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FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

JUNE 2012
Additional Financial Management Service 

Releases on Federal Finances

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BULLETIN

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The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

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June 2012 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

Introduction.—Source and Availability of the Balance in the Account of the U.S. Treasury ............................................. 19 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 19

FEDERAL DEBT 

Introduction.—Federal Debt ................................................................................................................................................ 21 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 22 

FD-2.—Debt Held by the Public ......................................................................................................................................... 23 

FD-3.—Government Account Series ................................................................................................................................... 24 

FD-4.—Interest-Bearing Securities Issued by Government Agencies ................................................................................. 25 

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

 Private Investors .................................................................................................................................................... 26 

FD-6.—Debt Subject to Statutory Limit .............................................................................................................................. 27 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 28

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 30 

TREASURY FINANCING ................................................................................................................................................. 30 

PDO-1.—Offerings of Regular Weekly Treasury Bills ....................................................................................................... 37 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 38 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 39 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 40 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 41

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 42 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins .............................................................................. 42 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 43
IV 

June 2012 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 47 

IFS-1.—U.S. Reserve Assets ............................................................................................................................................... 47 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 48 

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

 Residents of Foreign Countries .............................................................................................................................. 49

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 50 

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

CM-I-1.—Total Liabilities by Type and Holder .................................................................................................................. 53 

CM-I-2.—Total Liabilities by Country ................................................................................................................................ 54 

CM-I-3.—Total Liabilities by Type and Country ................................................................................................................ 56 

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

 with Respect to Selected Countries ...................................................................................................................... 58 

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

CM-II-1.—Total Claims by Type ........................................................................................................................................ 59 

CM-II-2.—Total Claims by Country ................................................................................................................................... 60 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 62 

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

 with Respect to Selected Countries ...................................................................................................................... 64

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

 Enterprises in the United States 

CM-III-1.—Total Liabilities and Claims by Type ............................................................................................................... 65 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country ................................................................................... 66 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country ....................................................................................... 68 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ........................................ 70 

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 ............................................ 72 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 73 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ...................................... 74 

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

 and Country, during (first quarter) ................................................................................................................... 76 

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

 and Country, during (calendar year) ................................................................................................................ 78 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 80 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 81 

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 .................................. 82 

CM-V-2.—Gross Total of Holdings with Negative Fair Values, by Country ..................................................................... 83 

CM-V-3.—Gross Total of Holdings with Positive Fair Values, by Country ....................................................................... 84 

CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract ................... 85 

CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ................................ 86
June 2012 

V

Contents 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions ......................................................................................................................... 87 

SECTION I.—Canadian Dollar Positions 

FCP-I-1.—Weekly Report of Major Market Participants .................................................................................................... 88 

FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 89 

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 89 

SECTION II.—Japanese Yen Positions 

FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 90 

FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 91 

FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 91 

SECTION III.—Swiss Franc Positions 

FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 92 

FCP-III-2.—Monthly Report of Major Market Participants ................................................................................................ 93 

FCP-III-3.—Quarterly Report of Large Market Participants ............................................................................................... 93 

SECTION IV.—Sterling Positions 

FCP-IV-1.—Weekly Report of Major Market Participants ................................................................................................. 94 

FCP-IV-2.—Monthly Report of Major Market Participants ................................................................................................ 95 

FCP-IV-3.—Quarterly Report of Large Market Participants ............................................................................................... 95 

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund ..................................................................................................................... 100 

ESF-1.—Balance Sheet ..................................................................................................................................................... 101 

ESF-2.—Income and Expense ........................................................................................................................................... 101

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 105 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 105

RESEARCH PAPER SERIES ........................................................................................................................................... 106

GLOSSARY ...................................................................................................................................................................... 108

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. 
June 2012 

VI 

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
June 2012 

3

Growth of Real GDP

3.9 3.8

-6.7

-0.7

1.7

3.8

2.5 2.3

0.4 1.3

1.8

2.8 2.2

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

2009 2010 2011 2012

(Quarterly percent change at annual rate)

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of May 16, 2012 

Introduction 

The economy continued to expand at a moderate pace in 

early 2012, with growth led by consumer spending, 

residential investment, and exports. Labor market conditions 

also continued to improve. Since job growth resumed in 

early 2010, the economy has added 3.75 million payroll 

jobs, and the unemployment rate has declined 1.7 percentage 

points, but is still elevated at 8.1 percent. While activity in 

the housing sector remains weak, there have been some 

positive trends, including signs of a stabilization of home 

prices, continued declines in the inventory of existing homes 

for sale, and a modest pick-up in housing starts and home 

sales. 

The run-up in energy and food prices earlier last year 

impacted inflation as well as purchasing power and private 

consumption. Headline inflation has since moderated as 

energy and food prices have eased. Core consumer inflation 

(which excludes food and energy) has moved higher since 

February 2011, but has stabilized in recent months and 

remains moderate by historical standards. In financial 

markets, equity indexes have rallied notably since early last 

October, and Treasury bond yields have generally remained 

very low. 

Financial disbursements under the American Recovery 

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

Act”) were increased from $787 billion originally to $840 

billion, reflecting additional measures to restore financial 

stability, create jobs, and improve housing markets. Late last 

year, the Federal Housing Finance Agency (FHFA) 

announced changes to the Home Affordable Refinance 

Program (HARP) in an effort to attract more eligible 

borrowers who can benefit from refinancing their mortgage 

loans. At the very end of 2011, the 2 percentage point 

employee payroll tax cut and extended unemployment 

insurance benefits were each extended for 2 months and in 

late February, an extension of both measures through the end 

of 2012 was signed into law. The Administration has also 

announced a proposal to help eligible homeowners with 

mortgage refinancing and continues to push a number of 

initiatives designed to boost growth, retrain workers, and 

create jobs in the near term. 

Pursuing its statutory mandate to foster maximum 

employment and price stability, the Federal Reserve 

continues to bolster liquidity by maintaining holdings of 

securities at current levels and rolling over holdings of 

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

the Federal Reserve completed its purchases of longer-term 

Treasury securities. At its meeting in late April, the Federal 

Open Market Committee (FOMC) retained the timeframe for 

maintaining the federal funds rate target in its current range 

of 0 to 0.25 percent at least through late 2014. 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by nearly 7 percent and, as of the first 

quarter of 2012, real gross domestic product (GDP) was 1.3 

percent above its level at the end of 2007, when the 

recession began. According to the advance estimate, GDP 

grew 2.2 percent in the first quarter of 2012—the eleventh 

straight quarter of growth since the economy emerged from 

recession in mid-2009—after growing by 3.0 percent in the 

final quarter of last year. The deceleration from the fourth 

quarter reflected slower growth in inventories and business 

fixed investment, but there was a notable surge in residential 

fixed investment as well as faster growth of personal 

consumption expenditures. Consensus forecasts currently 

put real GDP growth in the second quarter of 2012 at a 2.2 

percent annual rate. 

Private domestic final demand (consumption plus private 

fixed investment, considered a better measure of underlying 

demand because it subtracts out inventory movements) grew 

at a 2.7 percent annual rate in the first quarter, matching the 

rate in the fourth quarter as well as besting the 2.5 percent 

increase for 2011 as a whole. Real personal consumption 

expenditures–which account for about 70 percent of GDP–

advanced by 2.9 percent at an annual rate in the first quarter, 

faster than the 2.1 percent rise in the fourth quarter. 

Consumption added 2.0 percentage points to real GDP 

growth in the latest quarter. 
4 PROFILE OF THE ECONOMY 

June 2012 

Residential investment–mostly residential homebuilding–surged 19.1 percent in the first quarter, after rising 

11.6 percent in the fourth quarter. Residential activity added 

0.4 percentage point to real GDP growth in the first quarter. 

Although the housing sector remains weak, data trends have 

improved modestly in recent months. Single-family housing 

starts rose 2.3 percent in April to 492,000 units. The level of 

single-family starts has risen more than 39 percent from a 

low of 353,000 in March 2009 but in April 2012 was still 73 

percent below the January 2006 peak, and well below the 1.1 

million average observed from 1980 to 2004. New singlefamily home sales fell 7.1 percent in March to 328,000 

(annualized) and were 76 percent below the July 2005 peak 

of 1.39 million. Existing single-family home sales fell 2.6 

percent in March to 4.5 million units (annualized). The 

number of new single-family homes for sale is at its lowest 

level on record (back to 1963). Despite declines in sales in 

the latest month, total home sales have increased by almost 8 

percent since mid-2011. Relative to sales, there was a 5.3-

month supply of new homes on the market at the end of 

March, comparable to its long-run average. The inventory of 

existing single-family homes has fallen, but was still high 

relative to sales at a 6.3-month supply in March. Selected 

home price measures have shown signs of stabilization 

recently, but remain under pressure. The Federal Housing 

Financing Authority (FHFA) purchase-only house price 

index rose 0.3 percent in February and was up 0.4 percent in 

the year through February, accelerating from the 5.3 decline 

a year earlier. Other house price measures continued to fall 

in February compared to a year earlier, but the pace of 

decline appears to be slowing or stabilizing. The Standard & 

Poor’s (S&P)/Case-Shiller composite 20-city home price 

index declined 0.8 percent in February and 3.5 percent from 

a year earlier, comparable to a year-over-year decline of 3.4 

percent in the year ended in February 2011. Despite the 

improvement in some home price measures, the large 

inventory of homes on the market and in the foreclosure 

pipeline augur for additional downward pressure on prices 

near-term. According to the March 2012 Pulsenomics/Zillow 

Survey, home prices are expected to decline 0.7 percent 

during 2012, then rise by 1.4 percent during 2013. 

Nonresidential fixed investment–about 10 percent of 

GDP–fell 2.1 percent (annual rate) in the first quarter of 

2012, after rising at an annual rate of 5.2 percent in the first 

quarter. For the eight quarters preceding the latest quarter’s 

decline, nonresidential fixed investment growth averaged 9.7 

percent. Growth in business spending on equipment and 

software slowed to 1.7 percent in the first quarter from a 7.5 

percent pace in the fourth quarter. Equipment and software 

spending grew at an average quarterly rate of 13.2 percent 

over the eight quarters of 2010 and 2011. Outlays for 

structures dropped 12 percent in the first quarter, following a 

decline of nearly 1 percent in the fourth quarter. Altogether, 

nonresidential fixed investment subtracted 0.2 percentage 

point from real GDP growth in the first quarter. Inventory 

accumulation slowed, adding 0.6 percentage point to growth 

in the latest quarter, following a contribution of 1.8 

percentage points in the fourth quarter. 

Exports account for about 12 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for about 17 percent. After 

contributing 1 percentage point, on average, to quarterly 

GDP growth in 2007 through 2009, the net export deficit 

posed a drag on growth in 2010 of 0.5 percentage point and 

added just 0.1 percentage point to growth last year. The next 

export deficit was little changed in the first quarter of 2012 

as exports grew 5.4 percent and imports increased 4.3 

percent. After posing a drag on growth of 0.3 percentage 

point in the fourth quarter of 2011, the contribution from net 

exports was flat in the first quarter. 

The current account balance (reflecting international 

trade in goods and services, investment income flows, and 

unilateral transfers) has been in deficit almost continuously 

since the early 1980s and, in 2006, reached a record $801 

billion, equivalent to 6.0 percent of GDP. After narrowing to 

$377 billion (2.7 percent of GDP) in 2009, the current 

account widened again to $471 billion (3.2 percent of GDP) 

in 2010 and to $473 billion (3.1 percent of GDP) last year. 

On a quarterly basis the gap fluctuated during 2011, 

reaching its widest in the fourth quarter ($496 billion, or 3.2 

percent of GDP). 

Government purchases–which account for roughly 20 

percent of GDP–fell for the sixth straight quarter in the first 

quarter of 2012. Purchases fell 3 percent after declining 4.2 

percent in the fourth quarter. Federal spending declined 5.6 

percent in the first quarter, led by a drop in defense 

expenditures, subtracting 0.5 percentage point from GDP 

growth, and State and local Government expenditures fell 

1.2 percent, subtracting 0.1 percentage point from growth. 

Labor Markets 

During the recession (from December 2007 through June 

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

losses continued even after the recovery began, but in 

February 2010, nonfarm payrolls began to rise again. Since 

then, through April 2012, total employment has grown by 

nearly 3.75 million. In the private sector, employment has 

increased by 4.25 million during the same period. 

Job losses during the recession were spread broadly 

across most sectors, but with the resumption of job growth, 

many of these sectors have added jobs. Since the labor 

market recovery began in early 2010, payrolls in 

professional and business services have risen by more than 

1.3 million, and leisure and hospitality industries’ 

employment has increased by 688,000. Manufacturing 

payrolls have grown by 485,000 since early 2010. A few 

sectors continued to add jobs throughout the recession and 

continue to hire new workers. Since early 2010, the health 

care and social assistance sector has added 643,000 jobs. 

The Government sector also added workers to payrolls 

during the recession but has since cut employment 

considerably, particularly at the State and local levels. 
PROFILE OF THE ECONOMY 5 

June 2012 

Payroll Employment

229

-780

-512

-256

-138

38

196

-45

154

192

130 128

164

-900

-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

(Average monthly change in thousands

from end of quarter to end of quarter)

2009 2010 2011 2012

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 10 11 12

(Percent)

Apr. 2012

8.1 %

However, in the first quarter of this year, State and local 

government employment was little changed after thirteen 

straight quarters of losses. Even with this turn, State and 

local job losses from early 2010 through April 2012 

numbered 452,000, including 377,000 local government 

jobs. 

The unemployment rate peaked at 10.0 percent in 

October 2009–a 26-year high and 5.6 percentage points 

above the May 2007 low of 4.4 percent. More recently, the 

unemployment rate has declined, falling from 9.1 percent in 

mid-2011 to 8.1 percent in April 2012. A broader measure of 

unemployment that includes workers who are 

underemployed and those who are only marginally attached 

to the labor force (the U-6 unemployment rate) reached a 

record high of 17.2 percent in October 2009 (series dates 

from 1994)–nearly double its level of 8.8 percent in 

December 2007. This measure stood at 14.5 percent in April 

2012. The percentage of the unemployed who have been out 

of work for 27 weeks or more peaked at an all-time high of 

45.5 percent in March 2011. As of April 2012, it had 

declined to 41.3 percent. 

Inflation 

Headline inflation is stabilizing, and although core 

inflation (excluding food and energy) has moved higher, it is 

still moderate by historical standards. Headline consumer 

prices rose 2.3 percent over the 12 months ending in April, 

slowing from the 3.2 percent increase during the twelve 

months through April 2011. Energy prices rose 0.9 percent 

in the year through April, slowing significantly from the 

year-earlier increase of 19.0 percent. Food prices rose 3.1 

percent over the year through April 2012, slightly slower 

than the 3.2 percent advance of the previous year. On a 12-

month basis, core consumer prices (excluding food and 

energy) rose 2.3 percent through April 2012, compared with 

a 1.3 percent advance a year earlier. Labor market slack and 

the continued low level of capacity utilization will likely 

remain a moderating influence on core inflation and wage 

growth in the foreseeable future. 

Energy prices rose sharply early last year, moderated 

during the summer, and started to rise again last fall. Both 

periods of increase were due in large part to concerns about 

ongoing political turmoil in the Middle East and North Africa 

and potential supply disruptions. Last year, the front-month 

futures price of West Texas Intermediate (WTI) peaked at 

$113.93 per barrel in late April and the retail price of regular 

gasoline peaked at $3.97 per gallon in May. Nonetheless, 

prices for crude oil and gasoline remained below the all-time 

highs reached in July 2008, of $147 per barrel and $4.11 per 

gallon, respectively. From an average of $86 per barrel in 

October 2011, the front-month futures price of WTI climbed 

to nearly $110 per barrel in February 2012, but has since 

declined, averaging $98 per barrel in the first half of May. 

The retail price of regular gasoline was $3.75 per gallon in 

the week ended May 14, 2012, down 21 cents from a year 

ago.
6 PROFILE OF THE ECONOMY 

June 2012 

-3

-2

-1

0

1

2

3

4

5

6

7

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

Food

Federal Budget and Debt 

The federal budget deficit was $1.3 trillion (8.7 percent 

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

2010 in nominal terms, but down, as a percentage of GDP, 

from 9.0 percent. The Administration’s Fiscal Year 2013 

Budget projects the deficit will rise slightly to $1.33 trillion 

in fiscal year 2012, but decline as a share of GDP to 8.5 

percent, from 8.7 percent in fiscal year 2011. As of fiscal 

year 2012 through April, however, the Federal budget deficit 

narrowed to $720 billion, $150 billion lower than the deficit 

recorded in the same period in fiscal year 2011. Compared 

with the first seven months of fiscal year 2011, receipts were 

up 5.6 percent, while outlays were down 3.5 percent. The 

deficit is projected to narrow to 5.5 percent of GDP in fiscal 

year 2013 and to 3.9 percent in fiscal year 2014. By 2018, 

the deficit is projected to fall to less than 3 percent of GDP, 

and the debt-to-GDP ratio will be on a declining path. The 

primary deficit–receipts less outlays, excluding net interest–

is expected to fall from 7.1 percent of GDP in fiscal year 

2012 to 4.0 percent of GDP in fiscal year 2013. The primary 

deficit is projected to narrow in subsequent years until it 

reaches balance in fiscal year 2018, at which point spending 

will no longer add to the national debt. 

Economic Policy 

Key fiscal and monetary policy actions taken over the 

past few years have aided the recovery. On the fiscal policy 

side, the ARRA authorized the Federal Government to spend 

$787 billion to stimulate domestic demand, an amount that 

was increased to $840 billion, to be consistent with the 

President’s Fiscal Year 2012 Budget. This spending has 

provided an important boost to economic activity, but the 

Administration also proposed and implemented a variety of 

additional programs to maintain the recovery’s momentum. 

These included an extension and expansion of the first-time 

home buyer tax credit, a new Small Business Jobs and 

Wages Tax Credit, and additional financial support for State 

and local Governments. In December 2010, the 2010 Tax 

Relief Act authorized a 2 percent payroll tax cut, extensions 

of unemployment benefits, extensions of refundable tax 

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

In late December 2011, the 2 percentage point employee 

payroll tax cut and extended unemployment benefits 

included in the 2010 tax legislation were each extended for 

two additional months. In late February, the extension of the 

payroll tax cut and extended unemployment benefits for the 

remainder of 2012 were signed into law. In the fiscal year 

2013 Budget, the Administration has also proposed more 

than $350 billion in short-term job creation and growthboosting initiatives, an extension of the 100 percent bonus 

depreciation provision through 2012, and a new tax credit 

for 2012, focused on small businesses, that gives a 10 

percent tax credit equal to 10 percent of wages added up to 

$500,000. The Administration also recently announced a 

plan to help eligible homeowners refinance their mortgages 

in order to take advantage of historically low rates. 

Partly in response to rising financial market stress, as 

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

Federal Reserve began easing monetary policy in August 

2007. By late 2008, the Federal Open Market Committee 

(FOMC) had lowered the federal funds target interest rate 

dramatically, reducing it to a historically low target range of 

0 percent to 0.25 percent at the December 2008 FOMC 

meeting. That target range was maintained at the FOMC’s 

most recent meeting in late April 2012. At the same time, the 

Committee acknowledged moderate economic expansion as 

well as improving labor market conditions, but also an 

elevated unemployment rate and despite some positive signs, 

depressed housing market conditions. The latest 

accompanying statement affirmed the extended timeframe 

for the current monetary policy stances (first adopted at the 

January 2012 meeting), stating that, “economic conditions 

are likely to warrant exceptionally low levels for the federal 

funds rate at least through late 2014.” 

In addition to lowering the federal funds rate target in 

late 2008, the Federal Reserve significantly expanded its 

tools to increase liquidity in credit markets and eased 

lending terms to sectors in need of liquidity, including a 

variety of facilities and funds directed at specific financial 

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

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

Reserve announced it would maintain its holdings of 

securities at current levels by reinvesting principal payments 

from agency debt and agency mortgage-backed securities in 

longer-term Treasury securities and continue rolling over the 

Federal Reserve’s holdings of Treasury securities as they 

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

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

At the September 2011 meeting, the FOMC announced it 

would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of 
PROFILE OF THE ECONOMY 7 

June 2012 

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 2010 2011 2012

(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 2010 2011 2012

(Percent)

TED Spread

Libor-OIS Spread

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

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

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

announced a reinvestment of principal payments from its 

holdings of agency debt and agency mortgage-backed 

securities into the latter securities. The FOMC reaffirmed 

these policies at its April 2012 meeting 

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008, but 

came under renewed pressure in 2011 as investors expressed 

concerns about slowing economic growth in the U.S. as well 

as globally, and about strains in debt markets in Europe. 

Credit flows have improved substantially since early 2009, 

although credit conditions in some markets remain relatively 

tight. Bank lending conditions have eased in standards and 

terms, and demand for business, mortgage, and consumer 

loans has increased. Demand for residential loans has 

continued to increase in connection with mortgage 

refinancing. After some deterioration in the summer of 2011, 

measures of risk tolerance and volatility have been 

stabilizing or improving. 

After plunging 38.5 percent in 2008, the sharpest loss 

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

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

23.5 percent in 2009, 12.8 percent in 2010, and was flat in 

2011. However, thus far in 2012, the S&P is up more than 9 

percent and has risen by 25 percent from a recent low in 

early October 2011. The S&P Stock Market Volatility Index 

(VIX), often used as a measure of financial market 

uncertainty, surged to an all-time high of 80 in late October 

2008, after hovering in a range of 20 to 30 for most of that 

year. The VIX retreated fairly steadily during 2009, ending 

that year at about 20. Since then, the VIX has fluctuated 

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

level again in early October 2011. Since the most recent 

peak, this index has trended lower, and stood at about 18 as 

of early May. 

A variety of factors have buffeted long-term Treasury 

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

variety of specific risk events as well as supply concerns 

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

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

debt by rating agency S&P in August 2011, and ongoing 

concerns about European debt markets and debt downgrades 

in some European countries. The yield on the 10-year note 

traded above the 3 percent level during the first half of 2011, 

but has since trended lower, reaching a record low of 1.72 

percent in late September 2011. As of early May 2012, the 

yield was trading around 1.9 percent. The 3-month Treasury 

bill yield fluctuated in a range from about 0.05 percent to 0.17 

percent for much of 2011, but between August 2011 and 

January 2012, the yield fluctuated in a range of 0.0 percent to 

0.02 percent. Since then, the yield climbed to just under 0.1 

percent as of early May 2012. The 2- to 10-year Treasury 

yield spread, one measure of the steepness of the yield curve, 

widened to 291 basis points in early February 2011 but, since 

then, has trended noticeably lower, and stood at about 170 

basis points as of early May 2012. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

(LIBOR) and the 3-month Treasury bill rate (the TED 
8 PROFILE OF THE ECONOMY 

June 2012 

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

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

October 2008. However, improvements in short-term credit 

availability have led to a narrowing of this spread. In 2011, 

through early August, the TED spread fluctuated in a range 

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

widened, reaching almost 60 basis points earlier this year, 

before narrowing again to 38 basis points in early May. The 

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

Treasury yield peaked at nearly 620 basis points in 

December 2008. After narrowing on trend in the intervening 

years and trading below 300 basis points for much of 2011, 

it widened above that level again in early August 2011 and, 

as of early May, stood at 319 basis points, still very high by 

historical standards. 

Rates for conforming mortgages have trended lower in 

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

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

record low of 3.93 percent as of mid-May 2012. 

Foreign Exchange Rates 

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) has depreciated significantly from 

its peak in February 2002. For example, between February 

2002 and July 2009, the exchange value of the dollar 

compared to an index of these currencies fell by about 32 

percent. Over the past 2 years (April 2010 to April 2012), 

the dollar has depreciated by 3.4 percent against this index. 

Over the longer timeframe, the dollar depreciated by nearly 

30 percent against the yen and by 38 percent against the 

euro. Over the past 2 years, the dollar has depreciated by 13 

percent against the yen and has appreciated by 2 percent 

against the euro. Against an index of currencies of 19 other 

important trading partners (including China, India, and 

Mexico), the dollar depreciated 2 percent over the longer 

timeframe, and has depreciated 1.7 percent against this 

basket over the past 2 years. 
June 2012 

9

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

June 2012 

10 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

 Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source 

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

Second-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the second quarter of fiscal 

year 2012 supplements fiscal data reported in the 

March issue of the “Treasury Bulletin.” At the time 

of that issue’s release, not enough data were 

available to adequately analyze collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $213.8 billion for the second 

quarter of fiscal year 2012. This is a decrease of $5.8 billion 

over the comparable prior year quarter. Withheld receipts 

increased by $8.8 billion and non-withheld receipts increased 

by $3.4 billion during this period. Refunds increased by $18.0 

billion over the comparable fiscal year 2011 quarter. There 

was a decrease of $4.9 billion in accounting adjustments 

between individual income tax receipts and the Social 

Security and Medicare trust funds over the comparable quarter 

in fiscal year 2011. 

Corporate income taxes—Net corporate income tax 

receipts were $28.9 billion for the second quarter of fiscal year 

2012. This is an increase of $9.8 billion compared to the prior 

year second quarter. The $9.8 billion change is comprised of 

an increase of $4.0 billion in estimated and final payments, 

and a decrease of $5.8 billion in corporate refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of fiscal 

year 2012 were $204.6 billion, an increase of $13.8 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 $8.1 billion, $1.5 billion, and $4.3 billion respectively. 

There was a -$3.6 billion accounting adjustment for prior 

years’ employment tax liabilities made in the second quarter 

of fiscal year 2012, while there was a $1.2 billion adjustment 

in the second quarter of fiscal year 2011. 

Unemployment insurance—Unemployment insurance 

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

2012 were $8.7 billion, an increase of $1.8 billion over the 

comparable quarter of fiscal year 2011. Net State taxes 

deposited in the U.S. Treasury increased by $0.6 billion to 

$6.1 billion. Net Federal Unemployment Tax Act taxes 

increased by $1.2 billion to $2.6 billion. 
FEDERAL FISCAL OPERATIONS 

June 2012 

11

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $0.9 billion for the 

second quarter of fiscal year 2012. This was a negligible 

change from the comparable quarter of fiscal year 2011. 

Excise taxes—Net excise tax receipts for the second 

quarter of fiscal year 2012 were $17.0 billion, an increase of 

$0.7 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.7 billion, an 

increase of $0.9 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $3.2 billion for the second quarter of fiscal year 2012. 

These receipts represent an increase of $3.7 billion over 

the same quarter in fiscal year 2011 (which was negative in 

net due to large refunds). 

Customs duties—Customs duties net of refunds were 

$6.9 billion for the second quarter of fiscal year 2012. This 

is an increase of $0.1 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the second quarter of fiscal year 2012 were $24.9 billion, 

a decrease of $3.3 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $3.0 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”] 

 Second quarter 

 Jan. - Mar. 

 Actual fiscal 

 year to date 2012 

Total on- and off-budget results: 

Total receipts ............................................................... 508,947 1,064,384

On-budget receipts .................................................. 356,133 792,159

Off-budget receipts .................................................. 152,813 272,224

Total outlays................................................................. 966,200 1,843,373

On-budget outlays.................................................... 814,215 1,596,138

Off-budget outlays.................................................... 151,985 247,233

Total surplus or deficit (-)............................................. -457,253 -778,988

On-budget surplus or deficit (-)................................ -458,081 -803,978

Off-budget surplus or deficit (-)................................ 829 24,992

Means of financing: 

Borrowing from the public ............................................ 398,312 724,276

Reduction of operating cash........................................ 42,256 14,609

Other means ................................................................ 16,683 40,100

Total on- and off-budget financing........................... 457,251 778,986

Second-Quarter Net Budget Receipts by Source, Fiscal Year 2012 

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

Source Jan. Feb. Mar. 

Individual income taxes...................................................... 133.4 21.5 58.9

Corporate income taxes..................................................... 4.5 0.4 24.0

Employment and general retirement.................................. 74.8 60.6 69.3

Unemployment insurance .................................................. 4.2 3.9 0.6

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

Excise taxes ....................................................................... 5.8 4.9 6.3

Estate and gift taxes .......................................................... 0.9 1.3 0.9

Customs duties .................................................................. 2.3 2.3 2.3

Miscellaneous receipts ....................................................... 8.1 8.3 8.6

Total budget receipts ..................................................... 234.3 103.4 171.2

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

June 2012 

12 
FEDERAL FISCAL OPERATIONS 

June 2012 

13

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Means of 

financing 

– net transactions 

Borrowing from 

the public– 

Federal securities 

Public debt 

securities 

(10) 

Fiscal year 

or month 

Total receipts 

 (1) 

 On-budget

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

 

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

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

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

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

2011 ............................ 2,302,495 1,736,709 565,787 3,598,086 3,099,477 498,609 -1,295,591 -1,362,769 67,179 1,234,576 2012 - Est.................... 2,468,599 1,896,459 572,140 3,795,547 3,290,381 505,166 -1,326,948 -1,393,922 66,974 1,586,018

2013 - Est.................... 2,901,956 2,224,545 677,411 3,803,364 3,169,287 634,077 -901,408 -944,742 43,334 1,196,753 2011 - Mar................... 150,894 105,897 44,997 339,048 289,979 49,068 -188,154 -184,082 -4,072 76,515

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

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

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

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

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

Sept................. 240,153 192,532 47,622 301,699 250,124 51,575 -61,546 -57,593 -3,953 108,016

Oct................... 163,072 123,769 39,303 261,539 214,770 46,768 -98,466 -91,001 -7,465 206,986

Nov .................. 152,402 110,346 42,056 289,704 238,285 51,419 -137,302 -127,939 -9,363 117,297

Dec .................. 239,963 201,911 38,052 325,930 328,868 -2,939 -85,967 -126,957 40,991 113,814

2012 - Jan ................... 234,319 178,871 55,448 261,731 217,658 44,073 -27,412 -38,787 11,375 133,900

Feb .................. 103,413 57,954 45,459 335,096 281,062 54,034 -231,683 -223,108 -8,575 132,323

Mar .................. 171,215 119,308 51,906 369,373 315,495 53,878 -198,158 -196,186 -1,971 92,883 Fiscal year 2012 to date ... 1,064,384 792,159 272,224 1,843,373 1,596,138 247,233 -778,988 -803,978 24,992 797,203

Means of financing—net transactions, con.

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

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government 

accounts 

(12) 

Total 

10+11-12

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the 

IMF (deduct)

 (17) 

 

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

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

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

2010 ...................................... 771 179,044 1,474,069 34,567 -535 -538 -531 -147,277 -375 1,293,454

2011 ...................................... 1,014 125,742 1,109,849 -251,743 -1,535 6,011 9,719 -51,806 - 1,295,591 2012 - Est.............................. 645 136,786 1,449,877 1,910 * * * -121,018 * 1,326,948

2013 - Est.............................. 310 138,445 1,058,618 - * * * -157,210 * 901,408 2011 - Mar............................. -135 -10,441 86,821 -72,557 -1,512 -683 6,509 33,090 - 188,154

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

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

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

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

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

Sept........................... -517 3,248 104,251 13,601 -1,708 2,088 -594 -29,318 - 61,546

Oct............................. -346 74,491 132,149 41,156 869 630 427 9,399 - 98,466

Nov............................ 448 -17,013 134,758 -11,641 -1,206 29 -427 -10,701 - 137,302

Dec............................ 185 54,941 59,058 -1,868 -583 1,227 130 25,815 - 85,967

2012 - Jan ............................. -670 8,507 124,724 72,859 566 -125 284 -23,728 - 27,412

Feb ............................ 22 -18,006 150,351 -96,053 188 -179 138 -14,575 - 231,682

Mar............................ -188 -30,542 123,237 -19,062 -248 1,121 -16 56,716 - 198,158 Fiscal year 2012 to date .......... -549 72,378 724,277 -14,609 -414 2,703 536 42,926 - 778,987 

 

Note.—These estimates are based on the President’s Budget for Fiscal Year 2013, released by the 

Office of Management and Budget on February 13, 2012. 

* Less than $500,000. 

- No Transactions 

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

June 2012 

14 

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

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

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds

 (10) 

 Net 

 (11) 

 

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

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

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

2010 .................. 880,361 278,223 260,035 898,549 279,880 88,443 191,437 1,089,986 813,505 1,749 811,756

2011 .................. 990,952 338,348 237,827 1,091,473 243,492 62,407 181,085 1,272,559 756,371 2,094 754,276

 

2012 - Est.......... 1,164,650 - - 1,164,650 236,801 - 236,801 1,401,451 774,687 - 774,687

2013 - Est.......... 1,359,260 - - 1,359,260 347,741 - 347,741 1,707,001 891,354 - 891,354

 

2011 - Mar......... 101,495 10,549 59,288 52,757 23,918 7,016 16,902 69,659 59,997 - 59,997

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

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

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

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

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

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

Oct......... 81,933 12,719 7,905 86,747 10,241 7,775 2,466 89,213 54,135 - 54,135

Nov ........ 74,525 5,288 9,142 70,671 4,483 2,846 1,637 72,308 58,140 - 58,140

Dec ........ 102,324 12,255 1,627 112,952 53,540 2,030 51,510 164,462 54,356 - 54,356

2012 - Jan ......... 89,909 50,103 6,588 133,424 8,019 3,470 4,549 137,973 74,426 - 74,426

Feb ........ 96,934 5,442 80,917 21,460 4,248 3,844 405 21,865 60,107 - 60,107

Mar ........ 96,983 10,171 48,264 58,890 29,394 5,424 23,970 82,860 68,895 - 68,895

 

Fiscal year 2012 

 to date................ 542,608 95,978 154,443 484,144 109,925 25,389 84,537 568,681 370,059 - 370,059

 

Fiscal year 

or month 

Social insurance and retirement receipts, con.

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

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un-

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

 

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

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

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

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

2011 ............................ 4,240 2 4,238 758,515 56,335 95 56,241 4,021 30 4,051

 

2012 - Est.................... 4,487 - 4,487 779,174 57,138 - 57,138 4,315 23 4,338

2013 - Est.................... 4,815 - 4,815 896,169 57,861 - 57,861 5,007 20 5,027

 2011 - Mar................... 382 * 382 60,380 681 8 673 308 3 311

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

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

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

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

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

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

Oct................... 393 * 393 54,528 2,745 -1 2,745 292 2 293

Nov.................. 362 1 362 58,501 4,880 3 4,878 344 3 347

Dec.................. 336 * 335 54,692 3,717 7 3,710 316 3 318

2012 - Jan ................... 397 * 397 74,823 4,168 -1 4,169 288 2 290

Feb.................. 445 * 445 60,552 3,926 2 3,924 287 3 290

Mar.................. 366 * 366 69,262 645 9 636 343 3 346

 

Fiscal year 2012 to date.... 2,299 1 2,298 372,358 20,081 19 20,062 1,870 16 1,884

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

June 2012 

15

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve banks

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget

(46) 

 

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

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

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

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

2011 ....................... 72,381 9,079 1,680 7,399 30,697 1,178 29,519 82,546 19,284 101,831 1,736,708 565,787 2012 - Est............... 79,415 11,377 - 11,377 30,817 - 30,817 81,339 23,550 104,889 1,896,459 572,140

2013 - Est............... 88,055 12,738 - 12,738 33,488 - 33,488 80,356 21,261 101,617 2,224,545 677,411 2011 - Mar.............. 7,108 232 110 122 2,351 136 2,215 8,808 1,620 10,428 105,897 44,997

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

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

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

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

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

Sept............ 10,095 271 26 245 2,972 101 2,871 5,188 1,715 6,903 192,532 47,622

Oct.............. 4,870 1,056 35 1,021 2,964 120 2,844 5,963 1,595 7,558 123,769 39,303

Nov............. 6,708 1,028 61 967 2,746 120 2,626 4,615 1,452 6,067 110,346 42,056

Dec............. 6,220 1,023 20 1,003 2,543 326 2,217 5,277 2,064 7,341 201,911 38,052

2012 - Jan .............. 5,771 961 14 947 2,638 370 2,268 6,504 1,575 8,079 178,871 55,448

Feb ............. 4,907 1,299 21 1,278 2,435 97 2,339 6,715 1,545 8,260 57,954 45,459

Mar............. 6,303 979 37 941 2,379 109 2,270 7,106 1,491 8,597 119,308 51,906 Fiscal year 2012 to 

 date .......................... 34,779 6,346 188 6,157 15,705 1,142 14,564 36,180 9,722 45,902 792,159 272,224 

Note.—These estimates are based on the President’s Budget for Fiscal Year 2013, released by the 

Office of Management and Budget on February 13, 2012. 

* Less than $500,000. 

- No Transactions 

Detail may not add to totals due to rounding. 

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

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

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net 

 (34) 

 

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

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

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

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

2011.............................. 818,807 11,551 18 11,532 623 - 623 36,907 - 36,907 27,510 4,191 23,320 2012 - Est ..................... 840,650 11,600 - 11,600 603 - 603 38,714 - 38,714 28,498 - 28,498

2013 - Est ..................... 959,057 12,812 - 12,812 600 - 600 39,308 - 39,308 35,335 - 35,335 2011 - Mar .................... 61,364 850 - 850 51 - 51 2,818 - 2,818 3,638 249 3,389

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

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

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

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

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

Sept................... 66,751 1,429 3 1,426 86 - 86 5,364 - 5,364 3,828 610 3,218

Oct .................... 57,566 256 - 256 14 - 14 815 - 815 3,926 142 3,785

Nov.................... 63,726 1,082 - 1,082 58 - 58 3,825 - 3,825 1,963 219 1,744

Dec.................... 58,720 1,034 - 1,034 55 - 55 3,655 - 3,655 1,660 183 1,477

2012 - Jan..................... 79,281 870 - 870 47 - 47 3,070 - 3,070 1,947 164 1,783

Feb.................... 64,766 1,313 8 1,305 71 - 71 4,368 - 4,368 516 1,353 -837

Mar.................... 70,244 1,033 - 1,033 59 - 59 3,136 - 3,136 2,260 184 2,076 Fiscal year 2012 to date.... 394,303 5,588 8 5,580 304 - 304 18,869 - 18,869 12,272 2,245 10,028 
FEDERAL FISCAL OPERATIONS 

June 2012 

16 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

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

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

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

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

2011 ....................... 4,583 7,295 139,394 9,930 678,077 64,271 31,371 891,245 45,744 57,008 13,529 30,518 131,973 2012 - Est............... 5,253 7,581 150,680 11,326 688,254 98,467 38,998 871,836 60,443 56,788 11,241 34,556 127,157

2013 - Est............... 4,903 7,717 154,502 8,990 672,879 71,906 33,272 940,832 55,345 46,283 13,345 36,517 101,693 2011 - Mar.............. 381 601 12,077 798 61,126 11,230 3,210 79,970 3,971 4,308 940 2,579 12,713

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

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

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

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

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

Sept ............ 356 807 11,091 671 63,208 3,731 1,228 85,476 4,886 3,281 1,235 2,409 9,359

Oct.............. 413 580 18,002 899 58,055 4,075 2,983 53,149 5,002 3,921 1,019 3,049 7,089

Nov ............. 394 556 11,097 931 53,132 6,628 2,835 71,949 4,578 4,090 1,213 2,562 10,150

Dec ............. 384 567 13,979 940 61,084 6,438 3,233 70,260 4,754 4,180 1,013 2,587 9,942

2012 - Jan .............. 366 572 13,497 811 47,420 367 2,593 63,423 3,397 3,626 940 2,463 10,321

Feb ............. 368 561 10,684 989 52,093 10,108 2,677 70,600 3,236 3,867 995 2,379 9,527

Mar ............. 378 743 10,552 938 63,656 7,279 2,367 89,609 4,244 3,698 1,017 2,267 9,152 ` Fiscal year 2012 to 

 date ......................... 2,303 3,579 77,811 5,508 335,440 34,895 16,688 418,990 25,211 23,382 6,197 15,307 56,181 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, other

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense,

civil 

programs

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration

(23) 

International 

Assistance 

Program

(24) 

 

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

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

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

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

2011 ....................... 24,334 77,302 454,015 82,720 126,917 10,138 54,775 10,770 484 1,889 20,601 

2012 - Est............... 29,937 84,135 450,335 129,283 129,186 9,184 51,991 9,352 414 1,083 25,554

2013 - Est............... 31,888 98,523 472,040 71,282 139,742 8,137 57,224 8,935 408 736 27,496 

2011 - Mar.............. 2,138 5,155 24,460 24,399 11,565 843 4,533 924 64 333 991

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

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

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

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

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

Sept............ 3,415 8,066 19,883 -19,986 15,728 701 8,749 989 54 202 2,143

Oct.............. 2,233 7,293 27,771 5,188 5,989 755 -696 549 34 112 1,221

Nov............. 2,547 6,534 21,709 3,155 9,985 719 4,829 948 27 66 2,501

Dec............. 2,796 6,921 98,114 13,434 14,528 844 9,356 927 31 277 2,380

2012 - Jan .............. 1,798 4,897 21,106 4,163 5,732 580 1,049 910 29 -5 3,086

Feb............. 1,408 4,896 17,414 51,600 10,235 541 5,265 766 32 61 1,286

Mar............. 1,774 5,346 24,683 32,860 18,120 682 8,706 894 38 160 1,002 Fiscal year 2012 to 

 date......................... 12,556 35,887 210,797 110,400 64,589 4,121 28,509 4,994 191 671 11,476 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

June 2012 

17

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

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

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget

 (36) 

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

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

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

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

2011 .................. 17,617 7,146 74,091 6,162 784,194 14,505 -79,681 -188,017 -6,384 -431 3,099,477 498,609

 

2012 - Est.......... 17,637 8,281 87,462 3,157 827,061 48,079 -86,533 -180,392 -7,879 -4,360 3,290,381 505,166

2013 - Est.......... 17,806 7,528 92,426 1,382 880,822 6,834 -84,535 -173,309 -6,967 -3,218 3,169,287 634,077

 

2011 - Mar......... 1,633 515 6,902 4,872 64,407 -1,571 -5,137 -1,427 -455 - 289,979 49,070

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

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

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

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

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

Sept....... 1,747 702 6,121 98 69,546 2,438 -5,427 -319 -568 -323 250,124 51,575

Oct......... 1,168 610 6,972 113 61,488 7,852 -21,363 -3,615 -370 - 214,770 46,768

Nov........ 1,523 537 6,043 103 65,499 -473 -5,519 -511 -636 - 238,285 51,419

Dec........ 1,734 569 5,964 95 70,359 5,098 -6,635 -80,226 3 - 328,868 -2,939

2012 - Jan ......... 975 564 6,946 101 64,416 3,243 -5,420 -1,058 -1,178 - 217,658 44,073

Feb ........ 1,278 513 6,524 82 68,347 2,636 -5,398 157 -630 - 281,062 54,034

Mar........ 1,350 574 6,474 1,888 73,332 2,685 -5,703 -1,214 -176 - 315,495 53,878

 Fiscal year 2012 

to date ................ 8,028 3,367 38,923 2,382 403,441 21,041 -50,038 -86,467 -2,987 - 1,596,138 247,233 

Note.—These estimates are based on the President’s Budget for Fiscal Year 2013, released by the 

Office of Management and Budget on February 13, 2012. 

* Less than $500,000. 

- No Transactions 

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

June 2012 

18 

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

March 2012 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............................................... 484,126 17 . 484,143 475,580 18 - 475,598

Corporation income taxes........................................... 84,537 - * 84,537 55,081 - * 55,081

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 272,225 272,225 - - 278,974 278,974

Employment and general retirement (on-budget)... - - 100,133 100,133 - - 92,414 92,414

Unemployment insurance ....................................... - - 20,062 20,062 - - 16,053 16,053

Other retirement...................................................... - - 1,884 1,884 - - 2,016 2,016

Excise taxes ................................................................ 7,745 495 26,539 34,779 9,408 440 23,183 33,032

Estate and gift taxes ................................................... 6,157 - - 6,157 175 - - 175

Customs duties ........................................................... 9,238 4,521 805 14,564 8,720 4,663 737 14,119

Miscellaneous receipts................................................ 37,618 7,994 289 45,901 43,693 8,153 589 52,434

Total receipts....................................................... 629,421 13,027 421,936 1,064,384 592,656 13,274 413,967 1,019,896

(On-budget)..................................................... 629,421 13,027 149,711 792,159 592,656 13,274 134,993 740,923

(Off-budget)..................................................... - - 272,225 272,225 - - 278,974 278,974

 

Budget outlays: 

Legislative branch ....................................................... 2,342 -33 -6 2,303 2,364 6 -4 2,366

Judicial branch ............................................................ 3,445 210 -76 3,579 2,966 464 31 3,460

Department of Agriculture ........................................... 66,079 11,275 456 77,810 61,897 12,954 479 75,330

Department of Commerce........................................... 5,183 328 -2 5,509 4,826 396 1 5,223

Department of Defense-military .................................. 333,359 2,026 55 335,440 340,777 1,736 24 342,537

Department of Education ............................................ 34,905 -11 * 34,895 53,884 -12 * 53,872

Department of Energy................................................. 17,785 -1,097 * 16,688 18,201 -993 * 17,208

Department of Health and Human Services ............... 296,607 -186 122,569 418,989 324,066 -136 114,105 438,034

Department of Homeland Security.............................. 25,391 -386 206 25,211 23,594 -1,666 153 22,081

Department of Housing and Urban Development....... 23,515 -137 3 23,381 25,012 -152 1 24,862

Department of the Interior........................................... 5,727 251 219 6,197 5,979 191 240 6,411

Department of Justice ................................................. 14,354 977 -25 15,306 14,210 1,240 -46 15,405

Department of Labor................................................... 52,495 244 3,442 56,182 61,321 -212 10,999 72,108

Department of State.................................................... 12,824 -667 403 12,560 11,595 368 340 12,304

Department of Transportation..................................... 8,185 -150 27,852 35,888 11,737 -51 24,594 36,280

Department of the Treasury: 

Interest on the public debt....................................... 210,798 - - 210,798 215,582 - - 215,582

Other ....................................................................... 110,079 466 -145 110,400 103,885 160 -17 104,027

Department of Veterans Affairs .................................. 65,321 -1,238 506 64,589 61,537 -1,303 504 60,738

Corps of Engineers ..................................................... 3,390 220 511 4,121 5,222 142 87 5,452

Other defense civil programs...................................... 71,547 -4,682 -38,356 28,508 71,246 -8,837 -35,847 26,562

Environmental Protection Agency............................... 5,370 -42 -333 4,995 5,811 -55 130 5,886

Executive Office of the President................................ 190 * - 190 263 * * 263

General Services Administration ................................ -44 715 - 671 96 779 * 874

International Assistance Program............................... 11,464 -456 469 11,477 9,670 -368 -1,389 7,913

National Aeronautics and Space Administration ........ 8,105 -80 1 8,026 8,701 -2 1 8,700

National Science Foundation...................................... 3,300 58 10 3,367 3,210 60 -11 3,260

Office of Personnel Management ............................... 5,375 -932 34,479 38,922 4,993 -768 33,000 37,225

Small Business Administration ................................... 2,386 -4 * 2,382 5,508 -6 * 5,502

Social Security Administration .................................... 93,121 -13 310,331 403,439 60,665 - 323,539 384,204

Other independent agencies....................................... 6,557 10,601 3,881 21,040 5,661 -8,792 1,337 -1,794

Undistributed offsetting receipts: 

Interest .................................................................... - - -86,467 -86,467 - - -92,134 -92,134

Other ....................................................................... -2,987 -11,145 -38,894 -53,026 -2,884 -11,314 -36,226 -50,424

Total outlays........................................................ 1,496,167 6,114 341,091 1,843,372 1,521,592 -16,170 343,892 1,849,315

(On-budget)..................................................... 1,495,911 5,822 94,404 1,596,138 1,521,458 -16,018 85,709 1,591,149

(Off-budget)..................................................... 256 292 246,687 247,234 135 -152 258,183 258,165

Surplus or deficit (-)............................................. -866,746 6,913 80,845 -778,988 -928,936 29,444 70,075 -829,419

(On-budget)..................................................... -866,490 7,205 55,307 -803,978 -928,802 29,292 49,284 -850,226

(Off-budget)..................................................... -256 -292 25,538 24,990 -135 152 20,791 20,808

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
June 2012 

19

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating 

cash is maintained in accounts with the Federal Reserve 

banks (FRBs) and branches, as well as in tax and loan 

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

are depleted, funds are called in (withdrawn) from thousands 

of tax and loan accounts at financial institutions throughout 

the country. 

Under authority of Public Law 95-147 (codified at 31 

United States Code 323), Treasury implemented a program 

on November 2, 1978, to invest a portion of its operating 

cash in obligations of depositaries maintaining tax and loan 

accounts. Under the Treasury tax and loan (TT&L) 

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

through financial institutions and to leave the funds in TT&L 

depositaries and in the financial communities in which they 

arise until Treasury needs the funds for its operations. In this 

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

remit the funds to the Treasury account at FRBs do so as 

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

cases, this involves a transfer of funds from a customer’s 

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

TABLE UST-1.—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals

 Federal Reserve accounts

 Credits 2 Tax and loan note accounts

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

2007 ................................................ 8,455,356 528,724 8,983,992 1,571,322 1,548,300 

2008 ................................................ 9,947,954 530,425 10,151,438 1,602,823 1,633,393 

2009 ................................................ 11,577,153 482,146 12,118,510 1,398,542 1,435,675 

2010 ................................................ 11,016,385 556,403 11,538,208 1,362,591 1,362,604 

2011 ................................................ 10,508,615 592,338 11,352,518 1,366,003 1,366,181 

 2011 - Mar....................................... 994,693 51,559 1,118,662 132,553 132,700 

Apr....................................... 856,002 55,336 923,094 130,541 130,380 

May...................................... 881,266 45,463 913,531 99,821 99,860 

June..................................... 907,430 58,898 948,843 127,622 127,742 

July ...................................... 610,948 44,530 725,437 93,363 93,212 

Aug ...................................... 912,117 45,996 980,804 97,073 97,069 

Sept..................................... 953,587 55,536 995,320 123,221 123,423 

Oct....................................... 767,502 46,541 773,042 98,338 98,183 

Nov ...................................... 781,926 45,274 838,879 89,746 89,708 

Dec ...................................... 815,735 66,472 882,076 145,854 147,853 

2012 - Jan....................................... 915,161 52,248 894,550 117,741 117,741 

Feb ...................................... 848,042 47,199 991,294 111,126 111,126 

Mar ...................................... 912,466 55,392 986,921 137,882 137,882 

 

See footnotes at end of table. 
ACCOUNT OF THE U.S. TREASURY 

June 2012 

20 

TABLE UST-1.—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, con. 1

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

Balances

 During period

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6) 

SFP 

(7) 

Tax and 

loan 

note 

accounts 

(8) 

Federal 

Reserve

(9) 

SFP 

(10) 

Tax and 

loan 

note 

accounts

(11) 

Federal 

Reserve 

(12) 

SFP 

(13) 

Tax and 

loan 

note 

accounts 

(14) 

Federal 

Reserve 

(15) 

SFP 

(16) 

Tax and 

loan 

note 

accounts 

(17) 

 

2007 ....................... 5,539 - 69,698 29,504 - 98,264 3,239 - 75 5,216 - 23,961 

2008 ....................... 32,988 - 39,129 32,988 - 135,752 2,973 - - 5,181 - 17,751 

2009 ....................... 108,324 164,945 1,996 136,672 558,864 79,897 3,987 - 284 52,381 144,538 4,161 

2010 ....................... 107,888 199,962 1,983 186,632 199,965 2,630 3,191 - 62 53,632 115,525 1,957 

2011 ....................... 56,284 - 1,805 147,189 199,964 3,067 3,302 5,000 113 58,431 83,628 1,982 

 

2011 - Mar.............. 111,203 5,000 1,852 111,203 99,980 2,163 14,159 5,000 1,852 57,477 41,605 2,011 

Apr.............. 99,447 5,000 2,012 131,725 5,000 2,046 23,405 5,000 1,911 66,889 5,000 2,001 

May............. 112,645 5,000 1,974 144,911 5,000 2,228 54,144 5,000 1,605 90,511 5,000 1,993 

June............ 130,130 5,000 1,853 134,570 5,000 3,067 20,027 5,000 1,853 79,240 5,000 2,051 

July ............. 65,172 - 2,004 107,369 5,000 2,038 35,827 - 1,879 70,304 4,355 1,987 

Aug ............. 42,481 - 2,007 66,958 - 2,048 8,905 - 1,948 24,006 - 1,998 

Sept............ 56,284 - 1,805 79,414 - 2,437 10,572 - 1,805 39,351 - 2,007 

Oct.............. 97,285 - 1,960 97,285 - 2,034 16,185 - 1,805 44,981 - 1,981 

Nov ............. 85,605 - 1,999 85,605 - 2,088 20,307 - 1,953 40,315 - 2,005 

Dec ............. 85,737 - 2,017 118,682 - 2,215 15,310 - - 67,361 - 1,891 

2012 - Jan .............. 158,596 - - 158,596 - - 65,264 - - 94,262 - -

Feb ............. 62,542 - - 129,076 - - 25,595 - - 62,402 - -

Mar ............. 43,480 - - 107,604 - - 26,437 - - 64,779 - -

 

 1 This report does not include Supplementary Financing Program (SFP) balances.

2

 Represents transfers from tax and loan note accounts, proceeds from sales of 

securities other than Government account series, and taxes. 

3

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, 

redemptions of securities other than Government account series, and investment 

(transfer) of excess funds out of this account to the tax and loan note accounts. 

4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 

depositaries as follows: withheld income taxes beginning March 1948; taxes on 

employers and employees under the Federal Insurance Contributions Act beginning 

January 1950 and under the Railroad Retirement Tax Act beginning July 1951; a 

number of excise taxes beginning July 1953; estimated corporation income taxes 

beginning April 1967; all corporation income taxes due on or after March 15, 1968; 

Federal Unemployment Tax Act taxes beginning April 1970; and individual estimated 

income taxes beginning October 1988. 
June 2012 

21

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 

June 2012

22 

TABLE FD-1.—Summary of Federal Debt

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

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency

securities 

(3) 

Total 

(4) 

Public debt

securities 

(5) 

Agency

securities

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency

securities

(9) 

 

2007............................... 9,030,612 9,007,653 22,959 3,958,417 3,958,411 6 5,072,195 5,049,242 22,953

2008............................... 10,047,828 10,024,725 23,104 4,210,491 4,210,485 6 5,837,337 5,814,240 23,098

2009............................... 11,933,031 11,909,828 23,203 4,355,292 4,355,291 1 7,577,739 7,554,537 23,202

2010............................... 13,585,596 13,561,622 23,974 4,534,014 4,534,011 3 9,051,582 9,027,611 23,971

2011............................... 14,815,328 14,790,340 24,988 4,658,307 4,658,301 6 10,157,021 10,132,039 24,982

 

2011 - Mar ..................... 14,294,579 14,270,114 24,465 4,613,547 4,613,541 6 9,681,032 9,656,573 24,459

Apr ..................... 14,312,261 14,287,629 24,632 4,627,930 4,627,924 6 9,684,331 9,659,705 24,626

May .................... 14,369,297 14,344,667 24,629 4,616,651 4,616,645 6 9,752,646 9,728,022 24,623

June ................... 14,367,591 14,343,087 24,504 4,596,214 4,596,208 6 9,771,377 9,746,879 24,498

July..................... 14,367,889 14,342,369 25,520 4,581,748 4,581,742 6 9,786,141 9,760,627 25,514

Aug..................... 14,709,806 14,684,292 25,514 4,655,154 4,655,148 6 10,054,652 10,029,144 25,508

Sept.................... 14,815,328 14,790,340 24,988 4,658,307 4,658,301 6 10,157,021 10,132,039 24,982

Oct ..................... 15,018,350 14,993,709 24,642 4,732,703 4,732,697 6 10,285,647 10,261,011 24,636

Nov..................... 15,135,588 15,110,499 25,090 4,715,598 4,715,592 6 10,419,990 10,394,906 25,084

Dec..................... 15,248,213 15,222,940 25,274 4,770,443 4,770,437 6 10,477,770 10,452,502 25,268

2012 - Jan...................... 15,380,745 15,356,140 24,605 4,778,855 4,778,848 6 10,601,890 10,577,292 24,599

Feb..................... 15,513,518 15,488,891 24,627 4,760,759 4,760,753 6 10,752,759 10,728,138 24,621

Mar..................... 15,606,518 15,582,079 24,439 4,730,124 4,730,118 6 10,876,394 10,851,961 24,433

 

End of fiscal 

year or month 

Federal debt securities Securities held by Government accounts Securities held by the public 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount

(17) 

Accrual

amount

(18) 

 

2007 ............................... 9,030,612 82,078 8,948,534 3,958,417 42,796 3,915,621 5,072,195 39,282 5,032,913

2008 ............................... 10,047,828 64,135 9,983,694 4,210,491 27,432 4,183,059 5,837,337 36,703 5,800,635

2009 ............................... 11,933,031 59,219 11,873,812 4,355,292 25,467 4,329,825 7,577,739 33,752 7,543,987

2010 ............................... 13,585,596 58,963 13,526,633 4,534,014 25,145 4,508,869 9,051,582 33,818 9,017,764

2011 ............................... 14,815,328 53,105 14,762,223 4,658,307 23,697 4,634,610 10,157,021 29,408 10,127,613

 

2011 - Mar...................... 14,294,579 59,486 14,235,093 4,613,547 24,313 4,589,234 9,681,032 35,173 9,645,860

Apr...................... 14,312,261 58,082 14,254,179 4,627,930 24,221 4,603,710 9,684,331 33,861 9,650,470

May .................... 14,369,297 58,159 14,311,138 4,616,651 24,126 4,592,526 9,752,646 34,033 9,718,612

June ................... 14,367,591 56,800 14,310,792 4,596,214 23,983 4,572,231 9,771,377 32,817 9,738,561

July..................... 14,367,889 55,596 14,312,292 4,581,748 23,894 4,557,855 9,786,141 31,702 9,754,437

Aug..................... 14,709,806 55,072 14,654,733 4,655,154 23,792 4,631,362 10,054,652 31,280 10,023,371

Sept.................... 14,815,328 53,105 14,762,223 4,658,307 23,697 4,634,610 10,157,021 29,408 10,127,613

Oct...................... 15,018,350 49,488 14,968,863 4,732,703 23,602 4,709,101 10,285,647 25,886 10,259,761

Nov..................... 15,135,588 48,980 15,086,608 4,715,598 23,510 4,692,088 10,419,990 25,470 10,394,520

Dec..................... 15,248,213 47,608 15,200,606 4,770,443 23,413 4,747,030 10,477,770 24,195 10,453,576

2012 - Jan ...................... 15,380,745 46,908 15,333,837 4,778,855 23,318 4,755,537 10,601,890 23,590 10,578,300

Feb ..................... 15,513,518 47,335 15,466,182 4,760,759 23,228 4,737,531 10,752,759 24,107 10,728,652

Mar..................... 15,606,518 47,640 15,558,877 4,730,124 23,128 4,706,996 10,876,394 24,512 10,851,881

 
FEDERAL DEBT 

June 2012 

23

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Depositary

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

2007 ....................................... 197,126 - 2,986 88,153 296,513 29,995 6,126 

2008 ....................................... 194,253 - 2,986 107,498 260,238 29,995 3,569 

2009 ....................................... 192,452 - 4,886 118,636 216,488 29,995 1,466 

2010 ....................................... 188,796 - 4,186 129,355 193,208 29,995 1,340 

2011 ....................................... 185,187 - 2,986 151,346 151,831 29,995 1,386 

 

2011 - Mar............................. 186,864 - 3,786 136,956 181,922 29,995 1,301

Apr.............................. 186,562 - 3,786 137,707 180,849 29,995 1,336

May ............................ 186,428 - 3,686 85,545 175,651 29,995 1,364

June ........................... 186,085 - 3,686 39,793 166,423 29,995 1,380

July............................. 185,758 - 3,086 22,187 155,835 29,995 1,367

Aug............................. 185,368 - 2,986 151,903 150,918 29,995 1,435

Sept............................ 185,187 - 2,986 151,346 151,831 29,995 1,386

Oct.............................. 185,622 - 2,986 155,188 154,480 29,995 1,407

Nov............................. 185,493 - 2,986 157,104 154,665 29,995 1,335

Dec............................. 185,278 - 2,986 159,019 152,058 29,995 1,328

2012 - Jan .............................. 185,199 - 3,786 158,824 144,401 29,995 1,318

Feb ............................. 185,033 - 3,786 157,237 143,880 29,995 1,328

Mar............................. 184,840 - 3,586 156,667 152,781 29,995 1,329

 

TABLE FD-2.—Debt Held by the Public *

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Marketable

Nonmarketable 

Total 

(7) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

 

2007 .................................. 5,049,306 4,428,405 954,607 2,456,100 560,922 456,776 620,900

2008 .................................. 5,808,692 5,210,151 1,484,332 2,623,364 578,504 523,951 598,540

2009 .................................. 7,551,862 6,987,937 1,986,173 3,772,964 677,491 551,308 563,924

2010 .................................. 9,022,808 8,475,928 1,783,675 5,252,585 846,054 593,614 546,880

2011 .................................. 10,127,031 9,604,300 1,475,557 6,406,983 1,016,407 705,352 522,731

 

2011 - Mar......................... 9,651,643 9,110,819 1,694,692 5,843,938 931,474 640,714 540,824

Apr......................... 9,654,950 9,114,716 1,635,406 5,898,889 945,100 635,321 540,234

May ....................... 9,723,456 9,240,787 1,576,536 6,049,390 961,176 653,686 482,669

June ...................... 9,742,223 9,314,861 1,529,417 6,145,991 974,150 665,303 427,363

July........................ 9,755,796 9,357,568 1,490,449 6,199,125 986,819 681,176 398,227

Aug........................ 10,024,253 9,501,649 1,491,239 6,313,529 1,003,417 693,464 522,604

Sept....................... 10,127,031 9,604,300 1,475,557 6,406,983 1,016,407 705,352 522,731

Oct......................... 10,256,015 9,726,339 1,480,662 6,501,319 1,029,426 714,932 529,676

Nov........................ 10,389,958 9,858,380 1,511,028 6,573,057 1,046,715 727,579 531,578

Dec........................ 10,447,663 9,916,999 1,519,462 6,598,894 1,060,111 738,532 530,664

2012 - Jan ......................... 10,572,374 10,048,852 1,524,149 6,705,364 1,073,883 745,457 523,522

Feb ........................ 10,722,996 10,201,737 1,608,738 6,748,203 1,091,968 752,828 521,259

Mar........................ 10,846,825 10,317,628 1,672,607 6,770,349 1,105,890 768,782 529,197
FEDERAL DEBT 

June 2012

24 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

 

2007 ..................... 1,968,262 3,182 39,248 12,205 9,752 979 596 74,923 555,118

2008 ..................... 2,150,651 3,320 59,090 12,811 9,272 1,605 624 72,432 614,991

2009 ..................... 2,296,316 3,313 61,764 11,484 8,735 4,239 405 19,628 683,808

2010 ..................... 2,399,111 3,388 70,982 24,455 8,161 1,142 506 18,703 759,426

2011 ..................... 2,492,531 3,374 70,446 16,302 7,541 1,207 696 16,030 855,991

 

2011 - Mar............ 2,433,539 3,398 77,342 23,752 7,879 592 543 12,144 842,528

Apr............ 2,450,012 3,398 72,338 24,000 7,781 555 544 12,201 847,269

May .......... 2,446,613 3,374 78,365 24,177 7,694 392 457 23,668 797,171

June ......... 2,498,211 3,374 80,356 22,050 7,803 592 484 21,126 742,747

July........... 2,498,080 3,374 79,248 21,436 7,724 392 518 16,686 727,495

Aug........... 2,492,618 3,374 77,638 19,541 7,644 392 457 17,858 862,234

Sept.......... 2,492,531 3,374 70,446 16,302 7,541 1,207 696 16,030 855,991

Oct............ 2,489,493 3,378 78,529 15,616 7,473 392 554 12,658 942,338

Nov........... 2,482,482 3,377 78,013 14,782 7,398 392 398 14,226 942,478

Dec........... 2,524,898 3,377 80,268 13,856 7,503 592 392 15,634 939,110

2012 - Jan ............ 2,536,952 3,377 81,459 14,385 7,415 1,057 456 11,999 939,714

Feb ........... 2,531,745 3,422 81,498 15,915 7,327 1,057 484 13,708 935,511

Mar........... 2,533,599 3,422 73,928 15,700 7,237 1,057 484 11,155 930,382

 

 

Note.—Detail may not add to totals due to rounding. 

TABLE FD-3.—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

 

2007 .................. 4,026,772 7,931 47,515 32,965 16,436 213,830 702,043 319,377 22,410

2008 .................. 4,297,677 7,674 29,937 34,397 16,847 216,487 729,705 318,741 19,093

2009 .................. 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668

2010 .................. 4,645,280 7,045 37,441 37,605 20,436 187,222 785,988 279,475 4,194

2011 .................. 4,793,916 8,641 34,926 39,678 22,721 161,965 811,768 245,939 4,160

 

2011 - Mar......... 4,733,014 8,463 38,291 38,591 22,905 173,057 782,674 259,965 7,351

Apr......... 4,748,039 8,700 38,747 38,669 22,906 172,809 779,362 260,974 7,774

May ....... 4,684,821 7,071 37,583 39,025 22,890 169,639 757,549 260,890 8,263

June ...... 4,620,377 7,604 37,161 39,077 22,750 171,004 696,628 267,165 2,245

July........ 4,588,205 8,224 36,177 39,126 22,750 168,149 696,584 259,358 2,884

Aug........ 4,791,292 8,801 36,101 39,584 22,725 164,436 784,010 250,349 3,530

Sept....... 4,793,916 8,641 34,926 39,678 22,721 161,965 811,768 245,939 4,160

Oct......... 4,872,195 9,450 34,043 39,741 22,721 158,013 807,560 245,501 4,735

Nov........ 4,857,215 9,544 35,151 40,138 22,699 154,618 804,043 242,409 5,067

Dec........ 4,913,919 9,823 32,324 40,163 22,699 153,996 819,581 244,310 5,393

2012 - Jan ......... 4,922,040 9,074 32,977 40,227 22,699 152,610 815,428 246,459 5,752

Feb ........ 4,902,079 9,434 32,006 40,533 22,690 148,965 811,419 240,155 6,210

Mar........ 4,870,770 9,259 30,578 40,583 22,691 146,673 807,837 229,627 6,558

 
FEDERAL DEBT 

June 2012 

25

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

 

2007 ............................ 22,959 85 152 22,506 215 -1

2008 ............................ 23,104 69 150 22,680 204 *

2009 ............................ 23,203 33 144 22,834 193 *

2010 ............................ 23,974 29 139 23,627 180 *

2011 ............................ 24,988 29 133 24,660 166 *

 

2011 - Mar................... 24,465 31 136 24,125 173 *

Apr................... 24,632 31 137 24,291 173 *

May ................. 24,629 31 138 24,287 173 *

June ................ 24,504 31 139 24,161 173 *

July.................. 25,520 29 140 25,178 173 *

Aug.................. 25,514 29 141 25,178 166 *

Sept................. 24,988 29 133 24,660 166 *

Oct................... 24,642 29 134 24,313 166 *

Nov.................. 25,090 29 135 24,760 166 *

Dec.................. 25,274 29 136 24,943 166 *

2012 - Jan ................... 24,605 29 137 24,273 166 *

Feb .................. 24,627 29 130 24,310 158 *

Mar.................. 24,439 29 130 24,122 158 *

 

 

Note.—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

June 2012

26 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within 

1 year 

(2) 

1-5

years 

(3) 

5-10

years 

(4) 

 10-20

 years 

 (5) 

 20 years 

 or more 

 (6) 

Average length

(months) 

(7) 

2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 58

2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 49

2009 ............................... 6,228,565 2,604,676 2,074,723 994,688 350,550 203,928 49

2010 ............................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57

2011 ............................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60

 

2011 - Mar...................... 7,781,983 2,555,954 2,937,225 1,528,474 329,019 431,311 58

Apr...................... 7,653,649 2,522,043 2,870,226 1,496,984 324,243 440,152 58

May..................... 7,721,626 2,499,253 2,953,201 1,499,893 317,188 452,090 59

June.................... 7,706,588 2,474,344 2,961,638 1,486,856 315,369 468,382 59

July ..................... 7,674,300 2,481,706 2,924,762 1,471,149 315,618 481,063 60

Aug ..................... 7,861,156 2,495,843 3,048,014 1,510,394 310,042 496,863 60

Sept.................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60

Oct...................... 8,074,439 2,546,549 3,164,655 1,539,649 307,001 516,584 60

Nov ..................... 8,196,987 2,615,920 3,234,816 1,535,457 292,136 518,658 59

Dec ..................... 8,205,749 2,641,533 3,251,453 1,505,074 289,711 517,978 59

2012 - Jan ...................... 8,399,585 2,652,591 3,412,176 1,527,281 287,847 519,690 58

Feb ..................... 8,551,311 2,743,327 3,479,479 1,513,140 285,554 529,809 58

Mar ..................... 8,608,508 2,820,573 3,477,460 1,498,189 283,948 528,338 57

 

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

June 2012 

27

TABLE FD-6.—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities

 not subject

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 

2007 ................................................ 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379

2008 ................................................ 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926

2009 ................................................ 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408

2010 ................................................ 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794

2011 ................................................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797

 

2011 - Mar.............................. 14,294,000 14,217,862 14,217,849 13 14,270,115 13 52,266

Apr.............................. 14,294,000 14,235,938 14,235,925 13 14,287,630 13 51,704

May............................. 14,294,000 14,293,975 14,293,962 13 14,344,668 13 50,705

June............................ 14,294,000 14,293,975 14,293,962 13 14,343,088 13 49,124

July ............................. 14,294,000 14,293,975 14,293,965 10 14,342,369 10 48,404

Aug ............................. 14,694,000 14,638,920 14,638,910 10 14,684,293 10 45,382

Sept............................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797

Oct.............................. 15,194,000 14,948,905 14,948,895 10 14,993,709 10 44,814

Nov ............................. 15,194,000 15,067,516 15,067,506 10 15,110,499 10 42,993

Dec ............................. 15,194,000 15,180,337 15,180,327 10 15,222,940 10 42,613

2012 - Jan .............................. 16,394,000 15,313,699 15,313,689 10 15,356,140 10 42,452

Feb ............................. 16,394,000 15,446,261 15,446,251 10 15,488,891 10 42,640

Mar ............................. 16,394,000 15,538,685 15,538,675 10 15,582,079 10 43,404

 

 1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

June 2012

28 

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

End of fiscal 

year or month 

Total 

(1) 

 Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2007 ................................................ 219,079 10,662 22,803 13,803 420 1,448

2008 ................................................ 252,783 9,691 24,789 14,780 479 1,456

2009 ................................................ 747,566 11,617 26,074 16,675 481 778

2010 ................................................ 881,890 11,284 25,098 18,534 522 1,160

2011 ................................................ 937,923 9,349 24,883 19,438 523 1,163

 

2011 - Mar.............................. 999,202 10,178 26,117 19,587 545 1,160

Apr.............................. 1,008,098 10,178 26,212 19,753 548 1,160

May ............................ 991,105 11,009 26,387 19,923 553 1,160

June ........................... 1,006,839 11,113 25,682 19,599 513 1,160

July............................. 1,048,986 9,166 25,682 19,600 513 1,160

Aug............................. 945,601 9,345 24,748 19,311 515 1,163

Sept............................ 937,923 9,349 24,883 19,438 523 1,163

Oct.............................. 1,031,529 14,382 25,022 19,587 528 1,163

Nov............................. 1,013,643 16,194 25,181 19,743 533 1,163

Dec............................. 1,057,133 17,886 25,376 19,891 534 1,163

2012 - Jan .............................. 1,050,711 10,657 25,510 20,023 538 1,163

Feb ............................. 1,059,186 10,657 25,634 20,153 540 1,163

Mar............................. 1,082,103 10,657 25,444 20,108 479 1,163

 

 Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2007 ................................................ 103,973 2,241 4,573 - 17,609

2008 ................................................ 128,331 2,186 4,832 - 21,957

2009 ................................................ 234,918 2,130 4,420 5 47,107

2010 ................................................ 373,717 2,513 4,749 21 46,809

2011 ................................................ 546,321 2,943 6,032 58 45,257

 

2011 - Mar ............................. 470,015 2,883 4,749 r 26 39,738

Apr ............................. 474,825 2,948 4,749 r 26 41,751

May ............................ 483,302 3,048 4,749 r 26 42,422

June ........................... 505,409 3,218 4,749 r 26 43,475

July............................. 545,977 3,218 4,749 26 42,922

Aug............................. 542,629 3,153 4,749 39 42,717

Sept............................ 546,321 2,943 6,032 58 45,257

Oct ............................. 631,403 3,043 6,032 r 58 46,135

Nov............................. 630,048 3,043 6,032 r 58 45,992

Dec............................. 668,600 3,078 6,032 r 58 47,854

2012 - Jan.............................. 675,934 3,153 6,032 58 47,472

Feb............................. 682,103 3,208 6,032 58 47,848

Mar............................. 695,180 3,253 6,032 58 50,293

 
FEDERAL DEBT 

June 2012 

29

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2007 ...................................... 4,364 2,945 11,366 22,872

2008 ...................................... 2,929 3,096 9,463 28,793

2009 ...................................... 3,805 3,359 10,873 385,323

2010 ...................................... 7,254 3,481 11,752 374,997

2011 ...................................... 8,279 3,484 11,190 259,006

 

2011 - Mar............................. 7,635 5,409 10,942 400,244

Apr............................. 7,669 5,708 11,037 401,560

May ........................... 7,872 6,003 11,037 373,640

June .......................... 8,241 2,523 11,037 370,120

July............................ 8,241 2,853 11,080 373,797

Aug............................ 7,652 3,149 11,080 275,351

Sept........................... 8,279 3,484 11,190 259,006

Oct............................. 8,773 3,816 11,189 260,445

Nov............................ 9,563 4,089 11,189 240,862

Dec............................ 10,100 4,426 11,189 240,993

2012 - Jan ............................. 10,581 4,765 11,190 233,635

Feb ............................ 11,373 5,003 11,546 233,868

Mar............................ 11,807 5,312 11,189 241,128

 

Note.—For the Department of Housing and Urban Development, other HUD Housing 

Programs were reclassified from “Other” to “Other Housing Programs” for fiscal year 2009 

through the current fiscal year to date. 

Note.—Detail may not add to totals due to rounding. 
30 

June 2012 

INTRODUCTION: Public Debt Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

Table PDO-1 presents the results of weekly auctions of 

4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 26-

week bills. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million for bills and $5 million for notes and bonds in each 

auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: Cash management bills identified below are issued 

as part of the Supplementary Financing Program (SFP). For 

more details about the SFP, visit www.treasury.gov/ 

press/releases/hp1144.htm or call 202-622-2960. 

Note: On February 4, 2009, Treasury announced the 

reintroduction of the 7-year note. The first auction of this 

security took place on February 26, 2009. 

TREASURY FINANCING: JANUARY-MARCH 

[Source: Bureau of the Public Debt, Office of Financing]

J A N U A R Y 

Auction of 2-Year Notes 

On December 15, 2011, Treasury announced it would 

auction $35,000 million of 2-year notes. The issue was to 

refund $58,234 million of securities maturing December 31 

and to raise new cash of approximately $40,766 million. 

The 2-year notes of Series AT-2013 were dated 

December 31 and issued January 3. They are due December 

31, 2013, with interest payable on June 30 and December 31 

until maturity. Treasury set an interest rate of 0-1/8 percent 

after determining which tenders were accepted on a yield 

auction basis. 

Treasury received tenders for the notes before 12:00 noon 

eastern time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on December 19. Tenders 

totaled $120,756 million; Treasury accepted $35,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.240 percent with an 

equivalent price of $99.771630. Treasury accepted in full all 

competitive tenders at yields lower than 0.240 percent. 

Tenders at the high yield were allotted 91.24 percent. The 

median yield was 0.229 percent, and the low yield was 0.166 

percent. Noncompetitive tenders totaled $165 million. 

Competitive tenders accepted from private investors totaled 

$34,835 million. Accrued interest of $0.01030 per $1,000 

must be paid for the period from December 31 to January 3. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,133 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 AT-2013 is $100. 

Auction of 5-Year Notes 

On December 15, 2011, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $58,234 million of securities maturing December 31 

and to raise new cash of approximately $40,766 million. 

The 5-year notes of Series AF-2016 were dated 

December 31 and issued January 3. They are due December 

31, 2016, with interest payable on June 30 and December 31 

until maturity. Treasury set an interest rate of 0-7/8 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 December 20. Tenders totaled 

$100,089 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.880 percent with an 

equivalent price of $99.975602. Treasury accepted in full all 

competitive tenders at yields lower than 0.880 percent. 

Tenders at the high yield were allotted 98.48 percent. The 

median yield was 0.820 percent, and the low yield was 0.787 

percent. Noncompetitive tenders totaled $33 million. 

Competitive tenders accepted from private investors totaled 

$34,967 million. Accrued interest of $0.07212 per $1,000 

must be paid for the period from December 31 to January 3. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,133 million from 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2012 

31

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AF-2016 is $100. 

Auction of 7-Year Notes 

On December 15, 2011, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $58,234 million of securities maturing December 31 

and to raise new cash of approximately $40,766 million. 

The 7-year notes of Series T-2018 were dated December 

31 and issued January 3. They are due December 31, 2018, 

with interest payable on June 30 and December 31 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 December 21. Tenders totaled $77,778 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.430 percent with an 

equivalent price of $99.635210. Treasury accepted in full all 

competitive tenders at yields lower than 1.430 percent. 

Tenders at the high yield were allotted 74.67 percent. The 

median yield was 1.359 percent, and the low yield was 1.300 

percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors totaled 

$28,986 million. Accrued interest of $0.11332 per $1,000 

must be paid for the period from December 31 to January 3. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $939 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series T-2018 is $100. 

52-Week Bills 

On January 5, 2012, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

January 12, and will mature January 10, 2013. The issue was 

to refund $110,013 million of all maturing bills and raise new 

cash of approximately $987 million. Treasury auctioned the 

bills on January 10. Tenders totaled $120,600 million; 

Treasury accepted $25,000 million; that included $139 million 

of noncompetitive tenders from the public. The high bank 

discount rate was 0.105 percent. 

Auction of 3-Year Notes 

On January 5, 2012, Treasury announced it would auction 

$32,000 million of 3-year notes. The issue was to refund 

$35,453 million of securities maturing January 15 and to raise 

new cash of approximately $30,547 million. 

The 3-year notes of Series V-2015 were dated January 15 

and issued January 17. They are due January 15, 2015, with 

interest payable on July 15 and January 15 until maturity. 

Treasury set an interest rate of 0-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 10. Tenders totaled $119,324 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.370 percent with an 

equivalent price of $99.642968. Treasury accepted in full all 

competitive tenders at yields lower than 0.370 percent. 

Tenders at the high yield were allotted 44.86 percent. The 

median yield was 0.355 percent, and the low yield was 0.276 

percent. Noncompetitive tenders totaled $32 million. 

Competitive tenders accepted from private investors totaled 

$31,968 million. Accrued interest of $0.01374 per $1,000 

must be paid for the period from January 15 to January 17. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $2,271 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series V-2015 is $100.

Auction of 9-Year 10-Month 2 Percent Notes 

On January 5, 2012, Treasury announced it would auction 

$21,000 million of 9-year 10-month 2 percent notes. The issue 

was to refund $35,453 million of securities maturing January 

15 and to raise new cash of approximately $30,547 million.

The 9-year 10-month notes of Series F-2021 were dated 

November 15 and issued January 17. They are due November 

15, 2021, with interest payable on May 15 and November 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 January 11. Tenders totaled $69,044 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.900 percent with an 

equivalent price of $100.890462. Treasury accepted in full all 

competitive tenders at yields lower than 1.900 percent. 

Tenders at the high yield were allotted 33.59 percent. The 

median yield was 1.869 percent, and the low yield was 1.780 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$20,980 million. Accrued interest of $3.46154 per $1,000 

must be paid for the period from November 15 to January 17. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $1,490 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2021 is $100.

Auction of 29-Year 10-Months 3-1/8 Percent Bonds 

On January 5, 2012, Treasury announced it would auction 

$13,000 million of 29-year 10-month 3-1/8 percent notes. The 

issue was to refund $35,453 million of securities maturing 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2012 

32 

January 15 and to raise new cash of approximately $30,547 

million. 

The 29-year 10-month bonds of November 2041 were 

dated November 15 and issued January 17. They are due 

November 15, 2041, with interest payable on May 15 and 

November 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 January 12. Tenders totaled $33,754 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 2.985 percent with an 

equivalent price of $102.746849. Treasury accepted in full all 

competitive tenders at yields lower than 2.985 percent. 

Tenders at the high yield were allotted 69.80 percent. The 

median yield was 2.914 percent, and the low yield was 2.800 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$12,987 million. Accrued interest of $5.40865 per $1,000 

must be paid for the period from November 15 to January 17. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $923 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of November 2041 is $100.

Auction of 2-Year Notes 

On January 19, 2012, Treasury announced it would 

auction $35,000 million of 2-year notes. The issue was to 

refund $57,501 million of securities maturing January 31 and 

to raise new cash of approximately $56,499 million. 

The 2-year notes of Series AH-2014 were dated and 

issued January 31. They are due January 31, 2014, with 

interest payable on July 31 and January 31 until maturity. 

Treasury set an interest rate of 0-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 24. Tenders totaled $131,202 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.250 percent with an 

equivalent price of $100.000000. Treasury accepted in full all 

competitive tenders at yields lower than 0.250 percent. 

Tenders at the high yield were allotted 38.96 percent. The 

median yield was 0.242 percent, and the low yield was 0.179 

percent. Noncompetitive tenders totaled $197 million. 

Competitive tenders accepted from private investors totaled 

$34,804 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $659 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AH-2014 is $100. 

Auction of 5-Year Notes 

On January 19, 2012, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $57,501 million of securities maturing January 31 and 

to raise new cash of approximately $56,499 million. 

The 5-year notes of Series U-2017 were dated and issued 

January 31. They are due January 31, 2017, with interest 

payable on July 31 and January 31 until maturity. Treasury set 

an interest rate of 0-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on January 25. Tenders totaled $110,912 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.899 percent with an 

equivalent price of $99.882914. Treasury accepted in full all 

competitive tenders at yields lower than 0.899 percent. 

Tenders at the high yield were allotted 55.78 percent. The 

median yield was 0.858 percent, and the low yield was 0.800 

percent. Noncompetitive tenders totaled $36 million. 

Competitive tenders accepted from private investors totaled 

$34,964 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $659 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series U-2017 is $100. 

Auction of 7-Year Notes 

On January 19, 2012, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $57,501 million of securities maturing January 31 and 

to raise new cash of approximately $56,499 million. 

The 7-year notes of Series G-2019 were dated and issued 

January 31. They are due January 31, 2019, with interest 

payable on July 31 and January 31 until maturity. Treasury set 

an interest rate of 1-1/4 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 January 26. Tenders totaled $79,307 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.359 percent with an 

equivalent price of $99.274515. Treasury accepted in full all 

competitive tenders at yields lower than 1.359 percent. 

Tenders at the high yield were allotted 77.18 percent. The 

median yield was 1.290 percent, and the low yield was 1.197 

percent. Noncompetitive tenders totaled $26 million. 

Competitive tenders accepted from private investors totaled 

$28,974 million. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2012 

33

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $546 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series G-2019 is $100. 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On January 12, 2012, Treasury announced it would 

auction $15,000 million of 10-year TIPS. The issue was to 

refund $57,501 million of securities maturing January 31 and 

to raise new cash of approximately $56,499 million. 

The 10-year TIPS of Series A-2022 were dated January 

15 and issued January 31. They are due January 15, 2022, 

with interest payable on July 15 and January 15 until maturity. 

Treasury set an interest rate of 0-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 19. Tenders totaled $43,589 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -0.046 percent with an 

equivalent adjusted price of $101.661834. Treasury accepted 

in full all competitive tenders at yields lower than -0.046 

percent. Tenders at the high yield were allotted 53.49 percent. 

The median yield was -0.100 percent, and the low yield was 

-0.170 percent. Noncompetitive tenders totaled $137 million. 

Competitive tenders accepted from private investors totaled 

$14,833 million. Adjusted accrued interest of $0.05493 per 

$1,000 must be paid for the period from January 15 to January 

31. Both the unadjusted price of $101.706585 and the 

unadjusted accrued interest of $0.05495 were adjusted by an 

index ratio of 0.99956 for the period from January 15 to 

January 31. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $282 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series A-2022 is $100. 

F E B R U A R Y 

Cash Management Bills 

On February 9, 2012, Treasury announced it would 

auction $20,000 million of 64-day bills. They were issued 

February 15 and matured April 19. The issue was to raise new 

cash. Treasury auctioned the bills on February 14. Tenders 

totaled $90,496 million; Treasury accepted $20,000 million. 

The high bank discount rate was 0.120 percent. 

52-Week Bills 

On February 2, 2012, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. They were 

issued February 9, and will mature February 7, 2013. 

The issue was to refund $107,996 million of all maturing bills 

and to pay down approximately $19,004 million. Treasury 

auctioned the bills on February 7. Tenders totaled $119,787 

million; Treasury accepted $26,001 million that included $172 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.140 percent. 

February Quarterly Financing 

On February 1, 2012, Treasury announced it would 

auction $32,000 million of 3-year notes, $24,000 million of 

10-year notes and $16,000 million of 30-year bonds to refund

$49,630 million of Treasury securities maturing on February 

15 and to raise new cash of approximately $22,370 million. 

The 3-year notes of Series W-2015 were dated and issued 

February 15. They are due February 15, 2015, with interest 

payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 0-1/4 percent after determining 

which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 7. Tenders totaled $105,679 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.347 percent with an 

equivalent price of $99.710759. Treasury accepted in full all 

competitive tenders at yields lower than 0.347. Tenders at the 

high yield were allotted 12.68 percent. The median yield was 

0.332 percent, and the low yield was 0.250 percent. 

Noncompetitive tenders totaled $38 million. Competitive 

tenders accepted from private investors totaled $31,962 

million. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $3,902 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series W-2015 is $100.

The 10-year notes of Series B-2022 were dated and 

issued February 15. They are due February 15, 2022, with 

interest payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 2 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 February 8. Tenders totaled $73,265 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.020 percent with an 

equivalent price of $99.819726. Treasury accepted in full all 

competitive tenders at yields lower than 2.020. Tenders at the 

high yield were allotted 32.03 percent. The median yield was 

1.978 percent, and the low yield was 1.900 percent. 

Noncompetitive tenders totaled $47 million. Competitive 

tenders accepted from private investors totaled $23,873 

million. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2012 

34 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $2,926 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2022 is $100.

The 30-year bonds of February 2042 were dated and 

issues February 15. They are due February 15, 2042, with 

interest payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 3-1/8 percent after determining 

which tenders were accepted on a yield auction basis.

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 February 9. Tenders totaled 

$39,499 million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.240 percent with an 

equivalent price of $97.803940. Treasury accepted in full all 

competitive tenders at yields lower than 3.240. Tenders at the 

high yield were allotted 98.13 percent. The median yield was 

3.180 percent, and the low yield was 3.000 percent. 

Noncompetitive tenders totaled $36 million. Competitive 

tenders accepted from private investors totaled $15,964 

million. 

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $1,951 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of February 2042 is $100.

Auction of 30-Year TIPS 

On February 9, 2012, Treasury announced it would 

auction $9,000 million of 30-year TIPS. The issue was to 

refund $60,186 million of securities maturing February 28 and 

to raise new cash of approximately $47,814 million.

The 30-year TIPS of February 2042 were dated February 

15 and issued February 29. They are due February 15, 2042, 

with interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 0-3/4 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 February 16. Tenders totaled $22,147 

million; Treasury accepted $9,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.770 percent with an 

equivalent adjusted price of $99.347316. Treasury accepted in 

full all competitive tenders at yields lower than 0.770 percent. 

Tenders at the high yield were allotted 32.12 percent. The 

median yield was 0.654 percent, and the low yield was 0.550 

percent. Noncompetitive tenders totaled $44 million. 

Competitive tenders accepted from private investors totaled 

$8,956 million. Adjusted accrued interest of $0.28812 per 

$1,000 must be paid for the period from February 15 to 

February 29. Both the unadjusted price of $99.465680 and the 

unadjusted accrued interest of $0.28846 were adjusted by an 

index ratio of 0.99881 for the period from February 15 to 

February 29. 

In addition to the $9,000 million of tenders accepted in 

the auction process, Treasury accepted $128 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of February 2042 is $100. 

Auction of 2-Year Notes 

On February 16, 2012, Treasury announced it would 

auction $35,000 million of 2-year notes. The issue was to 

refund $60,186 million of securities maturing February 28 and 

to raise new cash of approximately $47,814 million.

The 2-year notes of Series AJ-2014 were dated and 

issued February 29. They are due February 28, 2014, with 

interest payable on the last calendar day of August 31 and 

February 28 until maturity. Treasury set an interest rate of 0-

1/4 percent after determining which tenders were accepted on 

a yield auction basis.

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 21. Tenders totaled $123,925 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.310 percent with an 

equivalent price of $99.880464. Treasury accepted in full all 

competitive tenders at yields lower than 0.310 percent. 

Tenders at the high yield were allotted 79.09 percent. The 

median yield was 0.290 percent, and the low yield was 0.220 

percent. Noncompetitive tenders totaled $168 million. 

Competitive tenders accepted from private investors totaled 

$34,833 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $497 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AJ-2014 is $100. 

Auction of 5-Year Notes 

On February 16, 2012, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $60,186 million of securities maturing February 28 and 

to raise new cash of approximately $47,814 million. 

The 5-year notes of Series V-2017 were dated and issued 

February 29. They are due February 28, 2017, with interest 

payable on the last calendar day of August and February until 

maturity. Treasury set an interest rate of 0-7/8 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 February 22. Tenders totaled $101,098 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.900 percent with an 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2012 

35

equivalent price of $99.878039. Treasury accepted in full all 

competitive tenders at yields lower than 0.900 percent. 

Tenders at the high yield were allotted 97.83 percent. The 

median yield was 0.850 percent, and the low yield was 0.800 

percent. Noncompetitive tenders totaled $35 million. 

Competitive tenders accepted from private investors totaled 

$34,966 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $497 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series V-2017 is $100. 

Auction of 7-Year Notes 

On February 16, 2012, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $60,186 million of securities maturing February 28 and 

to raise new cash of approximately $47,814 million.

The 7-year notes of Series H-2019 were dated and issued 

February 29. They are due February 28, 2019, with interest 

payable on the last calendar day of August and February 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 February 23. Tenders totaled $90,200 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.418 percent with an 

equivalent price of $99.714418. Treasury accepted in full all 

competitive tenders at yields lower than 1.418 percent. 

Tenders at the high yield were allotted 31.54 percent. The 

median yield was 1.390 percent, and the low yield was 1.345 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$28,980 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $412 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series H-2019 is $100.

M A R C H 

Cash Management Bills 

On February 23, 2012, Treasury announced it would 

auction $20,000 million of 49-day bills. They were issued 

March 1 and matured April 19. The issue was to raise new 

cash. Treasury auctioned the bills on February 28. Tenders 

totaled $99,715 million; Treasury accepted $20,000 million. 

The high bank discount rate was 0.105 percent. 

52-Week Bills 

On March 1, 2012, Treasury announced it would auction 

$26,000 million of 364-day Treasury bills. They were issued 

March 8, and will mature March 7, 2013. The issue was to 

refund $116,005 million of all maturing bills and raise new 

cash of approximately $13,995 million. Treasury auctioned 

the bills on March 6. Tenders totaled $123,150 million; 

Treasury accepted $26,001 million. That included $147 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.170 percent. 

Auction of 3-Year Notes 

On March 8, 2012, Treasury announced it would auction 

$32,000 million of 3-year notes. The issue was to refund 

$32,022 million of securities maturing March 15 and to raise 

new cash of approximately $35,978 million. 

The 3-year notes of Series X-2015 were dated and issued 

March 15. They are due March 15, 2015, with interest payable 

on September 15 and March 15 until maturity. Treasury set an 

interest rate of 0-3/8 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 March 12. Tenders totaled $109,949 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.456 percent with the 

equivalent price of $99.758927. Treasury accepted in full all 

competitive tenders at yields lower than 0.456 percent. 

Tenders at the high yield were allotted 94.55 percent. The 

median yield was 0.436 percent, and the low yield was 0.358 

percent. Noncompetitive tenders totaled $34 million. 

Competitive tenders accepted from private investors totaled 

$31,966 million. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $2,222 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series X-2015 is $100. 

Auction of 9-Year 11-Month 2 Percent Notes 

On March 8, 2012, Treasury announced it would auction 

$21,000 million of 9-year 11-month 2 percent notes. The 

issue was to refund $30,022 million of securities maturing 

March 15 and to raise new cash of approximately $35,978 

million.

The 9-year 11-month notes of Series B-2022 were dated 

February 15 and issued March 15. They are due February 15, 

2022, with interest payable on August 15 and February 15 

until maturity. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2012 

36 

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 March 13. Tenders totaled $68,046 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.076 percent with an 

equivalent price of $99.320389. Treasury accepted in full all 

competitive tenders at yields lower than 2.076 percent. 

Tenders at the high yield were allotted 26.58 percent. The 

median yield was 2.025 percent, and the low yield was 1.950 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$20,980 million. Accrued interest of $1.59341 per $1,000 

must be paid for the period from February 15 to March 15. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $1,458 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2022 is $100. 

Auction of 29-Year 11-Month 3-1/8 Percent Bonds 

On March 8, 2012, Treasury announced that it would 

auction $13,000 million of 29-year 11-month 3-1/8 percent 

bonds. The issue was to refund $32,022 million of securities 

maturing March 15 and to raise new cash of approximately 

$35,978 million.

The 29-year 11-month bonds of February 2042 were 

dated February 15 and issued March 15. They are due 

February 15, 2042, with interest payable on August 15 and 

February 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 March 14. Tenders totaled $35,085 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.383 percent with an 

equivalent price of $95.165202. Treasury accepted in full all 

competitive tenders at yields lower than 3.383 percent. 

Tenders at the high yield were allotted 74.55 percent. The 

median yield was 3.320 percent, and the low yield was 3.200 

percent. Noncompetitive tenders totaled $8 million.

Competitive tenders accepted from private investors totaled 

$12,992 million. Accrued interest of $2.48970 per $1,000 

must be paid for the period from February 15 to March 15.

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $903 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of February 2042 is $100. 

Auction of 9-Year 10-Month 0-1/8 Percent TIPS 

On March 15, 2012, Treasury announced it would auction 

$13,000 million of 9-year 10-month 0-1/8 percent TIPS. The 

issue was to raise new cash of approximately $13,000 million. 

The 9-year 10-month TIPS of Series A-2022 were dated 

January 15 and issued March 30. They are due January 15, 

2022, with interest payable on July 15 and January 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 22. Tenders totaled $36,522 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -0.089 percent with an 

equivalent adjusted price of $102.226025. Treasury accepted 

in full all competitive tenders at yields lower than -0.089. 

Tenders at the high yield were allotted 42.40 percent. The 

median yield was -0.142 percent, and the low yield was -0.210 

percent. Noncompetitive tenders totaled $45 million. 

Competitive tenders accepted from private investors totaled 

$12,955 million. Adjusted accrued interest of $0.25785 per 

$1,000 must be paid for the period from January 15 to March 

30. Both the unadjusted price of $102.105540 and the 

unadjusted accrued interest of $0.25755 were adjusted by an 

index ratio of 1.00118, for the period from January 15 to 

March 30. The minimum par amount required for STRIPS of 

TIPS of Series A-2022 is $100.

. 
PUBLIC DEBT OPERATIONS 

June 2012 

37

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount

of bids 

tendered 

(3) 

Total 

amount 2

(4) 

On

competitive

basis 

(5) 

On noncompetitive 

basis 3 

(6) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

2012 - Jan. 05 .................. 2012 - Feb. 02 28 162,543.5 32,423.0 29,419.6 204.6 100.000000 0.000 0.000

Apr. 05 91 142,891.1 29,001.1 27,375.6 760.6 99.996208 0.015 0.015

July 05 182 141,094.0 27,000.3 25,426.0 574.3 99.972194 0.055 0.056

Jan. 12................. Feb. 09 28 158,676.3 35,939.2 29,720.1 281.1 100.000000 0.000 0.000

Apr. 12 91 145,856.9 29,001.4 28,108.0 743.4 99.997472 0.010 0.010

July 12 182 130,733.2 27,000.5 25,587.7 700.9 99.974722 0.050 0.051

Jan. 19................. Feb. 16 28 143,636.6 33,782.1 29,782.2 218.3 99.998833 0.015 0.015

Apr. 19 91 127,794.9 29,001.1 28,220.2 773.9 99.993681 0.025 0.025

July 19 182 126,213.4 27,000.8 25,807.4 693.3 99.969667 0.060 0.061

Jan. 26................. Feb. 23 28 149,263.7 36,286.7 29,188.1 239.0 99.998444 0.020 0.020

Apr. 26 91 144,372.2 29,001.2 27,563.8 808.6 99.989889 0.040 0.041

July 26 182 135,368.1 27,001.4 25,550.9 728.3 99.964611 0.070 0.071

Feb. 02 ................ Mar. 01 28 165,441.4 35,419.5 32,817.9 183.6 99.996111 0.050 0.051

May 03 91 141,276.1 31,000.8 30,286.4 714.4 99.987361 0.050 0.051

Aug. 02 182 138,766.5 29,000.6 27,590.9 609.7 99.962083 0.075 0.076

Feb. 09 ................ Mar. 08 28 167,786.3 42,939.6 36,752.5 249.1 99.995333 0.060 0.061

May 10 91 152,762.9 33,001.9 32,046.7 755.2 99.979778 0.080 0.081

Aug. 09 182 147,591.4 31,000.2 29,724.7 675.5 99.949444 0.100 0.102

Feb. 16 ................ Mar. 15 28 162,573.6 43,781.9 39,804.0 196.4 99.991444 0.110 0.112

May 17 91 142,390.6 33,000.4 32,034.3 766.1 99.975986 0.095 0.097

Aug. 16 182 135,271.8 31,000.2 29,844.4 755.8 99.934278 0.130 0.132

Feb. 23 ................ Mar. 22 28 170,881.4 46,286.0 39,756.4 244.5 99.995333 0.060 0.061

May 24 91 142,747.6 33,000.1 32,277.1 723.0 99.978514 0.085 0.086

Aug. 23 182 137,459.4 31,000.4 29,899.7 720.7 99.936806 0.125 0.127

Mar. 01 ................ Mar. 29 28 170,409.8 42,418.7 39,747.4 253.3 99.992222 0.100 0.101

May 31 91 140,023.3 33,001.1 31,761.2 712.6 99.970931 0.115 0.117

Aug. 30 182 133,888.6 31,001.0 29,625.3 700.8 99.926694 0.145 0.147

Mar. 08 ................ Apr. 05 28 186,100.0 45,938.2 39,708.9 291.3 99.995333 0.060 0.061

 June 07 91 145,474.7 33,000.4 31,973.4 727.1 99.979778 0.080 0.081

 Sept. 06 182 140,873.0 31,000.4 29,904.2 596.2 99.934278 0.130 0.132

Mar. 15 ................ Apr. 12 28 165,643.7 43,781.6 39,789.4 210.7 99.994556 0.070 0.071

 June 14 91 159,331.2 33,000.1 32,237.0 763.1 99.975986 0.095 0.096

 Sept. 13 182 158,246.2 31,001.1 30,072.7 628.5 99.926694 0.145 0.147

Mar. 22 ................ Apr. 19 28 165,766.8 46,286.1 39,774.0 227.0 99.992222 0.100 0.101

 June 21 91 141,801.5 33,000.2 32,152.5 747.7 99.975986 0.095 0.096

 Sept. 20 182 136,992.1 31,000.8 30,108.7 592.1 99.924167 0.150 0.152

Mar. 29 ................ Apr. 26 28 147,741.0 37,418.9 34,590.8 251.3 99.994944 0.065 0.066

 June 28 91 143,102.9 31,000.4 29,506.1 738.3 99.978514 0.085 0.086

 Sept. 27 182 138,805.4 29,001.1 27,392.9 645.9 99.924167 0.150 0.152

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

June 2012 

38 

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) 

 

12/19/11 01/03/12 0.125% note─12/31/13 - AT 2y 121,890 36,133 0.240 - 99.771630

12/20/11 01/03/12 0.875% note ─12/31/16 - AF 5y 101,223 36,133 0.880 - 99.975602

12/21/11 01/03/12 1.375% note─12/31/18 - T 7y 78,718 29,939 1.430 - 99.635210

01/10/12 01/12/12 0.105% bill─01/10/13 364d 120,600 25,000 

01/10/12 01/17/12 0.250% note─01/15/15 - V 3y 121,595 34,271 0.370 - 99.642968

01/11/12 01/17/12 2.000% note─11/15/21 - F 9y 10m 70,535 22,491 1.900 - 100.890462

01/12/12 01/17/12 3.125% bond─11/15/41 29y 10m 34,677 13,923 2.985 - 102.746849

01/19/12 01/31/12 0.125% TIPS─01/15/22 - A 10y 43,871 15,282 -0.046 - 101.661834

01/24/12 01/31/12 0.250% note─01/31/14 - AH 2y 131,861 35,659 0.250 - 100.000000

01/25/12 01/31/12 0.875% note─01/31/17 - U 5y 111,571 35,659 0.899 - 99.882914

01/26/12 01/31/12 1.250% note─01/31/19 - G 7y 79,853 29,546 1.359 - 99.274515

02/07/12 02/09/12 0.140% bill─02/07/13 364d 119,787 26,001 

02/07/12 02/15/12 0.250% note─02/15/15 - W 3y 109,580 35,902 0.347 - 99.710759

02/08/12 02/15/12 2.000% note─02/15/22 - B 10y 76,192 26,926 2.020 - 99.819726

02/09/12 02/15/12 3.125% bond─02/15/42 30y 41,450 17,951 3.240 - 97.803940

02/14/12 02/15/12 0.120% bill─04/19/12 64d 90,496 20,001 

02/16/12 02/29/12 0.750% TIPS─02/15/42 30y 22,275 9,128 0.770 - 99.347316

02/21/12 02/29/12 0.250% note─02/28/14 - AJ 2y 124,422 35,497 0.310 - 99.880464

02/22/12 02/29/12 0.875% note─02/28/17 - V 5y 101,595 35,497 0.900 - 99.878039

02/23/12 02/29/12 1.375% note─02/28/19 - H 7y 90,611 29,412 1.418 - 99.714418

02/28/12 03/01/12 0.105% bill─04/19/12 49d 99,715 20,000 

03/06/12 03/08/12 0.170% bill─03/07/13 364d 123,150 26,001 

03/12/12 03/15/12 0.375% note─03/15/15 - X 3y 112,171 34,222 0.456 - 99.758927

03/13/12 03/15/12 2.000% note─02/15/22 - B 9y 11m 69,504 22,458 2.076 - 99.320389

03/14/12 03/15/12 3.125% bond─02/15/42 29y 11m 35,987 13,903 3.383 - 95.165202

03/22/12 03/30/12 0.125% TIPS─01/15/22 - A 9y 10m 36,522 13,000 -0.089 - 102.226025

 

 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
June 2012 

39

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 

June 2012 

40 

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

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

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues

held by Federal

Reserve banks

(6) 

 Total

 outstanding

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

 

2007 ................................................ 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913

2008 ................................................ 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486

2009 ................................................ 11,933,031 11,909,828 4,355,292 - 4,355,292 827,126

2010 ................................................ 13,585,596 13,561,622 4,534,014 - 4,534,014 909,910

2011 ................................................ 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

 

2011 - Mar....................................... 14,294,579 14,270,114 4,613,547 - 4,613,547 1,427,405

Apr....................................... 14,312,261 14,287,629 4,627,930 - 4,627,930 1,506,178

May...................................... 14,369,297 14,344,667 4,616,651 - 4,616,651 1,614,484

June..................................... 14,367,591 14,343,087 4,596,214 - 4,596,214 1,702,065

July ...................................... 14,367,889 14,342,369 4,581,748 - 4,581,748 1,719,555

Aug ...................................... 14,709,806 14,684,292 4,655,154 - 4,655,154 1,732,525

Sept..................................... 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

Oct....................................... 15,018,350 14,993,709 4,732,703 - 4,732,703 1,740,637

Nov ...................................... 15,135,588 15,110,499 4,715,598 - 4,715,598 1,739,914

Dec ...................................... 15,248,213 15,222,940 4,770,443 - 4,770,443 1,741,045

2012 - Jan ....................................... 15,380,745 15,356,140 4,778,855 - 4,778,855 1,738,133

Feb ...................................... 15,513,518 15,488,891 4,760,759 - 4,760,759 1,740,812

Mar ...................................... 15,606,518 15,582,079 4,730,124 - 4,730,124 1,744,108

 

 Public debt securities, con. Agency securities 1

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,953 6

2008 .................................................................... 5,329,748 4,751,490 578,258 23,104 23,098 6

2009 .................................................................... 6,727,410 6,182,607 544,804 23,203 23,202 1

2010 .................................................................... 8,117,698 7,588,415 529,284 23,974 23,971 3

2011 .................................................................... 8,442,847 7,935,360 507,488 24,988 24,982 6

 

2011 - Mar........................................................... 8,229,162 7,705,335 523,827 24,465 24,459 6

Apr........................................................... 8,153,521 7,630,392 523,130 24,632 24,626 6

May.......................................................... 8,113,532 7,647,747 465,786 24,629 24,623 6

June......................................................... 8,044,808 7,632,583 412,225 24,504 24,498 6

July .......................................................... 8,041,066 7,658,075 382,991 25,520 25,514 6

Aug .......................................................... 8,296,613 7,789,280 507,334 25,514 25,508 6

Sept......................................................... 8,442,847 7,935,360 507,488 24,988 24,982 6

Oct........................................................... 8,520,369 7,636,993 232,036 24,642 24,636 6

Nov .......................................................... 8,654,987 7,781,891 446,890 25,090 25,084 6

Dec .......................................................... 8,711,452 7,883,501 395,352 25,274 25,268 6

2012 - Jan ........................................................... 8,839,152 8,330,777 508,376 24,605 24,599 6

Feb .......................................................... 8,987,320 8,481,485 505,835 24,627 24,621 6

Mar .......................................................... 9,107,847 8,594,178 513,669 24,439 24,433 6

 

 1

 Agency securities have been revised to show separate amounts for securities held 

by private investors and those held by government accounts. 

Note. – Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, 

and the Federal Home Loan Bank System.
OWNERSHIP OF FEDERAL SECURITIES 

June 2012 

41

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Federal 

Reserve and 

Intragovernmental 

Holdings 2

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S.

savings

bonds 5

(5) 

 Private 6

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign

 and inter-

 national 8

 (11) 

 Other 

 investors 9

 (12) 

 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 152.7 163.3 114.0 266.1 327.6 1,057.2 388.8

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 152.1 153.9 122.0 253.8 333.6 1,123.1 313.8

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 154.5 156.3 130.4 256.8 338.6 1,188.6 297.0

 Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 153.8 158.9 139.7 281.0 354.7 1,235.6 277.4

2003 - Mar......... 6,460.8 3,390.8 3,070.0 153.6 196.9 165.8 162.1 139.5 296.6 350.0 1,275.2 330.2

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.2 170.2 161.3 138.7 302.3 347.9 1,371.9 327.8

 Sept........ 6,783.2 3,515.3 3,267.9 146.8 201.6 167.7 155.5 137.4 287.1 357.7 1,443.3 371.0

 Dec......... 6,998.0 3,620.1 3,377.9 153.1 203.9 172.2 148.6 136.5 280.9 364.2 1,523.1 395.4

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.8 204.5 169.8 143.6 172.4 280.8 374.1 1,670.0 324.8

 June ....... 7,274.3 3,742.8 3,531.5 158.6 204.6 173.3 134.9 174.6 258.7 381.2 1,735.4 310.1

 Sept........ 7,379.1 3,772.0 3,607.1 138.5 204.2 174.0 140.8 182.9 255.0 381.7 1,794.5 335.5

 Dec......... 7,596.1 3,905.6 3,690.5 125.0 204.5 173.7 151.0 188.5 254.1 389.1 1,849.3 355.4

2005 - Mar......... 7,776.9 3,921.6 3,855.3 141.8 204.2 177.3 158.0 193.3 261.1 412.0 1,952.2 355.5

 June ....... 7,836.5 4,033.5 3,803.0 126.9 204.2 181.0 171.3 195.0 248.7 444.0 1,877.5 354.4

 Sept........ 7,932.7 4,067.8 3,864.9 125.3 203.6 184.2 164.8 200.7 244.7 463.7 1,929.6 348.2

 Dec......... 8,170.4 4,199.8 3,970.6 117.1 205.2 184.9 153.8 202.3 251.3 475.0 2,033.9 347.0

2006 - Mar......... 8,371.2 4,257.2 4,114.0 113.0 206.0 186.7 153.0 200.3 248.7 473.3 2,082.1 450.9

 June ....... 8,420.0 4,389.2 4,030.8 119.5 205.2 192.1 150.9 196.1 244.2 484.2 1,977.8 460.9

 Sept........ 8,507.0 4,432.8 4,074.2 113.6 203.7 201.9 154.7 196.8 235.7 484.9 2,025.3 457.5

 Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 207.5 156.2 197.9 250.7 506.8 2,103.1 382.7

2007 - Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 221.7 158.3 185.4 264.5 546.2 2,194.8 382.0

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 232.5 159.3 168.9 267.7 569.3 2,192.0 253.7

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 246.7 138.9 155.1 306.3 526.8 2,235.3 343.7

 Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 257.6 141.6 141.9 362.9 525.1 2,353.2 287.2

2008 - Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 270.5 142.0 152.1 484.4 524.9 2,506.3 342.2

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 276.7 141.8 159.4 477.2 513.4 2,587.4 342.5

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 292.5 143.9 163.4 656.1 493.9 2,802.4 455.5

 Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 297.2 146.4 171.4 768.8 475.1 3,077.2 658.3

2009 - Mar......... 11,126.9 4,785.2 6,341.7 125.6 194.0 330.9 150.2 191.0 715.9 508.0 3,265.7 860.4

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 353.4 159.9 200.0 695.6 504.7 3,460.8 809.7

 Sept........ 11,909.8 5,127.1 6,782.7 198.1 192.5 398.1 167.3 210.2 644.9 492.3 3,570.6 908.7

 Dec......... 12,311.3 5,276.9 7,034.4 202.4 191.3 429.8 174.5 222.0 666.2 493.9 3,685.1 969.2

2010 - Mar......... 12,773.1 5,259.8 7,513.3 269.4 190.2 462.2 179.1 225.7 646.4 499.9 3,877.9 1,162.5

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 531.9 182.0 231.8 632.1 504.8 4,070.0 1,248.5

 Sept........ 13,561.6 5,350.5 8,211.1 322.9 188.7 595.2 185.5 240.6 607.4 498.1 4,324.2 1,248.5

 Dec......... 14,025.2 5,656.2 8,368.9 319.1 187.9 615.9 185.6 248.4 637.9 503.6 4,435.6 1,235.0

2011 - Mar......... 14,270.0 5,958.9 8,311.1 321.2 186.7 632.9 187.9 246.9 641.1 490.5 4,477.6 1,126.3

 June ....... 14,343.1 6,220.4 8,122.7 279.3 186.0 658.3 186.9 246.1 653.0 473.0 4,690.7 749.3

 Sept........ 14,790.3 6,328.0 8,462.4 293.7 185.1 689.2 189.0 253.7 707.4 454.5 4,904.6 785.2

 Dec......... 15,222.8 6,439.6 8,783.3 286.3 185.2 715.1 188.3 252.4 797.9 444.6 4,996.0 917.5

2012 - Mar......... 15,582.3 6,397.2 9,185.1 n.a. 184.8 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/ticsec2.aspx#ussecs 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
June 2012 

42 

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, March 31, 2012 

[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 .............................. $1,279,052,727,283 $1,235,146,390,840 $1,234,663,776,693 $240,483,566 $242,130,581

Less amounts held by: 

The Treasury....................................... 157,975,599 33,040,219 32,845,393 7,505 187,321

FRBs ................................................... 180,325,981,007 178,007,880,083 178,007,862,757 - 17,326

Amounts in circulation............................. $1,098,568,770,677 $1,057,105,470,538 $1,056,623,068,543 $240,476,061 $241,925,934

Coins 2

Total 

(1) 

Dollars 2, 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $43,906,336,443 $6,376,607,008 $37,529,729,435 

Less amounts held by: 

The Treasury....................................... 124,935,380 49,541,795 75,393,585

FRBs ................................................... 2,318,100,924 1,433,766,700 884,334,224 

Amounts in circulation............................. $41,463,300,139 $4,893,298,513 $36,570,001,626 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

June 2012 

43

TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2012 

[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 ................................................................................ $9,881,800,166 $9,739,983,171 $143,503 $141,673,492

$2 ................................................................................ 1,903,833,832 1,771,871,942 131,949,318 12,572

$5 ................................................................................ 11,508,850,440 11,374,955,400 108,362,010 25,533,030

$10 .............................................................................. 16,698,412,550 16,677,822,630 6,300 20,583,620

$20 .............................................................................. 138,947,516,100 138,927,409,000 3,840 20,103,260

$50 .............................................................................. 69,155,262,350 69,143,765,200 500 11,496,650

$100 ............................................................................ 808,696,975,500 808,674,990,700 - 4 21,984,800

$500 ............................................................................ 142,130,000 141,936,500 5,500 188,000

$1,000 ......................................................................... 165,474,000 165,264,000 5,000 205,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,450,000 3,360,000 - 90,000

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $1,057,105,470,538 $1,056,623,068,543 $240,476,061 $241,925,934 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

Mar. 31, 2012 ....................................................................................... 1,098,569 3,504

Feb. 29, 2012 ....................................................................................... 1,091,567 3,483

Jan. 31, 2012 ....................................................................................... 1,069,033 3,413

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 current FRB adjustment. 

5 Represents value of certain partial denominations not presented for redemption. 

6 Based on Bureau of the Census’ estimates of population.
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
June 2012 

47

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

 Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

 Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

 Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary

Fund 1, 5, 6

(5) 

2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244

2008 ................................................................................... 77,648 11,041 9,340 49,584 7,683

2009 ................................................................................... 130,760 11,041 57,814 50,520 11,385

2010 ................................................................................... 132,433 11,041 56,824 52,075 12,492

 

2011 - Apr .......................................................................... 142,989 11,041 57,806 54,191 19,950 

May......................................................................... 146,946 11,041 57,144 53,301 25,460 

June........................................................................ 147,660 11,041 57,234 53,843 25,542 

July ......................................................................... 149,704 11,041 57,182 54,635 26,845 

Aug ......................................................................... 150,654 11,041 57,583 54,933 27,096 

Sept........................................................................ 148,487 11,041 55,875 52,766 28,804 

Oct.......................................................................... 150,695 11,041 56,744 53,583 29,327 

Nov ......................................................................... 148,028 11,041 55,538 52,684 28,765 

Dec ......................................................................... 147,953 11,041 54,955 51,878 30,080 

2012 - Jan .......................................................................... 149,280 11,041 55,521 52,279 30,438 

Feb ......................................................................... 148,882 11,041 55,709 51,532 30,600 

Mar ......................................................................... 149,078 11,041 55,460 51,141 31,436 

Apr.......................................................................... 152,453 11,041 55,512 51,675 34,225 

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; consistent with the 

Quarterly Report on Treasury and Federal Reserve Foreign Exchange Operations, 

foreign currency dominated assets are shown not at market value but rather at 

amortized cost revalued at current foreign currency market exchange rates in order 

to report these assets in U.S. dollars. Excludes outstanding reciprocal currency 

swaps with foreign central banks. As of end-April 2012, swaps outstanding were 

$28.1 billion: $27.1 billion with the European Central Bank and $960 million with the 

Bank of Japan. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, 

the United States could purchase additional amounts related to the U.S. quota. 

6

 IMF data include the reserve tranche position and, as of May 2011, New 

Arrangements to Borrow. 

Note.—Detail may not add to totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

June 2012 

48 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

Liabilities

to nonmonetary

international and 

regional 

organizations 7

(11) 

 Official institutions 1 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities

reported 

by 

banks in 

United 

States 

(3) 

Marketable

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Liabilities to other foreigners

Total 

(8) 

Liabilities

reported 

by banks

in the 

United 

States 

(9) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2, 6

(10) 

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 ............................ 5,371,673 2,012,633 498,510 1,102,333 948 410,842 1,895,904 1,415,705 769,564 646,141 47,431

2006 - June 8 ............... 6,067,930 2,070,222 493,689 1,112,617 986 462,930 2,189,218 1,747,557 1,041,558 705,999 60,933

Series Break................ 6,056,640 2,275,684 493,689 1,211,819 986 569,190 2,189,218 1,537,251 1,041,558 495,693 54,487

2006 ............................ 6,500,815 2,372,319 461,829 1,271,174 1,026 638,290 2,415,205 1,663,099 1,102,189 560,910 50,192

2007 - June 8 ............... 7,098,730 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,926,307 1,261,391 664,916 50,129

Series Break................ 7,210,387 2,795,998 495,176 1,450,593 1,067 849,161 2,607,127 1,759,699 1,261,391 498,308 47,563

2007 ............................ 7,676,097 2,960,682 596,660 1,443,691 1,111 919,220 2,769,850 1,901,789 1,311,466 590,323 43,776

2008 - June 8 ............... 8,078,003 3,108,890 583,829 1,523,888 1,155 1,000,017 2,612,236 2,314,685 1,598,663 716,022 42,192

Series Break................ 8,103,582 3,340,105 583,829 1,683,160 1,155 1,071,960 2,612,236 2,107,622 1,598,663 508,959 43,619

2008 ............................ 8,220,414 3,386,589 711,622 1,679,181 1,203 994,583 2,799,649 1,980,221 1,357,856 622,365 53,955

2009 - June 8 ............... 8,036,897 3,473,629 779,889 1,722,168 1,251 970,321 2,565,058 1,961,550 1,173,725 787,825 36,659

Series Break................ 8,044,916 3,734,843 779,889 2,052,329 1,251 901,375 2,565,058 1,697,792 1,173,725 524,067 47,223

2009 ............................ 8,295,001 3,766,445 713,990 2,170,748 1,302 880,406 2,607,210 1,877,701 1,142,188 735,513 43,645

2010 - June 8 .............. 8,664,334 3,752,827 630,061 2,232,904 1,354 888,509 2,658,164 2,200,406 1,187,414 1,012,992 52,937

Series Break................ 8,661,385 4,065,513 630,061 2,615,683 1,354 818,416 2,658,164 1,870,438 1,187,414 683,024 67,270

2010 ............................ 9,075,577 4,140,756 640,802 2,725,592 1,409 772,953 2,760,739 2,112,366 1,175,392 936,974 61,716

2011 - June 8 ............... 9,474,075 4,219,340 600,382 2,829,418 1,466 788,075 2,930,187 2,244,698 1,250,029 994,669 79,850

Series Break................ 9,600,435 4,442,342 600,382 3,101,991 1,466 738,503 2,930,187 2,132,956 1,250,029 882,927 94,950

 

2011 - July r ................ 9,474,241 4,437,970 580,853 3,116,157 1,476 739,484 2,830,625 2,114,373 1,232,992 881,381 91,273

Aug. r............... 9,804,504 4,475,286 626,741 3,106,478 1,486 740,581 3,021,567 2,215,928 1,266,302 949,626 91,723

Sept. r.............. 9,846,053 4,469,012 583,545 3,144,903 1,495 739,068 2,998,004 2,290,784 1,291,459 999,325 88,253

Oct. r................ 9,787,970 4,437,420 556,897 3,138,931 1,505 740,087 3,007,717 2,246,932 1,229,030 1,017,902 95,900

Nov .................. 9,848,345 4,469,379 569,177 3,162,597 1,515 736,090 2,983,368 2,289,679 1,243,689 1,045,990 105,919

Dec .................. 9,896,698 4,451,501 562,133 3,142,320 1,525 745,523 2,982,572 2,354,527 1,305,034 1,049,493 108,097

2012 - Jan ................... 9,835,998 4,466,244 543,940 3,175,393 1,536 745,375 2,910,763 2,351,511 1,253,653 1,097,858 107,480

Feb. p .............. 9,944,431 4,496,426 554,514 3,186,475 1,545 753,892 2,948,598 2,390,636 1,287,066 1,103,570 108,770

Mar. p .............. 9,852,801 4,511,782 544,010 3,218,041 1,556 748,175 2,847,822 2,378,723 1,291,085 1,087,638 114,474

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: 

Mexico, beginning March 1990, 30-year maturity issue (Note: this bond was paid off in full in 

January 2004); Venezuela, beginning December 1990, 30-year maturity issue; Argentina, 

beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies, and 

private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies 

to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the Inter-American 

Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to the 

figures for earlier dates; figures on the second line (“Series Break”) 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, end-June 2008, end-June 2009, and end-June 2010, 

respectively, and are comparable to the figures shown for the subsequent 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 

June 2012 

49

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Payable in dollars 

Grand total

(1) 

Total

(2) 

Argentina 1

(3) 

Venezuela 2

(4) 

2006 .............................................................................. 1,111 1,111 88 1,022

2007 .............................................................................. 1,203 1,203 95 1,108

2008 .............................................................................. 1,302 1,302 102 1,200

2009 .............................................................................. 1,409 1,409 110 1,299

 

2011 - Mar..................................................................... 1,437 1,437 112 1,326

Apr ..................................................................... 1,447 1,447 112 1,334

May .................................................................... 1,456 1,456 113 1,343

June................................................................... 1,466 1,466 114 1,352

July .................................................................... 1,476 1,476 114 1,361

Aug .................................................................... 1,486 1,486 115 1,371

Sept ................................................................... 1,495 1,495 116 1,380

Oct ..................................................................... 1,505 1,505 116 1,389

Nov .................................................................... 1,515 1,515 117 1,398

Dec .................................................................... 1,525 1,525 118 1,407

2012 - Jan ..................................................................... 1,536 1,536 119 1,417

Feb..................................................................... 1,545 1,545 119 1,426

Mar..................................................................... 1,556 1,556 120 1,436

1

 Beginning April 1993, indicates current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

June 2012 

50 

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 

June 2012 

51

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007, 

with data on holdings beginning from end-December 2005, 

and data on net settlements beginning from the first quarter 

of 2006. 

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Effective with the December 2009 Treasury Bulletin, a 

number of data reporters were reclassified in the TIC system 

as bank holding companies, beginning with the reports as of 

the fourth quarter of 2008. These data reporters are now 

included in the monthly bank-reported statistics and are no 

longer reporting as nonbanks. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

 Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

 Section II presents claims on foreigners reported 

by banks, other depository institutions, and securities 

brokers and dealers in the United States. BHCs/FHCs also 

report for their domestic nonbank and non-securities firm 

affiliates, other than their insurance affiliates, which report 
CAPITAL MOVEMENTS 

June 2012 

52 

separately on the C-series forms. Data on respondents’ own 

dollar claims are collected monthly on Form BC. 

Information on claims held for domestic customers as well 

as on claims denominated in foreign currencies is collected 

on a quarterly basis only on Forms BQ-1 and BQ-2, 

respectively. Effective with reports filed as of February 28, 

2003, reporting coverage was expanded as outlined in 

Section I. Additionally, columns were added for separate 

reporting of negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

 Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

 Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

Table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

 Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the 

reporter. The fair (market) value is generally defined as the 

amount for which a derivative contract could be exchanged 

in a current transaction between willing parties, other than in 

a forced or liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the 

terms of derivatives contracts such as the periodic settlement 

under a swap agreement and the daily settlement of an 

exchange-traded contract. In calculating net settlements, 

U.S. receipts of cash from foreign persons are positive 

amounts (+), and U.S. payments of cash to foreign persons 

are negative amounts (-). Items excluded from net 

settlements are: (a) collateral including initial and 

maintenance margins, whether or not in the form of cash; 

and (b) purchases of underlying commodities, securities, or 

other noncash assets. (e.g., the purchase/sale by foreigners of 

a long-term security is reported on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative 

and by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

June 2012 

53

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Liability 

 Calendar 

 Year 

2010 r 

2011 2012 

Sept. r Oct. r Nov. r Dec. Jan. Feb. Mar. p 

Total liabilities to all foreigners............................... 4,597,062 4,899,844 4,825,437 4,835,790 4,889,600 4,745,103 4,829,659 4,723,271

Payable in dollars............................................... 4,427,353 4,667,765 4,593,358 4,603,711 4,650,333 4,505,836 4,590,392 4,484,004

Foreign official institutions.............................. 640,802 583,545 556,897 569,177 562,133 543,940 554,514 544,010

Deposits, excluding negotiable CDs............. 49,884 51,960 45,599 42,461 55,283 52,295 48,201 44,831

U.S. Treasury bills and certificates ............... 462,303 387,297 374,642 378,981 357,610 349,584 360,713 355,959

Other short-term negotiable securities,

negotiable CDs, and other custody 

liabilities ....................................................... 26,559 22,440 16,264 17,839 13,807 16,201 15,404 14,418 

Other liabilities............................................ 102,056 121,848 120,392 129,896 135,433 125,860 130,196 128,802

Foreign banks (including own foreign 

offices) and other foreigners ....................... 3,767,313 4,058,171 4,005,455 3,995,765 4,050,965 3,927,775 3,999,023 3,902,266 

Deposits, excluding negotiable CDs.......... 1,780,399 2,110,151 2,100,860 2,059,759 2,057,514 2,013,040 2,015,958 1,916,867

U.S. Treasury bills and certificates ............ 242,523 242,474 242,901 261,131 281,091 251,643 266,634 271,831

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ................................................... 371,188 382,001 358,594 369,357 356,558 357,156 383,579 378,864 

Other liabilities............................................ 1,373,203 1,323,545 1,303,100 1,305,518 1,355,802 1,305,936 1,332,852 1,334,704

International and regional organizations 1 ..... 19,238 26,049 31,006 38,769 37,235 34,121 36,855 37,728

Deposits, excluding negotiable CDs.......... 9,637 13,948 13,927 12,452 14,441 11,703 13,848 14,404

U.S. Treasury bills and certificates ............ 5,454 5,424 6,130 9,692 9,542 10,156 10,206 7,062

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ................................................... 1,863 3,195 3,347 2,890 3,241 2,964 2,846 1,829 

Other liabilities............................................ 2,284 3,482 7,602 13,735 10,011 9,298 9,955 14,433

Payable in foreign currencies2 ........................... 169,709 232,079 232,079 232,079 239,267 239,267 239,267 239,267

Sector: 

Banks and other foreigners........................ 168,818 231,292 231,292 231,292 236,641 236,641 236,641 236,641

International and regional organizations 1 ...... 891 787 787 787 2,626 2,626 2,626 2,626

Major currencies: 

Canadian dollars ........................................ 14,985 21,254 21,254 21,254 24,579 24,579 24,579 24,579

Euro............................................................ 58,979 93,211 93,211 93,211 114,983 114,983 114,983 114,983

United Kingdom pounds sterling................ 11,325 13,944 13,944 13,944 13,541 13,541 13,541 13,541

Japanese yen............................................. 46,183 55,204 55,204 55,204 45,146 45,146 45,146 45,146

Memoranda: 

Respondents’ own liabilities payable in 

dollars ........................................................ 3,317,463 3,624,934 3,591,480 3,563,821 3,628,484 3,518,132 3,551,010 3,454,041 

Liabilities to own foreign offices..................... 2,247,574 2,377,908 2,370,627 2,350,345 2,356,524 2,267,572 2,272,664 2,155,838

Liabilities collaterized by repurchase 

agreements ............................................ 635,755 687,021 683,788 664,039 763,137 684,513 733,161 732,946 

Foreign official institutions...................... 87,475 110,992 108,724 117,170 121,626 110,929 112,834 114,379

Foreign banks and other foreigners....... 546,721 574,316 569,503 534,439 633,002 566,223 611,825 605,972

International and regional organizations 1..... 1,559 1,713 5,561 12,430 8,509 7,361 8,502 12,595

Reported by IBFs ....................................... 560,121 710,497 704,830 700,861 744,682 653,653 630,952 620,418

Respondents’ own liabilities payable in 

 foreign currencies 2 ..................................... 163,014 223,954 223,954 223,954 232,848 232,848 232,848 232,848 

Reported by IBFs ....................................... 45,650 54,320 54,320 54,320 64,583 64,583 64,583 64,583

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 1,116,585 1,050,956 1,010,003 1,048,015 1,028,268 994,123 1,045,801 1,036,382 

Payable in dollars....................................... 1,109,890 1,042,831 1,001,878 1,039,890 1,021,849 987,704 1,039,382 1,029,963

of which: other short-term negotiable 

securities and negotiable CDs ............ 211,286 218,147 190,942 197,790 191,102 187,450 188,271 186,080 

 of which: short-term U.S. Government 

agency securities ................................ 43,594 45,421 39,661 39,576 31,876 31,166 29,479 25,794 

 of which: negotiable CDs ...................... 71,767 68,910 60,507 61,529 63,061 59,834 54,265 53,699 

Payable in foreign currencies 2 .................. 6,695 8,125 8,125 8,125 6,419 6,419 6,419 6,419

 

1

 Principally the Bank for International Settlements, the International Bank for 

Reconstruction and Development (World Bank), and the Inter-American Development 

Bank. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

June 2012 

54 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country

Calendar year 2011 2012

2008 2009 2010 r Nov. r Dec. Jan. Feb. Mar. p

Europe: Austria ............................................... 2,568 1,954 2,426 2,550 3,479 2,341 2,621 2,867

Belgium ............................................ 16,278 14,676 18,355 24,136 23,769 24,811 21,571 23,108

Bulgaria ............................................. 125 148 130 145 140 183 170 146

Cyprus............................................... 789 1,780 968 776 770 1,103 836 1,064

Czech Republic ................................. 681 881 504 174 167 168 166 609

Denmark............................................ 4,548 3,339 5,168 5,961 5,662 5,803 5,392 5,452

Finland............................................... 1,615 1,127 900 3,627 3,586 1,790 1,271 1,606

France ............................................... 59,520 60,904 58,466 113,904 157,544 133,187 134,413 127,106

Germany............................................ 159,709 112,143 104,063 128,986 120,560 125,523 111,477 115,308

Greece............................................... 2,005 1,071 1,272 3,146 4,408 2,949 2,589 2,658

Hungary............................................. 781 575 671 911 1,291 1,008 1,293 1,937

Iceland .............................................. 1,096 815 795 2,366 1,757 1,746 1,658 1,605

Ireland ............................................... 182,351 147,936 128,409 142,497 144,970 140,704 137,627 140,863

Italy.................................................... 8,821 8,695 6,367 13,923 14,187 12,820 13,105 14,141

Kazakhstan ....................................... 13,765 10,425 13,051 24,850 22,476 27,739 31,649 29,548

Luxembourg ..................................... 130,917 101,534 86,902 84,047 102,730 97,890 94,384 99,939

Monaco.............................................. 314 177 186 599 809 853 675 567

Netherlands....................................... 37,005 17,924 15,786 20,397 18,212 18,511 22,192 19,507

Norway .............................................. 18,000 2,438 3,002 4,641 3,558 2,510 4,074 2,194

Poland ............................................... 4,731 4,786 6,037 4,130 5,646 5,735 5,362 5,614

Portugal............................................. 2,166 1,790 2,710 1,306 1,968 1,435 1,574 1,548

Romania............................................ 647 590 3,468 402 342 594 1,398 961

Russia .............................................. 73,139 74,671 50,963 12,428 12,765 13,950 12,519 11,994

Serbia and Montenegro .................... 182 300 457 1,510 1,320 968 991 867

Spain ................................................. 17,414 14,369 12,612 15,201 13,743 14,928 13,782 11,815

Sweden ............................................. 3,963 5,917 5,295 8,303 7,260 7,789 8,283 10,607

Switzerland........................................ 57,583 47,786 44,600 64,551 87,900 97,196 98,511 80,257

Turkey ............................................... 20,281 22,377 24,177 32,023 21,379 18,759 20,699 19,705

Ukraine.............................................. 4,071 3,167 4,278 3,956 3,377 4,145 3,317 2,845

United Kingdom................................. 784,793 784,529 982,330 1,111,630 1,095,310 1,059,490 1,070,756 1,042,083

Channel Islands ................................ 12,344 14,953 18,231 11,649 12,855 12,763 11,787 14,807

All other Europe ................................ 7,965 9,182 8,828 8,910 13,523 14,886 14,394 15,680

Total Europe.................................. 1,630,168 1,472,960 1,611,407 1,853,637 1,907,463 1,854,276 1,850,536 1,809,008

Memo: Euro Area 1 .......................... 621,493 486,405 439,810 555,048 610,554 578,883 558,650 562,225

Memo: European Union 2................. 1,422,690 1,287,981 1,444,073 1,687,021 1,726,782 1,659,955 1,651,940 1,630,095

Canada.................................................. 80,127 93,981 109,648 137,913 139,916 122,180 134,193 133,188

Latin America: Argentina........................................... 12,949 12,653 12,342 12,127 11,240 11,434 11,619 11,634

Belize................................................. 299 329 308 442 464 507 518 521

Bolivia................................................ 4,544 2,955 1,711 1,986 2,359 2,479 2,754 2,680

Brazil ................................................. 18,586 62,357 40,937 23,336 24,891 25,140 27,101 28,547

Chile .................................................. 15,909 11,710 16,282 20,861 21,625 20,314 21,225 20,346

Colombia ........................................... 10,396 17,640 21,024 14,414 12,061 11,404 11,053 10,447

Costa Rica......................................... 2,005 1,957 1,431 1,713 1,534 1,845 2,173 2,564

Ecuador............................................. 3,600 3,919 3,840 3,650 3,864 3,872 4,131 4,091

El Salvador........................................ 2,945 2,826 1,873 1,454 1,511 1,494 1,593 1,672

Guatemala......................................... 1,875 2,153 2,170 2,014 1,857 2,033 1,739 1,844

Guyana.............................................. 276 204 270 275 223 284 275 220

Honduras........................................... 1,570 1,420 1,558 1,583 1,742 1,739 1,786 1,698

Mexico............................................... 71,040 51,643 62,681 60,669 71,043 67,541 63,841 60,198

Nicaragua.......................................... 301 491 773 775 810 905 926 986

Panama............................................. 10,891 9,852 8,051 7,590 7,901 7,986 8,308 8,459

Paraguay........................................... 667 716 902 838 830 935 918 997

Peru................................................... 4,712 4,894 7,740 9,663 9,064 9,254 10,010 12,242

Suriname........................................... 157 278 269 371 520 438 383 600

Uruguay............................................. 8,221 8,768 7,745 8,154 8,063 8,572 10,414 10,073

Venezuela ......................................... 26,816 25,245 23,079 22,057 27,016 23,945 23,774 23,623

All other Latin America...................... 48 59 50 33 35 35 35 31

Total Latin America ....................... 197,807 222,069 215,036 194,005 208,653 202,156 204,576 203,473

Caribbean: Anguilla.............................................. 13,091 11,520 10,914 12,738 12,317 13,440 13,872 13,254

Antigua and Barbuda ........................ 115 118 69 93 100 177 99 100

Aruba................................................. 738 589 373 402 335 430 398 338

Bahamas ........................................... 338,432 290,354 264,406 248,255 237,897 233,061 224,143 203,088

Barbados........................................... 17,056 10,407 11,213 12,728 14,856 16,101 16,555 13,445

Bermuda............................................ 53,173 40,291 42,009 50,218 48,039 45,322 45,831 48,489

British Virgin Islands ......................... 44,616 34,856 44,188 41,872 41,196 38,681 40,041 39,733

Cayman Islands ................................ 1,544,995 1,480,624 1,528,620 1,461,766 1,415,016 1,382,134 1,460,556 1,411,822

Cuba.................................................. 89 83 77 47 46 45 62 50

Dominican Republic .......................... 3,089 3,286 3,548 3,070 3,247 2,824 2,943 2,960

French West Indies ........................... 26 36 35 32 37 33 32 32

Haiti ................................................... 540 679 1,279 935 928 1,036 1,067 1,151

Jamaica............................................. 1,023 989 877 850 974 1,007 1,225 958

Netherlands Antilles .......................... 6,679 6,944 7,694 6,284 6,603 6,865 6,082 11,159

See footnotes at end of table.
CAPITAL MOVEMENTS 

June 2012 

55

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2011 2012 

2008 2009 2010 r Nov. r Dec. Jan. Feb. Mar. p

Caribbean, con. 

St. Kitts and Nevis.......................... 139 144 159 202 214 245 224 195

Trinidad and Tobago...................... 3,945 3,988 3,474 3,540 4,897 4,762 4,534 5,130

Turks and Caicos Islands............... 227 107 100 83 68 73 83 80

All other Caribbean ........................ 170 127 161 160 293 295 348 268

Total Caribbean.......................... 2,028,143 1,885,142 1,919,197 1,843,275 1,787,063 1,746,531 1,818,095 1,752,252

Asia: 

Bangladesh .................................... 3,479 4,506 3,837 1,988 2,841 2,464 3,134 2,978

China, Mainland ............................. 226,169 106,078 47,450 44,436 56,400 65,360 73,576 85,688

Hong Kong ..................................... 54,534 129,918 105,345 74,288 92,393 82,689 82,694 84,734

India................................................ 28,834 26,421 23,140 19,870 19,603 21,374 22,112 24,295

Indonesia........................................ 10,005 21,671 22,546 15,706 19,412 20,289 21,225 18,837

Israel............................................... 20,860 16,816 18,498 22,330 21,210 27,123 27,795 27,232

Japan.............................................. 251,993 185,546 162,366 232,462 212,624 185,892 175,350 167,934

Jordan ............................................ 2,247 2,527 2,752 1,642 2,059 2,013 1,109 1,698

Korea, South .................................. 16,078 12,458 11,206 18,211 18,435 19,590 18,637 19,169

Laos................................................ 66 74 103 37 97 58 40 40

Lebanon ......................................... 1,434 1,421 1,620 1,369 1,245 2,789 3,052 3,989

Malaysia ......................................... 2,346 2,297 4,276 4,205 3,789 3,837 3,463 3,998

Pakistan.......................................... 4,186 3,805 5,253 4,444 4,332 4,304 4,269 4,319

Philippines...................................... 9,561 5,365 6,189 8,669 11,291 8,402 7,757 7,658

Singapore....................................... 45,194 28,378 40,899 35,455 38,232 34,615 32,641 37,653

Syria ............................................... 65 34 39 40 40 43 42 44

Taiwan............................................ 30,702 29,938 31,360 28,823 31,303 33,899 33,266 31,906

Thailand.......................................... 18,748 17,028 31,725 39,438 35,270 38,953 38,213 39,644

Yemen............................................ 212 336 247 511 275 394 433 389

Oil exporting countries 3 ................. 121,758 105,728 100,888 126,477 135,262 129,157 131,517 124,474

All other Asia .................................. 7,133 7,563 6,498 7,985 8,801 8,827 9,481 9,173

Total Asia ................................... 855,604 707,908 626,237 688,386 714,914 692,072 689,806 695,852

Africa: 

Botswana........................................ 376 307 232 403 319 371 366 370

Egypt .............................................. 9,401 17,481 26,550 7,195 7,102 5,757 5,179 4,026

Ghana............................................. 316 284 641 658 854 720 952 880

Kenya ............................................. 342 476 400 580 515 747 542 521

Liberia............................................. 466 626 664 569 556 501 574 569

Mauritius......................................... 1,089 1,669 2,145 3,822 1,972 1,875 2,687 4,275

Morocco.......................................... 379 339 784 167 230 348 264 301

Mozambique................................... 141 232 283 383 480 347 297 329

South Africa.................................... 4,215 3,005 1,384 1,990 2,133 2,251 2,429 2,347

Tanzania......................................... 682 482 483 618 697 509 493 502

Uganda........................................... 329 441 468 650 597 666 447 590

Zambia ........................................... 141 235 425 390 369 375 351 520

Zimbabwe....................................... 88 276 321 194 213 191 422 377

Oil exporting countries 4 ................. 4,380 7,108 5,605 6,882 6,668 7,256 7,449 7,161

All other Africa................................ 6,605 8,239 6,938 5,470 7,396 8,115 7,706 7,254

Total Africa ................................. 28,950 41,200 47,323 29,971 30,101 30,029 30,158 30,022

Other countries: 

Australia ......................................... 33,479 27,056 32,769 33,540 48,770 46,501 48,808 45,170

New Zealand .................................. 3,849 5,480 3,926 5,971 4,801 6,679 6,152 6,113

French Polynesia ........................... 143 164 142 124 131 119 135 130

All other .......................................... 10,857 7,428 11,248 9,412 7,927 7,813 7,719 7,709

Total other ................................. 48,328 40,128 48,085 49,047 61,629 61,112 62,814 59,122

All countries........................................ 4,869,127 4,463,388 4,576,933 4,796,234 4,849,739 4,708,356 4,790,178 4,682,917

International and regional orgs: 

International organizations............ 32,837 13,453 14,667 32,327 31,925 29,952 31,271 33,362

Regional organizations 5 ............... 4,692 3,126 5,462 7,229 7,936 6,795 8,210 6,992

Total international and 

 regional organizations............. 37,529 16,579 20,129 39,556 39,861 36,747 39,481 40,354

Grand total ............................. 4,906,656 4,479,967 4,597,062 4,835,790 4,889,600 4,745,103 4,829,659 4,723,271

 

1

 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For data as of 

January 2009, also includes Slovakia. For data as of January 2011, also includes Estonia. 

2 As of January 2007, the European (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the 

Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, 

Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, 

Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning 

June 2006. 

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2012 

56 

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2012, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Liabilities payable in dollars 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Non-negotiable deposits 

and brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous liabilities 2

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

Europe: 

Austria ............................ 2,867 2,107 1,428 680 457 683 484 1 4 457 22 760

Belgium .......................... 23,108 21,985 8,993 12,992 2,018 1,280 11,859 999 120 5,700 9 1,123

Cyprus............................ 1,064 1,055 1,053 2 645 278 2 - - 2 128 9

Czech Republic .............. 609 598 584 14 37 95 14 - - 451 1 11

Denmark......................... 5,452 5,443 1,195 4,248 408 260 4,074 107 6 560 28 9

Finland............................ 1,606 1,503 852 651 550 133 132 40 479 140 28 103

France ............................ 127,106 97,972 84,866 13,106 54,139 2,911 9,538 2,416 1,095 17,054 10,819 29,134

Germany......................... 115,308 93,727 86,475 7,252 27,762 2,659 5,753 470 150 56,278 655 21,581

Greece............................ 2,658 2,653 942 1,711 315 572 1,706 - 5 33 22 5

Hungary.......................... 1,937 1,757 167 1,590 30 81 1,582 1 7 55 1 180

Ireland ............................ 140,863 139,833 29,074 110,759 2,878 6,042 36,134 46,175 25,118 6,127 17,359 1,030

Italy................................. 14,141 12,667 11,954 713 9,428 1,050 602 9 12 1,470 96 1,474

Kazakhstan .................... 29,548 29,212 2,963 26,249 1,324 56 26,049 200 - 1,568 15 336

Luxembourg ................... 99,939 99,106 21,659 77,447 3,797 10,366 39,122 25,791 10,875 325 8,830 833

Monaco........................... 567 567 438 129 145 292 129 - - 1 - -

Netherlands.................... 19,507 18,565 15,248 3,318 4,659 8,310 1,384 979 47 2,223 963 942

Norway ........................... 2,194 2,162 1,943 219 472 180 219 - - 1,264 27 32

Poland ............................ 5,614 5,596 593 5,003 272 216 3,484 1,519 - 105 - 18

Portugal.......................... 1,548 1,543 1,513 29 1,221 259 28 - 1 32 1 5

Romania......................... 961 961 461 500 39 77 500 - - 339 6 -

Russia ............................ 11,994 11,950 7,691 4,259 5,602 1,128 4,250 7 2 892 69 44

Spain .............................. 11,815 11,237 9,891 1,347 3,895 2,625 1,111 155 21 3,146 284 578

Sweden........................... 10,607 10,510 8,307 2,203 3,875 432 515 1,356 209 3,268 855 97

Switzerland..................... 80,257 78,020 53,985 24,035 41,520 3,871 19,112 4,403 437 7,813 864 2,237

Turkey............................. 19,705 19,661 2,259 17,402 1,635 246 17,343 55 2 374 6 44

Ukraine ........................... 2,845 2,802 2,802 - 2,633 159 - - - 6 4 43

United Kingdom.............. 1,042,083 985,650 965,339 20,311 380,781 25,790 14,056 3,000 1,578 320,252 240,193 56,433

Channel Islands ............. 14,807 14,445 9,862 4,583 3,465 3,729 3,889 392 112 195 2,663 362

All other Europe............... 18,298 18,283 14,427 3,857 3,645 1,285 2,436 993 390 9,433 102 15

Total Europe ................ 1,809,008 1,691,570 1,346,961 344,609 557,648 75,065 205,507 89,068 40,670 439,562 284,050 117,438

Memo: Euro Area 4...... 562,225 504,643 274,526 230,117 111,920 37,531 107,916 77,083 37,928 93,034 39,231 57,582

Canada................................. 133,188 124,637 105,891 18,746 10,852 9,729 10,732 5,350 1,165 73,338 13,471 8,551

Latin America: 

Argentina.......................... 11,634 11,505 10,946 559 685 9,687 298 107 154 420 154 129

Belize................................ 521 519 487 32 221 232 - - 32 33 1 2

Bolivia............................... 2,680 2,413 1,724 689 443 1,265 64 412 213 14 2 267

Brazil................................. 28,547 27,838 21,495 6,343 7,408 6,679 5,582 222 468 2,991 4,488 709

Chile ................................. 20,346 19,841 11,942 7,899 4,469 3,842 4,591 1,527 1,781 3,550 81 505

Colombia .......................... 10,447 10,379 7,330 3,049 1,537 5,287 2,715 162 164 479 35 68

Costa Rica........................ 2,564 2,542 2,424 118 580 567 16 48 54 1,272 5 22

Ecuador............................ 4,091 4,075 4,009 66 1,038 2,588 38 17 11 332 51 16

El Salvador....................... 1,672 1,665 1,215 450 289 604 85 294 71 301 21 7

Guatemala........................ 1,844 1,793 1,686 107 180 1,267 64 36 7 216 23 51

Honduras.......................... 1,698 1,696 1,651 45 880 750 1 25 19 21 - 2

Mexico .............................. 60,198 45,997 43,324 2,673 15,471 23,094 1,351 693 618 3,940 830 14,201

Panama............................ 8,459 8,293 7,784 509 3,454 3,675 218 181 109 548 108 166

Paraguay.......................... 997 995 931 64 332 589 1 62 1 2 8 2

Peru .................................. 12,242 11,864 10,129 1,735 7,379 2,459 480 1,235 17 280 14 378

Uruguay............................ 10,073 10,002 8,740 1,262 1,593 3,650 953 117 192 3,306 191 71

Venezuela ........................ 23,623 23,415 22,609 806 3,436 18,604 52 613 140 294 276 208

All other Latin America .... 1,837 1,831 1,629 202 632 719 30 100 72 278 - 6

Total Latin America ..... 203,473 186,663 160,055 26,608 50,027 85,558 16,539 5,851 4,123 18,277 6,288 16,810

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2012 

57

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2012, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1)

Liabilities payable in dollars

 Total 

liabilities 

payable in 

foreign 

currency 3

(12)

Total 

liabilities 

payable in 

dollars 

(2)

Total own 

liabilities 

payable in 

dollars 

(3)

Total 

custody 

liabilities 

payable in 

dollars 

(4)

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

 Liabilities 2 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5)

Held by all 

other 

foreigners

(6)

Of which: 

short-term 

U.S. 

Treasury 

obligations 

(7)

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8)

Of which: 

negotiable 

CDs 

(9)

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10)

Held by all 

other 

foreigners 

(11)

Caribbean: 

Aruba........................................ 338 338 289 49 113 135 - 6 43 16 25 -

Bahamas.................................. 203,088 202,720 200,571 2,149 148,584 6,546 1,435 656 24 44,002 1,473 368

Barbados.................................. 13,445 13,424 9,163 4,261 3,087 540 3,400 693 165 5,499 40 21

Bermuda .................................. 48,489 45,777 20,562 25,215 1,605 13,812 19,610 4,627 609 189 5,325 2,712

British Virgin Islands ................ 39,733 38,487 26,660 11,827 97 24,471 9,757 1,544 190 - 2,428 1,246

Cayman Islands ....................... 1,411,822 1,373,067 1,094,344 278,723 519,307 203,131 70,916 11,236 2,004 429,960 136,513 38,755

Dominican Republic................. 2,960 2,932 2,921 11 804 1,973 3 2 6 123 21 28

Haiti .......................................... 1,151 1,151 1,119 32 536 366 - 11 21 217 - -

Jamaica.................................... 958 945 930 15 292 333 9 2 4 300 5 13

Netherlands Antilles................. 11,159 11,057 9,950 1,107 7,602 1,909 499 591 17 251 188 102

Trinidad and Tobago................ 5,130 4,949 2,716 2,233 1,616 440 2,229 - 3 656 5 181

All other Caribbean .................. 13,979 12,126 11,091 1,035 163 10,393 1,003 15 17 2 533 1,853

Total Caribbean.................. 1,752,252 1,706,973 1,380,316 326,657 683,806 264,049 108,861 19,383 3,103 481,215 146,556 45,279

Asia: 

China, Mainland....................... 85,688 85,487 81,307 4,180 35,973 5,680 3,868 105 33 39,557 271 201

Hong Kong............................... 84,734 82,986 37,611 45,375 24,148 3,054 44,867 382 54 9,492 989 1,748

India ......................................... 24,295 24,244 11,446 12,798 3,306 2,632 11,605 1,030 54 5,382 235 51

Indonesia ................................. 18,837 18,827 9,682 9,145 3,584 426 9,081 57 6 5,605 68 10

Israel ........................................ 27,232 27,082 10,284 16,798 652 2,084 16,680 50 67 7,530 19 150

Japan ....................................... 167,934 136,873 74,103 62,770 25,285 8,846 60,500 870 87 34,868 6,417 31,061

Jordan ...................................... 1,698 1,698 1,588 110 1,346 74 - - 110 163 5 -

Korea, South............................ 19,169 18,805 9,632 9,173 4,625 1,003 7,108 1,476 181 4,235 177 364

Malaysia................................... 3,998 3,981 3,787 194 3,190 236 176 15 2 341 21 17

Pakistan ................................... 4,319 4,319 3,445 874 448 311 854 1 2 2,682 21 -

Philippines................................ 7,658 7,641 6,917 724 4,574 647 682 25 17 1,447 249 17

Singapore................................. 37,653 36,761 27,567 9,194 21,479 2,509 6,685 2,083 407 1,767 1,831 892

Taiwan...................................... 31,906 31,624 28,980 2,644 8,418 6,611 2,419 24 175 13,679 298 282

Thailand ................................... 39,644 39,637 4,218 35,419 2,573 440 35,270 28 117 1,196 13 7

All other Asia............................ 141,087 140,913 57,081 83,832 15,347 3,473 78,140 4,522 1,120 37,656 655 174

Total Asia............................. 695,852 660,878 367,648 293,230 154,948 38,026 277,935 10,668 2,432 165,600 11,269 34,974

Africa: 

Egypt........................................ 4,026 4,025 3,118 907 1,487 267 869 - 38 1,362 2 1

Ghana ...................................... 880 880 878 2 289 117 1 - 1 471 1 -

Kenya....................................... 521 521 521 - 263 160 - - - 97 1 -

Liberia ...................................... 569 559 516 43 17 331 24 - 19 168 - 10

Morocco ................................... 301 301 299 2 234 54 - 2 - 11 - -

South Africa ............................. 2,347 2,277 2,119 158 1,658 259 156 2 - 122 80 70

All other Africa.......................... 21,378 20,898 19,649 1,249 14,032 2,616 1,188 60 1 2,704 297 480

Total Africa........................... 30,022 29,461 27,100 2,361 17,980 3,804 2,238 64 59 4,935 381 561

Other countries: 

Australia ................................... 45,170 38,656 30,856 7,800 6,346 2,445 4,971 1,022 1,240 16,291 6,341 6,514

New Zealand............................ 6,113 6,039 5,099 940 137 353 915 20 4 4,540 70 74

All other.................................... 7,839 1,399 1,278 121 276 649 92 24 5 347 6 6,440

Total other........................... 59,122 46,094 37,233 8,861 6,759 3,447 5,978 1,066 1,249 21,178 6,417 13,028

All countries.................................. 4,682,917 4,446,276 3,425,204 1,021,072 1,482,020 479,678 627,790 131,450 52,801 1,204,105 468,432 236,641

International and regional orgs: International organizations....... 33,362 30,853 24,326 6,527 - 11,514 6,163 94 270 - 12,812 2,509

Regional organizations 5.......... 6,992 6,875 4,511 2,364 - 2,890 899 837 628 - 1,621 117

Total International and 

 regional organizations ........ 40,354 37,728 28,837 8,891 - 14,404 7,062 931 898 - 14,433 2,626

Grand total ...................... 4,723,271 4,484,004 3,454,041 1,029,963 1,482,020 494,082 634,852 132,381 53,699 1,204,105 482,865 239,267

1

 Excludes negotiable certificates of deposit. 

2

 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in 

the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 

3

 Foreign currency data are as of the previous quarter-end. 

4

 As of January 2008, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. 

For data as of January 2009, also includes Slovakia. For data as of January 2011, also 

includes Estonia.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

June 2012 

58 

U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.7 trillion in March 2012, a 

decrease of $166 billion from yearend 2011. U.S. banking liabilities include foreign holdings of U.S. shortterm securities but exclude foreign holdings of U.S. long-term securities. U.S. banking liabilities decreased 

about $427 billion in 2009 but increased about $117 billion in 2010 and $293 billion in 2011. 

U.S. banking liabilities are concentrated in international financial centers. The data on this page show that 

nearly 60 percent of U.S. banking liabilities is currently recorded against the United Kingdom and banking 

centers in the Caribbean. These financial centers, particularly the United Kingdom, recorded much of the 

decline in banking liabilities during the financial crisis and much of the rebound in 2010. In 2011, liabilities to 

all of Europe grew rapidly as European banks provided funds to support their U.S. branches. However, 

liabilities to Europe declined in the first quarter of 2012, as did liabilities to all regions, except Asia. 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years

2008 2009 2010 2011 Mar. 2012 

United Kingdom ..................... 784,793 784,529 982,330 1,095,310 1,042,083

All other Europe ..................... 845,375 688,431 629,077 812,153 766,925

Caribbean banking centers 1 .... 1,998,786 1,862,921 1,894,968 1,756,652 1,722,750

Japan ..................................... 251,993 185,546 162,366 212,624 167,934

All other Asia ......................... 603,611 522,362 463,871 502,290 527,918

Subtotal ............................... 4,484,558 4,043,789 4,132,612 4,379,029 4,227,610

All other countries .................. 422,098 436,178 464,450 510,571 495,661

Grand total ........................... 4,906,656 4,479,967 4,597,062 4,889,600 4,723,271

 

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British 

Virgin Islands. 
 CAPITAL MOVEMENTS 

June 2012 

59

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

TABLE CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Claim 

Calendar 

Year 

2009 

2010 2011 

Dec. r Mar. r June r Sept. Dec. p

 

Total claims .............................................................. 3,981,531 4,537,003 4,604,165 4,397,533 4,351,847 4,268,883

Payable in dollars .................................................. 3,600,673 4,114,097 4,208,887 4,012,607 3,976,773 3,852,993

Own claims on foreigners ................................... 2,808,203 3,249,445 3,339,966 3,193,433 3,249,896 3,176,997

Foreign official institutions ............................... 47,057 49,431 55,078 40,356 39,599 29,662

Foreign banks, including own foreign 

offices ........................................................... 2,155,942 2,473,969 2,522,672 2,331,269 2,370,692 2,323,702

All other foreigners .......................................... 603,743 724,705 762,216 821,808 839,605 823,633

Claims of domestic customers .............................. 792,470 864,652 868,921 819,174 726,877 675,996

Payable in foreign currencies .................................. 380,858 422,906 395,278 384,926 375,074 415,890

Own claims on foreigners ..................................... 333,622 340,783 350,989 310,164 301,905 345,414

of which: 

Canadian dollars .............................................. 43,712 41,407 47,387 49,468 39,046 41,393

Euros ................................................................ 182,243 169,066 170,435 133,470 131,769 146,926

United Kingdom pounds sterling ...................... 33,074 32,695 37,790 40,022 38,284 39,886

Japanese yen ................................................... 37,615 50,879 39,915 34,083 34,426 56,395

Claims of domestic customers .............................. 47,236 82,123 44,289 74,762 73,169 70,476

of which: 

Canadian dollars .............................................. 6,912 15,436 4,129 5,677 7,765 11,936

Euros ................................................................ 28,355 32,940 12,772 13,964 10,718 6,681

United Kingdom pounds sterling ...................... 3,680 2,822 4,817 3,528 2,317 2,213

Japanese yen ................................................... 3,468 18,149 10,121 35,881 36,407 36,073

Memoranda: 

Total own claims on foreigners ............................. 3,141,825 3,590,228 3,690,955 3,503,597 3,551,801 3,522,411

Non-negotiable deposits .................................... 1,492,372 1,667,003 1,711,935 1,469,331 1,508,503 1,458,495

Short-term negotiable instruments 

 (payable in dollars) ........................................... 13,201 16,633 15,329 18,536 15,226 14,899

Resale agreements ............................................ 530,527 731,849 734,412 791,467 791,934 808,014

Other ................................................................... 1,107,574 1,174,743 1,229,279 1,224,263 1,236,138 1,241,003

Claims on own foreign offices ............................... 2,054,846 2,295,951 2,339,919 2,281,850 2,270,221 2,270,157

Claims reported by IBFs ....................................... 669,710 669,307 716,753 670,271 648,123 656,935

Payable in dollars ............................................... 627,476 615,435 664,970 623,224 609,022 592,270

Payable in foreign currencies ............................. 42,234 53,872 51,783 47,047 39,101 64,665

Total claims held for domestic customers ............ 839,706 946,775 913,210 893,936 800,046 746,472

Non-negotiable deposits .................................... 378,672 436,422 365,961 368,293 383,759 361,506

Short-term negotiable instruments 

 (payable in dollars) ........................................... 417,354 424,957 466,149 427,705 333,551 313,285

Other................................................................... 43,680 85,396 81,100 97,938 82,736 71,681

 
CAPITAL MOVEMENTS 

June 2012 

60 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 Calendar 

 year 

 2009 

2010 2011 

June r Sept. r Dec. r Mar. r June r Sept. Dec. p

Europe: 

Austria ................................................... 3,299 3,119 2,786 3,470 2,866 2,383 3,081 3,106

Belgium.................................................. 14,056 17,702 19,546 20,967 18,795 15,304 10,020 9,912

Bulgaria ................................................. 23 17 15 19 10 9 10 11

Czech Republic ..................................... 514 114 50 51 27 26 24 81

Denmark................................................ 6,054 3,237 4,278 4,004 3,231 2,784 2,837 3,802

Finland................................................... 43,722 27,998 36,662 45,772 41,267 40,039 38,849 37,571

France ................................................... 196,350 163,866 203,617 208,501 241,917 256,442 160,031 109,017

Germany................................................ 88,001 88,501 94,449 89,617 80,734 74,701 70,636 58,854

Greece................................................... 970 663 655 693 207 219 184 147

Hungary................................................. 1,395 1,077 602 556 180 179 338 353

Ireland.................................................... 76,082 54,391 43,406 29,265 32,193 30,656 33,109 26,413

Italy ........................................................ 51,033 31,211 45,189 32,858 25,893 24,014 7,736 6,139

Kazakhstan ........................................... 377 223 357 270 277 358 106 159

Luxembourg .......................................... 31,406 26,835 25,063 23,661 30,355 34,843 25,540 22,251

Netherlands ........................................... 66,921 47,074 52,522 48,175 57,032 67,260 58,718 57,125

Norway .................................................. 21,433 20,626 22,695 17,456 21,865 18,234 17,570 15,979

Poland ................................................... 495 1,229 2,192 391 917 197 442 621

Portugal ................................................. 2,357 1,261 1,269 1,415 845 901 798 796

Romania ................................................ 183 119 116 112 178 226 502 406

Russia.................................................... 1,822 1,219 1,453 1,353 1,105 1,104 1,786 1,463

Spain ..................................................... 46,988 27,813 28,321 15,122 10,775 13,519 8,431 5,861

Sweden.................................................. 15,715 33,558 32,255 41,082 54,830 43,493 39,725 40,724

Switzerland............................................ 79,447 66,840 67,536 57,856 70,010 69,715 98,604 75,302

Turkey.................................................... 4,170 4,887 5,373 5,526 4,946 5,051 5,721 5,231

United Kingdom..................................... 1,157,152 1,244,575 1,306,589 1,328,002 1,342,742 1,258,770 1,237,521 1,274,898

Channel Islands..................................... 19,616 13,679 15,736 15,497 16,236 14,606 12,835 10,592

All other Europe .................................... 5,227 6,995 5,444 4,901 5,557 5,693 4,863 4,157

Total Europe ....................................... 1,934,807 1,888,827 2,018,176 1,996,593 2,064,992 1,980,726 1,840,017 1,770,971

Memo: Euro Area 1 ............................. 625,053 493,906 555,806 521,553 544,646 562,117 418,000 338,136

Memo: European Union 2 ................... 1,806,596 1,777,844 1,901,913 1,895,777 1,946,767 1,867,816 1,699,515 1,659,048

Canada ..................................................... 170,119 190,477 184,736 220,970 214,452 222,481 210,229 224,130

Latin America: 

Argentina ............................................... 3,585 3,869 4,216 4,343 4,483 4,888 7,220 5,403

Bolivia ................................................... 516 387 409 154 137 158 163 140

Brazil...................................................... 32,953 42,009 53,607 56,730 63,088 70,150 76,886 83,881

Chile ...................................................... 14,461 14,452 15,041 14,985 16,075 16,713 15,502 17,142

Colombia ............................................... 3,553 4,360 4,610 7,442 8,552 7,986 8,493 8,447

Costa Rica ............................................ 1,017 1,036 997 1,226 1,199 1,599 1,941 1,974

Ecuador................................................. 503 488 508 491 452 433 439 475

El Salvador ........................................... 558 358 261 386 395 551 496 560

Guatemala............................................. 1,103 1,076 1,055 1,249 1,298 1,983 2,219 2,345

Honduras .............................................. 391 347 336 372 398 435 394 477

Mexico ................................................... 24,658 29,823 28,737 31,723 36,478 35,052 34,778 33,183

Nicaragua .............................................. 73 74 79 97 89 105 104 85

Panama ................................................. 3,229 3,035 3,767 3,768 3,867 4,413 4,796 4,668

Paraguay .............................................. 137 147 180 488 289 349 346 447

Peru ....................................................... 3,118 3,706 4,376 4,434 5,183 6,001 5,651 5,085

Uruguay................................................. 715 687 395 2,446 504 550 897 675

Venezuela ............................................. 1,742 1,579 1,536 1,573 1,697 2,025 1,770 1,683

All other Latin America ......................... 35 32 29 72 42 71 197 195

Total Latin America............................. 92,347 107,465 120,139 131,979 144,226 153,462 162,292 166,865

Caribbean: 

Anguilla ................................................. 10,715 13,167 10,693 10,826 13,233 13,120 13,285 13,968

Bahamas ............................................... 268,057 355,349 370,710 380,494 404,566 374,185 480,615 470,557

Barbados .............................................. 489 561 523 504 547 627 633 493

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2012 

61

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar 

year 

2009 

2010 2011 

June r Sept. r Dec. r Mar. r June r Sept. Dec. p

Caribbean, con. 

Bermuda..................................... 11,202 10,718 10,524 12,256 12,744 14,355 16,490 14,251

British Virgin Islands................... 7,007 11,452 10,651 12,552 13,466 13,931 13,457 13,760

Cayman Islands.......................... 1,073,339 1,149,172 1,142,204 1,176,430 1,137,568 980,247 952,381 896,063

Dominican Republic ................... 780 827 845 891 897 1,101 1,094 1,270

Haiti ............................................ 48 40 43 38 40 33 30 40

Jamaica ...................................... 452 395 341 379 355 466 585 631

Netherlands Antilles ................... 7,210 8,026 6,906 6,080 6,987 6,533 2,563 2,826

Trinidad and Tobago .................. 540 419 526 546 636 726 530 689

All other Caribbean..................... 796 573 564 645 473 488 538 481

Total Caribbean ....................... 1,380,635 1,550,699 1,554,530 1,601,641 1,591,512 1,405,812 1,482,201 1,415,029

Asia: 

China, Mainland. ........................ 4,252 20,366 15,181 18,011 24,080 24,879 21,486 19,901

Hong Kong ................................. 21,504 36,667 41,826 38,752 49,742 61,930 65,701 56,146

India............................................ 7,624 11,503 12,359 13,040 14,440 16,732 19,208 19,853

Indonesia.................................... 813 721 682 1,009 1,242 1,668 2,118 2,620

Israel........................................... 3,382 5,591 5,680 5,828 5,607 6,160 5,670 5,410

Japan.......................................... 185,928 225,858 269,554 289,392 279,615 300,981 312,028 355,232

Jordan ........................................ 17 19 46 77 72 80 73 71

Korea, South .............................. 15,658 25,669 24,133 19,259 18,271 19,411 23,876 22,625

Lebanon...................................... 67 96 77 59 114 109 100 62

Malaysia ..................................... 354 1,361 1,987 2,293 3,424 5,350 6,005 4,884

Pakistan...................................... 22 30 21 11 71 47 58 181

Philippines .................................. 905 1,064 1,839 1,715 1,956 1,909 2,662 1,546

Singapore ................................... 16,281 22,616 21,668 19,965 21,364 18,534 24,524 26,227

Taiwan........................................ 3,019 3,587 5,385 5,405 5,839 5,272 6,840 6,260

Thailand...................................... 236 335 385 702 1,386 875 441 339

Asian oil exporters 3 ................... 22,712 15,572 14,165 16,068 19,113 16,181 16,726 15,612

All other Asia .............................. 602 822 904 1,289 1,738 3,092 3,369 2,959

Total Asia ................................. 283,376 371,877 415,892 432,875 448,074 483,210 510,885 539,928

Africa: 

Cameroon................................... 876 5 7533

Egypt .......................................... 646 3,089 4,308 7,772 2,524 4,222 1,675 1,064

Ghana......................................... 186 218 198 104 153 204 116 117

Liberia 449 737 723 951 1,005 986 1,061 1,095

Morocco...................................... 12 108 112 232 175 311 139 361

South Africa................................ 1,508 699 1,187 1,266 1,498 1,013 751 631

African oil exporters 4 ................. 291 346 269 308 277 342 336 339

All other Africa ............................ 5,691 5,595 6,116 6,228 5,978 5,813 5,155 5,419

Total Africa .............................. 8,791 10,799 12,919 16,866 11,617 12,896 9,236 9,029

Other countries: 

Australia...................................... 84,446 90,845 87,108 97,219 104,392 113,020 112,929 117,204

New Zealand .............................. 10,658 9,841 9,211 10,437 8,745 7,698 7,524 6,757

All other ...................................... 573 751 4,221 4,683 1,064 1,171 1,715 1,879

Total other countries ................ 95,677 101,437 100,540 112,339 114,201 121,889 122,168 125,840

Total foreign countries .......... 3,965,752 4,221,581 4,406,932 4,513,263 4,589,074 4,380,476 4,337,028 4,251,792

International and regional orgs: 

International organizations......... 14,328 14,237 13,518 14,056 10,847 12,590 10,652 13,980

Regional organizations 5 ............ 1,451 4,137 1,685 9,684 4,244 4,467 4,167 3,111

Total international 

 and regional organizations ........ 15,779 18,374 15,203 23,740 15,091 17,057 14,819 17,091

 Grand total ........................... 3,981,531 4,239,955 4,422,135 4,537,003 4,604,165 4,397,533 4,351,847 4,268,883

1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia. 

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data 

available beginning June 2006. 

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria. 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

June 2012 

62 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2011 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Country 

Total 

claims 

(1) 

Total 

own 

claims

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Claims of domestic customers 

Total 

customer 

claims 

(7) 

Payable

in 

dollars 

(8) 

Payable in

foreign

currencies

(9) 

Europe: 

Austria ............................................... 3,106 2,922 2,900 110 2,790 22 183 165 18

Belgium.............................................. 9,912 9,288 6,642 5,764 878 2,646 624 537 87

Czech Republic ................................. 81 78 9 3 6 69 3 - 3

Denmark............................................ 3,802 311 221 62 159 90 3,491 3,468 23

Finland............................................... 37,571 34,872 33,045 32,999 46 1,827 2,699 2,688 11

France ............................................... 109,017 97,974 78,925 51,107 27,818 19,049 11,043 10,106 937

Germany............................................ 58,854 45,913 30,399 25,926 4,473 15,514 12,941 12,091 850

Greece............................................... 147 132 54 16 38 78 14 - 14

Hungary............................................. 353 182 150 35 115 32 171 - 171

Ireland................................................ 26,413 26,169 22,383 8,212 14,171 3,786 243 212 31

Italy .................................................... 6,139 4,608 2,818 2,610 208 1,790 1,532 198 1,334

Kazakhstan........................................ 159 141 139 49 90 2 18 18 -

Luxembourg ...................................... 22,251 20,301 17,413 2,113 15,300 2,888 1,949 1,877 72

Netherlands ....................................... 57,125 42,268 35,942 10,108 25,834 6,326 14,857 14,235 622

Norway .............................................. 15,979 4,529 4,363 3,744 619 166 11,450 11,354 96

Poland ............................................... 621 615 568 551 17 47 6 1 5

Portugal ............................................. 796 783 724 86 638 59 13 - 13

Romania ............................................ 406 92 78 - 78 14 314 - 314

Russia................................................ 1,463 1,427 1,321 952 369 106 36 36 -

Spain ................................................. 5,861 5,755 2,683 1,965 718 3,072 106 39 67

Sweden.............................................. 40,724 10,162 5,056 3,932 1,124 5,106 30,562 30,470 92

Switzerland........................................ 75,302 65,408 59,831 55,593 4,238 5,577 9,894 9,815 79

Turkey................................................ 5,231 5,219 5,052 3,956 1,096 167 12 5 7

United Kingdom................................. 1,274,898 1,187,904 1,055,761 740,756 315,005 132,143 86,994 81,575 5,419

Channel Islands .................................. 10,592 7,424 6,955 1,534 5,421 469 3,168 3,158 10

All other Europe ................................ 4,168 2,332 2,040 377 1,663 292 1,836 1,591 245

Total Europe ................................... 1,770,971 1,576,810 1,375,472 952,560 422,912 201,338 194,161 183,639 10,522

Memo: Euro Area 1 ......................... 338,136 291,412 234,196 141,144 93,052 57,216 46,724 42,551 4,173

Canada ................................................. 224,130 170,450 140,796 110,569 30,227 29,654 53,680 42,780 10,900

Latin America: 

Argentina ........................................... 5,403 5,382 5,232 829 4,403 150 21 18 3

Bolivia................................................ 140 140 129 3 126 11 - - -

Brazil.................................................. 83,881 82,561 79,519 48,200 31,319 3,042 1,320 1,228 92

Chile .................................................. 17,142 17,131 17,079 9,178 7,901 52 11 6 5

Colombia ........................................... 8,447 8,446 6,926 4,428 2,498 1,520 1 1 -

Costa Rica ........................................ 1,974 1,974 1,654 708 946 320 - - -

Ecuador............................................. 475 473 465 41 424 8 2 2 -

El Salvador ....................................... 560 560 512 366 146 48 - - -

Guatemala......................................... 2,345 2,345 2,074 1,375 699 271 - - -

Honduras .......................................... 477 477 476 257 219 1 - - -

Mexico ............................................... 33,183 32,997 29,340 7,528 21,812 3,657 186 11 175

Panama ............................................. 4,668 4,566 4,444 2,210 2,234 122 102 102 -

Peru ................................................... 5,085 5,070 5,036 1,710 3,326 34 15 15 -

Uruguay............................................. 675 610 597 59 538 13 65 1 64

Venezuela ......................................... 1,683 1,679 1,568 232 1,336 111 4 4 -

All other Latin America ..................... 727 725 715 330 385 10 2 2 -

Total Latin America......................... 166,865 165,136 155,766 77,454 78,312 9,370 1,729 1,390 339

 

See footnotes at end of table.
 CAPITAL MOVEMENTS 

June 2012 

63

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2011, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Country 

Total 

claims 

(1) 

Total 

own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners

(5) 

Payable in 

foreign 

currencies 

(6) 

Claims of domestic customers 

Total 

customer 

claims 

(7) 

Payable

in 

dollars

(8) 

Payable in

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 470,557 397,330 396,606 392,484 4,122 724 73,227 73,221 6

Bermuda............................................ 14,251 13,902 12,077 12 12,065 1,825 349 349 -

British Virgin Islands.......................... 13,760 13,627 10,432 - 10,432 3,195 133 133 -

Cayman Islands................................. 896,063 631,596 586,245 446,274 139,971 45,351 264,467 261,575 2,892

Dominican Republic .......................... 1,270 1,269 1,264 471 793 5 1 1 -

Jamaica ............................................. 631 631 531 232 299 100 - - -

Netherlands Antilles .......................... 2,826 2,824 2,709 694 2,015 115 2 2 -

Trinidad and Tobago ......................... 689 689 688 85 603 1 - - -

All other Caribbean ........................... 14,982 14,982 12,974 67 12,907 2,008 - - - 

Total Caribbean .............................. 1,415,029 1,076,850 1,023,526 840,319 183,207 53,324 338,179 335,281 2,898 

Asia: 

China, Mainland ................................ 19,901 16,969 15,928 12,238 3,690 1,041 2,932 2,822 110

Hong Kong ........................................ 56,146 55,266 51,855 47,985 3,870 3,411 880 100 780 

India................................................... 19,853 18,228 17,229 13,510 3,719 999 1,625 1,608 17

Indonesia........................................... 2,620 2,483 2,392 2,105 287 91 137 39 98

Israel.................................................. 5,410 2,983 2,825 2,112 713 158 2,427 245 2,182 

Japan................................................. 355,232 302,105 267,368 201,054 66,314 34,737 53,127 17,664 35,463

Korea, South ..................................... 22,625 21,689 18,991 16,785 2,206 2,698 936 318 618

Malaysia ............................................ 4,884 485 326 144 182 159 4,399 3 4,396 

Pakistan............................................. 181 180 180 51 129 - 1 1 -

Philippines ......................................... 1,546 1,022 842 722 120 180 524 5 519

Singapore .......................................... 26,227 24,591 23,730 19,920 3,810 861 1,636 1,013 623 

Taiwan............................................... 6,260 6,152 5,829 5,418 411 323 108 3 105

Thailand............................................. 339 316 114 67 47 202 23 7 16

All other Asia ..................................... 18,704 18,158 17,887 13,522 4,365 271 546 375 171 

Total Asia ........................................ 539,928 470,627 425,496 335,633 89,863 45,131 69,301 24,203 45,098 

Africa: 

Egypt ................................................. 1,064 780 760 633 127 20 284 74 210

Ghana................................................ 117 115 115 105 10 - 2 2 - 

Liberia................................................ 1,095 1,095 1,033 3 1,030 62 - - -

Morocco............................................. 361 361 352 308 44 9 - - -

South Africa....................................... 631 569 454 370 84 115 62 2 60 

All other Africa ................................... 5,761 5,621 5,167 499 4,668 454 140 88 52 

Total Africa ..................................... 9,029 8,541 7,881 1,918 5,963 660 488 166 322 

Other countries: 

Australia............................................. 117,204 42,865 38,921 34,197 4,724 3,944 74,339 74,011 328 

New Zealand ..................................... 6,757 3,034 1,122 711 411 1,912 3,723 3,678 45

All other ............................................. 1,879 1,836 1,803 3 1,800 33 43 43 - 

Total other countries ....................... 125,840 47,735 41,846 34,911 6,935 5,889 78,105 77,732 373 

Total foreign countries ................. 4,251,792 3,516,149 3,170,783 2,353,364 817,419 345,366 735,643 665,191 70,452 

International and regional orgs: 

International organizations................ 13,980 3,857 3,850 - 3,850 7 10,123 10,123 -

Regional organizations 2 .................... 3,111 2,405 2,364 - 2,364 41 706 682 24 

Total international and regional 

 organizations ................................ 17,091 6,262 6,214 - 6,214 48 10,829 10,805 24 

 Grand total .................................. 4,268,883 3,522,411 3,176,997 2,353,364 823,633 345,414 746,472 675,996 70,476 

1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

June 2012 

64 

In December 2011, U.S. claims on foreigners reported by U.S. banks amounted to about $4.3 trillion, a 

decrease of $268 billion from that recorded at yearend 2010. U.S. banking claims include holdings of foreign 

short-term securities but exclude holdings of foreign long-term securities. U.S. banking claims increased $262 

billion in 2009 and $555 billion in 2010. However, they decreased $95 billion during the global financial crisis in 

2008, despite an increase from the addition of several new bank holding companies to the reporter panel. 

As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial 

centers. Over 60 percent of these claims are reported opposite the United Kingdom and banking centers in the 

Caribbean. These financial centers accounted for much of the decline in U.S. banking claims in 2008. Although 

U.S. banking claims on most regions rebounded during 2009 and 2010, they fell again during 2011. The 2011 

decline in claims against Europe reflects stress on European banks, while the decline in claims against the 

Caribbean may be partially attributable to regulatory changes affecting this region. The share of U.S. claims 

accounted for by Asia (including Japan) and “All other countries”, which includes Australia and Canada as well 

as countries in Latin America, has increased steadily over the past 4 years. 

0

500

1000

1500

2000

2007 2008 2009 2010 Dec. 2011

United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries

(In billions of dollars)

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years 

2007 2008 2009 2010 2011 

United Kingdom ........................... 1,111,135 1,016,448 1,157,152 1,328,002 1,274,898

All other Europe ........................... 945,500 816,342 777,655 668,591 496,073

Caribbean banking centers 1 ....... 1,239,679 1,390,009 1,370,044 1,591,580 1,402,125

Japan ........................................... 97,856 101,218 185,928 289,392 355,232

All other Asia ................................ 111,059 66,572 97,448 143,483 184,696

Subtotal ...................................... 3,505,229 3,390,589 3,588,227 4,021,048 3,713,024

All other countries ........................ 309,079 328,604 393,304 515,955 555,859

Grand total ................................. 3,814,308 3,719,193 3,981,531 4,537,003 4,268,883

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British 

Virgin Islands. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 
CAPITAL MOVEMENTS 

June 2012 

65

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of liability or claim 

Calendar year 2010 2011 

2007 2008 2009 Dec. Mar. r June r Sept. Dec. p

Total liabilities ................................................... 103,835 87,630 79,272 78,876 77,919 79,149 88,143 83,270 

Payable in dollars .......................................... 79,161 69,124 58,595 63,764 64,144 64,886 76,295 71,666 

Financial .................................................... 26,474 18,650 12,986 12,225 13,864 14,323 15,156 12,404 

Short-term negotiable securities ........... 1,983 2,740 1,300 902 933 1,715 831 936

Other ..................................................... 24,491 15,910 11,686 11,323 12,931 12,608 14,325 11,468 

Commercial ............................................... 52,687 50,474 45,609 51,539 50,280 50,563 61,139 59,262 

Trade payables ..................................... 26,261 18,811 21,000 27,087 26,318 26,213 32,547 30,090

Advance receipts and other .................. 26,426 31,663 24,609 24,452 23,962 24,350 28,592 29,172 

Payable in foreign currencies ....................... 24,674 18,506 20,677 15,112 13,775 14,263 11,848 11,604 

By major foreign currency: 

Canadian dollars ................................... 2,162 2,235 3,709 3,456 3,509 4,318 2,859 2,705 

Euros ..................................................... 9,075 6,487 5,276 4,742 4,337 4,485 4,263 3,753 

United Kingdom pounds sterling ........... 4,267 1,361 1,431 1,241 1,379 1,387 1,177 1,133 

Japanese yen ........................................ 3,908 962 926 1,645 1,326 1,307 1,242 1,000 

Other ..................................................... 5,262 7,461 9,335 4,028 3,224 2,766 2,307 3,013 

By type of liability: 

Financial ................................................ 21,445 15,632 16,914 9,966 8,598 9,016 7,028 6,632 

Short-term negotiable securities ....... 2,940 2,108 1,264 633 501 318 335 453 

Other ................................................. 18,505 13,524 15,650 9,333 8,097 8,698 6,693 6,179 

Commercial ........................................... 3,229 2,874 3,763 5,146 5,177 5,247 4,820 4,972 

Trade payables ................................. 1,605 1,334 1,318 1,889 2,185 1,998 2,057 1,817 

Advance receipts and other .............. 1,624 1,540 2,445 3,257 2,992 3,249 2,763 3,155 

Total claims ....................................................... 136,416 107,476 102,138 104,801 90,924 92,637 93,792 95,196 

Payable in dollars .......................................... 110,070 83,810 77,184 79,433 74,319 71,715 77,587 78,115 

Financial .................................................... 66,726 43,223 35,654 31,947 32,311 29,678 27,607 28,855 

Non-negotiable deposits ....................... 28,393 12,539 9,042 10,684 9,225 8,109 8,780 8,548 

Negotiable CDs and short-term 

negotiable instruments .......................... 1,168 1,133 7,082 6,525 5,763 3,098 1,149 2,165 

Other ..................................................... 37,165 29,551 19,530 14,738 17,323 18,471 17,678 18,142 

Commercial ............................................... 43,344 40,587 41,530 47,486 42,008 42,037 49,980 49,260 

Trade receivables ................................. 37,108 31,161 29,196 35,109 32,075 31,943 38,913 38,956 

Advance payments and other ............... 6,236 9,426 12,334 12,377 9,933 10,094 11,067 10,304 

Payable in foreign currencies ....................... 26,346 23,666 24,954 25,368 16,605 20,922 16,205 17,081 

By major foreign currency: 

Canadian dollars ................................... 5,371 2,409 2,519 3,661 3,731 3,683 3,179 2,981 

Euros ..................................................... 10,833 5,140 8,838 8,825 3,952 4,303 4,033 3,308 

United Kingdom pounds sterling ........... 4,210 1,922 1,738 3,088 2,533 2,518 2,338 2,488 

Japanese yen ........................................ 1,378 451 1,795 3,279 1,256 4,684 1,094 2,101 

Other ..................................................... 4,554 13,744 10,064 6,515 5,133 5,734 5,561 6,203 

By type of claim: 

Financial ................................................ 21,305 19,851 21,405 21,776 12,361 16,961 12,178 12,703 

Non-negotiable deposits ................... 1,498 1,968 2,139 1,377 1,418 1,891 1,655 1,580 

Short-term negotiable securities ....... 77 86 7,462 10,475 1,087 4,939 1,045 1,489 

Other ................................................. 19,730 17,797 11,804 9,924 9,856 10,131 9,478 9,634 

Commercial ........................................... 5,041 3,815 3,549 3,592 4,244 3,961 4,027 4,378 

Trade receivables ............................. 4,684 3,595 3,334 3,268 3,705 3,310 3,498 3,959 

Advance payments and other ........... 357 220 215 324 539 651 529 419 
CAPITAL MOVEMENTS 

June 2012 

66 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2010 2011 

2007 2008 2009 Dec. Mar. r June r Sept. Dec. p

Europe: 

Austria ................................ 230 95 78 113 166 114 78 75

Belgium .............................. 492 427 201 258 210 240 262 308

Bulgaria .............................. 36 1 - - - - 1 -

Czech Republic .................. 25 45 44 32 32 33 31 32

Denmark ............................. 937 161 140 177 196 105 165 197

Finland ............................... 63 79 521 105 70 111 105 122

France ................................ 3,165 4,801 3,004 2,968 2,548 2,523 2,895 2,902

Germany ............................ 4,977 3,746 5,428 4,563 3,823 3,881 4,705 4,554

Greece ............................... 187 241 232 273 245 267 248 229

Hungary .............................. 46 30 16 58 60 66 82 86

Ireland ................................ 1,569 2,067 2,725 1,532 1,333 1,505 1,341 1,696

Italy ..................................... 1,196 509 509 463 473 440 567 793

Luxembourg ....................... 235 837 503 373 397 336 303 402

Netherlands ........................ 1,194 1,728 882 731 637 882 1,342 1,754

Norway ............................... 721 385 472 870 890 659 903 1,014

Poland ................................ 385 269 201 151 133 125 128 123

Portugal .............................. 205 35 25 26 19 26 19 16

Romania ............................. 6 71 11 15 14 8 16 11

Russia ................................ 306 524 297 714 428 565 932 847

Serbia and Montenegro 

(formerly Yugoslavia) ..... 3 6 - 2 3 5 3 4

Spain .................................. 533 816 502 363 457 483 389 363

Sweden .............................. 438 274 446 1,345 1,371 1,369 1,344 1,235

Switzerland ........................ 1,705 2,333 2,444 2,357 2,254 2,017 1,887 2,375

Turkey ................................ 754 709 1,619 1,358 886 773 789 748

United Kingdom ................. 23,350 14,916 10,428 10,150 9,437 10,949 14,966 11,110

Channel Islands and 

Isle of Man ..................... 208 95 84 70 60 60 126 124

Other Europe ..................... 539 435 524 484 660 573 788 637

Total Europe .................. 43,505 35,635 31,336 29,551 26,802 28,115 34,415 31,757

Canada ................................... 7,767 5,960 6,199 8,800 11,323 10,313 11,779 9,728

Latin America: 

Argentina ............................ 156 89 68 110 178 75 93 75

Brazil .................................. 940 626 587 734 791 987 1,104 1,049

Chile ................................... 546 353 318 553 573 690 604 548

Colombia ............................ 356 332 385 550 393 393 517 452

Ecuador .............................. 33 30 13 28 70 28 119 23

Guatemala ......................... 10 8 6 5 9 9 10 12

Mexico ................................ 2,848 1,579 2,088 3,121 3,095 3,452 3,175 2,917

Panama .............................. 85 166 330 221 188 239 267 332

Peru .................................... 36 34 32 99 94 114 33 63

Uruguay .............................. 20 12 13 55 5 59 19 12

Venezuela .......................... 575 413 190 726 869 660 930 449

Other Latin America ........... 106 50 74 34 71 64 98 113

Total Latin America ........... 5,711 3,692 4,104 6,236 6,336 6,770 6,969 6,045

Caribbean: 

Bahamas ............................ 89 52 85 103 13 15 100 50

Bermuda ................................. 707 723 1,706 1,069 829 847 702 762

Cayman Islands ................. 15,969 10,354 8,348 2,175 1,908 1,750 864 668

Cuba ................................... - - 8 1 1 - - -

Jamaica .............................. 18 37 15 13 12 14 21 10

Netherlands Antilles ........... 4 6 3 8 3 6 91 2

Trinidad and Tobago .......... 74 60 45 19 24 70 72 57

Other Caribbean ................ 803 444 362 1,057 1,561 730 1,788 1,715

Total Caribbean ............. 17,664 11,676 10,572 4,445 4,351 3,432 3,638 3,264

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2012 

67

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2010 2011 

2007 2008 2009 Dec. Mar. r June r Sept. Dec. p

Asia: 

China, Mainland. ...................... 857 4,769 3,956 4,346 4,754 4,577 6,006 5,805

Hong Kong ............................... 981 593 689 1,147 1,326 1,225 1,376 798

India .......................................... 1,447 1,082 761 818 870 829 806 651

Indonesia .................................. 172 366 381 424 455 544 554 516

Israel ......................................... 293 292 336 205 130 147 151 95

Japan ........................................ 6,888 6,190 6,072 6,544 6,397 6,046 6,563 6,412

Korea, South ............................ 1,213 1,314 919 1,169 1,112 1,303 1,265 1,367

Lebanon ................................... 9 15 8 7 7 7 10 5

Malaysia ................................... 562 363 311 347 384 451 468 469

Pakistan .................................... 172 28 25 67 64 47 25 50

Philippines ................................ 89 107 86 100 124 162 188 210

Singapore ................................. 4,255 3,767 1,872 1,447 1,311 1,356 1,268 1,473

Syria ......................................... 8 3 1 - - 6 1 1

Taiwan ...................................... 1,019 722 483 360 394 435 485 349

Thailand .................................... 380 295 432 403 336 394 362 277

Oil-exporting countries 1 ........... 7,158 6,378 6,700 8,567 7,788 8,889 8,235 10,686

Other Asia ................................ 377 460 305 423 407 538 580 608

Total Asia ............................. 25,880 26,744 23,337 26,374 25,859 26,956 28,343 29,772

Africa: 

Congo (formerly Zaire) ............. - - 8 - - - - -

Egypt ........................................ 280 293 192 111 119 71 115 106

Ghana ....................................... 12 5 3 2 4 6 6 3

Liberia ....................................... 6 64 61 52 53 52 46 57

Morocco .................................... 190 112 118 89 121 89 117 161

South Africa .............................. 52 256 283 67 107 145 78 134

Oil-exporting countries 2 ........... 655 764 984 799 741 780 647 430

Other Africa .............................. 294 341 541 693 653 894 609 591

Total Africa ........................... 1,489 1,835 2,190 1,813 1,798 2,037 1,618 1,482

Other countries: 

Australia ................................... 1,658 1,925 1,228 1,241 1,069 1,165 1,026 959

New Zealand ............................ 91 92 179 279 198 201 186 114

All other .................................... 25 30 25 23 6 15 24 8

Total other countries ............ 1,774 2,047 1,432 1,543 1,273 1,381 1,236 1,081

Total foreign countries ..... 103,790 87,589 79,170 78,762 77,742 79,004 87,998 83,129

International and regional orgs: 

International organizations ....... 2 7 71 109 107 130 141 137

Regional organizations 3 .......... 43 34 31 5 70 15 4 4

Total international and 

regional organizations ...... 45 41 102 114 177 145 145 141

Grand total ....................... 103,835 87,630 79,272 78,876 77,919 79,149 88,143 83,270

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 

June 2012 

68 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2010 2011 

2006 2007 2008 2009 Dec. Mar. r June r Sept. Dec. p

Europe: 

Austria .......................................... 2,031 2,039 1,951 1,832 1,789 1,775 1,616 1,632 1,602

Belgium ........................................ 419 807 393 365 503 410 449 386 389

Bulgaria ........................................ 3 6 6 7 16 9 12 21 16

Czech Republic ............................ 50 134 85 107 131 111 123 90 63

Denmark ....................................... 149 184 74 272 210 114 129 128 190

Finland ......................................... 591 805 541 1,801 1,469 39 41 40 61

France .......................................... 3,420 6,061 2,736 3,184 2,496 2,753 2,989 3,178 3,072

Germany ...................................... 10,148 4,926 8,621 4,151 5,073 5,226 4,719 5,722 5,281

Greece ......................................... 163 250 192 193 223 154 164 201 182

Hungary ........................................ 45 153 95 197 83 81 150 264 380

Ireland .......................................... 858 968 1,814 1,252 791 910 817 799 909

Italy ............................................... 2,337 2,515 1,195 1,981 1,778 1,577 1,404 1,456 1,262

Luxembourg ................................. 352 919 183 188 177 221 201 201 178

Netherlands .................................. 3,570 3,989 2,092 2,783 2,304 2,346 2,436 2,617 2,453

Norway ......................................... 366 325 271 257 185 209 274 243 250

Poland .......................................... 99 153 132 239 277 341 284 237 255

Portugal ........................................ 64 89 76 67 53 39 49 37 29

Romania ....................................... 36 60 54 96 132 129 117 118 113

Russia .......................................... 774 1,326 694 547 506 511 559 533 1,482

Serbia and Montenegro 

(formerly Yugoslavia) ............... 10 15 14 17 13 8 10 11 7

Spain ............................................ 1,425 1,625 1,072 967 712 1,197 1,174 1,284 1,280

Sweden ........................................ 652 689 450 311 516 575 476 492 521

Switzerland .................................. 1,424 2,143 1,788 1,723 1,726 1,728 1,400 1,138 1,365

Turkey .......................................... 420 732 593 667 677 456 599 529 815

United Kingdom ........................... 17,483 23,662 17,983 25,389 20,162 15,446 20,498 18,560 16,990

Channel Islands and 

Isle of Man ............................... 19 109 419 541 100 116 147 438 410

Other Europe ............................... 1,267 1,465 1,107 433 422 481 480 1,101 1,108

Total Europe ............................ 48,175 56,149 44,631 49,567 42,524 36,963 41,318 41,457 40,664

Canada ............................................. 17,520 16,418 10,551 10,474 14,233 11,179 10,389 11,504 12,062

Latin America: 

Argentina ...................................... 470 463 473 513 581 449 485 437 399

Brazil ............................................ 2,927 2,682 2,365 2,003 2,424 2,133 2,236 2,151 2,203

Chile ............................................. 299 404 540 362 454 508 584 548 492

Colombia ...................................... 349 449 429 411 455 487 542 466 316

Ecuador ........................................ 119 160 173 146 173 170 165 141 129

Guatemala ................................... 116 200 180 134 115 107 115 82 98

Mexico .......................................... 3,242 3,505 3,089 3,082 4,830 4,779 4,801 4,711 4,445

Panama ........................................ 266 323 408 340 330 359 388 353 344

Peru .............................................. 164 196 270 194 319 209 264 320 228

Uruguay ........................................ 12 33 106 68 148 129 176 119 66

Venezuela .................................... 481 669 657 479 412 407 411 517 407

Other Latin America ..................... 376 431 435 336 319 284 339 354 370

Total Latin America ...................... 8,821 9,515 9,125 8,068 10,560 10,021 10,506 10,199 9,497

Caribbean: 

Bahamas ...................................... 3,949 2,200 353 302 164 229 139 357 545

Bermuda ............................................ 1,734 1,704 1,722 3,567 1,449 1,285 1,433 1,347 1,277

Cayman Islands ........................... 26,051 16,987 19,513 6,908 8,416 6,383 5,226 4,252 5,271

Cuba ............................................. 2 10 - - 2 1 - - -

Jamaica ........................................ 60 106 79 64 58 53 30 39 47

Netherlands Antilles ..................... 30 118 112 52 178 75 30 72 66

Trinidad and Tobago .................... 125 172 111 83 42 32 67 98 44

Other Caribbean .......................... 1,264 1,518 1,013 1,188 1,061 1,015 715 1,711 1,476

Total Caribbean ....................... 33,215 22,815 22,903 12,164 11,370 9,073 7,640 7,876 8,726

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2012 

69

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2010 2011 

2006 2007 2008 2009 Dec. Mar. r June r Sept. Dec. p

Asia: 

China, Mainland. ....................... 1,772 1,913 1,455 1,737 2,278 2,081 2,463 2,217 2,380

Hong Kong ................................ 1,009 8,762 809 943 1,491 1,280 1,152 1,213 1,088

India .......................................... 654 812 695 779 997 949 1,396 1,783 1,696

Indonesia................................... 231 206 273 354 362 449 414 404 317

Israel ......................................... 360 601 635 456 284 277 296 308 228

Japan ........................................ 3,349 5,518 4,578 2,513 4,372 2,442 2,940 2,530 4,812

Korea, South ............................. 1,143 1,272 980 2,312 1,986 2,258 2,189 2,313 1,779

Lebanon .................................... 19 19 44 19 29 10 13 9 13

Malaysia .................................... 270 362 275 215 245 154 190 179 184

Pakistan .................................... 86 115 33 38 33 39 33 106 74

Philippines ................................. 109 109 63 81 126 122 117 115 107

Singapore .................................. 1,811 2,809 1,448 2,991 3,532 5,239 2,909 2,949 3,084

Syria .......................................... 10 1 12 11 15 13 50 18 34

Taiwan ....................................... 972 1,240 976 966 1,025 914 1,067 1,125 1,009

Thailand .................................... 312 416 330 336 250 198 258 203 175

Oil-exporting countries 1 ............ 1,814 2,552 3,392 2,601 4,035 3,096 3,102 2,924 2,809

Other Asia ................................. 328 513 179 230 307 273 321 296 285

Total Asia .............................. 14,249 27,220 16,177 16,582 21,367 19,794 18,910 18,692 20,074

Africa: 

Congo (formerly Zaire) .............. 11 6 5 15 2 1 - 1 -

Egypt ......................................... 165 296 362 228 219 133 174 166 237

Ghana ....................................... 3 8 7 6 14 18 13 9 12

Liberia ....................................... 73 54 54 55 37 36 3 3 2

Morocco .................................... 21 21 24 10 15 28 28 24 31

South Africa .............................. 221 254 356 374 403 352 356 330 359

Oil-exporting countries 2 ............ 332 350 300 260 270 212 342 194 303

Other Africa ............................... 411 400 495 498 383 328 331 340 540

Total Africa ............................ 1,237 1,389 1,603 1,446 1,343 1,108 1,247 1,067 1,484

Other countries: 

Australia .................................... 2,365 2,467 2,194 3,655 3,246 2,624 2,471 2,710 2,481

New Zealand ............................. 351 145 72 100 90 75 91 98 60

All other ..................................... 76 37 13 7 24 20 14 20 11

Total other countries ............. 2,792 2,649 2,279 3,762 3,360 2,719 2,576 2,828 2,552

Total foreign countries ...... 126,009 136,155 107,269 102,063 104,757 90,857 92,586 93,623 95,059

International and regional orgs: 

International organizations ........ 4 150 21 49 37 56 39 39 35

Regional organizations 3 ........... 19 111 186 26 7 11 12 130 102

Total international and 

regional organizations ........... 23 261 207 75 44 67 51 169 137

Grand total .................... 126,032 136,416 107,476 102,138 104,801 90,924 92,637 93,792 95,196

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 

June 2012 

70 

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

Country, December 31, 2011, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Liabilities Claims 

Total liabilities

(1) 

Financial

(2) 

Commercial

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

 (6) 

Europe: 

Austria ............................................... 75 54 21 1,602 1,537 65 

Belgium ............................................ 308 68 240 389 167 222 

Bulgaria ............................................ - - - 16 - 16 

Czech Republic ................................ 32 - 32 63 6 57 

Denmark ........................................... 197 1 196 190 120 70 

Finland .............................................. 122 32 90 61 38 23 

France .............................................. 2,902 1,764 1,138 3,072 1,695 1,377 

Germany........................................... 4,554 2,841 1,713 5,281 2,808 2,473 

Greece .............................................. 229 11 218 182 81 101 

Hungary ............................................ 86 6 80 380 1 379 

Ireland .............................................. 1,696 549 1,147 909 484 425 

Italy ................................................... 793 2 791 1,262 69 1,193 

Luxembourg ..................................... 402 194 208 178 85 93 

Netherlands ...................................... 1,754 522 1,232 2,453 1,033 1,420 

Norway ............................................. 1,014 129 885 250 47 203 

Poland .............................................. 123 2 121 255 51 204 

Portugal ............................................ 16 5 11 29 - 29 

Romania ........................................... 11 - 11 113 35 78 

Russia .............................................. 847 23 824 1,482 274 1,208 

Serbia and Montenegro 

(formerly Yugoslavia) ................... 4 2 2 7 - 7 

Spain ................................................ 363 83 280 1,280 690 590 

Sweden ............................................ 1,235 849 386 521 271 250 

Switzerland ....................................... 2,375 70 2,305 1,365 226 1,139 

Turkey .............................................. 748 18 730 815 594 221 

United Kingdom ................................ 11,110 4,840 6,270 16,990 8,955 8,035 

Channel Islands and 

Isle of Man .................................... 124 118 6 410 404 6 

Other Europe .................................... 637 83 554 1,108 891 217 

Total Europe ................................. 31,757 12,266 19,491 40,664 20,563 20,101 

Canada ................................................. 9,728 3,118 6,610 12,062 6,746 5,316 

Latin America: 

Argentina .......................................... 75 8 67 399 40 359 

Brazil ................................................ 1,049 19 1,030 2,203 1,071 1,132 

Chile ................................................. 548 21 527 492 68 424 

Colombia .......................................... 452 1 451 316 21 295 

Ecuador ............................................ 23 4 19 129 16 113 

Guatemala ........................................ 12 - 12 98 37 61 

Mexico .............................................. 2,917 232 2,685 4,445 1,400 3,045 

Panama ............................................ 332 15 317 344 170 174 

Peru .................................................. 63 - 63 228 27 201 

Uruguay ............................................ 12 - 12 66 2 64 

Venezuela ........................................ 449 15 434 407 58 349 

Other Latin America ......................... 113 12 101 370 70 300 

Total Latin America .......................... 6,045 327 5,718 9,497 2,980 6,517 

Caribbean: 

Bahamas .......................................... 50 25 25 545 400 145 

Bermuda................................................ 762 50 712 1,277 114 1,163 

Cayman Islands .................................. 668 539 129 5,271 4,801 470 

Cuba ................................................. - - - - - -

Jamaica ............................................ 10 - 10 47 3 44 

Netherlands Antilles ......................... 2 - 2 66 17 49 

Trinidad and Tobago ........................ 57 7 50 44 - 44 

Other Caribbean ............................... 1,715 75 1,640 1,476 116 1,360 

Total Caribbean ............................ 3,264 696 2,568 8,726 5,451 3,275 

See footnote at end of table. 
CAPITAL MOVEMENTS 

June 2012 

71

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

Country, December 31, 2011, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Liabilities Claims 

Total liabilities

(1) 

Financial

(2) 

Commercial

(3) 

Total claims

(4) 

Financial 

 (5) 

Commercial

 (6) 

Asia: 

China, Mainland ................................ 5,805 129 5,676 2,380 272 2,108 

Hong Kong ........................................ 798 62 736 1,088 69 1,019 

India ................................................... 651 64 587 1,696 164 1,532 

Indonesia ........................................... 516 32 484 317 165 152 

Israel .................................................. 95 3 92 228 30 198 

Japan ................................................. 6,412 1,753 4,659 4,812 1,701 3,111 

Korea, South ..................................... 1,367 32 1,335 1,779 336 1,443 

Lebanon ............................................ 5 - 5 13 2 11 

Malaysia ............................................ 469 - 469 184 7 177 

Pakistan ............................................. 50 3 47 74 2 72 

Philippines ......................................... 210 1 209 107 47 60 

Singapore .......................................... 1,473 71 1,402 3,084 135 2,949 

Syria .................................................. 1 - 1 34 - 34 

Taiwan ............................................... 349 5 344 1,009 18 991 

Thailand ............................................. 277 58 219 175 46 129 

Other Asia ......................................... 608 48 560 285 38 247 

Total Asia ........................................ 29,772 2,434 27,338 20,074 3,283 16,791 

Africa: 

Congo (formerly Zaire) ...................... - - - - - -

Egypt ................................................. 106 1 105 237 89 148 

Ghana ................................................ 3 - 3 12 7 5 

Liberia ................................................ 57 49 8 2 - 2 

Morocco ............................................. 161 1 160 31 1 30 

South Africa ....................................... 134 12 122 359 209 150 

Other Africa ....................................... 591 28 563 540 252 288 

Total Africa .................................... 1,482 91 1,391 1,484 581 903 

Other countries: 

Australia ............................................ 959 88 871 2,481 1,863 618 

New Zealand ..................................... 114 12 102 60 1 59 

All other ............................................. 8 4 4 11 1 10 

Total other countries ..................... 1,081 104 977 2,552 1,865 687 

Total foreign countries .............. 83,129 19,036 64,093 95,059 41,469 53,590 

International and regional orgs: 

International organizations ................ 137 - 137 35 - 35 

 Regional organizations 1 .................. 4 - 4 102 89 13 

Total international and 

regional organizations ............... 141 - 141 137 89 48 

Grand total ................................ 83,270 19,036 64,234 95,196 41,558 53,638 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

June 2012 

72

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Calendar 

year or month

Marketable Treasury bonds and notes 

U.S. Government corporations and 

federally-sponsored agencies

Net foreign purchases 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Foreign countries 

 Total 

 (1) 

Official 

institutions 

(2) 

Other

foreigners 

(3) 

International

and regional

(4) 

Net foreign 

purchases 

(7) 

 Gross foreign

 purchases 

 (8) 

Gross foreign

sales 

(9) 

2008 ......................................... 314,880 76,218 239,105 -443 14,629,213 14,314,333 -38,664 2,590,262 2,628,926 

2009 ......................................... 538,388 161,406 376,906 76 11,593,203 11,054,815 -11,491 1,043,178 1,054,669 

2010 ......................................... 703,682 172,065 531,429 188 16,189,912 15,486,230 108,019 1,108,653 1,000,634 

2011 ......................................... 379,965 144,155 224,261 11,549 17,910,173 17,530,208 80,904 1,132,565 1,051,661 

2012 - Jan. – Mar. p. ................ 119,750 75,721 38,145 5,884 4,222,969 4,103,219 12,985 306,031 293,046 

 

2011 - Mar. .............................. 25,368 7,448 16,382 1,538 1,730,416 1,705,048 11,853 87,469 75,616 

 Apr. .............................. 23,744 29,556 -9,900 4,088 1,264,534 1,240,790 6,913 86,296 79,383 

May .............................. 39,110 21,628 17,615 -133 1,635,728 1,596,618 -8,532 75,142 83,674 

June ............................. -2,264 11,283 -14,188 641 1,707,361 1,709,625 -235 82,590 82,825 

July .............................. 12,777 14,166 -1,546 157 1,320,895 1,308,118 7,781 92,031 84,250 

Aug ............................... 58,239 -9,679 68,245 -327 2,107,413 2,049,174 7,693 98,874 91,181 

Sept .............................. 86,916 38,425 49,699 -1,208 1,515,469 1,428,553 6,439 121,204 114,765 

Oct ................................ 15,295 -5,972 18,577 2,690 1,369,166 1,353,871 4,710 101,249 96,539 

Nov. ............................. 54,010 23,666 28,088 2,256 1,356,655 1,302,645 6,168 108,975 102,807 

Dec. ............................. -14,901 -20,277 3,503 1,873 958,868 973,769 27,215 104,558 77,343 

2012 - Jan. .............................. 83,935 33,073 48,365 2,497 1,378,462 1,294,527 9,603 104,113 94,510 

Feb. p ........................... 15,350 11,082 5,712 -1,444 1,493,700 1,478,350 10,075 97,590 87,515 

Mar. p. .......................... 20,465 31,566 -15,932 4,831 1,350,807 1,330,342 -6,693 104,328 111,021 

Calendar 

year or month 

Corporate and other securities 

Bonds 1 Stocks 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

2008 .............................................................................. 93,877 1,467,469 1,373,592 44,796 12,037,928 11,993,132 

2009 ............................................................................. -40,774 1,189,391 1,230,165 152,734 6,653,957 6,501,223 

2010 .............................................................................. -13,154 971,246 984,400 109,741 6,747,218 6,637,477 

2011 .............................................................................. -45,175 996,101 1,041,276 25,075 7,720,283 7,695,208 

2012 - Jan. – Mar. p. ..................................................... -7,995 270,009 278,004 17,978 1,759,358 1,741,380 

 

2011 - Mar ..................................................................... 1,510 108,671 107,161 14,559 732,435 717,876 

 Apr ..................................................................... -4,585 85,131 89,716 17,796 593,124 575,328 

May .................................................................... 4,153 86,850 82,697 9,246 673,830 664,584 

June .................................................................. -12,478 113,603 126,081 3,793 665,514 661,721 

July ................................................................... 1,878 77,458 75,580 -1,078 606,495 607,573 

Aug .................................................................... 801 84,324 83,523 -6,520 901,462 907,982 

Sept ................................................................... -4,936 63,763 68,699 -19,398 635,626 655,024 

Oct ..................................................................... -10,577 60,752 71,329 2,752 634,396 631,644 

Nov. ................................................................... 4,835 72,086 67,251 -7,144 575,840 582,984 

Dec. ................................................................... -20,714 54,533 75,247 -10,968 531,589 542,557 

2012 - Jan. .................................................................... -1,317 79,539 80,856 3,470 542,304 538,834 

Feb. p. ............................................................... -8,227 91,984 100,211 7,558 585,202 577,644 

Mar. p. ............................................................... 1,549 98,486 96,937 6,950 631,852 624,902 

* Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities. 
 CAPITAL MOVEMENTS 

June 2012 

73

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Foreign bonds Foreign stocks 

Net foreign

purchases from

U.S. 

(2) 

Gross foreign

purchases from

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign

purchases from

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2008 ...................................................... 74,188 53,942 2,271,636 2,217,694 20,246 5,443,267 5,423,021

2009 ...................................................... -186,834 -127,474 1,951,939 2,079,413 -59,360 3,169,501 3,228,861

2010 ...................................................... -115,259 -54,644 3,650,150 3,704,794 -60,615 3,673,648 3,734,263

2011 ...................................................... -124,327 -52,625 3,530,814 3,583,439 -71,702 3,968,484 4,040,186

2012 - Jan. – Mar. p.............................. 5,997 19,365 970,819 951,454 -13,368 929,677 943,045

Mar. ........................................... -43,325 -29,419 376,791 406,210 -13,906 405,044 418,950

Apr ............................................. -23,547 -10,420 310,066 320,486 -13,127 329,053 342,180

May ........................................... -32,227 -25,831 306,409 332,240 -6,396 342,569 348,965

June r ........................................ 9,289 7,648 355,659 348,011 1,641 342,525 340,884

July ............................................ -21,913 -5,974 283,980 289,954 -15,939 306,699 322,638

Aug. r ......................................... -11,081 -7,923 250,806 258,729 -3,158 380,262 383,420

Sept. r ........................................ -36 -2,028 260,216 262,244 1,992 315,014 313,022

Oct ............................................. -4,108 -1,918 264,710 266,628 -2,190 309,463 311,653

Nov. ........................................... 3,321 1,969 299,820 297,851 1,352 288,295 286,943

Dec. ........................................... 38,488 28,168 256,131 227,963 10,320 287,238 276,918

2012 - Jan. ............................................ 6,696 11,129 296,888 285,759 -4,433 276,396 280,829

Feb. p ........................................ -14,615 -8,717 310,644 319,361 -5,898 318,023 323,921

Mar. p. ...................................... 13,916 16,953 363,287 346,334 -3,037 335,258 338,295

 
CAPITAL MOVEMENTS 

June 2012 

74

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks

 Calendar 

 year 

 2011 r 

 (1) 

2011 2012 

Calendar

year 

2011 

(4) 

2011 2012

 Calendar

 year 

 2011 r 

 (7) 

2011 2012 

Calendar 

year 

2011 r 

(10) 

2011 2012

 Oct. 

 through 

 Dec. 

(2) 

 Jan. 

 through 

 Mar. p 

 (3) 

Oct.

 through

Dec. 

 (5) 

 Jan.

 through

 Mar. p 

 (6) 

Oct.

 through

Dec. 

 (8) 

 Jan. 

 through 

 Mar. p 

 (9) 

Oct.

 through

Dec. 

(11) 

Jan.

through

 Mar. p

 (12) 

Europe: 

Austria ............................. 71 100 -45 130 -32 22 1 -110 92 -8 117 31

Belgium ........................... -533 -16 -521 -329 -81 12 -17,867 -4,359 -4,959 -3,973 -1,102 240

Bulgaria ........................... 209 29 -37 - - - -4 - - -31 -3 3

Cyprus ............................ -153 1 -5 -25 10 5 -23 2 -3 20 71 32

Czech Republic ............... 48 -96 148 - - - 26 20 -10 -391 -228 -111

Denmark ......................... 587 -135 -125 6 -31 12 -433 -62 -31 736 37 411

Finland ............................ 25 31 121 87 40 4 -135 24 -39 658 -12 254

France ............................. 32,295 8,519 -1,609 8,284 2,992 1,010 -9,133 -1,658 -2,560 -26,557 -6,042 6,118

Germany ......................... 3,884 1,897 3,258 205 247 -118 -3,833 -655 -1,050 2,118 1,868 -1,965

Greece ............................ -108 21 9 -65 -1 -6 33 35 6 -122 -18 -97

Hungary .......................... 43 -23 119 -77 -103 10 62 -16 -18 -97 -38 -8

Ireland ............................. -11,611 3,218 -8,198 -4,656 17 -3,398 -1,612 -1,479 -789 79 310 1

Italy ................................. 881 507 217 -334 -68 24 -169 -49 70 1,718 -1,299 -924

Kazakhstan ..................... 1,874 490 -315 -44 -161 - -55 -59 2 2 -10 3

Luxembourg .................... -10,313 394 -13,227 -15,723 -4,703 -4,213 -1,388 -342 5,310 -1,570 -1,346 -628

Monaco ........................... 135 118 -200 -11 30 4 -116 55 -20 -269 155 265

Netherlands .................... 174 -719 -83 460 -289 -117 -2,828 -1,171 -194 -2,155 -1,460 37

Norway ............................ 5,190 2,197 3,828 -1,868 -4,083 -581 -4,562 -502 -301 3,247 -144 521

Poland ............................. 1,847 -918 -1,893 735 100 942 338 220 100 -117 -31 -9

Portugal .......................... -2 -4 80 -5 - -13 -18 -6 -18 -854 -95 -54

Romania ......................... 332 -62 -382 - - - - -- -9 - -6

Russia ............................. -26,321 -6,169 -7,768 78 47 40 129 - -5 18 16 -57

Serbia and Montenegro ..... -173 103 -40 -10 - - - -- -1 - -

Spain............................... 5,596 6,540 -600 -19 -50 -99 -597 -28 -8 -828 -382 -491

Sweden ........................... 3,750 -345 -947 -556 -103 -171 -3,037 -2,813 -1,802 -3,640 -474 186

Switzerland ..................... 6,224 -19,246 7,402 292 -247 89 325 -1,751 900 -4,271 -1,637 -579

Turkey ............................. 4,874 -120 -1,306 - - - 70 - - -42 -19 -27

Ukraine ........................... -652 -247 32 -55 -50 1 -86 -74 -4 -8 -2 116

United Kingdom .............. 156,940 -6,595 18,015 -3,012 11,146 -240 -23,670 -13,907 -8,884 3,037 -5,477 10,028

Channel Islands .............. 1,648 458 -1,501 190 117 -434 -2,737 -602 -327 863 -14 193

All other Europe .............. 196 -180 13 695 34 -158 222 -36 1 47 -44 75

Total Europe ............... 176,957 -10,252 -5,559 -15,628 4,778 -7,374 -71,096 -29,323 -14,541 -32,400 -17,303 13,558

Memo: Euro Area 1 ..... 20,096 20,419 -20,545 -12,002 -1,918 -6,888 -37,638 -9,843 -4,146 -31,506 -9,516 2,714

Memo: European 

 Union 2 ..................... 183,847 12,271 -5,610 -14,911 9,121 -6,353 -64,420 -26,439 -14,803 -32,055 -15,712 13,204

Canada ............................... 17,668 6,634 18,039 3,543 264 -1,837 -1,427 537 -5,801 14,065 497 2,978

Latin America: 

Argentina ........................ -74 74 8 15 6 3 -40 -42 48 -100 -193 -193

Brazil ............................... 47,408 3,407 4,626 1,289 674 914 345 196 -240 -88 104 573

Chile ............................... 12,823 2,717 -1,747 256 348 74 579 119 157 -981 266 -351

Colombia ......................... 8,837 5,974 3,411 176 52 424 -325 -125 -65 -45 -27 -241

Ecuador .......................... -59 21 -7 124 104 -100 -2 - 10 -3 -7 -53

Costa Rica ...................... 968 30 322 116 32 244 -20 23 15 42 -14 -16

Guatemala ...................... 221 -48 9 -17 -2 - -11 23 11 -4 -1 -19

Mexico ............................ -4,524 761 6,000 10,418 3,811 1,395 530 -373 221 1,554 -311 555

Panama .......................... -188 -6 5 486 181 95 -57 -38 -108 361 -17 -216

Peru ................................ -33 669 1,082 650 586 9 216 279 -108 349 -44 66

Uruguay .......................... 1,688 606 1,173 -366 -2 204 123 -13 72 61 -2 53

Venezuela ....................... -56 -13 40 63 40 25 531 312 350 325 -41 -54

All other Latin America ..... -133 8 228 732 200 196 417 148 42 1 -20 -27

Total Latin America ..... 66,878 14,200 15,150 13,942 6,030 3,483 2,286 509 405 1,472 -307 77

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2012 

75

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country 

Marketable Treasury 

bonds and notes 

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

Calendar 

year 

2011 r 

(1) 

2011 2012

Calendar

year 

2011 

(4) 

2011 2012

Calendar 

year 

2011 r 

(7) 

2011 2012 

Calendar 

year 

2011 r 

(10) 

2011 2012

 Oct. 

 through 

Dec. 

(2) 

 Jan.

 through

 Mar. p 

 (3) 

Oct.

 through

Dec. 

 (5) 

 Jan.

 through

 Mar. p 

 (6) 

Oct.

 through

 Dec.

 (8) 

 Jan. 

 through 

 Mar. p 

 (9) 

Oct.

 through

Dec. 

(11) 

 Jan.

through

 Mar. p

 (12) 

Caribbean: 

Anguilla...................................... 478 -477 -782 29 -25 -50 -126 57 27 -1,795 116 112

Bahamas.................................... 11,778 2,207 -948 406 -57 943 -382 -499 23 -421 -989 838

Barbados ................................... 139 108 3,111 165 75 151 971 493 573 -109 -70 95

Bermuda .................................... 5,107 2,186 -661 1,970 -227 1,121 1,869 528 1,143 1,482 -137 918

British Virgin Islands................... 5,135 236 1,823 -153 123 64 1,581 872 78 3,144 -620 -1,885

Cayman Islands ......................... -19,515 -3,778 -4,245 10,444 94 -4,046 9,543 -1,191 3,293 28,863 4,558 4,781

Cuba .......................................... - - - - - - -1 -1 - -79 -55 -43

Jamaica ..................................... -1 -1 8 -36 53 -45 22 1 8 11 1 3

Netherlands Antilles ................... -6,786 -841 -1,187 284 -79 232 2,749 736 1,287 690 557 449

Trinidad and Tobago.................. -809 -1,073 177 -100 -62 18 30 -12 -18 68 24 3

All other Caribbean .................... -57 47 17 317 191 77 411 112 126 -65 -48 -107

Total Caribbean ..................... -4,531 -1,386 -2,687 13,326 86 -1,535 16,667 1,096 6,540 31,789 3,337 5,164

Asia: 

China, Mainland. ........................ -46,952 -46,098 33,983 17,790 7,206 4,055 3,065 -593 750 360 929 2,250

Hong Kong................................. 9,669 9,063 8,182 1,008 740 -154 -822 587 760 6,460 891 -121

India........................................... -1,840 -345 -2,915 - - 109 -39 1 -8 -568 -160 -314

Indonesia ................................... 3,071 1,381 -1,411 501 311 711 132 -1 52 126 -3 -17

Israel.......................................... -3,009 -937 -892 -439 -2 106 81 -30 129 -409 147 -115

Japan......................................... 148,498 72,978 47,945 36,463 13,569 9,633 9,505 3,898 4,395 3,400 -33 -5,477

Korea, South.............................. -4,646 734 -856 8,539 3,721 5,207 -3,195 -1,192 -1,066 -140 85 -29

Lebanon..................................... 53 1 168 1 - 1 -97 -18 22 66 -2 -52

Malaysia..................................... 4,059 1,395 637 -1,372 -810 512 -12 -138 -24 252 23 1,184

Pakistan..................................... - - - -2 - - -1 6 - -21 -5 -7

Philippines ................................. 5,563 58 3,030 -2,775 1 -1 409 95 28 -57 -19 -2

Singapore .................................. 2,428 2,074 717 -918 249 87 3,244 1,081 1,033 -6,720 -4,682 -2,836

Syria .......................................... - - - - - - -3 - - -2 -1 -

Taiwan ....................................... -5,750 160 1,005 5,891 -59 229 2,875 545 373 -485 -74 -276

Thailand..................................... -651 -2,157 555 197 269 373 136 -13 - -66 -17 -12

Oil exporting countries 3 ............. -3,133 -1,689 -2,271 1,699 1,629 -648 -737 -49 859 6,286 1,616 876

All other Asia.............................. 785 -164 -71 -60 -38 -43 -105 -63 31 49 24 150

Total Asia ............................... 108,145 36,454 87,806 66,523 26,786 20,177 14,436 4,116 7,334 8,531 -1,281 -4,798

Africa: 

Egypt.......................................... 123 -7 44 -3 - -2 -6 6 -5 -27 -13 -9

Liberia........................................ 7 4 6 6 5 -1 83 8 13 -85 -52 -8

Morocco ..................................... 183 221 7 7 2 6 -8 -9 -4 -6 - -3

South Africa ............................... -851 260 184 -10 -12 24 -71 -4 -70 -42 26 137

Oil exporting countries 4 ............. 2,048 -166 785 -3 10 2 147 -49 699 1 -13 -8

All other Africa............................ 486 237 49 165 -4 -8 24 21 49 1,021 968 -37

Total Africa............................. 1,996 549 1,075 162 1 21 169 -27 682 862 916 72

Other countries: 

Australia..................................... 1,517 1,382 42 -21 362 -5 -3,511 -2,626 -1,766 314 -1,067 554

New Zealand.............................. -199 16 27 -5 -11 -9 -40 -91 -96 99 -169 166

All other countries ...................... -15 -12 -27 28 8 -2 -98 -11 -165 -7 -9 7

Total other countries .............. 1,303 1,386 42 2 359 -16 -3,649 -2,728 -2,027 406 -1,245 727

Total foreign countries ....... 368,416 47,585 113,866 81,870 38,304 12,919 -42,614 -25,820 -7,408 24,725 -15,386 17,778

International and regional orgs: 

International organizations ......... 11,259 6,718 5,421 -401 -245 62 -1,862 -572 -573 344 19 204

Regional organizations 5 ............ 290 101 463 -565 34 4 -699 -64 -14 6 7 -4

Total international and 

 regional organizations .............. 11,549 6,819 5,884 -966 -211 66 -2,561 -636 -587 350 26 200

Grand total......................... 379,965 54,404 119,750 80,904 38,093 12,985 -45,175 -26,456 -7,995 25,075 -15,360 17,978

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and 

Spain. 

2

 As of January 2007, the European Union (E.U.) , includes Austria, Belgium, Bulgaria, Cyprus, the 

Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. 

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2012 

76

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2012, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country 

Total 

 purchases 

 (1) 

Domestic securities

 Foreign securities 

Total

 sales

 (8) 

Domestic securities 

 Foreign securities 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

Corporate and 

other 

Marketable

Treasury 

 and 

 Federal 

 Financing 

Bank 

bonds 

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

 other 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

Bonds 

 (11) 

Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria .................................... 3,595 475 431 346 659 1,462 222 2,423 520 409 254 628 297 316

Belgium................................... 7,397 584 400 345 3,252 1,246 1,569 35,990 1,105 388 5,304 3,012 24,946 1,235

Bulgaria .................................. 238 159 - - 76 - 3 272 196 - - 73 - 3

Cyprus .................................... 34,355 13 5 4 30,501 174 3,658 34,427 17 0 7 30,469 240 3,693

Czech Republic ...................... 1,053 289 - - 385 322 57 974 141 - 10 496 233 94

Denmark................................. 12,713 3,098 121 853 5,447 1,969 1,225 11,093 3,223 109 884 5,036 734 1,107

Finland.................................... 3,517 989 668 139 740 551 430 3,725 868 664 178 486 1,205 324

France .................................... 1,019,964 800,163 7,412 3,685 167,855 18,150 22,699 1,010,683 801,772 6,402 6,245 161,737 12,558 21,970

Germany................................. 101,225 31,378 819 1,996 27,222 31,561 8,250 85,346 28,120 937 3,046 29,187 16,171 7,886

Greece.................................... 764 141 1 15 343 177 87 730 131 7 9 440 69 74

Hungary.................................. 617 212 25 26 154 183 17 630 93 15 44 162 292 24

Ireland..................................... 113,022 56,475 21,792 4,502 7,447 9,186 13,619 133,416 64,674 25,190 5,291 7,446 15,979 14,836

Italy ......................................... 23,024 5,474 130 236 9,422 5,059 2,703 20,263 5,258 107 166 10,346 1,152 3,234

Kazakhstan............................. 408 224 - 2 9 170 3 654 539 - - 6 104 5

Luxembourg ........................... 63,167 9,251 10,977 11,451 9,654 6,187 15,647 91,639 22,478 15,190 6,141 10,282 23,808 13,740

Monaco................................... 1,325 96 4 68 977 74 106 1,603 296 - 88 712 64 443

Netherlands ............................ 48,120 6,003 1,041 1,859 10,339 22,178 6,700 42,197 6,086 1,158 2,053 10,302 14,794 7,804

Norway ................................... 54,821 30,434 189 899 5,869 11,461 5,969 47,475 26,606 770 1,200 5,348 7,612 5,939

Poland .................................... 15,602 11,860 1,042 100 107 2,382 111 15,811 13,753 100 - 116 1,652 190

Portugal .................................. 2,456 894 1 19 1,027 299 216 2,427 814 14 37 1,081 194 288

Romania ................................. 1,391 1,315 - - 19 54 3 1,777 1,697 - - 25 42 13

Russia..................................... 7,534 6,669 92 5 277 139 352 15,333 14,437 52 10 334 292 208

Serbia and Montenegro.......... 108 30 - - - 78 - 81 70 - - - 11 -

Spain ...................................... 16,166 3,116 13 326 2,413 7,414 2,884 12,406 3,716 112 334 2,904 1,852 3,488

Sweden................................... 23,748 8,618 64 289 4,097 5,412 5,268 30,169 9,565 235 2,091 3,911 9,274 5,093

Switzerland............................. 64,799 16,904 921 6,866 23,218 5,992 10,898 59,416 9,502 832 5,966 23,797 7,065 12,254

Turkey..................................... 3,053 301 - - 198 2,085 469 2,673 1,607 - - 225 205 636

Ukraine ................................... 3,439 2,853 6 42 195 218 125 3,152 2,821 5 46 79 121 80

United Kingdom...................... 2,855,941 1,818,754 45,285 99,351 295,064 294,149 303,338 2,805,282 1,800,739 45,525 108,235 285,036 262,530 303,217

Channel Islands...................... 23,592 3,373 1,401 852 12,940 775 4,251 25,969 4,874 1,835 1,179 12,747 918 4,416

All other Europe...................... 9,992 740 279 148 1,680 5,559 1,585 10,395 728 437 147 1,605 6,282 1,197

Total Europe....................... 4,517,146 2,820,885 93,119 134,424 621,586 434,667 412,465 4,508,430 2,826,444 100,493 148,965 608,028 410,695 413,805

Memo: Euro Area 1 ............. 1,438,204 915,251 43,691 24,934 271,650 103,924 78,754 1,476,856 935,796 50,579 29,080 268,936 113,472 78,993

Canada....................................... 575,559 218,892 8,197 20,954 165,950 90,022 71,544 569,433 200,853 10,034 26,755 162,972 96,678 72,141

Latin America: 

Argentina ................................ 4,548 160 16 253 1,539 1,663 917 4,266 152 13 205 1,732 1,405 759

Brazil....................................... 62,924 35,979 2,137 284 2,796 8,459 13,269 61,478 31,353 1,223 524 2,223 11,540 14,615

Chile ....................................... 18,715 7,579 162 426 4,940 3,498 2,110 20,819 9,326 88 269 5,291 3,740 2,105

Colombia ................................ 14,825 8,179 683 232 1,563 3,176 992 10,839 4,768 259 297 1,804 2,395 1,316

Costa Rica.............................. 1,596 1,141 - 27 248 123 57 1,734 1,148 100 17 301 114 54

Ecuador.................................. 1,376 411 315 68 85 227 270 487 89 71 53 101 83 90

Guatemala.............................. 655 402 2 16 106 115 14 672 393 2 5 125 130 17

Mexico .................................... 40,941 11,626 3,299 837 8,571 7,754 8,854 38,246 5,626 1,904 616 8,016 12,798 9,286

Panama .................................. 5,717 288 447 960 1,472 1,992 558 5,742 283 352 1,068 1,688 1,736 615

Peru ........................................ 6,919 2,949 320 187 849 1,903 711 7,084 1,867 311 295 783 2,863 965

Uruguay.................................. 7,303 2,381 218 345 1,653 2,231 475 5,437 1,208 14 273 1,600 1,919 423

Venezuela .............................. 3,204 138 58 489 1,305 984 230 2,886 98 33 139 1,359 1,017 240

All other Latin America ........... 1,518 604 340 107 155 240 72 1,017 376 144 65 182 181 69

Total Latin America ............ 170,241 71,837 7,997 4,231 25,282 32,365 28,529 160,707 56,687 4,514 3,826 25,205 39,921 30,554

Caribbean: 

Anguilla................................... 134,058 3,641 50 167 105,502 20 24,678 133,983 4,423 100 140 105,390 25 23,905

Bahamas ................................ 57,944 16,722 1,773 2,046 22,364 5,538 9,501 55,103 17,670 830 2,023 21,526 4,023 9,031

Barbados ................................ 6,688 3,441 256 855 356 1,146 634 2,368 330 105 282 261 605 785

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2012 

77

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2012, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country 

Domestic securities 

Foreign securities Total

 sales

(8) 

Domestic securities 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Corporate and 

other 

Marketable

Treasury 

and 

Federal 

 Financing

Bank bonds

 and notes

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

Bonds

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks

(7) 

 Bonds 

 (11) 

 Stocks

 (12) 

Bonds

 (13) 

Stocks

 (14) 

Caribbean, con. 

Bermuda................................ 181,415 19,921 8,178 8,176 78,604 45,637 20,899 179,044 20,582 7,057 7,033 77,686 44,799 21,887

British Virgin Islands .............. 134,827 17,987 348 5,249 73,636 15,606 22,001 138,147 16,164 284 5,171 75,521 16,315 24,692

Cayman Islands..................... 1,607,190 493,022 59,697 53,722 581,068 259,461 160,220 1,611,385 497,267 63,743 50,429 576,287 268,432 155,227

Cuba...................................... 564 - - 1 486 7 70 622 - - 1 529 11 81

Jamaica................................. 375 10 215 50 27 61 12 398 2 260 42 24 59 11

Netherlands Antilles............... 15,607 6,718 335 1,552 3,056 2,044 1,902 14,530 7,905 103 265 2,607 1,844 1,806

Trinidad and Tobago ............. 2,031 1,076 530 104 180 121 20 1,821 899 512 122 177 94 17

All other Caribbean ................ 2,316 116 186 198 1,173 535 108 2,259 99 109 72 1,280 581 118

Total Caribbean ................. 2,143,015 562,654 71,568 72,120 866,452 330,176 240,045 2,139,660 565,341 73,103 65,580 861,288 336,788 237,560

Asia: 

China, Mainland. ................... 134,661 90,569 28,401 3,216 5,733 3,479 3,263 90,142 56,586 24,346 2,466 3,483 1,249 2,012

Hong Kong ............................ 137,891 40,242 5,026 2,473 11,060 7,471 71,619 132,945 32,060 5,180 1,713 11,181 6,053 76,758

India ...................................... 18,173 12,719 109 5 252 1,008 4,080 21,698 15,634 - 13 566 452 5,033

Indonesia............................... 8,681 5,033 1,187 70 195 884 1,312 9,652 6,444 476 18 212 756 1,746

Israel ..................................... 99,458 88,613 786 610 5,837 1,253 2,359 99,550 89,505 680 481 5,952 644 2,288

Japan .................................... 341,482 191,119 53,951 15,280 17,861 19,443 43,828 284,784 143,174 44,318 10,885 23,338 16,692 46,377

Korea, South ......................... 43,849 11,260 17,330 1,051 1,100 3,876 9,232 43,935 12,116 12,123 2,117 1,129 5,311 11,139

Lebanon ................................ 1,629 690 1 399 440 23 76 1,483 522 - 377 492 8 84

Malaysia ................................ 9,412 1,502 1,818 160 1,758 2,136 2,038 7,309 865 1,306 184 574 2,460 1,920

Pakistan ................................ 14 - - - 6 2 6 29 - - - 13 1 15

Philippines............................. 11,513 9,678 23 59 385 987 381 8,125 6,648 24 31 387 725 310

Singapore.............................. 69,247 38,121 1,432 3,230 11,002 3,892 11,570 69,395 37,404 1,345 2,197 13,838 3,241 11,370

Syria...................................... 32 - - - - 32 - 20 - - - - 20 -

Taiwan................................... 20,731 5,648 1,629 2,016 4,583 1,845 5,010 19,955 4,643 1,400 1,643 4,859 1,339 6,071

Thailand ................................ 6,373 3,020 411 140 435 686 1,681 6,494 2,465 38 140 447 832 2,572

All other Asia ......................... 44,128 21,638 5,649 1,895 8,503 4,010 2,433 45,844 23,980 6,340 1,005 7,477 4,037 3,005

Total Asia .......................... 947,274 519,852 117,753 30,604 69,150 51,027 158,888 841,360 432,046 97,576 23,270 73,948 43,820 170,700

Africa: 

Egypt..................................... 1,031 108 5 5 117 691 105 435 64 7 10 126 118 110

Liberia ................................... 387 32 - 92 125 106 32 299 26 1 79 133 12 48

Morocco ................................ 38 20 9 - 4 1 4 32 13 3 4 7 - 5

South Africa........................... 5,339 3,203 291 110 553 436 746 6,178 3,019 267 180 416 1,350 946

All other Africa ....................... 6,401 2,178 20 996 866 529 1,812 5,750 1,344 26 248 911 660 2,561

Total Africa ........................ 13,196 5,541 325 1,203 1,665 1,763 2,699 12,694 4,466 304 521 1,593 2,140 3,670

Other countries: 

Australia ................................ 58,411 7,697 4,676 6,131 8,263 17,212 14,432 59,352 7,655 4,681 7,897 7,709 17,587 13,823

New Zealand ......................... 1,877 249 423 57 535 335 278 1,552 222 432 153 369 141 235

All other ................................. 253 16 18 34 104 22 59 443 43 20 199 97 44 40

Total other countries .......... 60,541 7,962 5,117 6,222 8,902 17,569 14,769 61,347 7,920 5,133 8,249 8,175 17,772 14,098

Total foreign countries ... 8,426,972 4,207,623 304,076 269,758 1,758,987 957,589 928,939 8,293,631 4,093,757 291,157 277,166 1,741,209 947,814 942,528

International and regional orgs: 

International organizations..... 18,755 14,869 1,824 197 359 1,380 126 15,472 9,448 1,762 770 155 3,178 159

Regional organizations 2 ........ 13,136 477 131 54 12 11,850 612 1,045 14 127 68 16 462 358

Total international and 

 regional organizations .... 31,891 15,346 1,955 251 371 13,230 738 16,517 9,462 1,889 838 171 3,640 517

Grand total .................... 8,458,863 4,222,969 306,031 270,009 1,759,358 970,819 929,677 8,310,148 4,103,219 293,046 278,004 1,741,380 951,454 943,045

1

 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, 

Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. 

2 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 
CAPITAL MOVEMENTS 

June 2012 

78

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2011 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country

Domestic securities Domestic securities 

 Total 

 purchases

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

Corporate and 

other 

 Marketable

 Treasury

 and 

 Federal

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

Foreign securities other Foreign securities Total

 sales

 (8) 

 Bonds

 (4) 

Stocks

 (5) 

Bonds

 (6) 

 Stocks

 (7) 

 Bonds

 (11) 

 Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria................................ 18,177 2,462 1,252 657 2,442 9,507 1,857 9,805 2,392 1,123 656 2,450 1,597 1,589

Belgium .............................. 29,825 2,934 657 1,554 13,223 6,921 4,536 117,122 3,466 986 19,421 17,196 70,805 5,247

Bulgaria .............................. 1,703 858 - 3 665 - 177 1,561 649 - 7 696 39 170

Cyprus................................ 140,162 602 42 30 124,249 834 14,404 140,516 756 68 54 124,229 748 14,662

Czech Republic .................. 4,670 1,190 - 26 1,338 925 1,191 3,906 1,142 - - 1,729 330 705

Denmark............................. 47,507 10,891 304 2,242 16,642 11,999 5,429 43,975 10,304 298 2,675 15,906 8,485 6,307

Finland ............................... 12,375 1,556 1,472 515 4,207 1,870 2,755 14,270 1,531 1,386 650 3,549 4,293 2,862

France................................ 4,726,609 3,735,559 43,273 16,366 772,345 65,302 93,764 4,717,265 3,703,264 34,989 25,499 798,902 56,598 98,014

Germany ............................ 355,045 112,648 4,905 7,730 95,271 94,888 39,603 307,149 108,764 4,700 11,563 93,153 49,785 39,185

Greece ............................... 3,751 813 6 80 1,713 513 626 3,675 922 72 47 1,835 175 625

Hungary.............................. 3,773 986 121 255 1,195 646 570 9,664 943 198 193 1,292 6,598 440

Ireland ................................ 340,759 157,236 52,551 17,232 36,617 21,513 55,610 387,294 168,847 57,207 18,843 36,538 47,702 58,157

Italy..................................... 105,406 14,253 542 1,279 53,276 20,799 15,256 87,255 13,372 876 1,448 51,558 4,091 15,910

Kazakhstan......................... 9,446 6,927 167 114 91 2,055 92 7,267 5,053 211 169 89 1,638 107

Luxembourg ....................... 208,628 37,378 30,170 24,242 49,074 23,307 44,456 285,458 47,691 45,894 25,630 50,644 69,300 46,299

Monaco .............................. 3,368 202 43 200 2,280 156 487 3,796 67 54 316 2,549 317 493

Netherlands........................ 174,355 43,262 3,339 8,095 47,146 37,424 35,089 168,691 43,087 2,879 10,923 49,301 24,762 37,738

Norway ............................... 181,896 87,886 16,849 15,856 23,014 24,565 13,726 172,513 82,696 18,717 20,418 19,767 18,889 12,026

Poland................................ 36,999 33,237 835 360 639 1,219 709 40,586 31,390 100 22 756 7,176 1,142

Portugal.............................. 9,854 1,372 3 64 6,127 833 1,455 10,511 1,374 8 82 6,981 673 1,393

Romania............................. 4,502 4,297 - - 131 57 17 4,301 3,965 - - 140 52 144

Russia ................................ 34,602 29,435 153 647 1,205 1,298 1,864 61,624 55,756 75 518 1,187 2,575 1,513

Serbia and Montenegro ...... 458 439 15 - 4 - - 645 612 25 - 5 3 -

Spain.................................. 60,836 17,608 552 1,547 9,979 15,590 15,560 48,106 12,012 571 2,145 10,807 7,332 15,239

Sweden .............................. 84,290 22,543 473 2,827 17,719 17,647 23,081 80,642 18,793 1,029 5,864 21,359 11,199 22,398

Switzerland......................... 262,263 66,995 3,801 18,941 102,124 17,035 53,367 255,775 60,771 3,509 18,616 106,395 16,725 49,759

Turkey ................................ 15,737 9,858 - 75 657 3,347 1,800 9,224 4,984 - 5 699 1,549 1,987

Ukraine............................... 3,638 3,180 - 3 50 336 69 4,324 3,832 55 89 58 171 119

United Kingdom.................. 11,606,782 7,462,227 238,700 367,139 1,297,997 966,210 1,274,509 11,524,339 7,305,287 241,712 390,809 1,294,960 1,014,090 1,277,481

Channel Islands.................. 143,318 13,160 3,042 3,675 93,935 11,062 18,444 143,316 11,512 2,852 6,412 93,072 10,819 18,649

All other Europe .................. 14,986 2,400 1,834 872 6,495 1,984 1,401 16,352 2,204 1,139 650 6,448 3,883 2,029

Total Europe ................... 18,645,720 11,884,394 405,103 492,626 2,781,850 1,359,843 1,721,904 18,680,928 11,707,437 420,731 563,722 2,814,250 1,442,399 1,732,389

Memo: Euro Area 1 ......... 6,190,704 4,128,108 138,768 79,471 1,219,174 299,652 325,531 6,303,011 4,108,012 150,770 117,109 1,250,680 338,910 337,530

Canada ................................... 2,126,252 838,255 30,746 51,820 494,252 421,227 289,952 2,127,312 820,587 27,203 53,247 480,187 454,700 291,388

Latin America: 

Argentina............................ 18,112 654 122 861 8,028 5,012 3,435 21,513 728 107 901 8,128 6,082 5,567

Brazil .................................. 334,933 218,301 5,698 3,970 16,303 42,610 48,051 288,799 170,893 4,409 3,625 16,391 37,083 56,398

Chile................................... 65,044 29,494 748 1,300 14,320 10,205 8,977 54,496 16,671 492 721 15,301 11,918 9,393

Colombia ............................ 45,332 20,481 1,548 703 12,488 6,198 3,914 38,280 11,644 1,372 1,028 12,533 8,122 3,581

Costa Rica.......................... 6,652 4,419 126 96 1,338 491 182 6,668 4,478 2 98 1,341 577 172

Ecuador.............................. 5,637 1,156 2,761 207 471 570 472 4,158 188 2,645 227 429 162 507

Guatemala.......................... 3,162 2,015 3 61 605 409 69 3,353 1,794 20 72 609 792 66

Mexico................................ 167,756 47,325 19,271 8,229 36,808 20,996 35,127 174,330 51,849 8,853 7,699 35,254 38,823 31,852

Panama.............................. 26,406 1,919 1,311 2,907 8,016 9,333 2,920 24,332 2,107 825 2,964 7,655 7,892 2,889

Peru.................................... 25,555 8,158 2,328 839 5,088 3,999 5,143 23,520 8,191 1,678 623 4,739 3,923 4,366

Uruguay.............................. 22,919 5,483 238 1,052 5,834 8,180 2,132 21,455 3,795 604 929 5,773 8,370 1,984

Venezuela .......................... 14,264 424 183 1,380 4,658 6,288 1,331 14,125 480 120 849 4,333 7,322 1,021

All other Latin America ....... 6,026 1,556 1,063 626 929 1,487 365 5,242 1,689 331 209 928 1,790 295

Total Latin America ........ 741,798 341,385 35,400 22,231 114,886 115,778 112,118 680,271 274,507 21,458 19,945 113,414 132,856 118,091

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2012 

79

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2011, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country

Domestic securities Domestic securities 

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

Corporate and 

other Foreign securities Total

sales

(8) 

Marketable

Treasury

and 

Federal 

Financing 

Bank bonds

and notes

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

 Bonds 

(4) 

Stocks

(5) 

Bonds

(6) 

Stocks

 (7) 

Bonds 

(11) 

Stocks

(12) 

Bonds

 (13) 

 Stocks

 (14) 

Caribbean: 

Anguilla ................................. 696,295 19,117 127 424 562,275 853 113,499 699,113 18,639 98 550 564,070 990 114,766

Bahamas ............................... 391,176 166,631 3,628 28,230 131,421 22,011 39,255 381,183 154,853 3,222 28,612 131,842 22,410 40,244

Barbados ............................... 10,458 3,393 654 1,440 1,089 1,753 2,129 8,777 3,254 489 469 1,198 1,578 1,789

Bermuda ................................ 977,005 106,452 34,087 31,083 445,716 257,862 101,805 964,750 101,345 32,117 29,214 444,234 256,066 101,774

British Virgin Islands .............. 583,435 144,906 1,910 16,876 274,516 46,150 99,077 570,625 139,771 2,063 15,295 271,372 42,248 99,876

Cayman Islands ..................... 6,980,584 2,267,100 234,507 217,916 2,553,425 1,020,489 687,147 6,966,026 2,286,615 224,063 208,373 2,524,562 1,006,219 716,194

Cuba ..................................... 165 - - - 138 6 21 241 - - 1 217 4 19

Jamaica ................................. 1,712 293 498 124 147 636 14 2,018 294 534 102 136 938 14

Netherlands Antilles .............. 95,440 35,141 3,529 3,612 31,838 6,275 15,045 101,103 41,927 3,245 863 31,148 5,925 17,995

Trinidad and Tobago ............. 8,554 4,805 2,145 349 647 441 167 9,254 5,614 2,245 319 579 345 152

All other Caribbean ................ 8,767 842 837 775 4,101 1,495 718 8,880 899 520 364 4,166 1,990 941

Total Caribbean ................ 9,753,592 2,748,680 281,922 300,829 4,005,313 1,357,971 1,058,877 9,711,970 2,753,211 268,596 284,162 3,973,524 1,338,713 1,093,764

Asia: 

China, Mainland................ 378,589 287,040 45,496 11,184 17,191 7,824 9,854 405,118 333,992 27,706 8,119 16,831 3,194 15,276

Hong Kong ........................ 531,734 97,155 21,996 11,027 47,975 34,587 318,994 507,204 87,486 20,988 11,849 41,515 26,174 319,192

India................................... 30,864 10,486 - 20 1,241 713 18,404 36,719 12,326 - 59 1,809 1,403 21,122

Indonesia........................... 39,058 27,240 2,036 673 661 2,294 6,154 36,279 24,169 1,535 541 535 2,327 7,172

Israel.................................. 393,578 360,435 2,325 2,045 15,316 4,187 9,270 396,447 363,444 2,764 1,964 15,725 4,732 7,818

Japan................................. 1,359,346 786,419 183,347 51,251 84,738 56,193 197,398 1,158,793 637,921 146,884 41,746 81,338 57,636 193,268

Korea, South...................... 174,758 56,971 51,200 6,032 4,130 19,557 36,868 176,525 61,617 42,661 9,227 4,270 13,121 45,629

Lebanon ............................ 4,695 282 1 599 2,733 689 391 3,999 229 - 696 2,667 31 376

Malaysia ............................ 39,328 10,009 8,497 1,702 1,902 11,311 5,907 35,716 5,950 9,869 1,714 1,650 9,366 7,167

Pakistan............................. 261 - 5 23 61 50 122 238 - 7 24 82 43 82

Philippines ......................... 34,061 26,323 89 833 1,467 4,055 1,294 31,539 20,760 2,864 424 1,524 4,425 1,542

Singapore .......................... 354,168 216,258 11,433 13,578 42,525 19,207 51,167 352,867 213,830 12,351 10,334 49,245 13,697 53,410

Syria .................................. 70 - - - 34 - 36 89 - - 3 36 - 50

Taiwan............................... 100,582 18,272 16,018 8,361 22,682 6,889 28,360 95,411 24,022 10,127 5,486 23,167 3,822 28,787

Thailand............................. 24,897 12,109 482 411 1,185 2,743 7,967 24,729 12,760 285 275 1,251 2,091 8,067

All other Asia ..................... 162,025 85,214 15,552 3,630 36,951 11,011 9,667 156,854 87,562 13,913 4,472 30,616 11,802 8,489

Total Asia ...................... 3,628,014 1,994,213 358,477 111,369 280,792 181,310 701,853 3,418,527 1,886,068 291,954 96,933 272,261 153,864 717,447

Africa: 

Egypt ................................. 3,548 1,058 49 20 1,153 527 741 3,431 935 52 26 1,180 738 500

Liberia................................ 1,916 96 7 308 934 334 237 1,606 89 1 225 1,019 35 237

Morocco............................. 470 358 10 3 6 35 58 248 175 3 11 12 15 32

South Africa....................... 19,845 11,998 738 256 1,262 1,509 4,082 21,866 12,849 748 327 1,304 2,579 4,059

All other Africa ................... 21,800 9,714 445 328 3,823 1,232 6,258 20,558 7,180 283 157 2,801 2,277 7,860

Total Africa .................... 47,579 23,224 1,249 915 7,178 3,637 11,376 47,709 21,228 1,087 746 6,316 5,644 12,688

Other countries: 

Australia ............................ 206,134 39,419 10,993 14,730 32,404 40,857 67,731 208,970 37,902 11,014 18,241 32,090 42,242 67,481

New Zealand ..................... 7,349 889 577 222 2,112 2,199 1,350 6,316 1,088 582 262 2,013 1,250 1,121

All other ............................. 961 135 57 94 264 214 197 1,567 150 29 192 271 167 758

Total other countries...... 214,444 40,443 11,627 15,046 34,780 43,270 69,278 216,853 39,140 11,625 18,695 34,374 43,659 69,360

Total foreign 

 countries................ 35,157,399 17,870,594 1,124,524 994,836 7,719,051 3,483,036 3,965,358 34,883,570 17,502,178 1,042,654 1,037,450 7,694,326 3,571,835 4,035,127

International and regional orgs: 

International organizations ... 58,188 38,342 6,406 995 1,191 10,733 521 48,032 27,083 6,807 2,857 847 9,649 789

Regional organizations 2 ..... 42,833 1,237 1,635 270 41 37,045 2,605 10,376 947 2,200 969 35 1,955 4,270

Total international and 

 regional organizations ....... 101,021 39,579 8,041 1,265 1,232 47,778 3,126 58,408 28,030 9,007 3,826 882 11,604 5,059

Grand total..................... 35,258,420 17,910,173 1,132,565 996,101 7,720,283 3,530,814 3,968,484 34,941,978 17,530,208 1,051,661 1,041,276 7,695,208 3,583,439 4,040,186

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, 

Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. 

2 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
80 CAPITAL MOVEMENTS

June 2012 

The data on this page represent foreign investors’ purchases and sales of long-term U.S. securities (that is, U.S. Treasury and Government 

agency bonds and notes, and U.S. corporate bonds and stocks) as reported in the TIC reporting system. Foreign investors have also acquired U.S. 

equities through mergers and reincorporations that involve stock swaps, but these acquisitions have been relatively small in recent years, with no 

acquisitions in 2008, and acquisitions of less than $1 billion in 2009. Stock swap acquisitions picked up to over $8 billion in 2010, but this pace 

of acquisition again slowed during 2011 to $1.3 billion. There were no stock swaps recorded as of the first quarter of 2012. (Stock swaps data for 

the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not 

reported under the TIC reporting system, but are available on the TIC Website. The TIC Website also provides estimates from the Federal 

Reserve Bank of New York on principal repayment flows of foreign holdings of U.S. government agency and corporate asset-backed securities 

(ABS). These repayments are estimated to have reduced foreign net purchases of U.S. securities by $191 billion in 2008, $204 billion in 2009, 

$232 billion in 2010, $164 billion in 2011, and $48 billion in the first quarter of 2012. 

After including stock swaps and accounting for ABS repayment flows, net foreign acquisitions of U.S. securities totaled $224 billion in 2008, 

as foreign investors acquired U.S. securities in the first half of the year, but on net sold U.S. securities in the second half of the year. Foreign net 

purchases recovered to $436 billion in 2009. The pace of acquisition picked up further in 2010, when foreign net purchases were recorded at 

$685 billion, surpassing those in 2008 and 2009 and nearly recovering the momentum recorded in 2007. While the pace of acquisitions slowed 

considerably in 2011, with net foreign purchases recorded at only $278 billion, it has recently quickened as net foreign purchases picked up to 

$95 billion in the first quarter of 2012. 

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years

2008 2009 2010 

 

2011 

 2012 

Jan.- Mar.

United Kingdom .......................... 328,706 212,743 376,505 133,295 18,919 

All other Europe .......................... -105,325 33,534 744 -75,462 -32,835 

Caribbean banking centers 1 ...... -74,524 23,959 69,439 58,390 3,797 

Japan.......................................... 57,276 128,219 200,839 197,866 56,496

All other Asia .............................. 193,377 187,661 130,519 -231 54,023 

Subtotal .................................. 399,510 586,116 778,046 313,858 100,400 

All other countries ....................... 15,379 52,741 130,242 126,911 42,318 

Grand total.............................. 414,889 638,857 908,288 440,769 142,718

1 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. 
 CAPITAL MOVEMENTS 

June 2012 

81

The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to 

the TIC reporting system. U.S. investors also have acquired foreign stocks through mergers that involve stock swaps. 

Net acquisitions through stock swaps amounted to $12 billion in 2007, $7 billion in 2008, $2 billion in 2009, $12 

billion in 2010, and $10 billion in 2011. As of the first quarter of 2012, there are no reported stock swaps. (Stock 

swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial 

revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC Website. 

Including acquisitions through stock swaps, U.S. net purchases of long-term foreign securities amounted to $241 

billion in 2007. U.S. investors switched to net sales of $67 billion in foreign securities in 2008 but resumed their net 

purchases of foreign securities in 2009 with acquisitions of $189 billion. Net purchases slowed in 2010 to $127 

billion but picked up slightly in 2011 to $135 billion. As of the first quarter of 2012, U.S. investors again reverted to 

net sales of $6 billion in foreign securities. 

CHART CM-D.—Net Purchases of Long-Term 

Foreign Securities by U.S. Investors* 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Type 

Calendar years

2007 2008 2009 2010 2011 

 2012 

 Jan. - Mar.

Foreign bonds ................................. 133,905 -53,942 127,474 54,644 52,625 -19,365

Foreign stocks ................................. 95,300 -20,246 59,360 60,615 71,702 13,368

Total ............................................... 229,205 -74,188 186,834 115,259 124,327 -5,997

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

June 2012 

82 

SECTION V.—Holdings of, and Transactions in, Financial Derivatives 

Contracts with Foreigners Reported by Businesses in the United States 

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, 

by Type of Contract 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2009 2010 2011 

 Dec. Dec. Mar. June Sept. Dec. p

Gross total of holdings with negative fair values ........................... 3,363,444 3,541,931 3,076,050 3,336,971 5,062,938 4,578,414

Total over-the-counter (OTC) contracts..................................... 3,333,846 3,512,342 3,044,720 3,307,847 5,002,492 4,529,130

Single-currency interest rate contracts.................................. 2,532,612 2,787,529 2,348,265 2,633,109 4,086,977 3,793,205

Forwards ............................................................................ 5,733 6,684 6,373 5,354 6,476 5,232

Swaps ................................................................................ 2,310,645 2,557,293 2,132,959 2,412,515 3,766,973 3,481,040

Options............................................................................... 216,234 223,552 208,933 215,240 313,528 306,933

Foreign exchange contracts .................................................. 245,230 304,088 291,084 280,953 391,639 288,414

Forwards ............................................................................ 67,679 110,520 112,508 104,155 165,228 103,632

Swaps ................................................................................ 139,065 153,063 139,117 136,126 181,251 150,736

Options............................................................................... 38,486 40,505 39,459 40,672 45,160 34,046

Other contracts ...................................................................... 556,004 420,725 405,371 393,785 523,876 447,511

Equity ................................................................................. 55,363 40,073 40,864 40,667 50,940 43,381

Credit.................................................................................. 404,839 290,208 264,462 274,520 398,081 336,785

All other .............................................................................. 95,802 90,444 100,045 78,598 74,855 67,345

Total exchange-traded contracts ............................................... 29,598 29,589 31,330 29,124 60,446 49,284

Own contracts on foreign exchanges .................................... 515 674 649 663 1,456 3,395

U.S. customers’ contracts on foreign exchanges.................. 4,342 3,847 4,288 4,724 5,110 6,974

Foreign counterparty contracts on U.S. exchanges .............. 24,741 25,068 26,393 23,737 53,880 38,915

Memorandum items: 

Contracts with own foreign office........................................... 847,311 853,851 749,229 788,613 1,170,892 1,099,670

Contracts with foreign official institutions .............................. 14,299 15,975 13,937 14,363 17,455 19,036

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.

Gross total of holdings with positive fair values............................. 3,489,779 3,652,313 3,185,281 3,457,494 5,192,114 4,704,666

Total over-the-counter (OTC) contracts..................................... 3,460,696 3,621,801 3,151,742 3,426,647 5,129,394 4,656,615

Single-currency interest rate contracts.................................. 2,596,825 2,844,526 2,406,864 2,693,081 4,137,233 3,853,966

Forwards ............................................................................ 5,440 6,541 5,375 4,662 6,057 5,094

Swaps ................................................................................ 2,357,111 2,596,870 2,177,818 2,453,233 3,788,747 3,514,464

Options............................................................................... 234,274 241,115 223,671 235,186 342,429 334,408

Foreign exchange contracts .................................................. 277,387 330,298 317,735 313,425 425,273 314,930

Forwards ............................................................................ 71,203 113,369 113,784 108,899 174,754 110,057

Swaps ................................................................................ 164,657 170,886 160,244 160,824 198,433 164,905

Options............................................................................... 41,527 46,043 43,707 43,702 52,086 39,968

Other contracts ...................................................................... 586,484 446,977 427,143 420,141 566,888 487,719

Equity ................................................................................. 41,864 44,936 47,278 48,589 61,956 62,626

Credit.................................................................................. 445,687 318,710 287,870 296,677 427,765 360,480

All other .............................................................................. 98,933 83,331 91,995 74,875 77,167 64,613

Total exchange-traded contracts ............................................... 29,083 30,512 33,539 30,847 62,720 48,051

Own contracts on foreign exchanges .................................... 751 878 1,067 787 1,052 3,284

Customers’ contracts on foreign exchanges ......................... 3,702 3,226 3,720 3,920 4,701 4,908

Foreign counterparty contracts on U.S. exchanges .............. 24,630 26,408 28,752 26,140 56,967 39,859

Memorandum items: 

Contracts with own foreign office........................................... 877,838 874,301 764,566 814,875 1,190,142 1,124,600

Contracts with foreign official institutions .............................. 12,483 13,451 12,382 13,202 15,637 14,696

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.
 CAPITAL MOVEMENTS 

June 2012 

83

TABLE CM-V-2.—Gross Totals of Holdings with Negative Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 2009 2010 2011 

 Dec. Dec. Mar. June Sept. Dec. p

Europe: 

Belgium...................................................................................... 11,312 10,244 8,934 9,267 13,566 12,544

France........................................................................................ 146,048 156,930 139,414 145,428 225,168 212,362

Germany .................................................................................... 197,835 209,014 183,026 193,261 297,657 274,134

Ireland ........................................................................................ 261,347 251,881 212,960 248,282 357,092 322,165

Italy............................................................................................. 7,457 6,893 5,386 5,254 8,000 7,904

Netherlands................................................................................ 13,838 12,907 11,349 11,772 17,317 16,843

Switzerland ................................................................................ 47,560 81,315 72,255 80,099 106,733 80,410

United Kingdom ......................................................................... 2,352,344 2,468,669 2,137,045 2,323,956 3,594,298 3,268,981

All other Europe ......................................................................... 40,712 42,746 38,612 38,793 60,563 56,034

Total Europe .......................................................................... 3,078,453 3,240,599 2,808,981 3,056,112 4,680,394 4,251,377

Memo: Euro Area 1 .................................................................... 663,627 676,357 585,782 638,602 957,120 881,817

Memo: European Union 2........................................................... 3,024,687 3,154,262 2,732,260 2,971,753 4,568,903 4,166,936

Canada........................................................................................... 40,263 45,276 43,353 45,044 66,684 62,260

Total Latin America........................................................................ 7,949 9,327 10,494 7,690 11,207 8,214

Caribbean: 

Cayman Islands ......................................................................... 54,221 48,930 36,264 36,579 53,066 37,004

All other Caribbean .................................................................... 11,874 14,925 12,177 12,849 23,445 14,513

Total Caribbean ..................................................................... 66,095 63,855 48,441 49,428 76,511 51,517

Asia: 

Japan ......................................................................................... 91,203 106,590 96,724 108,352 128,906 120,877

All other Asia.............................................................................. 30,447 31,901 26,398 26,012 36,298 29,229

Total Asia ............................................................................... 121,650 138,491 123,122 134,364 165,204 150,106

Total Africa..................................................................................... 17,072 20,527 19,382 20,256 28,740 28,034

Other countries: 

Australia ..................................................................................... 22,434 14,480 13,558 14,782 23,522 18,175

All other...................................................................................... 742 995 920 1,107 1,295 1,076

Total other countries .............................................................. 23,176 15,475 14,478 15,889 24,817 19,251

Total foreign countries ....................................................... 3,354,658 3,533,550 3,068,251 3,328,783 5,053,557 4,570,759

Total international and regional organizations............................... 8,784 8,379 7,798 8,186 9,381 7,655

Grand total ............................................................................. 3,363,444 3,541,931 3,076,050 3,336,971 5,062,938 4,578,414

1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia. 

2 As of January 2007, the European Union (E.U.) 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 

June 2012 

84 

TABLE CM-V-3.—Gross Totals of Holdings with Positive Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 2009 2010 2011 

 Dec. Dec. Mar. June Sept. Dec. p

Europe: 

Belgium .................................................................... 15,638 13,449 11,508 12,271 17,361 16,260

France ...................................................................... 164,934 180,511 161,349 169,253 256,905 242,907

Germany................................................................... 216,416 220,547 193,489 206,070 314,849 291,465

Ireland ...................................................................... 281,432 268,319 226,655 264,454 376,667 338,016

Italy ........................................................................... 10,546 8,392 7,492 7,353 10,233 9,617

Netherlands .............................................................. 16,622 15,457 13,840 14,348 19,158 18,055

Switzerland ............................................................... 54,305 87,746 79,166 88,198 116,851 95,000

United Kingdom ........................................................ 2,386,455 2,503,208 2,168,229 2,367,739 3,643,906 3,300,365

All other Europe ....................................................... 35,827 37,176 34,001 35,583 55,685 52,322

Total Europe ......................................................... 3,182,175 3,334,805 2,895,729 3,165,269 4,811,615 4,364,007

Memo: Euro Area 1 ................................................... 726,892 731,174 635,565 696,740 1,033,385 952,689

Memo: European Union 2 ......................................... 3,121,726 3,242,593 2,813,137 3,073,638 4,690,690 4,265,722

Canada ......................................................................... 44,255 46,349 47,533 46,459 67,638 63,814

Total Latin America ...................................................... 10,714 11,961 10,693 10,302 13,859 10,515

Caribbean: 

Cayman Islands ....................................................... 62,945 60,329 48,187 45,184 63,397 47,616

All other Caribbean .................................................. 13,687 14,472 14,550 12,917 16,548 14,512

Total Caribbean .................................................... 76,632 74,801 62,737 58,101 79,945 62,128

Asia: 

Japan ........................................................................ 91,422 104,198 96,511 104,190 125,742 118,726

All other Asia ............................................................ 35,400 35,925 30,988 29,527 38,754 31,888

Total Asia ............................................................. 126,822 140,123 127,499 133,717 164,496 150,614

Total Africa ................................................................... 17,127 20,988 19,513 20,490 28,528 31,384

Other countries: 

Australia ................................................................... 27,467 18,704 17,318 18,683 21,070 17,914

All other .................................................................... 1,075 1,049 1,023 1,125 1,400 1,225

Total other countries ............................................ 28,542 19,753 18,341 19,808 22,470 19,139

Total foreign countries ..................................... 3,486,267 3,648,780 3,182,045 3,454,146 5,188,551 4,701,601

Total international and regional organizations ............. 3,513 3,532 3,235 3,348 3,563 3,065

Grand total ........................................................... 3,489,779 3,652,313 3,185,281 3,457,494 5,192,114 4,704,666

1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia.

2 As of January 2007, the European Union (E.U.) 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 

June 2012 

85

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Type of Contract 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Derivatives Contract 

 2010 2011 2010 2011 

 Total Total Dec. Mar. June Sept. Dec. p

Total over-the-counter (OTC) contracts.............................................. 14,531 32,740 -360 943 6,409 -1,155 26,543

Single-currency interest rate contracts ........................................... 9,423 -2,341 6,537 -191 -1,478 -6,250 5,578

Foreign exchange contracts............................................................ -12,798 26,619 -8,373 -895 4,591 412 22,511

Other contracts................................................................................ 17,906 8,462 1,476 2,029 3,296 4,683 -1,546

Total exchange-traded contracts ........................................................ -455 6,270 197 1,984 1,010 -2,794 6,070

Own contracts on foreign exchanges ............................................. 6,225 13,007 1,527 2,891 2,526 1,964 5,626

U.S. customers’ contracts on foreign exchanges ........................... 5,637 -1,948 3,624 1,133 -584 -2,669 172

Foreign counterparty contacts on U.S. exchanges ........................ -12,317 -4,789 -4,954 -2,040 -932 -2,089 272

Total net cash settlements from foreigners ........................................ 14,076 39,010 -163 2,927 7,419 -3,949 32,613

Memorandum items: 

Contracts with foreign official institutions.................................... -1,816 -550 218 2,181 -215 -1,676 -840

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

June 2012 

86 

TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Country 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 2010 2011 2010 2011 

Total Total Dec. Mar. June Sept. Dec. p

Europe: 

Belgium................................................................................. 3,046 -81 646 147 -128 108 -208

France................................................................................... 887 -11,890 1,448 -3,723 703 -3,168 -5,702

Germany............................................................................... 6,911 2,764 39 -223 203 -1,896 4,680

Ireland................................................................................... -2,314 5,663 -861 -133 -505 2,398 3,903

Italy ....................................................................................... -802 -1,988 -208 -603 -476 -743 -166

Netherlands .......................................................................... 1,436 1,824 662 -78 567 443 892

Switzerland ........................................................................... 4,863 -2,788 -27 272 -59 -1,163 -1,838

United Kingdom.................................................................... 6,047 28,499 577 7,015 1,684 -3,823 23,623

All other Europe.................................................................... 1,742 -769 1,273 -988 -1,412 1,286 345

Total Europe ..................................................................... 21,816 21,234 3,549 1,686 577 -6,558 25,529

Memo: Euro area 1 ............................................................... 9,825 -4,656 2,118 -5,537 -867 -2,486 4,234

Memo: European Union 2 ..................................................... 14,819 22,900 2,972 1,139 589 -5,868 27,040

Canada ..................................................................................... -5,060 3,206 -674 -1,267 1,275 -259 3,457

Total Latin America................................................................... -1,957 4,779 -659 -321 1,076 2,407 1,617

Caribbean: 

Cayman Islands.................................................................... 5,801 1,318 -2,377 344 2,775 -2,529 728

All other Caribbean............................................................... 40 5,657 -17 2,819 1,792 158 888

Total Caribbean................................................................ 5,841 6,975 -2,394 3,163 4,567 -2,371 1,616

Asia: 

Japan.................................................................................... -7,829 -7,822 -1,338 -1,064 -1,810 372 -5,320

All other Asia ........................................................................ 3,748 9,343 1,414 658 182 2,010 6,493

Total Asia.......................................................................... -4,081 1,521 76 -406 -1,628 2,382 1,173

Total Africa ............................................................................... 119 2,603 -60 210 666 586 1,141

Other countries: 

Australia................................................................................ -2,117 -180 65 135 936 265 -1,516

All other................................................................................. 255 -154 179 -59 121 -86 -130

Total other countries......................................................... -1,862 -334 244 76 1,057 179 -1,646

Total foreign countries.................................................. 14,816 39,984 82 3,141 7,590 -3,634 32,887

Total international and regional organizations ......................... -739 -976 -245 -214 -172 -315 -275

Grand total........................................................................ 14,076 39,010 -163 2,927 7,419 -3,949 32,613

1

 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, 

Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. 

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, 

Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, 

Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, 

the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, 

and the United Kingdom. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the United 

States. 
June 2012 

87

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

June 2012 

88 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

Purchased

(1) 

Sold

(2) 

10/05/2011 ............................................................. 865,376 877,482 n.a. 1.0448

10/12/2011 ............................................................. 878,239 889,033 n.a. 1.0163

10/19/2011 ............................................................. 862,496 873,390 362 1.0136

10/26/2011 ............................................................. 889,436 900,304 363 1.0100

11/02/2011 ............................................................. 891,660 902,873 n.a. 1.0125

11/09/2011 ............................................................. 893,871 895,784 538 1.0176

11/16/2011 ............................................................. 863,215 872,413 n.a. 1.0205

11/23/2011 ............................................................. 835,391 847,205 n.a. 1.0479

11/30/2011 ............................................................. 902,895 907,406 n.a. 1.0199

12/07/2011 ............................................................. 882,779 887,358 -37 1.0106

12/14/2011 ............................................................. 912,736 916,618 n.a. 1.0403

12/21/2011 ............................................................. 809,093 816,854 405 1.0286

12/28/2011 ............................................................. 771,427 778,784 n.a. 1.0232

01/04/2012 ............................................................. 825,259 830,835 12 1.0134

01/11/2012 ............................................................. 798,591 804,274 n.a. 1.0192

01/18/2012 ............................................................. 806,961 800,115 173 1.0138

01/25/2012 ............................................................. 805,780 808,061 60 1.0119

02/01/2012 ............................................................. 836,055 839,108 29 0.9972

02/08/2012 ............................................................. 845,487 847,091 n.a. 0.9969

02/15/2012 ............................................................. 839,395 840,114 n.a. 0.9965

02/22/2012 ............................................................. 865,987 863,827 n.a. 0.9999

02/29/2012 ............................................................. 890,768 889,048 -323 0.9866

03/07/2012 ............................................................. 843,611 842,676 n.a. 0.9994

03/14/2012 ............................................................. 891,704 887,006 -30 0.9914

03/21/2012 ............................................................. 834,997 831,231 -300 0.9928

03/28/2012 ............................................................. 813,566 811,101 228 0.9983
FOREIGN CURRENCY POSITIONS 

June 2012 

89

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 648,180 654,762 137,411 123,434 34,825 35,049 39,374 39,028 80 1.0461

2010 - Dec................... 767,345 772,953 166,550 143,383 39,280 39,410 42,383 35,399 n.a. 0.9948

2011 - Apr ................... 873,357 886,224 166,148 142,424 43,817 42,839 41,009 37,043 n.a. 0.9486

May.................. 913,962 918,863 165,624 143,274 43,774 47,303 45,774 37,562 n.a. 0.9688

June................. 828,475 840,096 164,719 139,075 40,463 45,666 46,243 37,104 n.a. 0.9642

July .................. 867,361 879,472 164,407 140,453 43,344 46,569 46,783 39,517 -34 0.9539

Aug .................. 916,430 930,639 169,515 145,433 54,065 54,858 50,763 45,102 212 0.9783

Sept................. 881,629 889,061 174,232 156,830 42,957 45,972 51,010 47,312 547 1.0389

Oct................... 884,168 892,879 174,311 160,432 45,215 47,048 52,693 46,377 405 0.9932

Nov .................. 887,296 889,589 169,972 157,015 41,042 46,747 50,719 42,976 n.a. 1.0199

Dec .................. 782,263 788,863 163,515 149,859 33,077 35,638 40,751 36,810 -72 1.0168

2012 - Jan ................... 835,030 838,682 161,462 152,696 39,001 41,591 50,688 42,562 -125 1.0050

Feb .................. 887,533 890,880 156,810 149,308 42,474 46,747 53,257 44,834 n.a. 0.9866

Mar .................. 809,506 811,139 158,058 149,893 41,204 55,762 50,811 67,427 n.a. 0.9990

 

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

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2008 - Dec................... 14,969 27,815 110,044 67,230 n.a. 743 1,846 n.a. n.a. 1.2240

2009 - Mar................... 8,282 19,513 85,319 62,047 185 381 1,261 861 n.a. 1.2606

June ................. 12,824 18,576 66,859 43,860 n.a. 196 n.a. 325 -78 1.1626

Sept.................. 11,176 19,962 63,808 35,565 135 174 n.a. 489 -33 1.0719

Dec................... 18,006 20,677 68,743 37,845 n.a. 191 n.a. 384 n.a. 1.0461

2010 - Mar................... 23,334 23,789 80,369 44,359 2,063 n.a. n.a. n.a. 322 1.0156

June ................. 15,386 23,016 79,466 45,200 n.a. n.a. 789 n.a. 59 1.0606

Sept.................. 15,842 26,139 82,418 46,599 378 163 941 n.a. 2 1.0293

Dec ................... 13,412 26,103 92,168 50,946 n.a. n.a. n.a. n.a. n.a. 0.9948

2011 - Mar................... 26,910 38,843 100,865 57,266 n.a. 112 n.a. n.a. n.a. 0.9717

June ................. 20,248 34,127 81,226 45,781 1,222 1,129 1,194 869 137 0.9642

Sept.................. 16,785 31,287 87,268 41,908 375 404 n.a. 471 118 1.0389

Dec .................. 18,977 33,319 77,674 38,291 695 544 n.a. n.a. n.a. 1.0168

 
FOREIGN CURRENCY POSITIONS 

June 2012 

90 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

10/05/2011 .............................................................. 351,706 354,976 n.a. 76.86

10/12/2011 .............................................................. 350,518 354,698 n.a. 77.30

10/19/2011 .............................................................. 346,467 351,807 n.a. 76.79

10/26/2011 .............................................................. 352,754 358,447 n.a. 76.05

11/02/2011 .............................................................. 365,036 371,527 n.a. 78.04

11/09/2011 .............................................................. 355,474 361,511 n.a. 77.77

11/16/2011 .............................................................. 363,409 369,707 583 77.02

11/23/2011 .............................................................. 347,264 353,053 n.a. 77.41

11/30/2011 .............................................................. 364,604 369,640 n.a. 77.58

12/07/2011 .............................................................. 353,771 359,706 n.a. 77.69

12/14/2011 .............................................................. 360,689 366,825 n.a. 78.08

12/21/2011 .............................................................. 347,731 353,980 n.a. 78.00

12/28/2011 .............................................................. 340,187 346,186 n.a. 77.98

01/04/2012 .............................................................. 350,466 354,889 n.a. 76.68

01/11/2012 .............................................................. 342,280 346,928 n.a. 76.90

01/18/2012 .............................................................. 337,407 341,340 n.a. 76.81

01/25/2012 .............................................................. 344,762 349,153 442 78.13

02/01/2012 .............................................................. 347,761 352,287 472 76.14

02/08/2012 .............................................................. 347,493 351,902 382 76.90

02/15/2012 .............................................................. 344,724 349,501 349 78.22

02/22/2012 .............................................................. 348,429 355,697 353 80.30

02/29/2012 .............................................................. 358,532 366,690 395 81.10

03/07/2012 .............................................................. 357,269 365,119 289 81.06

03/14/2012 .............................................................. 368,700 376,409 169 83.78

03/21/2012 .............................................................. 359,708 367,233 147 83.62

03/28/2012 .............................................................. 348,544 356,367 54 82.74
FOREIGN CURRENCY POSITIONS 

June 2012 

91

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2009 - Dec.................. 317,699 320,782 47,339 46,598 43,504 41,972 69,372 70,737 166 93.08

2010 - Dec.................. 339,781 344,997 56,007 49,309 38,873 37,582 62,471 64,126 n.a. 81.11

2011 - Apr .................. 363,251 372,086 56,134 49,299 41,763 39,964 67,481 71,339 n.a. 81.31

May................. 361,158 365,701 53,929 47,302 40,812 39,011 65,677 69,182 1,812 81.29

June................ 361,137 364,632 52,628 46,265 39,309 38,574 63,651 65,867 n.a. 80.64

July ................. 368,456 371,468 51,957 47,569 40,436 38,621 62,548 66,829 n.a. 77.18

Aug ................. 392,835 396,342 63,857 57,141 38,830 37,028 61,617 65,739 n.a. 76.50

Sept................ 382,995 385,210 58,889 52,365 37,059 37,116 58,490 61,129 n.a. 77.04

Oct.................. 403,827 407,957 56,816 50,698 38,206 38,088 59,995 61,063 n.a. 77.97

Nov ................. 390,303 394,615 58,880 51,370 37,379 37,404 58,236 60,183 n.a. 77.58

Dec ................. 367,595 372,433 60,901 53,768 35,198 35,193 56,040 57,701 n.a. 76.98

2012 - Jan .................. 369,138 372,431 63,576 58,939 36,578 37,099 59,608 61,538 481 76.34

Feb ................. 370,106 377,757 59,620 54,591 37,994 38,538 63,148 64,932 394 81.10

Mar ................. 352,791 359,750 57,170 51,876 38,446 39,894 64,568 66,508 3 82.41

 

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

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

 Written 

 (8) 

 

2008 - Dec................... 4,674 4,299 8,662 2,901 227 313 812 314 -11 90.79

2009 - Mar................... 2,589 3,575 5,080 2,267 140 206 825 333 -42 99.15

June ................. 2,914 4,274 5,703 2,303 n.a. 167 846 269 -29 96.42

Sept.................. 3,099 4,231 5,633 2,209 n.a. 401 964 321 n.a. 89.49

Dec................... 2,980 4,598 5,640 2,192 84 288 475 170 -9 93.08

2010 - Mar................... 3,023 5,651 6,454 2,294 142 285 961 417 -66 93.40

June ................. 3,442 4,142 5,657 2,687 135 292 919 594 50 88.49

Sept.................. 2,937 3,644 5,897 2,804 54 253 558 274 n.a. 83.53

Dec ................... 2,732 3,685 5,483 2,843 n.a. 206 329 n.a. -8 81.11

2011 - Mar................... 2,855 3,816 6,500 3,476 77 238 820 276 -28 82.76

June ................. 2,767 3,392 5,139 2,569 233 327 837 422 -28 80.64

Sept.................. 2,899 3,480 4,698 2,446 n.a. 299 538 334 n.a. 77.04

Dec................... 2,937 4,203 5,090 2,553 n.a. 314 447 129 12 76.98

 
FOREIGN CURRENCY POSITIONS 

June 2012 

92 

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

10/05/2011 .............................................................. 954,666 984,993 504 0.9228

10/12/2011 .............................................................. 925,156 955,151 10 0.8944

10/19/2011 .............................................................. 903,058 933,080 318 0.9022

10/26/2011 .............................................................. 913,482 942,770 148 0.8841

11/02/2011 .............................................................. 924,091 955,919 -339 0.8808

11/09/2011 .............................................................. 933,239 963,519 74 0.9060

11/16/2011 .............................................................. 928,340 962,105 n.a. 0.9169

11/23/2011 .............................................................. 890,605 920,875 n.a. 0.9202

11/30/2011 .............................................................. 935,354 964,559 -286 0.9106

12/07/2011 .............................................................. 925,786 948,963 n.a. 0.9251

12/14/2011 .............................................................. 952,563 975,028 n.a. 0.9530

12/21/2011 .............................................................. 923,557 954,228 n.a. 0.9378

12/28/2011 .............................................................. 875,456 910,235 n.a. 0.9430

01/04/2012 .............................................................. 898,562 927,608 n.a. 0.9417

01/11/2012 .............................................................. 940,917 953,754 308 0.9554

01/18/2012 .............................................................. 963,073 976,107 281 0.9427

01/25/2012 .............................................................. 969,122 980,158 483 0.9310

02/01/2012 .............................................................. 979,368 989,016 n.a. 0.9124

02/08/2012 .............................................................. 1,002,805 1,016,624 429 0.9126

02/15/2012 .............................................................. 974,762 986,284 325 0.9223

02/22/2012 .............................................................. 981,805 995,846 234 0.9107

02/29/2012 .............................................................. 880,589 900,344 175 0.9023

03/07/2012 .............................................................. 875,348 894,550 187 0.9169

03/14/2012 .............................................................. 879,432 896,458 704 0.9313

03/21/2012 .............................................................. 784,262 814,678 350 0.9143

03/28/2012 .............................................................. 815,212 846,009 318 0.9064
FOREIGN CURRENCY POSITIONS 

June 2012 

93

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 740,722 741,622 65,758 62,901 91,492 93,507 108,091 102,644 1,914 1.0358

2010 - Dec................... 942,502 936,617 74,952 67,265 140,789 129,566 137,755 152,444 721 0.9341

2011 - Apr ................... 1,016,605 1,011,988 74,761 69,758 139,916 141,346 162,404 159,970 1,143 0.8666

May.................. 1,041,220 1,031,358 76,137 71,576 146,509 139,393 158,403 161,959 4,475 0.8525

June................. 1,003,191 996,266 73,306 67,147 146,905 146,792 171,506 167,705 1,962 0.8413

July .................. 1,019,760 1,012,367 72,751 68,813 148,585 152,688 175,603 168,928 1,899 0.7881

Aug .................. 1,088,167 1,121,207 153,557 124,479 161,421 164,507 191,397 183,354 1,494 0.8038

Sept................. 1,013,152 1,042,198 150,042 109,280 159,294 168,840 196,205 183,503 n.a. 0.9048

Oct................... 958,579 981,344 148,792 110,490 153,945 158,690 185,198 172,528 -1,192 0.8706

Nov .................. 966,583 995,690 155,758 112,695 145,216 163,435 183,431 169,889 -284 0.9106

Dec .................. 884,081 913,811 127,681 93,533 135,380 133,882 160,846 153,679 -41 0.9374

2012 - Jan ................... 1,004,744 1,014,643 100,869 82,748 147,752 135,291 167,645 159,847 -1,480 0.9220

Feb .................. 887,385 906,717 124,124 101,349 145,613 143,943 167,771 165,616 -645 0.9023

Mar .................. 799,865 827,940 142,614 105,387 128,901 137,999 162,642 166,947 -303 0.9026

 

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

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2008 - Dec................... 11,140 22,483 52,460 10,716 n.a. n.a. 438 544 n.a. 1.0673

2009 - Mar................... 9,740 20,478 40,011 8,364 113 103 805 644 n.a. 1.1395

June ................. 10,224 18,654 41,166 7,626 n.a. n.a. n.a. 285 n.a. 1.0867

Sept.................. 10,249 18,023 42,832 7,643 n.a. n.a. 372 211 n.a. 1.0375

Dec................... 11,702 18,533 44,073 8,570 n.a. 208 212 n.a. n.a. 1.0358

2010 - Mar................... 8,065 15,848 44,441 8,074 n.a. n.a. 539 n.a. n.a. 1.0528

June ................. 8,291 14,611 50,611 6,919 n.a. n.a. 545 n.a. -56 1.0774

Sept.................. 9,471 14,753 51,571 7,029 428 280 241 n.a. -24 0.9808

Dec ................... 9,513 14,149 52,189 10,966 233 n.a. 256 n.a. -27 0.9341

2011 - Mar................... 10,382 15,792 49,574 8,475 47 n.a. 1,796 n.a. n.a. 0.9157

June ................. 9,726 15,257 50,996 7,859 n.a. n.a. n.a. n.a. n.a. 0.8413

Sept.................. 11,861 15,339 51,004 7,441 n.a. n.a. n.a. n.a. n.a. 0.9048

Dec................... 12,282 19,706 48,877 8,420 n.a. n.a. n.a. n.a. n.a. 0.9374

 
FOREIGN CURRENCY POSITIONS 

June 2012 

94 

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

10/05/2011 .............................................................. 1,455,236 1,489,173 n.a. 1.5436

10/12/2011 .............................................................. 1,436,071 1,472,407 984 1.5757

10/19/2011 .............................................................. 1,412,327 1,446,058 912 1.5799

10/26/2011 .............................................................. 1,437,652 1,470,339 n.a. 1.5905

11/02/2011 .............................................................. 1,484,926 1,521,860 1,042 1.5974

11/09/2011 .............................................................. 1,465,565 1,503,241 n.a. 1.5958

11/16/2011 .............................................................. 1,463,760 1,503,350 717 1.5770

11/23/2011 .............................................................. 1,429,013 1,467,818 n.a. 1.5511

11/30/2011 .............................................................. 1,497,245 1,526,875 n.a. 1.5705

12/07/2011 .............................................................. 1,509,956 1,560,516 525 1.5691

12/14/2011 .............................................................. 1,534,122 1,585,458 n.a. 1.5445

12/21/2011 .............................................................. 1,397,913 1,447,608 n.a. 1.5680

12/28/2011 .............................................................. 1,329,508 1,381,662 n.a. 1.5478

01/04/2012 .............................................................. 1,364,536 1,417,069 n.a. 1.5638

01/11/2012 .............................................................. 1,355,510 1,403,911 n.a. 1.5325

01/18/2012 .............................................................. 1,420,788 1,458,579 n.a. 1.5410

01/25/2012 .............................................................. 1,440,798 1,480,200 316 1.5570

02/01/2012 .............................................................. 1,468,607 1,507,065 64 1.5853

02/08/2012 .............................................................. 1,418,935 1,456,759 -28 1.5820

02/15/2012 .............................................................. 1,446,776 1,484,904 n.a. 1.5710

02/22/2012 .............................................................. 1,510,964 1,552,003 116 1.5677

02/29/2012 .............................................................. 1,515,976 1,556,584 n.a. 1.5951

03/07/2012 .............................................................. 1,512,960 1,551,733 304 1.5746

03/14/2012 .............................................................. 1,535,158 1,575,810 n.a. 1.5686

03/21/2012 .............................................................. 1,417,489 1,460,147 n.a. 1.5848

03/28/2012 .............................................................. 1,480,557 1,526,813 n.a. 1.5855
FOREIGN CURRENCY POSITIONS 

June 2012 

95

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 986,296 1,001,159 387,924 314,233 46,626 40,857 45,641 50,928 1,394 1.6167

2010 - Dec................... 1,209,032 1,241,403 480,853 366,026 61,324 61,186 68,692 69,611 n.a. 1.5598

2011 - Apr ................... 1,418,541 1,466,955 497,787 374,121 62,937 60,146 73,510 70,313 1,793 1.6691

May.................. 1,471,934 1,501,785 519,315 397,294 62,998 62,051 71,881 68,509 n.a. 1.6439

June................. 1,440,512 1,479,670 509,947 390,895 59,017 58,493 70,376 65,380 743 1.6067

July .................. 1,402,739 1,443,910 523,799 409,012 57,902 57,365 65,546 64,816 n.a. 1.6455

Aug .................. 1,472,736 1,522,454 576,228 450,627 57,793 59,820 65,855 67,778 n.a. 1.6269

Sept................. 1,518,676 1,557,354 652,916 502,697 60,079 72,488 76,099 74,247 -251 1.5624

Oct................... 1,478,071 1,512,561 620,870 495,874 59,919 66,053 72,563 71,785 -468 1.6141

Nov .................. 1,515,496 1,549,427 612,191 501,632 60,932 64,001 74,484 70,960 n.a. 1.5705

Dec .................. 1,372,844 1,430,284 603,807 492,225 53,956 52,416 60,517 60,664 n.a. 1.5537

2012 - Jan ................... 1,471,391 1,513,922 616,382 507,870 55,307 54,193 65,409 64,069 n.a. 1.5754

Feb .................. 1,522,947 1,565,025 608,944 513,820 57,089 57,222 69,596 65,179 n.a. 1.5951

Mar .................. 1,468,131 1,518,830 621,761 516,453 54,228 52,681 56,915 54,857 n.a. 1.5985

 

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

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2008 - Dec................... 16,513 28,787 80,329 29,461 124 149 2,441 n.a. n.a. 1.4619

2009 - Mar................... 12,645 15,895 56,756 32,465 153 137 2,142 763 n.a. 1.4300

June ................. 8,486 14,527 60,057 33,670 n.a. 146 n.a. n.a. n.a. 1.6452

Sept.................. 9,181 18,330 64,224 32,062 n.a. 77 1,164 n.a. n.a. 1.6004

Dec................... 16,192 22,107 63,937 33,351 n.a. n.a. 791 n.a. -289 1.6167

2010 - Mar................... 7,995 11,820 92,208 39,848 418 570 1,202 427 n.a. 1.5186

June ................. 9,265 12,251 90,043 41,445 1,277 n.a. 1,391 388 70 1.4947

Sept.................. 12,267 17,703 75,127 36,290 695 n.a. 2,659 n.a. n.a. 1.5731

Dec ................... 8,984 13,361 113,538 43,007 n.a. n.a. n.a. n.a. n.a. 1.5598

2011 - Mar................... 14,298 16,138 118,729 43,723 n.a. n.a. n.a. n.a. -106 1.6048

June ................. 10,468 12,578 115,514 38,337 n.a. n.a. n.a. 371 n.a. 1.6067

Sept.................. 15,005 14,989 131,501 44,370 n.a. n.a. 2,711 715 -178 1.5624

Dec .................. 11,774 12,622 127,285 29,650 n.a. n.a. n.a. 657 74 1.5537

 
FOREIGN CURRENCY POSITIONS 

June 2012 

96 

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased

(1) 

Sold

(2) 

10/05/2011 ............................................................ 21,046,096 20,850,586 4,145 n.a.

10/12/2011 ............................................................ 20,829,683 20,599,984 4,458 n.a.

10/19/2011 ............................................................ 20,575,688 20,407,854 1,671 n.a.

10/26/2011 ............................................................ 20,868,602 20,702,993 5,422 n.a.

11/02/2011 ............................................................ 21,234,962 21,043,255 2,399 n.a.

11/09/2011 ............................................................ 20,783,065 20,592,657 5,310 n.a.

11/16/2011 ............................................................ 20,865,770 20,619,438 -2,257 n.a.

11/23/2011 ............................................................ 20,662,211 20,406,588 7,416 n.a.

11/30/2011 ............................................................ 21,662,155 21,388,599 2,912 n.a.

12/07/2011 ............................................................ 21,093,148 20,797,633 134 n.a.

12/14/2011 ............................................................ 21,509,000 21,260,488 -255 n.a.

12/21/2011 ............................................................ 20,025,183 19,769,397 -4,469 n.a.

12/28/2011 ............................................................ 19,150,100 18,959,156 -6,314 n.a.

01/04/2012 ............................................................ 19,493,955 19,346,523 -5,745 n.a.

01/11/2012 ............................................................ 19,800,975 19,655,914 -3,876 n.a.

01/18/2012 ............................................................ 20,310,689 20,200,106 -5,229 n.a.

01/25/2012 ............................................................ 20,499,613 20,390,841 -7,266 n.a.

02/01/2012 ............................................................ 20,914,153 20,823,578 -8,339 n.a.

02/08/2012 ............................................................ 20,607,346 20,528,817 -9,088 n.a.

02/15/2012 ............................................................ 20,680,267 20,598,645 -3,447 n.a.

02/22/2012 ............................................................ 20,902,917 20,785,578 -5,930 n.a.

02/29/2012 ............................................................ 21,054,106 20,912,937 -4,032 n.a.

03/07/2012 ............................................................ 20,856,054 20,604,577 -4,060 n.a.

03/14/2012 ............................................................ 21,343,373 21,047,609 -6,360 n.a.

03/21/2012 ............................................................ 20,103,701 19,962,459 -5,168 n.a.

03/28/2012 ............................................................ 20,364,359 20,188,168 -4,487 n.a.
FOREIGN CURRENCY POSITIONS 

June 2012 

97

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec.............. 14,948,153 15,027,056 - - 2,051,936 2,045,710 2,082,460 2,176,010 -8,965 n.a.

2010 - Dec.............. 18,086,298 18,224,239 - - 1,852,707 1,883,560 1,950,486 1,985,879 33,277 n.a.

2011 - Apr .............. 20,680,050 20,527,327 - - 2,010,863 2,005,299 2,154,387 2,174,983 19,105 n.a.

May............. 21,395,847 21,361,316 - - 1,990,164 1,964,412 2,110,776 2,062,283 23,106 n.a.

June............ 21,054,545 20,971,115 - - 2,026,341 2,044,518 2,167,547 2,090,157 n.a. n.a.

July ............. 21,276,711 21,278,776 - - 2,054,101 2,079,211 2,194,316 2,143,085 12,052 n.a.

Aug ............. 22,504,064 22,412,968 - - 2,127,846 2,172,416 2,304,090 2,250,918 17,098 n.a.

Sept............ 21,970,665 21,835,877 - - 2,304,325 2,244,332 2,294,158 2,349,665 13,820 n.a.

Oct.............. 21,948,236 21,540,550 - - 2,226,019 2,190,085 2,337,588 2,275,752 3,992 n.a.

Nov ............. 22,359,300 22,092,405 - - 2,222,985 2,071,598 2,287,710 2,244,419 3,031 n.a.

Dec ............. 19,824,454 19,659,998 - - 1,960,401 1,864,790 2,067,617 1,995,663 -4,242 n.a.

2012 - Jan .............. 21,412,690 21,336,519 - - 2,049,544 1,985,627 2,136,958 2,194,632 -8,573 n.a.

Feb ............. 21,293,525 21,261,597 - - 2,111,434 2,062,123 2,201,174 2,205,667 3,852 n.a.

Mar ............. 20,446,342 20,283,770 - - 2,066,418 2,552,542 2,116,790 2,711,494 -3,517 n.a.

 

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

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

 Bought

 (7) 

Written 

(8) 

 

2008 - Dec................... 291,721 281,080 - - 25,365 15,176 8,439 6,931 1,145 n.a.

2009 - Mar................... 229,519 196,627 - - 29,452 25,135 6,956 5,394 2,291 n.a.

June ................. 237,066 197,226 - - 16,989 12,555 7,236 6,082 1,027 n.a.

Sept.................. 248,288 197,037 - - 18,396 11,084 7,159 6,473 -658 n.a.

Dec................... 242,369 200,350 - - 18,084 9,575 8,305 9,191 1,150 n.a.

2010 - Mar................... 266,851 214,778 - - 26,305 15,869 12,439 11,812 1,690 n.a.

June ................. 288,216 218,072 - - 23,353 20,732 11,872 12,702 -361 n.a.

Sept.................. 262,899 236,595 - - 20,297 17,238 17,441 15,217 -1,748 n.a.

Dec ................... 270,278 247,274 - - 14,838 14,605 11,007 9,394 -901 n.a.

2011 - Mar................... 308,306 268,728 - - 23,859 13,314 19,004 14,882 -1,380 n.a.

June ................. 303,785 266,617 - - 28,158 15,066 30,490 26,443 -2,250 n.a.

Sept.................. 307,505 258,447 - - 25,246 16,710 41,329 26,316 -598 n.a.

Dec................... 280,638 237,104 - - 29,815 11,500 18,618 19,252 -1,380 n.a.

 
FOREIGN CURRENCY POSITIONS 

June 2012 

98 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased

(1) 

Sold

(2) 

10/05/2011 ......................................................................... 5,839,591 5,900,927 n.a. 0.7503

10/12/2011 ......................................................................... 5,734,424 5,793,487 n.a. 0.7244

10/19/2011 ......................................................................... 5,650,488 5,760,303 n.a. 0.7260

10/26/2011 ......................................................................... 5,699,491 5,804,100 -2,022 0.7227

11/02/2011 ......................................................................... 5,850,904 5,954,104 -1,590 0.7245

11/09/2011 ......................................................................... 5,838,864 5,944,688 -762 0.7355

11/16/2011 ......................................................................... 5,907,093 5,999,988 -2,394 0.7405

11/23/2011 ......................................................................... 5,803,615 5,837,578 n.a. 0.7492

11/30/2011 ......................................................................... 6,123,487 6,142,451 n.a. 0.7433

12/07/2011 ......................................................................... 5,934,998 5,975,958 -3,550 0.7471

12/14/2011 ......................................................................... 6,159,385 6,193,446 -3,886 0.7709

12/21/2011 ......................................................................... 5,647,501 5,694,304 n.a. 0.7669

12/28/2011 ......................................................................... 5,460,790 5,494,020 n.a. 0.7736

01/04/2012 ......................................................................... 5,616,949 5,636,443 n.a. 0.7734

01/11/2012 ......................................................................... 5,849,411 5,882,750 -3,751 0.7883

01/18/2012 ......................................................................... 6,031,815 6,047,704 -2,796 0.7797

01/25/2012 ......................................................................... 6,014,926 6,035,487 -1,968 0.7705

02/01/2012 ......................................................................... 6,052,384 6,075,476 -2,242 0.7574

02/08/2012 ......................................................................... 5,929,253 5,946,234 -2,510 0.7546

02/15/2012 ......................................................................... 5,989,466 6,016,580 n.a. 0.7641

02/22/2012 ......................................................................... 5,996,893 6,028,211 -2,487 0.7547

02/29/2012 ......................................................................... 6,065,230 6,096,869 -1,719 0.7486

03/07/2012 ......................................................................... 6,026,774 6,063,920 -2,148 0.7605

03/14/2012 ......................................................................... 6,126,077 6,179,584 -2,255 0.7678

03/21/2012 ......................................................................... 5,838,998 5,874,916 -1,733 0.7582

03/28/2012 ......................................................................... 5,981,855 6,028,973 -166 0.7519
FOREIGN CURRENCY POSITIONS 

June 2012 

99

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 3,927,051 3,825,779 1,553,009 1,537,447 303,073 343,638 362,861 362,206 3,486 0.6977

2010 - Dec................... 4,973,621 4,907,778 1,803,684 1,735,403 355,926 407,702 497,762 454,056 n.a. 0.7467

2011 - Apr ................... 5,385,977 5,415,338 1,814,515 1,700,930 362,693 416,667 463,949 414,840 92 0.6747

May.................. 5,810,431 5,817,228 1,951,486 1,836,564 374,449 429,970 498,545 445,129 n.a. 0.6956

June................. 5,775,646 5,799,361 1,858,200 1,737,432 390,620 444,788 531,884 483,424 n.a. 0.6886

July .................. 5,776,402 5,798,951 1,844,572 1,730,812 399,693 467,598 518,002 496,400 -1,040 0.6950

Aug .................. 5,794,129 5,821,358 2,206,418 2,066,827 415,628 490,596 554,298 543,078 -5,297 0.6942

Sept................. 5,872,810 5,931,490 2,273,978 2,131,458 426,021 620,189 687,023 622,557 n.a. 0.7436

Oct................... 5,937,294 5,961,858 2,262,983 2,126,490 424,122 525,463 616,830 574,892 -4,437 0.7170

Nov .................. 6,214,820 6,237,226 2,242,748 2,102,286 427,269 510,874 678,262 602,623 n.a. 0.7433

Dec .................. 5,557,886 5,594,727 2,212,049 2,098,286 380,524 430,827 565,230 521,678 -8,026 0.7708

2012 - Jan ................... 6,071,286 6,098,534 2,210,794 2,140,863 403,165 454,457 582,827 532,596 -4,264 0.7661

Feb .................. 6,105,412 6,147,511 2,279,471 2,208,515 426,902 489,119 598,348 530,879 n.a. 0.7486

Mar .................. 5,896,239 5,939,319 2,278,375 2,212,581 388,481 436,030 531,743 464,718 n.a. 0.7500

 

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

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2008 - Dec................... 92,026 88,502 212,167 106,561 6,839 2,745 5,509 4,762 1,761 0.7184

2009 - Mar................... 70,202 78,229 163,971 94,269 6,348 3,043 n.a. n.a. 1,529 0.7541

June ................. 60,845 70,738 190,153 91,171 5,447 3,728 4,911 4,031 1,337 0.7133

Sept.................. 61,451 71,630 195,739 88,701 3,932 2,135 4,389 2,517 835 0.6835

Dec................... 56,682 71,813 186,442 84,509 4,315 5,441 6,307 1,914 -1,070 0.6977

2010 - Mar................... 51,802 76,415 234,770 120,877 5,079 3,219 11,669 6,053 -2,245 0.7393

June ................. 62,540 98,644 250,029 129,267 6,650 2,309 11,961 10,324 -875 0.8136

Sept.................. 65,135 69,731 235,094 123,160 11,214 4,215 5,996 7,070 931 0.7352

Dec ................... 59,618 69,885 239,412 119,562 9,683 2,980 7,674 7,871 -115 0.7467

2011 - Mar................... 68,004 77,932 261,631 131,370 10,426 3,469 6,505 6,628 534 0.7051

June ................. 64,976 75,325 277,916 140,625 11,741 6,946 13,773 8,825 -624 0.6886

Sept.................. 67,032 80,620 273,218 122,781 11,708 7,866 13,578 10,704 -1,065 0.7436

Dec ................... 68,457 76,675 275,793 110,758 8,485 4,847 6,131 8,070 -909 0.7708

 
June 2012 

100

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 September 30, 2011, and December 31, 2011 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Sept. 30, 2011 

Oct. 1, 2011, 

through 

Dec. 31, 2011 Dec. 31, 2011 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,721,204 -21,923 22,699,281

Government Sponsored Enterprises (GSE) Securities ... - - -

Special drawing rights 1 ........................................................... 55,875,301 -920,371 54,954,930

Foreign exchange and securities: 

European euro ..................................................................... 14,217,421 -462,436 13,754,985

Japanese yen....................................................................... 12,039,902 17,178 12,057,080

Accounts receivable................................................................. 149,719 -17,333 132,386

Total assets.......................................................................... 105,003,547 -1,404,885 103,598,662

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 35,457 -18,611 16,846

Total current liabilities ...................................................... 35,457 -18,611 16,846

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000

SDR allocations ................................................................... 55,149,673 -930,568 54,219,105

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 60,349,673 -930,568 59,419,105

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... 1,085,653 -1,541,358 -455,705

Total capital...................................................................... 44,618,417 -455,706 44,162,711 

Total liabilities and capital............................................ 105,003,547 -1,404,885 103,598,662 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

June 2012 

101

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter

Oct. 1, 2011, 

through 

Dec. 31, 2011 

Fiscal year to date

Oct. 1, 2011, 

through 

Dec. 31, 2011 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -499,433 -499,433

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -12,979 -12,979

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 416 416 

U.S. Government securities......................................................... 599 599 

GSE Securities............................................................................. - -

Foreign exchange ........................................................................ 55,692 55,692 

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations ............................................................... -455,705 -455,705

Net income (+) or loss (-)............................................................. -455,705 -455,705

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 

June 2012 

105

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 2013. 

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 2013. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2013) .............................................................................................................. 101

less: 

Cash balance (fiscal year 2013) ......................................................................................................................................................................................... 7

Unfunded authorizations (fiscal year 2013)........................................................................................................................................................................ 94

48-month revenue estimate (fiscal years 2014, 2015, 2016, and 2017)........................................................................................................................... 142

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2013) .............................................................................................................. 20

less: 

Cash balance (fiscal year 2013) ......................................................................................................................................................................................... 5

Unfunded authorizations (fiscal year 2013)........................................................................................................................................................................ 15

48-month revenue estimate (fiscal years 2014, 2015, 2016, and 2017)........................................................................................................................... 20

* Numbers may not add due to rounding. 
June 2012 

106

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 

June 2012 

107

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
June 2012 

108

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 March 2012, the debt 

limit was $16,394,000 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 

June 2012 

109

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 

June 2012 

110

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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