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FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

MARCH 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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through the Financial Management Service’s home page. 

www.fms.treas.gov/ 
March 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 First-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 ....................................................................................................... 36 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 37 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 38 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 39 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 40

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 41 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins .............................................................................. 41 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 42
March 2012 

IV 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 45 

IFS-1.—U.S. Reserve Assets ............................................................................................................................................... 45 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 46 

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

 Residents of Foreign Countries .............................................................................................................................. 47

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 48 

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

CM-I-1.—Total Liabilities by Type and Holder .................................................................................................................. 51 

CM-I-2.—Total Liabilities by Country ................................................................................................................................ 52 

CM-I-3.—Total Liabilities by Type and Country ................................................................................................................ 54 

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

 with Respect to Selected Countries ...................................................................................................................... 56 

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

CM-II-1.—Total Claims by Type ........................................................................................................................................ 57 

CM-II-2.—Total Claims by Country ................................................................................................................................... 58 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 60 

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

 with Respect to Selected Countries ...................................................................................................................... 62

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 ............................................................................................................... 63 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country ................................................................................... 64 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country ....................................................................................... 66 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ........................................ 68 

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 ............................................ 70 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 71 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ...................................... 72 

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

 and Country, during (fourth quarter) ............................................................................................................... 74 

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

 and Country, during (calendar year) ............................................................................................................... 76 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 78 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 79

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

CM-V-2.—Gross Total of Holdings with Negative Fair Values, by Country ..................................................................... 81 

CM-V-3.—Gross Total of Holdings with Positive Fair Values, by Country ....................................................................... 82 

CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract ................... 83 

CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ................................ 84
March 2012 

V

Contents 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions ......................................................................................................................... 85 

SECTION I.—Canadian Dollar Positions 

FCP-I-1.—Weekly Report of Major Market Participants .................................................................................................... 86 

FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 87 

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 87 

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund ....................................................................................................................... 98 

ESF-1.—Balance Sheet ....................................................................................................................................................... 98 

ESF-2.—Income and Expense ............................................................................................................................................. 99

SPECIAL REPORTS 

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

Introduction.—Financial Report Excerpt ........................................................................................................................... 103 

Financial Report Excerpt ................................................................................................................................................... 104 

TRUST FUNDS 

Introduction.—Airport and Airway Trust Fund ................................................................................................................. 119 

TF-1.—Airport and Airway Trust Fund ............................................................................................................................ 120 

Introduction.—Uranium Enrichment Decontamination and Decommissioning Fund ....................................................... 121 

TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund ................................................................... 122 

Introduction.—Black Lung Disability Trust Fund ............................................................................................................. 123 

TF-3.—Black Lung Disability Trust Fund ........................................................................................................................ 124 
March 2012 

VI 

Contents 

Introduction.—Harbor Maintenance Trust Fund ............................................................................................................... 125 

TF-4.—Harbor Maintenance Trust Fund ........................................................................................................................... 125 

Introduction.—Hazardous Substance Superfund ............................................................................................................... 127 

TF-5.—Hazardous Substance Superfund ........................................................................................................................... 127 

Introduction.—Highway Trust Fund ................................................................................................................................. 129 

TF-6.—Highway Trust Fund ............................................................................................................................................. 130 

Introduction.—Inland Waterways Trust Fund ................................................................................................................... 134 

TF-7.—Inland Waterways Trust Fund ............................................................................................................................... 134 

Introduction.—Leaking Underground Storage Tank Trust Fund ....................................................................................... 135 

TF-8.—Leaking Underground Storage Tank Trust Fund .................................................................................................. 135 

Introduction.—Nuclear Waste Fund .................................................................................................................................. 136 

TF-9.—Nuclear Waste Fund .............................................................................................................................................. 136 

TF-A.—Chart: Major Trust Funds, Interest on Investments .............................................................................................. 137 

TF-B.—Chart: Major Trust Funds, Receipts and Expenses .............................................................................................. 137 

Introduction.—Reforestation Trust Fund ........................................................................................................................... 138 

TF-10.—Reforestation Trust Fund .................................................................................................................................... 138 

Introduction.— Sport Fish Restoration and Boating Safety Trust Fund ............................................................................ 139 

TF-11.—Sport Fish Restoration and Boating Safety Trust Fund ....................................................................................... 140 

Introduction.—Oil Spill Liability Trust Fund .................................................................................................................... 141 

TF-12.—Oil Spill Liability Trust Fund ............................................................................................................................. 142 

Introduction.—Vaccine Injury Compensation Trust Fund ................................................................................................ 143 

TF-13.—Vaccine Injury Compensation Trust Fund .......................................................................................................... 143 

Introduction.—Wool Research, Development, and Promotion Trust Fund ....................................................................... 144 

TF-14.—Wool Research, Development, and Promotion Trust Fund................................................................................. 144 

Introduction.— Agriculture Disaster Relief Trust Fund .................................................................................................... 145 

TF-15.—Agriculture Disaster Relief Trust Fund ............................................................................................................... 145

 

RESEARCH PAPER SERIES ........................................................................................................................................... 147

GLOSSARY ...................................................................................................................................................................... 149

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. 
March 2012 

VII

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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 ............................... √ 

 
Financial Report of the

United States Government

Excerpt

Trust Funds
March 2012 

3

Growth of Real GDP

-6.7

-0.7

-1.8

1.3

-3.7

-8.9

1.7

3.8 3.9 3.8

2.5 2.3

0.4

1.3

1.8

2.8

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

2008 2009 2010 2011

(Quarterly percent change at annual rate)

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of February 16, 2012 

Introduction 

The recovery continued to firm in the final quarter of 

2011, as various components of private demand 

strengthened further and the temporary factors that had 

weighed on growth earlier in the year reversed. Labor 

market conditions also improved. Since the recovery began 

in mid-2009, the economy has added 3.2 million payroll 

jobs, and the unemployment rate has declined 1.2 percentage 

points, but is still high at 8.3 percent. Activity in the housing 

sector remains weak and continues to be restrained by a 

number of factors, including the high level of 

unemployment, excess supply, relatively tight lending 

standards, and uncertainty about future home price values, 

but recent data have brightened somewhat. 

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

impacted inflation as well as private consumption. Headline 

inflation has moved higher since February 2011, and core 

inflation (which excludes food and energy) has stabilized 

very recently at a higher level, although it remains low by 

historical standards. In financial markets, equity indexes 

have rallied in recent weeks as risk appetite begins to 

recover, and Treasury bond yields have generally trended 

substantially lower. 

Financial disbursements under the American Recovery 

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

Act”) were increased from $787 billion 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 unemployment insurance benefits were each 

extended for 2 months. Most recently, the Administration 

announced a proposal to help eligible homeowners with 

mortgage refinancing, and continues to push a number of 

initiatives designed to boost growth 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 latest meeting in late January, the 

Federal Open Market Committee (FOMC) extended the 

timeframe for maintaining the federal funds rate target in its 

current range of 0 to 0.25 percent from mid-2013 to late 

2014, citing weak labor market conditions and a variety of 

significant downside risks to the economy. At that meeting, 

the FOMC also took the historic step of announcing a longrun inflation goal of 2 percent for the price index for 

personal consumption expenditures (measured on an annual 

basis). 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 6.2 percent and, as of the most recent 

quarter, real gross domestic product (GDP) was 0.7 percent 

above its level at the end of 2007, when the recession began. 

According to the advance estimate, real GDP growth 

accelerated from a 1.8 percent annual rate in the third quarter 

of 2011 to a 2.8 percent annual rate in the fourth quarter of 

2011–the tenth straight quarter of growth since the economy 

emerged from recession in mid-2009. While the acceleration 

was mainly due to a marked pick-up in private inventory 

accumulation, faster growth of personal consumption 

expenditures and a notably stronger pace of residential 

investment also contributed. Consensus forecasts currently 

put real GDP growth in the first quarter of 2012 at around a 

2.0 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 2.2 percent annual rate in the fourth quarter, slowing 

from the 3.3 percent rate in the third quarter, but above the 

1.9 percent pace posted in the first half of 2011. Real 

personal consumption expenditures–which account for about 

70 percent of GDP–advanced by 2.0 percent at an annual 
4 PROFILE OF THE ECONOMY 

March 2012 

rate in the fourth quarter, faster than the 1.7 percent rise in 

the third quarter. Consumption added 1.5 percent points to 

real GDP growth in the latest quarter. 

Residential investment–mostly residential homebuilding– 

surged 10.9 percent in the fourth quarter, after rising 1.3 

percent in the third quarter. Residential activity added 0.2 

percentage point to real GDP growth in the fourth quarter. 

Although the housing sector remains weak, recent data have 

been more favorable. Single-family housing starts fell 1.0 

percent in January to 508,000 units (annualized), 72 percent 

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

average level from 1980 to 2004. New single-family home 

sales fell 2.2 percent in December to 307,000 (annualized) 

and were 78 percent below the July 2005 peak of 1.39 

million. Existing single-family home sales rose 4.6 percent 

in December at 4.1 million units (annualized). The number 

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

record (back to 1963). Relative to sales, there was a 6.1-

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

December. The supply of new homes available for sale has 

returned to its long-run average; the inventory of existing 

single-family homes has fallen, but was still high relative to 

sales at a 6.2-month supply in December. Selected home 

price measures appear to have stabilized recently, but 

continue to fall on a year-over-year basis. The Federal 

Housing Financing Authority (FHFA) purchase-only house 

price index rose 1.0 percent in November and was down 1.8 

percent in the year through November, slowing from the 4.3 

percent decline a year earlier. The Standard & Poor’s 

(S&P)/Case-Shiller composite home price indexes declined 

in November: the 10-city and 20-city indexes each fell 0.7 

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

10-city index declined 3.6 percent while the 20-city index 

was 3.7 percent lower. Despite the deceleration in year-overyear declines, the large inventory of homes on the market 

and in the foreclosure pipeline augur for future weakness in 

home prices. According to the December 2011 

Pulsenomics/Zillow survey of price expectations, home 

prices are expected to show no recovery during 2012, and a 

1. 9 percent rise during 2013. 

Nonresidential fixed investment–about 10 percent of 

GDP–rose 1.7 percent at an annual rate in the fourth quarter 

of 2011, decelerating markedly from an annual rate of 15.7 

percent in the third quarter. For the past eight quarters, 

nonresidential fixed investment growth has averaged 9.3 

percent. Growth in business spending on equipment and 

software slowed to 5.2 percent in the fourth quarter from a 

16.2 percent pace in the third quarter. Outlays for structures 

dropped 7.2 percent in the fourth quarter after jumping by 

nearly 23 percent and about 14 percent in the second and 

third quarters, respectively. Altogether, nonresidential fixed 

investment contributed 0.2 percentage point to real GDP 

growth in the fourth quarter. Inventory accumulation 

strengthened, adding nearly 2 percentage points to growth. 

Exports account for about 12 percent of GDP, while 

imports (which are subtracted from total domestic spending 

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

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

imports) narrowed, reflecting weak demand for imports that 

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

The improvement in the net export deficit contributed 1 

percentage point on average to quarterly real GDP growth 

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

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

percentage point. Net exports posed a modest drag on 

growth in the first and fourth quarters of 2011, but 

contributed to growth in the second and third quarters, such 

that net exports added 0.1 percentage point to growth in 

2011. In the fourth quarter of 2011, exports grew 4.7 percent 

and imports grew 4.4 percent. 

The current account balance (reflecting international 

trade in goods and services, investment income flows, and 

unilateral transfers) has been in deficit almost continuously 

since the early 1980s and, in 2006, reached a record $803 

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

current account deficit had narrowed to $377 billion (2.7 

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

widened in 2010 to $471 billion (3.2 percent of GDP) as the 

U.S. economy recovered. The current account deficit 

continued to grow in 2011, reaching $499 million in the 

second quarter (3.3 percent), but narrowed in the third 

quarter to $441 million (2.9 percent). 

Government purchases–which account for roughly 20 

percent of GDP–fell for the fifth straight quarter in the final 

quarter of 2011. Purchases fell 4.6 percent after edging down 

0.1 percent in the third quarter. Federal spending declined 

7.3 percent in the fourth quarter, subtracting 0.6 percentage 

point from GDP growth, and State and local Government 

expenditures fell 2.6 percent, subtracting 0.3 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 March 

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

employment has grown by nearly 3.2 million. In the private 

sector, employment has increased by almost 3.7 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 

1.1 million, and leisure and hospitality industries’ 

employment has increased by 575,000. Manufacturing 

payrolls have grown by 400,000 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 541,000 jobs. On 

the other hand, the Government sector, notably at the local 

level, has lost more jobs in recent months than during the 19 
PROFILE OF THE ECONOMY 5 

March 2012 

Payroll Employment

128157

-305

-651

-780

-512

-256

-138

38

196

-45

154

192

130

-900

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

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

(Average monthly change in thousands

from end of quarter to end of quarter)

2008 2009 2010 2011

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)

Jan. 2012

8.3 %

months of recession. Since early 2010, Government payrolls 

have declined by nearly 500,000, including 364,000 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 8.3 percent in January 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 15.1 percent in 

January 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, then edged down briefly 

before climbing again to reach 45.0 percent in May 2011. As 

of January 2012, it had eased to 42.9 percent. 

Inflation 

Headline inflation is higher, but is beginning to stabilize. 

Core inflation (excluding food and energy) is also rising but 

remains relatively low by historical standards. Headline 

consumer prices rose 3.0 percent over the 12 months ending 

in December, accelerating from the previous year’s 1.5 

percent increase. Energy prices rose 6.6 percent in the year 

through December, slowing somewhat from the year-earlier 

increase of 7.7 percent. On a 12-month basis core consumer 

prices (excluding food and energy) rose 2.2 percent through 

December 2011, compared with a 0.8 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, reflecting 

political turmoil in the Middle East and North Africa and 

concerns about supply disruptions. From mid-February to 

late April 2011, the front-month futures price of West Texas 

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

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

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

May 2011. Energy prices fell over last summer and fall, but 

have recently moved higher. The front-month futures price 

of WTI has climbed from an average of $86 per barrel in 

October to $98 per barrel thus far in February 2012. The 

retail price of regular gasoline was $3.48 per gallon in the 

week ending February 6, 2012, down roughly 50 cents from 

its May 2011 peak but up 35 cents from a year ago. 

Food prices have accelerated further in recent months. In 

the year through December 2011, consumer food prices 

increased 4.7 percent, much faster than the 1.5 percent rise 

of the previous year. 

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 from 9.0 percent of GDP. 
6 PROFILE OF THE ECONOMY 

March 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

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

Food

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. 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 will 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 continue to drop until 

reaching 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 2012 Budget. In recent years, this spending 

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 unemployment benefits included in the 

2010 tax legislation were each extended for two additional 

months. The Administration has also proposed more than 

$350 billion in short-term job creation and growth-boosting 

initiatives as part of the fiscal year 2013 budget, including 

the extension of the 2 percentage point payroll tax cut as 

well as unemployment benefits through the rest of 2012, 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 recently announced a plan to help eligible 

homeowners refinance their mortgages in order to take 

advantage of historically low rates. Presently, an agreement 

is pending in Congress that would allow an extension of the 

2 percent payroll tax cut, unemployment insurance, and 

existing levels of payments to participating Medicare 

physicians, all through the end of 2012. 

Partly in response to rising financial market stress, as 

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

Federal Reserve began easing monetary policy in August 

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

funds target interest rate dramatically, reducing it to a 

historically low target range of 0 percent to 0.25 percent at 

the December 2008 FOMC meeting. That target range was 

maintained at the FOMC’s most recent meeting in late 

January 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 depressed housing market 

conditions. Significantly, it extended the timeframe for its 

current monetary policy stance, stating that, “economic 

conditions...are likely to warrant exceptionally low levels 

for the federal funds rate at least through late 2014.” 

Previous statements had indicated the target rate would 

remain low until mid-2013. 

In addition to lowering the federal funds rate target, in 

late 2008, the Federal Reserve significantly expanded its 

tools to increase liquidity in credit markets, and eased 

lending terms to sectors in need of liquidity, including a 

variety of facilities and funds directed at specific financial 

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

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

Reserve announced it would maintain its holdings of 

securities at current levels by reinvesting principal payments 

from agency debt and agency mortgage-backed securities in 

longer-term Treasury securities and to continue rolling over 

the Federal Reserve’s holdings of Treasury securities as they 

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

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

At 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 

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 January meeting. 
PROFILE OF THE ECONOMY 7 

March 2012 

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 tightened somewhat in 

standards and terms, but demand for loans, especially 

various types of commercial loans, has increased. Demand 

for residential loans has increased in connection with 

mortgage refinancing. Measures of risk tolerance and 

volatility deteriorated in late summer, reflecting renewed 

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

but more recently, have improved. 

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 500 is about 8.0 

percent higher. 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 percent in late 

October 2008, after hovering in a range of 20 to 30 percent 

for most of that year. The VIX retreated fairly steadily 

during 2009, ending that year at about 20 percent. Since 

then, the VIX has fluctuated more widely, resurging to 46 

percent in mid-May 2010 and to that level again in early 

October 2011. Since the most recent peak, this index has 

trended lower, and stood at about 18 percent as of early 

February. 

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. The 3-month 

Treasury bill yield fluctuated in a range from about 0.05 

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

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

0.02 percent. It stood at just under 0.01 percent as of early 

February 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, it has 

trended noticeably lower, reaching 163 basis points as of 

early February 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 

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

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

October 2008. However, improvements in short-term credit 

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

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

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

widened, reaching almost 60 basis points earlier this year, 

before narrowing again to 45 basis points in early February. 
8 PROFILE OF THE ECONOMY 

March 2012 

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 February, stood at 325 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 3.87 in mid-February 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 19 

percent. Over the past 2 years (January 2010 to January 

2012), the dollar has depreciated by about 1.5 percent 

against this index. Over the longer timeframe, the dollar 

depreciated by nearly 30 percent against the yen and by 

almost 40 percent against the euro. Over the past 2 years, the 

dollar has depreciated by 15.5 percent against the yen and 

has appreciated by nearly 11 percent against the euro. 

Against an index of currencies of 19 other important trading 

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

depreciated 2 percent over the longer timeframe, and has 

depreciated roughly 2 percent against this basket over the 

past 2 years. 
March 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 

March 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 First-Quarter Receipts by Source 

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

First-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the first quarter of fiscal 

year 2012 supplements fiscal data reported in the 

December 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 $270.4 billion for the first 

quarter of fiscal year 2012. This is an increase of $14.3 

billion over the comparable prior year quarter. Withheld 

receipts increased by $5.7 billion and non-withheld receipts 

increased by $3.0 billion during this period. Refunds 

decreased by $5.6 billion over the comparable fiscal year 

2011 quarter. There was a decrease of $9.1 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 $55.6 billion for the first quarter of fiscal year 

2012. This is an increase of $19.7 billion compared to the 

prior year first quarter. The $19.7 billion change is 

comprised of an increase of $7.0 billion in estimated and 

final payments, and a decrease of $12.7 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of fiscal 

year 2012 were $167.7 billion, a decrease of $12.8 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 -$14.0 billion, -$2.4 billion, and $3.6 billion respectively. 

There was a -$7.7 billion accounting adjustment for prior 

years’ employment tax liabilities made in the first quarter of 

fiscal year 2012, while there was a -$16.8 billion adjustment 

in the first quarter of fiscal year 2011. 

Unemployment insurance—Unemployment insurance 

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

2012 were $11.3 billion, an increase of $2.2 billion over the 

comparable quarter of fiscal year 2011. Net State taxes 

deposited in the U.S. Treasury increased by $2.2 billion to 

$10.7 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.1 billion to $0.6 billion. 
FEDERAL FISCAL OPERATIONS 

March 2012 

11

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.0 billion for the 

first 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 first 

quarter of fiscal year 2012 were $17.8 billion, an increase of 

$1.0 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.5 billion, an 

increase of $0.1 billion over the comparable prior year 

quarter. 

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

$3.0 billion for the first quarter of fiscal year 2012. These 

receipts represent an increase of $2.3 billion over the same 

quarter in fiscal year 2011. 

Customs duties—Customs duties net of refunds were 

$7.7 billion for the first quarter of fiscal year 2012. This is 

an increase of $0.3 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the first quarter of fiscal year 2012 were $21.0 billion, a 

decrease of $3.2 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $2.9 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”] 

 First quarter

 Oct. - Dec. Fiscal year 2012 

Total on- and off-budget results: 

Total receipts ............................................................... 555,437 555,437

On-budget receipts .................................................. 436,026 436,026

Off-budget receipts .................................................. 119,411 119,411

Total outlays................................................................. 877,173 877,173

On-budget outlays.................................................... 781,923 781,923

Off-budget outlays.................................................... 95,248 95,248

Total surplus or deficit (-)............................................. -321,735 -321,735

On-budget surplus or deficit (-)................................ -345,897 -345,897

Off-budget surplus or deficit (-)................................ 24,163 24,163

Means of financing: 

Borrowing from the public ............................................ 325,964 325,964

Reduction of operating cash........................................ -27,647 -27,647

Other means ................................................................ 23,466 23,466

Total on- and off-budget financing........................... 321,735 321,735

First-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 Oct. Nov. Dec. 

Individual income taxes...................................................... 86.7 70.7 113.0

Corporate income taxes..................................................... 2.5 1.6 51.5

Employment and general retirement.................................. 54.5 58.5 54.7

Unemployment insurance .................................................. 2.7 4.9 3.7

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

Excise taxes ....................................................................... 4.9 6.7 6.2

Estate and gift taxes .......................................................... 1.0 1.0 1.0

Customs duties .................................................................. 2.8 2.6 2.2

Miscellaneous receipts ....................................................... 7.6 6.1 7.3

Total budget receipts ..................................................... 163.1 152.4 240.0

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

March 2012 

12 
FEDERAL FISCAL OPERATIONS 

March 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 r 3,598,086 r 3,099,477 498,609 r -1,295,591 r -1,362,769 67,179 1,234,576 2012 - Est.................... 2,673,576 2,022,384 651,192 3,670,035 3,082,762 587,273 -956,455 -1,020,374 63,919 1,176,660

2013 - Est.................... 2,964,407 2,242,992 721,415 3,693,071 3,034,486 658,585 -647,519 -710,349 143,975 985,883 2010 - Dec................... 236,875 197,098 39,778 315,009 314,504 505 -78,134 -117,406 39,272 162,832

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

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

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

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

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

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

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

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

Sept................. 240,153 192,532 47,622 r 301,699 r 250,124 51,575 r -61,546 r -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 Fiscal year 2012 to date ... 555,437 436,026 119,411 877,173 781,923 95,248 -321,735 -345,897 24,163 438,097

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 r -146,902 -375 r 1,293,454

2011 ...................................... 1,014 125,742 1,109,849 -251,743 -1,535 6,011 9,719 -51,806 * r 1,295,591 2012 - Est.............................. 189 133,477 1,043,373 - * * * -86,918 * 956,455

2013 - Est.............................. -504 167,033 818,345 - * * * -170,827 * 647,519 2010 - Dec ............................ 134 48,503 114,463 61,351 526 -773 136 24,911 - 78,134

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

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

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

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

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

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

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

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

Sept........................... -517 3,248 104,251 13,601 -1,708 2,088 -594 -26,295 - 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 Fiscal year 2012 to date .......... 287 112,419 325,965 27,647 -920 1,886 130 24,513 - 321,735 

 

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

Office of Management and Budget on September 1, 2011. 

Note.—Includes Allowance for Joint Committee deficit reduction target of $40,004 million in 2012, and 

$81,145 million in 2013. 

* Less than $500,000. 

- No Transactions 

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

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

2013 - Est.......... 1,340,705 - - 1,340,705 407,554 - 407,554 1,748,259 936,461 - 936,461

 

2010 - Dec......... 111,023 11,803 2,510 120,316 48,864 5,463 43,400 163,716 53,289 - 53,289

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

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

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

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

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

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

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

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

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

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

 

Fiscal year 2012 

to date................... 258,782 30,262 18,674 270,370 68,264 12,651 55,613 325,983 166,631 - 166,631

 

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

2013 - Est.................... 4,666 - 4,666 941,127 59,377 - 59,377 3,789 20 3,809

 2010 - Dec .................. 379 * 379 53,669 2,659 4 2,655 368 3 370

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

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

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

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

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

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

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

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

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

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

 

Fiscal year 2012 to date.... 1,091 1 1,090 167,721 11,342 9 11,333 952 8 958

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

March 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............... 79,279 12,365 - 12,365 33,552 - 33,552 72,910 19,749 92,659 2,022,384 651,192

2013 - Est............... 87,035 13,192 - 13,192 36,794 - 36,794 55,059 19,755 74,814 2,242,992 721,415 2010 - Dec ............. 5,968 289 71 218 2,390 94 2,296 6,269 1,714 7,983 197,098 39,778

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

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

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

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

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

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

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

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

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

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 Fiscal year 2012 to 

date ............................. 17,798 3,107 116 2,991 8,253 566 7,687 15,855 5,111 20,966 436,026 119,411 

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

Office of Management and Budget on September 1, 2011. 

Note.—Includes Allowance for Joint Committee deficit reduction target of $40,004 million in 2012, and 

$81,145 million in 2013. 

* 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 ..................... 914,354 11,250 - 11,250 587 - 587 38,596 - 38,596 28,846 - 28,846

2013 - Est ..................... 1,004,313 11,605 - 11,605 584 - 584 39,041 - 39,041 35,805 - 35,805 2010 - Dec .................... 56,694 930 - 930 53 - 53 3,191 - 3,191 1,969 175 1,794

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

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

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

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

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

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

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

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

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

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 Fiscal year 2012 to date.... 180,012 2,372 - 2,372 127 - 127 8,295 - 8,295 7,549 544 7,006 
FEDERAL FISCAL OPERATIONS 

March 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 r 45,744 57,008 13,529 30,518 r 131,973 2012 - Est............... 5,318 7,555 149,134 11,314 708,112 78,082 42,662 882,845 44,859 46,873 31,947 89,407 32,729

2013 - Est............... 5,180 7,278 150,560 9,371 671,571 67,127 34,221 939,322 45,220 44,530 13,025 31,567 69,275 2010 - Dec.............. 428 594 13,314 853 64,556 8,077 3,421 78,810 3,902 4,416 1,167 2,341 12,943

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

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

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

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

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

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

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

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

Sept ............ 356 807 11,091 671 63,208 3,731 1,228 85,476 r 4,886 3,281 1,235 2,409 r 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 ` Fiscal year 2012 to 

date............................ 1,191 1,703 43,078 2,770 172,271 17,141 9,051 195,358 14,334 12,191 3,245 8,198 27,181 

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

2013 - Est............... 31,710 72,287 533,341 65,762 136,523 6,999 58,156 7,127 470 2,228 25,489 

2010 - Dec ............. 2,641 6,306 104,700 2,183 13,889 1,165 4,489 1,041 34 215 1,255

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

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

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

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

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

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

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

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

Sept............ 3,415 8,066 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 2,503

Dec ............. 2,796 6,921 98,114 13,434 14,528 844 9,356 927 31 277 2,383 Fiscal year 2012 to 

date............................ 7,576 20,748 147,594 21,777 30,502 2,318 13,489 2,424 92 455 6,107 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

March 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 r 3,099,477 498,609

 

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

2013 - Est.......... 18,552 7,462 80,630 931 873,527 12,531 -82,218 -180,943 -7,364 -58,376 3,034,486 658,585

 

2010 - Dec ........ 1,737 536 5,636 137 68,227 -3,502 -5,773 -84,354 -375 - 314,504 505

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

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

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

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

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

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

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

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

Sept....... 1,747 702 6,121 98 69,546 2,438 -5,427 -319 -568 -323 r 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

 Fiscal year 2012 

to date 4,425 1,716 18,979 311 197,346 12,477 -33,517 -84,352 -1,003 - 781,923 95,248 

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

Office of Management and Budget on September 1, 2011. 

Note.—Includes Allowance for Joint Committee deficit reduction target of $40,004 million in 2012, and 

$81,145 million in 2013. 

* Less than $500,000. 

- No Transactions 

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

March 2012 

18 

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

December 2011 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 270,368 2 - 270,370 256,020 2 - 256,022

Corporation income taxes........................................... 55,613 - - 55,613 35,932 - - 35,932

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 119,411 119,411 - - 135,775 135,775

Employment and general retirement (on-budget)... - - 48,310 48,310 - - 44,770 44,770

Unemployment insurance ....................................... - - 11,333 11,333 - - 9,149 9,149

Other retirement...................................................... - - 959 959 - - 1,091 1,091

Excise taxes ................................................................ 5,596 248 11,955 17,798 6,761 161 9,849 16,770

Estate and gift taxes ................................................... 2,991 - - 2,991 723 - - 723

Customs duties ........................................................... 4,895 2,379 413 7,687 4,565 2,425 383 7,373

Miscellaneous receipts................................................ 16,447 4,394 124 20,965 19,698 4,147 347 24,192

Total receipts....................................................... 355,910 7,023 192,505 555,437 323,699 6,735 201,364 531,797

(On-budget)..................................................... 355,910 7,023 73,094 436,026 323,699 6,735 65,589 396,022

(Off-budget)..................................................... - - 119,411 119,411 - - 135,775 135,775

 

Budget outlays: 

Legislative branch ....................................................... 1,210 -13 -6 1,191 1,236 29 -1 1,265

Judicial branch ............................................................ 1,262 449 -8 1,704 1,373 382 15 1,771

Department of Agriculture ........................................... 33,122 9,699 256 43,078 31,533 9,856 248 41,637

Department of Commerce........................................... 2,641 131 -2 2,771 2,627 141 * 2,768

Department of Defense-military .................................. 170,409 1,842 19 172,270 186,349 1,406 30 187,784

Department of Education ............................................ 17,147 -6 1 17,141 23,288 -6 * 23,282

Department of Energy................................................. 9,509 -458 - 9,051 9,349 -275 * 9,074

Department of Health and Human Services ............... 145,398 -193 50,151 195,356 163,344 -78 60,075 223,341

Department of Homeland Security.............................. 13,605 621 108 14,334 12,818 -824 81 12,076

Department of Housing and Urban Development....... 12,246 -56 * 12,191 12,641 -30 -2 12,610

Department of the Interior........................................... 2,859 294 92 3,245 3,165 218 120 3,503

Department of Justice ................................................. 7,687 553 -42 8,198 7,195 716 -48 7,863

Department of Labor................................................... 21,519 450 5,213 27,181 19,259 117 16,855 36,230

Department of State.................................................... 6,853 545 178 7,576 6,076 459 174 6,710

Department of Transportation..................................... 4,993 -52 15,807 20,748 6,968 -35 14,249 21,182

Department of the Treasury: 

Interest on the public debt....................................... 147,595 - - 147,595 148,239 - - 148,239

Other ....................................................................... 21,153 510 115 21,778 10,485 522 194 11,201

Department of Veterans Affairs .................................. 30,861 -560 202 30,503 34,216 -610 192 33,798

Corps of Engineers ..................................................... 1,999 274 45 2,318 2,755 190 22 2,966

Other defense civil programs...................................... 71,497 -6,307 -51,701 13,489 71,221 -9,621 -48,671 12,929

Environmental Protection Agency............................... 3,161 -28 -708 2,425 2,686 -25 432 3,092

Executive Office of the President................................ 91 * - 91 124 * * 123

General Services Administration ................................ -74 530 - 456 56 358 * 414

International Assistance Program............................... 5,462 -108 753 6,107 5,046 -117 -603 4,327

National Aeronautics and Space Administration ........ 4,455 -31 * 4,424 4,684 3 1 4,688

National Science Foundation...................................... 1,671 37 7 1,716 1,668 38 5 1,711

Office of Personnel Management ............................... 2,682 -885 17,181 18,978 2,477 -820 16,346 18,003

Small Business Administration ................................... 310 * - 310 353 -10 * 343

Social Security Administration .................................... 42,968 -14 154,391 197,345 22,072 -13 173,477 195,536

Other independent agencies....................................... 3,606 5,807 3,063 12,475 3,074 -10,433 835 -6,524

Undistributed offsetting receipts: 

Interest .................................................................... - - -84,351 -84,351 - - -87,849 -87,849

Other ....................................................................... -1,003 -11,145 -22,373 -34,521 -1,253 -11,315 -20,766 -33,334

Total outlays........................................................ 786,894 1,886 88,391 877,173 795,124 -19,777 125,411 900,757

(On-budget)..................................................... 786,840 1,627 -6,546 781,923 795,068 -20,287 13,148 787,928

(Off-budget)..................................................... 54 259 94,937 95,249 56 510 112,263 112,829

Surplus or deficit (-)............................................. -430,984 5,137 104,114 -321,735 -471,425 26,512 75,953 -368,960

(On-budget)..................................................... -430,930 5,396 79,640 -345,897 -471,369 27,022 52,441 -391,906

(Off-budget)..................................................... -54 -259 24,474 24,162 -56 -510 23,512 22,946

- No transactions. 

* Less than $500,000. 

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

 2010 - Dec....................................... 1,019,745 63,172 1,021,566 151,833 151,834 

2011 - Jan ....................................... 872,343 45,483 911,411 115,496 115,499 

Feb ...................................... 811,106 40,299 1,009,944 104,826 104,814 

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

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

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

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

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

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

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

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 

 

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

March 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 

 

2010 - Dec.............. 140,773 199,964 1,990 140,773 199,964 2,117 10,567 199,959 1,931 60,317 199,961 1,979 

2011 - Jan .............. 147,189 199,963 1,987 147,189 199,964 2,015 41,191 199,961 1,987 87,841 199,962 1,990 

Feb ............. 88,632 99,980 1,999 117,875 199,963 2,052 23,123 99,980 1,999 58,348 144,615 2,010 

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

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

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

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

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

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

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

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 

 

 1 This report includes Supplementary Financing Program (SFP) balances.

2

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

securities other than Government account series, and taxes. 

3

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

redemptions of securities other than Government account series, and investment 

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

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

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

employers and employees under the Federal Insurance Contributions Act beginning 

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

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

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

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

income taxes beginning October 1988. 
March 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 

March 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

 

2010 - Dec ..................... 14,049,381 14,025,215 24,166 4,629,808 4,629,804 5 9,419,573 9,395,411 24,161

2011 - Jan...................... 14,155,425 14,131,050 24,375 4,640,544 4,640,539 5 9,514,881 9,490,511 24,370

Feb..................... 14,219,364 14,194,764 24,600 4,624,079 4,624,074 5 9,595,285 9,570,690 24,595

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

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

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

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

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

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

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

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

 

End of fiscal 

year or month 

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

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount

(17) 

Accrual

amount

(18) 

 

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

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

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

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

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

 

2010 - Dec ..................... 14,049,381 58,494 13,990,887 4,629,808 24,571 4,605,237 9,419,573 33,923 9,385,650

2011 - Jan ...................... 14,155,425 60,349 14,095,076 4,640,544 24,475 4,616,069 9,514,881 35,874 9,479,007

Feb ..................... 14,219,364 60,650 14,158,713 4,624,079 24,404 4,599,675 9,595,285 36,246 9,559,038

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

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

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

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

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

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

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

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

 
FEDERAL DEBT 

March 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 

 

2010 - Dec ............................. 188,007 - 3,986 132,852 192,928 29,995 1,297

2011 - Jan .............................. 187,537 - 3,986 132,537 187,213 29,995 1,293

Feb ............................. 187,303 - 3,786 134,593 182,360 29,995 1,289

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

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

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

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

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

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

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

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

 

* Effective June 2001, FMS revised procedures and categories in this table to reflect the 

format changes in the Monthly Statement of the Public Debt of the United States. 

TABLE FD-2.—Debt Held by the Public *

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

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Marketable

Nonmarketable 

Total 

(7) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

 

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

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

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

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

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

 

2010 - Dec ........................ 9,390,476 8,841,411 1,768,931 5,568,201 888,429 615,851 549,065

2011 - Jan ......................... 9,485,417 8,942,856 1,756,620 5,668,644 901,967 615,625 542,561

Feb ........................ 9,565,541 9,026,217 1,734,504 5,747,050 918,418 626,245 539,325

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

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

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

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

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

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

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

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
FEDERAL DEBT 

March 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

 

2010 - Dec ........... 2,429,514 3,397 71,662 22,273 8,151 1,005 378 14,268 837,643

2011 - Jan ............ 2,440,571 3,398 75,117 22,487 8,072 392 469 12,486 837,859

Feb ........... 2,436,034 3,398 76,202 21,610 7,986 392 498 13,582 841,130

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

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

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

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

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

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

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

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

 

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

 

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

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

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

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

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

 

2010 - Dec ........ 4,745,249 7,862 39,430 38,200 20,434 180,023 793,917 271,405 5,687

2011 - Jan ......... 4,755,829 7,537 37,593 38,254 20,437 179,313 790,056 275,462 6,326

Feb ........ 4,741,324 8,394 35,914 38,555 20,438 175,823 786,319 268,110 6,939

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

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

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

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

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

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

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

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

 
FEDERAL DEBT 

March 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 *

 

2010 - Dec .................. 24,166 31 142 23,813 180 *

2011 - Jan ................... 24,375 31 143 24,021 180 *

Feb .................. 24,600 31 135 24,261 173 *

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

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

May ................. 24,629 31 138 24,287 173 *

June ................ 24,504 31 139 24,161 173 *

July.................. 25,520 29 140 25,178 173 *

Aug.................. 25,514 29 141 25,178 166 *

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

Oct................... 24,642 29 134 24,313 166 *

Nov.................. 25,090 29 135 24,760 166 *

Dec.................. 25,274 29 136 24,943 166 *

 

 

Note.—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

March 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

 

2010 - Dec...................... 7,831,450 2,544,760 2,981,135 1,568,471 330,178 406,906 57

2011 - Jan ...................... 7,825,784 2,559,917 2,968,708 1,552,207 328,998 415,954 57

Feb ..................... 7,810,240 2,568,072 2,962,896 1,527,039 329,050 423,183 57

Mar ..................... 7,781,983 2,555,954 2,937,225 1,528,474 329,019 431,311 58

Apr...................... 7,653,649 2,522,043 2,870,226 1,496,984 324,243 440,152 58

May..................... 7,721,626 2,499,253 2,953,201 1,499,893 317,188 452,090 59

June.................... 7,706,588 2,474,344 2,961,638 1,486,856 315,369 468,382 59

July ..................... 7,674,300 2,481,706 2,924,762 1,471,149 315,618 481,063 60

Aug ..................... 7,861,156 2,495,843 3,048,014 1,510,394 310,042 496,863 60

Sept.................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60

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

 

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

March 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

 

2010 - Dec.............................. 14,294,000 13,972,516 13,972,503 13 14,025,215 13 52,713

2011 - Jan .............................. 14,294,000 14,078,501 14,078,487 13 14,131,051 13 52,564

Feb ............................. 14,294,000 14,142,331 14,142,318 13 14,194,764 13 52,447

Mar ............................. 14,294,000 14,217,862 14,217,849 13 14,270,115 13 52,266

Apr.............................. 14,294,000 14,235,938 14,235,925 13 14,287,630 13 51,704

May............................. 14,294,000 14,293,975 14,293,962 13 14,344,668 13 50,705

June............................ 14,294,000 14,293,975 14,293,962 13 14,343,088 13 49,124

July ............................. 14,294,000 14,293,975 14,293,965 10 14,342,369 10 48,404

Aug ............................. 14,694,000 14,638,920 14,638,910 10 14,684,293 10 45,382

Sept............................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797

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

 

 1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

March 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

 

2010 - Dec ............................. 948,584 21,740 25,707 19,213 532 1,160

2011 - Jan .............................. 981,808 22,280 25,823 19,368 538 1,160

Feb ............................. 1,003,066 22,254 25,958 19,470 540 1,160

Mar............................. 999,202 10,178 26,117 19,587 545 1,160

Apr.............................. 1,008,098 10,178 26,212 19,753 548 1,160

May ............................ 991,105 11,009 26,387 19,923 553 1,160

June ........................... 1,006,839 11,113 25,682 19,599 513 1,160

July............................. 1,048,986 9,166 25,682 19,600 513 1,160

Aug............................. 945,601 9,345 24,748 19,311 515 1,163

Sept............................ 937,923 9,349 24,883 19,438 523 1,163

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

 

 Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2007 ................................................ 103,973 2,241 4,573 - 17,609

2008 ................................................ 128,331 2,186 4,832 - 21,957

2009 ................................................ 234,918 2,130 4,420 5 47,107

2010 ................................................ 373,717 2,513 4,749 21 46,809

2011 ................................................ 546,321 2,943 6,032 58 45,257

 

2010 - Dec ............................. 435,535 2,588 4,749 - 38,612

2011 - Jan.............................. 448,202 2,763 4,749 - 38,598

Feb............................. 451,721 2,883 4,749 - 39,476

Mar............................. 470,015 2,883 4,749 - 39,738

Apr ............................. 474,825 2,948 4,749 - 41,751

May ............................ 483,302 3,048 4,749 - 42,422

June ........................... 505,409 3,218 4,749 - 43,475

July............................. 545,977 3,218 4,749 26 42,922

Aug............................. 542,629 3,153 4,749 39 42,717

Sept............................ 546,321 2,943 6,032 58 45,257

Oct ............................. 631,403 3,043 6,032 11 46,135

Nov............................. 630,048 3,043 6,032 11 45,992

Dec............................. 668,600 3,078 6,032 11 47,854

 
FEDERAL DEBT 

March 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

 

2010 - Dec ............................ 7,432 4,465 11,811 375,040

2011 - Jan ............................. 7,483 4,806 11,811 394,226

Feb ............................ 7,483 5,089 11,811 410,471

Mar............................ 7,635 5,409 10,942 400,244

Apr............................. 7,669 5,708 11,037 401,560

May ........................... 7,872 6,003 11,037 373,640

June .......................... 8,241 2,523 11,037 370,120

July............................ 8,241 2,853 11,080 373,797

Aug............................ 7,652 3,149 11,080 275,351

Sept........................... 8,279 3,484 11,190 259,006

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

 

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 

March 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: OCTOBER-DECEMBER 

[Source: Bureau of the Public Debt, Office of Financing]

O C T O B E R 

Cash Management Bills 

On October 5, 2011, Treasury announced it would 

auction $10,000 million of 5-day bills. They were issued 

October 12 and matured October 17. Treasury auctioned the 

bills on October 6. Tenders totaled $60,450 million; Treasury 

accepted $10,000 million. The high bank discount rate was 

0.000 percent. 

Auction of 3-Year Notes 

On October 6, 2011, Treasury announced it would 

auction $32,000 million of 3-year notes. The issue was to raise 

new cash of approximately $66,000 million. 

The 3-year notes of Series AE-2014 were dated October 

15 and issued October 17. They are due October 15, 2014, 

with interest payable on April 15 and October 15 until 

maturity. Treasury set an interest rate of 0-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

eastern time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on October 11. Tenders 

totaled $105,629 million; Treasury accepted $32,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.544 percent with the 

equivalent price of $99.869476. Treasury accepted in full all 

competitive tenders at yields lower than 0.544 percent. 

Tenders at the high yield were allotted 31.18 percent. The 

median yield was 0.500 percent, and the low yield was 0.410 

percent. Noncompetitive tenders totaled $28 million. 

Competitive tenders accepted from private investors totaled 

$31,972 million. Accrued interest of $0.02732 per $1,000 

must be paid for the period from October 15 to October 17. 

The minimum par amount required for STRIPS of notes of 

Series AE-2014 is $100. 

Auction of 9-Year 10-Month 2-1/8 Percent Notes 

On October 6, 2011, Treasury announced it would 

auction $21,000 million of 9-year 10-month 2-1/8 percent 

notes. The issue was to raise new cash of approximately 

$66,000 million. 

The 9-year 10-month notes of Series E-2021 were dated 

August 15 and issued October 17. They are due August 15, 

2021, with interest payable on February 15 and August 15 

until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on October 12. Tenders totaled $60,085 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.271 percent with an 

equivalent price of $98.717572. Treasury accepted in full all 

competitive tenders at yields lower than 2.271 percent. 

Tenders at the high yield were allotted 32.58 percent. The 

median yield was 2.190 percent, and the low yield was 2.097 

percent. Noncompetitive tenders totaled $11 million. 

Competitive tenders accepted from private investors totaled 

$20,989 million. Accrued interest of $3.63791 per $1,000 

must be paid for the period from August 15 to October 17. 

The minimum par amount required for Separate Trading of 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2012 

31

Registered Interest and Principal Securities (STRIPS) of notes 

of Series E-2021 is $100. 

Auction of 29-Year 10-Month 3-3/4 Percent Bonds 

On October 6, 2011, Treasury announced it would 

auction $13,000 million of 29-year 10-month 3-3/4 percent 

bonds. The issue was to raise new cash of approximately 

$66,000 million. 

The 29-year 10-month bonds of August 2041 were dated 

August 15 and issued October 17. They are due August 15, 

2041, with interest payable on February 15 and August 15 

until maturity. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. 

for competitive tenders on October 13. Tenders totaled 

$38,268 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.120 percent with an 

equivalent price of $112.166894. Treasury accepted in full all 

competitive tenders at yields lower than 3.120 percent. 

Tenders at the high yield were allotted 84.23 percent. The 

median yield was 3.095 percent, and the low yield was 3.000 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$12,987 million. Accrued interest of $6.41984 per $1,000 

must be paid for the period from August 15 to October 17. 

The minimum par amount required for STRIPS of bonds of 

August 2041 is $100. 

52-Week Bills 

On October 13, 2011, Treasury announced it would 

auction $25,000 million of 364-day Treasury bills. They were 

issued October 20, and will mature October 18, 2012. The 

issue was to refund $109,012 million of all maturing bills and 

raise new cash of approximately $1,988 million. Treasury 

auctioned the bills on October 18. Tenders totaled $112,924 

million; Treasury accepted $25,001 million. That included 

$147 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.120 percent. 

Auction of 29-Year 4-Month 2-1/8 Percent Treasury 

Inflation Protected Security (TIPS) 

On October 13, 2011, Treasury announced that it would 

auction $7,000 million of 29-year 4-month 2-1/8 percent 

TIPS. The issue was to refund $57,236 million of securities 

maturing October 31 and to raise new cash of approximately 

$48,764 million. 

The 29-year 4-month TIPS of February 2041 were dated 

August 15 and issued October 31. They are due February 15, 

2041, with interest payable on February 15 and August 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 October 20. Tenders totaled $21,448 

million; Treasury accepted $7,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.999 percent with an 

equivalent adjusted price of $132.953297. Treasury accepted 

in full all competitive tenders at yields lower than 0.999 

percent. Tenders at the high yield were allotted 87.47 percent. 

The median yield was 0.960 percent, and the low yield was 

0.890 percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors totaled 

$6,986 million. Adjusted accrued interest of $4.59928 per 

$1,000 must be paid for the period from August 15 to October 

31. Both the unadjusted price of $128.531803 and the 

unadjusted accrued interest of $4.44633 were adjusted by an 

index ratio of 1.03440, for the period from February 15 to 

October 31. 

In addition to the $7,000 million of tenders accepted in 

the auction process, Treasury accepted $266 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

February 2041 is $100. 

Auction of 2-Year Notes 

On October 20, 2011, Treasury announced it would 

auction $35,000 million of 2-year notes. The issue was to 

refund $57,236 million of securities maturing October 31 and 

to raise new cash of approximately $48,764 million. 

The 2-year notes of Series AR-2013 were dated and 

issued October 31. They are due October 31, 2013, with 

interest payable on April 30 and October 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 October 25. Tenders totaled $127,420 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.281 percent with an 

equivalent price of $99.938217. Treasury accepted in full all 

competitive tenders at yields lower than 0.281 percent. 

Tenders at the high yield were allotted 10.48 percent. The 

median yield was 0.265 percent, and the low yield was 0.210 

percent. Noncompetitive tenders totaled $198 million. 

Competitive tenders accepted from private investors totaled 

$34,802 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,331 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AR-2013 is $100. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2012 

32 

Auction of 5-Year Notes 

On October 20, 2011, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $57,236 million of securities maturing October 31 and 

to raise new cash of approximately $48,764 million. 

The 5-year notes of Series AD-2016 were dated and 

issued October 31. They are due October 31, 2016, with 

interest payable on April 30 and October 31 until maturity. 

Treasury set an interest rate of 1 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on October 26. Tenders totaled $101,458 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.055 percent with an 

equivalent price of $99.732813. Treasury accepted in full all 

competitive tenders at yields lower than 1 percent. Tenders at 

the high yield were allotted 57.79 percent. The median yield 

was 1.029 percent, and the low yield was 0.975 percent. 

Noncompetitive tenders totaled $29 million. Competitive 

tenders accepted from private investors totaled $34,971 

million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,331 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AD-2016 is $100. 

Auction of 7-Year Notes 

On October 20, 2011, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $57,236 million of securities maturing October 31 and 

to raise new cash of approximately $48,764 million. 

The 7-year notes of Series R-2018 were dated and issued 

October 31. They are due October 31, 2018, with interest 

payable on April 30 and October 31 until maturity. Treasury 

set an interest rate of 1-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on October 27. Tenders totaled $75,061 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.791 percent with an 

equivalent price of $99.731389. Treasury accepted in full all 

competitive tenders at yields lower than 1.791 percent. 

Tenders at the high yield were allotted 59.51 percent. The 

median yield was 1.708 percent, and the low yield was 1.600 

percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors totaled 

$28,986 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $1,103 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series R-2018 is $100. 

N O V E M B E R 

November Quarterly Financing 

On November 2, 2011, Treasury announced it would 

auction $32,000 million of 3-year notes, $24,000 million of 

10-year notes and $16,000 million of 30-year bonds to refund 

$23,934 million of securities maturing on November 15 and to 

raise new cash of approximately $48,066 million. 

The 3-year notes of Series AF-2014 were dated and 

issued November 15. They are due November 15, 2014, with 

interest payable on May 15 and November 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 November 8. Tenders totaled $109,053 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.379 percent with an 

equivalent price of $99.988079. Treasury accepted in full all 

competitive tenders at yields lower than 0.379 percent. 

Tenders at the high yield were allotted 59.46 percent. The 

median yield was 0.358 percent, and the low yield was 0.289 

percent. Noncompetitive tenders totaled $43 million. 

Competitive tenders accepted from private investors totaled 

$31,957 million. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $2,448 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series AF-2014 is $100. 

The 10-year notes of Series F-2021 were dated and issued 

November 15. They are due November 15, 2021, with interest 

payable on May 15 and November 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 November 9. Tenders totaled $63,268 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.030 percent with an 

equivalent price of $99.729725. Treasury accepted in full all 

competitive tenders at yields lower than 2.030 percent. 

Tenders at the high yield were allotted 62.35 percent. The 

median yield was 1.969 percent, and the low yield was 1.865 

percent. Noncompetitive tenders totaled $29 million. 

Competitive tenders accepted from private investors totaled 

$23,971 million. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2012 

33

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $1,836 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series F-2021 is $100. 

The 30-year bonds of November 2041 were dated and 

issued November 15. They are due November 15, 2041, with 

interest payable on May 15 and November 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 November 10. Tenders totaled 

$38,384 million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.199 percent with an 

equivalent price of $98.579514. Treasury accepted in full all 

competitive tenders at yields lower than 3.199 percent. 

Tenders at the high yield were allotted 24.17 percent. The 

median yield was 3.100 percent, and the low yield was 2.970 

percent. Noncompetitive tenders totaled $11 million. 

Competitive tenders accepted from private investors totaled 

$15,989 million. 

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $1,224 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of November 2041 is $100. 

52-Week Bills 

On November 10, 2011, Treasury announced it would 

auction $25,000 million of 364-day Treasury bills. They were 

issued November 17, and will mature November 15, 2012. 

The issue was to refund $105,999 million of all maturing bills 

and to raise new cash of approximately $10,001 million. 

Treasury auctioned the bills on November 15. Tenders totaled 

$119,102 million; Treasury accepted $25,001 million. That 

included $153 million of noncompetitive tenders from the 

public. The high bank discount rate was 0.100 percent. 

Auction of 9-Year 8-Month 0-5/8 Percent TIPS 

On November 10, 2011, Treasury announced it would 

auction $11,000 million of 9-year 8-month 0-5/8 percent 

TIPS. The issue was to refund $57,374 million of securities 

maturing November 30 and to raise new cash of 

approximately $52,626 million. 

The 9-year 8-month TIPS of Series D-2021 were dated 

July 15 and issued November 30. They are due July 15, 2021, 

with interest payable on January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on November 17. Tenders totaled $29,023 

million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.099 percent with an 

equivalent adjusted price of $105.733846. Treasury accepted 

in full all competitive tenders at yields lower than 0.099. 

Tenders at the high yield were allotted 6.08 percent. The 

median yield was 0.030 percent, and the low yield was -0.107 

percent. Noncompetitive tenders totaled $22 million. 

Competitive tenders accepted from private investors totaled 

$10,978 million. Adjusted accrued interest of $2.35929 per 

$1000 must be paid for the period from July 15 to November 

30. Both the unadjusted price of $105.037448 and the 

unadjusted accrued interest of $2.34375 were adjusted by an 

index ratio of 1.00663, for the period from July 15 to 

November 30. 

In addition to the $11,000 million of tenders accepted in 

the auction process, Treasury accepted $498 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series D-2021 is $100. 

Auction of 2-Year Notes 

On November 17, 2011, Treasury announced it would 

auction $35,000 million of 2-year notes. The issue was to 

refund $57,374 million of securities maturing November 30 

and to raise new cash of approximately $52,626 million. 

The 2-year notes of Series AS-2013 were dated and 

issued November 30. They are due November 30, 2013, with 

interest payable on May 31 and November 30 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 November 21. Tenders totaled 

$142,491 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.280 percent with an 

equivalent price of $99.940209. Treasury accepted in full all 

competitive tenders at yields lower than 0.280 percent. 

Tenders at the high yield were allotted 8.48 percent. The 

median yield was 0.250 percent, and the low yield was 0.206 

percent. Noncompetitive tenders totaled $173 million. 

Competitive tenders accepted from private investors totaled 

$34,827 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,586 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AS-2013 is $100. 

Auction of 5-Year Notes 

On November 17, 2011, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $57,374 million of securities maturing November 30 

and to raise new cash of approximately $52,626 million. 

The 5-year notes of Series AE-2016 were dated and 

issued November 30. They are due November 30, 2016, with 

interest payable on May 31 and November 30 until maturity. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2012 

34 

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 November 22. Tenders totaled 

$110,217 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.937 percent with an 

equivalent price of $99.697840. Treasury accepted in full all 

competitive tenders at yields lower than 0.937 percent. 

Tenders at the high yield were allotted 59.91 percent. The 

median yield was 0.900 percent, and the low yield was 0.819 

percent. Noncompetitive tenders totaled $34 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 $1,586 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AE-2016 is $100. 

Auction of 7-Year Notes 

On November 17, 2011, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $57,374 million of securities maturing November 30 

and to raise new cash of approximately $52,626 million. 

The 7-year notes of Series S-2018 were dated and issued 

November 30. They are due November 30, 2018, with interest 

payable on May 31 and November 30 until maturity. Treasury 

set an interest rate of 1-3/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on November 23. Tenders totaled $92,894 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.415 percent with an 

equivalent price of $99.734313. Treasury accepted in full all 

competitive tenders at yields lower than 1.415 percent. 

Tenders at the high yield were allotted 32.00 percent. The 

median yield was 1.390 percent, and the low yield was 1.296 

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 $1,314 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series S-2018 is $100. 

D E C E M B E R 

Auction of 3-Year Notes 

On December 8, 2011, Treasury announced it would 

auction $32,000 million of 3-year notes. The issue was to 

refund $26,426 million of securities maturing December 15 

and to raise new cash of approximately $39,574 million. 

The 3-year notes of Series AG-2014 were dated and 

issued December 15. They are due December 15, 2014, with 

interest payable on June 15 and December 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 December 12. Tenders totaled 

$115,958 million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.352 percent with the 

equivalent price of $99.695876. Treasury accepted in full all 

competitive tenders at yields lower than 0.352 percent. 

Tenders at the high yield were allotted 7.09 percent. The 

median yield was 0.319 percent, and the low yield was 0.256 

percent. Noncompetitive tenders totaled $49 million. 

Competitive tenders accepted from private investors totaled 

$31,951 million. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $1,171 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AG-2014 is $100. 

Auction of 9-Year 11-Month 2 Percent Notes 

On December 8, 2011, Treasury announced that it would 

auction $21,000 million of 9-year 11-month 2 percent notes. 

The issue was to refund $26,426 million of securities 

maturing December 15 and to raise new cash of 

approximately $39,574 million. 

The 9-year 11-month notes of Series F-2021 were dated 

November 15 and issued December 15. 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 December 13. Tenders totaled $74,207 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.020 percent with an 

equivalent price of $99.819684. Treasury accepted in full all 

competitive tenders at yields lower than 2.020 percent. 

Tenders at the high yield were allotted 67.48 percent. The 

median yield was 1.989 percent, and the low yield was 1.850 

percent. Noncompetitive tenders totaled $33 million. 

Competitive tenders accepted from private investors totaled 

$20,967 million. Accrued interest of $1.64835 per $1,000 

must be paid for the period from November 15 to December 

15. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $769 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2021 is $100. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2012 

35

Auction of 29-Year 11-Month 3-1/8 Percent Bonds 

On December 8, 2011, Treasury announced it would 

auction $13,000 million of 29-year 11-month 3-1/8 percent 

bonds. The issue was to refund $26,426 million of securities 

maturing December 15 and to raise new cash of 

approximately $39,574 million. 

The 29-year 11-month bonds of November 2041 were 

dated November 15 and issued December 15. They are due 

November 15, 2041, with interest payable on May 15 and 

November 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 December 14. Tenders totaled 

$39,635 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.925 percent with an 

equivalent price of $103.966337. Treasury accepted in full 

all competitive tenders at yields lower than 2.925 percent. 

Tenders at the high yield were allotted 98.64 percent. The 

median yield was 2.890 percent, and the low yield was 

2.815 percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$12,980 million. Accrued interest of $2.57555 per $1,000 

must be paid for the period from November 15 to 

December 15. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $476 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of November 2041 is $100. 

52-Week Bills 

On December 8, 2011, Treasury announced it would 

auction $25,000 million of 364-day Treasury bills. They were 

issued December 15, and will mature December 13, 2012. The 

issue was to refund $109,998 million of all maturing bills and 

to raise new cash of approximately $6,002 million. Treasury 

auctioned the bills on December 13. Tenders totaled $114,654 

million; Treasury accepted $25,001 million, which included 

$161 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.110 percent. 

Auction of 4-Year 4-Month 0-1/8 Percent TIPS 

On December 8, 2011, Treasury announced it would 

auction $12,000 million of 4-year 4-month 0-1/8 percent 

TIPS. The issue was to raise new cash of approximately 

$12,000 million. 

The 4-year 4-month TIPS of Series W-2016 were dated 

October 15 and issued December 30. They are due April 15, 

2016, with interest payable on April 15 and October 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 December 15. Tenders totaled $36,115 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -0.877 percent with an 

equivalent adjusted price of $107.098375. Treasury accepted 

in full all competitive tenders at yields lower than -0.877 

percent. Tenders at the high yield were allotted 63.94 percent. 

The median yield was -0.930 percent, and the low yield was -

1.010 percent. Noncompetitive tenders totaled $58 million. 

Competitive tenders accepted from private investors totaled 

$11,942 million. Adjusted accrued interest of $0.26629 per 

$1,000 must be paid for the period from October 15 to 

December 30. Both the unadjusted price of $104.392521 and 

the unadjusted accrued interest of $0.25956 were adjusted by 

an index ratio of 1.02592, for the period from April 15 to 

December 30. The minimum par amount required for STRIPS 

of TIPS of Series W-2016 is $100. 
PUBLIC DEBT OPERATIONS 

March 2012

36 

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount

of bids 

tendered 

(3) 

Total 

amount 2

(4) 

On

competitive

basis 

(5) 

On noncompetitive 

basis 3 

(6) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

2011 - Oct. 06 .................. 2011 - Nov. 03 28 150,537.6 36,289.1 29,739.6 264.4 100.000000 0.000 0.000

2012 - Jan. 05 91 143,918.6 29,001.0 27,996.2 854.8 99.994944 0.020 0.020

Apr. 05 182 137,829.0 27,000.3 25,437.3 653.0 99.969667 0.060 0.061

Oct. 13................. 2011 - Nov. 10 28 142,162.5 32,419.0 29,794.4 206.5 99.999222 0.010 0.010

2012 - Jan. 12 91 149,364.0 29,000.1 27,993.3 876.1 99.996208 0.015 0.015

Apr. 12 182 127,617.6 27,000.0 25,744.6 726.5 99.977250 0.045 0.046

Oct. 20................. 2011 - Nov. 17 28 138,335.8 35,938.0 29,748.4 251.6 99.998833 0.015 0.015

2012 - Jan. 19 91 132,599.4 29,000.1 28,161.1 832.0 99.992417 0.030 0.031

Apr. 19 182 133,673.8 27,001.5 25,662.0 699.4 99.967139 0.065 0.066

Oct. 27................. 2011 - Nov. 25 29 139,163.9 33,782.6 28,994.0 210.2 99.999597 0.005 0.005

2012 - Jan. 26 91 137,808.3 29,000.5 27,378.6 826.6 99.994944 0.020 0.020

Apr. 26 182 128,893.9 27,000.4 25,393.3 648.0 99.969667 0.060 0.061

Nov. 03 ................ 2011 - Dec. 01 28 172,413.4 41,286.2 34,758.3 242.8 99.999611 0.005 0.005

2012 - Feb. 02 91 131,556.4 29,000.4 28,210.5 789.9 99.997472 0.010 0.010

May 03 182 127,964.4 27,000.2 25,975.0 625.2 99.972194 0.055 0.056

Nov. 10 ................ 2011 - Dec. 08 28 169,461.8 37,423.2 34,767.4 237.8 100.000000 0.000 0.000

2012 - Feb. 09 91 139,929.8 29,000.5 27,996.3 779.2 99.998736 0.005 0.005

May 10 182 129,976.9 27,000.8 25,780.8 719.9 99.982306 0.035 0.036

Nov. 17 ................ 2011 - Dec. 15 28 157,661.6 40,938.1 34,713.6 286.5 99.999611 0.005 0.005

2012 - Feb. 16 91 136,783.1 29,000.4 27,970.5 854.9 99.997472 0.010 0.010

May 17 182 130,098.3 27,000.4 25,835.7 664.7 99.979778 0.040 0.041

Nov. 25 ................ 2011 - Dec. 22 27 153,352.9 38,781.9 34,785.6 214.7 99.998500 0.020 0.020

2012 - Feb. 23 90 129,089.9 29,000.8 28,162.9 837.9 99.996250 0.015 0.015

May 24 181 123,024.7 27,000.4 26,087.5 612.9 99.974861 0.050 0.051

Dec. 01 ................ 2011 - Dec. 29 28 160,314.2 41,285.7 33,831.8 268.3 99.998444 0.020 0.020

2012 - Mar. 01 91 129,616.8 29,000.6 27,349.8 751.4 99.992417 0.030 0.031

 May 31 182 124,401.7 27,000.6 25,366.9 633.7 99.964611 0.070 0.071

Dec. 08 ................ Jan. 05 28 270,666.5 37,423.8 34,767.1 238.7 100.000000 0.000 0.000

 Mar. 08 91 137,725.1 29,000.5 28,003.1 797.5 99.998736 0.005 0.005

 June 07 182 131,017.4 27,000.1 25,925.3 674.8 99.974722 0.050 0.051

Dec. 15 ................ Jan. 12 28 267,376.8 40,952.8 34,731.5 283.3 100.000000 0.000 0.000

 Mar. 15 91 129,296.9 29,000.7 28,212.6 788.0 99.997472 0.010 0.010

 June 14 182 121,410.8 27,000.5 25,995.0 605.6 99.977250 0.045 0.046

Dec. 22 ................ Jan. 19 28 275,911.1 33,795.0 29,792.1 221.3 100.000000 0.000 0.000

 Mar. 22 91 130,146.6 29,000.0 28,199.2 800.8 99.998736 0.005 0.005

 June 21 182 136,027.9 27,001.2 26,166.2 635.0 99.979778 0.040 0.041

Dec. 29 ................ Jan. 26 28 206,701.5 36,297.5 28,792.3 228.6 100.000000 0.000 0.000

 Mar. 29 91 122,926.5 29,000.3 27,233.7 809.7 99.993681 0.025 0.025

 June 28 182 126,404.9 27,000.5 25,468.5 619.2 99.972194 0.055 0.056

 

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 

March 2012 

37

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) 

 

10/06/2011 10/12/2011 0.000% bill—10/17/11 5d 60,450 10,000 

10/11/2011 10/17/2011 0.500% note—10/15/14-AE 3y 105,629 32,000 0.544 - 99.869476

10/12/2011 10/17/2011 2.125% note—08/15/21-E 9y 10m 60,085 21,000 2.271 - 98.717572

10/13/2011 10/17/2011 3.750% bond—08/15/41 29y 10m 38,268 13,000 3.120 - 112.166894

10/18/2011 10/20/2011 0.120% bill—10/18/12 364d 112,924 25,001 

10/20/2011 10/31/2011 2.125% TIPS—02/15/41 29y 4m 21,714 7,266 0.999 - 132.953297

10/25/2011 10/31/2011 0.250% note—10/31/13-AR 2y 128,751 36,331 0.281 - 99.938217

10/26/2011 10/31/2011 1.000% note—10/31/16-AD 5y 102,789 36,331 1.055 - 99.732813

10/27/2011 10/31/2011 1.750% note—10/31/18-R 7y 76,164 30,103 1.791 - 99.731389

11/08/2011 11/15/2011 0.375% note—11/15/14-AF 3y 111,502 34,449 0.379 - 99.988079

11/09/2011 11/15/2011 2.000% note—11/15/21-F 10y 65,104 25,836 2.030 - 99.729725

11/10/2011 11/15/2011 3.125% bond—11/15/41 30y 39,608 17,224 3.199 - 98.579514

11/15/2011 11/17/2011 0.100% bill—11/15/12 364d 119,102 25,001 

11/17/2011 11/30/2011 0.625% TIPS—07/15/21-D 9y 8m 29,522 11,498 0.099 - 105.733846

11/21/2011 11/30/2011 0.250% note—11/30/13-AS 2y 144,077 36,586 0.280 - 99.940209

11/22/2011 11/30/2011 0.875% note—11/30/16-AE 5y 111,803 36,586 0.937 - 99.697840

11/23/2011 11/30/2011 1.375% note—11/30/18-S 7y 94,208 30,314 1.415 - 99.734313

12/12/2011 12/15/2011 0.250% note—12/15/14-AG 3y 117,129 33,171 0.352 - 99.695876

12/13/2011 12/15/2011 0.110% bill—12/13/12 364d 114,654 25,001 

12/13/2011 12/15/2011 2.000% note—11/15/21-F 9y 11m 74,975 21,769 2.020 - 99.819684

12/14/2011 12/15/2011 3.125% bond—11/15/41 29y 11m 40,111 13,476 2.925 - 103.966337

12/15/2011 12/30/2011 0.125% TIPS—04/15/16-W 4y 4m 36,115 12,000 -0.877 - 107.098375

 

 

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. 
March 2012 

38 

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 

March 2012 

39

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

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

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues

held by Federal

Reserve banks

(6) 

 Total

 outstanding

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

 

2007 ................................................ 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913

2008 ................................................ 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486

2009 ................................................ 11,933,031 11,909,828 4,355,292 - 4,355,292 827,126

2010 ................................................ 13,585,596 13,561,622 4,534,014 - 4,534,014 909,910

2011 ................................................ 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

 

2010 - Dec....................................... 14,049,381 14,025,215 4,629,808 - 4,629,808 1,112,948

2011 - Jan ....................................... 14,155,425 14,131,050 4,640,544 - 4,640,544 1,218,348

Feb ...................................... 14,219,364 14,194,764 4,624,079 - 4,624,079 1,316,019

Mar ...................................... 14,294,579 14,270,114 4,613,547 - 4,613,547 1,427,405

Apr....................................... 14,312,261 14,287,629 4,627,930 - 4,627,930 1,506,178

May...................................... 14,369,297 14,344,667 4,616,651 - 4,616,651 1,614,484

June..................................... 14,367,591 14,343,087 4,596,214 - 4,596,214 1,702,065

July ...................................... 14,367,889 14,342,369 4,581,748 - 4,581,748 1,719,555

Aug ...................................... 14,709,806 14,684,292 4,655,154 - 4,655,154 1,732,525

Sept..................................... 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

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

 

 Public debt securities, con. Agency securities 1

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,953 6

2008 .................................................................... 5,329,748 4,751,490 578,258 23,104 23,098 6

2009 .................................................................... 6,727,410 6,182,607 544,804 23,203 23,202 1

2010 .................................................................... 8,117,698 7,588,415 529,284 23,974 23,971 3

2011 .................................................................... 8,442,847 7,935,360 507,488 24,988 24,982 6

 

2010 - Dec........................................................... 8,282,459 7,750,313 532,147 24,166 24,161 5

2011 - Jan ........................................................... 8,272,158 7,746,357 525,802 24,375 24,370 5

Feb .......................................................... 8,254,666 7,732,196 522,471 24,600 24,595 5

Mar .......................................................... 8,229,162 7,705,335 523,827 24,465 24,459 6

Apr........................................................... 8,153,521 7,630,392 523,130 24,632 24,626 6

May.......................................................... 8,113,532 7,647,747 465,786 24,629 24,623 6

June......................................................... 8,044,808 7,632,583 412,225 24,504 24,498 6

July .......................................................... 8,041,066 7,658,075 382,991 25,520 25,514 6

Aug .......................................................... 8,296,613 7,789,280 507,334 25,514 25,508 6

Sept......................................................... 8,442,847 7,935,360 507,488 24,988 24,982 6

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

 

 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 

March 2012 

40 

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 8,311.1 321.2 186.7 632.9 187.9 246.9 641.1 496.8 4,473.6 1,124.0

 June ....... 14,343.1 6,220.4 8,122.7 279.3 186.0 658.7 186.9 246.1 653.1 479.3 4,511.1 922.2

 Sept........ 14,790.3 6,328.0 8,462.4 292.2 185.1 689.6 188.7 253.7 699.0 460.8 4,667.0 1,026.3

 Dec......... 15,222.8 6,439.6 8,783.3 n.a. 185.2 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/tic/ticsec2.shtml. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
March 2012 

41

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, December 31, 2011 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,250,084,844,632 $1,206,370,003,278 $1,205,887,175,554 $240,521,766 $242,305,958

Less amounts held by: 

The Treasury....................................... 150,241,926 31,732,202 31,549,886 7,505 174,811

FRBs ................................................... 174,140,863,198 171,835,076,094 171,835,058,528 - 17,566

Amounts in circulation............................. $1,075,793,739,508 $1,034,503,194,982 $1,034,020,567,140 $240,514,261 $242,113,581

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $43,714,841,354 $6,271,467,008 $37,443,374,346 

Less amounts held by: 

The Treasury....................................... 118,509,724 41,986,752 76,522,972

FRBs ................................................... 2,305,787,104 1,419,408,135 886,378,969 

Amounts in circulation............................. $41,290,544,526 $4,810,072,121 $36,480,472,405 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

March 2012

42 

TABLE USCC-2.—Amounts Outstanding and in Circulation, December 31, 2011 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no

longer issued 

(4) 

$1 ................................................................................ $9,998,620,186 $9,856,744,784 $143,503 $141,731,899

$2 ................................................................................ 1,896,675,820 1,764,702,530 131,960,718 12,572

$5 ................................................................................ 11,797,697,010 11,663,689,520 108,388,810 25,618,680

$10 .............................................................................. 17,190,041,190 17,169,419,320 6,300 20,615,570

$20 .............................................................................. 141,082,184,076 141,062,075,736 3,840 20,104,500

$50 .............................................................................. 69,606,248,700 69,594,748,850 500 11,499,350

$100 ............................................................................ 782,618,890,900 782,596,899,400 - 5 21,991,500

$500 ............................................................................ 142,139,500 141,946,000 5,500 188,000

$1,000 ......................................................................... 165,482,000 165,271,000 5,000 206,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,450,000 3,360,000 - 90,000

Fractional notes 4 ........................................................ 600 - 90 510 

Total currency ......................................................... $1,034,503,194,982 $1,034,020,567,140 $240,514,261 $242,113,581 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

Dec. 31, 2011....................................................................................... 1,075,794 3,439

Nov. 30, 2011....................................................................................... 1,062,276 3,398

Oct. 31, 2011........................................................................................ 1,046,015 3,348

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

June 30, 1960 ...................................................................................... 32,064 177

June 30, 1955 ...................................................................................... 30,229 183

1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain partial denominations not presented for redemption. 

5 Represents current FRB adjustment. 

6 Based on Bureau of the Census’ estimates of population.
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
March 2012 

45

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 - Jan .......................................................................... 133,943 11,041 57,633 52,544 12,725 

Feb ......................................................................... 134,655 11,041 58,054 52,754 12,806 

Mar ......................................................................... 139,315 11,041 56,543 52,399 19,332 

Apr.......................................................................... 142,989 11,041 57,806 54,191 19,950 

May......................................................................... 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 

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-January 2012, swaps outstanding were $104.5 

billion: $84.5 billion with the European Central Bank, $475 million with the Swiss 

National Bank, and $19.5 billion 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 

March 2012 

46 

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 .............. 8,658,334 3,752,827 630,061 2,232,904 1,354 888,509 2,658,164 2,194,406 1,181,414 1,012,992 52,937

Series Break................ 8,655,385 4,065,513 630,061 2,615,683 1,354 818,416 2,658,164 1,864,438 1,181,414 683,024 67,270

 

2010 - Dec. r ............... 9,119,116 4,140,756 640,802 2,725,592 1,409 772,953 2,796,400 2,120,244 1,183,270 936,974 61,716

2011 - Jan. r................ 9,158,911 4,136,267 608,747 2,743,798 1,419 782,304 2,780,827 2,172,954 1,204,522 968,432 68,863

Feb. r............... 9,303,102 4,150,154 602,189 2,759,503 1,427 787,035 2,876,145 2,210,725 1,225,965 984,760 66,078

Mar. r............... 9,587,670 4,148,703 590,238 2,766,951 1,437 790,077 3,082,077 2,286,493 1,285,351 1,001,142 70,397

Apr. r................ 9,705,139 4,197,951 609,116 2,796,507 1,447 790,882 3,165,656 2,262,003 1,270,761 991,242 79,529

May r ............... 9,794,354 4,215,136 604,393 2,818,135 1,456 791,152 3,262,147 2,242,189 1,233,332 1,008,857 74,882

June r .............. 9,505,438 4,219,340 600,382 2,829,418 1,466 788,075 2,960,256 2,245,992 1,251,323 994,669 79,850

July r................ 9,379,145 4,214,968 580,853 2,843,584 1,476 789,056 2,860,607 2,227,397 1,234,274 993,123 76,173

Aug.................. 9,708,647 4,252,284 626,741 2,833,905 1,486 790,153 3,050,775 2,328,965 1,267,597 1,061,368 76,623

Sept................. 9,719,951 4,246,010 583,545 2,872,330 1,495 788,640 2,998,123 2,402,665 1,291,598 1,111,067 73,153

Oct................... 9,660,978 4,214,419 556,897 2,866,358 1,505 789,659 3,007,836 2,357,923 1,228,279 1,129,644 80,800

Nov. p.............. 9,721,404 4,246,283 569,083 2,890,024 1,515 785,662 2,983,449 2,400,852 1,243,120 1,157,732 90,819

Dec. p.............. 9,745,686 4,228,434 562,067 2,869,747 1,525 795,095 2,969,284 2,456,810 1,297,251 1,159,559 91,158

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: 

Mexico, beginning March 1990, 30-year maturity issue (Note: this bond was paid off in full in 

January 2004); Venezuela, beginning December 1990, 30-year maturity issue; Argentina, 

beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies, and 

private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies 

to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the Inter-American 

Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to those 

for earlier dates; figures on the second line are based in part on benchmark surveys as of endJune 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, end-June 2007, 

end-June 2008, end-June 2009, and end-June 2010, respectively, and are comparable to 

those shown for the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other 

depository institutions, and brokers in the United States. Data generally correspond to statistics 

following in this section and in the “Capital Movements” section. Table excludes International 

Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and 

nonnegotiable noninterest-bearing special U.S. notes held by international and regional 

organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

March 2012 

47

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Payable in dollars 

Grand total

(1) 

Total

(2) 

Argentina 1

(3) 

Venezuela 2

(4) 

2006 .............................................................................. 1,026 1,026 82 944

2007 .............................................................................. 1,111 1,111 88 1,022

2008 .............................................................................. 1,203 1,203 95 1,108

2009 .............................................................................. 1,302 1,302 102 1,200

 

2010 – Dec.................................................................... 1,409 1,409 110 1,299

2011 - Jan ..................................................................... 1,419 1,419 110 1,308

Feb..................................................................... 1,427 1,427 111 1,317

Mar..................................................................... 1,437 1,437 112 1,326

Apr ..................................................................... 1,447 1,447 112 1,334

May .................................................................... 1,456 1,456 113 1,343

June................................................................... 1,466 1,466 114 1,352

July .................................................................... 1,476 1,476 114 1,361

Aug .................................................................... 1,486 1,486 115 1,371

Sept ................................................................... 1,495 1,495 116 1,380

Oct ..................................................................... 1,505 1,505 116 1,389

Nov .................................................................... 1,515 1,515 117 1,398

Dec .................................................................... 1,525 1,525 118 1,407

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. 
 

March 2012 

48 

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 

March 2012 

49

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 

March 2012 

50 

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 

March 2012 

51

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 

June r July r Aug. r Sept. Oct. Nov. Dec. p 

Total liabilities to all foreigners............................... 4,640,601 4,844,116 4,704,055 4,974,211 4,900,102 4,824,805 4,835,208 4,866,624 

Payable in dollars............................................... 4,447,191 4,610,980 4,470,919 4,741,075 4,667,904 4,592,607 4,603,010 4,634,426 

Foreign official institutions.............................. 640,802 600,382 580,853 626,741 583,545 556,897 569,083 562,067 

Deposits, excluding negotiable CDs............. 49,884 56,579 53,247 59,035 51,960 45,599 42,367 55,217 

U.S. Treasury bills and certificates ............... 462,303 411,121 392,314 409,224 387,297 374,642 378,981 357,610 

Other short-term negotiable securities,

negotiable CDs, and other custody 

liabilities ....................................................... 26,559 26,027 25,403 26,496 22,440 16,264 17,839 13,807 

Other liabilities............................................ 102,056 106,655 109,889 131,986 121,848 120,392 129,896 135,433 

Foreign banks (including own foreign 

offices) and other foreigners ....................... 3,787,151 3,980,308 3,863,610 4,087,101 4,058,310 4,004,704 3,995,158 4,035,124 

Deposits, excluding negotiable CDs.......... 1,780,399 1,936,540 1,903,019 2,103,281 2,110,151 2,100,461 2,059,492 2,053,492 

U.S. Treasury bills and certificates ............ 262,245 224,964 206,981 218,575 242,474 242,901 261,131 281,016 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ................................................... 377,304 402,392 393,156 386,388 382,001 358,594 369,357 356,394 

Other liabilities............................................ 1,367,203 1,416,412 1,360,454 1,378,857 1,323,684 1,302,748 1,305,178 1,344,222 

International and regional organizations 1 ..... 19,238 30,290 26,456 27,233 26,049 31,006 38,769 37,235 

Deposits, excluding negotiable CDs.......... 9,637 17,734 15,580 13,610 13,948 13,927 12,452 14,441 

U.S. Treasury bills and certificates ............ 5,454 5,297 4,496 4,154 5,424 6,130 9,692 9,542 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ................................................... 1,863 2,383 2,359 2,846 3,195 3,347 2,890 3,241 

Other liabilities............................................ 2,284 4,876 4,021 6,623 3,482 7,602 13,735 10,011 

Payable in foreign currencies2 ........................... 193,410 233,136 233,136 233,136 232,198 232,198 232,198 232,198 

Sector: 

Banks and other foreigners........................ 192,519 231,271 231,271 231,271 231,411 231,411 231,411 231,411 

International and regional organizations 1 ...... 891 1,865 1,865 1,865 787 787 787 787 

Major currencies: 

Canadian dollars ........................................ 15,907 23,276 23,276 23,276 21,269 21,269 21,269 21,269 

Euro............................................................ 81,631 105,227 105,227 105,227 91,514 91,514 91,514 91,514 

United Kingdom pounds sterling................ 11,329 13,959 13,959 13,959 14,462 14,462 14,462 14,462 

Japanese yen............................................. 46,183 42,775 42,775 42,775 54,615 54,615 54,615 54,615 

Memoranda: 

Respondents’ own liabilities payable in 

dollars ........................................................ 3,311,463 3,538,796 3,446,210 3,693,392 3,625,073 3,590,729 3,563,120 3,612,816 

Liabilities to own foreign offices..................... 2,247,574 2,314,294 2,235,675 2,439,233 2,378,231 2,370,811 2,350,493 2,352,886 

Liabilities collaterized by repurchase 

agreements ............................................ 635,755 738,464 704,713 744,075 687,021 683,436 663,688 763,137 

Foreign official institutions...................... 87,475 97,241 99,141 124,680 110,992 108,724 117,170 121,626 

Foreign banks and other foreigners....... 546,721 637,882 602,373 613,956 574,316 569,151 534,088 633,002 

International and regional organizations 1..... 1,559 3,341 3,199 5,439 1,713 5,561 12,430 8,509 

Reported by IBFs ....................................... 560,121 649,989 617,742 750,267 710,497 704,830 700,735 744,508 

Respondents’ own liabilities payable in 

 foreign currencies 2 ..................................... 186,715 224,058 224,058 224,058 224,073 224,073 224,073 224,073 

Reported by IBFs ....................................... 45,650 50,592 50,592 50,592 54,320 54,320 54,320 54,320 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 1,142,423 1,081,262 1,033,787 1,056,761 1,050,956 1,010,003 1,048,015 1,029,735 

Payable in dollars....................................... 1,135,728 1,072,184 1,024,709 1,047,683 1,042,831 1,001,878 1,039,890 1,021,610 

of which: other short-term negotiable 

securities and negotiable CDs ............ 217,402 241,046 229,791 225,799 218,147 190,942 197,790 190,938 

 of which: short-term U.S. Government 

agency securities ................................ 43,594 43,122 48,307 49,794 45,421 39,661 39,576 31,876 

 of which: negotiable CDs ...................... 72,552 86,006 71,342 70,151 68,910 60,507 61,529 63,057 

Payable in foreign currencies 2 .................. 6,695 9,078 9,078 9,078 8,125 8,125 8,125 8,125 

 

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 

March 2012 

52 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country

Calendar year 2011 

2008 2009 2010 r Aug. r Sept. Oct. Nov. Dec. p

Europe: Austria ............................................... 2,568 1,954 2,436 3,260 2,735 2,657 2,550 3,520

Belgium ............................................ 16,278 14,676 19,090 18,150 24,221 26,242 24,136 25,345

Bulgaria ............................................. 125 148 130 681 143 146 145 143

Cyprus............................................... 789 1,780 968 698 721 620 776 765

Czech Republic ................................. 681 881 504 172 428 173 174 184

Denmark............................................ 4,548 3,339 5,168 5,501 5,762 5,838 5,961 5,679

Finland............................................... 1,615 1,127 1,095 872 1,256 8,533 3,627 3,595

France ............................................... 59,520 60,904 58,462 112,960 132,927 143,929 113,904 138,864

Germany............................................ 159,709 112,143 108,350 138,142 127,432 131,959 128,986 120,283

Greece............................................... 2,005 1,071 1,270 880 1,004 1,572 3,146 4,430

Hungary............................................. 781 575 794 706 754 1,158 911 1,129

Iceland .............................................. 1,096 815 864 1,495 1,594 1,787 2,366 1,760

Ireland ............................................... 182,351 147,936 129,133 131,040 139,547 127,048 142,497 145,506

Italy.................................................... 8,821 8,695 6,367 12,561 13,900 14,727 13,923 13,963

Kazakhstan ....................................... 13,765 10,425 13,219 20,834 19,476 22,473 24,850 22,308

Luxembourg ..................................... 130,917 101,534 89,844 83,766 95,618 90,075 84,047 104,059

Monaco.............................................. 314 177 186 347 676 889 599 810

Netherlands....................................... 37,005 17,924 15,799 24,581 22,274 19,617 20,397 18,221

Norway .............................................. 18,000 2,438 3,002 3,394 4,728 2,920 4,641 3,579

Poland ............................................... 4,731 4,786 6,037 5,189 4,023 4,372 4,130 5,642

Portugal............................................. 2,166 1,790 2,710 906 1,846 1,516 1,306 1,972

Romania............................................ 647 590 3,468 286 295 348 402 343

Russia .............................................. 73,139 74,671 50,963 13,194 11,981 12,328 12,428 12,827

Serbia and Montenegro .................... 182 300 457 694 1,542 1,702 1,510 1,320

Spain ................................................. 17,414 14,369 12,615 14,751 16,522 15,141 15,201 14,190

Sweden ............................................. 3,963 5,917 5,296 9,564 11,119 8,168 8,303 7,251

Switzerland........................................ 57,583 47,786 45,900 87,433 87,408 58,185 64,551 88,274

Turkey ............................................... 20,281 22,377 24,178 30,357 29,756 31,018 32,023 21,390

Ukraine.............................................. 4,071 3,167 4,278 4,431 3,513 3,946 3,956 3,375

United Kingdom................................. 784,793 784,529 996,534 1,188,986 1,122,542 1,145,801 1,111,630 1,093,248

Channel Islands ................................ 12,344 14,953 18,238 11,596 12,396 10,783 11,649 13,123

All other Europe ................................ 7,965 9,182 8,826 8,361 7,629 8,707 8,910 13,561

Total Europe.................................. 1,630,168 1,472,960 1,636,181 1,935,788 1,905,768 1,904,379 1,853,637 1,890,659

Memo: Euro Area 1 .......................... 621,493 486,405 448,713 543,384 580,595 584,213 555,048 595,351

Memo: European Union 2................. 1,422,690 1,287,981 1,467,304 1,754,849 1,725,948 1,750,670 1,687,021 1,709,386

Canada.................................................. 80,127 93,981 111,151 133,187 144,166 110,402 138,032 140,616

Latin America: Argentina........................................... 12,949 12,653 12,378 11,994 11,893 11,725 12,127 11,293

Belize................................................. 299 329 308 400 412 437 442 464

Bolivia................................................ 4,544 2,955 1,711 2,371 2,066 2,102 1,986 2,109

Brazil ................................................. 18,586 62,357 47,326 22,838 25,507 22,746 23,336 24,684

Chile .................................................. 15,909 11,710 16,277 22,806 22,792 24,033 20,861 21,658

Colombia ........................................... 10,396 17,640 21,022 20,703 20,732 19,613 14,414 12,067

Costa Rica......................................... 2,005 1,957 1,431 1,452 1,326 1,374 1,713 1,517

Ecuador............................................. 3,600 3,919 3,841 3,499 3,622 3,550 3,650 3,869

El Salvador........................................ 2,945 2,826 1,873 1,740 1,800 1,441 1,454 1,516

Guatemala......................................... 1,875 2,153 2,170 2,369 2,461 2,461 2,014 1,865

Guyana.............................................. 276 204 270 291 237 238 275 223

Honduras........................................... 1,570 1,420 1,549 1,609 1,598 1,700 1,583 1,740

Mexico............................................... 71,040 51,643 62,657 58,332 66,335 64,048 60,669 66,508

Nicaragua.......................................... 301 491 773 889 926 929 775 810

Panama............................................. 10,891 9,852 8,095 6,985 7,420 7,706 7,590 7,902

Paraguay........................................... 667 716 902 739 840 778 838 828

Peru................................................... 4,712 4,894 7,761 9,054 8,317 8,940 9,663 9,078

Suriname........................................... 157 278 269 383 343 445 371 515

Uruguay............................................. 8,221 8,768 7,746 8,510 8,246 8,537 8,154 8,056

Venezuela ......................................... 26,816 25,245 23,060 23,208 23,169 22,999 21,890 26,884

All other Latin America...................... 48 59 50 33 30 29 33 35

Total Latin America ....................... 197,807 222,069 221,469 200,205 210,072 205,831 193,838 203,621

Caribbean: Anguilla.............................................. 13,091 11,520 10,913 13,408 13,031 13,451 12,738 11,938

Antigua and Barbuda ........................ 115 118 69 89 91 89 93 100

Aruba................................................. 738 589 372 388 361 382 402 335

Bahamas ........................................... 338,432 290,354 264,388 279,703 268,607 273,323 248,255 238,155

Barbados........................................... 17,056 10,407 11,538 11,527 11,615 12,330 12,728 14,860

Bermuda............................................ 53,173 40,291 42,395 55,378 54,768 52,035 50,218 48,421

British Virgin Islands ......................... 44,616 34,856 44,215 42,555 45,195 41,601 41,872 42,520

Cayman Islands ................................ 1,544,995 1,480,624 1,531,892 1,483,397 1,473,584 1,425,660 1,461,232 1,417,047

Cuba.................................................. 89 83 77 51 51 48 47 46

Dominican Republic .......................... 3,089 3,286 3,546 2,968 2,921 2,773 3,070 3,231

French West Indies ........................... 26 36 35 27 36 32 32 37

Haiti ................................................... 540 679 1,275 1,303 996 987 935 928

Jamaica............................................. 1,023 989 877 972 935 823 850 1,033

Netherlands Antilles .......................... 6,679 6,944 7,681 6,296 6,667 7,034 6,284 6,586

See footnotes at end of table.
CAPITAL MOVEMENTS 

March 2012 

53

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2011 

2008 2009 2010 r Aug. r Sept. Oct. Nov. Dec. p

Caribbean, con. 

St. Kitts and Nevis.......................... 139 144 159 168 182 213 202 214

Trinidad and Tobago...................... 3,945 3,988 3,474 3,802 4,127 3,950 3,540 5,008

Turks and Caicos Islands............... 227 107 100 76 81 230 83 75

All other Caribbean ........................ 170 127 161 120 120 130 160 268

Total Caribbean.......................... 2,028,143 1,885,142 1,923,168 1,902,227 1,883,368 1,835,091 1,842,741 1,790,802

Asia: 

Bangladesh .................................... 3,479 4,506 3,837 3,685 2,721 3,135 1,988 2,841

China, Mainland ............................. 226,169 106,078 47,475 49,623 30,788 38,649 44,436 56,336

Hong Kong ..................................... 54,534 129,918 106,545 89,169 88,348 81,638 74,288 92,481

India................................................ 28,834 26,421 25,762 25,761 22,095 21,637 19,870 19,616

Indonesia........................................ 10,005 21,671 22,547 30,425 21,976 18,243 15,706 19,415

Israel............................................... 20,860 16,816 18,485 18,872 20,622 23,654 22,330 21,211

Japan.............................................. 251,993 185,546 161,612 211,574 190,212 194,263 232,462 218,616

Jordan ............................................ 2,247 2,527 2,752 2,120 1,849 1,986 1,642 2,059

Korea, South .................................. 16,078 12,458 12,305 13,368 17,728 19,313 18,211 18,977

Laos................................................ 66 74 103 59 38 55 37 97

Lebanon ......................................... 1,434 1,421 1,616 2,438 954 1,322 1,369 1,245

Malaysia ......................................... 2,346 2,297 4,290 4,105 3,185 3,491 4,205 3,825

Pakistan.......................................... 4,186 3,805 5,272 7,101 5,476 5,504 4,444 4,333

Philippines...................................... 9,561 5,365 6,189 6,459 6,686 8,379 8,669 11,295

Singapore....................................... 45,194 28,378 43,422 37,110 37,714 37,991 35,455 38,386

Syria ............................................... 65 34 39 44 41 42 40 40

Taiwan............................................ 30,702 29,938 31,349 24,985 27,869 28,675 28,823 31,239

Thailand.......................................... 18,748 17,028 31,736 32,652 33,831 39,328 39,438 35,271

Yemen............................................ 212 336 247 482 327 305 511 275

Oil exporting countries 3 ................. 121,758 105,728 100,923 121,082 119,680 120,430 126,477 135,401

All other Asia .................................. 7,133 7,563 6,501 6,265 6,948 9,269 7,985 8,804

Total Asia ................................... 855,604 707,908 633,007 687,379 639,088 657,309 688,386 721,763

Africa: 

Botswana........................................ 376 307 232 716 609 423 403 319

Egypt .............................................. 9,401 17,481 26,550 12,669 11,033 8,874 7,195 7,102

Ghana............................................. 316 284 641 702 665 651 658 854

Kenya ............................................. 342 476 400 614 450 645 580 515

Liberia............................................. 466 626 664 678 665 591 569 552

Mauritius......................................... 1,089 1,669 2,145 1,881 1,942 1,784 3,822 1,984

Morocco.......................................... 379 339 786 547 360 324 167 237

Mozambique................................... 141 232 283 309 339 344 383 480

South Africa.................................... 4,215 3,005 1,384 1,621 1,581 2,357 1,990 2,162

Tanzania......................................... 682 482 483 572 585 540 618 696

Uganda........................................... 329 441 468 520 345 633 650 596

Zambia ........................................... 141 235 425 487 379 438 390 369

Zimbabwe....................................... 88 276 321 193 192 217 194 213

Oil exporting countries 4 ................. 4,380 7,108 5,605 6,776 7,194 6,531 6,882 6,667

All other Africa................................ 6,605 8,239 6,938 9,045 8,120 7,074 5,470 7,402

Total Africa ................................. 28,950 41,200 47,325 37,330 34,459 31,426 29,971 30,148

Other countries: 

Australia ......................................... 33,479 27,056 32,863 33,113 39,246 32,292 33,540 36,469

New Zealand .................................. 3,849 5,480 3,919 5,469 7,658 6,451 5,971 4,759

French Polynesia ........................... 143 164 142 138 120 138 124 131

All other .......................................... 10,857 7,428 11,247 10,277 9,321 9,693 9,412 9,634

Total other ................................. 48,328 40,128 48,171 48,997 56,345 48,574 49,047 50,993

All countries........................................ 4,869,127 4,463,388 4,620,472 4,945,113 4,873,266 4,793,012 4,795,652 4,828,602

International and regional orgs: International organizations............ 32,837 13,453 14,667 21,140 18,625 23,969 32,327 30,090

Regional organizations 5 ............... 4,692 3,126 5,462 7,958 8,211 7,824 7,229 7,932

Total international and 

 regional organizations............. 37,529 16,579 20,129 29,098 26,836 31,793 39,556 38,022

Grand total ............................. 4,906,656 4,479,967 4,640,601 4,974,211 4,900,102 4,824,805 4,835,208 4,866,624

 

1

 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For data as of 

January 2009, also includes Slovakia. For data as of January 2011, also includes Estonia. 

2 As of January 2007, includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, 

Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2012 

54 

TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2011, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Liabilities payable in dollars 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Non-negotiable deposits 

and brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous liabilities 2

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

Europe: 

Austria ............................ 3,520 2,719 2,134 585 1,448 352 302 85 5 488 39 801

Belgium .......................... 25,345 22,646 8,750 13,896 2,671 671 8,207 1,098 4,577 5,412 10 2,699

Cyprus............................ 765 761 758 2 437 202 2 - - 2 117 4

Czech Republic .............. 184 156 156 - 45 85 - - - 25 1 28

Denmark......................... 5,679 5,653 1,177 4,476 448 296 4,294 93 15 474 33 26

Finland............................ 3,595 3,483 2,949 535 2,672 122 58 51 426 138 17 112

France ............................ 138,864 124,499 109,639 14,860 80,220 2,208 12,354 1,204 1,245 19,315 7,953 14,365

Germany......................... 120,283 98,987 91,252 7,735 30,835 2,625 5,167 1,092 468 58,111 689 21,296

Greece............................ 4,430 4,416 1,133 3,284 427 642 3,280 - 4 41 22 14

Hungary.......................... 1,129 1,111 551 560 68 115 551 1 8 367 1 18

Ireland ............................ 145,506 143,939 25,372 118,567 3,898 4,384 40,716 46,452 27,980 7,149 13,360 1,567

Italy................................. 13,963 12,713 11,689 1,024 9,949 1,014 777 8 149 721 95 1,250

Kazakhstan .................... 22,308 22,140 2,109 20,031 1,393 50 19,831 200 - 650 16 168

Luxembourg ................... 104,059 101,884 25,562 76,322 5,178 10,675 43,543 21,475 9,525 1,119 10,369 2,175

Monaco........................... 810 809 689 120 199 454 120 - - 36 - 1

Netherlands.................... 18,221 17,270 13,700 3,570 5,412 6,715 1,455 1,082 97 1,321 1,188 951

Norway ........................... 3,579 3,526 2,880 646 666 159 329 280 37 2,025 30 53

Poland ............................ 5,642 5,628 1,822 3,806 1,506 212 2,882 924 - 104 - 14

Portugal.......................... 1,972 1,963 1,935 28 1,212 681 27 - 1 39 3 9

Romania......................... 343 342 342 - 23 72 - - - 241 6 1

Russia ............................ 12,827 12,721 7,516 5,205 5,409 1,023 5,200 4 1 994 90 106

Spain .............................. 14,190 13,165 11,634 1,531 4,692 2,169 1,429 9 29 4,755 82 1,025

Sweden........................... 7,251 7,163 5,189 1,974 196 358 487 1,248 91 3,766 1,017 88

Switzerland..................... 88,274 85,643 60,929 24,714 49,969 3,338 19,413 4,773 400 6,916 834 2,631

Turkey............................. 21,390 21,335 3,401 17,934 2,194 222 17,871 60 1 984 3 55

Ukraine ........................... 3,375 3,334 3,334 - 3,108 197 - - - 25 4 41

United Kingdom.............. 1,093,248 1,038,114 1,017,061 21,053 457,876 19,604 15,350 980 2,665 280,638 261,001 55,134

Channel Islands ............. 13,123 12,493 8,227 4,266 3,291 3,542 3,550 391 128 93 1,498 630

All other Europe............... 16,784 16,725 13,968 2,757 3,225 1,002 2,400 295 62 9,690 51 59

Total Europe ................ 1,890,659 1,785,338 1,435,858 349,480 678,668 63,189 209,594 81,805 47,914 405,639 298,529 105,321

Memo: Euro Area 4...... 595,351 549,068 307,041 242,027 149,239 32,758 117,347 72,613 44,507 98,660 33,944 46,283

Canada................................. 140,616 131,522 117,889 13,633 14,553 9,093 10,371 1,501 289 80,021 15,694 9,094

Latin America: 

Argentina.......................... 11,293 11,102 10,462 640 544 9,470 352 111 173 276 176 191

Belize................................ 464 462 448 14 184 208 1 - 13 55 1 2

Bolivia............................... 2,109 2,092 1,763 329 551 1,201 83 185 61 11 - 17

Brazil................................. 24,684 24,182 21,684 2,498 6,824 8,128 1,842 256 349 1,675 5,108 502

Chile ................................. 21,658 21,120 12,470 8,650 7,270 4,038 3,390 2,507 2,688 1,132 95 538

Colombia .......................... 12,067 11,993 6,261 5,732 1,319 4,522 5,407 246 42 397 60 74

Costa Rica........................ 1,517 1,512 1,410 102 419 537 10 40 52 448 6 5

Ecuador............................ 3,869 3,848 3,652 196 890 2,467 43 94 34 239 81 21

El Salvador....................... 1,516 1,504 1,214 290 269 555 - 268 22 372 18 12

Guatemala........................ 1,865 1,806 1,694 112 224 1,165 48 58 6 284 21 59

Honduras.......................... 1,740 1,740 1,688 52 816 757 1 24 26 115 1 -

Mexico .............................. 66,508 56,843 52,793 4,050 24,086 23,502 966 515 2,554 4,530 690 9,665

Panama............................ 7,902 7,735 7,187 548 3,094 3,457 309 146 91 529 109 167

Paraguay.......................... 828 828 761 67 174 565 1 65 1 15 7 -

Peru .................................. 9,078 8,686 7,912 774 4,873 1,780 255 497 19 1,247 15 392

Uruguay............................ 8,056 7,989 7,605 384 1,435 2,619 258 63 63 3,429 122 67

Venezuela ........................ 26,884 26,671 25,789 882 6,838 18,395 43 681 156 292 266 213

All other Latin America .... 1,583 1,582 1,444 138 466 507 31 54 53 471 - 1

Total Latin America ..... 203,621 191,695 166,237 25,458 60,276 83,873 13,040 5,810 6,403 15,517 6,776 11,926

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2012 

55

TABLE CM-I-3.—Total Liabilities 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 

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........................................ 335 335 327 8 96 168 - 6 2 6 57 -

Bahamas.................................. 238,155 237,529 235,667 1,862 188,057 5,827 1,017 675 126 39,541 2,286 626

Barbados.................................. 14,860 14,835 8,309 6,526 2,900 421 5,267 1,072 178 4,948 49 25

Bermuda .................................. 48,421 45,318 17,103 28,215 1,478 12,852 18,794 8,109 758 196 3,131 3,103

British Virgin Islands ................ 42,520 39,801 24,378 15,423 96 22,242 12,525 2,134 412 - 2,392 2,719

Cayman Islands ....................... 1,417,047 1,376,201 1,124,536 251,665 492,325 209,070 70,677 11,758 2,064 474,643 115,664 40,846

Dominican Republic................. 3,231 3,219 3,202 17 588 1,799 2 10 5 801 14 12

Haiti .......................................... 928 928 892 36 411 320 6 7 23 161 - -

Jamaica.................................... 1,033 961 953 8 281 361 4 - 4 306 5 72

Netherlands Antilles................. 6,586 6,497 6,342 155 2,902 3,017 87 47 21 338 85 89

Trinidad and Tobago................ 5,008 4,716 2,543 2,173 1,701 352 2,118 2 3 486 54 292

All other Caribbean .................. 12,678 11,221 11,174 47 128 10,355 17 16 14 2 689 1,457

Total Caribbean.................. 1,790,802 1,741,561 1,435,426 306,135 690,963 266,784 110,514 23,836 3,610 521,428 124,426 49,241

Asia: 

China, Mainland....................... 56,336 56,198 52,819 3,379 36,526 5,566 2,909 216 55 10,654 272 138

Hong Kong............................... 92,481 90,646 48,169 42,477 25,223 3,092 41,295 973 128 9,387 10,548 1,835

India ......................................... 19,616 19,551 7,455 12,096 2,080 2,460 10,558 1,370 52 2,792 239 65

Indonesia ................................. 19,415 19,402 5,655 13,747 3,212 518 13,643 97 6 1,871 55 13

Israel ........................................ 21,211 21,060 10,977 10,083 1,169 1,894 9,974 71 37 7,895 20 151

Japan ....................................... 218,616 181,474 102,191 79,283 31,663 9,049 76,995 1,040 115 59,180 3,432 37,142

Jordan ...................................... 2,059 2,059 1,949 110 1,851 81 - - 110 13 4 -

Korea, South............................ 18,977 18,057 9,217 8,840 3,858 968 6,780 1,533 224 4,499 195 920

Malaysia................................... 3,825 3,772 3,544 228 2,949 228 211 12 2 349 21 53

Pakistan ................................... 4,333 4,333 3,539 794 445 285 771 1 - 2,803 28 -

Philippines................................ 11,295 11,274 10,474 800 2,122 2,587 775 17 8 5,652 113 21

Singapore................................. 38,386 37,339 29,396 7,943 23,264 2,534 6,245 1,237 455 3,486 118 1,047

Taiwan...................................... 31,239 31,017 28,191 2,826 9,752 6,613 2,498 22 283 11,417 432 222

Thailand ................................... 35,271 35,263 2,942 32,321 1,583 650 32,200 27 85 704 14 8

All other Asia............................ 148,703 148,387 60,454 87,933 18,697 3,623 81,667 5,346 904 37,656 494 316

Total Asia............................. 721,763 679,832 376,972 302,860 164,394 40,148 286,521 11,962 2,464 158,358 15,985 41,931

Africa: 

Egypt........................................ 7,102 7,101 5,586 1,515 1,734 247 1,473 - 42 3,602 3 1

Ghana ...................................... 854 854 839 15 145 82 15 - - 611 1 -

Kenya....................................... 515 515 515 - 356 98 - - - 60 1 -

Liberia ...................................... 552 544 484 60 21 325 60 - - 138 - 8

Morocco ................................... 237 230 224 6 166 48 - 1 - 10 5 7

South Africa ............................. 2,162 2,063 1,732 331 1,288 262 322 2 7 100 82 99

All other Africa.......................... 18,726 18,231 16,940 1,291 10,560 2,749 1,289 2 - 3,330 301 495

Total Africa........................... 30,148 29,538 26,320 3,218 14,270 3,811 3,159 5 49 7,851 393 610

Other countries: 

Australia ................................... 36,469 31,362 23,940 7,422 14,859 2,391 4,908 865 1,083 6,478 778 5,107

New Zealand............................ 4,759 4,725 4,272 453 193 340 381 67 4 3,673 67 34

All other.................................... 9,765 1,618 1,450 168 213 691 138 26 4 540 6 8,147

Total other........................... 50,993 37,705 29,662 8,043 15,265 3,422 5,427 958 1,091 10,691 851 13,288

All countries.................................. 4,828,602 4,597,191 3,588,364 1,008,827 1,638,389 470,320 638,626 125,877 61,820 1,199,505 462,654 231,411

International and regional orgs: 

International organizations....... 30,090 29,416 19,912 9,504 - 11,931 9,071 100 333 - 7,981 674

Regional organizations 5.......... 7,932 7,819 4,540 3,279 - 2,510 471 1,904 904 - 2,030 113

Total International and 

 regional organizations ........ 38,022 37,235 24,452 12,783 - 14,441 9,542 2,004 1,237 - 10,011 787

Grand total ...................... 4,866,624 4,634,426 3,612,816 1,021,610 1,638,389 484,761 648,168 127,881 63,057 1,199,505 472,665 232,198

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 

March 2012 

56 

U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.9 trillion in December 2011, an 

increase of $226 billion from yearend 2010. U.S. banking liabilities include foreign holdings of U.S. shortterm securities but exclude foreign holdings of U.S. long-term securities. U.S. banking liabilities decreased 

about $427 billion in 2009 but increased about $200 billion in 2008 and about $161 billion in 2010. However, 

the 2008 increase is primarily attributable to the addition of several new bank holding companies to the 

reporter panel. 

U.S. banking liabilities are concentrated in international financial centers. The data on this page show that 

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. U.S. liabilities to 

foreigners also grew in 2011 for most other regions except the Caribbean, where the decline may partially 

result from regulatory changes that made positions with offshore branches less advantageous to U.S. banks. 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years

2007 2008 2009 2010 Dec. 2011 

United Kingdom ..................... 1,051,764 784,793 784,529 996,534 1,093,248

All other Europe ..................... 828,379 845,375 688,431 639,647 797,411

Caribbean banking centers 1 .... 1,877,001 1,998,786 1,862,921 1,898,666 1,760,631

Japan ..................................... 190,122 251,993 185,546 161,612 218,616

All other Asia ......................... 385,448 603,611 522,362 471,395 503,147

Subtotal ............................... 4,332,714 4,484,558 4,043,789 4,167,854 4,373,053

All other countries .................. 373,596 422,098 436,178 472,747 493,571

Grand total ........................... 4,706,310 4,906,656 4,479,967 4,640,601 4,866,624

 

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British 

Virgin Islands. 
 CAPITAL MOVEMENTS 

March 2012 

57

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 

Sept. r Dec. r Mar. r June Sept. p

 

Total claims .............................................................. 3,981,531 4,431,775 4,545,718 4,657,438 4,449,637 4,400,400

Payable in dollars .................................................. 3,600,673 4,031,661 4,123,616 4,223,072 4,027,340 3,996,918

Own claims on foreigners ................................... 2,808,203 3,227,841 3,258,964 3,352,391 3,206,374 3,261,683

Foreign official institutions ............................... 47,057 59,323 55,772 58,829 44,325 43,532

Foreign banks, including own foreign 

offices ........................................................... 2,155,942 2,448,604 2,467,628 2,526,909 2,335,690 2,375,208

All other foreigners .......................................... 603,743 710,286 724,705 766,653 826,359 842,943

Claims of domestic customers .............................. 792,470 803,820 864,652 870,681 820,966 735,235

Payable in foreign currencies .................................. 380,858 400,114 422,102 434,366 422,297 403,482

Own claims on foreigners ..................................... 333,622 324,671 339,979 350,239 308,216 302,024

of which: 

Canadian dollars .............................................. 43,712 38,055 41,794 48,928 51,154 39,036

Euros ................................................................ 182,243 160,833 169,063 170,414 133,331 129,693

United Kingdom pounds sterling ...................... 33,074 32,771 30,495 35,431 37,245 38,391

Japanese yen ................................................... 37,615 48,659 50,879 39,915 33,703 33,764

Claims of domestic customers .............................. 47,236 75,443 82,123 84,127 114,081 101,458

of which: 

Canadian dollars .............................................. 6,912 13,791 15,436 16,111 16,650 18,191

Euros ................................................................ 28,355 31,267 32,940 40,628 42,327 28,560

United Kingdom pounds sterling ...................... 3,680 3,012 2,822 4,817 3,518 2,308

Japanese yen ................................................... 3,468 17,182 18,149 10,043 35,880 36,404

Memoranda: 

Total own claims on foreigners ............................. 3,141,825 3,552,512 3,598,943 3,702,630 3,514,590 3,563,707

Non-negotiable deposits .................................... 1,492,372 1,640,739 1,671,804 1,716,655 1,473,124 1,512,089

Short-term negotiable instruments 

 (payable in dollars) ........................................... 13,201 14,061 16,633 15,329 18,536 15,226

Resale agreements ............................................ 530,527 752,743 734,316 737,048 794,162 794,439

Other ................................................................... 1,107,574 1,147,064 1,176,190 1,233,598 1,228,768 1,241,953

Claims on own foreign offices ............................... 2,054,846 2,288,296 2,295,951 2,342,220 2,284,386 2,272,347

Claims reported by IBFs ....................................... 669,710 655,933 669,307 716,753 670,271 648,123

Payable in dollars ............................................... 627,476 600,171 615,435 664,970 623,224 609,022

Payable in foreign currencies ............................. 42,234 55,762 53,872 51,783 47,047 39,101

Total claims held for domestic customers ............ 839,706 879,263 946,775 954,808 935,047 836,693

Non-negotiable deposits .................................... 378,672 400,434 436,422 405,799 407,679 412,048

Short-term negotiable instruments 

 (payable in dollars) ........................................... 417,354 402,770 424,957 466,149 427,705 341,134

Other................................................................... 43,680 77,590 85,396 82,860 99,663 83,511

 
CAPITAL MOVEMENTS 

March 2012 

58 

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 

Mar. June Sept. Dec. r Mar. r June Sept. p

Europe: 

Austria ................................................... 3,299 3,600 3,119 2,786 3,470 3,639 3,171 3,576

Belgium.................................................. 14,056 13,544 17,702 19,546 20,967 19,761 16,288 10,639

Bulgaria ................................................. 23 18 17 15 19 10 9 10

Czech Republic ..................................... 514 469 114 50 72 49 59 24

Denmark................................................ 6,054 4,421 3,237 4,278 4,004 3,231 2,784 2,837

Finland................................................... 43,722 26,151 27,998 36,662 45,772 41,767 40,547 39,169

France ................................................... 196,350 208,454 165,469 205,399 210,262 249,447 264,121 165,165

Germany................................................ 88,001 76,895 90,422 96,587 91,730 90,515 84,694 77,616

Greece................................................... 970 1,313 663 655 693 990 1,016 685

Hungary................................................. 1,395 1,324 1,077 602 556 179 179 338

Ireland.................................................... 76,082 60,237 54,391 43,406 29,265 32,568 31,138 33,392

Italy ........................................................ 51,033 55,101 31,211 45,189 32,858 30,868 29,084 10,924

Kazakhstan ........................................... 377 262 223 357 270 277 358 106

Luxembourg .......................................... 31,406 25,442 26,835 25,063 23,661 30,425 34,894 25,867

Netherlands ........................................... 66,921 57,840 47,074 52,522 48,175 58,620 68,870 59,736

Norway .................................................. 21,433 18,123 20,626 22,695 17,456 21,865 18,229 17,570

Poland ................................................... 495 1,270 1,229 2,192 402 940 233 442

Portugal ................................................. 2,357 1,620 1,261 1,269 1,415 1,542 1,611 1,244

Romania ................................................ 183 128 119 116 112 178 254 502

Russia.................................................... 1,822 1,548 1,219 1,453 1,353 1,105 1,104 1,786

Spain ..................................................... 46,988 44,900 27,813 28,321 15,122 14,081 16,888 10,550

Sweden.................................................. 15,715 24,042 33,558 32,255 41,082 54,830 43,484 40,400

Switzerland............................................ 79,447 73,951 66,840 67,536 57,856 70,010 69,715 98,604

Turkey.................................................... 4,170 4,422 4,887 5,373 5,526 4,946 5,040 5,721

United Kingdom..................................... 1,157,152 1,241,191 1,246,841 1,309,092 1,328,224 1,344,945 1,260,279 1,241,535

Channel Islands..................................... 19,616 19,287 13,679 15,736 15,497 16,231 14,598 12,835

All other Europe .................................... 5,227 6,927 6,995 5,444 4,901 6,115 6,262 5,221

Total Europe ....................................... 1,934,807 1,972,481 1,894,617 2,024,599 2,000,721 2,099,133 2,014,909 1,866,495

Memo: Euro Area 1 ............................. 625,053 578,472 497,430 559,726 525,427 576,545 594,727 439,789

Memo: European Union 2 ................... 1,806,596 1,851,346 1,783,634 1,908,336 1,899,905 1,980,913 1,902,023 1,725,993

Canada ..................................................... 170,119 200,986 190,477 184,736 221,358 226,948 234,072 228,697

Latin America: 

Argentina ............................................... 3,585 3,554 3,869 4,216 4,372 4,520 4,925 7,220

Bolivia ................................................... 516 411 387 409 154 137 158 163

Brazil...................................................... 32,953 36,709 42,009 53,607 56,730 63,088 70,150 76,886

Chile ...................................................... 14,461 14,048 14,452 15,041 14,985 16,075 16,713 15,502

Colombia ............................................... 3,553 3,862 4,360 4,610 7,443 8,552 7,912 8,493

Costa Rica ............................................ 1,017 950 1,036 997 1,228 1,208 1,605 1,941

Ecuador................................................. 503 500 488 508 491 452 433 439

El Salvador ........................................... 558 424 358 261 386 395 551 496

Guatemala............................................. 1,103 1,123 1,076 1,055 1,249 1,298 1,983 2,219

Honduras .............................................. 391 320 347 336 372 398 435 394

Mexico ................................................... 24,658 26,146 29,823 28,737 31,723 36,478 34,908 34,778

Nicaragua .............................................. 73 77 74 79 97 89 105 104

Panama ................................................. 3,229 3,009 3,035 3,767 3,768 3,867 4,428 4,796

Paraguay .............................................. 137 151 147 180 488 289 349 346

Peru ....................................................... 3,118 3,612 3,706 4,376 4,419 5,180 5,996 5,651

Uruguay................................................. 715 537 687 395 2,446 504 550 897

Venezuela ............................................. 1,742 1,583 1,579 1,536 1,573 1,747 2,075 1,825

All other Latin America ......................... 35 32 32 29 72 42 71 197

Total Latin America............................. 92,347 97,048 107,465 120,139 131,996 144,319 153,347 162,347

Caribbean: 

Anguilla ................................................. 10,715 11,544 13,167 10,693 10,826 13,233 13,120 13,285

Bahamas ............................................... 268,057 352,345 355,349 370,710 380,494 404,566 374,185 480,615

Barbados .............................................. 489 438 561 523 504 547 627 633

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2012 

59

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 

Mar. June Sept. Dec. r Mar. r June Sept. p

Caribbean, con. 

Bermuda..................................... 11,202 10,502 10,718 10,524 12,256 12,658 14,269 16,416

British Virgin Islands................... 7,007 8,896 11,452 10,651 12,552 13,466 13,931 13,457

Cayman Islands.......................... 1,073,339 1,094,406 1,149,172 1,142,204 1,177,432 1,140,961 983,669 953,163

Dominican Republic ................... 780 719 827 845 891 897 1,101 1,094

Haiti ............................................ 48 42 40 43 38 40 33 30

Jamaica ...................................... 452 435 395 341 379 355 466 585

Netherlands Antilles ................... 7,210 7,126 8,026 6,906 6,080 6,987 6,533 2,563

Trinidad and Tobago .................. 540 612 419 526 546 636 726 530

All other Caribbean..................... 796 678 573 564 645 462 488 527

Total Caribbean ....................... 1,380,635 1,487,743 1,550,699 1,554,530 1,602,643 1,594,808 1,409,148 1,482,898

Asia: 

China, Mainland. ........................ 4,252 12,532 20,366 15,181 18,011 23,812 24,725 21,486

Hong Kong ................................. 21,504 30,107 36,667 41,826 38,751 49,997 62,132 65,841

India............................................ 7,624 9,903 11,503 12,359 13,040 14,440 16,731 19,217

Indonesia.................................... 813 749 721 682 1,009 1,242 1,668 2,118

Israel........................................... 3,382 3,981 5,591 5,680 5,828 5,607 6,160 5,670

Japan.......................................... 185,928 193,394 225,858 269,554 289,392 279,612 300,952 312,025

Jordan ........................................ 17 24 19 46 77 72 80 73

Korea, South .............................. 15,658 22,279 25,669 24,133 19,259 18,271 19,411 23,876

Lebanon...................................... 67 69 96 77 59 114 109 100

Malaysia ..................................... 354 483 1,361 1,987 2,293 3,424 5,300 6,108

Pakistan...................................... 22 50 30 21 11 71 47 58

Philippines .................................. 905 1,158 1,064 1,839 1,715 1,956 1,750 2,662

Singapore ................................... 16,281 20,271 22,616 21,668 19,965 21,319 18,484 24,517

Taiwan........................................ 3,019 2,618 3,587 5,385 5,405 5,796 5,228 6,840

Thailand...................................... 236 296 335 385 702 1,386 875 441

Asian oil exporters 3 ................... 22,712 13,440 15,572 14,165 16,068 19,113 16,181 16,726

All other Asia .............................. 602 654 822 904 1,289 1,738 3,092 3,369

Total Asia ................................. 283,376 312,008 371,877 415,892 432,874 447,970 482,925 511,127

Africa: 

Cameroon................................... 867 65 7 5 3

Egypt .......................................... 646 2,391 3,089 4,308 7,775 2,527 4,225 1,675

Ghana......................................... 186 194 218 198 104 153 204 116

Liberia 449 671 737 723 951 1,005 986 1,061

Morocco...................................... 12 36 108 112 232 175 311 139

South Africa................................ 1,508 890 699 1,187 1,266 1,498 1,013 751

African oil exporters 4 ................. 291 273 346 269 308 277 342 336

All other Africa ............................ 5,691 5,643 5,595 6,116 6,228 5,978 5,813 5,155

Total Africa .............................. 8,791 10,104 10,799 12,919 16,869 11,620 12,899 9,236

Other countries: 

Australia...................................... 84,446 84,178 90,845 87,108 97,219 104,417 113,010 112,449

New Zealand .............................. 10,658 10,531 9,841 9,211 10,437 8,745 7,694 7,474

All other ...................................... 573 654 751 4,221 4,683 1,064 1,171 1,715

Total other countries ................ 95,677 95,363 101,437 100,540 112,339 114,226 121,875 121,638

Total foreign countries .......... 3,965,752 4,175,733 4,227,371 4,413,355 4,518,800 4,639,024 4,429,175 4,382,438

International and regional orgs: 

International organizations......... 14,328 20,669 17,133 16,735 17,234 14,220 16,060 13,850

Regional organizations 5 ............ 1,451 1,147 4,137 1,685 9,684 4,194 4,402 4,112

Total international 

 and regional organizations ........ 15,779 21,816 21,270 18,420 26,918 18,414 20,462 17,962

 Grand total ........................... 3,981,531 4,197,549 4,248,641 4,431,775 4,545,718 4,657,438 4,449,637 4,400,400

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 

March 2012 

60 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2011 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Country 

Total 

claims 

(1) 

Total 

own 

claims

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Claims of domestic customers 

Total 

customer 

claims 

(7) 

Payable

in 

dollars 

(8) 

Payable in

foreign

currencies

(9) 

Europe: 

Austria ............................................... 3,576 2,684 2,669 119 2,550 15 893 385 508

Belgium.............................................. 10,639 9,175 5,719 4,823 896 3,456 1,464 827 637

Czech Republic ................................. 24 22 10 5 5 12 2 - 2

Denmark............................................ 2,837 1,317 454 242 212 863 1,520 1,284 236

Finland............................................... 39,169 34,816 33,783 33,732 51 1,032 4,354 3,543 811

France ............................................... 165,165 139,431 128,864 103,507 25,357 10,567 25,733 20,779 4,954

Germany............................................ 77,616 50,307 37,002 32,742 4,260 13,306 27,309 21,252 6,057

Greece............................................... 685 159 78 7 71 81 527 - 527

Hungary............................................. 338 167 148 2 146 19 171 - 171

Ireland................................................ 33,392 32,726 27,751 8,477 19,274 4,975 666 360 306

Italy .................................................... 10,924 7,328 6,310 6,108 202 1,018 3,596 203 3,393

Kazakhstan........................................ 106 87 87 54 33 - 19 19 -

Luxembourg ...................................... 25,867 21,514 19,240 2,623 16,617 2,273 4,353 4,302 51

Netherlands ....................................... 59,736 42,896 38,380 11,373 27,007 4,517 16,840 14,717 2,123

Norway .............................................. 17,570 6,325 6,231 5,720 511 94 11,245 10,988 257

Poland ............................................... 442 431 386 376 10 45 11 - 11

Portugal ............................................. 1,244 787 739 162 577 47 458 - 458

Romania ............................................ 502 143 132 51 81 11 359 - 359

Russia................................................ 1,786 1,747 1,669 1,187 482 78 39 36 3

Spain ................................................. 10,550 7,593 3,975 3,274 701 3,618 2,956 785 2,171

Sweden.............................................. 40,400 8,376 5,672 3,980 1,692 2,704 32,024 31,858 166

Switzerland........................................ 98,604 88,362 82,417 77,885 4,532 5,945 10,242 10,169 73

Turkey................................................ 5,721 5,698 5,523 4,547 976 175 23 14 9

United Kingdom................................. 1,241,535 1,139,920 1,015,589 701,010 314,579 124,331 101,615 93,445 8,170

Channel Islands .................................. 12,835 8,373 7,949 2,640 5,309 424 4,462 4,456 6

All other Europe ................................ 5,231 4,339 3,903 748 3,155 436 891 478 413

Total Europe ................................... 1,866,495 1,614,722 1,434,680 1,005,394 429,286 180,042 251,773 219,900 31,873

Memo: Euro Area 1 ......................... 439,789 350,040 304,965 207,334 97,631 45,075 89,749 67,386 22,363

Canada ................................................. 228,697 165,137 134,857 105,146 29,711 30,280 63,560 46,407 17,153

Latin America: 

Argentina ........................................... 7,220 5,461 5,251 910 4,341 210 1,759 1,757 2

Bolivia................................................ 163 163 152 3 149 11 - - -

Brazil.................................................. 76,886 75,143 72,829 46,212 26,617 2,314 1,743 1,682 61

Chile .................................................. 15,502 15,422 15,366 9,091 6,275 56 80 79 1

Colombia ........................................... 8,493 8,492 7,350 4,864 2,486 1,142 1 1 -

Costa Rica ........................................ 1,941 1,941 1,609 619 990 332 - - -

Ecuador............................................. 439 439 431 37 394 8 - - -

El Salvador ....................................... 496 496 406 260 146 90 - - -

Guatemala......................................... 2,219 2,219 1,920 1,319 601 299 - - -

Honduras .......................................... 394 387 386 235 151 1 7 7 -

Mexico ............................................... 34,778 34,384 31,034 8,730 22,304 3,350 394 10 384

Panama ............................................. 4,796 4,606 4,461 2,170 2,291 145 190 190 -

Peru ................................................... 5,651 5,641 5,625 2,355 3,270 16 10 10 -

Uruguay............................................. 897 815 792 107 685 23 82 2 80

Venezuela ......................................... 1,825 1,687 1,378 106 1,272 309 138 138 -

All other Latin America ..................... 647 645 637 216 421 8 2 2 -

Total Latin America......................... 162,347 157,941 149,627 77,234 72,393 8,314 4,406 3,878 528

 

See footnotes at end of table.
 CAPITAL MOVEMENTS 

March 2012 

61

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2011, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Country 

Total 

claims 

(1) 

Total 

own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners

(5) 

Payable in 

foreign 

currencies 

(6) 

Claims of domestic customers 

Total 

customer 

claims 

(7) 

Payable

in 

dollars

(8) 

Payable in

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 480,615 393,503 392,459 387,893 4,566 1,044 87,112 87,071 41

Bermuda............................................ 16,416 15,412 13,420 16 13,404 1,992 1,004 1,004 -

British Virgin Islands.......................... 13,457 13,342 8,796 1 8,795 4,546 115 115 -

Cayman Islands................................. 953,163 672,287 635,375 464,586 170,789 36,912 280,876 277,628 3,248

Dominican Republic .......................... 1,094 1,094 1,074 263 811 20 - - -

Jamaica ............................................. 585 585 470 249 221 115 - - -

Netherlands Antilles .......................... 2,563 2,560 2,462 906 1,556 98 3 3 -

Trinidad and Tobago ......................... 530 530 526 27 499 4 - - -

All other Caribbean ........................... 14,475 14,475 12,212 127 12,085 2,263 - - - 

Total Caribbean .............................. 1,482,898 1,113,788 1,066,794 854,068 212,726 46,994 369,110 365,821 3,289 

Asia: 

China, Mainland ................................ 21,486 18,630 17,319 15,696 1,623 1,311 2,856 2,787 69

Hong Kong ........................................ 65,841 64,678 58,820 54,664 4,156 5,858 1,163 128 1,035 

India................................................... 19,217 17,606 16,459 13,310 3,149 1,147 1,611 1,568 43

Indonesia........................................... 2,118 1,925 1,840 1,571 269 85 193 35 158

Israel.................................................. 5,670 2,816 2,577 2,167 410 239 2,854 229 2,625 

Japan................................................. 312,025 260,112 243,049 188,131 54,918 17,063 51,913 16,050 35,863

Korea, South ..................................... 23,876 23,069 19,845 17,902 1,943 3,224 807 379 428

Malaysia ............................................ 6,108 624 587 193 394 37 5,484 4 5,480 

Pakistan............................................. 58 56 56 46 10 - 2 2 -

Philippines ......................................... 2,662 2,039 1,903 1,778 125 136 623 4 619

Singapore .......................................... 24,517 23,572 22,594 16,970 5,624 978 945 194 751 

Taiwan............................................... 6,840 6,706 6,347 6,001 346 359 134 7 127

Thailand............................................. 441 414 237 195 42 177 27 13 14

All other Asia ..................................... 20,268 19,850 19,255 14,675 4,580 595 418 248 170 

Total Asia ........................................ 511,127 442,097 410,888 333,299 77,589 31,209 69,030 21,648 47,382 

Africa: 

Egypt ................................................. 1,675 864 843 706 137 21 811 74 737

Ghana................................................ 116 115 105 94 11 10 1 1 - 

Liberia................................................ 1,061 1,053 968 2 966 85 8 - 8

Morocco............................................. 139 138 93 89 4 45 1 - 1

South Africa....................................... 751 680 550 452 98 130 71 2 69 

All other Africa ................................... 5,494 5,390 4,915 477 4,438 475 104 72 32 

Total Africa ..................................... 9,236 8,240 7,474 1,820 5,654 766 996 149 847 

Other countries: 

Australia............................................. 112,449 48,007 45,390 41,004 4,386 2,617 64,442 64,086 356 

New Zealand ..................................... 7,474 2,807 1,044 775 269 1,763 4,667 4,661 6

All other ............................................. 1,715 1,687 1,654 - 1,654 33 28 28 - 

Total other countries ....................... 121,638 52,501 48,088 41,779 6,309 4,413 69,137 68,775 362 

Total foreign countries ................. 4,382,438 3,554,426 3,252,408 2,418,740 833,668 302,018 828,012 726,578 101,434 

International and regional orgs: 

International organizations................ 13,850 6,814 6,808 - 6,808 6 7,036 7,036 -

Regional organizations 2 .................... 4,112 2,467 2,467 - 2,467 - 1,645 1,621 24 

Total international and regional 

 organizations ................................ 17,962 9,281 9,275 - 9,275 6 8,681 8,657 24 

 Grand total .................................. 4,400,400 3,563,707 3,261,683 2,418,740 842,943 302,024 836,693 735,235 101,458 

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 

March 2012 

62 

In September 2011, U.S. claims on foreigners reported by U.S. banks amounted to about $4.4 trillion, a 

decrease of $145 billion from that recorded at yearend 2010. U.S. banking claims include holdings of 

foreign short-term securities, but exclude holdings of foreign long-term securities. U.S. banking claims 

increased $262 billion in 2009 and $564 billion in 2010. However, they decreased $95 billion during the 

global financial crisis in 2008, despite an increase from the addition of several new bank holding 

companies to the reporter panel. 

As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international 

financial centers. 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 the first three quarters of 2011. Similar to liabilities, the 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 “All other countries”, 

which includes Australia and Canada as well as countries in Latin America, has increased steadily over the 

past 4 years. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years 

2007 2008 2009 2010 Sept. 2011 

United Kingdom ........................... 1,111,135 1,016,448 1,157,152 1,328,224 1,241,535

All other Europe ........................... 945,500 816,342 777,655 672,497 624,960

Caribbean banking centers 1 ....... 1,239,679 1,390,009 1,370,044 1,592,582 1,471,010

Japan ........................................... 97,856 101,218 185,928 289,392 312,025

All other Asia ................................ 111,059 66,572 97,448 143,482 199,102

Subtotal ...................................... 3,505,229 3,390,589 3,588,227 4,026,177 3,848,632

All other countries ........................ 309,079 328,604 393,304 519,541 551,768

Grand total ................................. 3,814,308 3,719,193 3,981,531 4,545,718 4,400,400

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 

March 2012 

63

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 Sept. r Dec. r Mar. r June Sept. p

Total liabilities ................................................... 103,835 87,630 79,272 82,053 78,876 75,689 75,821 82,816 

Payable in dollars .......................................... 79,161 69,124 58,595 63,001 63,764 61,914 62,711 73,113 

Financial .................................................... 26,474 18,650 12,986 11,645 12,225 11,634 12,148 12,342 

Short-term negotiable securities ........... 1,983 2,740 1,300 1,012 902 933 1,715 426 

Other ..................................................... 24,491 15,910 11,686 10,633 11,323 10,701 10,433 11,916 

Commercial ............................................... 52,687 50,474 45,609 51,356 51,539 50,280 50,563 60,771 

Trade payables ..................................... 26,261 18,811 21,000 26,304 27,087 26,318 26,213 32,310 

Advance receipts and other .................. 26,426 31,663 24,609 25,052 24,452 23,962 24,350 28,461 

Payable in foreign currencies ....................... 24,674 18,506 20,677 19,052 15,112 13,775 13,110 9,703 

By major foreign currency: 

Canadian dollars ................................... 2,162 2,235 3,709 4,450 3,456 3,509 3,218 2,186 

Euros ..................................................... 9,075 6,487 5,276 5,446 4,742 4,337 4,432 3,697 

United Kingdom pounds sterling ........... 4,267 1,361 1,431 1,578 1,241 1,379 1,387 1,050 

Japanese yen ........................................ 3,908 962 926 1,609 1,645 1,326 1,307 1,104 

Other ..................................................... 5,262 7,461 9,335 5,969 4,028 3,224 2,766 1,666 

By type of liability: 

Financial ................................................ 21,445 15,632 16,914 14,480 9,966 8,598 7,863 7,028 

Short-term negotiable securities ....... 2,940 2,108 1,264 624 633 501 318 335 

Other ................................................. 18,505 13,524 15,650 13,856 9,333 8,097 7,545 6,693 

Commercial ........................................... 3,229 2,874 3,763 4,572 5,146 5,177 5,247 2,675 

Trade payables ................................. 1,605 1,334 1,318 1,937 1,889 2,185 1,998 1,924 

Advance receipts and other .............. 1,624 1,540 2,445 2,635 3,257 2,992 3,249 751 

Total claims ....................................................... 136,416 107,476 102,138 98,589 104,801 101,622 111,084 113,348 

Payable in dollars .......................................... 110,070 83,810 77,184 74,715 79,433 75,112 74,877 78,636 

Financial .................................................... 66,726 43,223 35,654 31,752 31,947 33,104 32,840 29,856 

Non-negotiable deposits ....................... 28,393 12,539 9,042 11,596 10,684 9,225 8,109 8,780 

Negotiable CDs and short-term 

negotiable instruments .......................... 1,168 1,133 7,082 5,860 6,525 6,556 7,119 4,546 

Other ..................................................... 37,165 29,551 19,530 14,296 14,738 17,323 17,612 16,530 

Commercial ............................................... 43,344 40,587 41,530 42,963 47,486 42,008 42,037 48,780 

Trade receivables ................................. 37,108 31,161 29,196 31,898 35,109 32,075 31,943 37,778 

Advance payments and other ............... 6,236 9,426 12,334 11,065 12,377 9,933 10,094 11,002 

Payable in foreign currencies ....................... 26,346 23,666 24,954 23,874 25,368 26,510 36,207 34,712 

By major foreign currency: 

Canadian dollars ................................... 5,371 2,409 2,519 2,076 3,661 3,831 4,881 3,206 

Euros ..................................................... 10,833 5,140 8,838 11,301 8,825 10,850 11,778 18,581 

United Kingdom pounds sterling ........... 4,210 1,922 1,738 2,724 3,088 3,419 3,840 4,489 

Japanese yen ........................................ 1,378 451 1,795 1,769 3,279 2,507 9,319 2,619 

Other ..................................................... 4,554 13,744 10,064 6,004 6,515 5,903 6,389 5,817 

By type of claim: 

Financial ................................................ 21,305 19,851 21,405 20,336 21,776 22,266 32,246 32,255 

Non-negotiable deposits ................... 1,498 1,968 2,139 1,762 1,377 1,418 1,891 1,702 

Short-term negotiable securities ....... 77 86 7,462 11,694 10,475 11,083 20,739 21,433 

Other ................................................. 19,730 17,797 11,804 6,880 9,924 9,765 9,616 9,120 

Commercial ........................................... 5,041 3,815 3,549 3,538 3,592 4,244 3,961 2,457 

Trade receivables ............................. 4,684 3,595 3,334 3,247 3,268 3,705 3,310 2,309 

Advance payments and other ........... 357 220 215 291 324 539 651 148 
CAPITAL MOVEMENTS 

March 2012 

64 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2010 2011 

2006 2007 2008 2009 Sept. r Dec. Mar. r June Sept. p

Europe: 

Austria ................................ 91 230 95 78 166 113 166 114 78

Belgium .............................. 181 492 427 201 290 258 210 240 261

Bulgaria .............................. 44 36 1 - - - - - 1

Czech Republic .................. 14 25 45 44 28 32 32 33 29

Denmark ............................. 132 937 161 140 167 177 196 105 161

Finland ............................... 140 63 79 521 118 105 70 111 42

France ................................ 2,562 3,165 4,801 3,004 3,546 2,968 2,548 2,523 2,781

Germany ............................ 12,391 4,977 3,746 5,428 5,401 4,563 3,823 3,881 4,057

Greece ............................... 182 187 241 232 277 273 245 267 155

Hungary .............................. 18 46 30 16 57 58 60 66 69

Ireland ................................ 316 1,569 2,067 2,725 1,688 1,532 1,333 1,505 1,339

Italy ..................................... 1,040 1,196 509 509 435 463 473 440 469

Luxembourg ....................... 977 235 837 503 529 373 397 336 303

Netherlands ........................ 1,709 1,194 1,728 882 910 731 637 882 1,150

Norway ............................... 545 721 385 472 835 870 890 659 873

Poland ................................ 330 385 269 201 140 151 133 125 70

Portugal .............................. 27 205 35 25 56 26 19 26 13

Romania ............................. 9 6 71 11 19 15 14 8 16

Russia ................................ 110 306 524 297 425 714 428 565 932

Serbia and Montenegro 

(formerly Yugoslavia) ..... 1 3 6 - 3 2 3 5 2

Spain .................................. 269 533 816 502 528 363 457 483 369

Sweden .............................. 952 438 274 446 209 1,345 1,371 1,369 1,543

Switzerland ........................ 1,070 1,705 2,333 2,444 2,500 2,357 2,254 2,017 1,885

Turkey ................................ 261 754 709 1,619 1,916 1,358 886 773 738

United Kingdom ................. 17,339 23,350 14,916 10,428 9,349 10,150 9,316 10,135 13,748

Channel Islands and 

Isle of Man ..................... 15 208 95 84 171 70 60 60 126

Other Europe ..................... 421 539 435 524 503 484 660 573 779

Total Europe .................. 41,146 43,505 35,635 31,336 30,266 29,551 26,681 27,301 31,989

Canada ................................... 7,694 7,767 5,960 6,199 9,157 8,800 9,214 7,799 8,779

Latin America: 

Argentina ............................ 138 156 89 68 91 110 178 75 90

Brazil .................................. 264 940 626 587 521 734 791 987 1,055

Chile ................................... 406 546 353 318 462 553 573 690 597

Colombia ............................ 208 356 332 385 509 550 393 393 517

Ecuador .............................. 89 33 30 13 23 28 70 28 119

Guatemala ......................... 25 10 8 6 8 5 9 9 10

Mexico ................................ 2,150 2,848 1,579 2,088 2,460 3,121 3,095 3,452 3,158

Panama .............................. 57 85 166 330 232 221 188 239 267

Peru .................................... 6 36 34 32 71 99 94 114 33

Uruguay .............................. 13 20 12 13 12 55 5 59 17

Venezuela .......................... 353 575 413 190 506 726 869 660 889

Other Latin America ........... 24 106 50 74 167 34 71 64 97

Total Latin America ........... 3,733 5,711 3,692 4,104 5,062 6,236 6,336 6,770 6,849

Caribbean: 

Bahamas ............................ 70 89 52 85 131 103 13 15 100

Bermuda ................................. 777 707 723 1,706 1,433 1,069 829 847 702

Cayman Islands ................. 12,804 15,969 10,354 8,348 4,132 2,175 1,908 1,750 1,801

Cuba ................................... - - - 8 - 1 1 - -

Jamaica .............................. 20 18 37 15 17 13 12 14 21

Netherlands Antilles ........... 2 4 6 3 10 8 3 6 91

Trinidad and Tobago .......... 25 74 60 45 52 19 24 70 72

Other Caribbean ................ 761 803 444 362 1,049 1,057 1,561 730 1,788

Total Caribbean ............. 14,459 17,664 11,676 10,572 6,824 4,445 4,351 3,432 4,575

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2012 

65

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2010 2011 

2006 2007 2008 2009 Sept. r Dec. Mar. r June Sept. p

Asia: 

China, Mainland. ...................... 1,297 857 4,769 3,956 4,121 4,346 4,754 4,577 5,987

Hong Kong ............................... 564 981 593 689 1,061 1,147 1,326 1,225 1,375

India .......................................... 418 1,447 1,082 761 761 818 870 829 797

Indonesia .................................. 57 172 366 381 369 424 455 544 554

Israel ......................................... 385 293 292 336 155 205 130 147 121

Japan ........................................ 7,210 6,888 6,190 6,072 6,894 6,544 6,397 6,046 6,406

Korea, South ............................ 1,350 1,213 1,314 919 1,167 1,169 1,112 1,303 1,126

Lebanon ................................... 11 9 15 8 3 7 7 7 10

Malaysia ................................... 471 562 363 311 178 347 384 451 467

Pakistan .................................... 171 172 28 25 83 67 64 47 12

Philippines ................................ 95 89 107 86 93 100 124 162 187

Singapore ................................. 2,839 4,255 3,767 1,872 1,852 1,447 1,311 1,356 1,229

Syria ......................................... 8 8 3 1 1 - - 6 1

Taiwan ...................................... 1,093 1,019 722 483 742 360 394 435 477

Thailand .................................... 599 380 295 432 437 403 336 394 361

Oil-exporting countries 1 ........... 3,955 7,158 6,378 6,700 8,441 8,567 7,788 8,889 8,062

Other Asia ................................ 156 377 460 305 606 423 407 538 580

Total Asia ............................. 20,679 25,880 26,744 23,337 26,964 26,374 25,859 26,956 27,752

Africa: 

Congo (formerly Zaire) ............. - - - 8 - - - - -

Egypt ........................................ 132 280 293 192 102 111 119 71 71

Ghana ....................................... 6 12 5 3 4 2 4 6 6

Liberia ....................................... 3 6 64 61 55 52 53 52 46

Morocco .................................... 42 190 112 118 75 89 121 89 116

South Africa .............................. 35 52 256 283 64 67 107 145 77

Oil-exporting countries 2 ........... 283 655 764 984 1,030 799 741 780 638

Other Africa .............................. 379 294 341 541 635 693 653 894 556

Total Africa ........................... 880 1,489 1,835 2,190 1,965 1,813 1,798 2,037 1,510

Other countries: 

Australia ................................... 560 1,658 1,925 1,228 1,355 1,241 1,069 1,165 1,008

New Zealand ............................ 36 91 92 179 309 279 198 201 185

All other .................................... 15 25 30 25 29 23 6 15 24

Total other countries ............ 611 1,774 2,047 1,432 1,693 1,543 1,273 1,381 1,217

Total foreign countries ..... 89,202 103,790 87,589 79,170 81,931 78,762 75,512 75,676 82,671

International and regional orgs: 

International organizations ....... - 2 7 71 93 109 107 130 141

Regional organizations 3 .......... 15 43 34 31 29 5 70 15 4

Total international and 

regional organizations ...... 15 45 41 102 122 114 177 145 145

Grand total ....................... 89,217 103,835 87,630 79,272 82,053 78,876 75,689 75,821 82,816

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 

March 2012 

66 

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 Sept. r Dec. r Mar. r June Sept. p

Europe: 

Austria .......................................... 2,031 2,039 1,951 1,832 1,752 1,789 1,775 1,616 1,631

Belgium ........................................ 419 807 393 365 375 503 410 449 369

Bulgaria ........................................ 3 6 6 7 13 16 9 12 21

Czech Republic ............................ 50 134 85 107 93 131 111 123 90

Denmark ....................................... 149 184 74 272 83 210 114 129 205

Finland ......................................... 591 805 541 1,801 312 1,469 39 41 42

France .......................................... 3,420 6,061 2,736 3,184 2,449 2,496 3,026 3,552 3,858

Germany ...................................... 10,148 4,926 8,621 4,151 5,698 5,073 9,574 9,309 15,061

Greece ......................................... 163 250 192 193 139 223 154 164 201

Hungary ........................................ 45 153 95 197 45 83 81 150 235

Ireland .......................................... 858 968 1,814 1,252 896 791 910 817 790

Italy ............................................... 2,337 2,515 1,195 1,981 1,935 1,778 1,577 1,404 1,395

Luxembourg ................................. 352 919 183 188 250 177 221 201 176

Netherlands .................................. 3,570 3,989 2,092 2,783 2,265 2,304 2,356 2,461 2,252

Norway ......................................... 366 325 271 257 234 185 209 274 253

Poland .......................................... 99 153 132 239 195 277 341 284 237

Portugal ........................................ 64 89 76 67 65 53 39 49 31

Romania ....................................... 36 60 54 96 127 132 129 117 118

Russia .......................................... 774 1,326 694 547 481 506 511 559 532

Serbia and Montenegro 

(formerly Yugoslavia) ............... 10 15 14 17 10 13 8 10 11

Spain ............................................ 1,425 1,625 1,072 967 803 712 1,197 1,174 1,240

Sweden ........................................ 652 689 450 311 445 516 575 476 483

Switzerland .................................. 1,424 2,143 1,788 1,723 1,437 1,726 1,728 1,400 1,134

Turkey .......................................... 420 732 593 667 631 677 456 599 519

United Kingdom ........................... 17,483 23,662 17,983 25,389 23,471 20,162 19,869 28,155 24,846

Channel Islands and 

Isle of Man ............................... 19 109 419 541 86 100 116 147 438

Other Europe ............................... 1,267 1,465 1,107 433 372 422 481 480 1,094

Total Europe ............................ 48,175 56,149 44,631 49,567 44,662 42,524 46,017 54,153 57,263

Canada ............................................. 17,520 16,418 10,551 10,474 11,780 14,233 13,083 13,259 15,079

Latin America: 

Argentina ...................................... 470 463 473 513 568 581 449 485 407

Brazil ............................................ 2,927 2,682 2,365 2,003 2,069 2,424 2,133 2,236 2,056

Chile ............................................. 299 404 540 362 464 454 508 584 487

Colombia ...................................... 349 449 429 411 424 455 487 542 326

Ecuador ........................................ 119 160 173 146 164 173 170 165 129

Guatemala ................................... 116 200 180 134 111 115 107 115 71

Mexico .......................................... 3,242 3,505 3,089 3,082 3,067 4,830 4,779 4,801 4,597

Panama ........................................ 266 323 408 340 369 330 359 388 345

Peru .............................................. 164 196 270 194 229 319 209 264 262

Uruguay ........................................ 12 33 106 68 196 148 129 176 113

Venezuela .................................... 481 669 657 479 495 412 407 411 475

Other Latin America ..................... 376 431 435 336 602 319 284 339 331

Total Latin America ...................... 8,821 9,515 9,125 8,068 8,758 10,560 10,021 10,506 9,599

Caribbean: 

Bahamas ...................................... 3,949 2,200 353 302 111 164 229 139 362

Bermuda ............................................ 1,734 1,704 1,722 3,567 2,282 1,449 1,285 1,433 1,347

Cayman Islands ........................... 26,051 16,987 19,513 6,908 6,977 8,416 7,107 5,931 4,253

Cuba ............................................. 2 10 - - - 2 1 - -

Jamaica ........................................ 60 106 79 64 61 58 53 30 35

Netherlands Antilles ..................... 30 118 112 52 109 178 75 30 27

Trinidad and Tobago .................... 125 172 111 83 43 42 32 67 57

Other Caribbean .......................... 1,264 1,518 1,013 1,188 1,037 1,061 1,015 715 1,699

Total Caribbean ....................... 33,215 22,815 22,903 12,164 10,620 11,370 9,797 8,345 7,780

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2012 

67

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 Sept. r Dec. r Mar. r June Sept. p

Asia: 

China, Mainland. ....................... 1,772 1,913 1,455 1,737 1,953 2,278 2,081 2,463 2,134

Hong Kong ................................ 1,009 8,762 809 943 974 1,491 1,280 1,152 1,211

India .......................................... 654 812 695 779 985 997 949 1,396 1,776

Indonesia................................... 231 206 273 354 348 362 449 414 404

Israel ......................................... 360 601 635 456 213 284 277 296 297

Japan ........................................ 3,349 5,518 4,578 2,513 3,431 4,372 3,007 3,570 2,875

Korea, South ............................. 1,143 1,272 980 2,312 2,184 1,986 2,258 2,189 2,261

Lebanon .................................... 19 19 44 19 12 29 10 13 9

Malaysia .................................... 270 362 275 215 219 245 154 190 177

Pakistan .................................... 86 115 33 38 31 33 39 33 106

Philippines ................................. 109 109 63 81 112 126 122 117 110

Singapore .................................. 1,811 2,809 1,448 2,991 3,518 3,532 2,650 3,052 2,994

Syria .......................................... 10 1 12 11 21 15 13 50 18

Taiwan ....................................... 972 1,240 976 966 928 1,025 914 1,067 1,112

Thailand .................................... 312 416 330 336 235 250 198 258 203

Oil-exporting countries 1 ............ 1,814 2,552 3,392 2,601 3,002 4,035 3,096 3,102 2,902

Other Asia ................................. 328 513 179 230 212 307 273 321 182

Total Asia .............................. 14,249 27,220 16,177 16,582 18,378 21,367 17,770 19,683 18,771

Africa: 

Congo (formerly Zaire) .............. 11 6 5 15 - 2 1 - 1

Egypt ......................................... 165 296 362 228 171 219 133 174 166

Ghana ....................................... 3 8 7 6 13 14 18 13 9

Liberia ....................................... 73 54 54 55 38 37 36 3 3

Morocco .................................... 21 21 24 10 27 15 28 28 23

South Africa .............................. 221 254 356 374 368 403 352 356 329

Oil-exporting countries 2 ............ 332 350 300 260 216 270 212 342 189

Other Africa ............................... 411 400 495 498 365 383 328 331 339

Total Africa ............................ 1,237 1,389 1,603 1,446 1,198 1,343 1,108 1,247 1,059

Other countries: 

Australia .................................... 2,365 2,467 2,194 3,655 3,011 3,246 3,653 3,735 3,520

New Zealand ............................. 351 145 72 100 77 90 86 91 98

All other ..................................... 76 37 13 7 44 24 20 14 20

Total other countries ............. 2,792 2,649 2,279 3,762 3,132 3,360 3,759 3,840 3,638

Total foreign countries ...... 126,009 136,155 107,269 102,063 98,528 104,757 101,555 111,033 113,189

International and regional orgs: 

International organizations ........ 4 150 21 49 45 37 56 39 39

Regional organizations 3 ........... 19 111 186 26 16 7 11 12 120

Total international and 

regional organizations ........... 23 261 207 75 61 44 67 51 159

Grand total .................... 126,032 136,416 107,476 102,138 98,589 104,801 101,622 111,084 113,348

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 

March 2012 

68 

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

Country, September 30, 2011, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Liabilities Claims 

Total liabilities

(1) 

Financial

(2) 

Commercial

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

 (6) 

Europe: 

Austria ............................................... 78 52 26 1,631 1,538 93 

Belgium ............................................ 261 67 194 369 182 187 

Bulgaria ............................................ 1 - 1 21 - 21 

Czech Republic ................................ 29 - 29 90 5 85 

Denmark ........................................... 161 1 160 205 137 68 

Finland .............................................. 42 26 16 42 15 27 

France .............................................. 2,781 1,886 895 3,858 2,517 1,341 

Germany........................................... 4,057 2,289 1,768 15,061 12,585 2,476 

Greece .............................................. 155 18 137 201 98 103 

Hungary ............................................ 69 6 63 235 1 234 

Ireland .............................................. 1,339 200 1,139 790 497 293 

Italy ................................................... 469 5 464 1,395 133 1,262 

Luxembourg ..................................... 303 94 209 176 75 101 

Netherlands ...................................... 1,150 486 664 2,252 1,303 949 

Norway ............................................. 873 133 740 253 71 182 

Poland .............................................. 70 2 68 237 59 178 

Portugal ............................................ 13 4 9 31 2 29 

Romania ........................................... 16 - 16 118 22 96 

Russia .............................................. 932 22 910 532 280 252 

Serbia and Montenegro 

(formerly Yugoslavia) ................... 2 1 1 11 - 11 

Spain ................................................ 369 102 267 1,240 652 588 

Sweden ............................................ 1,543 1,087 456 483 215 268 

Switzerland ....................................... 1,885 21 1,864 1,134 404 730 

Turkey .............................................. 738 19 719 519 360 159 

United Kingdom ................................ 13,748 5,339 8,409 24,846 16,198 8,648 

Channel Islands and 

Isle of Man .................................... 126 120 6 438 433 5 

Other Europe .................................... 779 76 703 1,094 830 264 

Total Europe ................................. 31,989 12,056 19,933 57,263 38,613 18,650 

Canada ................................................. 8,779 2,583 6,196 15,079 10,024 5,055 

Latin America: 

Argentina .......................................... 90 7 83 407 36 371 

Brazil ................................................ 1,055 17 1,038 2,056 924 1,132 

Chile ................................................. 597 21 576 487 68 419 

Colombia .......................................... 517 1 516 326 13 313 

Ecuador ............................................ 119 4 115 129 18 111 

Guatemala ........................................ 10 - 10 71 28 43 

Mexico .............................................. 3,158 238 2,920 4,597 1,313 3,284 

Panama ............................................ 267 25 242 345 172 173 

Peru .................................................. 33 - 33 262 28 234 

Uruguay ............................................ 17 - 17 113 1 112 

Venezuela ........................................ 889 15 874 475 60 415 

Other Latin America ......................... 97 2 95 331 65 266 

Total Latin America .......................... 6,849 330 6,519 9,599 2,726 6,873 

Caribbean: 

Bahamas .......................................... 100 - 100 362 322 40 

Bermuda................................................ 702 50 652 1,347 131 1,216 

Cayman Islands .................................. 1,801 1,577 224 4,253 3,852 401 

Cuba ................................................. - - - - - - 

Jamaica ............................................ 21 - 21 35 1 34 

Netherlands Antilles ......................... 91 - 91 27 22 5 

Trinidad and Tobago ........................ 72 7 65 57 - 57 

Other Caribbean ............................... 1,788 75 1,713 1,699 156 1,543 

Total Caribbean ............................ 4,575 1,709 2,866 7,780 4,484 3,296 

See footnote at end of table. 
CAPITAL MOVEMENTS 

March 2012 

69

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

Country, September 30, 2011, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Liabilities Claims 

Total liabilities

(1) 

Financial

(2) 

Commercial

(3) 

Total claims

(4) 

Financial 

 (5) 

Commercial

 (6) 

Asia: 

China, Mainland ................................ 5,987 139 5,848 2,134 337 1,797 

Hong Kong ........................................ 1,375 51 1,324 1,211 62 1,149 

India ................................................... 797 60 737 1,776 147 1,629 

Indonesia ........................................... 554 30 524 404 256 148 

Israel .................................................. 121 3 118 297 23 274 

Japan ................................................. 6,406 1,753 4,653 2,875 911 1,964 

Korea, South ..................................... 1,126 73 1,053 2,261 332 1,929 

Lebanon ............................................ 10 - 10 9 1 8 

Malaysia ............................................ 467 - 467 177 19 158 

Pakistan ............................................. 12 3 9 106 4 102 

Philippines ......................................... 187 3 184 110 44 66 

Singapore .......................................... 1,229 71 1,158 2,994 288 2,706 

Syria .................................................. 1 - 1 18 - 18 

Taiwan ............................................... 477 3 474 1,112 28 1,084 

Thailand ............................................. 361 39 322 203 46 157 

Other Asia ......................................... 580 59 521 182 54 128 

Total Asia ........................................ 27,752 2,537 25,215 18,771 2,729 16,042 

Africa: 

Congo (formerly Zaire) ...................... - - - 1 - 1 

Egypt ................................................. 71 2 69 166 35 131 

Ghana ................................................ 6 - 6 9 6 3 

Liberia ................................................ 46 44 2 3 - 3 

Morocco ............................................. 116 1 115 23 1 22 

South Africa ....................................... 77 2 75 329 190 139 

Other Africa ....................................... 556 23 533 339 190 149 

Total Africa .................................... 1,510 72 1,438 1,059 442 617 

Other countries: 

Australia ............................................ 1,008 79 929 3,520 2,970 550 

New Zealand ..................................... 185 2 183 98 3 95 

All other ............................................. 24 2 22 20 2 18 

Total other countries ..................... 1,217 83 1,134 3,638 2,975 663 

Total foreign countries .............. 82,671 19,370 63,301 113,189 61,993 51,196 

International and regional orgs: 

International organizations ................ 141 - 141 39 - 39 

 Regional organizations 1 .................. 4 - 4 120 118 2 

Total international and 

regional organizations ............... 145 - 145 159 118 41 

Grand total ................................ 82,816 19,370 63,446 113,348 62,111 51,237 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

March 2012 

70

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Calendar 

year or month

Marketable Treasury bonds and notes 

U.S. Government corporations and 

federally-sponsored agencies

Net foreign purchases 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Foreign countries 

 Total 

 (1) 

Official 

institutions 

(2) 

Other

foreigners 

(3) 

International

and regional

(4) 

Net foreign 

purchases 

(7) 

 Gross foreign

 purchases 

 (8) 

Gross foreign

sales 

(9) 

2007 ......................................... 197,967 2,994 196,021 -1,048 15,127,526 14,929,559 218,979 2,050,451 1,831,472 

2008 ......................................... 314,880 76,218 239,105 -443 14,629,213 14,314,333 -38,664 2,590,262 2,628,926 

2009 ......................................... 538,388 161,406 376,906 76 11,593,203 11,054,815 -11,491 1,043,178 1,054,669 

2010 ......................................... 703,682 172,065 531,429 188 16,189,912 15,486,230 108,019 1,108,653 1,000,634 

2011 - Jan. - Dec. p.................. 378,289 144,155 222,585 11,549 17,890,673 17,512,384 80,904 1,132,565 1,051,661 

 

2010 - Dec ................................ 53,045 13,748 39,467 -170 1,424,061 1,371,016 10,054 97,125 87,071 

2011 - Jan. r ............................. 49,050 18,206 31,458 -614 1,428,240 1,379,190 11,944 96,826 84,882 

Feb. r ............................ 32,621 15,705 16,328 588 1,515,428 1,482,807 -1,045 77,351 78,396 

Mar. r ............................ 25,368 7,448 16,382 1,538 1,730,416 1,705,048 11,853 87,469 75,616 

 Apr. r ............................. 23,744 29,556 -9,900 4,088 1,264,534 1,240,790 6,913 86,296 79,383 

May r ............................ 39,110 21,628 17,615 -133 1,635,728 1,596,618 -8,532 75,142 83,674 

June r ........................... -2,264 11,283 -14,188 641 1,707,361 1,709,625 -235 82,590 82,825 

July r ............................. 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. p ........................... 54,010 23,666 28,088 2,256 1,356,655 1,302,645 6,168 108,975 102,807 

Dec. p........................... -16,577 -20,277 1,827 1,873 939,368 955,945 27,215 104,558 77,343

Calendar 

year or month 

Corporate and other securities 

Bonds * Stocks 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

2007 .............................................................................. 393,355 1,913,307 1,519,952 195,521 10,639,315 10,443,794 

2008 .............................................................................. 93,877 1,467,469 1,373,592 44,796 12,037,928 11,993,132 

2009 ............................................................................. -40,774 1,189,391 1,230,165 152,734 6,653,957 6,501,223 

2010 .............................................................................. -13,154 971,246 984,400 109,741 6,747,218 6,637,477 

2011 - Jan. - Dec. p....................................................... -45,176 996,099 1,041,275 25,157 7,720,251 7,695,094

 

2010 - Dec ..................................................................... 2,904 79,908 77,004 6,763 540,138 533,375 

2011 - Jan. r .................................................................. -734 96,659 97,393 15,946 574,907 558,961 

Feb. r ................................................................. -4,328 92,271 96,599 6,091 595,065 588,974 

Mar. r ................................................................. 1,510 108,671 107,161 14,559 732,435 717,876 

 Apr. r .................................................................. -4,585 85,131 89,716 17,796 593,124 575,328 

May r ................................................................. 4,153 86,850 82,697 9,246 673,830 664,584 

June r ................................................................ -12,478 113,603 126,081 3,793 665,514 661,721 

July r .................................................................. 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. p ................................................................ 4,835 72,086 67,251 -7,062 575,808 582,870 

Dec. p................................................................ -20,715 54,531 75,246 -10,968 531,589 542,557

* Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities. 
 CAPITAL MOVEMENTS 

March 2012 

71

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Foreign bonds Foreign stocks 

Net foreign

purchases from

U.S. 

(2) 

Gross foreign

purchases from

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign

purchases from

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2007 ...................................................... -229,205 -133,905 2,973,330 3,107,235 -95,300 5,215,764 5,311,064

2008 ...................................................... 74,188 53,942 2,271,636 2,217,694 20,246 5,443,267 5,423,021

2009 ...................................................... -186,834 -127,474 1,951,939 2,079,413 -59,360 3,169,501 3,228,861

2010 ...................................................... -115,259 -54,644 3,650,150 3,704,794 -60,615 3,673,648 3,734,263

2011 - Jan. - Dec. p .............................. -123,906 -52,688 3,530,447 3,583,135 -71,218 3,967,595 4,038,813

2010 - Dec ............................................ -11,461 -2,978 230,791 233,769 -8,483 319,975 328,458

2011 - Jan. r .......................................... -27,398 -8,546 274,344 282,890 -18,852 317,931 336,783

Feb. r ......................................... -11,792 1,649 291,882 290,233 -13,441 344,389 357,830

Mar. r ......................................... -43,325 -29,419 376,791 406,210 -13,906 405,044 418,950

Apr. r ......................................... -23,547 -10,420 310,066 320,486 -13,127 329,053 342,180

May r ......................................... -32,227 -25,831 306,409 332,240 -6,396 342,569 348,965

June r ........................................ 9,261 7,648 355,659 348,011 1,613 342,488 340,875

July r .......................................... -21,913 -5,974 283,980 289,954 -15,939 306,699 322,638

Aug ............................................ -11,086 -7,923 250,806 258,729 -3,163 380,235 383,398

Sept ........................................... -31 -2,028 260,216 262,244 1,997 314,999 313,002

Oct ............................................. -4,108 -1,918 264,710 266,628 -2,190 309,463 311,653

Nov. p ........................................ 3,321 1,969 299,820 297,851 1,352 288,295 286,943

Dec. p....................................... 38,939 28,105 255,764 227,659 10,834 286,430 275,596

 
CAPITAL MOVEMENTS 

March 2012 

72

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks

 Calendar 

 year 

 2010 

 (1) 

2011 

Calendar

year 

2010 

(4) 

2011

 Calendar

 year 

 2010 

 (7) 

2011

Calendar 

year 

2010 

(10) 

2011

 Jan. 

 through 

Dec. 

(2) 

 Oct. 

 through 

 Dec. p 

 (3) 

Jan.

 through

Dec. 

 (5) 

 Oct.

 through

 Dec. p 

 (6) 

Jan.

 through

Dec. 

 (8) 

 Oct. 

 through 

Dec. p 

 (9) 

Jan.

 through

Dec. 

(11) 

Oct.

through

 Dec. p

 (12) 

Europe: 

Austria ............................. -277 71 100 117 130 -32 271 1 -110 -29 -8 117

Belgium ........................... -1,757 -533 -16 2,256 -329 -81 -16,201 -17,867 -4,359 -494 -3,973 -1,102

Bulgaria ........................... 239 209 29 - - - - -4 - - -31 -3

Cyprus ............................ -198 -153 1 42 -25 10 -114 -23 2 -25 20 71

Czech Republic ............... -177 48 -96 -88 - - - 26 20 -134 -391 -228

Denmark ......................... 2,319 587 -135 -2,028 6 -31 175 -433 -62 128 736 37

Finland ............................ 398 25 31 3 87 40 -257 -135 24 719 658 -12

France ............................. -5,819 32,295 8,519 16,377 8,284 2,992 -6,429 -9,133 -1,658 19,640 -26,557 -6,042

Germany ......................... 13,165 3,884 1,897 3,565 205 247 -2,997 -3,833 -655 -443 2,123 1,873

Greece ............................ 19 -108 21 -9 -65 -1 -7 33 35 29 -122 -18

Hungary .......................... -659 43 -23 -125 -77 -103 13 62 -16 65 -97 -38

Ireland ............................. -3,127 -11,611 3,218 -3,956 -4,656 17 -2,980 -1,612 -1,479 976 80 311

Italy ................................. 963 881 507 392 -334 -68 184 -169 -49 -3,074 1,718 -1,299

Kazakhstan ..................... 2,924 1,874 490 -104 -44 -161 99 -55 -59 -1 2 -10

Luxembourg .................... -4,704 -10,313 394 -15,303 -15,723 -4,703 1,380 -1,388 -342 131 -1,570 -1,346

Monaco ........................... 572 135 118 173 -11 30 -57 -116 55 301 -269 155

Netherlands .................... -1,356 174 -719 -153 460 -289 -1,688 -2,828 -1,171 -5,654 -2,173 -1,478

Norway ............................ 8,244 5,190 2,197 912 -1,868 -4,083 -956 -4,562 -502 2,075 3,247 -144

Poland ............................. -752 1,847 -918 1,065 735 100 -23 338 220 20 -117 -31

Portugal .......................... -374 -2 -4 -14 -5 - -109 -18 -6 -152 -854 -95

Romania ......................... 101 332 -62 9 - - -8 - - -24 -9 -

Russia ............................. -15,771 -26,321 -6,169 -3 78 47 -268 129 - -155 18 16

Serbia and Montenegro ..... -583 -173 103 6 -10 - 2 - - -1 -1 -

Spain............................... -5,086 5,596 6,540 -96 -19 -50 -1,893 -597 -28 943 -827 -381

Sweden ........................... 2,150 3,750 -345 -174 -556 -103 -1,693 -3,037 -2,813 1,740 -3,640 -474

Switzerland ..................... 19,517 6,224 -19,246 -3,300 292 -247 -283 325 -1,751 7,553 -4,269 -1,635

Turkey ............................. -2,592 4,874 -120 1 - - 170 70 - 71 -42 -19

Ukraine ........................... 3,609 -652 -247 -126 -55 -50 35 -86 -74 34 -8 -2

United Kingdom .............. 341,751 156,940 -6,595 17,836 -3,012 11,146 -10,921 -23,671 -13,908 27,839 3,038 -5,476

Channel Islands .............. -368 1,648 458 590 190 117 -1,478 -2,737 -602 1,625 869 -8

All other Europe .............. -154 196 -180 -807 695 34 -48 222 -36 350 47 -44

Total Europe ............... 352,217 176,957 -10,252 17,060 -15,628 4,778 -46,081 -71,097 -29,324 54,053 -32,402 -17,305

Memo: Euro Area 1 ..... -8,242 20,096 20,419 3,235 -12,002 -1,918 -30,925 -37,638 -9,843 12,779 -31,517 -9,527

Memo: European 

 Union 2 ..................... 336,813 183,847 12,271 19,676 -14,911 9,121 -43,315 -64,421 -26,440 42,485 -32,065 -15,722

Canada ............................... 78,712 17,668 6,634 7,778 3,543 264 1,578 -1,427 537 6,469 14,091 523

Latin America: 

Argentina ........................ 66 -74 74 47 15 6 243 -40 -42 293 -100 -193

Brazil ............................... 24,934 47,408 3,407 1,297 1,289 674 -149 345 196 -68 -88 104

Chile ............................... 743 12,823 2,717 -98 256 348 369 579 119 854 -981 266

Colombia ......................... -84 8,837 5,974 208 176 52 232 -325 -125 210 -45 -27

Ecuador .......................... 335 -59 21 -5 124 104 28 -2 - -22 -3 -7

Costa Rica ...................... 128 968 30 683 116 32 146 -20 23 760 42 -14

Guatemala ...................... -31 221 -48 3 -17 -2 40 -11 23 10 -4 -1

Mexico ............................ -1,973 -4,524 761 1,433 10,418 3,811 302 530 -373 2,598 1,554 -311

Panama .......................... -244 -188 -6 524 486 181 881 -57 -38 579 361 -17

Peru ................................ 1,305 -33 669 553 650 586 254 216 279 -556 349 -44

Uruguay .......................... 1,231 1,688 606 -402 -366 -2 348 123 -13 308 61 -2

Venezuela ....................... 90 -56 -13 164 63 40 194 531 312 159 325 -41

All other Latin America ..... 108 -133 8 228 732 200 87 417 148 56 1 -20

Total Latin America ..... 26,608 66,878 14,200 4,635 13,942 6,030 2,975 2,286 509 5,181 1,472 -307

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2012 

73

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country 

Marketable Treasury 

bonds and notes 

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

Calendar 

year 

2010 

(1) 

2011 

Calendar

year 

2010 

(4) 

2011

Calendar 

year 

2010 

(7) 

2011 

Calendar 

year 

2010 

(10) 

2011

 Jan. 

 through 

Dec. 

(2) 

 Oct.

 through

 Dec. p 

 (3) 

Jan.

 through

Dec. 

 (5) 

 Oct.

 through

 Dec. p 

 (6) 

Jan.

 through

Dec. 

 (8) 

 Oct. 

 through 

Dec. p 

 (9) 

Jan.

 through

Dec. 

(11) 

 Oct.

through

 Dec. p

 (12) 

Caribbean: 

Anguilla...................................... -1,424 478 -477 -29 29 -25 723 -126 57 571 -1,795 116

Bahamas.................................... -8,752 11,778 2,207 715 406 -57 -878 -382 -499 108 -421 -989

Barbados ................................... 416 139 108 772 165 75 -724 971 493 136 -109 -70

Bermuda .................................... 3,110 5,107 2,186 4,625 1,970 -227 1,742 1,869 528 5,501 1,482 -137

British Virgin Islands................... 562 5,135 236 276 -153 123 339 1,581 872 1,566 3,150 -614

Cayman Islands ......................... 13,262 -21,191 -5,454 6,697 10,444 94 18,422 9,543 -1,191 16,081 28,866 4,561

Cuba .......................................... - - - - - - - -1 -1 - -79 -55

Jamaica ..................................... 6 -1 -1 -20 -36 53 22 22 1 -11 11 1

Netherlands Antilles ................... 2,763 -6,786 -841 108 284 -79 1,656 2,749 736 -204 690 557

Trinidad and Tobago.................. 392 -809 -1,073 85 -100 -62 -116 30 -12 204 68 24

All other Caribbean .................... 221 -57 47 582 317 191 451 411 112 243 -65 -48

Total Caribbean ..................... 10,556 -6,207 -3,062 13,811 13,326 86 21,637 16,667 1,096 24,195 31,798 3,346

Asia: 

China, Mainland. ........................ 51,159 -46,952 -46,098 -29,282 17,790 7,206 -354 3,065 -593 2,798 360 929

Hong Kong................................. 8,743 9,669 9,063 6,505 1,008 740 -896 -822 587 9,760 6,460 891

India........................................... 1,494 -1,840 -345 -4 - - 14 -39 1 -591 -568 -160

Indonesia ................................... 5,081 3,071 1,381 124 501 311 -49 132 -1 -50 126 -3

Israel.......................................... 3,366 -3,009 -937 565 -439 -2 210 81 -30 392 -409 147

Japan......................................... 124,121 148,498 72,978 71,289 36,463 13,569 842 9,505 3,898 4,587 3,400 -33

Korea, South.............................. -3,152 -4,646 734 6,967 8,539 3,721 1,248 -3,195 -1,192 281 -140 85

Lebanon..................................... 35 53 1 -1 1 - 153 -97 -18 15 66 -2

Malaysia..................................... -131 4,059 1,395 2,861 -1,372 -810 454 -12 -138 317 252 23

Pakistan..................................... 69 - - - -2 - 9 -1 6 -4 -21 -5

Philippines ................................. 2,846 5,563 58 -21 -2,775 1 135 409 95 27 -57 -19

Singapore .................................. 15,219 2,428 2,074 -1,479 -918 249 8,280 3,244 1,081 -4,445 -6,687 -4,649

Syria .......................................... - - - - - - - -3 - -31 -2 -1

Taiwan ....................................... 14,869 -5,750 160 13,621 5,891 -59 5,288 2,875 545 339 -485 -74

Thailand..................................... 18,278 -651 -2,157 -1,549 197 269 101 136 -13 68 -66 -17

Oil exporting countries 3 ............. -6,234 -3,133 -1,689 -2,060 1,699 1,629 -5,675 -737 -49 4,570 6,295 1,625

All other Asia.............................. 152 785 -164 -32 -60 -38 53 -105 -63 93 49 24

Total Asia ............................... 235,915 108,145 36,454 67,504 66,523 26,786 9,813 14,436 4,116 18,126 8,573 -1,239

Africa: 

Egypt.......................................... 1,112 123 -7 -42 -3 - -13 -6 6 -19 -27 -13

Liberia........................................ 51 7 4 1 6 5 19 83 8 -10 -85 -52

Morocco ..................................... -115 183 221 -914 7 2 2 -8 -9 -13 -6 -

South Africa ............................... -5,020 -851 260 21 -10 -12 147 -71 -4 -27 -42 26

Oil exporting countries 4 ............. 8,244 2,048 -166 65 -3 10 39 147 -49 -27 1 -13

All other Africa............................ 863 486 237 39 165 -4 48 24 21 -224 1,021 968

Total Africa............................. 5,135 1,996 549 -830 162 1 242 169 -27 -320 862 916

Other countries: 

Australia..................................... -5,646 1,517 1,382 -638 -21 362 -1,582 -3,511 -2,626 2,024 317 -1,064

New Zealand.............................. -7 -199 16 -39 -5 -11 -21 -40 -91 93 99 -169

All other countries ...................... 4 -15 -12 -11 28 8 19 -98 -11 -34 -7 -9

Total other countries .............. -5,649 1,303 1,386 -688 2 359 -1,584 -3,649 -2,728 2,083 409 -1,242

Total foreign countries ....... 703,494 366,740 45,909 109,270 81,870 38,304 -11,420 -42,615 -25,821 109,787 24,803 -15,308

International and regional orgs: 

International organizations ......... 145 11,259 6,718 -1,258 -401 -245 -1,594 -1,862 -572 -41 348 23

Regional organizations 5 ............ 43 290 101 7 -565 34 -140 -699 -64 -5 6 7

Total international and 

 regional organizations .............. 188 11,549 6,819 -1,251 -966 -211 -1,734 -2,561 -636 -46 354 30

Grand total......................... 703,682 378,289 52,728 108,019 80,904 38,093 -13,154 -45,176 -26,457 109,741 25,157 -15,278

1As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, 

Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For 

data as of January 2011, also includes Estonia. 

2

 As of January 2007, 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 

March 2012 

74

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2011, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country 

Total 

 purchases 

 (1) 

Domestic securities

 Foreign securities 

Total

 sales

 (8) 

Domestic securities 

 Foreign securities 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

Corporate and 

other 

Marketable

Treasury 

 and 

 Federal 

 Financing 

Bank 

bonds 

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

 other 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

Bonds 

 (11) 

Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria .................................... 6,679 619 408 185 763 4,248 456 2,522 518 440 295 646 255 369

Belgium................................... 5,737 597 260 289 2,194 1,560 837 29,434 613 341 4,648 3,296 19,420 1,116

Bulgaria .................................. 408 211 - - 138 - 59 381 182 - - 141 6 52

Cyprus .................................... 31,570 11 10 6 28,166 175 3,202 31,457 10 - 4 28,095 185 3,163

Czech Republic ...................... 1,119 532 - 20 319 189 59 1,316 628 - - 547 43 98

Denmark................................. 10,336 1,167 91 433 4,721 2,749 1,175 8,325 1,302 122 495 4,684 797 925

Finland.................................... 2,580 82 609 68 497 496 827 2,423 50 569 44 509 715 535

France .................................... 964,705 725,422 8,587 3,444 179,582 25,826 21,843 953,779 716,903 5,595 5,102 185,624 17,587 22,968

Germany................................. 81,213 23,993 916 1,296 22,732 22,629 9,648 64,997 22,096 669 1,951 20,859 10,661 8,761

Greece.................................... 804 278 1 46 319 17 143 798 257 2 11 337 53 139

Hungary.................................. 500 135 10 20 161 153 21 710 158 113 36 199 150 54

Ireland..................................... 104,337 56,664 18,539 2,499 9,208 3,935 13,491 113,468 53,446 18,522 3,978 8,897 16,003 12,621

Italy ......................................... 20,133 4,288 136 282 9,829 2,397 3,201 19,385 3,780 204 331 11,128 959 2,983

Kazakhstan............................. 2,285 1,378 - 110 9 783 5 1,960 888 161 169 19 713 10

Luxembourg ........................... 49,157 12,507 8,774 6,461 8,778 3,893 8,744 64,712 12,113 13,477 6,803 10,124 12,356 9,839

Monaco................................... 872 120 32 74 530 37 79 562 2 2 19 375 84 80

Netherlands ............................ 32,092 5,494 423 1,323 11,340 6,853 6,658 33,447 6,213 712 2,494 12,818 5,077 6,132

Norway ................................... 53,452 25,517 6,292 7,391 4,011 7,698 2,543 53,622 23,320 10,375 7,893 4,155 5,509 2,370

Poland .................................... 7,361 6,369 100 220 275 190 207 8,155 7,287 - - 306 332 230

Portugal .................................. 1,941 338 1 18 1,265 82 237 2,308 342 1 24 1,360 99 483

Romania ................................. 97 43 - - 20 34 - 141 105 - - 20 16 -

Russia..................................... 5,124 3,681 97 - 426 432 488 11,242 9,850 50 - 410 645 287

Serbia and Montenegro.......... 201 200 - - 1 - - 98 97 - - 1 - -

Spain ...................................... 19,195 8,468 32 347 2,104 5,084 3,161 9,426 1,928 82 375 2,485 1,395 3,161

Sweden................................... 17,840 4,133 96 229 4,392 3,812 5,178 19,364 4,478 199 3,042 4,866 1,476 5,303

Switzerland............................. 53,513 12,186 1,019 3,331 21,648 4,830 10,499 74,774 31,432 1,266 5,082 23,283 4,683 9,028

Turkey..................................... 3,607 1,997 - - 159 1,010 441 2,879 2,117 - - 178 189 395

Ukraine ................................... 986 889 - 1 6 83 7 1,321 1,136 50 75 8 17 35

United Kingdom...................... 2,429,636 1,471,509 60,238 62,507 295,469 227,910 312,003 2,415,254 1,478,104 49,092 76,415 300,945 208,657 302,041

Channel Islands...................... 28,748 3,591 1,259 511 17,496 1,838 4,053 29,132 3,133 1,142 1,113 17,504 1,423 4,817

All other Europe...................... 2,893 448 313 142 1,320 449 220 3,755 628 279 178 1,364 1,058 248

Total Europe....................... 3,939,121 2,372,865 108,244 91,253 627,878 329,394 409,487 3,961,148 2,383,117 103,466 120,577 645,183 310,561 398,244

Memo: Euro Area 1 ............. 1,321,113 838,826 38,697 16,294 277,509 77,243 72,544 1,329,531 818,407 40,615 26,137 287,036 84,951 72,385

Canada....................................... 496,242 192,194 6,247 11,413 132,359 89,923 64,106 496,757 185,560 5,983 10,876 131,836 99,584 62,918

Latin America: 

Argentina ................................ 4,350 216 63 320 1,612 1,572 567 3,853 142 57 362 1,805 674 813

Brazil....................................... 66,382 39,492 1,184 365 2,921 12,329 10,091 60,055 36,085 510 169 2,817 9,702 10,772

Chile ....................................... 17,833 7,827 367 275 4,347 2,572 2,445 14,446 5,110 19 156 4,081 2,746 2,334

Colombia ................................ 13,440 7,723 457 153 3,185 1,129 793 8,892 1,749 405 278 3,212 2,237 1,011

Costa Rica.............................. 1,595 1,052 104 18 307 83 31 1,683 1,031 - 18 314 290 30

Ecuador.................................. 554 83 40 46 81 119 185 318 53 8 23 95 52 87

Guatemala.............................. 830 553 1 31 97 137 11 973 601 3 8 98 253 10

Mexico .................................... 35,998 9,931 5,463 904 8,664 4,023 7,013 34,769 9,170 1,652 1,277 8,975 6,194 7,501

Panama .................................. 4,920 288 339 488 1,331 1,983 491 4,515 294 158 526 1,348 1,628 561

Peru ........................................ 6,391 2,292 1,150 395 1,129 699 726 5,573 1,623 564 116 1,173 1,092 1,005

Uruguay.................................. 5,515 1,793 35 225 1,414 1,704 344 5,905 1,187 37 238 1,416 2,667 360

Venezuela .............................. 2,641 84 63 415 944 930 205 2,030 97 23 103 985 618 204

All other Latin America ........... 1,066 239 234 173 176 182 62 703 231 34 25 196 150 67

Total Latin America ............ 161,515 71,573 9,500 3,808 26,208 27,462 22,964 143,715 57,373 3,470 3,299 26,515 28,303 24,755

Caribbean: 

Anguilla................................... 150,559 4,269 25 106 123,333 734 22,092 150,749 4,746 50 49 123,217 809 21,878

Bahamas ................................ 71,855 27,041 838 3,354 28,798 5,659 6,165 72,316 24,834 895 3,853 29,787 6,624 6,323

Barbados ................................ 3,180 708 204 580 202 438 1,048 2,489 600 129 87 272 441 960

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2012 

75

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2011, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country 

Domestic securities 

Foreign securities Total

 sales

(8) 

Domestic securities 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Corporate and 

other 

Marketable

Treasury 

and 

Federal 

 Financing

Bank bonds

 and notes

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

Bonds

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks

(7) 

 Bonds 

 (11) 

 Stocks

 (12) 

Bonds

 (13) 

Stocks

 (14) 

Caribbean, con. 

Bermuda................................ 164,464 21,729 7,554 7,210 78,336 29,918 19,717 162,239 19,543 7,781 6,682 78,473 29,820 19,940

British Virgin Islands .............. 133,234 19,380 695 3,884 71,710 13,784 23,781 130,947 19,144 572 3,012 72,324 11,341 24,554

Cayman Islands..................... 1,503,375 421,775 70,392 38,837 574,103 255,156 143,112 1,503,333 427,229 70,298 40,028 569,542 252,449 143,787

Cuba...................................... 219 - - - 138 6 75 230 - - 1 193 4 32

Jamaica................................. 502 16 179 41 17 245 4 517 17 126 40 16 315 3

Netherlands Antilles............... 12,533 4,145 206 849 3,947 1,748 1,638 13,149 4,986 285 113 3,390 2,921 1,454

Trinidad and Tobago ............. 2,219 1,491 414 29 186 73 26 3,340 2,564 476 41 162 67 30

All other Caribbean ................ 2,400 148 263 175 1,488 270 56 2,310 101 72 63 1,536 458 80

Total Caribbean ................. 2,044,540 500,702 80,770 55,065 882,258 308,031 217,714 2,041,619 503,764 80,684 53,969 878,912 305,249 219,041

Asia: 

China, Mainland. ................... 100,241 74,520 15,843 2,345 4,335 1,245 1,953 138,557 120,618 8,637 2,938 3,406 985 1,973

Hong Kong ............................ 122,268 34,461 5,500 1,959 9,388 4,318 66,642 109,449 25,398 4,760 1,372 8,497 2,952 66,470

India ...................................... 10,717 6,458 - 4 295 127 3,833 11,456 6,803 - 3 455 356 3,839

Indonesia............................... 11,254 8,670 482 82 132 870 1,018 9,538 7,289 171 83 135 467 1,393

Israel ..................................... 96,904 86,873 1,593 418 4,729 611 2,680 99,114 87,810 1,595 448 4,582 2,590 2,089

Japan .................................... 347,777 205,770 53,467 12,378 17,568 14,472 44,122 257,346 132,792 39,898 8,480 17,601 14,918 43,657

Korea, South ......................... 44,229 11,719 13,828 542 1,343 8,168 8,629 36,191 10,985 10,107 1,734 1,258 2,977 9,130

Lebanon ................................ 804 13 - 86 634 6 65 814 12 - 104 636 2 60

Malaysia ................................ 7,027 2,818 1,647 238 419 664 1,241 8,126 1,423 2,457 376 396 1,775 1,699

Pakistan ................................ 52 - - 6 4 18 24 19 - - - 9 1 9

Philippines............................. 6,225 5,054 14 310 214 318 315 6,090 4,996 13 215 233 336 297

Singapore.............................. 68,982 39,812 2,488 2,584 10,059 3,329 10,710 69,449 37,738 2,239 1,503 14,708 2,467 10,794

Syria...................................... - - - - - - -1 - - -1 - -

Taiwan................................... 19,888 3,589 2,373 1,583 5,853 1,184 5,306 19,667 3,429 2,432 1,038 5,927 813 6,028

Thailand ................................ 6,163 2,573 422 113 554 366 2,135 8,299 4,730 153 126 571 698 2,021

All other Asia ......................... 44,363 24,105 6,118 1,009 7,949 3,042 2,140 43,012 25,958 4,527 1,121 6,300 3,154 1,952

Total Asia .......................... 886,894 506,435 103,775 23,657 63,476 38,738 150,813 817,128 469,981 76,989 19,541 64,715 34,491 151,411

Africa: 

Egypt..................................... 376 37 13 10 154 65 97 381 44 13 4 167 93 60

Liberia ................................... 250 11 5 40 113 11 70 287 7 - 32 165 6 77

Morocco ................................ 245 231 2 1 2 1 8 27 10 - 10 2 - 5

South Africa........................... 3,534 1,965 223 - 257 311 778 4,020 1,705 235 4 231 1,017 828

All other Africa ....................... 5,020 1,717 66 44 1,535 260 1,398 4,450 1,646 60 72 580 580 1,512

Total Africa ........................ 9,425 3,961 309 95 2,061 648 2,351 9,165 3,412 308 122 1,145 1,696 2,482

Other countries: 

Australia ................................ 44,831 6,561 3,631 1,870 6,776 10,304 15,689 45,193 5,179 3,269 4,496 7,840 10,286 14,123

New Zealand ......................... 2,355 229 238 27 377 1,171 313 1,786 213 249 118 546 398 262

All other ................................. 193 15 12 29 59 49 29 387 27 4 40 68 49 199

Total other countries .......... 47,379 6,805 3,881 1,926 7,212 11,524 16,031 47,366 5,419 3,522 4,654 8,454 10,733 14,584

Total foreign countries ... 7,585,116 3,654,535 312,726 187,217 1,741,452 805,720 883,466 7,516,898 3,608,626 274,422 213,038 1,756,760 790,617 873,435

International and regional orgs: 

International organizations..... 14,545 10,373 1,903 128 331 1,745 65 8,341 3,655 2,148 700 308 1,359 171

Regional organizations 2 ........ 13,954 281 153 24 10 12,829 657 1,138 180 119 88 3 162 586

Total international and 

 regional organizations .... 28,499 10,654 2,056 152 341 14,574 722 9,479 3,835 2,267 788 311 1,521 757

Grand total .................... 7,613,615 3,665,189 314,782 187,369 1,741,793 820,294 884,188 7,526,377 3,612,461 276,689 213,826 1,757,071 792,138 874,192

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 

March 2012 

76

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 9,803 2,392 1,123 656 2,450 1,597 1,587

Belgium .............................. 29,824 2,934 657 1,554 13,223 6,921 4,535 117,121 3,466 986 19,421 17,196 70,805 5,246

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 .................. 4,662 1,190 - 26 1,338 925 1,183 3,880 1,142 - - 1,729 330 679

Denmark............................. 47,485 10,891 304 2,242 16,642 11,999 5,407 43,961 10,304 298 2,675 15,906 8,485 6,293

Finland ............................... 12,355 1,556 1,472 515 4,207 1,870 2,735 14,268 1,531 1,386 650 3,549 4,293 2,860

France................................ 4,726,532 3,735,559 43,273 16,366 772,345 65,295 93,694 4,717,118 3,703,264 34,989 25,499 798,902 56,592 97,873

Germany ............................ 354,935 112,648 4,905 7,730 95,271 94,871 39,510 306,998 108,764 4,700 11,563 93,148 49,781 39,043

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 ................................ 340,755 157,236 52,551 17,232 36,617 21,513 55,606 387,284 168,847 57,207 18,843 36,537 47,702 58,148

Italy..................................... 105,377 14,253 542 1,279 53,276 20,790 15,236 87,222 13,372 876 1,448 51,558 4,086 15,882

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........................ 174,299 43,262 3,339 8,095 47,114 37,424 35,065 168,632 43,087 2,879 10,923 49,287 24,762 37,693

Norway ............................... 181,896 87,886 16,849 15,856 23,014 24,565 13,726 172,511 82,696 18,717 20,418 19,767 18,889 12,024

Poland................................ 36,999 33,237 835 360 639 1,219 709 40,586 31,390 100 22 756 7,176 1,142

Portugal.............................. 9,809 1,372 3 64 6,127 833 1,410 10,473 1,374 8 82 6,981 673 1,355

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.................................. 60,832 17,608 552 1,547 9,979 15,590 15,556 48,080 12,012 571 2,145 10,806 7,332 15,214

Sweden .............................. 84,267 22,543 473 2,827 17,719 17,647 23,058 80,622 18,793 1,029 5,864 21,359 11,199 22,378

Switzerland......................... 262,176 66,995 3,801 18,941 102,124 17,035 53,280 255,684 60,771 3,509 18,616 106,393 16,725 49,670

Turkey ................................ 15,737 9,858 - 75 657 3,347 1,800 9,223 4,984 - 5 699 1,549 1,986

Ukraine............................... 3,638 3,180 - 3 50 336 69 4,324 3,832 55 89 58 171 119

United Kingdom.................. 11,606,464 7,462,227 238,700 367,137 1,297,997 966,032 1,274,371 11,523,869 7,305,287 241,712 390,808 1,294,959 1,013,975 1,277,128

Channel Islands.................. 143,318 13,160 3,042 3,675 93,935 11,062 18,444 143,310 11,512 2,852 6,412 93,066 10,819 18,649

All other Europe .................. 14,986 2,400 1,834 872 6,495 1,984 1,401 16,353 2,204 1,139 650 6,448 3,883 2,029

Total Europe ................... 18,644,916 11,884,394 405,103 492,624 2,781,818 1,359,632 1,721,345 18,679,829 11,707,437 420,731 563,721 2,814,220 1,442,269 1,731,451

Memo: Euro Area 1 ......... 6,190,358 4,128,108 138,768 79,471 1,219,142 299,619 325,250 6,302,542 4,108,012 150,770 117,109 1,250,659 338,895 337,097

Canada ................................... 2,126,230 838,255 30,746 51,820 494,252 421,220 289,937 2,127,281 820,587 27,203 53,247 480,161 454,697 291,386

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 .................................. 334,833 218,301 5,698 3,970 16,303 42,610 47,951 288,728 170,893 4,409 3,625 16,391 37,083 56,327

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................................ 167,752 47,325 19,271 8,229 36,808 20,996 35,123 174,329 51,849 8,853 7,699 35,254 38,823 31,851

Panama.............................. 26,405 1,919 1,311 2,907 8,016 9,332 2,920 24,330 2,107 825 2,964 7,655 7,890 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 ........ 741,693 341,385 35,400 22,231 114,886 115,777 112,014 680,197 274,507 21,458 19,945 113,414 132,854 118,019

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2012 

77

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 99,077 570,619 139,771 2,063 15,295 271,366 42,248 99,876

Cayman Islands ..................... 6,961,022 2,247,600 234,507 217,916 2,553,425 1,020,489 687,085 6,948,186 2,268,791 224,063 208,373 2,524,559 1,006,219 716,181

Cuba ..................................... 219 - - - 138 6 75 254 - - 1 217 4 32

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 ................ 9,734,084 2,729,180 281,922 300,829 4,005,313 1,357,971 1,058,869 9,694,137 2,735,387 268,596 284,162 3,973,515 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 ........................ 531,725 97,155 21,996 11,027 47,975 34,587 318,985 507,153 87,486 20,988 11,849 41,515 26,174 319,141

India................................... 30,858 10,486 - 20 1,241 713 18,398 36,706 12,326 - 59 1,809 1,403 21,109

Indonesia........................... 39,057 27,240 2,036 673 661 2,294 6,153 36,278 24,169 1,535 541 535 2,327 7,171

Israel.................................. 393,578 360,435 2,325 2,045 15,316 4,187 9,270 396,438 363,444 2,764 1,964 15,725 4,732 7,809

Japan................................. 1,359,205 786,419 183,347 51,251 84,738 56,112 197,338 1,158,563 637,921 146,884 41,746 81,338 57,617 193,057

Korea, South...................... 174,754 56,971 51,200 6,032 4,130 19,557 36,864 176,515 61,617 42,661 9,227 4,270 13,121 45,619

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 35,712 5,950 9,869 1,714 1,650 9,366 7,163

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 .......................... 354,144 216,258 11,433 13,578 42,525 19,203 51,147 352,831 213,830 12,351 10,334 49,212 13,697 53,407

Syria .................................. 70 - - - 34 - 36 89 - - 3 36 - 50

Taiwan............................... 100,546 18,272 16,018 8,361 22,682 6,872 28,341 95,406 24,022 10,127 5,486 23,167 3,822 28,782

Thailand............................. 24,896 12,109 482 411 1,185 2,743 7,966 24,727 12,760 285 275 1,251 2,091 8,065

All other Asia ..................... 162,025 85,214 15,552 3,630 36,951 11,011 9,667 156,845 87,562 13,913 4,472 30,607 11,802 8,489

Total Asia ...................... 3,627,792 1,994,213 358,477 111,369 280,792 181,208 701,733 3,418,157 1,886,068 291,954 96,933 272,219 153,845 717,138

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....................... 19,829 11,998 738 256 1,262 1,509 4,066 21,862 12,849 748 327 1,304 2,579 4,055

All other Africa ................... 21,795 9,714 445 328 3,823 1,232 6,253 20,554 7,180 283 157 2,801 2,277 7,856

Total Africa .................... 47,558 23,224 1,249 915 7,178 3,637 11,355 47,701 21,228 1,087 746 6,316 5,644 12,680

Other countries: 

Australia ............................ 206,026 39,419 10,993 14,730 32,404 40,811 67,669 208,773 37,902 11,014 18,241 32,087 42,092 67,437

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...... 214,336 40,443 11,627 15,046 34,780 43,224 69,216 216,656 39,140 11,625 18,695 34,371 43,509 69,316

Total foreign 

 countries................ 35,136,609 17,851,094 1,124,524 994,834 7,719,019 3,482,669 3,964,469 34,863,958 17,484,354 1,042,654 1,037,449 7,694,216 3,571,531 4,033,754

International and regional orgs: 

International organizations ... 58,188 38,342 6,406 995 1,191 10,733 521 48,028 27,083 6,807 2,857 843 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 58,404 28,030 9,007 3,826 878 11,604 5,059

Grand total..................... 35,237,630 17,890,673 1,132,565 996,099 7,720,251 3,530,447 3,967,595 34,922,362 17,512,384 1,051,661 1,041,275 7,695,094 3,583,135 4,038,813

1As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. For data as of January 2011, 

also includes Estonia. 

2 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
78 CAPITAL MOVEMENTS

March 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 Treasury International Capital (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 $5.1 

billion. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial 

revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC Website. The TIC 

Website also provides estimates from the Federal Reserve Bank of New York on principal repayment flows of foreign holdings of 

U.S. government agency and corporate asset-backed securities (ABS). These repayments are estimated to have reduced foreign net 

purchases of U.S. securities by $191 billion in 2008, $204 billion in 2009, $232 billion in 2010, and $168 billion in 2011. 

After including stock swaps and accounting for ABS repayment flows, net foreign acquisitions of U.S. securities totaled $224 

billion in 2008, as foreign investors acquired U.S. securities in the first half of the year, but on net sold U.S. securities in the second 

half of the year. Foreign net purchases recovered to $436 billion in 2009. The pace of acquisition picked up further in 2010, when 

foreign net purchases were recorded at $685 billion, surpassing those in 2008 and 2009 and nearly recovering the momentum 

recorded in 2007. More recently, the pace of acquisition has slowed, with net foreign purchases recorded at only $276 billion in 2011.

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years

2008 2009 2010 

 

2011 

 2011 

Oct.- Dec.

United Kingdom .......................... 328,706 212,743 376,505 133,295 -14,833 

All other Europe .......................... -105,325 33,534 744 -75,465 -37,270 

Caribbean banking centers 1 ...... -74,524 23,959 69,439 56,723 2,132 

Japan.......................................... 57,276 128,219 200,839 197,866 90,412

All other Asia .............................. 193,377 187,661 130,519 -189 -24,295 

Subtotal .................................. 399,510 586,116 778,046 312,230 16,146 

All other countries ....................... 15,379 52,741 130,242 126,944 32,940 

Grand total.............................. 414,889 638,857 908,288 439,174 49,086

1 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. 
 CAPITAL MOVEMENTS 

March 2012 

79

The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to 

the TIC reporting system. U.S. investors also have acquired foreign stocks through mergers that involve stock swaps. 

Net acquisitions through stock swaps amounted to $12 billion in 2007, $7 billion in 2008, $2 billion in 2009, $12 

billion in 2010, and $11 billion in 2011. (Stock swaps data for the most recent quarter are Federal Reserve 

Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC 

reporting system, but are available on the TIC Website. 

Including acquisitions through stock swaps, U.S. net purchases of long-term foreign securities amounted to $241 

billion in 2007. U.S. investors switched to net sales of $67 billion in foreign securities in 2008, but resumed their net 

purchases of foreign securities in 2009 with acquisitions of $189 billion. Net purchases slowed in 2010 to $127 

billion, but have slightly picked up in 2011 to $135 billion.

CHART CM-D.—Net Purchases of Long-Term 

Foreign Securities by U.S. Investors* 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Type 

Calendar years

2007 2008 2009 2010 2011 

 2011 

 Oct. - Dec.

Foreign bonds.................................. 133,905 -53,942 127,474 54,644 52,688 -28,156

Foreign stocks ................................. 95,300 -20,246 59,360 60,615 71,218 -9,996

Total ............................................... 229,205 -74,188 186,834 115,259 123,906 -38,152

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

March 2012 

80 

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. Sept. Dec. Mar. r June Sept. p

Gross total of holdings with negative fair values ........................... 3,363,444 4,679,187 3,541,931 3,076,050 3,336,971 5,041,526

Total over-the-counter (OTC) contracts..................................... 3,333,846 4,649,244 3,512,342 3,044,720 3,307,847 5,002,492

Single-currency interest rate contracts.................................. 2,532,612 3,855,297 2,787,529 2,348,265 2,633,109 4,088,069

Forwards ............................................................................ 5,733 9,225 6,684 6,373 5,354 6,476

Swaps ................................................................................ 2,310,645 3,556,177 2,557,293 2,132,959 2,412,515 3,768,065

Options............................................................................... 216,234 289,895 223,552 208,933 215,240 313,528

Foreign exchange contracts .................................................. 245,230 343,410 304,088 291,084 280,953 390,547

Forwards ............................................................................ 67,679 127,208 110,520 112,508 104,155 165,228

Swaps ................................................................................ 139,065 176,830 153,063 139,117 136,126 180,159

Options............................................................................... 38,486 39,372 40,505 39,459 40,672 45,160

Other contracts ...................................................................... 556,004 450,537 420,725 405,371 393,785 523,876

Equity ................................................................................. 55,363 45,504 40,073 40,864 40,667 50,940

Credit.................................................................................. 404,839 319,892 290,208 264,462 274,520 398,081

All other .............................................................................. 95,802 85,141 90,444 100,045 78,598 74,855

Total exchange-traded contracts ............................................... 29,598 29,943 29,589 31,330 29,124 39,034

Own contracts on foreign exchanges .................................... 515 911 674 649 663 1,456

U.S. customers’ contracts on foreign exchanges.................. 4,342 4,962 3,847 4,288 4,724 5,110

Foreign counterparty contracts on U.S. exchanges .............. 24,741 24,070 25,068 26,393 23,737 32,468

Memorandum items: 

Contracts with own foreign office........................................... 847,311 1,100,869 853,851 749,229 788,613 1,170,892

Contracts with foreign official institutions .............................. 14,299 16,884 15,975 13,937 14,363 17,455

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.

Gross total of holdings with positive fair values............................. 3,489,779 4,783,698 3,652,313 3,185,281 3,457,494 5,171,503

Total over-the-counter (OTC) contracts..................................... 3,460,696 4,754,629 3,621,801 3,151,742 3,426,647 5,129,394

Single-currency interest rate contracts.................................. 2,596,825 3,915,177 2,844,526 2,406,864 2,693,081 4,142,929

Forwards ............................................................................ 5,440 9,257 6,541 5,375 4,662 6,057

Swaps ................................................................................ 2,357,111 3,591,278 2,596,870 2,177,818 2,453,233 3,794,443

Options............................................................................... 234,274 314,642 241,115 223,671 235,186 342,429

Foreign exchange contracts .................................................. 277,387 358,225 330,298 317,735 313,425 419,577

Forwards ............................................................................ 71,203 127,118 113,369 113,784 108,899 174,754

Swaps ................................................................................ 164,657 186,574 170,886 160,244 160,824 192,737

Options............................................................................... 41,527 44,533 46,043 43,707 43,702 52,086

Other contracts ...................................................................... 586,484 481,227 446,977 427,143 420,141 566,888

Equity ................................................................................. 41,864 44,576 44,936 47,278 48,589 61,956

Credit.................................................................................. 445,687 355,504 318,710 287,870 296,677 427,765

All other .............................................................................. 98,933 81,147 83,331 91,995 74,875 77,167

Total exchange-traded contracts ............................................... 29,083 29,069 30,512 33,539 30,847 42,109

Own contracts on foreign exchanges .................................... 751 1,163 878 1,067 787 1,052

Customers’ contracts on foreign exchanges ......................... 3,702 3,807 3,226 3,720 3,920 4,701

Foreign counterparty contracts on U.S. exchanges .............. 24,630 24,099 26,408 28,752 26,140 36,356

Memorandum items: 

Contracts with own foreign office........................................... 877,838 1,107,824 874,301 764,566 814,875 1,190,142

Contracts with foreign official institutions .............................. 12,483 14,845 13,451 12,382 13,202 15,637

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.
 CAPITAL MOVEMENTS 

March 2012 

81

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. Sept. Dec. Mar. r June Sept. p

Europe: 

Belgium...................................................................................... 11,312 14,508 10,244 8,934 9,267 13,566

France........................................................................................ 146,048 198,743 156,930 139,414 145,428 225,168

Germany .................................................................................... 197,835 294,082 209,014 183,026 193,261 297,657

Ireland ........................................................................................ 261,347 332,169 251,881 212,960 248,282 357,092

Italy............................................................................................. 7,457 9,317 6,893 5,386 5,254 8,000

Netherlands................................................................................ 13,838 17,608 12,907 11,349 11,772 17,317

Switzerland ................................................................................ 47,560 94,420 81,315 72,255 80,099 106,733

United Kingdom ......................................................................... 2,352,344 3,302,886 2,468,669 2,137,045 2,323,956 3,572,886

All other Europe ......................................................................... 40,712 60,067 42,746 38,612 38,793 60,563

Total Europe .......................................................................... 3,078,453 4,323,800 3,240,599 2,808,981 3,056,112 4,658,982

Memo: Euro Area 1 .................................................................... 663,627 904,730 676,357 585,782 638,602 957,120

Memo: European Union 2........................................................... 3,024,687 4,223,012 3,154,262 2,732,260 2,971,753 4,547,491

Canada........................................................................................... 40,263 56,200 45,276 43,353 45,044 66,684

Total Latin America........................................................................ 7,949 9,337 9,327 10,494 7,690 11,207

Caribbean: 

Cayman Islands ......................................................................... 54,221 50,126 48,930 36,264 36,579 53,066

All other Caribbean .................................................................... 11,874 20,261 14,925 12,177 12,849 23,445

Total Caribbean ..................................................................... 66,095 70,387 63,855 48,441 49,428 76,511

Asia: 

Japan ......................................................................................... 91,203 125,547 106,590 96,724 108,352 128,906

All other Asia.............................................................................. 30,447 41,344 31,901 26,398 26,012 36,298

Total Asia ............................................................................... 121,650 166,891 138,491 123,122 134,364 165,204

Total Africa..................................................................................... 17,072 24,816 20,527 19,382 20,256 28,740

Other countries: 

Australia ..................................................................................... 22,434 16,314 14,480 13,558 14,782 23,522

All other...................................................................................... 742 1,464 995 920 1,107 1,295

Total other countries .............................................................. 23,176 17,778 15,475 14,478 15,889 24,817

Total foreign countries ....................................................... 3,354,658 4,669,209 3,533,550 3,068,251 3,328,783 5,032,145

Total international and regional organizations............................... 8,784 9,979 8,379 7,798 8,186 9,381

Grand total ............................................................................. 3,363,444 4,679,187 3,541,931 3,076,050 3,336,971 5,041,526

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 

March 2012 

82 

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. Sept. Dec. Mar. r June Sept. p

Europe: 

Belgium .................................................................... 15,638 18,842 13,449 11,508 12,271 17,361

France ...................................................................... 164,934 224,928 180,511 161,349 169,253 256,905

Germany................................................................... 216,416 305,392 220,547 193,489 206,070 314,849

Ireland ...................................................................... 281,432 351,467 268,319 226,655 264,454 376,667

Italy ........................................................................... 10,546 10,804 8,392 7,492 7,353 10,233

Netherlands .............................................................. 16,622 20,837 15,457 13,840 14,348 19,158

Switzerland ............................................................... 54,305 100,589 87,746 79,166 88,198 116,851

United Kingdom ........................................................ 2,386,455 3,330,615 2,503,208 2,168,229 2,367,739 3,623,295

All other Europe ....................................................... 35,827 51,641 37,176 34,001 35,583 55,685

Total Europe ......................................................... 3,182,175 4,415,115 3,334,805 2,895,729 3,165,269 4,791,004

Memo: Euro Area 1 ................................................... 726,892 966,650 731,174 635,565 696,740 1,033,385

Memo: European Union 2 ......................................... 3,121,726 4,309,146 3,242,593 2,813,137 3,073,638 4,670,079

Canada ......................................................................... 44,255 56,365 46,349 47,533 46,459 67,638

Total Latin America ...................................................... 10,714 13,588 11,961 10,693 10,302 13,859

Caribbean: 

Cayman Islands ....................................................... 62,945 64,962 60,329 48,187 45,184 63,397

All other Caribbean .................................................. 13,687 17,541 14,472 14,550 12,917 16,548

Total Caribbean .................................................... 76,632 82,503 74,801 62,737 58,101 79,945

Asia: 

Japan ........................................................................ 91,422 122,724 104,198 96,511 104,190 125,742

All other Asia ............................................................ 35,400 43,193 35,925 30,988 29,527 38,754

Total Asia ............................................................. 126,822 165,917 140,123 127,499 133,717 164,496

Total Africa ................................................................... 17,127 25,235 20,988 19,513 20,490 28,528

Other countries: 

Australia ................................................................... 27,467 19,548 18,704 17,318 18,683 21,070

All other .................................................................... 1,075 1,877 1,049 1,023 1,125 1,400

Total other countries ............................................ 28,542 21,425 19,753 18,341 19,808 22,470

Total foreign countries ..................................... 3,486,267 4,780,148 3,648,780 3,182,045 3,454,146 5,167,940

Total international and regional organizations ............. 3,513 3,551 3,532 3,235 3,348 3,563

Grand total ........................................................... 3,489,779 4,783,698 3,652,313 3,185,281 3,457,494 5,171,503

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 

March 2012 

83

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 2010 2011 

Total July - Sept. Oct. - Dec. Jan. - Mar. r Apr. - June July - Sept. p

Total over-the-counter (OTC) contracts............................................... 14,531 -9,307 -360 943 6,409 -1,155

Single-currency interest rate contracts ............................................ 9,423 4,939 6,537 -191 -1,478 -6,250

Foreign exchange contracts............................................................. -12,798 -19,269 -8,373 -895 4,591 412

Other contracts................................................................................. 17,906 5,023 1,476 2,029 3,296 4,683

Total exchange-traded contracts ......................................................... -455 -2,586 197 1,984 1,010 -2,794

Own contracts on foreign exchanges .............................................. 6,225 1,754 1,527 2,891 2,526 1,964

U.S. customers’ contracts on foreign exchanges ............................ 5,637 1,053 3,624 1,133 -584 -2,669

Foreign counterparty contacts on U.S. exchanges ......................... -12,317 -5,393 -4,954 -2,040 -932 -2,089

Total net cash settlements from foreigners ......................................... 14,076 -11,893 -163 2,927 7,419 -3,949

Memorandum items: 

Contracts with foreign official institutions..................................... -1,816 -710 218 2,181 -215 -1,676

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

March 2012 

84 

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 2010 2011 

Total July - Sept. Oct. - Dec. Jan. - Mar. r Apr. - June July - Sept. p

Europe: 

Belgium................................................................................. 3,046 759 646 147 -128 108

France................................................................................... 887 -1,146 1,448 -3,723 703 -3,168

Germany............................................................................... 6,911 1,417 39 -223 203 -1,896

Ireland................................................................................... -2,314 571 -861 -133 -505 2,398

Italy ....................................................................................... -802 301 -208 -603 -476 -743

Netherlands .......................................................................... 1,436 -234 662 -78 567 443

Switzerland ........................................................................... 4,863 -1,327 -27 272 -59 -1,163

United Kingdom.................................................................... 6,047 -12,516 577 7,015 1,684 -3,823

All other Europe.................................................................... 1,742 -1,257 1,273 -988 -1,412 1,286

Total Europe ..................................................................... 21,816 -13,432 3,549 1,686 577 -6,558

Memo: Euro area 1 ............................................................... 9,825 760 2,118 -5,537 -867 -2,486

Memo: European Union 2 ..................................................... 14,819 -12,444 2,972 1,139 589 -5,868

Canada ..................................................................................... -5,060 -1,162 -674 -1,267 1,275 -259

Total Latin America................................................................... -1,957 -830 -659 -321 1,076 2,407

Caribbean: 

Cayman Islands.................................................................... 5,801 4,314 -2,377 344 2,775 -2,529

All other Caribbean............................................................... 40 937 -17 2,819 1,792 158

Total Caribbean................................................................ 5,841 5,251 -2,394 3,163 4,567 -2,371

Asia: 

Japan.................................................................................... -7,829 -2,542 -1,338 -1,064 -1,810 372

All other Asia ........................................................................ 3,748 1,629 1,414 658 182 2,010

Total Asia.......................................................................... -4,081 -913 76 -406 -1,628 2,382

Total Africa ............................................................................... 119 -233 -60 210 666 586

Other countries: 

Australia................................................................................ -2,117 -371 65 135 936 265

All other................................................................................. 255 -47 179 -59 121 -86

Total other countries......................................................... -1,862 -418 244 76 1,057 179

Total foreign countries.................................................. 14,816 -11,737 82 3,141 7,590 -3,634

Total international and regional organizations ......................... -739 -155 -245 -214 -172 -315

Grand total........................................................................ 14,076 -11,893 -163 2,927 7,419 -3,949

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. 
March 2012 

85

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 

March 2012 

86 

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) 

07/06/2011 ............................................................. 811,499 824,398 n.a. 0.9656

07/13/2011 ............................................................. 807,136 818,964 n.a. 0.9582

07/20/2011 ............................................................. 808,832 820,460 n.a. 0.9479

07/27/2011 ............................................................. 833,054 845,139 n.a. 0.9474

08/03/2011 ............................................................. 877,389 889,805 n.a. 0.9632

08/10/2011 ............................................................. 903,362 918,714 n.a. 0.9909

08/17/2011 ............................................................. 847,341 865,860 n.a. 0.9818

08/24/2011 ............................................................. 873,876 888,743 280 0.9878

08/31/2011 ............................................................. 909,731 925,753 307 0.9783

09/07/2011 ............................................................. 905,007 920,196 -205 0.9882

09/14/2011 ............................................................. 931,983 945,158 -67 0.9913

09/21/2011 ............................................................. 859,483 868,974 14 0.9985

09/28/2011 ............................................................. 860,791 868,137 497 1.0226

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
FOREIGN CURRENCY POSITIONS 

March 2012 

87

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 - Jan ................... 839,224 849,651 163,411 137,287 45,062 44,953 43,018 38,265 n.a. 1.0020

Feb .................. 891,321 897,362 162,749 143,360 45,890 45,770 42,021 36,930 n.a. 0.9737

Mar .................. 834,107 840,681 167,154 140,089 44,230 45,748 44,338 36,653 n.a. 0.9717

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 .................. 782,031 788,805 157,869 146,892 33,077 35,638 40,751 36,810 -72 1.0168

 

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.................. 17,082 30,990 87,268 41,908 375 404 n.a. 471 118 1.0389

 
FOREIGN CURRENCY POSITIONS 

March 2012 

88 

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) 

07/06/2011 .............................................................. 331,005 335,470 n.a. 80.90

07/13/2011 .............................................................. 357,622 361,085 n.a. 78.99

07/20/2011 .............................................................. 348,398 351,732 n.a. 78.76

07/27/2011 .............................................................. 349,135 352,157 1,332 77.99

08/03/2011 .............................................................. 354,042 357,011 n.a. 76.87

08/10/2011 .............................................................. 368,510 371,256 n.a. 76.41

08/17/2011 .............................................................. 353,530 357,027 n.a. 76.46

08/24/2011 .............................................................. 360,622 364,139 n.a. 76.78

08/31/2011 .............................................................. 365,612 369,561 n.a. 76.50

09/07/2011 .............................................................. 373,457 377,782 n.a. 77.39

09/14/2011 .............................................................. 372,946 376,652 n.a. 76.71

09/21/2011 .............................................................. 358,555 361,937 n.a. 76.38

09/28/2011 .............................................................. 360,622 363,625 n.a. 76.51

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
FOREIGN CURRENCY POSITIONS 

March 2012 

89

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 - Jan .................. 369,241 375,012 54,370 48,195 38,554 37,365 62,482 64,274 n.a. 81.97

Feb ................. 366,487 371,904 54,579 49,051 39,954 37,954 63,822 66,818 n.a. 81.94

Mar ................. 369,726 374,751 54,078 49,034 41,398 40,475 67,997 71,517 n.a. 82.76

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 ................. 367,464 372,224 60,602 53,562 35,198 35,193 56,040 57,701 n.a. 76.98

 

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

 
FOREIGN CURRENCY POSITIONS 

March 2012 

90 

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) 

07/06/2011 .............................................................. 917,123 910,775 n.a. 0.8393

07/13/2011 .............................................................. 971,951 964,297 2,616 0.8213

07/20/2011 .............................................................. 929,706 922,506 n.a. 0.8204

07/27/2011 .............................................................. 932,449 926,276 1,810 0.8023

08/03/2011 .............................................................. 1,040,221 1,033,111 2,333 0.7660

08/10/2011 .............................................................. 1,092,784 1,112,812 2,184 0.7296

08/17/2011 .............................................................. 1,035,529 1,065,497 1,287 0.7891

08/24/2011 .............................................................. 974,951 1,011,043 1,526 0.7950

08/31/2011 .............................................................. 1,037,588 1,071,322 1,705 0.8038

09/07/2011 .............................................................. 1,109,046 1,143,739 899 0.8599

09/14/2011 .............................................................. 1,050,458 1,085,818 1,253 0.8772

09/21/2011 .............................................................. 1,002,393 1,032,145 1,432 0.8932

09/28/2011 .............................................................. 1,006,738 1,022,674 612 0.8955

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
FOREIGN CURRENCY POSITIONS 

March 2012 

91

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 - Jan ................... 1,032,244 1,029,774 78,578 70,627 145,540 133,181 152,008 164,044 1,471 0.9402

Feb .................. 1,130,398 1,126,457 78,083 69,224 148,595 141,507 175,342 177,972 1,516 0.9305

Mar .................. 1,060,907 1,055,365 74,193 67,685 152,733 134,367 165,556 178,921 1,805 0.9157

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 .................. 883,902 913,795 127,394 93,416 135,380 133,882 160,846 153,679 -41 0.9374

 

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

 
FOREIGN CURRENCY POSITIONS 

March 2012 

92 

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) 

07/06/2011 .............................................................. 1,367,106 1,403,245 n.a. 1.5998

07/13/2011 .............................................................. 1,431,979 1,471,082 n.a. 1.6111

07/20/2011 .............................................................. 1,372,206 1,413,878 n.a. 1.6139

07/27/2011 .............................................................. 1,449,345 1,488,036 n.a. 1.6357

08/03/2011 .............................................................. 1,374,537 1,413,815 n.a. 1.6406

08/10/2011 .............................................................. 1,401,437 1,459,465 149 1.6169

08/17/2011 .............................................................. 1,398,435 1,441,942 669 1.6591

08/24/2011 .............................................................. 1,405,181 1,451,219 -97 1.6375

08/31/2011 .............................................................. 1,444,533 1,494,642 150 1.6269

09/07/2011 .............................................................. 1,494,611 1,545,512 n.a. 1.5948

09/14/2011 .............................................................. 1,584,776 1,630,446 n.a. 1.5773

09/21/2011 .............................................................. 1,481,035 1,515,833 n.a. 1.5619

09/28/2011 .............................................................. 1,530,317 1,565,574 163 1.5648

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
FOREIGN CURRENCY POSITIONS 

March 2012 

93

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 - Jan ................... 1,344,444 1,383,868 493,020 369,437 66,798 65,657 71,623 73,613 1,498 1.6042

Feb .................. 1,382,412 1,414,628 497,872 377,422 65,621 63,752 67,924 67,228 1,651 1.6247

Mar .................. 1,416,582 1,446,722 507,323 388,262 66,305 62,073 71,964 69,966 966 1.6048

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 .................. 1,372,512 1,430,202 602,048 490,698 53,956 52,416 60,517 60,664 n.a. 1.5537

 

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

 
FOREIGN CURRENCY POSITIONS 

March 2012 

94 

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) 

07/06/2011 ............................................................ 19,752,197 19,707,846 n.a. -

07/13/2011 ............................................................ 20,743,510 20,634,569 n.a. -

07/20/2011 ............................................................ 20,097,050 20,034,840 n.a. -

07/27/2011 ............................................................ 20,671,940 20,608,863 13,918 -

08/03/2011 ............................................................ 20,619,153 20,546,269 19,280 -

08/10/2011 ............................................................ 21,750,498 21,626,263 15,407 -

08/17/2011 ............................................................ 21,177,116 21,011,109 11,027 -

08/24/2011 ............................................................ 21,256,626 21,087,449 11,562 -

08/31/2011 ............................................................ 21,685,346 21,510,856 9,868 -

09/07/2011 ............................................................ 21,987,449 21,805,232 13,026 -

09/14/2011 ............................................................ 22,513,047 22,344,619 15,434 -

09/21/2011 ............................................................ 21,258,299 21,095,113 14,441 -

09/28/2011 ............................................................ 21,580,447 21,406,805 9,305 -

10/05/2011 ............................................................ 21,046,096 20,850,586 4,145 -

10/12/2011 ............................................................ 20,829,683 20,599,984 4,458 -

10/19/2011 ............................................................ 20,575,688 20,407,854 1,671 -

10/26/2011 ............................................................ 20,868,602 20,702,993 5,422 -

11/02/2011 ............................................................ 21,234,962 21,043,255 2,399 -

11/09/2011 ............................................................ 20,783,065 20,592,657 5,310 -

11/16/2011 ............................................................ 20,865,770 20,619,438 -2,257 -

11/23/2011 ............................................................ 20,662,211 20,406,588 7,416 -

11/30/2011 ............................................................ 21,662,155 21,388,599 2,912 -

12/07/2011 ............................................................ 21,093,148 20,797,633 134 -

12/14/2011 ............................................................ 21,509,000 21,260,488 -255 -

12/21/2011 ............................................................ 20,025,183 19,769,397 -4,469 -

12/28/2011 ............................................................ 19,150,100 18,959,156 -6,314 -
FOREIGN CURRENCY POSITIONS 

March 2012 

95

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 -

2010 - Dec.............. 18,086,298 18,224,239 - - 1,852,707 1,883,560 1,950,486 1,985,879 33,277 -

2011 - Jan .............. 19,555,804 19,638,055 - - 1,874,769 1,860,116 1,967,888 2,036,556 29,875 -

Feb ............. 19,923,918 19,962,720 - - 1,868,670 1,849,664 1,962,288 2,015,708 19,695 -

Mar ............. 20,170,893 20,192,501 - - 1,971,336 1,950,442 2,054,684 2,076,441 10,283 -

Apr.............. 20,680,050 20,527,327 - - 2,010,863 2,005,299 2,154,387 2,174,983 19,105 -

May............. 21,395,847 21,361,316 - - 1,990,164 1,964,412 2,110,776 2,062,283 23,106 -

June............ 21,054,545 20,971,115 - - 2,026,341 2,044,518 2,167,547 2,090,157 n.a. -

July ............. 21,276,711 21,278,776 - - 2,054,101 2,079,211 2,194,316 2,143,085 12,052 -

Aug ............. 22,504,064 22,412,968 - - 2,127,846 2,172,416 2,304,090 2,250,918 17,098 -

Sept............ 21,970,665 21,835,877 - - 2,304,325 2,244,332 2,294,158 2,349,665 13,820 -

Oct.............. 21,948,236 21,540,550 - - 2,226,019 2,190,085 2,337,588 2,275,752 3,992 -

Nov ............. 22,359,300 22,092,405 - - 2,222,985 2,071,598 2,287,710 2,244,419 3,031 -

Dec ............. 19,821,780 19,647,322 - - 1,960,401 1,864,790 2,067,617 1,995,663 -4,242 -

 

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.................. 307,249 258,703 - - 25,246 16,710 41,329 26,316 -598 n.a.

 
FOREIGN CURRENCY POSITIONS 

March 2012 

96 

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) 

07/06/2011 ......................................................................... 5,491,377 5,508,411 n.a. 0.6979

07/13/2011 ......................................................................... 6,019,064 6,040,039 n.a. 0.7059

07/20/2011 ......................................................................... 5,564,133 5,582,256 n.a. 0.7048

07/27/2011 ......................................................................... 5,648,060 5,666,228 n.a. 0.6957

08/03/2011 ......................................................................... 5,684,893 5,712,444 1,201 0.6983

08/10/2011 ......................................................................... 5,937,476 5,974,111 -1,967 0.7046

08/17/2011 ......................................................................... 5,696,437 5,738,717 -2,407 0.6927 

08/24/2011 ......................................................................... 5,614,517 5,653,618 -2,828 0.6944

08/31/2011 ......................................................................... 5,671,776 5,700,672 -4,231 0.6942

09/07/2011 ......................................................................... 5,943,979 5,973,981 -4,527 0.7113

09/14/2011 ......................................................................... 6,196,696 6,237,376 -3,059 0.7294

09/21/2011 ......................................................................... 5,774,405 5,819,783 -3,240 0.7287

09/28/2011 ......................................................................... 5,908,180 5,955,603 n.a. 0.7338

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 
FOREIGN CURRENCY POSITIONS 

March 2012 

97

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 - Jan ................... 5,351,312 5,313,558 1,768,796 1,679,054 389,947 437,743 497,626 457,867 n.a. 0.7291

Feb .................. 5,340,368 5,310,279 1,799,073 1,718,262 363,344 427,166 474,691 411,831 4,508 0.7250

Mar .................. 5,446,089 5,412,608 1,754,428 1,655,996 368,489 433,364 484,030 419,108 n.a. 0.7051

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 .................. 5,551,011 5,594,711 2,168,550 2,075,633 380,524 430,827 565,230 521,678 -8,026 0.7708

 

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

 
March 2012 

98 

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 June 30, 2011, and September 30, 2011 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital June 30, 2011 

July 1, 2011, 

through 

Sept. 30, 2011 Sept. 30, 2011 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,749,626 -28,422 22,721,204 

Government Sponsored Enterprises (GSE) Securities ... - - -

Special drawing rights 1 ........................................................... 57,234,202 -1,358,901 55,875,301 

Foreign exchange and securities: 

European euro ..................................................................... 15,292,225 -1,074,804 14,217,421 

Japanese yen....................................................................... 11,495,381 544,521 12,039,902 

Accounts receivable................................................................. 172,540 -22,821 149,719 

Total assets.......................................................................... 106,943,974 -1,940,427 105,003,547

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 50,745 -15,288 35,457 

Total current liabilities ...................................................... 50,745 -15,288 35,457 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 56,520,981 -1,371,308 55,149,673 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 61,720,981 -1,371,308 60,349,673 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... 1,639,484 -553,831 1,085,653 

Total capital...................................................................... 45,172,248 -553,831 44,618,417 

Total liabilities and capital............................................ 106,943,974 -1,940,427 105,003,547 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

March 2012 

99

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter

July 1, 2011, 

through 

September 30, 2011 

Fiscal year to date

Oct. 1, 2010, 

through 

Sept. 30, 2011 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -604,601 777,868

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -18,026 37,727 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 508 5,304 

U.S. Government securities......................................................... 1,106 14,287 

GSE Securities............................................................................. - -

Foreign exchange ........................................................................ 67,182 250,467 

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations ............................................................... -553,831 1,085,653 

Net income (+) or loss (-)............................................................. -553,831 1,085,653 

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.” 
Financial Report of the

United States Government

Excerpt

Trust Funds
March 2012 

103

INTRODUCTION: Financial Report of the United States Government

The following pages are excerpted from the 2011 

Financial Report of the United States Government (Financial 

Report). The report and accompanying information, prepared 

and published annually by the Financial Management Service, 

are modeled after corporate-type reports and are developed on 

an accrual basis of accounting. 

The excerpts represent some of the most noteworthy 

information contained in the Financial Report. Data for the 

Financial Report are compiled from Federal program agency 

accounting systems Governmentwide. Treasury also presents 

a management discussion and analysis, the customary notes 

to the financial statements, a section on stewardship 

information, and supplemental information in the complete 

document. 

The Government Accountability Office (GAO) is 

required by law to audit the Financial Report. GAO’s report, 

as well as the complete Financial Report, can be accessed 

easily through the internet at www.fms.treas.gov/fr. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

104 

Financial Statements 

of the United States Government 

for the Years Ended September 30, 2011, 

and September 30, 2010 

Statements of Net Cost 

These statements present the net cost of fiscal years 2011 and 2010 Government 1 operations, including the 

operations related to earmarked funds (funds financed by specifically identified revenues, often supplemented by 

other financing sources, which remain available over time). The Government’s fiscal year begins October 1 and 

ends September 30. Costs and earned revenues are categorized on the Statement of Net Cost by significant entity, 

providing greater accountability by showing the relationship of the agencies’ net cost to the Governmentwide net 

cost. Costs and earned revenues are presented in this report by department on an accrual basis, while the budget 

presents costs and revenues by obligations and receipts, generally on a cash basis. The focus of the budget of the 

United States is by agency. Budgets are prepared, defended, and monitored by agency. In reporting by agency, we 

are assisting the external users in assessing the budget integrity, operating performance, stewardship, and systems 

and controls of the Government. 

These statements contain the following four components: 

 Gross cost—is the full cost of all the departments and entities excluding (gain)/loss from changes in 

assumptions. These costs are assigned on a cause-and-effect basis, or reasonably allocated to the 

corresponding departments and entities. 

 Earned revenue—is exchange revenue resulting from the Government providing goods and services to the 

public at a price. 

 (Gain)/loss from changes in assumptions—is the loss or gain from changes in long-term assumptions used 

to measure the liabilities reported for Federal civilian and military employee pensions, other postemployment benefits and other retirement benefits, including veterans’ compensation. 

 Net cost—is computed by subtracting earned revenue from gross cost, plus/minus the (gain)/loss from 

changes in assumptions. 

Net cost for Governmentwide reporting purposes includes the General Services Administration (GSA) and the 

Office of Personnel Management (OPM) agency allocations, and is net of intragovernmental eliminations. For this 

reason, individual agency net cost amounts will not agree with the agency’s financial statements. Because of their 

specific functions, most of the costs originally associated with GSA and OPM have been allocated to their user 

agencies for Governmentwide reporting purposes. The remaining costs for GSA and OPM on the Statements of Net 

Cost are the administrative operating costs, the expenses from prior and past costs from health and pension plan 

amendments, and the actuarial gains and losses for these agencies, if applicable. The interest on securities issued by 

the Department of the Treasury (Treasury) and held by the public is reported on Treasury’s financial statements, but 

because of its importance, and the dollar amounts involved, it is reported separately in these statements. 

Statements of Operations and Changes in Net Position 

These statements report the results of Government operations, which include the results of operations for 

earmarked funds. They include non-exchange revenues that are generated principally by the Government’s 

sovereign power to tax, levy duties, and assess fines and penalties. These statements also present the cost of 

Government operations, net of revenue earned from the sale of goods and services to the public (exchange revenue). 

They further include certain adjustments and unreconciled transactions that affect the net position. 

 

1

 For purposes of this document, “Government” refers to the U.S. Government. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

105

Revenue 

Individual income tax and tax withholdings include Federal Insurance Contributions Act (FICA)/SelfEmployment Contributions Act (SECA) taxes and other taxes. These taxes are characterized as non-exchange 

revenue. 

Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled 

spirits and imported liquor, tobacco, firearms, and others. These also are characterized as non-exchange revenue. 

Other taxes and receipts include Federal Reserve banks (FRBs) earnings, tax related fines, penalties and 

interest, and railroad retirement taxes. 

Miscellaneous earned revenues consist of earned revenues received from the public with virtually no 

associated cost. These revenues include rents and royalties on the Outer Continental Shelf Lands resulting from the 

leasing and development of mineral resources on public lands. 

Earmarked revenues are required by statute to be used for designated activities, benefits or purposes and must 

be accounted for separately from the rest of the Government’s non-earmarked revenues. See Note 24—Earmarked 

Funds for detailed information. 

Intragovernmental interest represents interest earned from the investment of surplus earmarked revenues, 

which finance the deficit spending of non-earmarked operations. These investments are recorded as 

intragovernmental debt holdings and are included in Note 14—Federal Debt Securities Held by the Public and 

Accrued Interest, in the table titled Intragovernmental Debt Holdings: Federal Debt Securities Held as Investments 

by Government Accounts. These interest payments and the associated investments are eliminated in the 

consolidation process. 

Net Cost of Government Operations 

The net cost of Government operations (gross cost [including (gains)/losses from changes in assumptions] less 

earned revenue) flows through from the Statements of Net Cost. The net cost associated with earmarked activities is 

separately reported. 

Intragovernmental Transfers 

Intragovernmental transfers reflect amounts required by statute to be transferred from the General Fund of the 

Treasury to earmarked funds (an example is the annual transfer to the Department of Health and Human Services’ 

(HHS) Supplementary Medical Insurance Trust Fund (Medicare Parts B and D) which receives approximately 76 

percent and 80 percent, respectively, of its funding from the General Fund. 

Unmatched Transactions and Balances 

Unmatched transactions and balances are adjustments needed to bring the change in net position into balance 

due to unreconciled intragovernmental differences, agency reporting errors, timing differences, and General Fund 

transactions in the consolidated financial statements. See Note 1.T—Summary of Significant Accounting Policies 

and the Supplemental Information—Unmatched Transactions and Balances for detailed information. 

Net Position, Beginning of Period 

The net position, beginning of period, reflects the net position reported on the prior year’s balance sheet as of 

the end of that fiscal year. The net position for earmarked funds is shown separately. 

Prior-period adjustments are revisions to adjust the beginning net position and balances presented on the prior 

year financial statements due to corrections of errors or changes in accounting principles. See Note 1.B—Basis of 

Accounting and Revenue Recognition and Note 21—Prior Period Adjustments for detailed information. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

106 

Net Position, End of Period 

The net position, end of period, amount reflects the net position as of the end of the fiscal year. The net 

position for earmarked funds is separately shown. 

Reconciliations of Net Operating Cost and Unified Budget 

Deficit 

These statements reconcile the results of operations (net operating cost) on the Statements of Operations and 

Changes in Net Position to the unified budget deficit. The premise of the reconciliation is that the accrual and 

budgetary accounting bases share transaction data. 

Receipts and outlays in the budget are measured primarily on a cash basis and differ from the accrual basis of 

accounting used in the Financial Report. Refer to Note 1.B—Basis of Accounting and Revenue Recognition for 

details. These statements begin with the net results of operations (net operating cost), where operating revenues are 

reported on a modified cash basis of accounting and the net cost of Government operations on an accrual basis of 

accounting and reports activities where the bases of accounting for the components of net operating cost and the 

unified budget deficit differ. 

Components of Net Operating Cost Not Part of the 

Budget Deficit 

This information includes the operating components, such as the changes in benefits payable for veterans, 

military and civilian employees, the environmental liabilities, and depreciation expense not included in the 

budget results. 

Components of the Budget Deficit Not Part of 

Net Operating Cost 

This information includes the budget components, such as capitalized fixed assets which are recorded as 

outlays in the budget when purchased, and reflected in net operating cost through depreciation expense over the 

useful life of the asset and increases in other assets that are not included in the operating results. 

Statements of Changes in Cash Balance from Unified 

Budget and Other Activities 

The primary purpose of these statements is to report how the annual unified budget deficit relates to the change 

in the Government’s cash and other monetary assets and debt held by the public. It explains why the unified budget 

deficit normally would not result in an equivalent change in the Government’s cash and other monetary assets. 

These statements reconcile the unified budget deficit to the change in cash and other monetary assets during 

the fiscal year and explain how the budget deficits (fiscal years 2011 and 2010) were financed. A budget deficit is 

the result of outlays (expenditures) exceeding receipts (revenue) during a particular fiscal year. 

The budget deficit is financed through borrowings from the public. Other transactions also require cash 

disbursements and are not part of the deficit. These other transactions, such as the payment of interest on debt 

held by the public, contributed to the use of cash. The budget deficit also includes certain amounts that are 

recognized in the budget and will be disbursed in a future period or are adjustments that did not affect the cash 

balance. These amounts include interest accrued on debt issued by Treasury and held by the public and subsidy 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

107

expense related to direct and guaranteed loans as well as equity investment activity and did not contribute to the 

change in the cash balance. 

These statements show the adjustments for noncash outlays included in the budget and items affecting the cash 

balance not included in the budget to explain the change in cash and other monetary assets.

Balance Sheets 

The balance sheets show the Government’s assets, liabilities, and net position. When combined with 

stewardship information, this information presents a more comprehensive understanding of the Government’s 

financial position. The net position for earmarked funds is shown separately. 

Assets 

Assets included on the balance sheets are resources of the Government that remain available to meet future 

needs. The most significant assets that are reported on the balance sheets are property, plant, and equipment (PP&E), 

net; inventories and related property, net; cash and other monetary assets; loans receivable and mortgage-backed 

securities, net; and Troubled Asset Relief Program (TARP) direct loans and equity investments, net. There are, 

however, other significant resources available to the Government that extend beyond the assets presented in these 

financial statements. Those resources include stewardship assets, including natural resources, and the Government’s 

sovereign powers to tax, regulate commerce, set monetary policy, and the power to print additional currency. 

Liabilities and Net Position 

Liabilities are obligations of the Government resulting from prior actions that will require financial resources. 

The most significant liabilities reported on the balance sheets are Federal debt securities held by the public and 

accrued interest and Federal employee and veteran benefits payable. Liabilities also include environmental and 

disposal liabilities, liabilities to Government-Sponsored Enterprises, and benefits due and payable as of the reporting 

date. 

As with reported assets, the Government’s responsibilities, policy commitments, and contingencies are much 

broader than these reported balance sheet liabilities. They include the social insurance programs in the Statements of 

Social Insurance disclosed in the Supplemental Information—Social Insurance section, the fiscal long-term 

projections of non-interest spending disclosed in the Supplemental Information—Statement of Fiscal Projections for 

the U.S. Government section, and a wide range of other programs under which the Government provides benefits 

and services to the people of this Nation, as well as certain future loss contingencies. 

The Government has entered into contractual commitments requiring the future use of financial resources and 

has unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future 

losses. Commitments, as well as contingencies that do not meet the criteria for recognition as liabilities on the 

balance sheets, but for which there is at least a reasonable possibility that losses have been incurred, are disclosed in 

Note 22—Contingencies and Note 23—Commitments. 

The collection of earmarked taxes and other earmarked revenue is credited to the corresponding Earmarked 

Fund that will use these funds to meet a particular Government purpose. If the collections from taxes and other 

sources exceed the payments to the beneficiaries, the excess revenue is invested in Treasury securities or “loaned” to 

Treasury’s General Fund; therefore, the trust fund balances do not represent cash. An explanation of the trust funds 

for social insurance and many of the other large trust funds is included in Note 24—Earmarked Funds. That note 

also contains information about trust fund receipts, disbursements, and assets. 

Because of its sovereign power to tax and borrow, and the country’s wide economic base, the Government has 

unique access to financial resources through generating tax revenues and issuing Federal debt securities. This 

provides the Government with the ability to meet present obligations and those that are anticipated from future 

operations and are not reflected in net position. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

108 

Net position is the residual difference between assets and liabilities and is the cumulative results of operations 

since inception. For detailed components that comprise the net position, refer to the section “Statement of 

Operations and Changes in Net Position.” 

Statements of Social Insurance and Changes in Social 

Insurance Amounts 

The Statements of Social Insurance provide estimates of the status of the most significant social insurance 

programs: Social Security, Medicare, Railroad Retirement, and Black Lung social insurance programs, which are 

administered by the Social Security Administration (SSA), HHS, the Railroad Retirement Board (RRB), and the 

Department of Labor (DOL), respectively. The estimates are actuarial present values 2

 of the projections and are 

based on the economic and demographic assumptions representing the trustees’ reasonable estimates as set forth in 

the relevant Social Security and Medicare trustees’ reports and in the agency financial report of HHS and DOL 

(Black Lung) and in the relevant agency performance and accountability reports for the SSA and RRB. The 

projections are based on the continuation of program provisions contained in current law. 

The magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of 

projections relating to the many assumptions of the programs, produce a wide range of possible results. In preparing 

the Statements of Social Insurance, Government management considers and selects assumptions and data that it 

believes provide a reasonable basis for the assertions in the statement. However, because of the large number of 

factors that affect the Statements of Social Insurance and the fact that such assumptions are inherently subject to 

substantial uncertainty (arising from the likelihood of future events, significant uncertainties, and contingencies), 

there will be differences between the estimates in the Statements of Social Insurance and the actual results, and those 

differences may be material. Note 26—Social Insurance describes the social insurance programs, reports long-range 

estimates that can be used to assess the financial condition of the programs, and explains some of the factors that 

impact the various programs. Using this information, readers can apply their own judgment as to the condition and 

sustainability of the individual programs. The Statement of Changes in Social Insurance Amount reconciles the 

change between the current valuation period and the prior valuation period. 

 

2

 Present values recognize that a dollar paid or collected in the future is worth less than a dollar today, because a dollar today could be invested 

and earn interest. To calculate a present value, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are 

summed. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

109

United States Government 

Statement of Net Cost 

for the Year Ended September 30, 2011 

(In billions of dollars)

Gross 

Cost 

Earned 

Revenue Subtotal 

(Gain)/Loss 

from 

Changes in 

Assumptions 

Net 

Cost 

Department of Health and Human 

Services ............................................................ 943.4 66.4 877.0 0.1 877.1 

Social Security Administration ..................... 782.9 0.4 782.5 - 782.5 

Department of Defense ............................... 828.7 78.0 750.7 (32.0) 718.7 

Interest on Treasury Securities Held by 

the Public .................................................. 250.9 - 250.9 - 250.9 

Department of Veterans Affairs ................... 124.3 4.7 119.6 58.9 178.5 

Department of Agriculture ............................ 154.2 9.4 144.8 - 144.8 

Department of Labor .................................... 132.8 - 132.8 - 132.8 

Department of the Treasury......................... 115.2 30.6 84.6 - 84.6 

Department of Transportation ...................... 77.9 0.7 77.2 - 77.2 

Department of Housing and Urban 

Development ............................................. 60.8 1.2 59.6 - 59.6 

Department of Education ............................. 69.7 15.0 54.7 - 54.7 

Department of Homeland Security .............. 58.9 9.4 49.5 0.4 49.9 

Department of Energy ................................. 52.5 7.9 44.6 - 44.6 

Department of Justice .................................. 31.3 1.3 30.0 - 30.0 

Office of Personnel Management ................. 43.7 19.1 24.6 0.3 24.9 

Department of State .................................... 27.0 3.4 23.6 0.4 24.0 

Department of the Interior ............................ 23.8 2.7 21.1 - 21.1 

National Aeronautics and Space 

Administration ........................................... 18.8 0.1 18.7 - 18.7 

Agency for International Development ........ 12.1 0.7 11.4 - 11.4 

Railroad Retirement Board .......................... 17.0 5.9 11.1 - 11.1 

Environmental Protection Agency ............... 11.3 0.5 10.8 - 10.8 

Federal Communications Commission........ 9.3 0.4 8.9 - 8.9 

Department of Commerce ........................... 11.3 2.5 8.8 - 8.8 

National Science Foundation ....................... 7.1 - 7.1 - 7.1 

Pension Benefit Guaranty Corporation........ 12.8 7.4 5.4 - 5.4 

Small Business Administration .................... 3.6 0.4 3.2 - 3.2 

Smithsonian Institution ................................ 0.7 - 0.7 - 0.7 

U.S. Nuclear Regulatory Commission......... 1.0 0.8 0.2 - 0.2 

Farm Credit System Insurance 

Corporation ............................................... - 0.1 (0.1) - (0.1)

Export-Import Bank of the United States..... 0.6 0.7 (0.1) - (0.1)

General Services Administration ................. 0.4 0.6 (0.2) - (0.2)

Tennessee Valley Authority ......................... 11.5 11.8 (0.3) - (0.3)

Securities and Exchange Commission........ 1.1 1.6 (0.5) - (0.5)

National Credit Union Administration ........... 0.2 3.1 (2.9) - (2.9)

U.S. Postal Service ...................................... 56.2 64.6 (8.4) - (8.4)

Federal Deposit Insurance Corporation ...... (2.1) 13.7 (15.8) - (15.8)

All other entities .............................................. 47.4 0.5 46.9 - 46.9 

Total .......................................................... 3,998.3 365.6 3,632.7 28.1 3,660.8 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

110 

United States Government 

Statement of Net Cost 

for the Year Ended September 30, 2010 

(In billions of dollars)

Gross 

Cost 

Earned 

Revenue Subtotal 

(Gain)/Loss 

from 

Changes in 

Assumptions

Net 

Cost 

Department of Health and Human 

Services ............................................................ 920.4 62.7 857.7 (0.1) 857.6 

Social Security Administration ..................... 754.2 0.3 753.9 - 753.9 

Department of Defense ............................... 929.0 39.8 889.2 (58.8) 830.4 

Interest on Treasury Securities Held by 

the Public .................................................. 214.8 - 214.8 - 214.8 

Department of Veterans Affairs ................... 240.2 4.7 235.5 101.4 336.9 

Department of Agriculture ............................ 136.6 6.0 130.6 - 130.6 

Department of Labor .................................... 179.0 - 179.0 - 179.0 

Department of the Treasury......................... 402.3 29.4 372.9 - 372.9 

Department of Transportation ...................... 80.4 0.6 79.8 - 79.8 

Department of Housing and Urban 

Development ............................................. 56.7 1.3 55.4 - 55.4

Department of Education ............................. 100.8 11.3 89.5 - 89.5 

Department of Homeland Security .............. 58.9 8.9 50.0 5.7 55.7 

Department of Energy ................................. 28.9 3.8 25.1 - 25.1 

Department of Justice .................................. 32.7 1.2 31.5 - 31.5 

Office of Personnel Management ................. 43.5 18.0 25.5 84.1 109.6 

Department of State .................................... 24.5 2.8 21.7 0.6 22.3 

Department of the Interior ............................ 20.7 2.4 18.3 - 18.3 

National Aeronautics and Space 

Administration ........................................... 22.1 0.1 22.0 - 22.0 

Agency for International Development ........ 10.7 0.2 10.5 - 10.5 

Railroad Retirement Board .......................... 14.6 5.8 8.8 - 8.8 

Environmental Protection Agency ............... 12.7 0.5 12.2 - 12.2 

Federal Communications Commission........ 9.5 0.5 9.0 - 9.0 

Department of Commerce ........................... 16.5 2.3 14.2 - 14.2 

National Science Foundation ....................... 6.9 - 6.9 - 6.9 

Pension Benefit Guaranty Corporation........ 11.9 8.1 3.8 - 3.8 

Small Business Administration .................... 5.4 0.4 5.0 - 5.0 

Smithsonian Institution ................................ 0.8 - 0.8 - 0.8 

U.S. Nuclear Regulatory Commission......... 1.2 0.9 0.3 - 0.3 

Farm Credit System Insurance 

Corporation ............................................... - 0.1 (0.1) - (0.1)

Export-Import Bank of the United States..... 0.4 0.7 (0.3) - (0.3)

General Services Administration ................. 0.6 0.6 - - -

Tennessee Valley Authority ......................... 9.7 10.8 (1.1) - (1.1)

Securities and Exchange Commission........ 1.1 1.4 (0.3) - (0.3)

National Credit Union Administration ........... 3.2 1.1 2.1 - 2.1 

U.S. Postal Service ...................................... 57.3 65.7 (8.4) - (8.4)

Federal Deposit Insurance Corporation ...... 16.8 16.1 0.7 - 0.7 

All other entities .............................................. 47.3 0.7 46.6 - 46.6 

Total .......................................................... 4,472.3 309.2 4,163.1 132.9 4,296.0 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

111

United States Government 

Statements of Operations and Changes in Net Position 

for the Years Ended September 30, 2011, and 2010 

 

NonEarmarked

Funds 

Earmarked

Funds Consolidated 

NonEarmarked 

Funds 

Earmarked

Funds Consolidated

(In billions of dollars) 2011 2010 

 

Revenue: 

Individual income tax and tax withholdings ... 1,092.9 772.9 1,865.8 902.6 830.3 1,732.9 

Corporation income taxes ............................. 175.1 175.1 179.6 179.6 

Unemployment taxes .................................... 56.1 56.1 45.2 45.2 

Excise taxes .................................................. 21.3 52.2 73.5 22.6 49.0 71.6 

Estate and gift taxes ..................................... 7.3 7.3 18.8 18.8 

Customs duties ............................................. 28.5 28.5 25.1 25.1 

Other taxes and receipts ............................... 120.4 20.9 141.3 96.9 30.6 127.5 

Miscellaneous earned revenues ................... 11.3 4.9 16.2 11.3 4.5 15.8 

Intragovernmental interest ............................ 202.0 202.0 195.0 195.0 

Total revenue ................................................ 1,456.8 1,109.0 2,565.8 1,256.9 1,154.6 2,411.5 

Eliminations ................................................... (202.0) (195.0)

Consolidated revenue ................................... 2,363.8 2,216.5 

 

Net Cost of Government Operations: 

Net cost ......................................................... 2,110.6 1,550.2 3,660.8 2,553.5 1,742.5 4,296.0 

Intragovernmental interest ............................ 202.0 202.0 195.0 195.0 

Total net cost ................................................ 2,312.6 1,550.2 3,862.8 2,748.5 1,742.5 4,491.0 

Eliminations ................................................... (202.0) (195.0)

Consolidated net cost.................................... 3,660.8 4,296.0 

 

Intragovernmental transfers ......................... (540.5) 540.5 (482.1) 482.1

 

Unmatched transactions and balances 

(Note 1.T) ..................................................... (15.6) (15.6) (0.8) (0.8)

 

Net operating (cost)/revenue ........................ (1,411.9) 99.3 (1,312.6) (1,974.5) (105.8) (2,080.3)

 

Net position, beginning of period ................. (14,119.7) 646.9 (13,472.8) (12,208.6) 752.7 (11,455.9)

Prior period adjustments–changes in 

accounting principles (Note 21) .................. (2.0) 2.0 - 63.4 - 63.4 

Net operating (cost)/revenue ......................... (1,411.9) 99.3 (1,312.6) (1,974.5) (105.8) (2,080.3)

Net position, end of period ........................... (15,533.6) 748.2 (14,785.4) (14,119.7) 646.9 (13,472.8)

 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

112 

United States Government 

Reconciliations of Net Operating Cost and Unified Budget Deficit 

for the Years Ended September 30, 2011, and 2010 

(In billions of dollars) 2011 2010 

Net operating cost ................................................................................................ (1,312.6) (2,080.3)

Components of net operating cost not part of the budget deficit:

Increase in liability for military employee benefits (Note 15):

Increase in military pension liabilities............................................................ 98.6 85.6 

(Decrease)/increase in military health liabilities........................................... (62.4) 78.9 

(Decrease) in other military benefits.............................................................. (1.2) (0.3)

Increase in liability for military employee benefits ....................................... 35.0 164.2 

Increase in liability for veteran's compensation (Note 15) 58.9 223.8 

(Decrease)/increase in liabilities for civilian employee benefits (Note 15):

(Decrease)/increase in civilian pension liabilities ........................................ (13.2) 103.5 

(Decrease)/increase in civilian health liabilities ........................................... (13.0) 3.3 

Increase in other civilian benefits................................................................... 4.2 8.3 

(Decrease)/increase in liabilities for civilian employee benefits ................ (22.0) 115.1 

Increase/(decrease) in environmental and disposal liabilities (Note 16):

Increase/(decrease) in Energy's environmental and disposal

liabilities .......................................................................................................... 0.4 (17.5)

Increase/(decrease) in all others' environmental and disposal

liabilities .................................................................................................................. 2.4 (3.0)

Increase/(decrease) in environmental and disposal liabilities ................... 2.8 (20.5)

Depreciation expense......................................................................................... 68.4 57.5 

Property, plant, and equipment disposals and revaluations ........................ (4.6) (9.8)

Increase in benefits due and payable .............................................................. 6.7 3.5 

(Decrease)/increase in insurance and guarantee program liabilities .......... (13.9) 9.4 

Increase in other liabilities ................................................................................. 10.5 62.4 

Seigniorage and sale of gold ............................................................................ - (0.4)

(Decrease) in accounts payable ....................................................................... (9.5) (0.3)

(Increase) in net accounts and taxes receivable............................................ (11.7) (7.1)

TARP yearend upward/(downward) re-estimate ............................................ 23.3 (23.6)

Decrease in Non-TARP Investments in American International Group,

Inc. due to valuation losses ............................................................................ 9.9 2.7 

(Decrease)/increase in liabilities to Government-sponsored enterprises ... (43.7) 268.0 

(Decrease)/increase in valuation loss on investments in Governmentsponsored enterprises ..................................................................................... (3.0) 8.1 

Components of the budget deficit that are not part of net operating cost:

Capitalized fixed assets: 

Department of Defense ................................................................................... (51.3) (59.4)

All other agencies............................................................................................. (36.4) (33.1)

Total capitalized fixed assets....................................................................... (87.7) (92.5)

Effect of prior year TARP downward re-estimate........................................... 23.6 110.0 

(Increase) in inventory (9.9) (1.6)

(Increase) in investments in Government-sponsored enterprises............... (20.8) (52.6)

(Increase) in debt and equity securities........................................................... (0.8) (5.8)

Decrease/(increase) in other assets ................................................................ 4.0 (24.7)

Credit reform and other loan activities ....................................................... (10.5) 8.0 

All other reconciling items .................................................................................. 9.0 (7.6) 

Unified budget deficit .................................................................................. (1,298.6) (1,294.1)

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

113

United States Government 

Statements of Changes in Cash Balance from Unified Budget and Other Activities 

for the Years Ended September 30, 2011, and 2010 

(In billions of dollars) 2011 2010 

 

Unified budget deficit ......................................... (1,298.6) (1,294.1) 

 

Adjustments for noncash outlays included

 in the budget: 

Interest accrued by Treasury on debt 

held by the public ...................................... 244.2 206.8 

TARP yearend re-estimates ........................ (46.9) (86.4) 

TARP Subsidy expense/(income) (Note 5) ..... 7.2 (24.2) 

Other Federal entity subsidy 

expense/(income) (Note 4) ........................... (43.9) (9.4) 

Subtotal ..................................................... 160.6 86.8 

Items affecting the cash balance not 

 included in the Budget: 

Net Transactions from financing activity: 

Borrowings from the public .......................... 7,962.8 8,525.5 

Repayment of debt held by the public ......... (6,854.2) (7,054.5) 

Agency securities ........................................ 1.0 0.7 

Subtotal ..................................................... 1,109.6 1,471.7 

Transactions from monetary and other 

activity: 

Interest paid by Treasury on debt held by 

the public ................................................... (239.7) (201.2)

Net TARP direct loans and equity 

investments activity ................................... 59.0 111.8 

Net GSE—mortgage-backed securities 

activity ....................................................... 93.7 9.1 

Net loan receivable activity .......................... (157.6) (160.3)

Allocations of special drawing rights ........... 0.2 (1.0)

Other ............................................................ 21.2 12.6 

Subtotal ..................................................... (223.2) (229.0) 

 

Cash and other monetary assets (Note 2): 

(Decrease)/increase in cash and other 

monetary assets ..................................... (251.6) 35.4 

Balance, beginning of period .................... 428.6 393.2 

Balance, end of period .............................. 177.0 428.6 

The accompanying notes are an integral part of these financial statements. 

For budgetary purposes, the effect of the yearend downward re-estimates (reduction of net outlays) and upward re-estimates 

(increase of net outlays) is not recognized until the subsequent fiscal year. As such, for fiscal year 2011, the budget deficit

reflected a reduction of noncash outlays for $23.6 billion relating to the fiscal year 2010 yearend downward re-estimates. Also, for 

fiscal year 2011, TARP subsidy expense includes $23.3 billion in yearend upward re-estimates, which will be reflected in the fiscal 

year 2012 budget. For fiscal year 2010, the budget deficit reflected a reduction of noncash outlays for $110 billion relating to the 

fiscal year 2009 yearend downward re-estimates. Also, for fiscal year 2010, TARP subsidy income includes $23.6 billion in 

yearend downward re-estimates, which was reflected in the fiscal year 2011 budget. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

114 

United States Government 

Balance Sheets 

as of September 30 

(In billions of dollars) 2011 2010

Assets: 

Cash and other monetary assets (Note 2) ..................................... 177.0 428.6 

Accounts and taxes receivable, net (Note 3) .................................. 106.3 94.6 

Loans receivable and mortgage-backed securities, net (Note 4) ... 772.1 688.6 

TARP direct loans and equity investments, net (Note 5) ............... 80.1 144.7 

Non-TARP Investments in American International Group, Inc. 

(Note 6) ........................................................................................ 10.9 20.8 

Inventories and related property, net (Note 7) ................................ 296.1 286.2 

Property, plant, and equipment, net (Note 8) ................................. 852.8 828.9 

Debt and equity securities (Note 9) ................................................ 99.7 98.9 

Investments in Government-Sponsored Enterprises (Note 11) ..... 133.0 109.2 

Other assets (Notes 10 and 12) ..................................................... 179.3 183.3 

Total assets .................................................................................. 2,707.3 2,883.8 

Stewardship land and heritage assets (Note 27) 

Liabilities: 

Accounts payable (Note 13) ........................................................... 63.4 72.9 

Federal debt securities held by the public and accrued interest 

(Note 14) ...................................................................................... 10,174.1 9,060.0 

Federal employee and veteran benefits payable (Note 15) ........... 5,792.2 5,720.3 

Environmental and disposal liabilities (Note 16)............................. 324.1 321.3 

Benefits due and payable (Note 17) ............................................... 171.0 164.3 

Insurance and guarantee program liabilities (Note 18) .................. 161.7 175.6 

Loan guarantee liabilities (Note 4) .................................................. 63.0 65.8 

Liabilities to Government-Sponsored Enterprises (Note 11) .......... 316.2 359.9 

Other liabilities (Notes 10 and 19) .................................................. 427.0 416.5 

Total liabilities .............................................................................. 17,492.7 16,356.6 

Contingencies (Note 22) and Commitments (Note 23) 

Net position: 

Earmarked funds (Note 24) ............................................................ 748.2 646.9 

Non-earmarked funds ..................................................................... (15,533.6) (14,119.7) 

Total net position ....................................................................... (14,785.4) (13,472.8) 

Total liabilities and net position ................................................. 2,707.3 2,883.8 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

115

United States Government 

Statements of Social Insurance (Note 26) 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In billions of dollars) 2011 2010 2009 2008 2007 

Federal Old-Age, Survivors and Disability Insurance (Social Security): 14

Revenue (Contributions and Earmarked Taxes) from: 

Participants who have attained eligibility age (62 and over) ..... 726 672 575 542 477

Participants who have not attained eligibility age ................ 20,734 19,914 18,559 18,249 17,515

Future participants ..................................................................... 20,144 19,532 18,082 17,566 16,121

All current and future participants ..................................... 41,603 40,118 37,217 36,357 34,113

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age (62 and over) ..... (8,618) (8,096) (7,465) (6,958) (6,329)

Participants who have not attained eligibility age ................ (34,042) (32,225) (30,207) (29,021) (27,928)

Future participants ..................................................................... (8,100) (7,744) (7,223) (6,933) (6,619)

All current and future participants ..................................... (50,760) (48,065) (44,894) (42,911) (40,876)

Present value of future expenditures in excess of future 

revenue ............................................................................ (9,157) 1 (7,947) 2 (7,677) 3 (6,555) 4 (6,763) 5

Federal Hospital Insurance (Medicare Part A): 14

Revenue (Contributions and Earmarked Taxes) from: 

Participants who have attained eligibility age (65 and over) ..... 262 248 209 202 178

Participants who have not attained eligibility age ................ 7,581 7,216 6,348 6,320 5,975

Future participants ..................................................................... 7,260 6,944 5,451 5,361 4,870

All current and future participants ..................................... 15,104 14,408 12,008 11,883 11,023

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age (65 and over) ..... (2,923) (2,648) (2,958) (2,747) (2,558)

Participants who have not attained eligibility age ................ (12,887) (12,032) (18,147) (17,365) (15,639)

Future participants ..................................................................... (2,546) (2,411) (4,673) (4,506) (5,118)

All current and future participants ..................................... (18,356) (17,091) (25,778) (24,619) (23,315)

Present value of future expenditures in excess of future 

revenue ............................................................................ (3,252) 1 (2,683) 2 (13,770) 3 (12,736) 4 (12,292) 5

Federal Supplementary Medical Insurance (Medicare Part B): 14

Revenue (Premiums) from: 

Participants who have attained eligibility age (65 and over) ..... 570 538 498 461 433

Participants who have not attained eligibility age ................ 3,651 3,460 4,224 3,859 3,184

Future participants ..................................................................... 865 839 1,270 1,158 1,172

All current and future participants ..................................... 5,086 4,836 5,992 5,478 4,789

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age (65 and over) ..... (2,343) (2,166) (2,142) (1,986) (1,834)

Participants who have not attained eligibility age ................ (13,489) (12,587) (16,342) (14,949) (12,130)

Future participants ..................................................................... (3,108) (2,984) (4,672) (4,262) (4,257)

All current and future participants ..................................... (18,940) (17,737) (23,156) (21,197) (18,221)

Present value of future expenditures in excess of future 

 revenue 6

 .............................................................................. (13,854) 1 (12,901) 2 (17,165) 3 (15,719) 4 (13,432) 5

Totals may not equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

116 

United States Government 

Statements of Social Insurance (Note 26), continued 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In billions of dollars) 2011 2010 2009 2008 2007 

Federal Supplementary Medical Insurance (Medicare Part D): 14

Revenue (Premiums and State Transfers) from: 

Participants who have attained eligibility age (65 and over) ..... 173 165 140 123 167

Participants who have not attained eligibility age ................ 1,608 1,626 1,442 1,380 1,627

Future participants ..................................................................... 703 694 618 604 611

All current and future participants ..................................... 2,484 2,486 2,199 2,107 2,405

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age (65 and over) ..... (695) (646) (595) (581) (794)

Participants who have not attained eligibility age ................ (6,438) (6,355) (6,144) (6,527) (7,273)

Future participants ..................................................................... (2,817) (2,714) (2,632) (2,856) (2,699)

All current and future participants ..................................... (9,950) (9,715) (9,371) (9,964) (10,766)

Present value of future expenditures in excess of future 

 revenue 6

 .............................................................................. (7,466) 1 (7,229) 2 (7,172) 3 (7,857) 4 (8,361) 5

Railroad Retirement: 

Revenue (Contributions and Earmarked Taxes) from: 

Participants who have attained eligibility ........................... 6 5 5 5 5

Participants who have not attained eligibility ..................... 46 47 48 43 41

Future participants ............................................................. 65 66 70 54 54

All current and future participants ................................... 117 118 123 102 100

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility ........................... (109) (105) (102) (97) (93)

Participants who have not attained eligibility ..................... (86) (88) (91) (88) (86)

Future participants ............................................................. (28) (27) (30) (26) (26)

All current and future participants ................................... (223) (220) (223) (212) (205)

Present value of future expenditures in excess of 

 future revenue 7

 ................................................................... (106) 1 (103) 2 (100) 3 (109) 4 (105) 5

Black Lung (Part C): 

Present value of future revenue in excess of future 

expenditures 8

 ...................................................................... 5 9 6 10 6 11 5 12 5 13

 

Total present value of future expenditures in excess

of future revenue ................................................................ (33,830) (30,857) (45,878) (42,970) (40,948)

Totals may not equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

117

United States Government 

Statements of Social Insurance (Note 26), continued

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

(In billions of dollars) 2011 2010 2009 2008 2007 

Social Insurance Summary: 14

Participants who have attained eligibility age: 

Revenue (e.g., Contributions and earmarked taxes) ......... 1,737 1,628 1,427 1,333 1,260

Expenditures for scheduled future benefits ....................... (14,688) (13,661) (13,262) (12,369) (11,608)

Present value of future expenditures in excess of 

future revenue ............................................................. (12,951) (12,033) (11,835) (11,036) (10,348)

Participants who have not attained eligibility age: 

Revenue (e.g., Contributions and earmarked taxes) ......... 33,620 32,263 30,621 29,851 28,342

Expenditures for scheduled future benefits ....................... (66,942) (63,287) (70,931) (67,950) (63,056)

Present value of future expenditures in excess of 

future revenue ............................................................. (33,322) (31,024) (40,310) (38,099) (34,714)

Closed-group – Total present value of future 

expenditures in excess of future revenue ........................ (46,272) (43,057) (52,145) (49,135) (45,062)

Future participants: 

Revenue (e.g., Contributions and earmarked taxes) ......... 29,037 28,075 25,491 24,743 22,828

Expenditures for scheduled future benefits ....................... (16,594) (15,875) (19,224) (18,578) (18,714)

Present value of future revenue in excess of future 

expenditures ................................................................ 12,443 12,200 6,267 6,165 4,114

 

Open-group – Total present value of future

expenditures in excess of future revenue........................ (33,830) (30,857) (45,878) (42,970) (40,948)

1 The projection period is 1/1/2011 -12/31/2085 and the valuation date is 1/1/2011. 2 The projection period is 1/1/2010 -12/31/2084 and the valuation date is 1/1/2010. 3 The projection period is 1/1/2009 -12/31/2083 and the valuation date is 1/1/2009. 4 The projection period is 1/1/2008 -12/31/2082 and the valuation date is 1/1/2008. 5 The projection period is 1/1/2007 -12/31/2081 and the valuation date is 1/1/2007. 6 These amounts represent the present value of the future transfers from the General Fund of the Treasury to the Supplementary Medical 

Insurance Trust Fund. These future intragovernmental transfers are included as income in both HHS’ and the Centers for Medicare & 

Medicaid Services’ Financial Reports but are not income from the Governmentwide perspective of this report. 7 These amounts approximate the present value of the future financial interchange and the future transfers from the General Fund of the 

Treasury to the Social Security Equivalent Benefit Account (see discussion of Railroad Retirement Program in the unaudited supplemental 

information section of this report). They are included as income in the Railroad Retirement Financial Report but are not income from the 

Governmentwide perspective of this report. 

8 Does not include interest expense accruing on the outstanding debt.

9 The projection period is 9/30/2011 -9/30/2040 and the valuation date is 9/30/2011. 10 The projection period is 9/30/2010 -9/30/2040 and the valuation date is 9/30/2010. 11 The projection period is 9/30/2009 -9/30/2040 and the valuation date is 9/30/2009. 12 The projection period is 9/30/2008 -9/30/2040 and the valuation date is 9/30/2008. 13 The projection period is 9/30/2007 -9/30/2040 and the valuation date is 9/30/2007. 14 Participants for the Social Security and Medicare programs are assumed to be the “closed-group” of individuals who are at least 15 

years of age at the start of the projection period, and are participating as either taxpayers, beneficiaries, or both, except for the 2007 

Medicare programs for which current participants are assumed to be at least 18 instead of 15 years of age. 

Totals may not equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2012 

118

United States Government 

Statement of Changes in Social Insurance Amounts 

for the Year Ended September 30, 2011 (Note 26) 

(In billions of dollars)

Social 

Security 

Medicare

HI 

Medicare 

SMI 

Other (e.g. 

Railroad 

Retirement) Total 

Net present value (NPV) of future 

revenue less future expenditures for 

current and future participants (the 

“open group”) over the next 75 years, 

beginning of the year ..................................... (7,947) (2,683) (20,130) (97) (30,857) 

Reasons for changes in the NPV during 

the year: 

Changes in valuation period ..................... (436) (112) (968) (2) (1,518) 

Changes in demographic data and 

assumptions ........................................... (688) (112) (59) (0) (859) 

Changes in economic data and 

assumptions ........................................... (143) 0 - (2) (145) 

Changes in law or policy ........................... - - (14) - (14) 

Changes in methodology and 

programmatic data ................................. 56 - - - 56 

Changes in economic and other 

healthcare assumptions ......................... - 185 (648) - (463) 

Change in projection base ........................ - (531) 500 - (31) 

Net change in open group measure ............ (1,211) (570) (1,189) (4) (2,974) 

Open group measure, end of year............... (9,157) (3,252) (21,320) (101) (33,830) 

 

Totals may not equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements. 

 
 

TRUST FUNDS 

March 2012 

119

INTRODUCTION: Airport and Airway Trust Fund 

The Airport and Airway Trust Fund was established on 

the books of Treasury in fiscal year 1971, according to 

provisions of the Airport and Airway Revenue Act of 1970 

[49 United States Code 1742(a), repealed]. The Tax Equity 

and Fiscal Responsibility Act of 1982 (Public Law 97-248, 

dated September 3, 1982) reestablished the trust fund in the 

Internal Revenue Code (26 United States Code 9502) 

effective September 1, 1982. 

Treasury transfers from the general fund to the trust 

fund amounts equivalent to the taxes received from 

transportation of persons and property by air, gasoline and 

jet fuel used in commercial and noncommercial aircraft, 

and an international arrival and departure tax. The Omnibus 

Budget Reconciliation Act of 1990 (Public Law 101-508, 

dated November 5, 1990) increased rates for the excise 

taxes transferred to the fund. 

Treasury bases these transfers on estimates made by the 

Secretary of the Treasury. These are subject to adjustments 

in later transfers in the amount of actual tax receipts. 

On February 6, 2012, Congress passed a 4 year 

authorization bill extending taxes through September 2015 

(Public Laws 112-7, 112-16, 112-21, 112-27), Surface and 

Air Transportation Programs Extension of 2011 (Public 

Law 112-30), and Airport and Airway Extension Act of 

2012 (PL 112-91). 

The FAA Modernization and Reform Act 2012 (Public 

Law 112-095), effective February 18, 2012, extended the 

aviation excise taxes until September 30, 2015. The Act 

included provisions that: 

 Retained the existing passenger ticket, flight 

segment, and freight waybill taxes. The flight segment tax 

is indexed to the Consumer Price Index; effective calendar 

year 2012, the tax is $3.80. It also retained a special rule 

applied to flights between the continental United States and 

Alaska or Hawaii. This departure tax is indexed to the 

Consumer Price Index; effective calendar year 2012, the tax 

is $8.40. 

 Retained the existing international and departure 

per passenger tax. The tax is indexed to the Consumer Price 

Index; effective calendar year 2012, the tax is $16.70. 

 Retained the existing tax on payments to airlines 

for frequent flyer and similar awards by banks and credit 

card companies, merchants and frequent flyer program 

partners, such as other airlines, hotels and rental car 

companies, and other businesses. 

 Retained the commercial aviation fuel tax and the 

general aviation jet fuel/gas taxes. 

 Imposed a new surtax on fuel used in aircraft that is 

part of a fractional ownership program; the surtax applies to 

fuel used after March 31, 2012. It also changed the 

classification of transportation as part of a fractional 

ownership program from commercial aviation to 

noncommercial aviation. 

 Repealed the excise tax exemption for 

transportation by small aircraft operating on nonestablished 

lines. (IRS defines the term “operated on an established 

line” to mean operated with some degree of regularity 

between definite points). 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the trust fund exceed outlay 

requirements, Treasury invests excess amounts in public 

debt securities and credits the interest to the fund. 

Additional sums from the general fund also are credited as 

authorized and made available, by law, if they are needed to 

meet outlay requirements. 

Treasury makes available to the Federal Aviation 

Administration (FAA), Department of Transportation 

(DOT), amounts required for outlays to carry out the 

Airport and Airway program. The Secretary of the Treasury 

makes other charges to the trust fund to transfer certain 

refunds of taxes and certain outfits, under section 34 of the 

Internal Revenue Code (IRC). 

Annual reports to Congress, required by 26 U.S.C. 9602 

(a), are submitted by the Secretary of the Treasury, after 

consultation with the Secretary of Transportation. These 

reports are required to cover the financial condition and 

results of operations of the trust fund during the past fiscal 

year and those expected during the next 5 fiscal years. 
TRUST FUNDS 

March 2012 

120

TABLE TF-1.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2011 

[Source: DOT] 

Description IRC section (26 United States Code) Amount

Balance Oct. 1, 2010 ...................................................................................................................................................................................................... 9,427,777,617

Receipts: 

Excise taxes (transferred from general fund): Liquid fuel other than gasoline.............................................................. 4041...................................................................................... 501,037,014

Gasoline................................................................................................ 4081...................................................................................... 29,534,426

Transportation by airseats, berths, etc ................................................. 4261 (a) (b)........................................................................... 8,084,593,217

Use of international travel facilities ....................................................... 4261 (c)................................................................................. 2,508,289,289

Transportation of property, cargo ......................................................... 4271 ...................................................................................... 426,703,140

Gross excise taxes ............................................................................................................................................................................................. 11,550,157,086

Less refunds of taxes (reimbursed to general fund): Liquid fuel other than gasoline.................................................................. 4041...................................................................................... 12,914,574

Gasoline ...................................................................................................................................................................................................................... 5,423,393

Total refunds of taxes ............................................................................................................................................................................................. 18,337,966

Net taxes ................................................................................................................................................................................................................. 11,531,819,120

Interest on investments ............................................................................................................................................................................................... 182,396,699

Total receipts .......................................................................................................................................................................................................... 11,714,215,819

Offsetting collections ....................................................................................................................................................................................................... 97,000,000

Expenses: Operations .................................................................................................................................................................................................................. 4,549,882,000

Grants in aid................................................................................................................................................................................................................ 3,216,409,000

Facilities and equipment............................................................................................................................................................................................. 2,750,622,220

Research, engineering, and development.................................................................................................................................................................. 174,042,840

Air carriers ................................................................................................................................................................................................................... 135,220,069

Total expenses ........................................................................................................................................................................................................ 10,826,176,129

Offsetting collections ....................................................................................................................................................................................................... 97,000,000

Balance Sept. 30, 2011 * ................................................................................................................................................................................................ 10,325,817,307

* The starting fiscal year 2011 total balance includes a $10 million upward adjustment to reflect 

the refund to the trust fund. 

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2012-2016 

[In millions of dollars. Source: DOT] 

2012 2013 2014 2015 2016

Balance Oct. 1 ............................................................................ 10,326 10,051 9,538 10,026 11,253

Receipts: 

Excise taxes, net of refunds.................................................... 11,600 11,949 12,406 13,001 13,606

Interest on investments........................................................... 206 226 227 281 383

$100 Surcharge ...................................................................... - 863 889 923 959

Offsetting collections............................................................... 101 103 98 91 92

Total receipts ...................................................................... 11,907 13,141 13,620 14,296 15,040

Expenses: 

Gross Outlays ......................................................................... 12,182 13,654 13,132 13,069 12,996

Balance Sept. 30......................................................................... 10,051 9,538 10,026 11,253 13,297

 
TRUST FUNDS 

 March 2012 

121

INTRODUCTION: Uranium Enrichment 

Decontamination and Decommissioning (D&D) Fund 

The Uranium Enrichment D&D Fund was established on 

the books of the Treasury in fiscal year 1993, according to 

provisions of the Energy Policy Act of 1992 (42 United 

States Code 2297g). Receipts represent (1) fees collected 

from domestic public utilities based on their pro rata share of 

purchases of separative work units from the Department of 

Energy (DOE) and (2) appropriations toward the 

Government contribution based on the balance of separative 

work unit purchases. 

Expenditures from the fund are for the purpose of (1) 

decontamination and decommissioning of the three gaseous 

diffusion plants, (2) remedial actions and related 

environmental restoration costs at the gaseous diffusion 

plants, and (3) reimbursement to uranium/thorium producers 

for the costs of decontamination, decommissioning, 

reclamation, and remedial action of uranium/thorium sites 

that are incident to sales to the U.S. Government. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities 

congruent with the needs of the fund and (2) bearing interest 

at rates determined appropriate, taking into consideration the 

current average market yield on outstanding marketable 

obligations of the United States with remaining periods to 

maturity comparable to these investments. 

The Secretary of the Treasury is required by 42 United 

States Code 2297g(b)(1) to provide an annual report to 

Congress, after consultation with the Secretary of Energy. 

This report must present the financial condition and the 

results of operations of the fund during the preceding fiscal 

year. 

The Energy Policy Act of 1992 (42 United States Code 

2297g-1, as amended) authorizes funding to ensure annual 

deposits to the fund of $518.2 million before adjustments for 

inflation. The Act stipulates that the Government deposit 

$369.6 million, adjusted for inflation, annually. The Act also 

calls for deposits of $150 million from domestic public 

utility assessments. The assessments were authorized for 15 

years with the final assessment scheduled for fiscal year 

2007. Between fiscal years 1993 and 2007, the total 

Government contribution amount authorized by the Act was 

$6,281.0 million. During that time span, the Government 

contributed only $5,362.4 million to the fund. The resulting 

shortfall in authorized Government contributions was, 

therefore, $918.6 million. 

The Government continued to make annual contributions 

to eliminate this shortfall. Through fiscal year 2009 

contributions, the overall shortfall (after adjustments for 

inflation) was $40.6 million. Also, during fiscal year 2009, 

the Government designated $390 million of American 

Recovery and Reinvestment Act (ARRA) funding for the 

fund’s mission. The ARRA funding was not an actual 

deposit into the fund’s invested balances, but it provides a 

dollar for dollar reduction in the required outlays from the 

invested balances. DOE recognizes the ARRA funding as an 

offset to the Government’s contribution shortfall, thereby 

satisfying the Government’s contribution responsibility. 
TRUST FUNDS 

March 2012 

122

TABLE TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund 

Results of Operations, Fiscal Year 2011 

[Source: DOE] 

Balance Oct. 1, 2010 ................................................................................................................................................................................. 4,977,577

Receipts: 

Fees collected........................................................................................................................................................................................ 33,632,600

Penalties collected ................................................................................................................................................................................. -

Interest on investments.......................................................................................................................................................................... 140,227,143

Total receipts...................................................................................................................................................................................... 173,859,743

Outlays: 

DOE, decontamination and decommissioning activities........................................................................................................................ 561,955,789

Cost of investments................................................................................................................................................................................ -388,087,193

Total outlays....................................................................................................................................................................................... 173,868,596

Balance Sept. 30, 2011 .............................................................................................................................................................................. 4,968,724

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2012-2016 

[In thousands of dollars. Source: DOE] 

 2012 2013 2014 2015 2016

Balance Oct. 1 ......................................................................... 4,969 4,969 4,969 4,969 4,969

Receipts: 

 

Fees collected...................................................................... -----

Interest collected.................................................................. 117,399 107,614 97,889 87,881 77,648

Total receipts ................................................................... 117,399 107,614 97,889 87,881 77,648

Outlays: 

 

DOE, decontamination and decommissioning fund ............ 472,180 442,493 430,692 430,389 427,840

Costs of investments ........................................................... -354,781 -334,879 -332,803 -342,508 -350,192

Total outlays..................................................................... 117,399 107,614 97,889 87,881 77,648

Balance Sept. 30...................................................................... 4,969 4,969 4,969 4,969 4,969
TRUST FUNDS 

 March 2012 

123

INTRODUCTION: Black Lung Disability Trust Fund 

The Black Lung Disability Trust Fund was established on 

the books of the Treasury in fiscal year 1978 according to the 

Black Lung Benefits Revenue Act of 1977 (Public Law 95-

227). The Black Lung Benefits Revenue Act of 1981 (Public 

Law 97-119) reestablished the fund in the Internal Revenue 

Code (IRC), 26 United States Code 9501. 

The Consolidated Omnibus Budget Reconciliation Act of 

1985 (Public Law 99-272), enacted April 7, 1986, provided 

for an increase in the coal tax rates effective April 1, 1986, 

through December 31, 1995, and a 5-year forgiveness of 

interest retroactive to October 1, 1985. The 5-year moratorium 

on interest payments ended on September 30, 1990. Payment 

of interest on advances resumed in fiscal year 1991. The 

Omnibus Budget Reconciliation Act of 1987 (Public Law 

100-203, title X, section 10503), signed December 22, 1987, 

extended the temporary increase in the coal tax through 

December 31, 2013. 

The Emergency Economic Stabilization Act of 2008 

(Public Law 110-343, title I, subtitle B, section 113), enacted 

October 3, 2008, restructured the Trust Fund Debt by 1) 

refinancing the outstanding principal of the repayable 

advances and unpaid interest on such advances and 2) 

providing a one time Appropriation to the Trust Fund in an 

amount sufficient to pay to the general fund of the Treasury 

the difference between the market value of the outstanding 

repayable advances, plus accrued interest and the proceeds 

from the obligations issued by the Trust Fund to the 

Secretary of the Treasury. The Act also extends the 

temporary increase in the coal tax through December 31, 

2018, and allows the prepayment of the Trust Fund debt 

prior to the maturity date. 

The Code designates the following receipts to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund: excise taxes on coal sold; taxable 

expenditures of self-dealing by, and excess contributions to, 

private black lung benefit trusts; reimbursements by 

responsible mine operators; and related fines, penalties and 

interest charges. 

Estimates made by the Secretary of the Treasury 

determine monthly transfers of amounts for excise taxes to the 

trust fund subject to adjustments in later transfers to actual tax 

receipts. 

After retirement of the current indebtedness, amounts 

available in the fund exceeding current expenditure 

requirements will be invested by the Secretary of the Treasury 

in interest-bearing public debt securities. Any interest earned 

will be credited to the fund. Also credited, if necessary, will 

be repayable advances from the general fund to meet outlay 

requirements exceeding available revenues. 

To carry out the program, amounts are made available to 

the Department of Labor (DOL). Also charged to the fund are 

administrative expenses incurred by the Department of Health 

and Human Services (HHS) and the Treasury, repayments of 

advances from the general fund and interest on advances. 

The Code requires the Secretary of the Treasury to submit 

an annual report to Congress after consultation with the 

Secretary of Labor and the Secretary of HHS [26 United 

States Code 9602(a)]. The report must present the financial 

condition and results of operations of the fund during the past 

fiscal year and the expected condition and operations of the 

fund during the next 5 fiscal years. 
TRUST FUNDS 

March 2012 

124

TABLE TF-3.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2011 

[Source: DOL] 

Balance Oct. 1, 2010 ........................................................................................................................................................................................... 55,527,814

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 285,353,367

$0.55 tax on surface coal............................................................................................................................................................................. 200,641,001

4.4 percent tax on underground coal........................................................................................................................................................... 11,232,574

4.4 percent tax on surface coal.................................................................................................................................................................... 125,654,843

Fines, penalties, and interest....................................................................................................................................................................... 1,238,202

Collection—responsible mine operators...................................................................................................................................................... 9,985,344

Recovery of prior year funds........................................................................................................................................................................ -

Repayable advances from the general fund ................................................................................................................................................ 107,749,000

Total receipts ............................................................................................................................................................................................ 741,854,331

Net receipts .............................................................................................................................................................................................. 741,854,331

Outlays: 

Treasury administrative expenses ................................................................................................................................................................... 500,241

Salaries and expenses—DOL—Departmental Management.......................................................................................................................... 25,394,000

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 327,000

Salaries and expenses—DOL—Employment Standards Administration ........................................................................................................ 32,670,004

Total outlays ................................................................................................................................................................................................. 58,891,245

Expenses: 

Program expenses—DOL................................................................................................................................................................................ 227,396,910

Repayable advances and interest ................................................................................................................................................................... 60,160,200

Repayment of bond principal ........................................................................................................................................................................... 379,286,424

Interest on principal debt .................................................................................................................................................................................. 21,618,576

Total expenses ............................................................................................................................................................................................. 688,462,110

Balance Sept. 30, 2011 ........................................................................................................................................................................................ 50,028,790

Cumulative debt, end of year ............................................................................................................................................................................... 5,593,283,938

 

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2012-2016 

[In thousands of dollars. Source: DOL] 

 2012 2013 2014 2015 2016

Balance Oct. 1 ........................................................................................ 50,029 50,029 50,029 50,029 50,029

Receipts: 

Excise taxes....................................................................................... 603,000 600,000 595,000 598,000 607,000

Advances from the general fund........................................................ 198,451 301,703 423,168 556,203 704,114

Fines, penalties, and interest ............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 803,451 903,703 1,020,168 1,156,203 1,313,114

Outlays: 

Benefit payments ............................................................................... 205,295 193,193 181,996 171,408 161,436

Administrative expenses.................................................................... 58,806 58,806 60,724 60,724 60,724

Repayable advances ......................................................................... 107,749 198,451 301,703 423,168 556,203

Interest on repayable advances ........................................................ 115 814 2,896 8,294 17,242

Repayment of principal debt.............................................................. 394,287 396,403 397,393 395,769 396,213

Interest on principal debt ................................................................... 37,199 56,036 75,466 96,840 121,295

Total outlays ................................................................................... 803,451 903,703 1,020,168 1,156,203 1,313,113

Balance Sept. 30.................................................................................... 50,029 50,029 50,029 50,029 50,030

Cumulative debt, end of year ................................................................. 5,593,284 5,397,449 5,302,748 5,328,533 5,488,967

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

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125

INTRODUCTION: Harbor Maintenance Trust Fund 

The Harbor Maintenance Trust Fund was established on 

the books of the Treasury on April 1, 1987, according to the 

Water Resources Development Act of 1986 (Public Law 99-

662, November 17, 1986) (26 United States Code 9505). 

Amounts in the Harbor Maintenance Trust Fund are 

available as provided by appropriation acts for making 

expenditures to carry out section 210(a) of the Water 

Resources Development Act of 1986. The appropriations act 

for the Department of Transportation (DOT) for fiscal year 

1995 (Public Law 103-331, September 28, 1994), section 

339, waived collection of charges or tolls on the Saint 

Lawrence Seaway in accordance with section 13(b) of the 

Act of May 13, 1954 (as in effect on April 1, 1987). 

Legislation was passed in the North American Free Trade 

Agreement Implementation Act (Public Law 103-182, 

section 683), which amends paragraph (3) of section 9505(c) 

of the IRC of 1986, to authorize payment of up to $5 million 

annually to Treasury for all expenses of administration 

incurred by the Treasury, the U.S. Army Corps of Engineers 

and the Department of Commerce (Commerce) related to the 

administration of subchapter A of chapter 36 (relating to 

harbor maintenance tax). Section 201 of the Water 

Resources Development Act of 1996 (Public Law 104-303) 

authorizes use of the Harbor Maintenance Trust Fund for 

construction of dredged material disposal facilities 

associated with the operation and maintenance of Federal 

navigation projects for commercial navigation. 

A summary judgment issued October 25, 1995, by the 

United States Court of International Trade in the case United 

States Shoe Corp. v. United States (Court No. 94-11-00668) 

found the Harbor Maintenance fee unconstitutional under the 

Export Clause of the Constitution (Article I, section 9, clause 

5) and enjoined the Customs Service from collecting the fee. 

The decision was affirmed by the Supreme Court on 

March 31, 1998 (118 Supreme Court 1290). With the tax on 

exports no longer collected, revenues have been reduced by 

approximately 30 percent. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress [26 United States Code 

9602(a)]. The report must present the financial condition and 

results of operations of the fund during the past fiscal year 

and the expected condition and operations of the fund during 

the next 5 fiscal years. 

TABLE TF-4.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2011 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2010 *............................................................................................................................................................................................................. 5,647,442,225 

Receipts: 

Excise taxes: 

Imports .............................................................................................................................................................................................................................. 1,059,073,704

Exports ............................................................................................................................................................................................................................. -12,763

Domestic ........................................................................................................................................................................................................................... 122,337,681

Passengers ....................................................................................................................................................................................................................... 13,207,735

Foreign trade.................................................................................................................................................................................................................... 274,502,316

Interest on investments..................................................................................................................................................................................................... 130,099,540 

Total receipts................................................................................................................................................................................................................ 1,599,208,213 

Expenses: 

Corps of Engineers .............................................................................................................................................................................................................. 791,414,000

Saint Lawrence Seaway Development Corporation/DOT ................................................................................................................................................... 32,259,352

Administrative cost for Department of Homeland Security (Customs)................................................................................................................................ 3,226,000

Operating expenses, miscellaneous returns ....................................................................................................................................................................... - 

Total expenses.................................................................................................................................................................................................................. 826,899,352 

Balance Sept. 30, 2011 ............................................................................................................................................................................................................ 6,419,751,086 

* The starting fiscal year 2011 amount adjusted to reconcile with the Treasury Statement. 
TRUST FUNDS 

March 2012 

126

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2012-2016* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2012 2013 2014 2015 2016

Balance Oct. 1 ..................................................................................................... 6,419.8 7,189.3 8,102.9 9,173.9 10,426.9

Receipts: 

Harbor maintenance fee .................................................................................. 1,516.1 1,584.3 1,665.0 1,733.0 1,803.0

Interest on investments.................................................................................... 149.6 204.2 290.0 422.0 512.0

Total receipts ............................................................................................... 1,665.7 1,788.5 1,955.0 2,155.0 2,315.0

Outlays: 

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo ..................................................................................... - - - - -

Corps of Engineers operation, maintenance, 

and administrative expenses ....................................................................... 794.8 779.4 787.0 804.0 830.0

Corps of Engineers construction ..................................................................... 65.4 58.5 60.0 60.0 60.0

Saint Lawrence Seaway Development Corporation/DOT............................... 32.0 33.0 33.0 34.0 34.0

Administrative expenses for Department of Homeland Security

(Customs Service) ................................................................................................... 4.0 4.0 4.0 4.0 4.0

Total outlays................................................................................................. 896.2 874.9 884.0 902.0 928.0

Balance Sept. 30.................................................................................................. 7,189.3 8,102.9 9,173.9 10,426.9 11,813.9

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenses. 
TRUST FUNDS 

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127

INTRODUCTION: Hazardous Substance Superfund 

The Hazardous Substance Response Trust Fund was 

established on the books of the Treasury in fiscal year 1981, 

in accordance with section 221 of the Hazardous Substance 

Response Revenue Act of 1980 [42 United States Code 

9631(a), repealed]. The trust fund was renamed the 

Hazardous Substance Superfund (Superfund) and relocated 

in accordance with section 517 of the Superfund 

Amendments and Reauthorization Act of 1986 [Public Law 

99-499, dated October 17, 1986 (26 United States Code 

9507)]. 

The authority to collect excise taxes on petroleum and 

chemicals, and an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 

million, expired in 1995. To implement the Superfund 

program, amounts are appropriated from the Superfund to 

the Environmental Protection Agency (EPA) for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the 

Superfund and the results of operation for the past fiscal 

year, and its expected condition during the next 5 fiscal 

years. 

TABLE TF-5.—Hazardous Substance Superfund 1, 2

Results of Operations, Fiscal Year 2011 

[Source: EPA] 

Balance Oct. 1, 2010 ...................................................................................................................................................................................... 124,850,000

Receipts: 

Crude and petroleum .................................................................................................................................................................................. -

Certain chemicals........................................................................................................................................................................................ -

Corporate environmental ............................................................................................................................................................................ 300,000

General fund appropriation ......................................................................................................................................................................... 1,156,000,000

Cost recoveries ........................................................................................................................................................................................... 98,000,000

Fines and penalties..................................................................................................................................................................................... 2,000,000

Interest on investments............................................................................................................................................................................... 49,000,000

Offsetting collections................................................................................................................................................................................... -

Agency for Toxic Substance and Disease Registry offsetting collections.................................................................................................. -

Total receipts........................................................................................................................................................................................... 1,305,300,000

Expenses: 

EPA expense .............................................................................................................................................................................................. 1,280,900,000

Other expenses........................................................................................................................................................................................... 10,650,000

Total expenses........................................................................................................................................................................................ 1,291,550,000

Balance Sept. 30, 2011 ................................................................................................................................................................................... 138,600,000

1

 Reporting in this Superfund Trust Fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this trust fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate trust fund reporting. 

2

 Reporting excludes the Iron Mountain account in the Hazardous Substance Superfund 

Trust Fund. 
TRUST FUNDS 

March 2012 

128

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2011-2016 1

[In millions of dollars. Source: EPA] 

2012 2013 2014 2015 2016

Balance Oct. 1 ................................................................................................. 139 167 1,885 3,237 4,544

Receipts: 

Interest ......................................................................................................... 86 111 111 111 111

Recoveries ................................................................................................... 104 104 104 104 104

Fines and penalties...................................................................................... 2 2 2 2 2

Taxes2 .......................................................................................................... - 1,643 2,349 2,304 2,230

Offsetting collections.................................................................................... - --- -

General revenues ........................................................................................ 1,075 1,059 - - -

Total receipts ........................................................................................... 1,267 2,919 2,566 2,521 2,447

Appropriations.................................................................................................. 1,214 1,176 1,176 1,176 1,176

Other expenses................................................................................................ 25 25 38 38 38

Balance Sept. 30.............................................................................................. 167 1,885 3,237 4,544 5,777

1

 Reporting in this Superfund Trust Fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this trust fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate trust fund reporting. 

2

 The Fiscal Year 2013 President’s Budget includes a proposal to reinstate the Superfund tax; 

therefore, taxes have been estimated. 
TRUST FUNDS 

 March 2012 

129

INTRODUCTION: Highway Trust Fund 

The Highway Trust Fund was established on the books 

of the Treasury in fiscal year 1957, according to provisions 

of the Highway Revenue Act of 1956 (Act of June 29, 1956, 

chapter 462, section 209). It has been amended and extended 

by various highway surface transportation and other acts 

since 1959. Section 1110(d) of the Safe, Accountable, 

Flexible, Efficient Transportation Equity Act: A Legacy For 

Users (SAFETEA-LU) (Public Law 109-59) extended the 

Highway Trust Fund to be available for making expenditures 

before September 30, 2009 (October 1, 2009, in the case of 

expenditures for administrative expenses). 

Amounts equivalent to taxes on gasoline, diesel fuel, 

special motor fuels, certain tires, heavy trucks and trailers, 

and heavy vehicle use are designated by the Act to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund. These transfers are made twice 

monthly based on estimates by the Secretary of the Treasury, 

subject to later adjustments to reflect the amount of actual 

tax receipts. Amounts available in the fund exceeding outlay 

requirements are invested in non-interest-bearing public debt 

securities. 

Within the fund is a mass transit account, funded by a 

portion of the excise tax collections under sections 4041 and 

4081 of the IRC (title 26 United States Code). The funds 

from this account are used for expenditures in accordance 

with chapter 53 of title 49 United States Code, the 

Intermodal Surface Transportation Efficiency Act of 1991 

(Public Law 102-240), the Transportation Equity Act for the 

21st Century (TEA-21), and SAFETEA-LU. The remaining 

excise taxes are included in a separate account within the 

trust fund commonly referred to as the highway account. 

Expenditures from this account are made according to the 

provisions of various transportation acts. 

Amounts required for outlays to carry out the eligible 

surface transportation programs are made available to the 

responsible operating administrations within the Department 

of Transportation. Other charges to the trust fund are made 

by the Secretary of the Treasury for transfer of certain taxes 

to the Land and Water Conservation Fund and the Aquatic 

Resources Trust Fund. 

The Secretary of the Treasury, in consultation with the 

Secretary of Transportation, is required to submit annual 

reports to Congress by section 9602(a) of title 26 United 

States Code. These reports cover the financial condition and 

results of operations of the fund for the past fiscal year and 

expected condition and operations during the next 5 fiscal 

years. 

In addition, the Secretary of the Treasury is required by 

26 U.S.C. 9503(d)(7) to report to specified Congressional 

Committees any estimate which he, in consultation with the 

Secretary of Transportation, makes pursuant to 26 U.S.C. 

9503(d)(1) or any determination which he makes pursuant to 

26 U.S.C. 9503(d)(2). The Congressional Committees are 

the Committee on Ways and Means of the House of 

Representatives, the Committee on Finance of the Senate, 

the Committees on the Budget of both Houses, the 

Committee on Transportation and Infrastructure of the 

House of Representatives, and the Committee on 

Environment and Public Works of the Senate. 
TRUST FUNDS 

March 2012 

130

TABLE TF-6.—Highway Trust Fund 

Results of Operations, Fiscal Year 2011 

[Source: DOT] 

Description IRC section (26 United States Code) Amount

Balance Oct. 1, 2010 * ......................................................................................................................................................................................... 29,232,606,932

Receipts: Excise taxes (transferred from general fund): Gasoline ........................................................................................................ 4081 .......................................................................... 24,986,424,832

Diesel and special motor fuels ...................................................................... 4041 .......................................................................... 9,801,521,713

Highway tires ................................................................................................. 4071 .......................................................................... 440,764,404

Retail tax on trucks........................................................................................ 4051 .......................................................................... 2,416,741,987

Heavy vehicle use ......................................................................................... 4481 .......................................................................... 364,228,410

Total excise taxes .................................................................................................................................................................................... 38,009,681,346

Less refunds and tax credits (reimbursed to general fund): 

Diesel fuel..................................................................................................................................................................................................... -

Gasoline ....................................................................................................................................................................................................... -

Total refunds and tax credits ................................................................................................................................................................... -

Less transfers: 

To Land and Water Conservation Fund ...................................................................................................................................................... 1,000,000

To Aquatic Resources Trust Fund ............................................................................................................................................................... 496,003,000

To Airport Resources Trust Fund ................................................................................................................................................................ 628,808,166

To general fund – Rescission Section 1007(b) of P.L. 111-18 .................................................................................................................... 830,694

Total transfers .......................................................................................................................................................................................... 1,126,641,860

Other income: 

Fines and penalties ...................................................................................................................................................................................... 22,753,007

Interest ......................................................................................................................................................................................................... 15,984,611

Transfer from TIFIA loan subsidy re-estimate ............................................................................................................................................. 15,300,373

Total other income ................................................................................................................................................................................... 54,037,991

Net receipts .......................................................................................................................................................................................... 36,937,077,477 

Expenses: 

Federal Highway Administration: 

Federal aid to highways ............................................................................................................................................................................... 36,135,739,784

Right-of-way revolving fund ......................................................................................................................................................................... -15,233,586

Appalachian Development Highway System ............................................................................................................................................... 851,610

Other ............................................................................................................................................................................................................ 24,685,234

Total ......................................................................................................................................................................................................... 36,146,043,042

Federal Motor Carrier Safety Administration ............................................................................................................................................... 494,834,816

Federal Transit Administration ..................................................................................................................................................................... 7,207,212,533

National Highway Traffic Safety Administration: 

Operations and research ......................................................................................................................................................................... 103,733,780

Highway traffic safety grants .................................................................................................................................................................... 576,063,029

National driver register ............................................................................................................................................................................. 2,982,900

Total ..................................................................................................................................................................................................... 682,779,709

Federal Railroad Administration: 

Other agencies ............................................................................................................................................................................................. 1,000,599

Total expenses ......................................................................................................................................................................................... 44,531,870,699

Balance Sept. 30, 2010 ........................................................................................................................................................................................ 21,637,813,710

* Due to rounding in the prior year table, the closing balance does not equal the actual 

balance shown here. 
TRUST FUNDS 

 March 2012 

131

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2012-2016 * 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

 2012 2013 2014 2015 2016

Balance Oct. 1 ............................................................... 22 11 12 45 104

Receipts: 

Excise taxes, net of refunds....................................... 39 53 91 123 108

Interest, net ................................................................ - - - - -

Total receipts ......................................................... 39 53 91 123 108

Outlays........................................................................... 49 52 58 64 71

Balance Sept. 30............................................................ 12 12 46 104 141

 

Mass Transit Account 

 2012 2013 2014 2015 2016

 

Balance Oct. 1 .................................................................... 7 5 3 21 38

Receipts: 

Excise taxes, net of refunds............................................ 5 7 28 28 30

Interest, net ..................................................................... - --- -

Total receipts .............................................................. 5 7 28 28 30

Flex fund transfers .......................................................... 1 1 - - -

Outlays................................................................................ 8 9 10 12 14

Balance Sept. 30................................................................. 5 3 21 38 54

 

Highway Account 

 2012 2013 2014 2015 2016

 

Balance Oct. 1 ......................................................................... 14 7 9 23 52

Receipts: 

Excise taxes, net of refunds................................................. 34 46 60 79 62

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... 34 46 60 79 62

Flex fund transfers ............................................................... -1 -1 - - -

Outlays..................................................................................... 40 43 47 50 53

Balance Sept. 30...................................................................... 7 9 23 52 61

Unfunded authorizations (EOY)............................................... 101 102 104 105 107

Forty-eight-month revenue estimate ........................................ 142 146 149 152 155

 

* Numbers may not add due to rounding. 
TRUST FUNDS 

March 2012 

132

TABLE TF-6-Transportation Trust Fund 

Expected Condition and Results of Operations, Fiscal 2012-2016 cont. 

[In billions of dollars. Source: DOT] 

Multimodal Account 

 2012 2013 2014 2015 2016

 

Balance Oct. 1 ......................................................................... - - - 1 15

Receipts: 

Revenue............................................................................... - - 3 16 16

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... - - 3 16 16

Flex Fund Transfers............................................................. - - -1 - -

Outlays..................................................................................... - - 1 3 4

Balance Sept. 30...................................................................... - - 1 15 27

 

* Numbers may not add due to rounding. 
TRUST FUNDS 

 March 2012 

133

TABLE TF-6A.—Highway Trust Fund * 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2011. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2011. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 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. 
TRUST FUNDS 

March 2012 

134

INTRODUCTION: Inland Waterways Trust Fund 

The Inland Waterways Trust Fund was established by the 

Treasury in fiscal year 1984, pursuant to section 203 of the 

Inland Waterways Revenue Act of 1978 (Public Law 95-

502) and continued pursuant to section 1405 of the Water 

Resources Development Act of 1986 (Public Law 99-662, 

codified at 26 United States Code 9506). Under 26 United 

States Code 9506(b), amounts from taxes on fuel used in 

commercial transportation on inland waterways, as 

determined by the Secretary of the Treasury, are 

appropriated to the trust fund. 

The Technical and Miscellaneous Revenue Act of 1988 

(Public Law 100-647, approved November 10, 1988) 

increased the tax each year, 1990 through 1995. These 

amounts are transferred quarterly from the general fund 

based on estimates made by the Secretary, subject to 

adjustments in later transfers to the amounts of actual tax 

receipts. 

The Secretary of the Treasury invests in interest-bearing 

obligations of the United States that portion of the trust fund, 

in his judgment, not required to meet current withdrawals. 

The interest on, and proceeds from, the sale or redemption of 

any obligation held in the trust fund is credited to the trust 

fund. The Inland Waterways Revenue Act of 1978 (Public 

Law 95-502) provides that amounts in the trust fund shall be 

available as provided, by appropriations acts, for 

construction and rehabilitation expenditures for navigation 

on the inland and intracoastal waterways of the United States 

described in 33 United States Code 1804. Expenditures must 

be otherwise authorized by law. 

Annual reports to Congress are required by 26 United 

States Code 9602(a) to be submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and the results of operations of the fund during the 

past fiscal year and its expected condition and operations 

during the next 5 fiscal years. 

TABLE TF-7.—Inland Waterways Trust Fund 

Results of Operations, Fiscal Year 2011 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2010 *......................................................................................................................................................................................... 58,513,731

Receipts: 

Fuel taxes/revenues......................................................................................................................................................................................... 83,950,643

Interest on investments.................................................................................................................................................................................... 51,931

Gain on sale of investments ............................................................................................................................................................................ -

Total receipts ................................................................................................................................................................................................ 84,002,574

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 97,194,908

Balance Sept. 30, 2011........................................................................................................................................................................................ 45,321,397

* Balance brought forward amount adjusted to reconcile with Treasury Statement. 

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2012-2016* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2012 2013 2014 2015 2016

Balance Oct. 1 ....................................................................................................... 45 41 33 20 20

Receipts: 

Fuel taxes.......................................................................................................... 86 88 89 90 91

Interest on investments ..................................................................................... - - - - -

Total receipts ................................................................................................. 86 88 89 90 91

Transfers: 

Corps of Engineers ........................................................................................... 90 96 102 90 91

Balance Sept. 30 ................................................................................................... 41 33 20 20 20

* Outyear projections are based on economic conditions and agencies’ best projections of 

revenues and expenditures. 
TRUST FUNDS 

 March 2012 

135

INTRODUCTION: Leaking Underground Storage Tank Trust Fund 

The Leaking Underground Storage Tank (LUST) Trust 

Fund was established in fiscal year 1981 according to 

provisions of the Comprehensive Environmental Response, 

Compensation and Liability Act of 1980 (Public Law 96-510, 

codified at 26 United States Code 9508), as amended by the 

Superfund Amendments and Re-authorization Act of 1986 

(Public Law 99-499, dated October 17, 1986), sections 13163I 

and 13242(d)(42) of the Omnibus Budget Reconciliation Act 

of 1993 (Public Law 103-66, dated August 10, 1993), and 

section 1032(e)(13) of the Taxpayer Relief Act of 1987 

(Public Law 105-34, dated August 5, 1997). 

The LUST Trust Fund is financed by taxes collected on 

gasoline, diesel fuels, special motor fuels, aviation fuels and 

fuels used in commercial transportation on inland 

waterways. Amounts available in the LUST Trust Fund, 

exceeding current expenditure requirements, are invested by 

the Secretary of the Treasury in interest-bearing Government 

securities (e.g., Treasury bills). All interest earned is credited 

directly to the LUST Trust Fund. 

To carry out the LUST program, amounts are 

appropriated for the LUST Trust Fund to the EPA for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of the 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the LUST 

Trust Fund and results of operations for the past fiscal year 

and its expected condition and operations during the next 5 

fiscal years. 

TABLE TF-8.—Leaking Underground Storage Tank Trust Fund 

Results of Operations, Fiscal Year 2011 1

[Source: EPA] 

Balance Oct. 1, 2010 3,197,000,000 

Receipts: 

Taxes.......................................................................................................................................................................................................... 152,000,000

Interest ........................................................................................................................................................................................................ 88,000,000 

Gross tax receipts .................................................................................................................................................................................. 240,000,000 

Undisbursed balances: 

Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... -

Total undisbursed balances ................................................................................................................................................................... -

Expenses: 

Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. 113,000,000

Other expenses 2 .................................................................................................................................................................................... -9,000,000 

Total expenses ....................................................................................................................................................................................... 104,000,000 

Balance Sept. 30, 2011 .................................................................................................................................................................................. 3,333,000,000 

1

 Reporting in this trust fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of this trust fund. 

As a result, this table may be revised in future reports and other resources should be 

utilized for accurate trust fund reporting. 

2

 This represents the return of American Recovery and Reinvestment Act Trust Fund 

resources from the State of Florida. 

Leaking Underground Storage Tank Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2011-2016 1

[In millions of dollars. Source: EPA] 

2012 2013 2014 2015 2016

Balance Oct. 1 ................................................................................................................. 3,333 3,489 3,676 3,894 4,116

Receipts: 

Taxes 2 ........................................................................................................................ 178 181 184 188 190

Interest ........................................................................................................................ 82 110 138 138 138

Total receipts ........................................................................................................... 260 291 322 326 328

Appropriations ................................................................................................................. 104 104 104 104 104

Other Expenses .............................................................................................................. - - - - -

Balance Sept. 30 ............................................................................................................. 3,489 3,676 3,894 4,116 4,340

1

 Reporting in this trust fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of the trust fund. 

As a result, this table may be revised in future reports and other resources should be 

utilized for accurate trust fund reporting. 

2

 This represents the return of American Recovery and Reinvestment Act Trust Fund 

resources from the State of Florida. 
TRUST FUNDS 

March 2012 

136

INTRODUCTION: Nuclear Waste Fund 

The Nuclear Waste Fund was established on the books of 

the Treasury in fiscal year 1983, according to section 302 of 

the Nuclear Waste Policy Act of 1982 [Public Law 97-425, 

codified at 42 United States Code 10222I]. Receipts 

represent fees collected from public utilities based on 

electricity generated by nuclear power reactors and spent 

nuclear fuel. Expenditures from the fund are for purposes of 

radioactive waste disposal activities. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities in 

tandem with the needs of the waste fund and (2) bearing 

interest at rates determined appropriate, taking into 

consideration the current average market yield on 

outstanding marketable obligations of the United States with 

remaining periods to maturity comparable to the maturities 

of such investments, except that the interest rate on such 

investments shall not exceed the average interest rate 

applicable to existing borrowings. 

An annual report to Congress by the Secretary of the 

Treasury, after consultation with the Secretary of the 

Department of Energy (DOE), is required by 42 United 

States Code 10222(e)(1). This report must present the 

financial condition and the results of operations of the waste 

fund during the preceding fiscal year. 

TABLE TF-9.—Nuclear Waste Fund 

Results of Operations, Fiscal Year 2011 

[Source: DOE] 

Balance Sept. 30, 2010........................................................................................................................................................................................ 4,832,513

Receipts: 

Fees collected.................................................................................................................................................................................................. 913,879,192

Penalties and interest on fee payments........................................................................................................................................................... -

Interest on investments.................................................................................................................................................................................... 1,227,574,031

Total receipts................................................................................................................................................................................................ 2,141,453,223

Nonexpenditure transfers: 

SF-1151 transfers in (+)................................................................................................................................................................................... -

SF-1151 transfers out (-).................................................................................................................................................................................. -13,863,219

Net nonexpenditure transfers....................................................................................................................................................................... -13,863,219

Outlays: 

DOE radioactive waste disposal activities ....................................................................................................................................................... 33,444,687

Cost investments.............................................................................................................................................................................................. 2,096,845,241

Total outlays................................................................................................................................................................................................. 2,130,289,928

Balance Sept. 30, 2011 ........................................................................................................................................................................................ 2,132,589
TRUST FUNDS 

 March 2012 

137

CHARTS TF-A and B.—Major Trust Funds 

[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various 

Government agencies. See tables TF-1, TF-3, TF-5, TF-6 and TF-9.] 
TRUST FUNDS 

March 2012 

138

INTRODUCTION: Reforestation Trust Fund 

The Reforestation Trust Fund was established on the 

books of the Treasury in fiscal year 1981 to continue 

through September 30, 1985, according to provisions of 

Title III—Reforestation, of the Recreational Boating Safety 

and Facilities Improvement Act of 1980 [Public Law 96-

451, codified at 16 United States Code 1606a(a)]. 

The act provides that the Secretary of the Treasury shall 

transfer to the trust fund tariffs, limited to not more than $30 

million for any fiscal year, received in the Treasury from 

October 1, 1979, through September 30, 1985, on (1) rough 

and primary wood products and wood waste; (2) lumber, 

flooring and moldings; and (3) wood veneers, plywood, 

other wood-veneer assemblies and building boards. Public 

Law 99-190, title II, 99 Statutes at Large 1245, extended the 

receipts for the trust fund. Amounts available in the 

reforestation trust fund exceeding current withdrawals are 

invested in interest-bearing obligations of the United States 

or in obligations guaranteed as to both principal and interest 

by the United States. The interest on, and the proceeds from 

the sale or redemption of, any obligations are credited to the 

trust fund. 

The Secretary of the Department of Agriculture is 

authorized to obligate available sums in the trust fund 

(including any amounts not obligated in previous years) for 

(1) reforestation and timber stand improvement and (2) 

administrative costs of the Government for these activities. 

Annual reports are required by 16 United States Code 

1606aI (1) to be submitted by the Secretary of the Treasury, 

after consultation with the Secretary of Agriculture, on the 

financial condition and the results of the operations of the 

trust fund during the past fiscal year and on its expected 

condition and operations during the next fiscal year. 

TABLE TF-10.—Reforestation Trust Fund 

Results of Operations, Fiscal Year 2011 

[Source: Department of Agriculture] 

Balance Oct. 1, 2010 ........................................................................................................................................................................................... $5,109,744

Receipts: 

Excise taxes (tariffs)......................................................................................................................................................................................... 30,000,000

Redemption of investment ............................................................................................................................................................................... -

Total receipts................................................................................................................................................................................................ 30,000,000

Expenses: 

Expenditure ...................................................................................................................................................................................................... 31,366,773

Total expenses............................................................................................................................................................................................. 31,366,773

Adjustment ........................................................................................................................................................................................................... -

Balance Sept. 30, 2011 ........................................................................................................................................................................................ $3,742,971

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2012 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1..................................................................................................................................................................................................... 3,743

Receipts: 

Excise taxes (tariffs)........................................................................................................................................................................................ 30,000

Redemption of investment .............................................................................................................................................................................. -

Total receipts............................................................................................................................................................................................... 30,000

Outlays ................................................................................................................................................................................................................ 30,000

Balance Sept. 30 ................................................................................................................................................................................................. 3,743
TRUST FUNDS 

 March 2012 

139

INTRODUCTION: Sport Fish Restoration and Boating Trust Fund 

The Aquatic Resources Trust Fund (ARTF) was 

established on the books of the Treasury pursuant to the 

Deficit Reduction Act of 1984 [Public Law 98-369, division 

A, title X, section 1016(a), approved July 18, 1984]. The 

ARTF was restructured and renamed the Sport Fish 

Restoration and Boating Trust Fund by the Safe, 

Accountable, Flexible, Efficient Transportation Equity Act: 

A Legacy for Users or “SAFETEA-LU” [Public Law 109-

59, title XI, subtitle B, part 2, section 11115, approved 

August 10, 2005,] as amended by the Sportfishing and 

Recreational Boating Safety Amendments Act of 2005 

[Public Law 109-74, approved September 29, 2005]. P.L. 

109-59 (The Transportation Equity Act) comprehensively 

amended and reauthorized the Sport Fish Restoration 

Program to (beginning in fiscal years 2006-2009) 

permanently appropriate boat safety funding and modify 

distribution of funds whereby all accounts will annually 

receive a fixed percentage of the total fund revenue, 

eliminated the ARTF to create a Sport Fish Restoration and 

Boating Trust Fund, and modified the excise tax on certain 

sport fishing equipment. P.L. 109-59 expired September 30, 

2009. P.L. 112-30, Surface Transportation Extension Act of 

2011, extends authority to operate through March 31, 2012. 

Reauthorization of the Sport Fish Restoration and Boating 

Trust Fund is currently pending before Congress. 

Effective October 1, 2005, motorboat fuel taxes (less $1 

million transferred to the Land and Water Conservation 

Fund) and small engine gasoline taxes [pursuant to the 

Omnibus Budget Reconciliation Act of 1990, Public Law 

101-508, title XI, section 11211(i)(2) and (3)] were 

transferred from the Highway Trust Fund to the Sport Fish 

Restoration and Boating Trust Fund. In addition, amounts 

equivalent to the excise taxes received on sport fishing 

equipment and import duties on fishing tackle, yachts, and 

pleasure craft are appropriated into the fund. 

Amounts in the trust fund are used, as provided by 

appropriation acts, for the purposes of carrying out the 

Dingell-Johnson Sport Fish Restoration Act, approved 

August 9, 1950, the purposes of section 13106 of title 46, 

United States Code, the purpose of section 7404)d) of the 

Transportation Equity Act for the 21st Century, and the 

Coastal Wetlands Planning, Protection and Restoration Act 

(as amended by SAFETEA-LU). 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities with the 

interest credited to the fund. 

Annual reports to Congress required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next 5 fiscal 

years. 
TRUST FUNDS 

March 2012 

140

TABLE TF-11.—Sport Fish Restoration and Boating Trust Fund 

Sport Fish Restoration Results of Operations, Fiscal Year 2011 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2010.............................................................................................................................................................................................. 651,739,447

Revenue: 

Tax revenue: 

Gas, motorboat .............................................................................................................................................................................................. 393,996,000

Fish equipment............................................................................................................................................................................................... 93,973,764

Electronic outboard motors ............................................................................................................................................................................ 2,566,334

Customs/import duties ................................................................................................................................................................................... 38,275,616

Gas, motorboat small engines ....................................................................................................................................................................... 102,007,000

Total, tax revenue ...................................................................................................................................................................................... 630,818,714

Investment revenue: 

Interest on investments.................................................................................................................................................................................. 7,204,239

Loss on sale of securities............................................................................................................................................................................... -

Total, investment revenue.......................................................................................................................................................................... 7,204,239

Total revenue ............................................................................................................................................................................................. 638,022,953

Nonexpenditure appropriations: 

Interior ............................................................................................................................................................................................................ -450,233,167

Interior (U.S. Coast Guard)............................................................................................................................................................................ -117,699,204

Interior (Corps of Engineers).......................................................................................................................................................................... -82,389,442

Total appropriations ................................................................................................................................................................................... -650,321,813

Balance Sept. 30, 2011.......................................................................................................................................................................................... 639,440,587

* Adjusted the October 1, 2008 beginning balance by $416,679 because of a correction to 

2007 beginning balance and adjustments to amounts reported in 2008 for Fish Equipment 

and Electronic Outboard Motors. 

Sport Fish Restoration and Boating Trust Fund 

Sport Fish Expected Condition and Results of Operations, Fiscal Years 2012-2016 

[In thousands of dollars. Source: Department of the Interior] 

2012 2013 2014 2015 2016

Balance Oct. 1 ..................................................................................... 639,441 656,172 691,590 726,318 770,626

Receipts/revenue: 

Taxes ............................................................................................ 614,000 649,000 683,000 723,000 760,000

Interest .......................................................................................... 29,114 29,532 30,260 34,568 35,967

Transfers....................................................................................... - - - - -

Total receipts ............................................................................ 643,114 678,532 713,260 757,568 795,967

Expenses: 

Expenses/transfers ....................................................................... 626,383 643,114 678,532 713,260 757,568

Total expenses.......................................................................... 626,383 643,114 678,532 713,260 757,568

Balance Sept. 30............................................................................... 656,172 691,590 726,318 770,626 809,025
TRUST FUNDS 

 March 2012 

141

INTRODUCTION: Oil Spill Liability Trust Fund 

The Oil Spill Liability Trust Fund was established on the 

books of the Treasury by section 8033 of the Omnibus Budget 

Reconciliation Act of 1986 (Public Law 99-509). It was made 

effective on January 1, 1990, by section 7811(m)(3) of the 

Omnibus Budget Reconciliation Act of 1989 (Public Law 

101-239) and amended by section 9001of the Oil Pollution 

Act of 1990 (Public Law 101-380). The Energy Improvement 

and Extension Act of 2008 (Public Law 110-343) increased 

the barrel tax on petroleum from five cents per barrel to eight 

cents from 2009 through 2016, and to nine cents in 2017. The 

act also repeals the requirement that the tax be suspended 

when the unobligated balance exceeds $2.7 billion. 

Amounts equivalent to the taxes received from the 

environmental tax on petroleum, but only to the extent of the 

Oil Spill Liability Trust Fund rate, are appropriated to the 

fund. 

Certain amounts were transferred from other funds and 

were appropriated to the Oil Spill Liability Trust Fund as 

provided by 26 United States Code 9509(b). Certain paid 

penalties and amounts recovered for damages are also 

appropriated to the fund. 

Amounts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by 

appropriations acts or section 6002(b) of the Oil Pollution Act 

of 1990 (Public Law 101-380). 

When the provisions of 26 United States Code 9602(b) are 

met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities. Interest is 

credited to the fund. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the Treasury. 

These reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year and 

those expected during the next 5 fiscal years. 
TRUST FUNDS 

March 2012 

142

TABLE TF-12.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2011 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2010 1 ................................................................................................................................................................................................... 1,693,879,276

Revenue: 

Tax on crude oil/petroleum products ......................................................................................................................................................................... 500,996,970

Other income.............................................................................................................................................................................................................. -

Trans-Alaska Pipeline liability fund deposit ............................................................................................................................................................... -

Cost recoveries .......................................................................................................................................................................................................... 220,673,068

Fines and penalties.................................................................................................................................................................................................... 27,534,665

Excise taxes ............................................................................................................................................................................................................... - 

Net revenue before interest ................................................................................................................................................................................... 749,204,703

Investment income: 

Interest on investments.............................................................................................................................................................................................. 19,252,738

Realized gain ............................................................................................................................................................................................................. -

Total investment income ........................................................................................................................................................................................ 19,252,738

Total revenue ......................................................................................................................................................................................................... 768,457,441

Expenditures: 

Treasury administrative expense – BPD ................................................................................................................................................................... 110,000

Nonexpenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. 7,029,941

Transfer to Interior...................................................................................................................................................................................................... 5,702,941

Transfer to EPA.......................................................................................................................................................................................................... 18,342,242

Transfer to DOT ......................................................................................................................................................................................................... 18,707,734

Transfer to U.S. Coast Guard-70x8312 (claims) ....................................................................................................................................................... 38,190,636

Transfer to U.S. Coast Guard-70x8349 (emergency fund) ....................................................................................................................................... 35,136,988

Transfer to U.S. Coast Guard-annual (earmarked)................................................................................................................................................... 44,910,000

Transfer to North Pacific ............................................................................................................................................................................................ - 

Total nonexpenditure transfers .............................................................................................................................................................................. 168,019,526

Total expenditure/nonexpenditure transfers .......................................................................................................................................................... 168,129,526

Balance Sept. 30, 2011 2 ............................................................................................................................................................................................... 2,294,207,191

1

 The September 30, 2010 balance sheet OSLTF asset value was $1,693,879,276.28. 2 The September 30, 2011 balance sheet OSLTF asset value was $2,294,207,191.17 

Oil Spill Liability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2012-2016 

[In millions of dollars. Source: Department of Homeland Security] 

2012 2013 2014 2015 2016

Balance Oct. 1 ............................................................................................... 2,294 2,583 2,996 3,479 3,974

Estimated receipts ......................................................................................... 584 647 677 689 703

Estimated expenses ...................................................................................... 295 234 194 194 195

Balance Sept. 30............................................................................................ 2,583 2,996 3,479 3,974 4,482
TRUST FUNDS 

 March 2012 

143

INTRODUCTION: Vaccine Injury Compensation Trust Fund 

The Vaccine Injury Compensation Trust Fund was 

created on the books of the Treasury by section 9202 of the 

Revenue Act of 1987 (Public Law 100-203, approved 

December 22, 1987). Excise taxes on diphtheria, pertussis, 

tetanus, measles, mumps, rubella, polio, hepatitis B, 

haemophilus influenza type b, varicella, rotavirus, 

pneumococcal conjugate vaccines, hepatitis A (26 United 

States Code 4131), and trivalent influenza are appropriated 

into the trust fund, which is the source of funds to pay 

compensation awards for a vaccine-related injury or death 

occurring after October 1, 1988, as well as program 

administrative expenses. Additionally, two new vaccines 

have been added for coverage effective February 1, 2007; the 

meningococcal vaccine and the human papillomavirus 

vaccine. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the past 

fiscal year and those expected during the next 5 fiscal years. 

TABLE TF-13.—Vaccine Injury Compensation Trust Fund 

Results of Operations, Fiscal Year 2011 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2010 ........................................................................................................................................................................................... $3,241,043,091

Receipts: 

Excise tax receipts ........................................................................................................................................................................................... 278,289,432

Interest on investments .................................................................................................................................................................................... 126,025,634

Total receipts ................................................................................................................................................................................................ 404,315,066

Expenditure appropriations: 

U.S. Court of Federal Claims expenses .......................................................................................................................................................... 4,579,837

U.S. Department of Justice expenses ............................................................................................................................................................. 5,749,522

GF transfer – program management ............................................................................................................................................................... -

Total outlays ................................................................................................................................................................................................. 10,329,359

Nonexpenditure appropriations: 

Health resources .............................................................................................................................................................................................. 238,178,740

Total outlays/transfers .................................................................................................................................................................................. 248,508,099

Balance Sept. 30, 2011 ........................................................................................................................................................................................ $3,396,850,058

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2012-2016 

[In thousands of dollars. Source: Department of Health and Human Services ] 

2012 2013 2014 2015 2016

Balance Oct. 1 ............................................................................................... 3,396,850 3,522,267 3,651,757 3,785,441 3,923,445

Receipts (from tax) ........................................................................................ 286,638 295,237 304,094 313,217 322,613

Interest on investments .............................................................................. 87,285 89,904 92,601 95,379 98,240

Total receipts ......................................................................................... 373,923 385,141 396,695 408,596 420,853

Outlays: 

U.S. Court of Federal Claims expenses .................................................... 4,579 4,579 4,579 4,579 4,579

U.S. Department of Justice expenses ....................................................... 5,749 5,749 5,749 5,749 5,749

Total outlays ............................................................................................... 10,328 10,328 10,328 10,328 10,328

Nonexpenditure transfers: 

Transfers to health resources .................................................................... 238,178 245,323 252,683 260,264 268,071

Total outlays/transfers ........................................................................... 248,506 255,651 263,011 270,592 278,399

Balance Sept. 30............................................................................................ 3,522,267 3,651,757 3,785,441 3,923,445 4,065,899
TRUST FUNDS 

March 2012 

144

INTRODUCTION: Wool Research, Development, 

and Promotion Trust Fund 

The Wool Research, Development, and Promotion Trust 

Fund was established in fiscal year 2000 with a sunset 

provision effective January, 1, 2004, according to provisions 

of the Trade and Development Act of 2000 (Public Law 

106-200, signed May 18, 2000). The Trade Act of 2002 

(Public Law 107-210, signed August 6, 2002) extended the 

sunset provision to January 1, 2006. The Miscellaneous 

Trade and Technical Corrections Act of 2004 (Public Law 

108-429, signed December 3, 2004) extended the sunset 

provision to 2008. The Pension Protection Act of 2006 

(Public Law 109-280, signed August 17, 2006) extended the 

sunset provision to 2010. The Emergency Economic 

Stabilization Act of 2008 (Public Law 110-343, signed 

October 3, 2008) extended the sunset provision to 2015. 

The Act provides that the Secretary of the Treasury shall 

transfer to the trust fund out of the general fund of the U.S. 

Treasury amounts determined to be equivalent to the duty 

received on articles under chapters 51 and 52 of the 

Harmonized Tariff Schedule of the United States. The 

amount to be transferred is limited to $2,500,000 in any 

fiscal year and may be invested in U.S. Treasury securities. 

The Secretary of Agriculture is authorized to provide grants 

to a nationally recognized council established for the 

development of the United States wool market for the 

following purposes: 

 Assist United States wool producers in improving 

the quality of wool and wool production methods for wool 

produced in the United States. 

 Disseminate information on improvements to United 

States wool producers. 

 Assist United States wool producers in developing 

and promoting the wool market. 

Annual reports to Congress are required on the financial 

condition and the results of the operations of the trust fund 

during the past fiscal year and on its expected condition and 

operations during the next fiscal year. 

TABLE TF-14.—Wool Research, Development, and Promotion Trust Fund 

Results of Operations, Fiscal Year 2011 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2010 ................................................................................................................................................................................................ -

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250

Total receipts ..................................................................................................................................................................................................... 2,250

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,250

Total expenses .................................................................................................................................................................................................. 2,250

Balance Sept. 30, 2011 ............................................................................................................................................................................................ -

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2012 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1 ........................................................................................................................................................................................................... -

Receipts: 

Harmonized tariff ................................................................................................................................................................................................... 2,250

Total receipts ..................................................................................................................................................................................................... 2,250

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,250

Total expenses .................................................................................................................................................................................................. 2,250

Balance Sept. 30 ...................................................................................................................................................................................................... -
TRUST FUNDS 

 March 2012 

145

INTRODUCTION: Agriculture Disaster Relief Trust Fund 

The Food, Conservation, and Energy Act of 2008 (Public 

Law 110-246) created the “Agriculture Disaster Relief Trust 

Fund” (Disaster Trust Fund). The Disaster Trust Fund is 

described in Section 902 of the public law. 

The Disaster Trust Fund is appropriated an amount 

equivalent to 3.08 percent of the amounts received in the 

general fund of the Treasury of the United States during fiscal 

years 2008 through 2011 attributable to the duties collected on 

articles entered, or withdrawn from the warehouse, for 

consumption under the Harmonized Tariff Schedule of the 

United States. The collection activity is made by the U.S. 

Department of Homeland Security, U.S. Customs and Border 

Protection (CBP). The CBP transfers the funds monthly to the 

Disaster Trust Fund Receipt Account. 

The Disaster Trust Fund shall make amounts available 

for the purpose of expenditures to meet obligations of the 

United States incurred under Section 901 of the Trade Act of 

1974 and Section 531 of the Federal Crop Insurance Act. 

The Disaster Trust Fund will be used to make payments to 

farmers and ranchers under five disaster programs. 

 Supplemental Revenue Assistance Payments 

Program (SURE) 

 Livestock Forage Disaster Program (LFP) 

 Livestock Indemnity Program (LIP) 

 Tree Assistance Program (TAP) 

 Emergency Assistance for Livestock, Honey Bees, 

and Farm-Raised Fish Program (ELAP) 

The Farm Service Agency shall invest such portions of 

the Disaster Trust Fund that is not required to meet current 

payment amounts. Investments may only be made in interest 

bearing obligations of the United States. 

The American Recovery and Reinvestment Act (ARRA) 

of 2009 (Public Law 111-5) created the “Agriculture 

Disaster Relief Trust Fund, Recovery Act” (Disaster Trust 

Fund-Recovery Act). The Disaster Trust Fund-Recovery Act 

provided for additional payments to farmers and ranchers 

from the SURE and TAP programs. The additional payments 

are tracked separately to meet the ARRA reporting 

requirements. 

The Disaster Trust Fund has indefinite borrowing 

authority via repayable advances. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the Treasury. 

These reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year and 

those expected during the next 5 fiscal years. 

TABLE TF-15.—Agriculture Disaster Relief Trust Fund 

Results of Operations, Fiscal Year 2011 

[In thousands of dollars. Source: Department of Labor] 

Balance Oct. 1 ........................................................................................................................................................................................................... $669,286

Receipts: 

Transferred from customers.................................................................................................................................................................................. 904,708

Borrowing authority ............................................................................................................................................................................................... 400,000

Interest .................................................................................................................................................................................................................. -

Total receipts ..................................................................................................................................................................................................... 1,304,708

Outlays: 

Supplemental Revenue Assistance Payments Program...................................................................................................................................... 973,787

Livestock Forage Disaster Program ..................................................................................................................................................................... 206,641

Livestock Indemnity Program................................................................................................................................................................................ 23,347

Tree Assistance Program ..................................................................................................................................................................................... 8,546

Emergency Assistance of Livestock, Honey Bees, and Farm-Raised Fish Program.......................................................................................... 8,460

Total benefit payments...................................................................................................................................................................................... 1,220,781

Supplemental Revenue Assistance Payments Program...................................................................................................................................... 236,392

Tree Assistance Program ..................................................................................................................................................................................... -

Total benefit payments—Recovery Act ............................................................................................................................................................ 236,392

Interest .................................................................................................................................................................................................................. -

Total outlays ...................................................................................................................................................................................................... 1,457,173

Balance Sept. 30 ...................................................................................................................................................................................................... 516,821

Cumulative debt, end of year ................................................................................................................................................................................... $696,041

* Adjusted the October 1, 2010, beginning balance by $420,000 because of a correction to 

the amount reported as borrowing authority use in fiscal year 2011. 
TRUST FUNDS 

March 2012 

146

Agriculture Disaster Relief Trust Fund Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2012-2016 * 

[In thousands of dollars. Source: Department of Health and Human Services ] 

2012 2013 2014 2015 2016

Balance Oct. 1 .................................................................................................... 516,821 24,821 1,821 1,821 1,821

Receipts: 

Transferred from customers ........................................................................... - - -- -

Borrowing authority......................................................................................... 779,000 1,372,000 - - -

Interest ............................................................................................................ - - - - -

Total receipts .............................................................................................. 779,000 1,372,000 - - -

Outlays: 

Supplemental Revenue Assistance Payments Program................................ 985,000 1,395,000 - - -

Livestock Forage Disaster Program............................................................... 198,000 - - - -

Livestock Indemnity Program ......................................................................... 56,000 - - - -

Tree Assistance Program............................................................................... 5,000 - - - -

Emergency Assistance of Livestock, Honey Bees, and FarmRaised Fish Program .................................................................................. 20,000 - - - -

Total benefit payments ............................................................................... 1,264,000 1,395,000 1,395,000 - -

Supplemental Revenue Assistance Payments Program................................ 7,000 - - - -

Tree assistance program................................................................................ - - -- -

Total benefit payments—Recovery Act ...................................................... 7,000 - - - -

Interest ............................................................................................................ - - - - -

Total outlays ................................................................................................ 1,271,000 1,395,000 1,395,000 -

Balance Sept. 30............................................................................................. 24,821 1,821 1,821 1,821 1,821

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

147

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 

March 2012 

148

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
March 2012 

149

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 December 2011, the 

debt limit was $15,194,000 million; the limit may change 

from year to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 
GLOSSARY 

March 2012 

150

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 

March 2012 

151

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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