

at yields lower than 3.510 percent. Tenders at the high yield 

were allotted 78.40 percent. The median yield was 3.450 

percent, and the low yield was 3.340 percent. Noncompetitive 

tenders totaled $46 million. Competitive tenders accepted from 

private investors totaled $19,854 million. Accrued interest of 

$3.05367 per $1,000 must be paid for the period from August 

15 to September 15. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $42 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series E-2019 is $100. 

Auction of 29-Year 11-Month 4-1/2 Percent Bonds 

On September 3, 2009, Treasury announced that it would 

auction $12,000 million of 29-year 11-month 4-1/2 percent 

bonds. The issue was to refund $14,857 million of securities 

maturing September 15 and to raise new cash of approximately 

$55,143 million. 

The 29-year 11-month bonds of August 2039 were dated 

August 15 and issued September 15. They are due August 15, 

2039, with interest payable on February 15 and August 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 September 10. Tenders totaled $34,992 

million; Treasury accepted $12,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 4.238 percent with an equivalent price of 

$104.412534. Treasury accepted in full all competitive tenders 

at yields lower than 4.238 percent. Tenders at the high yield 

were allotted 85.35 percent. The median yield was 4.210 

percent, and the low yield was 4.100 percent. Noncompetitive 

tenders totaled $20 million. Competitive tenders accepted from 

private investors totaled $11,980 million. Accrued interest of 

$3.79076 per $1,000 must be paid for the period from August 

15 to September 15. 

In addition to the $12,000 million of tenders accepted in 

the auction process, Treasury accepted $25 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of Bonds of August 2039 is $100. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2009 

43

52-Week Bills 

On September 17, 2009, Treasury announced it would 

auction $27,000 million of 364-day Treasury bills. They were 

issued September 24, and will mature September 23, 2010. The 

issue was to refund $144,998 million of all maturing bills and to 

pay down approximately $43,998 million. Treasury auctioned 

the bills on September 22. Tenders totaled $84,435 million; 

Treasury accepted $27,000 million. That included $203 million 

of noncompetitive tenders from the public. The high bank 

discount rate was 0.405 percent. 

Auction of 2-Year Notes 

On September 17, 2009, Treasury announced it would 

auction $43,000 million of 2-year notes. The issue was to 

refund $19,985 million of securities maturing September 30 and 

to raise new cash of approximately $92,015 million. 

The 2-year notes of Series AC-2011 were dated and issued 

September 30. They are due September 30, 2011, 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 22. Tenders totaled $138,840 

million; Treasury accepted $43,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.034 percent with an equivalent price of 

$99.932870. Treasury accepted in full all competitive tenders at 

yields lower than 1.034 percent. Tenders at the high yield were 

allotted 27.16 percent. The median yield was 0.990 percent, and 

the low yield was 0.920 percent. Noncompetitive tenders 

totaled $434 million. Competitive tenders accepted from private 

investors totaled $42,466 million. 

In addition to the $43,000 million of tenders accepted in 

the auction process, Treasury accepted $762 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series AC-2011 is $100. 

Auction of 5-Year Notes 

On September 17, 2009, Treasury announced it would 

auction $40,000 million of 5-year notes. The issue was to 

refund $19,985 million of securities maturing September 30 and 

to raise new cash of approximately $92,015 million. 

The 5-year notes of Series R-2014 were dated and issued 

September 30. They are due September 30, 2014, with interest 

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 2-3/8 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 23. Tenders totaled $95,982 

million; Treasury accepted $40,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 2.470 percent with an equivalent price of 

$99.555732. Treasury accepted in full all competitive tenders at 

yields lower than 2.470 percent. Tenders at the high yield were 

allotted 39.82 percent. The median yield was 2.390 percent, and 

the low yield was 2.295 percent. Noncompetitive tenders 

totaled $117 million. Competitive tenders accepted from private 

investors totaled $39,833 million. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $709 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series R-2014 is $100. 

Auction of 7-Year Notes 

On September 17, 2009, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $19,985 million of securities maturing September 30 and 

to raise new cash of approximately $92,015 million. 

The 7-year notes of Series P-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 3 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 24. Tenders totaled $80,819 

million; Treasury accepted $29,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.005 percent with an equivalent price of 

$99.968647. Treasury accepted in full all competitive tenders at 

yields lower than 3.005 percent. Tenders at the high yield were 

allotted 30.22 percent. The median yield was 2.937 percent, and 

the low yield was 2.850 percent. Noncompetitive tenders 

totaled $40 million. Competitive tenders accepted from private 

investors totaled $28,960 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $514 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series P-2016 is $100. 
PUBLIC DEBT OPERATIONS 

December 2009

44 

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 

Description of new issue Amounts of bids accepted 

 Issue date 

Maturity date 

(1) 

Number 

of days to 

 maturity 1

(2) 

Amount

of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

 On

 competitive

 basis 

 (5) 

 On non-

 competitive

 basis 3 

 (6) 

 High 

 price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate

 (percent) 4

 (9) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2009 - July 02................... 2009 July 30 28 113,102.5 40,938.4 34,696.5 304.0 99.987556 0.160 0.162

 Oct. 01 91 112,946.8 32,000.7 30,484.6 1,295.5 99.950708 0.195 0.198

 Dec. 31 182 84,740.7 30,000.3 28,951.6 898.7 99.823056 0.350 0.355

July 09 ................. Aug. 06 28 119,425.5 37,782.1 33,615.9 279.6 99.987556 0.160 0.162

 Oct. 08 91 92,735.1 32,000.1 30,495.6 1,304.5 99.951972 0.190 0.193

 2010 Jan. 07 182 101,616.8 31,000.1 29,729.2 970.8 99.855917 0.285 0.289

July 16 ................. 2009 Aug. 13 28 124,541.3 40,285.4 33,505.3 295.0 99.987944 0.155 0.157

 Oct. 15 91 118,035.2 32,000.9 30,494.6 1,306.3 99.954500 0.180 0.183

 2010 Jan. 14 182 92,255.9 30,000.0 28,634.2 1,005.9 99.863500 0.270 0.274

July 23 ................. 2009 Aug. 20 28 120,649.3 33,418.7 30,689.5 311.2 99.988333 0.150 0.152

 Oct. 22 91 107,230.0 32,000.6 30,191.3 1,459.3 99.951972 0.190 0.193

 2010 Jan. 21 182 111,720.6 31,000.1 29,576.3 1,123.8 99.855917 0.285 0.289

July 30 ................. 2009 Aug. 27 28 112,015.7 35,938.0 28,744.6 298.1 99.989889 0.130 0.132

 Oct. 29 91 108,949.9 32,001.3 29,581.7 1,465.1 99.951972 0.190 0.193

 2010 Jan. 28 182 120,027.4 31,000.1 29,121.8 996.7 99.860972 0.275 0.279

Aug. 06 ................ 2009 Sept. 03 28 120,796.5 34,782.1 30,740.4 260.1 99.988722 0.145 0.147

 Nov. 05 91 120,009.5 31,000.3 29,295.7 1,404.4 99.954500 0.180 0.183

 2010 Feb. 04 182 101,690.0 31,000.3 29,677.9 1,097.4 99.860972 0.275 0.279

Aug. 13 ................ 2009 Sept. 10 28 125,602.4 41,285.7 34,714.0 286.7 99.988333 0.150 0.152

 Nov. 12 91 117,039.1 33,001.0 31,538.6 1,362.3 99.953236 0.185 0.188

 2010 Feb. 11 182 108,180.7 31,000.4 29,583.1 1,017.3 99.855917 0.285 0.289

Aug. 20 ................ 2009 Sept. 17 28 117,159.3 34,418.1 31,574.0 326.1 99.990278 0.125 0.127

 Nov. 19 91 114,398.1 31,000.5 29,300.7 1,449.9 99.954500 0.180 0.183

 2010 Feb. 18 182 111,061.6 30,000.4 28,510.8 1,064.6 99.863500 0.270 0.274

Aug. 27 ................ 2009 Sept. 24 28 114,408.7 35,938.4 28,688.8 311.7 99.990667 0.120 0.122

 Nov. 27 92 120,545.2 31,000.4 28,710.2 1,290.2 99.959111 0.160 0.162

 2010 Feb. 25 182 104,675.6 30,000.1 28,096.0 907.5 99.871083 0.255 0.259

Sept. 03 ............... 2009 Oct. 01 28 109,723.7 29,781.9 25,507.4 293.0 99.993389 0.085 0.086

 Dec. 03 91 118,063.7 30,000.8 28,455.5 1,245.3 99.962083 0.150 0.152

 2010 Mar. 04 182 111,227.1 29,000.5 27,459.8 1,065.7 99.878667 0.240 0.244

Sept. 10 ............... 2009 Oct. 08 28 104,985.1 28,285.6 21,741.5 259.0 99.993000 0.090 0.091

 Dec. 10 91 104,381.5 29,000.5 27,545.2 1,252.1 99.964611 0.140 0.142

 2010 Mar. 11 182 101,420.9 29,000.3 27,933.4 867.0 99.886250 0.225 0.228

Sept. 17 ............... 2009 Oct. 15 28 87,762.4 17,418.4 14,676.5 323.9 99.997667 0.030 0.030

 Dec. 17 91 124,406.7 29,000.1 27,617.6 1,282.5 99.965875 0.135 0.137

 2010 Mar. 18 182 124,346.5 29,000.6 27,515.9 1,034.7 99.893833 0.210 0.213

Sept. 24 ............... 2009 Oct. 22 28 88,753.9 21,938.2 14,684.7 315.4 99.996889 0.040 0.041

 Dec. 24 91 119,470.6 29,000.2 26,751.9 1,329.3 99.974722 0.100 0.101

 2010 Mar. 25 182 109,179.7 29,000.5 27,052.3 948.2 99.903944 0.190 0.193

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 $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. 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 2009 

45

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) 

 

06/30/09 07/02/09 0.545% bill—07/01/10 364d 79,361 27,000 

07/01/09 07/06/09 0.540% bill—06/10/10 339d 82,191 30,000 

07/06/09 07/15/09 1-7/8% TIPS—07/15/19-D 10y 20,226 8,135 1.920 - 99.592335 

07/07/09 07/15/09 1-1/2% note—07/15/12-AA 3y 92,164 35,592 1.519 - 99.944485 

07/08/09 07/15/09 3-1/8% note—05/15/19-C 9y 10m 62,717 19,322 3.365 - 97.998772 

07/09/09 07/15/09 4-1/4% bond—05/15/39 29y 10m 26,120 11,186 4.303 - 99.104142 

07/15/09 07/16/09 0.185% bill—09/24/09 70d 111,875 35,000 

07/22/09 07/23/09 0.180% bill—10/01/09 70d 126,162 35,000 

07/24/09 07/30/09 0.185% bill—10/08/09 70d 126,704 30,000 

07/28/09 07/30/09 0.470% bill—07/29/10 364d 106,748 27,000 

07/27/09 07/31/09 2-1/2% TIPS—01/15/29 19y 6m 13,748 6,150 2.387 - 101.340316 

07/28/09 07/31/09 1% note—07/31/11-AA 2y 116,664 43,052 1.080 - 99.842137 

07/29/09 07/31/09 2-5/8% note—07/31/14 -P 5y 75,992 39,977 2.689 - 99.702444 

07/30/09 07/31/09 3-1/4% note—07/31/16-M 7y 74,287 28,701 3.369 - 99.263422 

08/05/09 08/06/09 0.185% bill—10/15/09 70d 115,997 35,000 

08/07/09 08/13/09 0.185% bill—10/22/09 70d 135,930 35,000 

08/11/09 08/17/09 1-3/4% note—08/15/12-AB 3y 112,706 42,715 1.780 - 99.912808 

08/12/09 08/17/09 3-5/8% note—08/15/19-E 10y 60,815 26,552 3.734 - 99.097347 

08/13/09 08/17/09 4-1/2% bond—08/15/39 30y 40,349 17,317 4.541 - 99.331386 

08/13/09 08/18/09 0.445% bill—06/17/10 303d 118,250 36,001 

08/19/09 08/20/09 0.145% bill—10/29/09 70d 142,306 30,000 

08/25/09 08/27/09 0.460% bill—08/26/10 364d 92,950 27,000 

08/25/09 08/31/09 1% note—08/31/11-AB 2y 113,918 43,264 1.119 - 99.765292 

08/26/09 08/31/09 2-3/8% note—08/31/14-Q 5y 98,869 40,174 2.494 - 99.443852 

08/27/09 08/31/09 3% note—08/31/16-N 7y 77,565 28,843 3.092 - 99.424898 

09/03/09 09/10/09 0.385% bill—07/15/10 308d 110,662 29,000 

09/08/09 09/15/09 1-3/8% note—09/15/12-AC 3y 115,018 38,080 1.487 - 99.672573 

09/09/09 09/15/09 3-5/8% note—08/15/19-E 9y 11m 55,459 20,042 3.510 - 100.951686 

09/10/09 09/15/09 4-1/2% bond—08/15/39 29y 11m 35,017 12,025 4.238 - 104.412534 

09/22/09 09/24/09 0.405% bill—09/23/10 364d 84,435 27,000 

09/22/09 09/30/09 1% note—09/30/11-AC 2y 139,601 43,762 1.034 - 99.932870 

09/23/09 09/30/09 2-3/8% note—09/30/14-R 5y 96,690 40,709 2.470 - 99.555732 

09/24/09 09/30/09 3% note—09/30/16-P 7y 81,333 29,514 3.005 - 99.968647 

 

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-2. 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 2009 

46 

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 2009 

47

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal

Reserve banks

(6) 

 

2005 ................................................ 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

2006 ................................................ 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

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 - 4,355,292 894,655 

 

2009 - Sept...................................... 10,723,156 10,699,805 4,327,160 - 4,327,160 489,694 

Oct....................................... 10,655,167 10,632,080 4,311,381 - 4,311,381 499,079 

Nov ...................................... 10,899,894 10,877,144 4,295,278 - 4,295,278 508,952 

Dec ...................................... 11,149,495 11,126,941 4,290,609 - 4,290,609 538,647 

2009 - Jan ....................................... 11,261,000 11,238,592 4,305,333 - 4,305,333 612,614 

Feb ...................................... 11,343,863 11,321,599 4,301,352 - 4,301,352 681,000 

Mar ...................................... 11,567,551 11,545,275 4,368,813 - 4,368,813 748,064 

Apr....................................... 11,261,000 11,238,592 4,305,333 - 4,305,333 612,614 

May...................................... 11,343,863 11,321,599 4,301,352 - 4,301,352 681,000 

June..................................... 11,567,551 11,545,275 4,368,813 - 4,368,813 748,064 

July ...................................... 11,691,765 11,669,276 4,331,562 - 4,331,562 805,843 

Aug ...................................... 11,835,208 11,812,870 4,326,507 - 4,326,507 860,823 

Sept..................................... 11,933,031 11,909,828 4,355,292 - 4,355,292 894,655 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable

(8) 

Nonmarketable 

(9) 

Total 

outstanding 

(10) 

 Held by 

 private 

 investors 

 (11) 

 

2005 .................................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

2006 .................................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,959 

2008 .................................................................... 5,329,748 4,751,490 578,258 23,104 23,104 

2009 .................................................................... 6,659,882 6,115,078 544,804 23,203 23,203 

 

2009 - Sept.......................................................... 5,882,951 5,307,950 575,001 23,352 23,352 

Oct........................................................... 5,821,620 5,250,837 570,783 23,087 23,087 

Nov .......................................................... 6,072,915 5,503,440 569,475 22,750 22,750 

Dec .......................................................... 6,297,685 5,727,474 570,212 22,554 22,554 

2009 - Jan ........................................................... 6,320,645 5,750,777 569,868 22,409 22,409 

Feb .......................................................... 6,339,248 5,773,270 565,978 22,264 22,264 

Mar .......................................................... 6,428,398 5,864,046 564,352 22,276 22,276 

Apr........................................................... 6,320,645 5,750,777 569,868 22,409 22,409 

May.......................................................... 6,339,248 5,773,270 565,978 22,264 22,264 

June......................................................... 6,428,398 5,864,046 564,352 22,276 22,276 

July .......................................................... 6,531,871 5,976,937 554,933 22,489 22,489 

Aug .......................................................... 6,625,541 6,078,417 547,124 22,338 22,338 

Sept......................................................... 6,659,882 6,115,078 544,804 23,203 23,203 

 
OWNERSHIP OF FEDERAL SECURITIES 

December 2009 

48 

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] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Intragovernmental 

Holdings 2

(2) 

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) 

 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 150.2 196.9 120.0 222.3 306.3 1,106.9 657.2 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 149.0 194.9 116.5 205.4 309.3 1,082.0 523.5 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 147.9 185.5 113.7 207.8 307.9 1,057.9 510.8 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 145.0 179.1 110.2 225.7 310.0 1,034.2 490.0 

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 1,029.9 508.1 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 324.8 1,000.5 363.1 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.2 1,005.5 419.8 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 145.8 155.1 105.7 261.9 328.4 1,051.2 399.6 

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 1,067.1 378.9 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 152.1 153.9 122.0 253.8 333.6 1,135.4 301.5 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 154.5 156.3 130.4 256.8 338.6 1,200.8 284.8 

 Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 153.8 158.9 139.7 281.0 354.7 1,246.8 266.2 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.6 196.9 165.8 162.1 139.5 296.6 350.0 1,286.3 319.1 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.1 170.2 161.3 138.7 302.3 347.9 1,382.8 317.0 

 Sept........ 6,783.2 3,515.3 3,268.0 147.0 201.5 167.7 155.5 137.4 287.1 357.7 1,454.2 360.0 

 Dec......... 6,998.0 3,620.1 3,377.9 153.3 203.8 172.1 148.6 136.5 280.8 364.2 1,533.0 385.4 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.9 204.4 169.8 143.6 141.0 280.8 374.1 1,677.1 349.1 

 June ....... 7,274.3 3,742.8 3,531.5 158.7 204.6 173.3 134.9 144.1 258.7 381.2 1,739.6 336.3 

 Sept........ 7,379.1 3,772.0 3,607.0 138.5 204.1 173.9 140.8 147.4 255.0 381.7 1,798.7 366.9 

 Dec......... 7,596.1 3,905.6 3,690.6 125.0 204.4 173.7 151.0 149.7 254.1 389.1 1,853.4 390.1 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 141.8 204.2 177.4 158.0 152.4 261.1 412.0 1,956.3 392.2 

 June ....... 7,836.5 4,033.5 3,803.0 127.0 204.2 181.0 171.3 155.0 248.7 444.0 1,879.6 392.3 

 Sept........ 7,932.7 4,067.8 3,864.9 125.4 203.6 184.4 164.8 159.0 244.7 467.6 1,930.6 384.8 

 Dec......... 8,170.4 4,199.8 3,970.6 117.2 205.1 184.9 153.8 160.4 251.3 481.4 2,036.0 380.4 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 115.4 206.0 186.6 153.0 161.3 248.7 486.1 2,084.5 472.4 

 June ....... 8,420.0 4,389.2 4,030.8 117.4 205.5 192.1 150.9 161.2 244.2 499.4 1,979.8 480.2 

 Sept........ 8,507.0 4,432.8 4,074.2 113.8 203.7 202.0 155.6 160.6 235.7 502.1 2,027.3 473.4 

 Dec......... 8,680.2 4,558.1 4,122.1 115.1 202.4 207.5 157.1 159.0 250.7 516.9 2,105.0 408.4 

2007 - Mar......... 8,849.7 4,576.6 4,273.1 119.9 200.3 221.8 159.2 150.8 264.5 535.0 2,196.7 424.9 

 June ....... 8,867.7 4,715.1 4,152.6 110.6 198.6 232.5 160.2 142.1 267.7 550.3 2,193.9 296.6 

 Sept........ 9,007.7 4,738.0 4,269.7 119.8 197.1 246.4 165.6 133.4 306.3 541.4 2,237.2 322.3 

 Dec......... 9,229.2 4,833.5 4,395.7 129.9 196.5 257.6 168.8 123.3 362.9 531.5 2,352.9 272.2 

2008 - Mar......... 9,437.6 4,694.7 4,742.9 127.4 195.4 270.3 169.4 129.2 484.4 523.6 2,507.5 335.6 

 June ....... 9,492.0 4,685.8 4,806.2 114.9 195.0 276.7 169.1 135.1 477.2 522.2 2,587.2 328.8 

 Sept........ 10,024.7 4,692.7 5,332.0 130.5 194.3 291.7 171.6 140.6 656.1 535.7 2,799.5 412.1 

 Dec......... 10,699.8 4,806.4 5,893.4 107.6 194.1 297.2 174.6 145.5 768.8 522.7 3,076.3 606.6 

2009 - Mar......... 11,126.9 4,785.2 6,341.7 130.9 194.0 306.0 173.2 154.7 715.9 526.3 3,264.7 876.0 

 June ....... 11,545.3 5,026.8 6,518.5 145.4 193.6 312.5 177.7 162.2 694.5 528.3 3,382.1 922.2 

 Sept........ 11,909.8 5,127.1 6,782.7 n.a. 192.5 n.a. n.a. n.a. n.a. n.a. 3,497.0 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.treas.gov/tic/ticsec2.shtml. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
December 2009 

49

INTRODUCTION: Market Yields

The table in this section presents yields on Treasury 

marketable securities for maturities ranging from 1 month to 

30 years. 

Table MY-1 lists Treasury market bid yields at constant 

maturities for bills, notes, and bonds. These Constant 

Maturity Treasury rates (CMTs) are interpolated from the 

Treasury yield curve and published daily at Treasury’s 

Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The 

yield curve is fitted daily using a hermite cubic spline. For 

inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

quoted in the secondary bond market as of approximately 

3:30 p.m. each trading day. CMT yields are based on 

semiannual interest payments and are read at constant 

maturity points to develop a consistent data series. 

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

Treasury discontinued the 30-year constant maturity 

yield during the time period February 18, 2002, through 

February 8, 2006. Thus, 30-year yields for that time frame 

are not available. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

[In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Period 

1-mo. 

(1) 

3-mo. 

(2) 

6-mo. 

(3) 

1-yr.

(4) 

2-yr. 

(5) 

3-yr.

(6) 

5-yr. 

(7) 

7-yr. 

(8) 

10-yr. 

(9) 

20-yr.

(10) 

 30-yr.

 (11) 

 

Monthly average: 

2008 - Oct...................................... 0.29 0.69 1.23 1.42 1.61 1.86 2.73 3.19 3.81 4.45 4.17 

Nov .................................... 0.09 0.19 0.74 1.07 1.21 1.51 2.29 2.82 3.53 4.27 4.00 

Dec .................................... 0.03 0.03 0.26 0.49 0.82 1.07 1.52 1.89 2.42 3.18 2.87 

2009 - Jan...................................... 0.05 0.13 0.30 0.44 0.81 1.13 1.60 1.98 2.52 3.46 3.13 

Feb..................................... 0.22 0.30 0.46 0.62 0.98 1.37 1.87 2.30 2.87 3.83 3.59 

Mar..................................... 0.10 0.22 0.43 0.64 0.93 1.31 1.82 2.42 2.82 3.78 3.64 

Apr ..................................... 0.10 0.16 0.35 0.55 0.93 1.32 1.86 2.47 2.93 3.84 3.76 

May .................................... 0.14 0.18 0.30 0.50 0.93 1.39 2.13 2.81 3.29 4.22 4.23 

June................................... 0.10 0.18 0.31 0.51 1.18 1.76 2.71 3.37 3.72 4.51 4.52 

July .................................... 0.15 0.18 0.28 0.48 1.02 1.55 2.46 3.14 3.56 4.38 4.41 

Aug .................................... 0.12 0.17 0.27 0.46 1.12 1.65 2.57 3.21 3.59 4.33 4.37 

Sept ................................... 0.06 0.12 0.21 0.40 0.96 1.48 2.37 3.02 3.40 4.14 4.19 

 

End of month: 

2008 - Oct...................................... 0.12 0.46 0.94 1.34 1.56 1.80 2.80 3.29 4.01 4.74 4.35 

Nov .................................... 0.02 0.01 0.44 0.90 1.00 1.27 1.93 2.35 2.93 3.71 3.45 

Dec .................................... 0.11 0.11 0.27 0.37 0.76 1.00 1.55 1.87 2.25 3.05 2.69 

2009 - Jan...................................... 0.15 0.24 0.36 0.51 0.94 1.32 1.85 2.27 2.87 3.86 3.58 

Feb..................................... 0.16 0.26 0.45 0.72 1.00 1.40 1.99 2.69 3.02 3.98 3.71 

Mar..................................... 0.17 0.21 0.43 0.57 0.81 1.15 1.67 2.28 2.71 3.61 3.56 

Apr ..................................... 0.04 0.14 0.29 0.49 0.91 1.38 2.02 2.70 3.16 4.10 4.05 

May .................................... 0.14 0.14 0.30 0.47 0.92 1.42 2.34 3.06 3.47 4.34 4.34 

June................................... 0.17 0.19 0.35 0.56 1.11 1.64 2.54 3.19 3.53 4.30 4.32 

July .................................... 0.14 0.18 0.26 0.48 1.13 1.62 2.53 3.14 3.52 4.29 4.31 

Aug .................................... 0.11 0.15 0.24 0.43 0.97 1.49 2.39 3.03 3.40 4.14 4.18 

Sept ................................... 0.06 0.14 0.18 0.40 0.95 1.45 2.31 2.93 3.31 4.02 4.03 

 

* Rates are from the Treasury yields curve. 
December 2009 

50 

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, 2009 

[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 .............................. $1,105,601,624,832 $1,063,523,306,425 $1,063,038,084,744 $240,938,066 $244,283,615

Less amounts held by: 

The Treasury....................................... 260,719,879 15,054,981 15,000,855 7,505 46,621

FRBs ................................................... 191,522,540,294 189,541,066,612 189,541,047,461 - 19,151

Amounts in circulation............................. $913,818,364,659 $873,967,184,832 $873,482,036,428 $240,930,561 $244,217,843

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $42,078,318,407 $5,344,749,008 $36,733,569,399 

Less amounts held by: 

The Treasury....................................... 245,664,898 191,190,816 54,474,082 

FRBs ................................................... 1,981,473,682 808,161,919 1,173,311,763 

Amounts in circulation............................. $39,851,179,827 $4,345,396,273 $35,505,783,554 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

December 2009 

51

TABLE USCC-2.—Amounts Outstanding and in Circulation, September 30, 2009 

[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 ................................................................................ $9,308,810,593 $9,166,172,556 $143,503 $142,494,534 

$2 ................................................................................ 1,694,299,784 1,562,201,642 132,085,518 12,624 

$5 ................................................................................ 10,654,731,615 10,519,499,600 108,680,310 26,551,705 

$10 .............................................................................. 15,362,212,350 15,341,308,060 6,300 20,897,990 

$20 .............................................................................. 121,927,743,540 121,907,635,020 3,840 20,104,680 

$50 .............................................................................. 63,110,297,150 63,098,796,150 500 11,500,500 

$100 ............................................................................ 651,595,932,700 651,573,936,400 -6 21,996,300 

$500 ............................................................................ 142,262,500 142,056,000 5,500 201,000 

$1,000 ......................................................................... 165,604,000 165,361,000 5,000 238,000 

$5,000 ......................................................................... 1,780,000 1,710,000 - 70,000 

$10,000 ....................................................................... 3,510,000 3,360,000 - 150,000 

Fractional notes 4 ........................................................ 600 - 90 510 

Total currency ......................................................... $873,967,184,832 $873,482,036,428 $240,930,561 $244,217,843 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Sept. 30, 2009...................................................................................... 913,818 $2,969 

Aug. 31, 2009....................................................................................... 910,284 2,961 

July 31, 2009........................................................................................ 909,731 2,961 

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 fractional denominations not presented for redemption. 

5

 Based on Bureau of the Census’ estimates of population. 

6

 Represents prior month adjustment. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
December 2009 

55

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

(5) 

 

2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 

2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040 

2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244 

 

2008 - Oct .......................................................................... 69,763 11,041 9,001 45,288 4,433 

Nov ......................................................................... 73,378 11,041 9,023 45,970 7,344 

Dec ......................................................................... 77,648 11,041 9,340 49,584 7,683 

2009 - Jan .......................................................................... 75,364 11,041 9,047 47,595 7,680 

Feb ......................................................................... 73,199 11,041 8,913 45,628 7,616 

Mar ......................................................................... 74,958 11,041 9,082 46,634 8,201 

Apr.......................................................................... 75,115 11,041 9,098 46,725 8,250 

May......................................................................... 81,738 11,041 9,412 49,247 12,037 

June........................................................................ 81,489 11,041 9,437 48,897 12,113 

July ......................................................................... 82,931 11,041 9,444 49,876 12,571 

Aug ......................................................................... 126,846 11,041 52,660 50,453 12,692 

Sept........................................................................ 134,296 11,041 57,945 51,840 13,470 

Oct.......................................................................... 134,690 11,041 58,147 51,903 13,599 

 

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. At end-October 

2009 swaps outstanding were $31.884 billion: $24.665 billion with the European 

Central Bank, $0.013 billion with the Bank of England, $0.935 billion with the Bank of 

Japan, $3.221 billion with the Bank of Mexico and $3.050 billion with the Bank of 

Korea. 

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. 

Note.—Detail may not add to totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

December 2009 

56 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

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) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2, 6

(10) 

Liabilities

to nonmonetary

international and 

regional 

organizations 7

(11) 

 2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

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 ....................... 5,371,689 2,012,633 498,510 1,102,333 948 410,842 1,895,920 1,415,705 769,564 646,141 47,431 

2006 - June 8 ......... 6,067,606 2,070,222 493,689 1,112,617 986 462,930 2,189,215 1,747,236 1,041,237 705,999 60,933 

Series Break .......... 6,056,316 2,275,684 493,689 1,211,819 986 569,190 2,189,215 1,536,930 1,041,237 495,693 54,487 

2006 ....................... 6,500,815 2,372,146 461,656 1,271,174 1,026 638,290 2,415,205 1,663,272 1,102,362 560,910 50,192 

2007 - June 8.......... 7,095,223 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,922,800 1,257,884 664,916 50,129 

Series Break .......... 7,206,880 2,795,998 495,176 1,450,593 1,067 849,161 2,607,127 1,756,192 1,257,884 498,308 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 ............ 7,983,481 3,098,974 573,913 1,523,888 1,155 1,000,017 2,581,158 2,260,912 1,544,903 716,009 42,437 

Series Break .......... 8,009,073 3,330,189 573,913 1,683,160 1,155 1,071,960 2,581,158 2,053,862 1,544,903 508,959 43,864 

 

2008 - Sept ............ 7,987,576 3,371,378 634,690 1,703,020 1,179 1,032,489 2,610,533 1,963,983 1,387,624 576,359 41,681 

Oct .............. 8,215,945 3,386,622 667,018 1,701,936 1,187 1,016,481 2,879,987 1,907,363 1,296,528 610,835 41,972 

Nov ............. 8,187,640 3,378,919 698,082 1,675,731 1,194 1,003,911 2,865,070 1,892,934 1,282,268 610,666 50,717 

Dec ............. 8,107,066 3,383,242 707,875 1,679,582 1,203 994,582 2,764,608 1,905,528 1,283,039 622,489 53,688 

2009 - Jan .............. 8,101,428 3,394,372 728,505 1,677,642 1,211 987,014 2,807,727 1,844,271 1,209,087 635,184 55,057 

Feb ............. 7,977,035 3,407,591 746,910 1,675,683 1,218 983,780 2,693,158 1,822,866 1,164,080 658,786 53,419 

Mar ............. 8,006,370 3,428,321 742,004 1,704,709 1,227 980,381 2,681,234 1,849,155 1,163,632 685,523 47,660 

Apr .............. 8,009,907 3,440,561 739,177 1,721,834 1,234 978,315 2,668,678 1,858,208 1,147,898 710,310 42,460

May............. 8,037,879 3,463,565 785,472 1,700,071 1,243 976,779 2,680,848 1,853,487 1,143,520 709,967 39,978

June............ 7,949,982 3,465,693 771,374 1,722,569 1,251 970,499 2,544,814 1,903,101 1,115,500 787,601 36,373

July ............. 7,983,135 3,502,412 800,682 1,738,377 1,259 962,094 2,528,516 1,917,904 1,115,659 802,245 34,302

Aug. p ......... 8,052,147 3,503,601 790,416 1,751,561 1,268 960,356 2,597,436 1,917,714 1,100,021 817,693 33,395

Sept. p ........ 8,160,298 3,493,622 769,799 1,770,527 1,276 952,020 2,671,749 1,962,564 1,119,749 842,815 32,362

 

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; 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 InterAmerican 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 end-June 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, 

end-June 2007, and end-June 2008 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 2009 

57

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] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Venezuela 2

(4) 

 

2004 .............................................................................. 1,630 1,630 825 805 

2005 .............................................................................. 948 948 77 871 

2006 .............................................................................. 1,026 1,026 82 944 

2007 .............................................................................. 1,111 1,111 88 1,022 

 

2008 - Sept.................................................................... 1,179 1,179 93 1,086 

Oct ..................................................................... 1,187 1,187 94 1,093 

Nov .................................................................... 1,194 1,194 94 1,100 

Dec .................................................................... 1,203 1,203 95 1,108 

2009 - Jan ..................................................................... 1,211 1,211 96 1,115 

Feb..................................................................... 1,218 1,218 96 1,122 

Mar..................................................................... 1,227 1,227 97 1,130 

Apr ..................................................................... 1,234 1,234 97 1,137 

May .................................................................... 1,243 1,243 98 1,145 

June................................................................... 1,251 1,251 98 1,152 

July .................................................................... 1,259 1,259 99 1,160 

Aug .................................................................... 1,268 1,268 100 1,168 

Sept ................................................................... 1,276 1,276 100 1,176 

 

1

 Beginning April 1993, includes 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 2009 

58 

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 2009 

59

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 third 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 2009 

60 

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 issued by foreigners. Further, the foreigner 

category, 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 2009 

61

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] 

2009 

Type of Liability 

 Calendar 

 Year 

 2008 r Mar. r Apr. r May r June July Aug. Sept. p 

Total liabilities to all foreigners............................... 4,792,785 4,618,692 4,582,395 4,634,444 4,452,290 4,462,711 4,505,452 4,577,244 

Payable in dollars............................................... 4,527,250 4,391,075 4,354,778 4,406,827 4,224,511 4,234,932 4,277,673 4,349,465 

Foreign official institutions ............................. 707,875 742,004 739,177 785,472 771,374 800,682 790,416 769,799 

Deposits, excluding negotiable CDs.......... 60,834 45,866 48,559 45,159 41,132 43,829 44,404 43,265 

U.S. Treasury bills and certificates ............ 457,876 542,706 530,566 586,150 571,876 606,570 607,284 597,722 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................

 

62,665 

 

47,942 52,190 

 

49,108 

 

44,260 

 

35,548 

 

29,010 

 

23,358 

Other liabilities............................................ 126,500 105,490 107,862 105,055 114,106 114,735 109,718 105,454 

Foreign banks (including own foreign 

offices) and other foreigners .................... 

3,783,145 

 

3,617,965 

 

3,589,675 

 

3,597,467 

 

3,433,414 

 

3,417,275 

 

3,470,557 

 

3,564,598 

Deposits, excluding negotiable CDs.......... 1,710,746 1,558,817 1,540,607 1,558,603 1,448,366 1,440,693 1,527,134 1,571,329 

U.S. Treasury bills and certificates ............ 282,482 299,820 272,331 269,985 276,732 257,504 254,306 264,602 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................

 

529,442 

 

547,305 

 

546,165 

 

518,333 

 

496,673 

 

487,509 

 

478,419 

 

472,644 

Other liabilities............................................ 1,260,475 1,212,023 1,230,572 1,250,546 1,211,643 1,231,569 1,210,698 1,256,023 

International and regional organizations 1 ..... 36,230 31,106 25,926 23,888 19,723 16,975 16,700 15,068 

Deposits, excluding negotiable CDs.......... 9,075 8,082 10,131 7,845 9,272 8,299 8,431 8,023 

U.S. Treasury bills and certificates ............ 16,196 14,838 9,951 9,765 6,314 5,005 4,967 3,965 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................

 

5,939 

 

4,584 

 

3,856 

 

3,183 

 

2,169 

 

1,839 

 

1,526 

 

1,386 

Other liabilities............................................ 5,020 3,602 1,988 3,095 1,968 1,832 1,776 1,694 

Payable in foreign currencies 2 .......................... 265,535 227,617 227,617 227,617 227,779 227,779 227,779 227,779 

Sector: 

Banks and other foreigners........................ 264,502 226,901 226,901 226,901 226,900 226,900 226,900 226,900 

International and regional organizations 1 ...... 1,033 716 716 716 879 879 879 879 

Major currencies: 

Canadian dollars ........................................ 10,370 10,673 10,673 10,673 11,430 11,430 11,430 11,430 

Euro............................................................ 126,245 113,303 113,303 113,303 118,876 118,876 118,876 118,876 

United Kingdom pounds sterling................ 14,630 14,426 14,426 14,426 11,637 11,637 11,637 11,637 

Japanese yen............................................. 74,417 56,826 56,826 56,826 50,726 50,726 50,726 50,726 

Memoranda: 

Respondents’ own liabilities payable in 

dollars........................................................ 

3,172,650 

 

2,933,880 

 

2,939,719 

 

2,970,303 

 

2,826,487 

 

2,840,957 

 

2,902,161 

 

2,985,788 

Liabilities to own foreign offices..................... 2,123,510 2,023,747 2,021,017 2,063,416 1,908,023 1,928,477 2,004,445 2,088,299 

Liabilities collaterized by repurchase 

agreements ............................................

 

584,152 

 

582,452 

 

601,468 

 

605,464 

 

583,311 

 

587,091 

 

567,710 

 

555,730 

Foreign official institutions ..................... 116,275 90,245 94,816 86,964 96,407 96,297 91,259 88,217 

Foreign banks and other foreigners....... 464,701 489,333 505,359 516,324 485,946 489,372 475,452 466,471 

International and regional organizations 1..... 3,176 2,874 1,293 2,176 958 1,422 999 1,042 

Reported by IBFs ....................................... 608,884 547,997 509,669 525,304 486,219 477,968 480,637 505,541 

Respondents’ own liabilities payable in 

 foreign currencies 2 ..................................... 

255,327 

 

218,925 

 

218,925 

 

218,925 

 

220,920 

 

220,920 

 

220,920 

 

220,920 

Reported by IBFs ....................................... 62,009 50,619 50,619 50,619 42,906 42,906 42,906 42,906 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 

1,364,808 

 

1,465,887 

 

1,423,751 

 

1,445,216 

 

1,404,883 

 

1,400,834 

 

1,382,371 

 

1,370,536 

Payable in dollars....................................... 1,354,600 1,457,195 1,415,059 1,436,524 1,398,024 1,393,975 1,375,512 1,363,677 

of which: other short-term negotiable 

securities and negotiable CDs............ 

340,510 

 

314,051 

 

313,612 

 

297,072 

 

282,902 

 

265,709 

 

251,219 

 

243,743 

 of which: short-term U.S. Government 

agency securities ................................ 

102,088 

 

92,482 

 

100,752 

 

93,995 

 

86,623 

 

78,863 

 

69,789 

 

63,261 

 of which: negotiable CDs ...................... 87,853 78,188 75,516 71,361 67,489 63,501 65,606 65,709 

Payable in foreign currencies 2 .................. 10,208 8,692 8,692 8,692 6,859 6,859 6,859 6,859 

 

 1

 Principally 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 2009 

62 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 

Country 2006 2007 2008 r May r June July Aug. Sept. 

Europe: 

Austria ............................................... 3,934 3,575 2,716 2,222 2,228 2,266 2,195 2,271

Belgium ............................................ 15,595 22,437 16,254 15,995 16,754 14,743 15,838 16,680

Bulgaria ............................................. 88 148 118 503 461 431 420 410

Cyprus 1 ............................................ 634 1,068 775 929 1,374 1,272 1,141 1,423

Czech Republic................................. 1,353 1,433 681 546 961 705 727 726

Denmark............................................ 969 791 4,502 3,322 3,522 3,082 2,638 3,151

Finland............................................... 3,362 1,456 1,606 1,727 2,303 1,849 1,537 1,505

France ............................................... 83,606 73,355 58,783 56,105 51,676 54,034 53,549 58,409

Germany............................................ 92,815 145,955 158,324 143,260 152,072 147,252 149,016 147,597

Greece............................................... 1,488 1,357 1,998 1,293 985 1,137 1,013 1,213

Hungary............................................. 820 1,219 781 695 1,638 1,406 1,431 1,357

Iceland 1 ............................................ 431 667 1,089 762 640 605 760 614

Ireland ............................................... 84,414 123,913 177,970 161,188 160,137 148,561 148,827 145,832

Italy.................................................... 9,301 10,421 8,570 9,177 11,152 10,740 11,633 10,364

Kazakhstan 1 ..................................... 6,145 5,945 13,761 10,451 10,720 10,364 9,851 9,087

Luxembourg ..................................... 73,989 108,463 118,175 94,425 101,885 88,795 86,197 94,953

Monaco 1 .......................................... 380 206 314 373 279 320 232 147

Netherlands....................................... 26,781 26,125 35,908 39,706 32,618 32,980 30,837 34,069

Norway .............................................. 42,401 48,309 17,933 10,391 9,594 9,414 3,836 3,689

Poland ............................................... 7,475 19,651 4,731 6,749 7,996 7,886 6,116 5,446

Portugal............................................. 2,720 2,999 2,166 1,215 2,061 1,371 1,378 1,767

Romania............................................ 492 581 643 3,232 2,839 3,952 3,845 2,475

Russia .............................................. 62,736 104,741 73,118 74,829 75,442 70,917 75,578 77,957

Serbia and Montenegro .................... 295 532 182 445 280 253 337 397

Spain ................................................. 9,805 13,022 17,320 14,242 13,120 13,605 13,476 14,654

Sweden ............................................. 3,890 7,723 3,913 2,606 5,912 4,773 5,116 6,321

Switzerland........................................ 63,546 58,468 57,484 58,629 69,197 66,728 64,269 63,215

Turkey ............................................... 10,457 12,139 20,280 19,010 18,214 19,056 20,528 19,196

Ukraine 1 ............................................ 919 1,392 4,058 3,670 3,100 5,317 3,379 4,011

United Kingdom................................. 926,069 1,051,764 746,778 706,821 641,270 702,531 686,485 719,003

Channel Islands ............................... 33,857 25,391 11,937 14,351 20,806 20,944 24,912 41,445

All other Europe 1 .............................. 3,852 4,897 7,934 6,383 6,845 7,044 7,329 7,250

Total Europe.................................. 1,574,620 1,880,143 1,570,803 1,465,252 1,428,080 1,454,332 1,434,425 1,496,633

Memo: Euro Area 2 .......................................... 407,811 533,078 600,896 542,022 548,853 519,164 517,299 531,371

Memo: European Union 3 ................ 1,349,799 1,619,013 1,363,971 1,267,004 1,214,093 1,244,556 1,224,958 1,271,276

Canada.................................................. 49,396 68,274 78,140 72,567 72,711 71,291 73,578 82,572

Latin America: 

Argentina........................................... 10,628 12,090 12,894 14,164 14,210 13,254 13,110 13,405

Belize 4 .............................................. 484 307 299 335 352 379 366 336

Bolivia 4 ............................................ 2,123 2,559 4,544 3,611 3,616 3,117 3,109 3,197

Brazil ................................................. 16,271 24,887 17,728 30,594 57,470 57,500 55,606 59,057

Chile .................................................. 16,926 15,731 15,871 14,271 13,230 11,879 10,745 10,194

Colombia ........................................... 11,702 11,038 10,372 11,957 11,613 15,927 18,333 18,970

Costa Rica 4 ..................................... 2,967 2,502 2,005 2,546 2,366 2,284 2,069 1,950

Ecuador............................................. 3,431 3,296 3,600 4,007 4,004 3,860 3,941 3,734

El Salvador 4 ..................................... 1,964 2,352 2,927 3,163 2,959 2,881 2,994 2,699

Guatemala......................................... 1,444 1,851 1,873 2,171 2,470 2,284 2,317 2,148

Guyana 4 .......................................... 98 141 276 220 207 216 228 358

Honduras 4 ....................................... 2,594 2,162 1,546 1,741 1,817 1,706 1,322 1,455

Mexico............................................... 45,846 53,234 70,963 66,024 60,838 54,948 50,527 56,686

Nicaragua 4 ....................................... 238 215 301 376 479 429 492 506

Panama............................................. 7,183 7,062 10,868 10,681 9,247 8,880 9,197 9,886

Paraguay 4 ........................................ 672 693 667 818 819 813 804 818

Peru................................................... 4,281 5,286 4,710 5,639 5,392 6,607 5,779 5,525

Suriname 4 ........................................ 128 128 157 144 155 156 278 262

Uruguay............................................. 6,139 6,503 7,505 6,818 6,808 6,752 6,813 6,617

Venezuela ......................................... 22,883 23,588 26,815 22,722 23,574 23,565 24,955 25,049

All other Latin America 4.................... 8 15 48 52 58 58 64 62

Total Latin America ....................... 158,010 175,640 195,969 202,054 221,684 217,495 213,049 222,914

Caribbean: 

Anguilla 5 .......................................... 3,149 13,065 10,914 8,139 7,748 8,503 8,686 8,838

Antigua and Barbuda 5 ..................... 186 217 115 99 96 94 93 96

Aruba 5............................................... 408 265 737 605 612 670 688 663

Bahamas ........................................... 257,200 286,669 336,492 250,198 251,661 242,567 254,910 275,188

Barbados 5 ........................................ 18,680 21,602 17,056 13,019 12,849 13,615 11,888 11,446

Bermuda............................................ 55,502 49,865 54,348 46,974 47,189 44,983 44,075 43,426

British Virgin Islands 5 ...................... 22,082 35,092 44,473 42,440 40,886 40,988 41,024 35,041

Cayman Islands ............................... 1,316,517 1,488,182 1,511,520 1,559,704 1,479,985 1,461,475 1,528,837 1,534,647

Cuba.................................................. 82 80 89 88 91 93 99 104

Dominican Republic 5 ....................... 3,895 3,813 3,088 3,705 3,625 3,598 3,487 3,337

French West Indies 5 ........................ 19 35 26 31 29 26 41 30

Haiti 5 ................................................. 495 555 540 744 464 467 479 530

Jamaica............................................. 1,056 1,358 1,016 861 934 927 944 937

Netherlands Antilles .......................... 8,503 10,131 8,523 7,507 7,177 7,264 6,356 7,214

See footnotes at end of table.
CAPITAL MOVEMENTS 

December 2009 

63

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 

Country 2006 2007 2008 r May r June July Aug. Sept. 

 

Caribbean, con. 

St. Kitts and Nevis 5 ....................... 90 122 138 131 134 108 98 142

Trinidad and Tobago...................... 3,354 3,389 3,955 3,824 3,447 3,849 3,848 3,836

Turks and Caicos Islands 5 ............ 165 213 227 153 344 112 116 199

All other Caribbean 5 ...................... 157 189 170 177 228 141 119 125

Total Caribbean.......................... 1,691,540 1,914,842 1,993,427 1,938,398 1,857,499 1,829,480 1,905,788 1,925,799

Asia: 

Bangladesh 6 .................................. 824 889 3,479 3,753 4,633 4,730 5,244 5,173

China, Mainland ............................ 44,474 94,369 225,800 252,835 190,627 205,672 178,297 162,164

Hong Kong ..................................... 44,639 47,133 54,479 75,527 82,225 92,595 95,148 100,498

India................................................ 18,813 18,257 28,819 40,858 41,078 37,433 38,025 35,947

Indonesia........................................ 4,386 5,223 9,987 18,377 17,924 17,552 17,164 18,580

Israel............................................... 7,327 7,812 20,852 23,357 22,250 19,195 23,147 20,697

Japan.............................................. 141,655 190,122 241,810 197,548 184,048 188,344 194,342 196,223

Jordan 6 ......................................... 2,146 1,179 2,243 2,083 2,100 2,509 2,612 2,327

Korea, South .................................. 28,099 35,215 16,057 16,766 15,535 14,618 12,981 12,356

Laos 6 ............................................ 120 380 66 155 135 127 159 182

Lebanon ......................................... 1,168 1,032 1,434 1,565 1,560 1,508 1,514 1,426

Malaysia ......................................... 3,847 2,852 2,222 5,425 4,117 3,647 3,162 2,935

Pakistan.......................................... 1,282 1,464 4,186 4,484 4,469 4,081 5,805 5,759

Philippines...................................... 3,857 4,927 9,557 6,562 4,523 3,752 5,165 4,223

Singapore....................................... 30,831 38,704 45,158 45,611 43,883 42,671 41,667 38,083

Syria ............................................... 25 24 65 38 37 35 34 34

Taiwan............................................ 22,952 25,952 30,614 35,546 34,595 36,386 35,256 32,443

Thailand.......................................... 8,319 14,189 18,746 15,809 17,506 18,289 20,472 16,654

Yemen 6 ......................................... 179 202 212 732 583 598 672 579

Oil exporting countries 7 ................. 70,314 80,593 118,665 105,765 104,345 105,828 105,290 102,874

All other Asia 6 ............................... 5,893 5,052 7,132 5,036 5,454 6,427 5,625 5,608

Total Asia ................................... 441,150 575,570 841,583 857,832 781,627 805,997 791,781 764,765

Africa: 

Botswana 8 .................................... 236 925 376 361 336 447 284 982

Egypt .............................................. 2,252 3,683 9,398 10,753 10,070 10,031 11,726 11,965

Ghana............................................. 389 346 316 333 317 470 366 313

Kenya 8 .......................................... 234 612 342 488 441 441 564 636

Liberia............................................. 469 422 453 1,008 993 1,007 1,020 1,057

Mauritius 8 ...................................... 641 6,436 1,050 1,806 1,898 1,461 1,550 1,438

Morocco.......................................... 198 180 379 803 675 632 782 713

Mozambique 8 ............................... 87 126 141 132 115 105 87 118

South Africa.................................... 1,565 1,649 3,088 3,024 2,325 2,767 2,771 1,831

Tanzania 8 ..................................... 363 407 682 285 351 352 358 383

Uganda 8 ....................................... 926 1,233 329 377 440 445 479 436

Zambia 8 ........................................ 143 190 141 147 158 161 125 167

Zimbabwe 8 ................................... 78 105 88 113 119 115 127 127

Oil exporting countries 9 ................ 4,457 6,131 4,380 4,857 4,152 3,686 4,636 5,196

All other Africa 8 ............................. 2,981 3,443 6,604 7,414 8,686 8,418 9,339 9,579

Total Africa ................................. 15,019 25,888 27,767 31,901 31,076 30,538 34,214 34,941

Other countries: 

Australia ......................................... 26,178 14,891 33,008 26,204 25,273 22,956 21,951 20,329

New Zealand ................................. 4,543 3,190 3,838 5,925 5,838 4,864 5,217 5,540

French Polynesia 10 ....................... 63 83 143 157 162 148 160 170

All other 10 ...................................... 18,704 19,455 10,844 9,550 7,738 7,756 7,710 7,634

Total other ................................. 49,488 37,619 47,833 41,836 39,011 35,724 35,038 33,673

All countries........................................ 3,979,223 4,677,976 4,755,522 4,609,840 4,431,688 4,444,857 4,487,873 4,561,297

International and regional orgs: 

International organizations............ 26,862 24,236 32,571 19,768 15,987 13,861 13,339 11,844

Regional organizations 11 ............. 4,274 4,098 4,692 4,836 4,615 3,993 4,240 4,103

Total international and 

 regional organizations............... 31,136 28,334 37,263 24,604 20,602 17,854 17,579 15,947

Grand total ............................. 4,010,359 4,706,310 4,792,785 4,634,444 4,452,290 4,462,711 4,505,452 4,577,244

 

1

 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are included 

in “All other Europe.” 

2

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania. 

4 Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, Honduras, 

Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the British 

Virgin Islands, the Dominican Republic, the French West Indies (primarily Guadeloupe and 

Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands are included in “All 

other Caribbean.” 

6

 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All other Asia.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

8

 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, Uganda, 

Zambia, and Zimbabwe are included in “All other Africa.” 

9

 Includes Algeria, Gabon, Libya, and Nigeria. 

10 Before June 2006, data for French Polynesia are included in “All other.” 11 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

December 2009 

64 

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2009, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

liabilities 2 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

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) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Europe: 

Austria .............................. 2,271 2,261 1,367 894 668 363 440 310 9 448 22 10

Belgium............................. 16,680 16,533 6,327 10,206 4,314 371 2,692 2,668 4,846 1,612 30 147

Cyprus .............................. 1,423 1,423 1,391 32 673 624 32 - - 4 90 -

Czech Republic................. 726 724 123 601 30 59 601 - - 33 1 2

Denmark........................... 3,151 3,144 1,067 2,077 410 130 1,842 93 42 623 4 7

Finland.............................. 1,505 1,394 211 1,183 54 78 413 298 429 119 3 111

France .............................. 58,409 52,189 46,056 6,134 14,042 1,563 5,495 165 341 12,826 17,758 6,220

Germany........................... 147,597 84,960 73,131 11,829 29,287 2,750 7,619 2,269 765 41,815 455 62,637

Greece.............................. 1,213 1,181 903 278 181 617 267 2 9 95 10 32

Hungary............................ 1,357 1,320 353 967 221 69 952 - 6 71 1 37

Ireland............................... 145,832 143,764 42,037 101,727 15,856 3,249 20,899 56,691 20,498 9,720 16,851 2,068

Italy................................... 10,364 9,658 4,724 4,934 3,220 1,082 4,712 5 25 570 44 706

Kazakhstan....................... 9,087 8,814 2,736 6,078 2,689 26 6,078 - - - 21 273

Luxembourg...................... 94,953 93,730 16,371 77,359 5,256 5,662 34,835 24,618 16,709 2,282 4,368 1,223

Monaco............................. 147 146 58 88 20 38 87 - 1 - - 1

Netherlands ...................... 34,069 32,939 22,285 10,654 3,834 4,551 7,521 1,803 353 12,362 2,515 1,130

Norway ............................. 3,689 3,658 3,321 337 265 149 264 50 23 2,897 10 31

Poland .............................. 5,446 5,437 1,264 4,173 320 212 2,816 1,355 2 731 1 9

Portugal ............................ 1,767 1,747 1,432 315 664 275 274 38 3 490 3 20

Romania ........................... 2,475 2,474 628 1,846 84 61 1,845 - 1 475 8 1

Russia............................... 77,957 77,329 12,433 64,896 10,194 821 63,351 1,539 6 1,037 381 628

Spain ................................ 14,654 14,009 9,109 4,900 4,732 2,212 4,768 10 63 2,148 75 645

Sweden............................. 6,321 6,162 2,844 3,318 409 275 2,158 395 345 1,841 739 159

Switzerland ....................... 63,215 61,155 27,015 34,140 9,239 2,834 26,776 7,191 163 13,753 1,199 2,060

Turkey............................... 19,196 19,132 2,899 16,233 1,791 207 16,225 1 4 894 10 64

Ukraine ............................. 4,011 3,995 3,983 12 2,499 85 12 - - 1,388 11 16

United Kingdom ................ 719,003 669,592 648,246 21,346 210,114 20,892 14,003 1,563 2,357 223,238 197,425 49,411

Channel Islands................ 41,445 41,273 7,768 33,505 3,779 1,473 31,632 1,516 218 91 2,564 172

All other Europe.................. 8,671 8,322 6,465 1,857 2,203 1,181 1,683 152 13 3,030 60 349

Total Europe .................. 1,496,633 1,368,464 946,547 421,917 327,049 51,909 260,290 102,732 47,231 334,594 244,659 128,169

Memo: Euro Area 4 ........ 531,371 456,385 225,663 230,722 82,903 23,552 90,132 88,985 44,053 84,532 42,228 74,986

Canada ................................... 82,572 76,622 57,474 19,148 5,776 7,512 10,819 4,221 3,253 37,943 7,098 5,950

Latin America: 

Argentina............................ 13,405 13,234 11,523 1,711 494 10,605 1,300 85 323 243 184 171

Belize.................................. 336 336 268 68 49 148 20 - 48 70 1 -

Bolivia................................. 3,197 3,169 1,406 1,763 219 1,170 1,106 436 221 15 2 28

Brazil................................... 59,057 58,726 15,917 42,809 3,829 5,454 42,064 534 125 5,334 1,386 331

Chile ................................... 10,194 10,024 6,866 3,158 2,719 3,073 1,466 1,595 53 1,053 65 170

Colombia ............................ 18,970 18,919 6,085 12,834 1,469 4,228 11,958 601 267 349 47 51

Costa Rica.......................... 1,950 1,945 1,242 703 634 493 619 22 61 112 4 5

Ecuador.............................. 3,734 3,685 3,324 361 664 2,557 141 59 85 54 125 49

El Salvador......................... 2,699 2,694 1,180 1,514 314 647 494 539 481 203 16 5

Guatemala.......................... 2,148 2,104 1,629 475 271 1,130 410 31 34 214 14 44

Honduras............................ 1,455 1,452 1,363 89 592 748 14 8 67 18 5 3

Mexico................................ 56,686 53,350 46,432 6,918 16,842 20,396 4,929 1,202 769 8,065 1,147 3,336

Panama.............................. 9,886 9,800 7,531 2,269 3,965 3,157 1,850 203 212 358 55 86

Paraguay............................ 818 816 793 23 230 511 5 6 12 43 9 2

Peru.................................... 5,525 5,436 3,143 2,293 1,092 1,426 1,172 1,044 74 623 5 89

Uruguay.............................. 6,617 6,569 4,840 1,729 1,080 2,210 1,092 269 359 1,390 169 48

Venezuela .......................... 25,049 24,093 22,595 1,498 3,475 16,773 284 554 660 2,014 333 956

All other Latin America....... 1,188 1,188 1,151 37 307 498 1 9 27 344 2 -

Total Latin America........ 222,914 217,540 137,288 80,252 38,245 75,224 68,925 7,197 3,878 20,502 3,569 5,374

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2009 

65

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2009, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

 liabilities 2

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

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) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Caribbean: 

Aruba........................................ 663 663 607 56 79 436 14 8 34 4 88 -

Bahamas.................................. 275,188 274,834 272,560 2,274 227,215 5,463 1,420 430 291 38,148 1,867 354

Barbados.................................. 11,446 11,425 1,628 9,797 1,088 529 7,399 877 1,512 6 14 21

Bermuda .................................. 43,426 41,595 16,688 24,907 369 11,915 16,072 7,923 712 231 4,373 1,831

British Virgin Islands ................ 35,041 34,296 19,716 14,580 41 18,606 12,501 1,200 582 - 1,366 745

Cayman Islands....................... 1,534,647 1,513,636 1,207,888 305,748 541,401 118,630 49,516 16,601 2,515 667,203 117,770 21,011

Dominican Republic................. 3,337 3,287 2,682 605 481 2,048 379 202 24 140 13 50

Haiti 7........................................ 530 530 504 26 149 284 2 6 18 68 3 -

Jamaica.................................... 937 870 838 32 264 430 16 10 6 131 13 67

Netherlands Antilles................. 7,214 7,208 5,971 1,237 1,448 2,674 772 409 54 366 1,485 6

Trinidad and Tobago................ 3,836 3,633 2,485 1,148 1,369 643 1,015 69 31 467 39 203

All other Caribbean 9,534 8,455 8,222 233 139 7,579 127 51 55 7 497 1,079

Total Caribbean.................. 1,925,799 1,900,432 1,539,789 360,643 774,043 169,237 89,233 27,786 5,834 706,771 127,528 25,367

Asia: 

China, Mainland....................... 162,164 162,095 20,652 141,443 11,324 4,379 139,797 467 806 5,204 118 69

Hong Kong............................... 100,498 99,501 24,162 75,339 8,569 5,882 68,131 6,763 357 9,273 526 997

India ......................................... 35,947 35,874 9,567 26,307 2,263 2,001 15,215 10,991 13 5,141 250 73

Indonesia ................................. 18,580 18,569 5,522 13,047 3,070 294 11,504 1,527 15 2,064 95 11

Israel ........................................ 20,697 20,649 8,475 12,174 1,134 2,097 11,950 85 139 5,216 28 48

Japan ....................................... 196,223 147,564 67,252 80,312 28,815 8,048 74,506 3,984 298 30,544 1,369 48,659

Jordan ...................................... 2,327 2,327 1,085 1,242 750 56 1,130 1 111 275 4 -

Korea, South............................ 12,356 11,719 6,946 4,773 3,080 688 992 2,650 500 3,631 178 637

Malaysia................................... 2,935 2,932 1,906 1,026 1,190 156 907 100 17 549 13 3

Pakistan ................................... 5,759 5,759 5,284 475 703 198 420 27 1 4,369 41 -

Philippines................................ 4,223 4,209 2,752 1,457 1,621 502 1,408 3 46 337 292 14

Singapore................................. 38,083 37,267 29,210 8,057 25,620 1,718 7,224 686 115 1,818 86 816

Taiwan...................................... 32,443 32,381 29,341 3,040 5,906 6,409 2,472 126 420 16,764 284 62

Thailand ................................... 16,654 16,650 1,882 14,768 1,018 305 14,691 52 13 560 11 4

All other Asia............................ 115,876 115,824 44,575 71,249 11,439 2,245 62,526 6,456 2,257 29,277 1,624 52

Total Asia............................. 764,765 713,320 258,611 454,709 106,502 34,978 412,873 33,918 5,108 115,022 4,919 51,445

Africa: 

Egypt........................................ 11,965 11,962 3,050 8,912 1,170 153 8,864 1 47 1,725 2 3

Ghana ...................................... 313 313 313 - 117 52 - - - 144 - -

Kenya....................................... 636 636 396 240 300 75 238 - 2 20 1 -

Liberia ...................................... 1,057 1,029 391 638 5 279 587 50 - 107 1 28

Morocco ................................... 713 713 696 17 298 60 13 1 2 338 1 -

South Africa ............................. 1,831 1,747 1,735 12 811 199 6 2 4 639 86 84

All other Africa.......................... 18,426 18,015 13,610 4,405 7,087 1,565 4,352 52 1 4,860 98 411

Total Africa........................... 34,941 34,415 20,191 14,224 9,788 2,383 14,060 106 56 7,833 189 526

Other countries: 

Australia ................................... 20,329 17,255 12,958 4,297 9,173 1,787 3,195 747 84 1,380 889 3,074

New Zealand............................ 5,540 5,456 2,491 2,965 233 221 2,927 27 10 2,013 25 84

All other.................................... 7,804 893 722 171 251 283 2 126 43 177 11 6,911

Total other........................... 33,673 23,604 16,171 7,433 9,657 2,291 6,124 900 137 3,570 925 10,069

All countries.................................. 4,561,297 4,334,397 2,976,071 1,358,326 1,271,060 343,534 862,324 176,860 65,497 1,226,235 388,887 226,900

International and regional 

orgs: International organizations....... 11,844 11,050 6,847 4,203 - 5,927 3,232 795 176 - 920 794

Regional organizations 5.......... 4,103 4,018 2,870 1,148 - 2,096 733 379 36 - 774 85

Total International and 

 regional organizations ...... 15,947 15,068 9,717 5,351 - 8,023 3,965 1,174 212 - 1,694 879

Grand total ...................... 4,577,244 4,349,465 2,985,788 1,363,677 1,271,060 351,557 866,289 178,034 65,709 1,226,235 390,581 227,779

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

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

December 2009 

66 

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] 

Calendar years 

Country 2005 2006 2007 2008 Sept. 2009 

 

United Kingdom........................ 590,505 926,069 1,051,764 746,778 719,003

All other Europe ....................... 691,138 648,551 828,379 824,025 777,630

Caribbean banking centers 1 ..... 1,200,444 1,666,987 1,877,001 1,966,224 1,905,402

Japan........................................ 161,951 141,655 190,122 241,810 196,223

All other Asia ............................ 256,934 299,495 385,448 599,773 568,542

Subtotal .................................. 2,900,972 3,682,757 4,332,714 4,378,610 4,166,800

All other countries .................... 285,773 327,602 373,596 414,175 410,444

Grand total.............................. 3,186,745 4,010,359 4,706,310 4,792,785 4,577,244

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

U.S. liabilities to foreigners reported 

by U.S. banks were recorded at $4.6 

trillion in September 2009, a 

decrease of $215 billion from 

yearend 2008. U.S. banking liabilities 

include foreign holdings of U.S. 

short-term securities but exclude 

foreign holdings of U.S. long-term 

securities. U.S. banking liabilities 

increased about $86 billion in 2008. 

However, that increase is primarily 

attributable to the addition of several 

new bank holding companies to the 

reporter panel. U.S. banking 

liabilities increased about $696 

billion in 2007 and about $824 

billion in 2006. However, much of 

the increase in liabilities to foreigners 

in 2006 reflects changes in coverage 

in the bank-reported data in the first 

and second quarters of 2006. 

Between June and December of 

2006, when data were reported on a 

consistent basis, banking liabilities 

increased about $250 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on this 

page show that almost 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 growth in banking 

liabilities in recent years up through 

2007. Since 2007, however, U.S. 

banking liabilities recorded against 

the United Kingdom have declined 

sharply. Meanwhile banking 

liabilities to Asia grew at a rapid pace 

up through 2008. In the first 9 

months of 2009, banking liabilities to 

all geographic areas in the table 

declined. 

0

500

1000

1500

2000

2500

 2005 2006 2007 2008 Sept. 2009

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
 CAPITAL MOVEMENTS 

December 2009 

67

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] 

2008 2009 

Type of Claim 

Calendar 

Year 

2007 r June r Sept. r Dec. r Mar. June p 

 

Total claims.............................................................. 3,811,848 3,936,787 3,792,562 3,598,139 3,630,025 3,697,092 

Payable in dollars.................................................. 3,567,042 3,694,895 3,580,691 3,291,062 3,368,085 3,419,569 

Own claims on foreigners................................... 2,795,389 2,960,407 2,886,647 2,530,515 2,619,722 2,658,374 

Foreign official institutions............................... 110,093 98,854 79,750 47,272 32,061 32,083 

Foreign banks, including own foreign 

offices........................................................... 2,068,427 2,182,201 2,169,609 2,004,447 2,092,446 2,112,190 

All other foreigners .......................................... 616,869 679,352 637,288 478,796 495,215 514,101 

Claims of domestic customers.............................. 771,653 734,488 694,044 760,547 748,363 761,195 

Payable in foreign currencies .................................. 244,806 241,892 211,871 307,077 261,940 277,523 

Own claims on foreigners ..................................... 170,113 161,328 142,848 264,358 225,477 231,356 

of which: 

Canadian dollars.............................................. 32,718 27,761 22,939 21,311 25,171 28,354 

Euros................................................................ 75,137 62,854 52,191 149,212 114,357 102,466 

United Kingdom pounds sterling...................... 15,804 12,515 10,703 14,179 19,942 25,739 

Japanese yen................................................... 23,911 29,677 28,976 46,028 38,781 38,135 

Claims of domestic customers.............................. 74,693 80,564 69,023 42,719 36,463 46,167 

of which: 

Canadian dollars.............................................. 3,008 3,019 4,637 4,597 4,653 5,367 

Euros................................................................ 60,501 60,000 52,844 31,132 25,172 31,934 

United Kingdom pounds sterling...................... 3,160 5,959 3,618 1,137 1,882 3,186 

Japanese yen................................................... 2,817 5,975 2,799 2,655 1,785 2,050 

Memoranda: 

Total own claims on foreigners ............................. 2,965,502 3,121,735 3,029,495 2,794,873 2,845,199 2,889,730 

Non-negotiable deposits .................................... 1,059,631 1,217,106 1,110,779 1,205,929 1,278,302 1,346,237 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 48,082 38,721 31,990 15,256 15,190 15,894 

Resale agreements ............................................ 770,703 750,369 754,280 474,689 553,702 538,600 

Other................................................................... 1,087,086 1,115,539 1,132,446 1,098,999 998,005 988,999 

Claims on own foreign offices............................... 1,929,030 1,987,662 1,961,297 1,755,620 1,827,196 1,880,004 

Claims reported by IBFs ....................................... 686,623 527,208 520,314 514,225 572,127 552,975 

Payable in dollars............................................... 644,202 488,712 493,385 468,962 530,704 516,335 

Payable in foreign currencies............................. 42,421 38,496 26,929 45,263 41,423 36,640 

Total claims held for domestic customers ............ 846,346 815,052 763,067 803,266 784,826 807,362 

Non-negotiable deposits .................................... 457,828 424,296 398,408 486,473 419,690 369,574 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 340,734 343,831 319,091 286,752 339,838 406,765 

Other ..................................................................... 47,784 46,925 45,568 30,041 25,298 31,023 

 

 
CAPITAL MOVEMENTS 

December 2009 

68 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2007 2008 2009 

Country 

Calendar 

year 

2006 Dec. r Mar. r June r Sept. r Dec. r Mar. June p

 

Europe: 

Austria .................................................... 8,563 8,083 8,017 9,377 8,684 5,133 4,800 5,686

Belgium................................................... 20,258 26,646 28,005 36,454 24,424 16,729 20,448 14,352

Bulgaria .................................................. 38 30 52 56 55 36 18 29

Czech Republic ...................................... 3,546 4,049 2,666 2,276 273 226 107 156

Denmark................................................. 2,770 10,314 10,986 10,789 8,461 9,775 9,748 12,296

Finland.................................................... 10,360 30,533 27,748 32,299 29,104 25,139 26,234 23,714

France .................................................... 165,030 204,433 237,869 227,520 208,995 184,616 188,197 198,175

Germany................................................. 45,429 81,120 94,873 98,472 88,380 76,779 99,424 125,645

Greece.................................................... 1,081 1,658 1,967 1,837 1,469 1,229 958 1,207

Hungary.................................................. 157 378 249 241 336 413 268 290

Ireland..................................................... 62,881 80,906 101,304 107,731 92,845 86,300 64,748 59,756

Italy ......................................................... 41,462 51,856 63,532 63,965 61,599 52,085 52,181 55,813

Kazakhstan 1 .......................................... 510 688 732 665 544 544 504 420

Luxembourg ........................................... 16,033 27,017 25,387 22,512 20,891 18,497 15,460 15,234

Netherlands ............................................ 38,723 63,711 72,611 75,681 67,911 71,696 70,348 74,707

Norway ................................................... 35,117 29,105 27,315 25,063 31,117 18,769 14,614 14,995

Poland .................................................... 1,115 8,242 17,109 17,276 11,678 1,712 1,543 2,246

Portugal .................................................. 1,988 3,113 3,672 2,988 2,392 1,881 4,206 4,017

Romania ................................................. 290 195 179 204 160 155 150 128

Russia..................................................... 4,254 1,869 1,639 2,437 2,776 2,199 1,896 1,640

Spain ...................................................... 15,969 32,753 56,322 62,338 55,674 59,302 49,887 52,044

Sweden................................................... 29,377 34,964 28,652 36,430 30,472 17,144 17,744 22,663

Switzerland............................................. 112,020 201,003 184,176 133,985 123,180 112,001 118,030 95,965

Turkey..................................................... 5,429 3,735 3,989 4,055 4,159 3,694 3,869 4,358

United Kingdom...................................... 938,123 1,111,135 1,186,193 1,080,469 1,141,194 966,445 1,010,231 1,071,137

Channel Islands...................................... 45,533 35,468 20,776 18,367 16,167 19,461 18,480 19,545

All other Europe 1 ................................... 4,193 3,632 3,421 3,185 3,216 2,828 3,362 3,051

Total Europe ........................................ 1,610,249 2,056,636 2,209,439 2,076,671 2,036,157 1,754,788 1,797,454 1,879,269

Memo: Euro Area 2 .............................. 427,777 611,829 722,764 742,487 663,429 600,028 597,858 631,655

Memo: European Union 3 .................... 1,404,001 1,782,800 1,968,885 1,890,251 1,856,149 1,596,024 1,637,678 1,740,609

Canada...................................................... 106,662 140,166 160,826 141,640 147,164 151,037 143,637 147,610

Latin America: 

Argentina ................................................ 2,977 4,251 4,349 4,550 5,087 4,224 3,896 6,504

Bolivia 4 .................................................. 157 169 172 166 190 141 139 139

Brazil....................................................... 20,454 31,500 28,283 38,986 32,071 33,544 28,808 30,929

Chile ....................................................... 7,152 9,829 10,270 11,379 11,884 10,163 9,972 11,231

Colombia ................................................ 2,915 4,972 4,955 4,781 4,658 4,232 3,405 3,108

Costa Rica 4............................................ 733 1,028 1,217 1,304 1,234 1,305 1,214 1,041

Ecuador.................................................. 612 993 939 812 852 805 716 627

El Salvador 4........................................... 872 831 797 772 801 900 856 754

Guatemala.............................................. 1,055 1,348 1,358 1,433 1,411 1,273 1,319 1,162

Honduras 4.............................................. 433 494 493 484 506 527 560 465

Mexico .................................................... 17,936 24,582 26,865 26,011 27,060 27,336 27,365 25,832

Nicaragua ............................................... 89 83 93 131 112 134 112 92

Panama .................................................. 2,556 4,118 4,813 5,301 5,210 4,820 3,734 3,307

Paraguay 4.............................................. 41 108 130 158 174 152 121 114

Peru ........................................................ 1,474 3,092 4,487 4,978 4,964 4,589 3,684 3,338

Uruguay.................................................. 361 415 406 396 419 413 381 414

Venezuela .............................................. 2,477 2,580 2,153 2,109 2,082 1,634 1,558 1,568

All other Latin America 4......................... 37 70 194 52 70 92 103 75

Total Latin America.............................. 62,331 90,463 91,974 103,803 98,785 96,284 87,943 90,700

Caribbean: 

Anguilla 5 ................................................ 5,281 6,493 8,151 8,248 13,151 10,375 7,785 7,639

Bahamas ................................................ 194,510 238,924 275,145 212,868 219,149 286,358 244,821 198,061

Barbados 5.............................................. 471 445 557 595 696 1,324 903 773

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2009 

69

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2007 2008 2009 

Country 

Calendar 

year 

2006 Dec. r Mar. r June r Sept. r Dec. r Mar. June p

 

Caribbean, con. 

Bermuda...................................... 21,721 12,378 22,207 18,220 17,426 15,764 16,049 10,705

British Virgin Islands 5.................. 4,270 4,857 17,010 16,675 18,814 6,744 7,997 8,848

Cayman Islands........................... 835,646 972,317 1,037,505 1,074,223 999,004 1,051,856 1,060,174 1,042,355

Dominican Republic 5 .................. 650 686 720 796 763 782 782 769

Haiti 5............................................ 50 46 52 76 76 92 58 53

Jamaica ....................................... 695 687 751 850 832 805 471 447

Netherlands Antilles .................... 2,686 4,624 9,826 6,594 6,468 5,980 8,127 7,803

Trinidad and Tobago ................... 1,055 673 725 810 607 730 535 683

All other Caribbean 5 ................... 383 770 786 676 555 455 501 438

Total Caribbean........................ 1,067,418 1,242,900 1,373,435 1,340,631 1,277,541 1,381,265 1,348,203 1,278,574

Asia: 

China, Mainland. ......................... 15,915 19,359 17,655 21,230 11,162 3,339 3,128 5,110

Hong Kong .................................. 8,300 10,263 10,591 10,040 14,755 12,932 7,685 7,297

India............................................. 3,209 4,588 4,620 5,984 6,182 6,203 6,471 6,845

Indonesia..................................... 559 1,030 1,089 1,243 1,168 1,119 1,098 999

Israel............................................ 6,568 5,031 4,912 4,907 3,595 2,604 2,151 1,832

Japan........................................... 157,671 97,856 124,194 98,861 91,210 93,756 132,546 170,495

Jordan 6........................................ 21 54 21 25 30 23 32 24

Korea, South ............................... 25,258 28,247 28,428 22,063 16,459 13,595 12,308 12,537

Lebanon....................................... 20 51 52 48 66 56 68 62

Malaysia ...................................... 947 1,989 1,634 1,586 1,235 517 641 471

Pakistan....................................... 29 164 64 115 195 76 51 45

Philippines ................................... 1,020 1,271 1,835 1,517 930 1,080 759 821

Singapore .................................... 5,519 6,662 8,176 7,758 7,306 9,566 8,554 9,483

Taiwan......................................... 3,607 1,641 4,036 2,992 3,032 1,343 1,459 2,069

Thailand....................................... 6,585 5,978 2,483 1,194 203 180 143 283

Asian oil exporters 7 .................... 11,789 23,932 14,672 13,998 11,437 10,670 11,425 9,817

All other Asia 6 ............................. 424 799 1,475 937 954 726 2,481 650

Total Asia.................................. 247,441 208,915 225,937 194,498 169,919 157,785 191,000 228,840

Africa: 

Cameroon 8.................................. 20 11 9 10 10 33 33 22

Egypt ........................................... 1,833 1,488 1,773 1,940 2,014 1,288 852 1,034

Ghana.......................................... 13 30 42 53 62 18 60 74

Liberia.......................................... 296 331 341 270 328 355 380 370

Morocco....................................... 84 50 45 55 30 33 9 21

South Africa................................. 640 730 624 525 1,022 720 775 641

African oil exporters 9 .................. 414 453 1,301 834 1,123 923 363 382

All other Africa 8 ........................... 251 6,570 13,669 16,915 1,443 3,123 2,273 6,315

Total Africa ............................... 3,551 9,663 17,804 20,602 6,032 6,493 4,745 8,859

Other countries: 

Australia....................................... 26,600 43,465 36,869 44,099 40,826 35,746 41,296 51,299

New Zealand ............................... 4,147 4,541 6,125 6,104 6,170 5,962 6,688 6,410

All other ....................................... 242 316 486 425 526 598 593 546

Total other countries................. 30,989 48,322 43,480 50,628 47,522 42,306 48,577 58,255

Total foreign countries ........... 3,128,641 3,797,065 4,122,895 3,928,473 3,783,120 3,589,958 3,621,559 3,692,107

International and regional orgs: 

International organizations.......... 11,279 13,581 13,921 7,592 7,227 5,016 6,107 4,226

Regional organizations 10 ............ 644 1,202 1,043 722 2,215 3,165 2,359 759

Total international 

and regional organizations............ 11,923 14,783 14,964 8,314 9,442 8,181 8,466 4,985

Grand total ............................. 3,140,564 3,811,848 4,137,859 3,936,787 3,792,562 3,598,139 3,630,025 3,697,092

1

 Before June 2006, data for Kazakhstan are included in “All other Europe.” 

2 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

As of January 2007, also includes Bulgaria and Romania. 

4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay 

are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican 

Republic, and Haiti are included in “All other Caribbean.” 

6

 Before June 2006, data for Jordan are included in “All other Asia.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Before June 2006, data for Cameroon are included in “All other Africa.” 

9 Includes Algeria, Gabon, Libya, and Nigeria. 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

organizations. 
CAPITAL MOVEMENTS 

December 2009 

70 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2009 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Claims of domestic customers 

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) 

Total 

customer 

claims 

(7) 

Payable 

in 

dollars 

(8) 

Payable in

foreign

currencies

(9) 

Europe: 

Austria ............................................... 5,686 3,339 3,304 836 2,468 35 2,347 1,699 648

Belgium.............................................. 14,352 11,976 11,514 10,409 1,105 462 2,376 1,267 1,109

Czech Republic ................................. 156 155 118 117 1 37 1 - 1

Denmark............................................ 12,296 668 554 325 229 114 11,628 11,363 265

Finland............................................... 23,714 22,581 22,125 22,058 67 456 1,133 691 442

France ............................................... 198,175 152,202 139,506 115,370 24,136 12,696 45,973 39,569 6,404

Germany............................................ 125,645 100,638 88,583 63,112 25,471 12,055 25,007 17,282 7,725

Greece............................................... 1,207 550 143 33 110 407 657 1 656

Hungary............................................. 290 283 265 53 212 18 7 - 7

Ireland................................................ 59,756 54,067 53,010 39,415 13,595 1,057 5,689 4,840 849

Italy .................................................... 55,813 46,120 43,926 43,770 156 2,194 9,693 5,421 4,272

Kazakhstan........................................ 420 420 420 339 81 - - - -

Luxembourg ...................................... 15,234 9,274 7,827 3,521 4,306 1,447 5,960 5,402 558

Netherlands ....................................... 74,707 54,715 51,553 18,866 32,687 3,162 19,992 18,055 1,937

Norway .............................................. 14,995 4,108 4,074 3,468 606 34 10,887 10,696 191

Poland ............................................... 2,246 2,230 2,205 2,200 5 25 16 - 16

Portugal ............................................. 4,017 2,506 2,502 2,068 434 4 1,511 927 584

Romania ............................................ 128 128 121 2 119 7 - - -

Russia................................................ 1,640 1,524 1,480 1,249 231 44 116 116 -

Spain ................................................. 52,044 42,293 37,115 36,631 484 5,178 9,751 6,909 2,842

Sweden.............................................. 22,663 5,172 4,716 3,610 1,106 456 17,491 17,166 325

Switzerland........................................ 95,965 83,360 74,167 66,180 7,987 9,193 12,605 12,497 108

Turkey................................................ 4,358 4,334 3,280 2,640 640 1,054 24 6 18

United Kingdom................................. 1,071,137 893,352 805,420 645,352 160,068 87,932 177,785 171,718 6,067

Channel Islands .................................. 19,545 8,496 8,084 2,534 5,550 412 11,049 10,040 1,009

All other Europe ................................ 3,080 1,946 1,497 958 539 449 1,134 613 521

Total Europe ................................... 1,879,269 1,506,437 1,367,509 1,085,116 282,393 138,928 372,832 336,278 36,554

Memo: Euro Area 1 ............................... 631,655 500,830 461,501 356,368 105,133 39,329 130,825 102,391 28,434

Canada................................................. 147,610 111,788 87,119 68,462 18,657 24,669 35,822 30,020 5,802

Latin America: 

Argentina ........................................... 6,504 3,995 3,871 706 3,165 124 2,509 2,495 14

Bolivia................................................ 139 139 126 5 121 13 - - -

Brazil.................................................. 30,929 30,833 29,536 14,211 15,325 1,297 96 63 33

Chile .................................................. 11,231 11,226 10,739 5,427 5,312 487 5 4 1

Colombia ........................................... 3,108 3,108 2,562 934 1,628 546 - - -

Costa Rica ........................................ 1,041 1,041 1,029 163 866 12 - - -

Ecuador............................................. 627 614 614 59 555 - 13 13 -

El Salvador ....................................... 754 754 754 296 458 - - - -

Guatemala......................................... 1,162 1,162 1,122 571 551 40 - - -

Honduras .......................................... 465 465 464 188 276 1 - - -

Mexico ............................................... 25,832 25,712 24,624 821 23,803 1,088 120 6 114

Panama ............................................. 3,307 3,307 3,224 1,944 1,280 83 - - -

Peru ................................................... 3,338 3,326 3,256 1,084 2,172 70 12 9 3

Uruguay............................................. 414 414 396 29 367 18 - - -

Venezuela ......................................... 1,568 1,563 1,479 232 1,247 84 5 5 -

All other Latin America ..................... 281 281 281 85 196 - - - -

Total Latin America......................... 90,700 87,940 84,077 26,755 57,322 3,863 2,760 2,595 165

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2009 

71

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2009, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Claims of domestic customers 

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) 

Total 

customer

claims 

(7) 

Payable

in 

dollars

(8) 

Payable in 

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 198,061 140,904 140,278 135,755 4,523 626 57,157 57,117 40 

Bermuda............................................ 10,705 10,402 7,646 85 7,561 2,756 303 303 - 

British Virgin Islands ......................... 8,848 8,789 7,829 475 7,354 960 59 59 - 

Cayman Islands................................. 1,042,355 748,809 719,598 637,377 82,221 29,211 293,546 292,143 1,403 

Dominican Republic ......................... 769 769 767 204 563 2 - - - 

Jamaica ............................................. 447 447 425 38 387 22 - - - 

Netherlands Antilles .......................... 7,803 7,796 7,590 940 6,650 206 7 7 - 

Trinidad and Tobago ......................... 683 683 683 108 575 - - - - 

All other Caribbean ........................... 8,903 8,902 6,937 214 6,723 1,965 1 1 - 

Total Caribbean.............................. 1,278,574 927,501 891,753 775,196 116,557 35,748 351,073 349,630 1,443 

Asia: 

China, Mainland ................................ 5,110 5,022 3,947 3,483 464 1,075 88 59 29 

Hong Kong ........................................ 7,297 7,177 6,635 4,725 1,910 542 120 18 102 

India................................................... 6,845 6,497 6,249 5,226 1,023 248 348 348 - 

Indonesia........................................... 999 946 914 688 226 32 53 23 30 

Israel.................................................. 1,832 1,820 1,776 1,545 231 44 12 2 10 

Japan................................................. 170,495 160,514 140,209 125,835 14,374 20,305 9,981 9,279 702 

Korea, South ..................................... 12,537 12,305 10,974 10,390 584 1,331 232 192 40 

Malaysia ............................................ 471 448 408 135 273 40 23 2 21 

Pakistan............................................. 45 44 42 39 3 2 1 - 1 

Philippines ......................................... 821 797 776 682 94 21 24 3 21 

Singapore .......................................... 9,483 9,368 8,148 6,464 1,684 1,220 115 5 110 

Taiwan............................................... 2,069 1,912 1,718 1,422 296 194 157 4 153 

Thailand............................................. 283 273 231 172 59 42 10 4 6 

All other Asia ..................................... 10,553 10,390 10,178 8,409 1,769 212 163 157 6 

Total Asia........................................ 228,840 217,513 192,205 169,215 22,990 25,308 11,327 10,096 1,231 

Africa: 

Egypt ................................................. 1,034 798 795 307 488 3 236 3 233 

Ghana................................................ 74 72 52 39 13 20 2 2 - 

Liberia................................................ 370 370 370 1 369 - - - - 

Morocco............................................. 21 20 18 17 1 2 1 - 1 

South Africa....................................... 641 374 326 278 48 48 267 - 267 

All other Africa ................................... 6,719 6,621 6,289 256 6,033 332 98 98 - 

Total Africa ..................................... 8,859 8,255 7,850 898 6,952 405 604 103 501 

Other countries: 

Australia............................................. 51,299 24,275 23,115 18,009 5,106 1,160 27,024 26,573 451 

New Zealand ..................................... 6,410 2,082 808 621 187 1,274 4,328 4,308 20 

All other ............................................. 546 546 545 1 544 1 - - - 

Total other countries....................... 58,255 26,903 24,468 18,631 5,837 2,435 31,352 30,881 471 

Total foreign countries ................. 3,692,107 2,886,337 2,654,981 2,144,273 510,708 231,356 805,770 759,603 46,167 

International and regional orgs: 

International organizations................ 4,226 2,809 2,809 - 2,809 - 1,417 1,417 - 

Regional organizations 2.................... 759 584 584 - 584 - 175 175 - 

Total international and regional 

organizations .................................. 4,985 3,393 3,393 - 3,393 - 1,592 1,592 - 

Grand total ................................... 3,697,092 2,889,730 2,658,374 2,144,273 514,101 231,356 807,362 761,195 46,167 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

December 2009 

72 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2005 2006 2007 2008 June 2009 

United Kingdom ............................. 627,105 938,123 1,111,135 966,445 1,071,137

All other Europe ............................. 604,908 672,126 945,501 788,343 808,132

Caribbean banking centers 1 ......... 870,441 1,061,389 1,237,218 1,371,522 1,271,079

Japan ............................................. 114,713 157,671 97,856 93,756 170,495

All other Asia.................................. 92,387 89,770 111,059 64,029 58,345

Subtotal........................................ 2,309,554 2,919,079 3,502,769 3,284,095 3,379,188

All other countries .......................... 190,845 221,485 309,079 314,044 317,904

Grand total ................................... 2,500,399 3,140,564 3,811,848 3,598,139 3,697,092

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

In June 2009, U.S. claims on 

foreigners reported by U.S. 

banks amounted to about $3.7 

trillion, an increase of $99 

billion from that recorded at 

yearend 2008. U.S. banking 

claims include holdings of 

foreign short-term securities but 

exclude holdings of foreign 

long-term securities. U.S. 

banking claims decreased $214 

billion in 2008, but increased 

$671 billion in 2007 and $640 

billion in 2006. Part of the 2006 

increase reflects changes in 

coverage in the bank-reported 

data in the first and second 

quarters of 2006. Between June 

and December of 2006, when 

data were reported on a 

consistent basis, banking claims 

increased about $209 billion. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

More than 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. 

Despite the turmoil in financial 

markets over the past 2 years, 

the geographic distribution of 

U.S. banking claims on 

foreigners is similar now to that 

of 2006. 

0

200

400

600

800

1000

1200

1400

1600

 2005 2006 2007 2008 June 2009

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
CAPITAL MOVEMENTS 

December 2009 

73

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] 

Calendar year 2008 2009 

Type of liability or claim 2005 2006 2007 June Sept. r Dec. r Mar. June p

Total liabilities ................................................... 76,710 89,217 103,835 107,738 108,356 78,552 70,124 83,313

Payable in dollars.......................................... 58,728 72,331 79,161 86,917 92,313 69,128 61,241 60,419

Financial.................................................... 24,003 35,033 26,474 21,646 26,589 18,654 16,146 13,910

Short-term negotiable securities........... 3,248 8,266 1,983 3,338 3,020 2,740 2,869 1,872

Other ..................................................... 20,755 26,767 24,491 18,308 23,569 15,914 13,277 12,038

Commercial............................................... 34,725 37,298 52,687 65,271 65,724 50,474 45,095 46,509

Trade payables ..................................... 21,751 24,101 26,261 36,280 32,599 18,811 18,990 20,852

Advance receipts and other.................. 12,974 13,197 26,426 28,991 33,125 31,663 26,105 25,657

Payable in foreign currencies ....................... 17,982 16,886 24,674 20,821 16,043 9,424 8,883 22,894

By major foreign currency: 

Canadian dollars................................... 2,525 3,536 2,162 1,790 1,910 2,118 1,947 3,461

Euros..................................................... 5,041 5,239 9,075 9,624 6,010 3,048 2,223 6,542

United Kingdom pounds sterling........... 3,640 4,494 4,267 4,589 3,395 1,361 1,403 1,557

Japanese yen........................................ 2,326 1,770 3,908 2,597 2,955 962 949 889

Other ..................................................... 4,450 1,847 5,262 2,221 1,773 1,935 2,361 10,445

By type of liability: 

Financial................................................ 15,246 13,679 21,445 17,639 13,037 6,550 5,706 17,403

Short-term negotiable securities....... 5,802 3,351 2,940 3,036 3,143 2,108 1,294 3,893

Other ................................................. 9,444 10,328 18,505 14,603 9,894 4,442 4,412 13,510

Commercial........................................... 2,736 3,207 3,229 3,182 3,006 2,874 3,177 5,491

Trade payables ................................. 1,299 1,572 1,605 1,515 1,364 1,334 1,277 3,628

Advance receipts and other.............. 1,437 1,635 1,624 1,667 1,642 1,540 1,900 1,863

Total claims....................................................... 144,950 126,032 136,416 156,463 166,815 107,657 93,826 107,542

Payable in dollars.......................................... 105,700 100,031 110,070 133,269 143,981 92,376 84,626 83,743

Financial.................................................... 75,802 66,871 66,726 85,051 98,399 51,789 40,290 39,928

Non-negotiable deposits ....................... 42,140 28,380 28,393 51,361 34,979 15,674 12,616 13,095

Negotiable CDs and short-term 

negotiable instruments.......................... 12,888 2,624 1,168 1,276 857 1,133 945 1,023

Other ..................................................... 20,774 35,867 37,165 32,414 62,563 34,982 26,729 25,810

Commercial............................................... 29,898 33,160 43,344 48,218 45,582 40,587 44,336 43,815

Trade receivables ................................. 26,080 29,388 37,108 41,111 39,565 31,161 32,638 32,107

Advance payments and other............... 3,818 3,772 6,236 7,107 6,017 9,426 11,698 11,708

Payable in foreign currencies ....................... 39,250 26,001 26,346 23,194 22,834 15,281 9,200 23,799

By major foreign currency: 

Canadian dollars................................... 9,829 9,194 5,371 4,911 5,546 4,168 1,892 2,398

Euros..................................................... 10,643 6,951 10,833 9,846 8,310 3,432 2,656 5,264

United Kingdom pounds sterling........... 8,341 4,675 4,210 4,036 3,701 1,526 1,300 1,754

Japanese yen........................................ 3,724 1,027 1,378 1,064 1,117 340 543 669

Other ..................................................... 6,713 4,154 4,554 3,337 4,160 5,815 2,809 13,714

By type of claim: 

Financial................................................ 35,592 21,775 21,305 20,059 19,661 11,466 5,320 18,661

Non-negotiable deposits ................... 8,009 3,529 1,498 1,464 1,566 1,623 1,743 2,002

Short-term negotiable securities....... 292 120 77 111 93 65 111 133

Other ................................................. 27,291 18,126 19,730 18,484 18,002 9,778 3,466 16,526

Commercial........................................... 3,658 4,226 5,041 3,135 3,173 3,815 3,880 5,138

Trade receivables ............................. 3,151 3,414 4,684 2,900 2,910 3,595 3,647 4,952

Advance payments and other........... 507 812 357 235 263 220 233 186
CAPITAL MOVEMENTS 

December 2009 

74 

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] 

Calendar year 2008 2009 

Country 2004 2005 2006 2007 June Sept. r Dec. r Mar. June p

Europe: 

Austria.................................. 146 68 91 230 115 79 95 97 83

Belgium ................................... 74 73 181 492 1,194 873 427 389 375

Bulgaria................................... 2 - 44 36 6 4 1 2 4

Czech Republic....................... 34 17 14 25 48 34 45 49 41

Denmark.................................. 41 78 132 937 156 164 90 82 149

Finland .................................... 38 20 140 63 160 192 52 109 108

France..................................... 2,368 2,631 2,562 3,165 2,173 3,185 2,842 2,434 3,272

Germany ................................. 3,935 3,646 12,391 4,977 2,912 3,613 3,325 3,102 4,521

Greece .................................... 248 401 182 187 348 300 241 250 220

Hungary................................... 14 12 18 46 21 24 30 22 25

Ireland ..................................... 1,070 1,636 316 1,569 1,315 1,579 1,344 1,186 1,690

Italy.......................................... 795 1,174 1,040 1,196 448 1,398 481 374 518

Luxembourg ............................ 824 378 977 235 168 369 250 249 652

Netherlands............................. 668 895 1,709 1,194 1,417 1,162 1,255 1,012 1,125

Norway.................................... 1,365 3,537 545 721 1,129 475 385 380 543

Poland..................................... 151 229 330 385 359 350 269 240 239

Portugal................................... 22 39 27 205 41 43 35 35 46

Romania.................................. 33 4 9 6 42 57 71 85 84

Russia ..................................... 74 64 110 306 498 523 524 424 337

Serbia and Montenegro 

(formerly Yugoslavia).......... 2 4 1 3 2 1 6 5 4

Spain....................................... 591 399 269 533 692 787 772 635 550

Sweden ................................... 800 747 952 438 271 264 274 247 242

Switzerland ............................. 1,078 1,237 1,070 1,705 2,834 2,984 1,442 1,560 1,838

Turkey ..................................... 180 137 261 754 749 757 709 769 908

United Kingdom ...................... 32,878 15,093 17,339 23,350 22,946 19,578 12,000 9,856 13,775

Channel Islands and 

Isle of Man .......................... 2 501 15 208 117 120 95 82 95

Other Europe .......................... 286 250 421 539 466 628 435 534 598

Total Europe ....................... 47,720 33,271 41,146 43,505 40,627 39,543 27,495 24,209 32,042

Canada........................................ 4,578 4,905 7,694 7,767 7,237 7,376 5,600 5,574 7,185

Latin America: 

Argentina................................. 59 148 138 156 158 114 89 83 158

Brazil ....................................... 321 288 264 940 1,113 1,109 626 643 590

Chile ........................................ 91 387 406 546 605 437 353 378 390

Colombia................................. 84 106 208 356 360 393 332 456 575

Ecuador................................... 26 10 89 33 140 142 30 74 40

Guatemala .............................. 10 23 25 10 8 10 8 11 10

Mexico..................................... 1,968 2,234 2,150 2,848 4,200 2,655 1,579 1,663 2,102

Panama................................... 7 56 57 85 87 105 166 119 201

Peru......................................... 17 8 6 36 113 57 34 36 42

Uruguay................................... 2 2 13 20 26 13 12 14 5

Venezuela ............................... 451 681 353 575 1,187 1,338 413 575 825

Other Latin America................ 113 105 24 106 73 50 50 61 64

Total Latin America................ 3,149 4,048 3,733 5,711 8,070 6,423 3,692 4,113 5,002

Caribbean: 

Bahamas................................. 32 70 70 89 163 111 49 58 127

Bermuda...................................... 9,230 1,704 777 707 1,103 783 723 758 1,583

Cayman Islands ...................... 7,279 6,522 12,804 15,969 13,494 14,495 10,303 8,337 8,559

Cuba........................................ - - - - - - - 10 -

Jamaica................................... 24 14 20 18 26 35 37 30 29

Netherlands Antilles................ 14 13 2 4 5 5 6 2 10

Trinidad and Tobago............... 15 44 25 74 93 72 60 45 59

Other Caribbean ..................... 729 936 761 803 894 778 444 762 899

Total Caribbean .................. 17,323 9,303 14,459 17,664 15,778 16,279 11,622 10,002 11,266

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2009 

75

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] 

Calendar year 2008 2009 

Country 2004 2005 2006 2007 June Sept. r Dec. r Mar. June p

Asia: 

China, Mainland. ....................... 3,983 3,825 1,297 857 4,746 5,437 4,769 4,587 4,511

Hong Kong ................................ 668 746 564 981 922 989 593 567 706

India........................................... 103 158 418 1,447 1,289 1,263 1,083 1,113 1,093

Indonesia................................... 74 89 57 172 253 414 366 369 377

Israel.......................................... 302 613 385 293 280 315 292 244 218

Japan......................................... 5,869 7,354 7,210 6,888 6,579 7,578 5,996 5,995 6,275

Korea, South ............................. 723 1,743 1,350 1,213 1,237 1,585 1,314 764 813

Lebanon .................................... 35 42 11 9 18 11 15 6 8

Malaysia .................................... 256 335 471 562 555 348 363 462 477

Pakistan..................................... 171 230 171 172 62 71 28 45 25

Philippines................................. 117 109 95 89 91 117 107 87 81

Singapore.................................. 822 1,823 2,839 4,255 2,279 4,488 3,767 1,754 1,912

Syria .......................................... 21 4 8 8 8 9 3 3 3

Taiwan....................................... 491 1,010 1,093 1,019 877 815 722 676 801

Thailand..................................... 79 212 599 380 341 396 295 271 301

Oil-exporting countries1............. 2,946 4,159 3,955 7,158 12,304 10,382 6,380 5,718 6,712

Other Asia ................................. 303 298 156 377 245 302 460 258 291

Total Asia .............................. 16,963 22,750 20,679 25,880 32,086 34,520 26,553 22,919 24,604

Africa: 

Congo (formerly Zaire).............. - - - - - - - - -

Egypt ......................................... 132 119 132 280 291 297 293 289 338

Ghana........................................ 2 1 6 12 18 2 5 4 3

Liberia........................................ 14 1 3 6 75 85 64 65 67

Morocco..................................... 44 42 42 190 124 120 112 102 81

South Africa............................... 36 950 35 52 68 296 54 74 273

Oil-exporting countries 2............ 518 590 283 655 1,108 919 764 773 784

Other Africa ............................... 332 210 379 294 332 529 341 379 263

Total Africa ............................ 1,078 1,913 880 1,489 2,016 2,248 1,633 1,686 1,809

Other countries: 

Australia .................................... 1,047 397 560 1,658 1,784 1,810 1,794 1,482 1,246

New Zealand ............................. 51 38 36 91 75 78 92 97 126

All other ..................................... 98 83 15 25 31 33 30 31 31

Total other countries ............. 1,196 518 611 1,774 1,890 1,921 1,916 1,610 1,403

Total foreign countries ...... 92,007 76,708 89,202 103,790 107,704 108,310 78,511 70,113 83,311

International and regional orgs: 

International organizations........ - - - 2 - - 7 2 -

Regional organizations 3 ........... 2 2 15 43 34 46 34 9 2

Total international and 

regional organizations........... 2 2 15 45 34 46 41 11 2

Grand total ........................ 92,009 76,710 89,217 103,835 107,738 108,356 78,552 70,124 83,313

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 2009 

76 

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] 

Calendar year 2008 2009 

Country 2004 2005 2006 2007 June Sept. r Dec. r Mar. June p

Europe: 

Austria.......................................... 1,816 2,159 2,031 2,039 1,998 2,495 1,950 1,914 1,856

Belgium ........................................ 2,307 1,822 419 807 2,683 3,059 394 675 668

Bulgaria........................................ 37 29 3 6 7 6 15 4 4

Czech Republic............................ 64 49 50 134 93 93 85 94 105

Denmark....................................... 494 341 149 184 677 287 136 104 80

Finland ......................................... 617 336 591 805 1,724 442 543 641 597

France.......................................... 3,713 5,063 3,420 6,061 6,979 14,539 2,878 2,592 2,204

Germany ...................................... 6,787 4,238 10,148 4,926 13,704 5,903 8,468 4,841 4,655

Greece ......................................... 199 380 163 250 260 244 195 191 210

Hungary........................................ 46 57 45 153 165 107 95 95 87

Ireland .......................................... 1,672 795 858 968 3,821 3,544 924 1,065 2,125

Italy............................................... 2,434 3,702 2,337 2,515 2,217 1,680 1,308 1,897 1,900

Luxembourg ................................. 127 391 352 919 577 547 218 188 220

Netherlands.................................. 7,883 3,387 3,570 3,989 4,674 3,145 2,209 2,328 2,072

Norway......................................... 229 402 366 325 602 413 273 322 302

Poland.......................................... 57 58 99 153 167 165 135 123 151

Portugal........................................ 146 60 64 89 116 82 76 89 69

Romania....................................... 47 22 36 60 41 57 54 53 67

Russia .......................................... 157 359 774 1,326 664 714 694 616 819

Serbia and Montenegro 

(formerly Yugoslavia)............... 14 17 10 15 17 13 14 15 17

Spain............................................ 1,242 2,032 1,425 1,625 2,070 2,227 1,284 969 1,010

Sweden ........................................ 648 503 652 689 553 514 494 490 558

Switzerland .................................. 2,506 1,876 1,424 2,143 2,100 1,743 1,846 1,679 1,692

Turkey .......................................... 594 638 420 732 604 589 595 548 579

United Kingdom ........................... 27,699 24,772 17,483 23,662 25,837 34,893 11,754 9,858 18,063

Channel Islands and 

Isle of Man ............................... 25 16 19 109 102 91 85 70 507

Other Europe ............................... 607 1,315 1,267 1,465 931 2,166 1,033 554 472

Total Europe ............................ 62,171 54,820 48,175 56,149 73,383 79,758 37,755 32,015 41,089

Canada............................................. 8,429 16,122 17,520 16,418 16,044 16,214 13,185 8,864 10,651

Latin America: 

Argentina...................................... 406 350 470 463 596 506 479 434 415

Brazil ............................................ 2,758 2,972 2,927 2,682 2,823 2,729 2,614 2,106 2,068

Chile ............................................. 346 303 299 404 641 644 575 497 473

Colombia...................................... 295 299 349 449 497 558 463 453 378

Ecuador........................................ 86 95 119 160 250 250 173 132 101

Guatemala ................................... 90 100 116 200 218 189 180 152 163

Mexico.......................................... 3,756 4,108 3,242 3,505 4,360 4,095 3,374 2,887 3,269

Panama........................................ 177 198 266 323 463 441 408 420 373

Peru.............................................. 95 117 164 196 278 349 271 232 182

Uruguay........................................ 13 5 12 33 74 110 106 88 89

Venezuela .................................... 474 539 481 669 671 608 657 732 1,676

Other Latin America..................... 504 485 376 431 480 453 438 366 374

Total Latin America...................... 9,000 9,571 8,821 9,515 11,351 10,932 9,738 8,499 9,561

Caribbean: 

Bahamas...................................... 1,631 1,631 3,949 2,200 1,725 6,703 353 1,108 400

Bermuda............................................ 5,358 2,238 1,734 1,704 1,793 2,477 1,722 1,790 2,843

Cayman Islands ........................... 36,320 36,416 26,051 16,987 26,742 24,338 22,658 16,709 18,532

Cuba............................................. 8 12 2 10 - - -2 -

Jamaica........................................ 67 70 60 106 82 86 80 78 58

Netherlands Antilles..................... 37 42 30 118 46 62 112 92 88

Trinidad and Tobago.................... 120 119 125 172 111 92 111 110 79

Other Caribbean .......................... 1,085 1,721 1,264 1,518 1,711 1,272 1,013 1,122 1,041

Total Caribbean ....................... 44,626 42,249 33,215 22,815 32,210 35,030 26,049 21,011 23,041

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2009 

77

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] 

 Calendar year 2008 2009 

Country 2004 2005 2006 2007 June Sept. r Dec. r Mar. June p

Asia: 

China, Mainland........................ 3,688 4,958 1,772 1,913 2,156 2,165 1,896 2,545 1,577

Hong Kong ................................ 701 941 1,009 8,762 1,205 1,220 827 826 961

India .......................................... 643 413 654 812 824 891 695 634 692

Indonesia................................... 393 445 231 206 259 332 275 342 562

Israel ......................................... 482 403 360 601 610 586 590 431 328

Japan ........................................ 2,848 2,696 3,349 5,518 5,526 5,300 4,352 4,126 3,455

Korea, South ............................. 1,569 1,244 1,143 1,272 1,229 1,247 1,017 2,108 2,428

Lebanon .................................... 15 22 19 19 26 34 44 28 23

Malaysia.................................... 549 536 270 362 311 271 421 234 234

Pakistan .................................... 43 57 86 115 67 48 33 49 30

Philippines................................. 503 275 109 109 131 89 67 66 60

Singapore.................................. 1,600 1,944 1,811 2,809 2,187 2,253 1,478 3,607 3,552

Syria .......................................... 14 6 10 1 2 - 12 4 14

Taiwan....................................... 892 853 972 1,240 1,174 1,100 995 998 1,596

Thailand .................................... 326 295 312 416 441 373 330 351 351

Oil-exporting countries 1............ 1,208 1,800 1,814 2,552 2,081 2,846 3,392 3,159 3,168

Other Asia ................................. 309 408 328 513 174 197 179 135 169

Total Asia .............................. 15,783 17,296 14,249 27,220 18,403 18,952 16,603 19,643 19,200

Africa: 

Congo (formerly Zaire).............. 1 1 11 6 5 5 5 - -

Egypt......................................... 159 194 165 296 302 267 363 178 216

Ghana ....................................... 4 16 3 8 10 3 7 2 6

Liberia ....................................... 102 98 73 54 51 53 54 51 49

Morocco .................................... 33 23 21 21 30 23 24 13 23

South Africa .............................. 193 1,075 221 254 320 331 356 330 324

Oil-exporting countries 2............ 162 295 332 350 396 396 300 316 367

Other Africa............................... 281 419 411 400 736 717 495 498 506

Total Africa............................ 935 2,121 1,237 1,389 1,850 1,795 1,604 1,388 1,491

Other countries: 

Australia .................................... 1,588 2,144 2,365 2,467 2,710 3,748 2,485 2,202 2,294

New Zealand............................. 441 420 351 145 152 167 103 67 90

All other..................................... 245 207 76 37 17 17 13 14 12

Total other countries ............. 2,274 2,771 2,792 2,649 2,879 3,932 2,601 2,283 2,396

Total foreign countries ...... 143,218 144,950 126,009 136,155 156,120 166,613 107,535 93,703 107,429

International and regional orgs: 

International organizations........ 3 -4 150 231 28 21 46 38

Regional organizations 3 ........... 11 - 19 111 112 174 101 77 75

Total international and 

regional organizations........... 14 - 23 261 343 202 122 123 113

Grand total ........................ 143,232 144,950 126,032 136,416 156,463 166,815 107,657 93,826 107,542

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 2009 

78 

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

Country, June 30, 2009, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

(6) 

 

Europe: 

Austria ........................................... 83 36 47 1,856 1,783 73 

Belgium ......................................... 375 76 299 668 526 142 

Bulgaria ......................................... 4 - 4 4 - 4 

Czech Republic............................. 41 - 41 105 4 101 

Denmark........................................ 149 11 138 80 12 68 

Finland........................................... 108 52 56 597 155 442 

France ........................................... 3,272 1,493 1,779 2,204 476 1,728 

Germany........................................ 4,521 3,007 1,514 4,655 2,096 2,559 

Greece........................................... 220 27 193 210 108 102 

Hungary......................................... 25 8 17 87 42 45 

Ireland ........................................... 1,690 796 894 2,125 1,744 381 

Italy................................................ 518 1 517 1,900 9 1,891 

Luxembourg .................................. 652 458 194 220 127 93 

Netherlands................................... 1,125 460 665 2,072 1,033 1,039 

Norway .......................................... 543 58 485 302 197 105 

Poland ........................................... 239 1 238 151 22 129 

Portugal......................................... 46 5 41 69 1 68 

Romania........................................ 84 - 84 67 34 33 

Russia ........................................... 337 74 263 819 292 527 

Serbia and Montenegro 

(formerly Yugoslavia) ................ 4 - 4 17 - 17 

Spain ............................................. 550 191 359 1,010 412 598 

Sweden ......................................... 242 6 236 558 221 337 

Switzerland.................................... 1,838 188 1,650 1,692 1,039 653 

Turkey ........................................... 908 29 879 579 424 155 

United Kingdom............................. 13,775 10,582 3,193 18,063 12,508 5,555 

Channel Islands and 

Isle of Man................................. 95 94 1 507 499 8 

Other Europe................................. 598 57 541 472 244 228 

Total Europe.............................. 32,042 17,710 14,332 41,089 24,008 17,081 

Canada.............................................. 7,185 2,615 4,570 10,651 6,968 3,683 

Latin America: 

Argentina....................................... 158 10 148 415 26 389 

Brazil ............................................. 590 29 561 2,068 1,098 970 

Chile .............................................. 390 15 375 473 79 394 

Colombia ....................................... 575 104 471 378 22 356 

Ecuador......................................... 40 2 38 101 9 92 

Guatemala..................................... 10 1 9 163 49 114 

Mexico........................................... 2,102 63 2,039 3,269 1,012 2,257 

Panama......................................... 201 15 186 373 221 152 

Peru............................................... 42 - 42 182 34 148 

Uruguay......................................... 5 - 5 89 1 88 

Venezuela ..................................... 825 14 811 1,676 151 1,525 

Other Latin America ...................... 64 1 63 374 115 259 

Total Latin America........................ 5,002 254 4,748 9,561 2,817 6,744 

Caribbean: 

Bahamas ....................................... 127 - 127 400 365 35 

Bermuda............................................. 1,583 634 949 2,843 1,806 1,037 

Cayman Islands................................ 8,559 7,859 700 18,532 18,157 375 

Cuba.............................................. - - - - - - 

Jamaica......................................... 29 6 23 58 11 47 

Netherlands Antilles ...................... 10 - 10 88 - 88 

Trinidad and Tobago..................... 59 3 56 79 37 42 

Other Caribbean............................ 899 203 696 1,041 392 649 

Total Caribbean......................... 11,266 8,705 2,561 23,041 20,768 2,273 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2009 

79

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

Country, June 30, 2009, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

(6) 

Asia: 

China, Mainland ............................ 4,511 56 4,455 1,577 120 1,457 

Hong Kong .................................... 706 37 669 961 109 852 

India............................................... 1,093 20 1,073 692 172 520 

Indonesia....................................... 377 18 359 562 169 393 

Israel.............................................. 218 2 216 328 19 309 

Japan............................................. 6,275 938 5,337 3,455 424 3,031 

Korea, South ................................. 813 50 763 2,428 315 2,113 

Lebanon ........................................ 8 1 7 23 2 21 

Malaysia ........................................ 477 4 473 234 34 200 

Pakistan......................................... 25 3 22 30 - 30 

Philippines..................................... 81 3 78 60 10 50 

Singapore...................................... 1,912 150 1,762 3,552 109 3,443 

Syria .............................................. 3 - 3 14 - 14 

Taiwan........................................... 801 2 799 1,596 101 1,495 

Thailand......................................... 301 5 296 351 207 144 

Other Asia ..................................... 291 45 246 169 21 148 

Total Asia .................................... 24,604 1,426 23,178 19,200 2,008 17,192 

Africa: 

Congo (formerly Zaire).................. - - - - - - 

Egypt ............................................. 338 - 338 216 7 209 

Ghana............................................ 3 1 2 6 1 5 

Liberia............................................ 67 58 9 49 44 5 

Morocco......................................... 81 1 80 23 1 22 

South Africa................................... 273 239 34 324 192 132 

Other Africa ................................... 263 21 242 506 152 354 

Total Africa ................................ 1,809 320 1,489 1,491 462 1,029 

Other countries: 

Australia ........................................ 1,246 279 967 2,294 1,524 770 

New Zealand ................................. 126 2 124 90 16 74 

All other ......................................... 31 2 29 12 3 9 

Total other countries ................. 1,403 283 1,120 2,396 1,543 853 

Total foreign countries .......... 83,311 31,313 51,998 107,429 58,574 48,855 

International and regional orgs: 

International organizations............ - - - 38 15 23 

Regional organizations 1 ............... 2 - 2 75 - 75 

Total international and 

regional organizations............... 2 - 2 113 15 98 

Grand total ............................ 83,313 31,313 52,000 107,542 58,589 48,953 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

December 2009 

80

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] 

Marketable Treasury bonds and notes 

Net foreign purchases 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International

and regional

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign

 purchases 

 (8) 

Gross foreign

sales 

(9) 

2005 ................................. 338,112 68,689 266,471 2,952 10,051,248 9,713,136 219,256 1,097,458 878,202 

2006 ......................................... 195,536 69,639 125,075 822 10,957,936 10,762,400 286,464 1,572,160 1,285,696 

2007 ......................................... 197,967 2,994 196,021 -1,048 15,127,526 14,929,559 218,979 2,050,451 1,831,472 

2008 ......................................... 315,391 76,619 239,216 -444 14,627,522 14,312,131 -39,434 2,588,397 2,627,831 

2009 - Jan. - Sept. p ................ 311,261 90,945 220,326 -10 8,119,939 7,808,678 -15,964 833,500 849,464 

 

2008 - Sept............................... 20,116 4,944 14,896 276 1,628,400 1,608,284 4,497 190,617 186,120 

Oct................................ 32,872 -1,084 34,476 -520 1,179,175 1,146,303 -50,216 201,719 251,935 

Nov ............................... -25,815 -26,205 -169 559 689,317 715,132 -22,492 140,861 163,353 

Dec ............................... 14,970 3,851 11,823 -704 667,627 652,657 -37,444 112,314 149,758 

2009 - Jan ................................ 10,720 -1,940 12,695 -35 620,678 609,958 -15,500 105,082 120,582 

Feb ............................... 21,551 -1,959 23,602 -92 702,057 680,506 1,091 119,101 118,010 

Mar ............................... 55,303 29,026 26,737 -460 903,855 848,552 -15,596 91,200 106,796 

Apr................................ 41,892 17,125 24,787 -20 733,555 691,663 -2,480 104,037 106,517 

May............................... -22,550 -21,763 -343 -444 786,779 809,329 12,810 90,765 77,955 

June ............................. 100,529 22,498 77,634 397 1,256,557 1,156,028 5,061 99,122 94,061 

July ............................... 31,129 15,808 14,644 677 942,687 911,558 -4,637 73,261 77,898 

Aug. p........................... 28,000 13,184 15,448 -632 1,065,654 1,037,654 5,058 76,973 71,915 

Sept. p.......................... 44,687 18,966 25,122 599 1,108,117 1,063,430 -1,771 73,959 75,730 

Corporate and other securities 

Bonds * Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

 

2005 .............................................................................. 372,222 1,277,006 904,784 81,950 4,731,749 4,649,799 

2006 .............................................................................. 510,806 1,678,464 1,167,658 150,415 6,868,571 6,718,156 

2007 .............................................................................. 393,355 1,913,307 1,519,952 195,521 10,639,315 10,443,794 

2008 ............................................................................. 93,487 1,466,954 1,373,467 40,736 11,990,535 11,949,799 

2009 - Jan. – Sept. p..................................................... -28,679 928,976 957,655 105,143 4,871,110 4,765,967 

 

2008 - Sept.................................................................... -8,439 93,859 102,298 11,512 1,168,886 1,157,374

Oct..................................................................... -13,064 91,136 104,200 -6,212 1,019,890 1,026,102 

Nov .................................................................... -16,206 81,420 97,626 4,430 634,851 630,421 

Dec .................................................................... 40,964 139,166 98,202 3,872 561,120 557,248 

2009 - Jan ..................................................................... -8,280 92,939 101,219 1,407 507,335 505,928 

Feb .................................................................... 3,331 134,001 130,670 -5,143 491,529 496,672 

Mar .................................................................... 6,669 131,109 124,440 13,150 620,646 607,496 

Apr..................................................................... -9,727 86,226 95,953 4,579 550,925 546,346 

May.................................................................... 927 103,345 102,418 16,731 563,801 547,070 

June................................................................... -1,039 109,269 110,308 19,051 561,766 542,715 

July .................................................................... -11,060 90,724 101,784 28,611 534,161 505,550 

Aug. p................................................................ -6,614 87,102 93,716 11,082 502,412 491,330 

Sept. p............................................................... -2,886 94,261 97,147 15,675 538,535 522,860 

 

 

* Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
 CAPITAL MOVEMENTS 

December 2009 

81

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] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

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) 

 

2005 ..................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 

2006 ..................................................... -250,907 -144,452 1,879,713 2,024,165 -106,455 3,636,185 3,742,640 

2007 ..................................................... -229,223 -133,923 2,971,803 3,105,726 -95,300 5,215,764 5,311,064 

2008 ..................................................... 86,307 66,218 2,270,426 2,204,208 20,089 5,430,972 5,410,883 

2009 - Jan. - Sept. p ............................ -155,523 -98,268 1,336,591 1,434,859 -57,255 2,273,510 2,330,765 

 

2008 - Sept........................................... 31,413 33,885 227,068 193,183 -2,472 482,935 485,407 

Oct............................................ 27,550 5,855 177,827 171,972 21,695 468,005 446,310 

Nov ........................................... 31,388 10,075 123,475 113,400 21,313 288,690 267,377 

Dec ........................................... 12,254 12,174 105,233 93,059 80 248,822 248,742 

2009 - Jan ............................................ -25,125 -27,881 115,197 143,078 2,756 233,221 230,465 

Feb ........................................... 1,217 -463 103,330 103,793 1,680 210,043 208,363 

Mar ........................................... -1,034 -527 127,178 127,705 -507 250,246 250,753 

Apr............................................ -22,752 -13,805 130,961 144,766 -8,947 248,276 257,223 

May........................................... -27,367 -16,178 144,033 160,211 -11,189 253,856 265,045 

June.......................................... -33,421 -19,597 191,863 211,460 -13,824 289,163 302,987 

July ........................................... -28,721 -14,248 182,453 196,701 -14,473 254,073 268,546 

Aug. p....................................... -3,327 9,961 138,664 128,703 -13,288 247,281 260,569 

Sept. p...................................... -14,993 -15,530 202,912 218,442 537 287,351 286,814 

 
CAPITAL MOVEMENTS 

December 2009 

82

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] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2009 2009 2009 2009 

Country 

 Calendar 

 year 

 2008 

 (1) 

 Jan. 

through 

Sept. 

(2) 

 July 

 through 

 Sept. p 

 (3) 

Calendar

year 

2008 

(4) 

Jan. 

through

Sept.

 (5) 

July 

 through

 Sept. p

 (6) 

 Calendar 

 year 

 2008 

 (7) 

Jan. 

through

Sept.

 (8) 

July 

 through 

 Sept. p 

 (9) 

Calendar 

year 

2008 

(10) 

Jan. 

through

Sept. 

(11) 

July 

through

Sept. p 

(12) 

Europe: 

Austria............................. -1,054 -693 16 -282 -133 -36 -344 350 118 419 306 47

Belgium........................... -1,941 -691 -250 -1,605 1,791 822 -11,149 -10,246 -2,949 -1,042 1,787 757

Bulgaria........................... 8 7 2 -5 - - -13 - - -7 -1 -2

Cyprus 1 .......................... 64 -203 -10 -24 -92 -28 33 5 3 137 27 -27

Czech Republic............... -288 142 -21 -900 -147 1 -71 -10 - 174 243 146

Denmark ......................... 349 216 255 -1,883 -48 -27 -513 -105 164 392 780 386

Finland............................ 361 527 158 -36 -27 -7 -84 238 18 -36 721 372

France............................. -15,360 12,710 5,626 2,740 12,247 6,253 -1,991 -4,531 1,008 -7,187 2,807 9,289

Germany ......................... 591 -735 -547 -3,391 -702 311 4,954 -753 405 -19,341 -48 -267

Greece............................ 181 109 174 103 -158 -46 56 -6 -13 -493 14 -23

Hungary .......................... -237 294 295 42 -21 19 -133 86 51 163 213 188

Ireland............................. -4,275 -5,620 -1,406 -3,421 -3,813 -3,340 -15,326 -9,971 -3,688 838 309 179

Italy ................................. 688 -953 -2 -1,245 -293 -127 157 184 232 -1,835 -93 169

Kazakhstan 1................... 1,644 742 33 -337 -8 - -23 28 - 17 7 1

Luxembourg.................... -7,248 7,633 795 -26,926 5,474 4,402 -9,453 -1,815 -729 -7,648 679 1,035

Monaco 1......................... -102 -313 -359 94 -15 -11 166 54 54 -77 -166 27

Netherlands .................... -4,790 1,352 1,047 -1,076 -663 -45 -364 -1,717 -372 -1,469 1,020 512

Norway............................ 32,812 6,888 2,067 -6,496 -881 1,441 -1,559 -514 51 7,486 6,755 2,021

Poland............................. 5,857 846 442 1,091 4 50 -14 -4 -1 -92 -34 -17

Portugal .......................... 1,091 -14 -22 55 -195 -123 48 -10 19 145 352 -97

Romania ......................... -219 -757 -683 -532 -2 6 9 - - -4 -2 -4

Russia............................. 11,193 -15,282 -2,832 -3,582 -966 1 548 62 37 48 -14 -11

Serbia and Montenegro 2... -96 -66 45 -9 - 3 -1 - - 2 -1 -1

Spain............................... -8,022 -714 -776 -946 181 47 -1,020 109 541 -75 248 161

Sweden........................... -3,136 3,709 1,634 -3,231 -1,333 58 -519 -1,124 -663 5,096 2,450 438

Switzerland ..................... 1,156 7,000 277 -2,010 -3,553 -1,306 11,896 -923 -727 5,404 7,664 2,035

Turkey............................. -1,650 -2,416 -1,009 690 - 1 12 319 1 -7 27 12

Ukraine 1 ......................... -1,658 -597 -89 -591 -29 -4 95 -1 - -35 -2 -

United Kingdom .............. 188,502 86,148 21,249 77,398 13,644 2,230 31,882 -7,488 -16,526 29,924 23,413 13,051

Channel Islands .............. 1,368 -279 -12 -1,570 -75 -266 -12,555 -695 -23 574 398 216

All other Europe 1 ............ 222 -163 69 -819 -1,800 -863 -609 -162 -117 175 83 78

Total Europe ............... 196,012 98,826 26,167 21,296 18,388 9,415 -5,885 -38,640 -23,106 11,646 49,942 30,671

Memo: Euro Area 3.............. -39,660 12,717 4,803 -36,080 13,382 8,027 -34,620 -28,157 -5,411 -37,453 8,200 12,158

Memo: European Union 4 .... 151,126 102,949 27,952 34,981 25,341 10,432 -4,063 -37,048 -22,380 -1,749 35,265 26,344

Canada ............................... -5,908 25,045 15,488 5,437 3,508 1,649 7,196 5,653 -1,393 7,380 -1,634 2,815

Latin America: 

Argentina ........................ -163 -322 -269 -223 38 27 422 428 214 373 356 195

Brazil............................... -10,225 -23,106 2,503 470 476 -1,781 742 989 -4 1,438 36 206

Chile ............................... 4,706 -1,296 -652 -1,015 213 -157 123 79 33 808 277 76

Colombia......................... 1,356 -2,464 -2,179 1,731 -1,566 -194 368 278 52 -8 222 133

Ecuador .......................... 204 -307 -52 269 -90 -8 5 48 47 2 -26 -18

Costa Rica 5 .................... 11 125 71 -219 140 129 -349 89 22 113 37 -29

Guatemala ...................... -348 -244 -209 -7 9 3 18 -52 -58 6 1 3

Mexico ............................ -7,092 -460 -777 5,024 -9,559 -2,626 1,742 3,209 426 508 272 220

Panama .......................... 140 121 155 277 646 252 403 331 238 418 111 48

Peru ................................ 3,566 -432 -345 527 -617 -421 369 95 -21 -24 424 211

Uruguay .......................... 739 -488 -523 -98 -106 -169 390 537 211 210 259 108

Venezuela....................... -407 -122 -39 -2 273 33 -20 172 37 257 297 44

All other Latin America 5 ... -751 207 -43 12 6 -28 31 207 128 40 41 34

Total Latin America..... -8,264 -28,788 -2,359 6,746 -10,137 -4,940 4,244 6,410 1,325 4,141 2,307 1,231

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2009 

83

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] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2009 2009 2009 2009 

Country 

Calendar 

year 

2008 

(1) 

 Jan. 

through 

Sept. 

(2) 

 July 

 through

 Sept. p 

 (3) 

Calendar

year 

2008 

(4) 

Jan. 

through 

Sept. 

 (5) 

 July

 through

 Sept. p 

(6) 

Calendar 

year 

2008 

(7) 

 Jan.

through

Sept.

(8) 

 July 

 through 

 Sept. p 

 (9) 

Calendar 

year 

2008 

(10) 

Jan. 

through 

Sept. 

(11) 

July 

through

Sept. p 

(12) 

Caribbean: 

Anguilla 6 ................................... -805 -1,588 -475 -211 -633 - -269 151 134 -2,229 1,066 -237

Bahamas ................................... -12,705 3,431 -5,617 2,146 -1,001 207 183 1,570 847 -1,849 941 -68

Barbados 6 ................................. -19 375 68 317 -20 24 196 1,097 1,165 110 -53 -25

Bermuda .................................... 9,189 4,979 2,017 -38,011 3,673 319 -394 1,822 665 -1,155 -416 -251

British Virgin Islands 6 ................ 2,309 -5,291 -923 583 -277 -88 -6,320 -5 264 -4,555 6,549 216

Cayman Islands......................... 34,443 -19,703 -8,678 -51,506 -23,170 -4,551 29,018 -3,405 -2,226 -29,161 13,547 6,582

Cuba.......................................... - - -- - - - - - - - -

Jamaica ..................................... -11 37 14 -232 -20 -3 22 11 3 20 -12 -10

Netherlands Antilles................... -4,682 3,060 387 593 -383 111 28 -166 45 -4,678 828 443

Trinidad and Tobago.................. 111 312 55 198 -60 28 -6 -81 -44 -24 173 144

All other Caribbean 6.................. 113 49 58 -91 420 47 84 205 26 55 85 44

Total Caribbean ..................... 27,943 -14,339 -13,094 -86,214 -21,471 -3,906 22,542 1,199 879 -43,466 22,708 6,838

Asia: 

China, Mainland......................... 84,743 96,877 41,389 16,688 -16,813 -8,261 29,598 -2,723 -522 -706 1,245 1,046

Hong Kong................................. 6,242 2,691 1,120 24,526 6,042 527 7,006 2,994 -193 27,462 2,512 1,011

India........................................... 2,048 4,087 2,741 -326 7 6 97 13 -6 1,344 -1,597 -1,496

Indonesia................................... -5,875 -4,304 -219 146 -60 -30 19 219 8 -27 -1 5

Israel.......................................... -2,114 -149 1,862 -255 -122 -63 589 -209 -534 961 892 357

Japan......................................... 6,077 109,442 27,439 5,971 -7,426 2,238 22,256 239 1,769 21,382 12,406 2,481

Korea, South.............................. -11,171 7,237 2,574 -16,320 6,017 379 630 -1,269 299 2,752 1,110 603

Lebanon..................................... -26 29 7 -3 - -1 -3 75 55 63 42 20

Malaysia .................................... -944 1,842 418 2,141 -1,162 -309 308 509 285 29 198 77

Pakistan..................................... 19 -110 -23 -1,264 -4 - -72 2 2 -5 -33 -

Philippines ................................. -2,118 -533 -189 14 -174 -108 83 -79 -62 -5 38 40

Singapore .................................. -7,051 1,564 687 -1,877 -1,363 -355 -1,077 -2,932 -1,059 4,717 10,851 5,209

Syria .......................................... - - -- - - -3 - 5 36 -

Taiwan....................................... 5,829 6,095 989 2,523 10,138 3,186 1,650 6,242 1,910 12 495 98

Thailand..................................... -2,869 -111 1,128 264 -744 -605 160 7 3 -13 -3 12

Oil exporting countries 7 ............. 24,913 1,329 -8,030 -14,468 2,963 231 3,497 -3,018 -813 7,277 3,492 2,928

All other Asia.............................. 1,170 170 -259 -112 -695 -62 -103 -540 -1 60 66 16

Total Asia .............................. 98,873 226,156 71,634 17,648 -3,396 -3,227 64,638 -467 1,141 65,308 31,749 12,407

Africa: 

Egypt ......................................... 1,093 -153 -10 -1,702 -194 -14 -22 82 -19 5 -20 -24

Liberia........................................ -86 -128 -119 23 -28 -11 -318 75 31 -2,587 -114 2

Morocco..................................... -269 20 -17 -2,371 -1,379 -272 1 107 -1 -4 -3 -

South Africa ............................... -2,294 -493 -529 -109 -432 -43 -66 -71 -8 333 -20 -11

Oil exporting countries 8 ............. 11,416 3,871 3,069 654 -112 -2 152 110 -3 -2,626 20 -11

All other Africa ........................... 449 516 200 -92 39 7 67 86 9 237 -907 2

Total Africa ............................ 10,309 3,633 2,594 -3,597 -2,106 -335 -186 389 9 -4,642 -1,044 -42

Other countries: 

Australia..................................... -3,009 771 2,729 -78 733 295 319 -1,970 585 340 1,470 1,219

New Zealand.............................. -153 -25 23 315 -28 8 3 -26 -51 -19 482 214

All other countries ...................... 32 -8 -10 16 14 -5 2 11 7 19 -833 16

Total other countries.............. -3,130 738 2,742 253 719 298 324 -1,985 541 340 1,119 1,449

Total foreign countries ....... 315,835 311,271 103,172 -38,431 -14,495 -1,046 92,873 -27,441 -20,604 40,707 105,147 55,369

International and regional orgs: 

International organizations......... -191 6 567 -141 -1,131 -335 613 -1,197 114 17 -6 -1

Regional organizations 9 ............ -253 -16 77 -862 -338 31 1 -41 -70 12 2 -

Total international and 

 regional organizations.............. -444 -10 644 -1,003 -1,469 -304 614 -1,238 44 29 -4 -1

Grand total......................... 315,391 311,261 103,816 -39,434 -15,964 -1,350 93,487 -28,679 -20,560 40,736 105,143 55,368

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All 

other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “All other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the 

former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

4

 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As 

of January 2007, also includes Bulgaria and Romania. 

5

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included 

in “All other Caribbean.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2009 

84

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2009, 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 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

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) 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

Total

 sales

 (8) 

 Marketable

Treasury 

 and 

 Federal 

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

 (11) 

Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria..................................... 3,580 783 251 347 552 1,050 597 2,571 767 287 229 505 304 478

Belgium................................... 11,807 1,384 1,954 384 4,710 1,380 1,996 22,227 1,634 1,132 3,333 3,953 10,279 1,896

Bulgaria................................... 31 10 - - 20 - 1 31 8 - - 22 1 -

Cyprus 1 .................................. 909 1 7 3 58 426 413 1,221 12 35 - 85 495 594

Czech Republic....................... 948 445 1 - 349 18 135 816 466 - - 203 12 135

Denmark ................................. 8,341 1,328 26 627 1,471 3,797 1,092 7,296 1,073 53 463 1,085 3,589 1,033

Finland.................................... 2,378 618 55 111 603 288 703 3,773 460 61 93 231 2,121 806

France..................................... 916,044 573,610 11,894 2,853 281,896 22,242 23,550 882,150 567,984 5,641 1,845 272,607 11,557 22,516

Germany ................................. 76,381 25,045 3,108 3,065 16,386 19,867 8,911 69,024 25,591 2,797 2,660 16,653 12,259 9,064

Greece.................................... 1,214 296 31 25 437 128 297 1,100 122 77 38 460 28 373

Hungary .................................. 1,349 409 65 51 608 87 129 652 114 46 - 420 18 54

Ireland..................................... 48,503 19,098 8,024 2,943 7,430 5,525 5,482 61,983 20,504 11,364 6,631 7,251 10,117 6,116

Italy ......................................... 17,296 3,606 387 358 7,205 1,723 4,017 16,768 3,608 514 126 7,036 1,030 4,454

Kazakhstan 1........................... 77 59 - - 9 5 4 40 26 - - 8 1 5

Luxembourg............................ 33,229 2,872 8,285 4,067 8,872 4,949 4,183 36,363 2,076 3,884 4,796 7,837 13,131 4,639

Monaco 1................................. 553 7 - 119 342 16 69 854 366 11 65 315 50 47

Netherlands............................. 42,158 5,661 2,046 1,607 11,197 7,238 14,409 38,170 4,614 2,092 1,979 10,685 6,046 12,755

Norway.................................... 30,532 6,959 12,086 1,235 5,201 1,839 3,212 23,439 4,892 10,645 1,184 3,180 1,132 2,406

Poland..................................... 5,313 4,677 50 1 90 171 324 5,237 4,235 - 2 107 574 319

Portugal .................................. 2,250 211 10 61 1,149 705 114 2,589 232 133 42 1,246 455 480

Romania ................................. 688 638 6 - 42 - 2 1,369 1,321 - - 46 - 2

Russia..................................... 3,743 3,067 1 37 369 26 243 6,485 5,899 - - 380 13 193

Serbia and Montenegro 2 ........ 218 130 3 - 85 - - 172 85 - - 86 - 1

Spain....................................... 15,723 4,112 352 3,277 1,698 2,889 3,394 14,570 4,888 305 2,736 1,537 1,525 3,578

Sweden................................... 14,025 3,648 70 218 3,022 3,004 4,063 14,251 2,014 12 881 2,584 5,037 3,723

Switzerland ............................. 50,240 5,349 753 4,681 23,893 2,868 12,696 49,996 5,072 2,059 5,408 21,858 2,587 13,012

Turkey..................................... 1,498 967 1 2 124 65 339 2,399 1,976 - 1 112 105 205

Ukraine 1 ................................. 468 236 - - 28 201 3 386 325 4 - 28 9 20

United Kingdom ...................... 2,210,652 1,480,081 45,783 107,544 180,414 165,034 231,796 2,197,187 1,458,832 43,553 124,070 167,363 155,873 247,496

Channel Islands ...................... 9,988 502 54 1,118 5,427 821 2,066 10,336 514 320 1,141 5,211 1,230 1,920

All other Europe 1 .................... 2,590 652 498 116 477 315 531 3,494 583 1,361 233 399 599 319

Total Europe ....................... 3,512,726 2,146,460 95,802 134,850 564,164 246,678 324,772 3,476,948 2,120,293 86,387 157,956 533,493 240,178 338,641

Memo: Euro Area 3...................... 1,171,813 637,361 36,423 19,173 342,321 68,423 68,112 1,152,899 632,558 28,396 24,584 330,163 69,419 67,779

Canada ....................................... 301,527 105,680 7,971 9,460 81,083 43,162 54,171 298,155 90,192 6,322 10,853 78,268 55,259 57,261

Latin America: 

Argentina ................................ 4,341 208 74 356 2,199 711 793 3,686 477 47 142 2,004 465 551

Brazil....................................... 48,594 28,096 511 356 4,001 7,057 8,573 53,462 25,593 2,292 360 3,795 7,582 13,840

Chile........................................ 10,155 3,612 676 278 2,396 2,041 1,152 10,193 4,264 833 245 2,320 1,413 1,118

Colombia................................. 7,185 3,708 57 150 1,215 1,674 381 10,546 5,887 251 98 1,082 2,946 282

Costa Rica 4 ............................ 1,140 537 6 72 246 243 36 1,071 589 14 25 264 137 42

Ecuador .................................. 679 155 138 57 281 32 16 468 84 9 35 310 17 13

Guatemala .............................. 735 535 4 12 143 35 6 1,009 744 1 70 140 45 9

Mexico .................................... 34,436 17,783 2,083 1,310 5,582 2,350 5,328 41,341 18,560 4,709 884 5,362 4,855 6,971

Panama .................................. 5,057 650 382 589 1,599 1,103 734 4,011 495 130 351 1,551 794 690

Peru ........................................ 3,744 1,041 267 169 1,219 464 584 4,877 1,386 688 190 1,008 1,344 261

Uruguay .................................. 5,037 1,568 39 432 1,127 1,357 514 5,724 2,091 208 221 1,019 1,742 443

Venezuela............................... 2,458 126 76 194 1,133 706 223 2,568 165 43 157 1,089 896 218

All other Latin America 4.......... 1,283 321 76 163 302 355 66 898 364 104 35 268 89 38

Total Latin America............. 124,844 58,340 4,389 4,138 21,443 18,128 18,406 139,854 60,699 9,329 2,813 20,212 22,325 24,476

Caribbean: 

Anguilla 5................................. 106,603 2,610 - 270 88,046 224 15,453 106,892 3,085 - 136 88,283 130 15,258

Bahamas................................. 128,788 51,293 750 22,735 36,450 7,872 9,688 133,381 56,910 543 21,888 36,518 8,154 9,368

Barbados 5 .............................. 3,159 470 282 1,293 680 352 82 1,700 402 258 128 705 82 125 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2009 

85

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2009, 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 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

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) 

Bonds

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

Total 

 sales

(8) 

Marketable 

Treasury 

and 

Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

 Bonds

 (11)

 Stocks

 (12) 

Bonds

 (13) 

Stocks

 (14)

Caribbean, con. 

Bermuda ................................... 207,232 14,008 7,595 12,161 102,716 49,227 21,525 206,621 11,991 7,276 11,496 102,967 50,853 22,038

British Virgin Islands 5 ............... 130,454 25,630 316 4,487 75,521 3,777 20,723 130,227 26,553 404 4,223 75,305 3,096 20,646

Cayman Islands ........................ 1,157,286 310,210 29,903 60,133 522,194 93,353 141,493 1,157,401 318,888 34,454 62,359 515,612 89,658 136,430

Cuba ......................................... 4 - - -4 - -4 - - -4 - -

Jamaica .................................... 225 126 33 8 40 18 - 217 112 36 5 50 14 -

Netherlands Antilles .................. 23,501 10,404 317 329 5,800 3,279 3,372 21,887 10,017 206 284 5,357 3,349 2,674

Trinidad and Tobago................. 1,169 461 255 37 233 153 30 1,848 406 227 81 89 971 74

All other Caribbean 5 ................. 2,560 316 115 79 952 980 118 1,469 258 68 53 908 52 130

Total Caribbean.................... 1,760,981 415,528 39,566 101,532 832,636 159,235 212,484 1,761,647 428,622 43,472 100,653 825,798 156,359 206,743

Asia: 

China, Mainland........................ 72,838 58,948 536 369 5,496 3,867 3,622 35,061 17,559 8,797 891 4,450 506 2,858

Hong Kong............................ 104,112 14,938 5,699 1,389 9,694 3,524 68,868 110,587 13,818 5,172 1,582 8,683 7,844 73,488

India...................................... 12,286 6,486 6 45 386 533 4,830 12,168 3,745 - 51 1,882 196 6,294

Indonesia .............................. 3,148 1,369 81 10 370 356 962 3,785 1,588 111 2 365 490 1,229

Israel..................................... 69,712 62,874 506 577 4,085 177 1,493 68,159 61,012 569 1,111 3,728 337 1,402

Japan.................................... 285,512 157,780 38,585 9,958 17,426 15,802 45,961 249,677 130,341 36,347 8,189 14,945 12,576 47,279

Korea, South......................... 24,606 8,108 5,388 692 1,257 3,025 6,136 23,687 5,534 5,009 393 654 4,750 7,347

Lebanon................................ 768 49 - 82 590 9 38 684 42 1 27 570 5 39

Malaysia................................ 4,902 1,103 1,087 322 350 1,096 944 5,604 685 1,396 37 273 1,794 1,419

Pakistan................................ 71 - - 2 59 1 9 120 23 - - 59 3 35

Philippines ............................ 2,934 1,503 16 60 348 719 288 4,193 1,692 124 122 308 1,687 260

Singapore ............................. 60,579 25,575 1,794 3,105 12,260 5,736 12,109 51,577 24,888 2,149 4,164 7,051 2,102 11,223

Syria ..................................... 13 - - - 5 - 8 10 - - - 5 - 5

Taiwan .................................. 30,109 8,409 8,125 2,606 4,783 849 5,337 24,531 7,420 4,939 696 4,685 509 6,282

Thailand................................ 7,811 6,343 8 15 235 244 966 7,311 5,215 613 12 223 129 1,119

All other Asia......................... 34,956 10,020 8,783 549 10,555 3,029 2,020 40,641 18,309 8,614 1,363 7,611 3,305 1,439

Total Asia.......................... 714,357 363,505 70,614 19,781 67,899 38,967 153,591 637,795 291,871 73,841 18,640 55,492 36,233 161,718

Africa: 

Egypt .................................... 1,317 862 6 1 181 15 252 1,467 872 20 20 205 14 336

Liberia................................... 690 54 5 53 434 11 133 762 173 16 22 432 7 112

Morocco................................ 139 90 - - 20 7 22 422 107 272 1 20 8 14

South Africa .......................... 2,938 1,352 63 10 353 68 1,092 3,313 1,881 106 18 364 120 824

All other Africa ...................... 7,353 4,567 68 20 396 597 1,705 3,248 1,298 63 14 405 363 1,105

Total Africa ....................... 12,437 6,925 142 84 1,384 698 3,204 9,212 4,331 477 75 1,426 512 2,391

Other countries: 

Australia................................ 64,273 17,315 4,013 1,906 5,809 13,810 21,420 75,537 14,586 3,718 1,321 4,590 27,234 24,088

New Zealand......................... 2,368 232 251 24 608 1,004 249 3,789 209 243 75 394 2,675 193

All other ................................ 178 3 - 16 78 11 70 188 13 5 9 62 16 83

Total other countries ......... 66,819 17,550 4,264 1,946 6,495 14,825 21,739 79,514 14,808 3,966 1,405 5,046 29,925 24,364

Total foreign countries .. 6,493,691 3,113,988 222,748 271,791 1,575,104 521,693 788,367 6,403,125 3,010,816 223,794 292,395 1,519,735 540,791 815,594

International and regional orgs: 

International organizations.... 5,179 2,382 1,012 288 1 1,446 50 4,976 1,815 1,347 174 2 1,606 32

Regional organizations 6 ....... 1,710 88 433 8 3 890 288 2,246 11 402 78 3 1,449 303

Total international and 

 regional organizations.... 6,889 2,470 1,445 296 4 2,336 338 7,222 1,826 1,749 252 5 3,055 335

Grand total.................... 6,500,580 3,116,458 224,193 272,087 1,575,108 524,029 788,705 6,410,347 3,012,642 225,543 292,647 1,519,740 543,846 815,929

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities 

of the former Yugoslavia recognized as independent states by the United States are reported under 

“All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and 

Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and 

Slovenia. For data as of January 2009, also includes Slovakia. 

4 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All other 

Caribbean.” 

6

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2009 

86

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2008 

[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 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

 Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds 

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

 Total 

 sales 

 (8) 

 Marketable

 Treasury

 and 

 Federal

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks

 (12) 

 Bonds

 (13) 

Stocks 

 (14) 

Europe: 

Austria............................... 23,639 8,218 1,149 754 5,693 2,765 5,060 23,101 9,273 1,431 1,098 5,274 1,177 4,848

Belgium............................. 71,504 8,659 1,391 3,647 16,480 8,392 32,935 121,656 10,600 2,996 14,796 17,522 43,320 32,423

Bulgaria............................. 68 42 - - 21 - 5 83 34 5 13 28 3 -

Cyprus 1 ........................... 7,425 176 47 82 1,201 1,031 4,888 6,616 112 71 49 1,064 567 4,752

Czech Republic................. 6,625 3,721 473 45 1,099 507 780 7,066 4,009 1,373 116 925 114 529

Denmark ........................... 48,276 6,817 4,186 1,766 17,928 8,421 9,158 45,060 6,468 6,069 2,279 17,536 3,367 9,341

Finland .............................. 12,059 3,227 1,065 128 1,282 1,256 5,101 10,559 2,866 1,100 212 1,318 454 4,608

France............................... 4,633,831 2,148,440 39,769 20,083 2,196,756 93,710 135,073 4,629,413 2,163,800 37,029 22,074 2,203,943 67,862 134,704

Germany ........................... 430,492 110,846 25,390 22,300 153,170 62,744 56,042 432,280 110,255 28,781 17,346 172,511 51,226 52,160

Greece .............................. 11,207 1,715 156 98 2,167 4,719 2,353 6,563 1,533 52 42 2,660 160 2,115

Hungary ............................ 3,061 495 152 88 1,166 718 442 3,255 732 110 221 1,003 730 459

Ireland............................... 783,943 336,159 54,208 20,830 45,848 296,846 30,052 806,530 340,434 57,629 36,156 45,010 294,434 32,866

Italy ................................... 78,234 13,596 2,275 1,165 28,848 11,554 20,796 72,508 12,908 3,520 1,008 30,683 2,642 21,747

Kazakhstan 1 .................... 11,446 8,666 533 114 95 1,839 199 9,829 7,022 870 137 78 1,621 101

Luxembourg ...................... 150,572 12,109 36,286 16,404 41,950 18,021 25,802 249,841 19,356 63,212 25,857 49,598 64,942 26,875

Monaco 1 ......................... 5,390 251 113 228 3,788 322 688 5,142 353 19 62 3,865 236 607

Netherlands....................... 307,426 44,308 17,183 7,424 120,720 26,024 91,768 311,153 49,097 18,259 7,788 122,189 21,564 92,256

Norway.............................. 241,206 108,014 57,614 11,392 39,934 9,599 14,653 210,031 75,202 64,110 12,951 32,448 11,850 13,470

Poland............................... 23,617 19,362 2,374 8 215 852 806 16,728 13,505 1,283 22 307 499 1,112

Portugal............................. 9,577 2,455 182 161 3,793 1,784 1,202 8,102 1,364 127 113 3,648 1,512 1,338

Romania............................ 4,387 3,922 3 9 344 96 13 5,052 4,141 535 - 348 23 5

Russia............................... 61,870 41,882 10,953 676 1,660 1,230 5,469 51,600 30,689 14,535 128 1,612 400 4,236

Serbia and Montenegro 2 .. 751 497 - - 227 - 27 894 593 9 1 225 20 46

Spain................................. 91,473 20,503 674 7,727 7,021 28,692 26,856 71,325 28,525 1,621 8,747 7,096 1,114 24,222

Sweden............................. 235,668 10,039 14,121 2,201 85,907 19,176 104,224 217,930 13,175 17,352 2,720 80,811 13,320 90,552

Switzerland ....................... 260,750 38,371 6,947 29,066 113,497 9,189 63,680 246,204 37,215 8,957 17,170 108,093 11,605 63,164

Turkey............................... 24,843 15,581 699 44 870 5,903 1,746 21,874 17,231 9 32 877 2,078 1,647

Ukraine 1 .......................... 5,341 3,780 150 132 172 1,092 15 7,016 5,438 741 37 207 464 129

United Kingdom................. 12,563,058 6,981,662 505,725 660,149 1,850,505 810,186 1,754,831 12,233,021 6,793,160 428,327 628,267 1,820,581 805,783 1,756,903

Channel Islands ................ 93,119 38,351 632 4,088 28,847 6,117 15,084 103,299 36,983 2,202 16,643 28,273 3,881 15,317

All other Europe 1 .............. 16,471 3,963 1,428 402 5,507 1,935 3,236 17,300 3,741 2,247 1,011 5,332 1,769 3,199

Total Europe ................. 20,217,331 9,995,827 785,879 811,211 4,776,711 1,434,721 2,412,982 19,951,028 9,799,815 764,583 817,096 4,765,065 1,408,737 2,395,732

Memo: Euro Area 3................ 6,616,220 2,710,954 179,824 100,963 2,627,388 557,982 439,109 6,754,346 2,750,614 215,904 135,583 2,664,841 551,317 436,087

Canada ................................. 1,555,920 519,217 63,303 36,373 381,815 253,441 301,771 1,538,678 525,125 57,866 29,177 374,435 248,326 303,749

Latin America: 

Argentina........................... 21,938 1,777 263 771 6,140 6,981 6,006 19,277 1,940 486 349 5,767 4,580 6,155

Brazil................................. 214,346 116,128 4,724 1,318 21,349 26,081 44,746 216,989 126,353 4,254 576 19,911 13,012 52,883

Chile.................................. 73,675 40,688 3,106 1,664 13,855 7,173 7,189 67,768 35,982 4,121 1,541 13,047 4,874 8,203

Colombia........................... 39,353 23,098 4,302 1,177 3,797 6,006 973 34,639 21,742 2,571 809 3,805 4,715 997

Costa Rica 4 ..................... 7,877 5,115 353 268 1,013 733 395 7,360 4,911 84 263 1,011 470 621

Ecuador............................. 3,559 815 245 224 424 607 1,244 3,620 804 464 573 311 403 1,065

Guatemala ........................ 1,567 784 18 45 309 335 76 1,810 1,132 25 27 303 261 62

Mexico .............................. 172,021 54,938 16,338 8,865 31,886 24,657 35,337 159,771 62,030 11,314 7,123 31,378 17,465 30,461

Panama............................. 16,842 2,364 1,263 1,640 5,292 3,282 3,001 15,404 2,224 986 1,237 4,874 2,787 3,296

Peru .................................. 14,769 4,913 1,858 550 2,857 2,873 1,718 8,682 1,347 1,331 181 2,881 967 1,975

Uruguay ............................ 18,571 7,285 569 890 3,210 4,428 2,189 15,979 6,546 667 500 3,000 3,204 2,062

Venezuela......................... 9,649 695 631 467 3,573 3,284 999 15,442 1,102 633 487 3,316 8,916 988

All other Latin America 4 ... 4,236 1,261 1,321 222 844 311 277 4,856 2,012 1,309 191 804 239 301

Total Latin America ....... 598,403 259,861 34,991 18,101 94,549 86,751 104,150 571,597 268,125 28,245 13,857 90,408 61,893 109,069

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2009 

87

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2008, 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 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds

(4) 

Stocks 

(5) 

Bonds

(6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable

Treasury

and 

Federal 

Financing 

Bank bonds

and notes

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds

 (13) 

 Stocks

 (14) 

Caribbean: 

Anguilla 5............................... 419,600 18,895 649 782 350,952 993 47,328 423,524 19,700 860 1,051 353,181 1,127 47,605

Bahamas .............................. 615,505 309,695 10,533 21,104 179,449 22,323 72,401 627,590 322,400 8,387 20,921 181,298 22,403 72,181

Barbados 5 ............................ 9,359 1,120 5,238 598 1,207 471 725 8,816 1,139 4,921 402 1,097 472 785

Bermuda ............................... 1,375,436 186,452 62,867 43,792 863,281 28,209 190,835 1,419,359 177,263 100,878 44,186 864,436 43,172 189,424

British Virgin Islands 5 ........... 791,816 76,921 4,788 33,286 509,156 28,656 139,009 807,210 74,612 4,205 39,606 513,711 28,868 146,208

Cayman Islands .................... 8,709,065 1,618,303 1,112,016 337,388 4,405,073 181,001 1,055,284 8,753,989 1,583,860 1,163,522 308,370 4,434,234 174,929 1,089,074

Cuba..................................... - --- ----- --- - -

Jamaica ................................ 6,521 4,891 866 129 217 367 51 7,129 4,902 1,098 107 197 779 46

Netherlands Antilles.............. 211,843 112,039 4,550 2,647 61,137 10,792 20,678 221,043 116,721 3,957 2,619 65,815 10,744 21,187

Trinidad and Tobago............. 4,683 648 1,106 220 369 985 1,355 4,256 537 908 226 393 762 1,430

All other Caribbean ............... 6,011 821 1,280 412 2,506 308 684 5,971 708 1,371 328 2,451 373 740

Total Caribbean................ 12,149,838 2,329,785 1,203,893 440,358 6,373,347 274,105 1,528,350 12,278,887 2,301,842 1,290,107 417,816 6,416,813 283,629 1,568,680

Asia: 

China, Mainland ............... 496,924 285,900 129,929 42,054 15,652 17,731 5,658 354,624 201,157 113,241 12,456 16,358 5,499 5,913

Hong Kong ........................ 551,023 66,770 54,637 14,410 77,700 7,118 330,388 472,312 60,528 30,111 7,404 50,238 6,073 317,958

India .................................. 43,772 12,233 35 151 2,756 850 27,747 36,017 10,185 361 54 1,412 493 23,512

Indonesia........................... 13,574 5,999 987 22 928 1,061 4,577 19,781 11,874 841 3 955 1,401 4,707

Israel ................................. 313,004 266,982 3,548 2,396 25,211 1,438 13,429 312,189 269,096 3,803 1,807 24,250 568 12,665

Japan ................................ 1,316,561 551,563 143,744 60,732 61,640 95,800 403,082 1,242,503 545,486 137,773 38,476 40,258 99,042 381,468

Korea, South ..................... 129,871 45,127 25,295 8,041 5,362 9,191 36,855 147,948 56,298 41,615 7,411 2,610 7,386 32,628

Lebanon ............................ 1,314 110 - 47 947 43 167 1,248 136 3 50 884 10 165

Malaysia............................ 34,156 10,168 10,036 697 986 3,466 8,803 30,866 11,112 7,895 389 957 2,231 8,282

Pakistan ............................ 1,185 70 187 62 307 30 529 2,497 51 1,451 134 312 31 518

Philippines......................... 14,764 7,652 912 345 1,742 2,178 1,935 16,423 9,770 898 262 1,747 1,969 1,777

Singapore.......................... 266,829 66,851 46,177 8,412 53,079 14,769 77,541 259,244 73,902 48,054 9,489 48,362 7,277 72,160

Syria.................................. 515 --- 449 - 66 511 - - - 444 - 67

Taiwan .............................. 106,989 32,898 18,199 3,071 22,607 2,130 28,084 95,195 27,069 15,676 1,421 22,595 1,829 26,605

Thailand ............................ 21,132 13,626 782 218 788 960 4,758 22,491 16,495 518 58 801 585 4,034

All other Asia..................... 172,652 64,534 34,566 9,828 43,639 10,793 9,292 144,434 38,451 49,146 6,434 36,302 6,622 7,479

Total Asia...................... 3,484,265 1,430,483 469,034 150,486 313,793 167,558 952,911 3,158,283 1,331,610 451,386 85,848 248,485 141,016 899,938

Africa: 

Egypt................................. 12,984 8,606 157 12 439 448 3,322 13,134 7,513 1,859 34 434 142 3,152

Liberia ............................... 3,568 47 38 127 2,361 161 834 6,345 133 15 445 4,948 58 746

Morocco ............................ 574 280 88 3 127 34 42 3,269 549 2,459 2 131 20 108

South Africa....................... 11,489 4,769 302 23 1,358 1,242 3,795 15,765 7,063 411 89 1,025 3,015 4,162

All other Africa................... 35,724 18,374 888 277 6,937 5,520 3,728 22,661 6,509 326 58 9,326 981 5,461

Total Africa.................... 64,339 32,076 1,473 442 11,222 7,405 11,721 61,174 21,767 5,070 628 15,864 4,216 13,629

Other countries: 

Australia ............................ 260,087 50,433 22,562 7,981 36,928 27,446 114,737 274,346 53,442 22,640 7,662 36,588 38,589 115,425

New Zealand..................... 7,908 576 2,625 177 1,522 1,495 1,513 18,021 729 2,310 174 1,541 11,762 1,505

All other............................. 824 71 102 16 483 20 132 1,145 39 86 14 464 29 513

Total other countries...... 268,819 51,080 25,289 8,174 38,933 28,961 116,382 293,512 54,210 25,036 7,850 38,593 50,380 117,443

Total foreign 

 countries ............... 38,338,915 14,618,329 2,583,862 1,465,145 11,990,370 2,252,942 5,428,267 37,853,159 14,302,494 2,622,293 1,372,272 11,949,663 2,198,197 5,408,240

International and regional orgs: 

International organizations... 14,898 6,833 2,270 1,238 115 4,113 329 13,802 7,024 2,411 625 98 3,431 213

Regional organizations 6 ..... 20,993 2,360 2,265 571 50 13,371 2,376 11,358 2,613 3,127 570 38 2,580 2,430

Total international and 

 regional organizations....... 35,891 9,193 4,535 1,809 165 17,484 2,705 25,160 9,637 5,538 1,195 136 6,011 2,643

 Grand total................... 38,374,806 14,627,522 2,588,397 1,466,954 11,990,535 2,270,426 5,430,972 37,878,319 14,312,131 2,627,831 1,373,467 11,949,799 2,204,208 5,410,883

1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.”

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of 

the former Yugoslavia recognized as independent states by the United States are reported under “All other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and 

Slovenia. 

4

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other 

Caribbean.” 

6 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
88 CAPITAL MOVEMENTS

December 2009 

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 

 

2006 2007 2008 

 2009

 Jan - Sept.

 2009

 July - Sept.

United Kingdom........................ 472,380 546,592 327,706 115,717 20,004 

All other Europe ........................ 126,118 5,310 -104,637 12,799 23,143 

Caribbean banking centers 1 139,732 74,788 -75,286 -12,208 -9,606 

Japan ........................................ 58,050 -303 55,686 114,661 33,927 

All other Asia............................. 226,863 234,778 190,781 139,381 48,028 

Subtotal................................. 1,023,143 861,165 394,250 370,350 115,496 

All other countries..................... 120,078 144,657 15,930 1,411 21,778 

Grand total ............................ 1,143,221 1,005,822 410,180 371,761 137,274 

1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

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 recently, totaling only $4 

billion in 2006 and $11 billion in 

2007. There were no reported 

acquisitions through stock swaps in 

2008 or the in first half of 2009, but 

are estimated at $5 billion in the third 

quarter of 2009. (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 

$160 billion in 2006, $234 billion in 

2007, $191 billion in 2008, and $160 

billion in the first three quarters of 

2009. 

After including stock swaps and 

accounting for ABS repayment 

flows, net foreign acquisitions of 

U.S. securities totaled a record of 

$987 billion in 2006, but then slowed 

to $782 billion in 2007. Net 

acquisitions slowed further to $220 

billion in 2008, as foreign investors 

continued to acquire 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 

have picked up again in the first three 

quarters of 2009 to $216 billion. 

-200

-100

0

100

200

300

400

500

600

700

800

900

2006 2007 2008 2009 

Jan. - Sept.

2009 

July - Sept.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net 

purchases during 2009 w ith those in prior 

years, the chart depicts data for all periods 

at an annualized rate.
 CAPITAL MOVEMENTS 

December 2009 

89

The data on this page represent U.S. 

investors’ purchases and sales of longterm 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 $4 billion in 

2005, $19 billion in 2006, $12 billion 

in 2007, $7 billion in 2008, and $2 

billion in the first quarter of 2009. 

There were no acquisitions through 

stock swaps in the second or third 

quarters of 2009. (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 $176 

billion in 2005 and $270 billion in 

2006, but then eased somewhat to $241 

billion in 2007. U.S. investors switched 

to net sales of $79 billion in foreign 

securities in 2008. U.S. investors’ 

acquisitions have recovered in 2009, 

amounting to $158 billion in the first 

three quarters. 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2005 2006 2007 2008 

 2009 

 Jan. - Sept.

 2009 

 July - Sept.

Foreign bonds ...... 45,095 144,452 133,923 -66,218 98,268 19,817 

Foreign stocks...... 127,296 106,455 95,300 -20,089 57,255 27,224 

Total ................... 172,391 250,907 229,223 -86,307 155,523 47,041 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 

-200

-100

0

100

200

300

400

2005 2006 2007 2008 2009

Jan.-Sept.

2009

July-Sept.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2009

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.
CAPITAL MOVEMENTS 

December 2009 

90 

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] 

2007 2008 2009 

Dec. June Sept. Dec. r Mar. June p

Gross total of holdings with negative fair values ........................... 2,487,860 3,528,055 3,137,738 6,461,178 5,905,721 4,290,310

Total over-the-counter (OTC) contracts..................................... 2,456,093 3,469,018 3,092,038 6,398,087 5,867,994 4,257,399

Single-currency interest rate contracts.................................. 1,434,083 1,781,034 1,602,170 4,470,553 4,131,955 3,081,951

Forwards ............................................................................ 1,410 4,586 8,046 9,851 6,214 6,410

Swaps ................................................................................ 1,275,308 1,594,291 1,425,059 4,178,435 3,861,423 2,851,546

Options............................................................................... 157,365 182,157 169,065 282,267 264,318 223,995

Foreign exchange contracts .................................................. 240,138 294,743 325,466 481,833 323,645 282,152

Forwards ............................................................................ 72,450 87,327 113,706 169,983 104,191 80,532

Swaps ................................................................................ 115,889 151,177 160,807 234,573 163,323 158,090

Options............................................................................... 51,799 56,239 50,953 77,277 56,131 43,530

Other contracts ...................................................................... 781,872 1,393,241 1,164,402 1,445,701 1,412,394 893,296

Equity ................................................................................. n.a. n.a. n.a. n.a. 85,255 62,762

Credit.................................................................................. n.a. n.a. n.a. n.a. 1,169,626 698,936

All other .............................................................................. n.a. n.a. n.a. n.a. 157,513 131,598

Total exchange-traded contracts ............................................... 31,767 59,037 45,700 63,091 37,727 32,911

Own contracts on foreign exchanges .................................... 4,101 5,837 3,952 1,725 2,175 1,330

U.S. customers’ contracts on foreign exchanges.................. 3,658 6,110 5,336 7,325 8,029 6,230

Foreign counterparty contracts on U.S. exchanges .............. 24,008 47,090 36,412 54,041 27,523 25,351

Memorandum items: 

Contracts with own foreign office........................................... 615,885 937,871 928,243 1,423,392 1,348,473 953,188

Contracts with foreign official institutions .............................. 14,495 13,152 12,094 26,636 17,054 13,078

Contracts of U.S. depository institutions with foreigners....... 790,580 997,078 1,180,178 2,803,032 n.a. n.a.

Gross total of holdings with positive fair values............................. 2,559,332 3,638,417 3,241,052 6,625,129 6,074,115 4,466,770

Total over-the-counter (OTC) contracts..................................... 2,526,075 3,575,564 3,190,484 6,562,853 6,037,265 4,432,787

Single-currency interest rate contracts.................................. 1,463,086 1,825,236 1,655,033 4,551,035 4,233,882 3,189,969

Forwards ............................................................................ 1,234 4,926 5,119 10,831 7,873 7,475

Swaps ................................................................................ 1,288,685 1,619,634 1,463,033 4,216,924 3,933,545 2,936,023

Options............................................................................... 173,167 200,676 186,881 323,280 292,464 246,471

Foreign exchange contracts .................................................. 290,943 349,048 356,026 497,234 329,872 299,728

Forwards ............................................................................ 73,894 82,668 118,693 180,414 103,874 79,760

Swaps ................................................................................ 160,129 205,104 179,177 229,552 161,932 170,712

Options............................................................................... 56,920 61,276 58,156 87,268 64,066 49,256

Other contracts ...................................................................... 772,046 1,401,280 1,179,425 1,514,584 1,473,511 943,090

Equity ................................................................................. n.a. n.a. n.a. n.a. 57,010 49,227

Credit.................................................................................. n.a. n.a. n.a. n.a. 1,244,167 753,286

All other .............................................................................. n.a. n.a. n.a. n.a. 172,334 140,577

Total exchange-traded contracts ............................................... 33,257 62,853 50,568 62,276 36,850 33,983

Own contracts on foreign exchanges .................................... 4,558 5,665 3,549 1,852 1,734 1,362

Customers’ contracts on foreign exchanges ......................... 3,422 7,742 6,185 7,387 6,938 4,935

Foreign counterparty contracts on U.S. exchanges .............. 25,277 49,446 40,834 53,037 28,178 27,686

Memorandum items: 

Contracts with own foreign office........................................... 623,349 955,322 934,312 1,429,761 1,369,287 981,442

Contracts with foreign official institutions .............................. 13,040 12,861 9,657 20,794 17,257 15,604

Contracts of U.S. depository institutions with foreigners....... 811,889 1,029,986 1,205,971 2,837,891 n.a. n.a.

 
 CAPITAL MOVEMENTS 

December 2009 

91

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] 

2007 2008 2009 

Country Dec. June Sept. Dec. r Mar. June p 

Europe: 

Belgium .......................................................................... 12,803 17,750 12,470 23,990 21,017 13,115

France............................................................................ 130,795 194,366 164,518 302,240 267,759 185,376

Germany ........................................................................ 175,390 255,611 177,000 357,176 325,000 220,570

Ireland ............................................................................ 162,977 184,059 213,901 411,112 397,375 298,678

Italy................................................................................. 6,412 8,952 6,652 11,448 11,925 8,308

Netherlands.................................................................... 31,659 58,928 39,964 42,442 34,357 21,317

Switzerland .................................................................... 61,915 97,204 77,780 114,215 93,177 68,733

United Kingdom ............................................................. 1,535,536 2,251,499 2,055,700 4,590,128 4,247,792 3,087,508

All other Europe ............................................................. 56,910 74,959 60,260 77,322 65,962 51,883

Total Europe .............................................................. 2,174,397 3,143,328 2,808,245 5,930,073 5,464,364 3,955,488

Memo: Euro Area 1 ........................................................ 549,170 757,354 645,133 1,191,135 1,098,407 780,096

Memo: European Union 2............................................... 2,095,271 3,022,261 2,712,368 5,804,938 5,362,335 3,879,897

Canada............................................................................... 43,759 58,529 50,747 90,601 77,738 55,278

Total Latin America............................................................ 13,764 17,092 13,013 13,049 11,854 11,235

Caribbean: 

Cayman Islands ............................................................. 110,074 122,194 105,363 133,614 111,254 76,141

All other Caribbean ........................................................ 22,706 32,122 24,521 33,447 21,823 15,378

Total Caribbean ......................................................... 132,780 154,316 129,884 167,061 133,077 91,519

Asia: 

 Japan ........................................................................... 67,577 66,700 62,749 142,646 119,009 101,125

All other Asia.................................................................. 33,085 57,373 46,370 77,125 62,725 47,659

Total Asia ................................................................... 100,662 124,073 109,119 219,771 181,734 148,784

Total Africa......................................................................... 3,025 5,845 4,402 5,507 4,687 3,610

Other countries: 

Australia ......................................................................... 13,239 18,648 16,305 24,498 22,279 16,335

All other.......................................................................... 849 547 652 1,265 1,162 997

Total other countries .................................................. 14,088 19,195 16,957 25,763 23,441 17,332

Total foreign countries ........................................... 2,482,475 3,522,378 3,132,367 6,451,825 5,896,895 4,283,246

Total international and regional organizations................... 5,389 5,677 5,372 9,355 8,826 7,063

Grand total ................................................................. 2,487,860 3,528,055 3,137,738 6,461,178 5,905,721 4,290,310

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia.

2 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 2009 

92 

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] 

2007 2008 2009 

Country Dec. June Sept. Dec. r Mar. June p 

 

Europe: 

Belgium ..................................................................... 13,329 19,872 14,308 30,559 28,326 18,103

France ....................................................................... 139,382 204,125 173,382 328,209 287,586 205,911

Germany.................................................................... 185,036 271,668 188,081 365,763 334,350 238,970

Ireland ....................................................................... 163,883 193,358 222,010 424,358 406,282 313,260

Italy............................................................................ 15,668 20,761 12,104 15,130 14,315 11,741

Netherlands............................................................... 36,044 63,412 41,475 45,155 37,071 26,771

Switzerland................................................................ 69,586 103,906 86,565 123,836 99,416 72,601

United Kingdom......................................................... 1,558,496 2,272,620 2,095,893 4,658,297 4,329,400 3,164,368

All other Europe ........................................................ 47,949 67,924 53,087 68,471 58,008 41,757

Total Europe.......................................................... 2,229,373 3,217,646 2,886,905 6,059,778 5,594,754 4,093,482

Memo: Euro Area 1.................................................... 572,162 801,150 673,487 1,247,252 1,142,111 839,037

Memo: European Union 2.......................................... 2,144,029 3,090,441 2,781,596 5,922,585 5,484,568 4,014,296

Canada.......................................................................... 51,648 74,917 55,749 92,214 77,908 57,959

Total Latin America ....................................................... 16,037 20,120 15,338 15,652 15,357 14,131

Caribbean: 

Cayman Islands ........................................................ 112,007 131,186 114,665 153,197 131,209 93,275

All other Caribbean ................................................... 21,305 28,070 25,422 32,889 21,941 18,434

Total Caribbean..................................................... 133,312 159,256 140,087 186,086 153,150 111,709

Asia: 

Japan......................................................................... 66,643 65,405 61,780 141,528 120,350 103,141

All other Asia ............................................................. 36,647 64,837 54,198 91,732 77,950 56,577

Total Asia .............................................................. 103,290 130,242 115,978 233,260 198,300 159,718

Total Africa .................................................................... 4,260 6,155 4,722 6,396 5,176 4,181

Other countries: 

Australia .................................................................... 17,356 25,666 18,153 26,023 23,528 20,506

All other ..................................................................... 954 708 955 1,833 1,746 1,621

Total other countries ............................................. 18,310 26,374 19,108 27,856 25,274 22,127

Total foreign countries ...................................... 2,556,230 3,634,710 3,237,887 6,621,242 6,069,919 4,463,307

Total international and regional organizations.............. 3,104 3,705 3,164 3,888 4,197 3,462

Grand total ............................................................ 2,559,332 3,638,417 3,241,052 6,625,129 6,074,115 4,466,770

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia.

2 Includes Austria, Belgium, 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 2009 

93

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] 

 2007 2008 2008 2009 

Type of Derivatives Contract Total Total r Apr.- June July - Sept. Oct.- Dec. r Jan. - Mar. Apr. - June p

 

Total over-the-counter (OTC) contracts............................................ 6,851 -20,147 -4,617 -6,443 -4,866 12,021 1,864

Single-currency interest rate contracts ......................................... 11,030 -3,684 -4 421 2,026 -4,625 1,757

Foreign exchange contracts.......................................................... -3,814 -10,001 768 -5,564 -1,646 4,471 374

Other contracts.............................................................................. -365 -6,462 -5,381 -1,300 -5,246 12,175 -267

Total exchange-traded contracts ...................................................... -629 -12,800 2,262 1,557 -12,874 -4,800 9,401

Own contracts on foreign exchanges ........................................... 3,566 -1,480 7,227 -171 -10,245 -3,465 1,150

U.S. customers’ contracts on foreign exchanges ......................... 2,634 -8,683 1,185 -4,221 -4,999 -2,222 8,109

Foreign counterparty contacts on U.S. exchanges ...................... -6,829 -2,637 -6,150 5,949 2,370 887 142

Total net cash settlements from foreigners ...................................... 6,222 -32,947 -2,355 -4,886 -17,740 7,221 11,265

Memorandum items: 

Contracts with foreign official institutions.................................. 872 1,831 -1,198 768 830 -674 -1,142

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

December 2009 

94 

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] 

2007 2008 2008 2009 

Country Total Total r Apr. - June July - Sept. Oct. - Dec. r Jan. - Mar. Apr.- June p

Europe: 

Belgium ................................................................................. -2,380 -208 101 188 -520 -570 1,073

France................................................................................... -3,685 -19,184 -2,673 -3,982 -12,373 377 3,667

Germany ............................................................................... 84 -6,564 -2,746 1,310 -4,565 -6,470 -428

Ireland ................................................................................... -319 -4,154 -318 -791 -1,984 1,635 1,116

Italy........................................................................................ 730 -2,423 41 -1,004 -1,211 -41 299

Netherlands........................................................................... 516 -2,203 -3,206 124 1,473 415 407

Switzerland ........................................................................... 6,498 -7,303 -996 -2,907 1,685 3,199 2,186

United Kingdom .................................................................... 12,570 -5,022 5,581 -11,055 2,318 9,343 2,425

All other Europe .................................................................... 2,114 7,316 -4,209 6,283 3,718 -525 -1,249

Total Europe ..................................................................... 16,128 -39,745 -8,425 -11,834 -11,459 7,363 9,496

Memo: Euro area 1 ................................................................ -2,962 -30,990 -13,618 1,231 -16,236 -3,685 4,363

Memo: European Union 2...................................................... 9,750 -36,060 -8,153 -10,115 -14,886 3,428 6,179

Canada...................................................................................... -3,005 3,277 399 -2,387 2,126 -1,109 -2,599

Total Latin America................................................................... -1,329 728 260 -143 941 856 -152

Caribbean: 

Cayman Islands .................................................................... -1,159 11,011 3,109 5,417 -664 1,843 -132

All other Caribbean ............................................................... -250 4,902 1,072 4,800 33 1,370 -145

Total Caribbean ................................................................ -1,409 15,913 4,181 10,217 -631 3,213 -277

Asia: 

Japan .................................................................................... -2,703 -9,685 2,998 -2,868 -5,085 -1,959 2,006

All other Asia......................................................................... -12 -4,317 -1,642 244 -1,272 1,051 1,987

Total Asia .......................................................................... -2,715 -14,002 1,356 -2,624 -6,357 -908 3,993

Total Africa................................................................................ -264 -148 36 137 -175 -627 53

Other countries: 

Australia ................................................................................ -1,602 1,049 35 1,907 -2,245 -1,156 1,076

All other................................................................................. -230 92 49 -69 94 -76 10

Total other countries ......................................................... -1,832 1,141 84 1,838 -2,151 -1,232 1,086

Total foreign countries .................................................. 5,574 -32,836 -2,109 -4,796 -17,706 7,556 11,600

Total international and regional organizations.......................... 651 -121 -247 -98 -31 -335 -333

Grand total ........................................................................ 6,222 -32,947 -2,355 -4,886 -17,740 7,221 11,265

1

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, 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 2009 

95

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 Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

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 2009 

96 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

 

04/08/09 .................................................................... 631,972 659,966 55 1.2353 

04/15/09 .................................................................... 650,566 677,285 517 1.2040 

04/22/09 .................................................................... 647,263 674,926 283 1.2361 

04/29/09 .................................................................... 645,222 669,847 571 1.2008 

 

05/06/09 .................................................................... 676,601 698,774 477 1.1726 

05/13/09 .................................................................... 664,276 689,625 61 1.1686 

05/20/09 .................................................................... 662,461 685,615 224 1.1434 

05/27/09 .................................................................... 682,782 705,874 267 1.1120 

 

06/03/09 .................................................................... 701,100 724,367 506 1.0973 

06/10/09 .................................................................... 716,790 735,543 608 1.1100 

06/17/09 .................................................................... 648,186 664,429 583 1.1371 

06/24/09 .................................................................... 626,367 646,893 n.a. 1.1462 

 

07/01/09 .................................................................... 643,453 663,345 449 1.1446 

07/08/09 .................................................................... 631,441 650,830 584 1.1650 

07/15/09 .................................................................... 638,549 656,982 n.a. 1.1192 

07/22/09 .................................................................... 633,250 655,331 n.a. 1.0980 

07/29/09 .................................................................... 633,008 654,710 674 1.0881 

 

08/05/09 .................................................................... 649,180 669,308 579 1.0722 

08/12/09 .................................................................... 648,658 672,191 255 1.0875 

08/19/09 .................................................................... 641,589 663,482 216 1.0968 

08/26/09 .................................................................... 632,284 653,819 -14 1.0988 

 

09/02/09 .................................................................... 652,931 674,453 121 1.1060 

09/09/09 .................................................................... 657,236 675,869 235 1.0783 

09/16/09 .................................................................... 633,029 631,534 n.a. 1.0662 

09/23/09 .................................................................... 609,354 623,769 190 1.0722 

09/30/09 .................................................................... 644,961 659,644 45 1.0719 

 
FOREIGN CURRENCY POSITIONS 

December 2009 

97

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2006 - Dec................... 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 

2007 - Dec................... 694,064 714,446 197,438 182,233 71,200 69,421 72,055 77,515 -522 0.9881 

2008 - Oct ................... 817,607 846,772 191,668 164,583 52,351 53,220 61,117 59,599 -1,214 1.2158 

Nov .................. 800,323 841,201 175,232 152,935 39,942 39,348 46,428 45,867 -1,401 1.2360 

Dec .................. 634,789 666,685 175,405 154,246 34,361 32,641 36,089 37,162 -829 1.2240 

2009 - Jan ................... 646,263 677,683 159,321 139,136 33,273 32,062 35,077 35,549 -101 1.2365 

Feb .................. 671,695 702,394 158,950 136,095 34,210 33,087 38,774 38,183 -500 1.2710 

Mar .................. 638,146 679,424 149,394 128,115 35,686 34,115 37,474 37,613 -379 1.2606 

Apr................... 659,496 684,740 161,812 137,865 33,955 33,788 36,065 35,130 66 1.1939 

May.................. 693,046 718,975 154,585 135,507 40,745 40,614 40,776 39,037 -220 1.0957 

June................. 629,717 650,417 139,275 121,734 43,924 43,069 41,231 41,464 227 1.1626 

July .................. 647,026 670,748 142,291 125,957 37,438 36,377 39,567 39,818 355 1.0791 

Aug .................. 648,266 672,676 147,446 125,937 40,801 41,966 50,886 46,542 n.a. 1.0967 

Sept................. 646,686 664,469 140,386 128,353 41,859 40,549 39,668 37,879 -330 1.0719 

 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2006 - Dec................... 20,327 26,745 65,076 34,842 833 456 1,536 844 n.a. 1.1652 

2007 - Mar................... 13,129 21,573 67,774 32,113 444 n.a. n.a. n.a. n.a. 1.153 

 June ................. 10,551 16,894 94,501 65,451 259 346 1,481 805 -174 1.0634 

Sept.................. 10,062 16,161 92,670 69,270 n.a. 256 1,450 n.a. -192 0.9959 

Dec................... 9,864 17,299 90,515 74,923 n.a. 1,186 1,628 703 -300 0.9881 

2008 - Mar................... 24,894 21,409 110,013 71,727 836 957 2,125 1,310 -470 1.0275 

June ................. 25,156 21,808 139,752 77,457 418 1,328 2,216 1,914 -422 1.0185 

Sept.................. 23,605 27,206 126,237 74,740 n.a. 1,195 1,979 n.a. n.a. 1.0597 

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 85,815 62,677 185 381 1,261 861 n.a. 1.2606 

June.................. 12,765 18,629 67,510 44,437 n.a. 196 n.a. 325 -78 1.1626 

 
FOREIGN CURRENCY POSITIONS 

December 2009 

98 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

(4) 

 

04/08/09 .................................................................. 302,703 307,711 n.a. 99.95 

04/15/09 .................................................................. 301,840 306,910 n.a. 99.37 

04/22/09 .................................................................. 306,169 312,494 n.a. 98.14 

04/29/09 .................................................................. 311,741 318,594 n.a. 96.97 

 

05/06/09 .................................................................. 326,500 333,028 n.a. 98.60 

05/13/09 .................................................................. 307,089 313,896 1,798 95.75 

05/20/09 .................................................................. 295,161 301,288 1,626 95.16 

05/27/09 .................................................................. 301,535 307,731 1,629 95.01 

 

06/03/09 .................................................................. 305,597 312,360 1,615 95.72 

06/10/09 .................................................................. 306,249 313,113 1,778 98.13 

06/17/09 .................................................................. 301,537 308,347 866 95.65 

06/24/09 .................................................................. 289,809 296,279 852 95.38 

 

07/01/09 .................................................................. 288,580 294,843 797 96.41 

07/08/09 .................................................................. 294,561 301,151 n.a. 92.90 

07/15/09 .................................................................. 291,292 297,416 792 94.09 

07/22/09 .................................................................. 292,056 298,392 909 93.77 

07/29/09 .................................................................. 296,631 302,402 867 95.13 

 

08/05/09 .................................................................. 292,820 298,871 886 94.98 

08/12/09 .................................................................. 298,984 305,390 911 96.16 

08/19/09 .................................................................. 296,920 303,315 1,006 93.87 

08/26/09 .................................................................. 293,129 298,371 972 94.25 

 

09/02/09 .................................................................. 299,309 304,106 1,118 92.43 

09/09/09 .................................................................. 295,051 299,668 1,076 91.85 

09/16/09 .................................................................. 293,735 297,805 1,073 91.00 

09/23/09 .................................................................. 301,850 306,857 1,055 91.45 

09/30/09 .................................................................. 316,110 320,249 1,098 89.49 

 
FOREIGN CURRENCY POSITIONS 

December 2009 

99

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta

equivalent

(9) 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

 

2006 - Dec.................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1,538 119.0200 

2007 - Dec.................. 463,494 462,366 69,975 72,014 112,480 115,176 122,042 123,860 761 111.7100 

2008 - Oct .................. 412,583 415,910 56,997 55,756 73,233 63,856 86,630 93,689 2,791 98.2800 

Nov ................. 381,547 385,268 54,011 53,231 68,158 58,087 79,887 87,524 3,307 95.4600 

Dec ................. 323,332 327,005 56,606 55,822 64,185 54,758 75,507 81,983 3,295 90.7900 

2009 - Jan .................. 334,069 336,685 56,968 55,685 60,541 52,821 72,217 77,249 2,506 89.8300 

Feb ................. 347,802 352,245 57,700 56,081 60,065 53,869 73,549 77,119 2,218 97.7400 

Mar ................. 330,801 335,829 53,688 52,051 59,542 52,961 73,246 77,162 n.a. 99.1500 

Apr.................. 344,996 351,015 57,416 55,082 58,537 52,720 73,333 76,710 n.a. 98.7600 

May................. 333,553 340,009 56,680 53,810 55,200 50,394 73,059 74,741 1,638 95.5500 

June................ 305,410 311,413 52,148 50,911 53,349 49,403 71,101 72,879 804 96.4200 

July ................. 326,038 333,178 53,242 51,473 51,643 47,825 70,018 70,847 1,051 94.5400 

Aug ................. 317,353 322,774 50,396 49,071 49,744 46,868 68,743 69,551 1,730 92.8200 

Sept................ 341,851 346,132 48,825 48,884 46,473 43,663 65,172 66,319 1,096 89.4900 

 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

 

2006 - Dec................... 9,336 9,825 6,913 4,069 n.a. n.a. 1,001 n.a. -239 119.02 

2007 - Mar................... 4,623 5,036 6,174 2,904 910 n.a. 1,749 1,166 -325 117.56 

June ................. 4,408 5,575 7,442 3,064 n.a. n.a. 2,210 n.a. n.a. 123.39 

Sept.................. 5,039 6,234 6,558 2,808 1,170 518 1,005 587 n.a. 114.97 

Dec................... 4,816 5,798 6,497 3,070 761 711 988 896 38 111.71 

2008 - Mar................... 5,441 6,554 11,048 2,696 376 340 1,097 866 58 99.85 

June.................. 7,419 6,502 14,540 3,121 n.a. 364 1,027 549 18 106.17 

Sept.................. 6,208 6,529 12,792 3,175 338 356 1,032 516 13 105.94 

Dec................... 4,674 4,299 8,662 2,901 227 313 812 314 -11 90.79 

2009 - Mar................... 2,589 3,575 5,178 2,337 140 206 825 333 -42 99.15 

June.................. 2,915 4,277 5,793 2,367 n.a. 167 846 269 -29 96.42 

 
FOREIGN CURRENCY POSITIONS 

December 2009 

100

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar)

(4) 

 

04/08/09 .................................................................. 678,579 689,182 1,627 1.1459 

04/15/09 .................................................................. 668,665 678,022 1,613 1.1453 

04/22/09 .................................................................. 676,419 684,580 1,056 1.1634 

04/29/09 .................................................................. 686,282 695,956 2,420 1.1309 

 

05/06/09 .................................................................. 678,876 688,801 2,693 1.1313 

05/13/09 .................................................................. 683,265 693,476 2,703 1.1061 

05/20/09 .................................................................. 680,264 687,739 3,196 1.1022 

05/27/09 .................................................................. 686,203 691,872 2,517 1.0861 

 

06/03/09 .................................................................. 710,706 717,473 2,963 1.0684 

06/10/09 .................................................................. 719,530 726,805 2,894 1.0816 

06/17/09 .................................................................. 667,412 672,752 2,401 1.0870 

06/24/09 .................................................................. 686,578 686,310 2,044 1.0842 

 

07/01/09 .................................................................. 654,600 655,767 1,729 1.0720 

07/08/09 .................................................................. 666,667 671,754 n.a. 1.0923 

07/15/09 .................................................................. 656,083 662,552 2,619 1.0746 

07/22/09 .................................................................. 643,571 648,873 n.a. 1.0659 

07/29/09 .................................................................. 656,872 660,683 n.a. 1.0882 

 

08/05/09 .................................................................. 662,190 665,122 652 1.0630 

08/12/09 .................................................................. 670,350 675,113 -371 1.0765 

08/19/09 .................................................................. 677,411 682,723 204 1.0630 

08/26/09 .................................................................. 697,812 701,307 -642 1.0697 

 

09/02/09 .................................................................. 711,458 714,886 -24 1.0628 

09/09/09 .................................................................. 725,387 727,544 123 1.0403 

09/16/09 .................................................................. 670,039 668,195 -668 1.0328 

09/23/09 .................................................................. 669,394 666,139 -532 1.0259 

09/30/09 .................................................................. 768,398 768,337 -620 1.0375 

 
FOREIGN CURRENCY POSITIONS 

December 2009 

101

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

 

2006 - Dec................... 603,056 627,243 79,535 75,067 132,261 124,219 155,127 164,475 n.a. 1.2195 

2007 - Dec................... 981,030 987,962 95,668 96,554 296,139 295,801 258,017 244,868 4,527 1.1329 

2008 - Oct ................... 937,246 948,889 75,393 78,075 196,983 184,747 191,872 194,011 -1,471 1.1669 

Nov .................. 886,183 887,457 75,284 75,755 178,017 171,105 188,261 190,888 -2,266 1.2165 

Dec .................. 685,168 683,919 65,440 69,021 162,230 158,197 175,827 178,706 -1,352 1.0673 

2009 - Jan ................... 713,098 717,450 67,519 69,547 156,789 156,834 160,415 158,720 -1,018 1.1612 

Feb .................. 734,756 744,409 64,937 69,199 150,458 157,169 161,821 149,984 1,317 1.1672 

Mar .................. 739,101 746,643 64,812 67,732 130,583 143,124 160,358 147,545 1,541 1.1395 

Apr................... 723,487 726,575 70,641 70,353 119,598 126,330 139,761 134,732 1,383 1.1402 

May.................. 708,514 715,692 60,887 63,895 112,212 122,016 138,877 132,579 2,431 1.0692 

June................. 689,494 689,116 57,101 59,086 106,635 117,172 136,412 128,622 1,697 1.0867 

July .................. 711,465 722,102 59,645 60,606 111,084 119,522 132,616 127,369 1,072 1.0668 

Aug .................. 732,213 732,954 57,277 58,769 110,838 119,333 133,140 122,523 n.a. 1.0569 

Sept................. 813,502 813,243 63,185 59,227 92,905 98,454 124,122 115,512 -446 1.0375 

 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

 

2006 - Dec................... 19,099 26,282 46,317 11,031 n.a. n.a. n.a. n.a. n.a. 1.2195 

2007 - Mar................... 23,188 25,040 47,552 13,441 1,819 n.a. n.a. n.a. n.a. 1.2126 

June ................. 16,511 23,187 46,886 14,061 855 n.a. n.a. n.a. n.a. 1.2240 

Sept.................. 20,823 24,139 46,837 13,612 2,422 n.a. 596 n.a. 136 1.1672 

Dec................... 15,134 20,077 46,339 10,338 584 283 535 324 -69 1.1329 

2008 - Mar................... 21,491 29,248 49,284 10,785 1,166 679 1,589 696 -16 0.9921 

June.................. 16,727 26,727 62,191 10,566 n.a. n.a. 2,031 n.a. -24 1.0202 

Sept.................. 15,916 28,686 63,301 11,924 n.a. n.a. 1,025 518 - 1.1189 

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 42,551 10,843 113 103 805 644 n.a. 1.1395 

June.................. 10,065 18,807 43,746 10,150 n.a. n.a. n.a. 285 n.a. 1.0867 

 
FOREIGN CURRENCY POSITIONS 

December 2009 

102

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

04/08/09 .................................................................. 1,004,141 1,023,558 1,202 1.4692 

04/15/09 .................................................................. 932,670 952,549 1,626 1.4990 

04/22/09 .................................................................. 953,430 971,060 n.a. 1.4496 

04/29/09 .................................................................. 959,096 974,000 n.a. 1.4802 

 

05/06/09 .................................................................. 960,561 978,423 1,676 1.5063 

05/13/09 .................................................................. 944,367 964,815 1,561 1.5165 

05/20/09 .................................................................. 982,220 1,006,191 1,788 1.5670 

05/27/09 .................................................................. 978,629 999,666 1,190 1.6068 

 

06/03/09 .................................................................. 1,053,339 1,072,543 1,187 1.6405 

06/10/09 .................................................................. 1,083,944 1,104,520 1,335 1.6334 

06/17/09 .................................................................. 1,037,636 1,055,111 1,309 1.6293 

06/24/09 .................................................................. 969,699 990,198 1,715 1.6486 

 

07/01/09 .................................................................. 961,987 970,944 1,653 1.6524 

07/08/09 .................................................................. 941,204 955,916 1,627 1.6027 

07/15/09 .................................................................. 974,166 985,946 1,666 1.6439 

07/22/09 .................................................................. 976,762 993,412 1,773 1.6439 

07/29/09 .................................................................. 993,567 1,011,272 1,706 1.6379 

 

08/05/09 .................................................................. 982,085 1,004,230 1,534 1.6977 

08/12/09 .................................................................. 943,009 964,715 1,116 1.6538 

08/19/09 .................................................................. 979,130 998,794 1,790 1.6555 

08/26/09 .................................................................. 995,790 1,014,745 1,818 1.6235 

 

09/02/09 .................................................................. 989,003 1,003,949 n.a. 1.6269 

09/09/09 .................................................................. 994,553 1,006,908 1,827 1.6557 

09/16/09 .................................................................. 946,580 952,294 1,943 1.6501 

09/23/09 .................................................................. 948,497 958,590 n.a. 1.6404 

09/30/09 .................................................................. 1,033,873 1,048,554 n.a. 1.6004 

 
FOREIGN CURRENCY POSITIONS 

December 2009 

103

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2006 - Dec................... 813,178 846,452 400,194 350,140 81,276 73,370 78,380 80,387 2,269 1.9586 

2007 - Dec................... 1,106,323 1,121,684 450,883 372,556 80,197 69,881 93,248 103,301 3,400 1.9843 

2008 - Oct ................... 1,356,523 1,365,196 448,584 319,184 61,870 58,802 76,430 79,670 678 1.6165 

Nov .................. 1,206,138 1,217,492 500,194 347,609 51,130 51,199 64,123 63,733 850 1.5348 

Dec .................. 975,940 995,931 495,444 342,452 44,891 43,251 51,977 53,230 631 1.4619 

2009 - Jan ................... 992,637 1,009,035 498,062 349,518 47,422 45,124 48,311 51,338 1,151 1.4413 

Feb .................. 1,012,009 1,034,023 494,329 344,860 44,525 40,563 43,158 47,745 1,024 1.4276 

Mar .................. 951,181 969,221 462,479 331,262 57,320 53,595 40,106 43,739 925 1.4300 

Apr................... 987,751 1,004,154 404,225 324,447 47,157 44,903 37,301 42,571 1,350 1.4799 

May.................. 1,009,001 1,026,796 381,514 312,229 48,464 43,924 37,292 43,988 1,014 1.6160 

June................. 950,738 963,187 369,350 298,015 48,366 44,510 37,467 45,924 1,361 1.6452 

July .................. 1,003,246 1,026,694 400,352 311,238 45,368 39,267 38,050 47,595 1,252 1.6713 

Aug .................. 963,725 978,536 406,179 326,523 48,135 42,025 49,993 59,033 n.a. 1.6314 

Sept................. 1,065,984 1,083,972 431,385 329,870 45,843 41,693 47,004 51,984 n.a. 1.6004 

 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2006 - Dec................... 23,342 31,721 53,158 18,843 n.a. n.a. 2,034 565 10 1.9586 

2007 - Mar................... 12,787 20,170 60,460 22,609 267 69 n.a. n.a. -441 1.9685 

June ................. 9,617 19,167 61,316 24,253 n.a. 60 n.a. n.a. n.a. 2.0063 

Sept.................. 10,145 20,745 75,325 30,537 154 n.a. 2,491 n.a. n.a. 2.0389 

Dec................... 11,365 22,642 76,423 26,918 139 159 3,733 n.a. -1,292 1.9843 

2008 - Mar................... 18,074 30,594 80,685 28,259 n.a. 90 1,956 883 -1,168 1.9855 

June.................. 17,970 31,267 94,886 26,549 n.a. 302 2,046 1,195 n.a. 1.9906 

Sept.................. 18,814 32,314 94,119 31,139 127 184 4,010 924 n.a. 1.7804 

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 57,217 32,870 153 137 2,142 763 n.a. 1.4300 

June.................. 8,463 14,543 60,507 34,076 n.a. 146 n.a. n.a. n.a. 1.6452 

 
FOREIGN CURRENCY POSITIONS 

December 2009 

104

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

04/08/09 ................................................................ 13,017,731 13,087,019 768 n.a. 

04/15/09 ................................................................ 12,837,520 12,913,519 1,508 n.a. 

04/22/09 ................................................................ 12,972,367 13,044,666 -1,427 n.a. 

04/29/09 ................................................................ 13,343,290 13,406,117 -3,329 n.a. 

 

05/06/09 ................................................................ 13,321,826 13,389,014 -316 n.a. 

05/13/09 ................................................................ 13,466,987 13,517,944 505 n.a. 

05/20/09 ................................................................ 13,465,565 13,399,756 -846 n.a. 

05/27/09 ................................................................ 13,879,593 13,834,464 -435 n.a. 

 

06/03/09 ................................................................ 14,249,731 14,204,852 132 n.a. 

06/10/09 ................................................................ 14,545,746 14,508,490 -4,186 n.a. 

06/17/09 ................................................................ 13,951,387 13,827,144 2,368 n.a. 

06/24/09 ................................................................ 13,737,254 13,608,860 2,059 n.a. 

 

07/01/09 ................................................................ 14,118,920 13,961,510 179 n.a. 

07/08/09 ................................................................ 13,603,943 13,486,097 -1,171 n.a. 

07/15/09 ................................................................ 13,525,788 13,406,903 -11,205 n.a. 

07/22/09 ................................................................ 13,536,704 13,443,496 -10,883 n.a. 

07/29/09 ................................................................ 13,780,639 13,690,516 -9,397 n.a. 

 

08/05/09 ................................................................ 13,707,771 13,581,182 -16,858 n.a. 

08/12/09 ................................................................ 13,685,208 13,544,335 -9,472 n.a. 

08/19/09 ................................................................ 13,713,677 13,564,987 -9,957 n.a. 

08/26/09 ................................................................ 13,702,917 13,613,226 -9,356 n.a. 

 

09/02/09 ................................................................ 13,878,040 13,799,183 -5,397 n.a. 

09/09/09 ................................................................ 14,051,403 13,988,069 -18,270 n.a. 

09/16/09 ................................................................ 13,599,732 13,615,643 -11,668 n.a. 

09/23/09 ................................................................ 13,670,579 13,677,553 -8,312 n.a. 

09/30/09 ................................................................ 14,500,674 14,531,686 -5,380 n.a. 

 
FOREIGN CURRENCY POSITIONS 

December 2009 

105

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2006 - Dec.............. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a.

2007 - Dec.............. 16,604,296 16,621,391 - - 2,665,228 2,579,678 2,534,065 n.a. 794 n.a.

2008 - Oct .............. 18,023,570 18,010,589 - - 3,639,554 3,715,441 4,001,058 3,962,748 996 n.a.

Nov ............. 16,897,006 16,899,403 - - 3,309,641 3,404,580 3,790,897 3,753,138 4,806 n.a.

Dec ............. 14,157,193 14,295,305 - - 3,216,341 3,311,971 3,750,439 3,700,270 -4,233 n.a.

2009 - Jan .............. 14,191,114 14,308,543 - - 3,087,045 3,143,982 3,540,964 3,518,820 -4,877 n.a.

Feb ............. 14,134,645 14,188,658 - - 2,725,815 3,430,086 3,061,456 3,042,159 -5,698 n.a.

Mar ............. 13,754,639 13,820,770 - - 2,849,625 2,892,513 2,993,819 2,951,855 -208 n.a.

Apr.............. 14,201,373 14,180,133 - - 2,597,445 2,651,947 2,873,709 2,833,666 -170 n.a.

May............. 14,739,401 14,721,439 - - 2,424,869 2,493,896 2,796,776 2,755,515 3,226 n.a.

June............ 14,151,342 14,018,521 - - 2,343,036 2,398,024 2,684,489 2,660,414 4,621 n.a.

July ............. 14,676,091 14,564,040 - - 2,258,719 2,310,391 2,545,795 2,541,530 -9,980 n.a.

Aug ............. 14,103,597 14,037,241 - - 2,294,156 2,321,528 2,494,599 2,494,105 -30,037 n.a.

Sept............ 15,268,940 15,285,964 - - 2,071,509 2,128,587 2,446,463 2,344,399 -8,481 n.a.

 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2006 - Dec................... 445,675 450,809 - - 25,301 38,520 17,570 23,098 -278 n.a. 

2007 - Mar................... 257,985 245,890 - - 33,632 23,046 17,873 20,639 122 n.a. 

June.................. 271,790 230,303 - - 36,519 32,361 21,051 n.a. 2,341 n.a. 

Sept .................. 283,902 268,604 - - 33,028 21,170 19,119 10,739 -1,325 n.a. 

Dec ................... 297,212 291,395 - - 29,007 22,828 13,464 10,454 2,111 n.a. 

2008 - Mar................... 384,255 382,695 - - 29,794 27,278 15,610 15,318 3,114 n.a. 

June.................. 340,324 342,590 - - 30,279 25,934 15,361 11,644 2,745 n.a. 

Sept .................. 346,969 328,750 - - 26,978 23,465 19,379 13,612 -109 n.a. 

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.................. 237,179 197,359 - - 16,989 12,555 7,236 6,082 1,027 n.a. 

 
FOREIGN CURRENCY POSITIONS 

December 2009 

106

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar)

(4) 

 

04/08/09 ............................................................................. 3,809,085 3,735,054 1,755 0.7526 

04/15/09 ............................................................................. 3,704,240 3,631,087 1,709 0.7586 

04/22/09 ............................................................................. 3,792,874 3,710,867 2,002 0.7685 

04/29/09 ............................................................................. 3,923,852 3,847,498 3,411 0.7505 

 

05/06/09 ............................................................................. 3,952,014 3,876,702 1,600 0.7512 

05/13/09 ............................................................................. 3,981,052 3,909,671 1,455 0.7347 

05/20/09 ............................................................................. 3,940,979 3,876,036 2,489 0.7265 

05/27/09 ............................................................................. 3,994,035 3,920,492 3,037 0.7182 

 

06/03/09 ............................................................................. 4,176,549 4,111,297 3,616 0.7045 

06/10/09 ............................................................................. 4,250,918 4,172,338 4,299 0.7152 

06/17/09 ............................................................................. 3,992,816 3,924,169 1,928 0.7220 

06/24/09 ............................................................................. 3,977,812 3,910,709 1,726 0.7135 

 

07/01/09 ............................................................................. 4,055,403 4,010,110 2,203 0.7049 

07/08/09 ............................................................................. 3,954,050 3,884,575 898 0.7219 

07/15/09 ............................................................................. 3,860,467 3,790,911 903 0.7084 

07/22/09 ............................................................................. 3,814,149 3,740,369 1,446 0.7032 

07/29/09 ............................................................................. 3,889,116 3,817,875 -259 0.7126 

 

08/05/09 ............................................................................. 3,817,244 3,741,336 1,165 0.6949 

08/12/09 ............................................................................. 3,803,332 3,729,782 1,001 0.7035 

08/19/09 ............................................................................. 3,800,972 3,728,992 619 0.7012 

08/26/09 ............................................................................. 3,794,505 3,723,531 1,630 0.7027 

 

09/02/09 ............................................................................. 3,859,277 3,785,342 2,670 0.7020 

09/09/09 ............................................................................. 3,881,743 3,811,385 4,244 0.6862 

09/16/09 ............................................................................. 3,767,514 3,686,241 4,213 0.6804 

09/23/09 ............................................................................. 3,781,742 3,700,592 4,427 0.6779 

09/30/09 ............................................................................. 3,870,463 3,774,512 3,624 0.6835 

 
FOREIGN CURRENCY POSITIONS 

December 2009 

107

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange 

rate 

(10) 

 

2006 - Dec................... 2,908,461 2,899,018 1,471,459 1,427,573 651,970 693,889 508,842 587,473 -14,933 0.7578 

2007 - Dec................... 4,057,077 4,029,716 1,995,834 1,941,086 590,115 584,307 558,711 557,451 3,580 0.6848 

2008 - Oct ................... 4,839,339 4,749,132 1,708,452 1,662,678 519,760 565,703 582,178 580,715 -639 0.7885 

Nov .................. 4,709,541 4,624,402 1,853,674 1,816,912 494,904 534,155 533,471 538,819 -832 0.7878 

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 - Jan ................... 3,964,027 3,892,556 1,821,280 1,814,050 451,966 483,299 766,242 778,637 1,755 0.7810 

Feb .................. 4,009,759 3,948,460 1,860,679 1,850,057 438,200 471,934 506,044 513,741 2,404 0.7898 

Mar .................. 3,966,315 3,909,096 1,783,672 1,771,541 452,634 478,774 488,051 503,447 715 0.7541 

Apr................... 4,133,770 4,049,118 1,710,904 1,707,105 434,348 462,886 450,651 466,300 311 0.7551 

May.................. 4,274,948 4,221,000 1,666,699 1,646,244 448,376 468,287 395,848 412,724 747 0.7079 

June................. 4,081,869 4,023,126 1,612,664 1,580,416 386,847 428,978 397,265 401,016 837 0.7133 

July .................. 4,014,991 3,944,767 1,629,521 1,605,186 351,208 399,381 401,361 394,364 -294 0.7003 

Aug .................. 3,736,153 3,665,181 1,673,154 1,650,110 350,059 392,565 389,854 382,481 4,447 0.6967 

Sept................. 4,061,544 3,960,067 1,625,730 1,603,238 306,108 341,040 344,695 357,465 2,474 0.6835 

 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange 

rate 

(10) 

 

2006 - Dec................... 126,039 132,907 207,774 150,191 8,664 2,967 7,494 4,987 -603 0.7578 

2007 - Mar................... 74,638 81,811 188,261 118,068 9,318 3,549 11,618 4,045 -611 0.7477 

June ................. 68,711 81,208 204,447 125,902 7,443 3,408 10,670 3,743 -1,051 0.7396 

Sept.................. 82,783 79,080 218,344 139,178 9,967 3,207 6,648 2,948 699 0.7033 

Dec................... 81,522 80,991 213,943 138,149 8,674 2,806 5,653 2,137 -1,362 0.6848 

2008 - Mar................... 126,180 91,977 262,397 157,462 8,362 5,988 8,821 7,976 1,039 0.6327 

June.................. 116,332 88,752 272,427 119,914 9,806 3,601 10,018 5,693 3,067 0.6350 

Sept.................. 87,982 94,534 246,267 113,023 10,459 5,295 8,870 9,606 1,667 0.7102 

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 78,229 172,836 101,840 6,348 3,043 n.a. n.a. 1,529 0.7541 

June.................. 61,282 71,989 198,864 98,476 5,447 3,728 4,911 4,031 1,337 0.7133 

 
December 2009 

108

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, 2009, and June 30, 2009 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital March 31, 2009 

April 1, 2009, 

through 

June 30, 2009 June 30, 2009 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 15,818,103 486,646 16,304,749 

Government Sponsored Enterprises (GSE) Securities ... 1,825,016 -100,016 1,725,000 

Special drawing rights 1 ........................................................... 9,081,632 355,702 9,437,334 

Foreign exchange and securities: 

European euro ..................................................................... 13,504,198 827,667 14,331,865 

Japanese yen....................................................................... 9,667,567 285,802 9,953,369 

Accounts receivable................................................................. 141,890 16,480 158,370 

Total assets.......................................................................... 50,038,406 1,872,281 51,910,687 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 6,606 -1,099 5,507 

Total current liabilities ...................................................... 6,606 -1,099 5,507 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,325,140 280,057 7,605,197 

Unearned revenue .............................................................. 108,628 110,726 219,354 

Total other liabilities ......................................................... 9,633,768 390,783 10,024,551 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 40,198,032 -38,100,034 2,097,998 

Total capital...................................................................... 40,398,032 1,482,597 41,880,629 

Total liabilities and capital............................................ 50,038,406 1,872,281 51,910,687 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

December 2009 

109

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, 2009, 

through 

June 30, 2009 

Fiscal year to date

October 1, 2008, 

through 

June 30, 2009 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ 1,055,087,594 844,986,156 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. 67,468,090 -4,218,433

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 1,651,912 10,698,687 

U.S. Government securities......................................................... 4,326,861 15,897,666 

GSE Securities............................................................................. 2,368,746 4,081,787 

Foreign exchange ........................................................................ 75,921,466 290,872,467 

Insurance premiums .................................................................... 275,772,219 935,679,270 

Commissions ............................................................................... - -

Income from operations............................................................... 1,482,596,887 2,097,997,599 

Net income (+) or loss (-)............................................................. 1,482,596,887 2,097,997,599 

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 2009 

113

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 2010. 

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 2010. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2010) .............................................................................................................. 79

less: 

Cash balance (fiscal year 2010) ......................................................................................................................................................................................... -4

Unfunded authorizations (fiscal year 2010)........................................................................................................................................................................ 83

48-month revenue estimate (fiscal years 2011, 2012, 2013, and 2014)............................................................................................................................ 137

Note.—Detail may not add to totals due to rounding. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2010) .............................................................................................................. 16

less: 

Cash balance (fiscal year 2010) ......................................................................................................................................................................................... 1

Unfunded authorizations (fiscal year 2010)........................................................................................................................................................................ 15

48-month revenue estimate (fiscal years 2011, 2012, 2013, and 2014)............................................................................................................................ 20
December 2009 

114

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 2009 

115

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 2009 

116

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 2009, the 

debt limit was $12,104,000 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 2009 

117

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 2009 

118 

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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