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Profile of the Economy

Financial Operations

International Statistics

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SEPTEMBER 2010
Additional Financial Management Service 

Releases on Federal Finances

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September 2010 

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 Third-Quarter Receipts by Source...................... 10 

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

PUBLIC DEBT OPERATIONS 

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

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

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

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

OWNERSHIP OF FEDERAL SECURITIES 

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

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 43
September 2010 

IV 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

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

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

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

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

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

CAPITAL MOVEMENTS 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 Enterprises in the United States 

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

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

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

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

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

CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 72 

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

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

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

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

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

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

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

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

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

 Businesses in the United States 

CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 82

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

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

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

CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ............................... 86
September 2010 

V

Contents 

FOREIGN CURRENCY POSITIONS 

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

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

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

ESF-1.—Balance Sheet ..................................................................................................................................................... 100 

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

SPECIAL REPORTS 

TRUST FUNDS 

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

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

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

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

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

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

rounding; p = Preliminary; n.a. = Not available; r = Revised. 
September 2010 

VI 

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
September 2010 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of August 17, 2010 

Introduction 

The U.S. economy grew for the fourth straight quarter in 

the 3 months ending in June, although at a slower pace than 

in the first quarter, as private investment and hiring picked 

up. Financial as well as economic conditions continue to 

improve and activity continues to broaden; final sales have 

grown for five straight quarters. Payroll jobs increased in the 

first and second quarters of this year, but despite this 

improvement, the unemployment rate remains high, and 

further improvements are expected to be slow. 

Despite higher oil prices over the past several months, 

headline and core (a measure excluding food and energy 

prices) rates of inflation remain in check, largely due to 

labor market slack and excess capacity in the economy and 

most recently, some slowing in the pace of energy price 

increases. Conditions in housing are still weak, but are 

generally more stable than a year ago, and financial markets 

have generally improved over the last eighteen months or so. 

Stock market indexes posted double-digit gains last year, but 

are lower on a year-to-date basis. Treasury bond yields have 

trended lower over the summer. Most economists predict 

moderate economic growth through 2010. The economy has 

been supported by a wide variety of measures implemented 

under the American Recovery and Reinvestment Act of 

2009 (ARRA, or the “Recovery Act”), as well as efforts to 

restore financial stability and improve conditions in housing 

markets. A few of these measures were temporarily extended 

and some additional spending has also been approved. For 

example, the first-time home buyer tax credit, which was 

instrumental in boosting home sales in the fall of 2009, was 

extended and expanded but expired at the end of April. In 

addition, unemployment insurance benefits were extended 

and additional spending for state and local governments was 

approved. Most of the fiscal stimulus will be implemented 

by the end of this year, and more recently, government 

policy has focused on restoring long-term fiscal balance. The 

basic stance of monetary policy remains accommodative; all 

of the special monetary policy supports have been removed, 

although most recently, the Federal Reserve announced its 

intention to bolster liquidity by maintaining holdings of 

securities at current levels, and to roll over holdings of 

Treasury securities as they mature. 

Economic Growth 

With positive growth in real gross domestic product 

(GDP) for four consecutive quarters, economic conditions 

continue to improve, even though the pace of growth has 

slowed somewhat. According to the advance estimate, real 

GDP rose by 2.4 percent at an annual rate in the second 

quarter of 2010, following a gain of 3.7 percent in the first 

quarter and an increase of 5.0 percent in the fourth quarter of 

2009. The moderation in the pace of growth in the second 

quarter reflected a sharp pickup in the pace of import growth 

Growth of Real GDP

0.9

3.2

2.3

2.9

-0.7

-6.8

-0.7

5.0

3.7

2.4 3.0

-4.0

1.4 1.6

-4.9

0.6

5.4

0.1

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

2006 2007 2008 2009 2010

(Quarterly percent change at annual rate)

(imports pose a drag on growth) as well as a slower pace of 

inventory accumulation. While inventory investment’s 

contribution to quarterly GDP growth was 2.8 percent in the 

fourth quarter of 2009 and 2.6 percent in the first quarter of 

2010, it fell to 1.1 percent in the latest quarter. Final sales 

(considered a better measure of underlying demand because 

it subtracts inventory movements) rose 1.3 percent in the 

second quarter, in line with the first quarter’s 1.1 percent 

pace but slower than the 2.1 percent advance in the fourth 

quarter of 2009. Consumer spending and exports each rose 

for the fourth straight quarter. Business spending on 

equipment and software grew rapidly for the third straight 

quarter, and outlays for structures rose for the first time in 2 

years. Residential investment increased at its fastest rate 

since 1983 after falling in 16 of the last 17 quarters. 

Government spending rose for the first time since the third 

quarter of 2009, as federal spending surged and state and 

local government expenditures edged up. 

Consumer spending-which accounts for about 70 percent 

of GDP–grew 1.6 percent in the second quarter, somewhat 

slower than the 1.9 percent increase of the first quarter. After 

declining by 0.3 percent in 2008 and by 1.2 percent in 2009, 

consumer spending has expanded for four straight quarters, 

and in the second quarter of 2010 contributed 1.2 percentage 

points to real GDP growth. 
4 PROFILE OF THE ECONOMY 

September 2010 

Residential investment–mostly residential homebuilding–

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

sharply falling since early 2006. After several quarters of 

steep declines, residential investment surged by nearly 28 

percent in the second quarter of 2010, the fastest rate since 

1983, adding 0.6 percentage point to real GDP growth. The 

surge was partly related to activity connectioned with the 

expiry of the home buyer’s tax credit. Monthly housing 

measures (starts, sales, inventories, and prices) have 

stabilized, but present a mixed picture. Housing starts fell in 

both May and June, leaving them at their lowest levels since 

last November and roughly 6 percent below their June 2009 

level. In June, new single-family home sales increased 24 

percent, one of the strongest monthly gains on record, but 

were still about 17 percent below their year-earlier level as 

well as 76 percent below the mid-2005 peak. But existing 

single-family home sales fell 5.6 percent in June and remain 

26 percent below 2005 peaks. Inventories of unsold new 

homes declined to the lowest level in 42 years in June, but 

remain high relative to sales at a 7.6-month supply. 

Inventories of existing homes–total and single-family–stood 

at an 8.9-month supply in June. 

Measures of home prices have stabilized and even 

improved in recent months. The Federal Housing Financing 

Authority (FHFA) purchase-only house price index rose for 

a third straight month in May; its year-on-year decline of 1.2 

percent was notably smaller than the previous year’s 5.8 

percent plunge. The Standard & Poor’s (S&P)/Case-Shiller 

composite home price indexes were higher in May on a 

monthly and yearly basis: monthly gains for each were over 

1 percent, with the 20-city index up 4.6 percent from a year 

earlier and the 10-city index up 5.4 percent. 

Business investment spending has picked up in the two 

most recent quarters. Nonresidential fixed investment–about 

10 percent of GDP–jumped 17 percent at an annual rate in 

the second quarter, after advancing 7.8 percent in the first 

quarter and falling 13 percent during 2009. For the third 

straight quarter outlays for equipment and software grew at a 

double-digit pace, including a 22 percent surge in the latest 

quarter that contributed 1.4 percentage points to real GDP 

growth. Investment in structures rose 5.2 percent in the 

second quarter, the first increase in 2 years, and added 0.1 

percentage point to real GDP growth. Altogether, 

nonresidential fixed investment added 1.5 percentage points 

to real GDP growth in the second quarter. 

Exports account for about 12 percent of GDP, while 

imports, which are subtracted from total domestic spending 

to calculate GDP, account for about 17 percent. Net exports 

have contributed roughly 1 percent to annual growth in each 

of the last 3 years, but in recent quarters the contribution has 

been mixed. In the second quarter of 2010, exports grew by 

about 10 percent and imports grew by nearly 29 percent. As 

a result, net exports subtracted 2.8 percentage points from 

real GDP growth in the second quarter. 

Although the U.S. trade balance in goods and services 

and the current account (which also includes investment 

income flows and unilateral transfers) remain in deficit, both 

deficits have narrowed appreciably in recent years as the 

U.S. economy has slowed. The merchandise trade deficit 

reached $839 billion in 2006, but declined to $507 billion in 

2009. The current account balance 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 $378 

billion, equivalent to 2.7 percent of GDP. 

Public sector purchases–which account for roughly 20 

percent of GDP–declined 1.6 percent at an annual rate in the 

first quarter, but surged 4.4 percent in the second quarter, 

adding 0.9 percentage point to GDP growth in the second 

quarter. In the latest quarter, federal spending jumped 9.2 

percent, adding 0.7 percentage point to GDP growth, while 

state and local spending advanced 1.3 percent, contributing 

0.2 percentage point. 

Labor Markets 

The pace of job losses moderated significantly during the 

second half of 2009, and in November 2009 the economy 

added jobs for the first time in 2 years. From the beginning 

of the recession in December 2007 through December 2009, 

8.4 million jobs were lost, including roughly 4.7 million jobs 

in 2009 alone. Payrolls rose by an average of 87,000 per 

month during the first quarter of 2010, and by an average 

175,000 per month during the second quarter; in the year 

through July, the economy has added a total of about 

654,000 jobs, in part reflecting 7 consecutive months of 

private-sector gains. The unemployment rate generally 

trended higher during 2009, peaking at 10.1 percent in 

October–a 26-year high and 5.7 percentage points above the 

March 2007 low of 4.4 percent. The unemployment rate has 

since eased, declining to 9.5 percent in July 2010. A measure 

of unemployment that includes workers who are 

underemployed and those who are only marginally attached 

to the labor force reached a record high of 17.4 percent in 

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

level of 8.8 percent in December 2007.This broader measure 

fell to 16.5 percent in July 2010. The percentage of the 

unemployed who have been out of work for 27 weeks or 

more peaked at a new record of 46 percent in May, before 

edging down to 44.9 percent in July. 

Job losses during the recession were spread broadly 

across most sectors; from the start of the recession through 

December 2009, the manufacturing sector lost 2.2 million 

jobs, and construction payrolls fell by 1.8 million. Over that 

same period, transportation payrolls fell by close to 380,000, 

and payrolls in the leisure/hospitality and finance/ 

insurance/real estate sectors each fell by more than 540,000. 

However, some of these same sectors have begun to add 

jobs. For example, payrolls in manufacturing, and 

professional and business services have each increased by at 

least 180,000 thus far in 2010, and payrolls in the leisure and 

hospitality industries have increased by more than 100,000. 

A few sectors have seen job growth throughout the 
PROFILE OF THE ECONOMY 5 

September 2010 

recession: since December 2007, the health care and 

education sectors have together added almost 1 million 

payroll jobs, including a net gain of more than 800,000 jobs 

in health services. 

Inflation 

Headline consumer inflation is higher than a year ago 

mainly because of rising oil prices, although most recently, 

the pace of energy price increases has slowed. The high level 

of unemployment, along with the low level of capacity 

utilization, continue to restrain underlying inflationary 

pressures, and both headline and core rates of inflation are 

relatively low. Headline consumer prices rose 1.2 percent 

over the 12 months ending in July, slower than the 2.1 

percent decline in the year-earlier period. Energy prices rose 

5.2 percent in the year through July. On a 12-month basis 

core consumer prices rose 0.9 percent through July, 

matching the increase of a year ago. For the most recent 3 

months, headline consumer prices were flat (with energy 

prices falling 1.1 percent at an annual rate over the same 

period), and the rate of core price inflation was 0.2 percent. 

Oil prices have risen since late 2008, but are well-below 

the record highs reached in July of that year. The retail price 

of regular gasoline hit a record of $4.11 per gallon in early 

July 2008, then dropped to $1.61 in late December 2008. As 

of early August, the price had risen to $2.74 per gallon, 

$1.13 higher than the December 2008 low and 18 cents 

higher than a year ago. The front-month futures price for 

West Texas Intermediate (WTI) crude oil rose to a record 

$147 per barrel in July 2008, then dropped to a low of about 

$34 per barrel in December 2008, and has since trended 

higher, averaging $76 per barrel in July 2010–up $12 from a 

year ago. 

Food prices rose rapidly over much of 2007 and 2008, 

remaining above the overall inflation rate, but have since 

trended much lower. In the 12 months through July 2010, 

consumer food prices increased 0.9 percent, also matching 

the rise of the previous year. 

-3

-2

-1

0

1

2

3

4

5

6

7

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

Excluding food and energy Total

Consumer Prices

(Percent change from a year earlier)

Food

Payroll Employment

87

175

140 158

91

179

99

-13

95

-31

-191

-334

-261

-477

-753

-90

-652

-900

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

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

(Average monthly change in thousands

from end of quarter to end of quarter)

2007 2010 2008 2009

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

(Percent)

July 2010

9.5%
6 PROFILE OF THE ECONOMY 

September 2010 

Federal Budget 

The federal budget deficit widened to $1.4 trillion in 

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

$459 billion deficit in fiscal year 2008 (3.2 percent of GDP). 

This deterioration followed 3 years of improvement that had 

trimmed the deficit to $161 billion (1.2 percent of GDP) in 

fiscal year 2007. 

The Mid-Session Review of the fiscal year 2011 budget 

projects that the fiscal year 2010 budget deficit will be $1.47 

trillion, $58 billion higher than last year’s deficit of $1.4 

trillion. The fiscal year 2010 deficit is projected to be 10 

percent of GDP, about the same as in fiscal year 2009. The 

latest projections show a shrinking of the deficit to 5.6 

percent of GDP in fiscal year 2012 and a decline to 3.8 

percent of GDP in fiscal year 2014. Over the long term 

(fiscal years 2015 to 2020), the deficit is expected to average 

3.7 percent of GDP. Nearly 90 percent of the overall deficit 

in the long term is due to interest payments; the primary 

deficit (receipts less spending excluding interest payments) 

is forecast to fall from 8.8 percent of GDP in the current 

fiscal year to 1.1 percent of GDP in fiscal year 2015, and 

averages 0.4 percent from fiscal year 2015 through fiscal 

year 2020. 

Economic Policy 

Key fiscal and monetary policy actions taken over the 

past few years have kept the economy from contracting even 

further, and continue to boost the recovery in 2010 and 

beyond. Most recently, government policy has focused on 

setting and achieving goals related to long-run fiscal 

sustainability. 

On the fiscal policy side, the ARRA authorizes the 

government to spend $787 billion towards stimulating 

domestic demand, including $288 billion in tax benefits, $275 

billion in contracts, grants, and loans, and $224 billion in 

entitlements. As of late April 2010, a total of nearly $390 

billion in funds had been paid out. This spending will continue 

to provide an important boost to economic activity in 2010. 

Specifically, the Recovery Act is expected to create or save an 

estimated 3.5 million jobs in a range of industries from clean 

energy to health care. Late last year, the first-time home buyer 

tax credit was extended and expanded temporarily (it expired 

on April 30, 2010), and a new Small Business Jobs and 

Wages Tax Credit was announced to help small businesses 

create jobs. In August, the government approved legislation 

providing an additional $26.1 billion for state and local 

governments to support jobs and medical services. 

The Administration’s fiscal year 2011 budget includes 

proposals to help cut the budget deficit in the medium term. 

These include freezing all non-security discretionary 

spending for 3 years, allowing the 2001 tax cuts to expire for 

high income households, instituting a bank responsibility 

fee, and winding down activities in Iraq. The Administration 

has also created a bipartisan National Commission on Fiscal 

Responsibility and Reform that has been charged with 

identifying policies to reduce the primary deficit to zero by 

fiscal year 2015 and to reduce the overall budget deficit to a 

level consistent with a sustainable debt-to-GDP ratio (which 

includes policies that address the growth of federal 

spending). 

Partly in response to rising financial market stress, as well 

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

Reserve began easing monetary policy in August 2007. It 

continued to cut the rate dramatically, reducing it to a target 

range of 0 percent to 0.25 percent at the December 2008 

Federal Open Market Committee (FOMC) meeting, which 

brought the target to its lowest level in history. The target 

range was maintained at the FOMC’s most recent meeting in 

mid-August 2010, when the Committee observed a slower 

pace of recovery in output and employment and subdued 

inflation. In late 2008 and in 2009, the Federal Reserve 

responded to financial market stresses and the weakened 

economy by significantly expanding its tools to increase 

liquidity in credit markets and easing lending terms to sectors 

that needed a temporary injection, 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 most recent FOMC meeting, the Federal Reserve 

announced that it would maintain its holdings of securities at 

current levels by reinvesting principal payments from agency 

debt and agency mortgage-backed securities in longer-term 

Treasury securities, and continue rolling over the Federal 

Reserve’s holdings of Treasury securities as they mature.

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008, helped 

by a wide range of financial stability measures as well as the 

boost to growth from the ARRA. Credit flows began picking 

up early in 2009 and have since improved substantially, 

although bank lending has remained sluggish has yet to pick 

up. Measures of risk tolerance and volatility have largely 

returned to pre-crisis levels although in recent months 

volatility has increased and interest rate spreads have 

widened. 

The S&P 500 index rose 23.5 percent in 2009, 

rebounding from a 38.5 percent plunge in 2008, the sharpest 

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

containing only 90 stocks, dropped 47 percent). Measured 

from the S&P 500’s 12-year low in mid-March 2009, the 

index has risen 60 percent through mid-August, but year-todate, is about 3 percent lower, reflecting a 10 percent 

retracement from a 19-month high reached in late April. The 

S&P stock market volatility index (VIX), often used as a 

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

in a range of 20 to 30 percent for most of 2008. The VIX 

retreated to roughly 15 percent in early April, then surged 

again to a recent peak of nearly 46 percent in mid-May. As 

of mid-August, the index has partially retraced to about 25 

percent, but remains elevated. 
PROFILE OF THE ECONOMY 7 

September 2010 

Long-Term Interest Rate Spreads

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2006 2007 2008 2009 2010

(Percent)

Corporate Baa to

Treasury Ten-Year Yield Spread

Treasury Two-Year

to Ten-Year Yield Spread

Short-Term Interest Rate Spreads

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2006 2007 2008 2009 2010

(Percent)

TED Spread

Libor-OIS Spread

A variety of factors have buffeted long- term Treasury 

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

multiple financial market pressures as well as supply 

concerns related to funding of the government’s debt. The 

yield on the 10-year note reached a low of 2.1 percent in late 

December 2008, but then moved higher, closing in early 

April 2010 above the 4 percent mark for the first time since 

October 2008. Since then, the yield has trended substantially 

lower, reflecting concerns about Euro-area sovereign debt 

issues and more recently, mixed U.S. economic data. As of 

mid-August the yield stood at about 2.7 percent, roughly 130 

basis points below the early April peak. The 3-month 

Treasury bill yield, by contrast, generally trended lower 

throughout 2008 under the relatively steady influence of 

safe-haven demand for short-term liquid assets. The yield 

fell to almost zero–reaching a record low–by the end of 

December 2008, then fluctuated in a range of 0.0 to 0.2 

percent throughout 2009. This year, the yield has moved in a 

narrow range of 0.05 to 0.2 percent. The 2- to 10-year 

Treasury yield spread, one measure of the steepness of the 

yield curve, widened noticeably starting in mid-2007, when 

it was roughly 20 basis points, to 290 basis points in midJanuary 2010, but has since narrowed to about 230 basis 

points as of mid-August. In the current economic 

environment, a generally steepening yield curve may suggest 

a rising probability of economic recovery. 

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, but improvements in short-term credit 

availability led to a narrowing of this spread to 9 basis points 

in March 2010. Through mid-June, the spread had widened 

again to nearly 50 basis points, but as of mid-August had 

retraced to about 23 basis points. 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 in 2009 and early 2010, the spread widened again 

to about 300 basis points as of mid-August–still very high by 

historical standards. 

Rates for conforming mortgages have fallen over the past 

several months, and jumbo mortgage rates have trended 

lower. The interest rate for a 30-year conforming fixed-rate 

mortgage rose to about 5.5 percent at the end of 2009, but 

has since declined noticeably to a historic low 4.4 percent as 

of mid-August. 
8 PROFILE OF THE ECONOMY 

September 2010 

Foreign Exchange Rates 

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) has depreciated significantly from 

its peak in February 2002, but most recently, has begun to 

stabilize. Between February 2002 and January 2009, the 

exchange value of the dollar compared to an index of these 

currencies fell by about 16 percent. Between October 2007 

and October 2009, however, the dollar appreciated by 

roughly 4.0 percent against these currencies. Over the longer 

timeframe, the dollar depreciated by about 33 percent 

against the yen, and by 34 percent against the euro. Over the 

past 2 years, the dollar has depreciated by about 18 percent 

against the yen, but has appreciated by about 17 percent 

against the euro. The dollar has appreciated against an index 

of currencies of 19 other important trading partners 

(including China, India, and Mexico). Between February 

2002 and January 2009, the dollar firmed by about 1 percent 

against this basket of currencies, and over the past 2 years, 

appreciated by almost 9 percent. 
September 2010 

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 

September 2010 

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 Third-Quarter Receipts by Source 

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

Third-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the third quarter of fiscal 

year 2010 supplements fiscal data reported in the 

June 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 $261.9 billion for the third 

quarter of fiscal year 2010. This is an increase of $6.0 billion 

over the comparable prior year quarter. Withheld receipts 

increased by $24.4 billion and non-withheld receipts 

decreased by $21.3 billion during this period. Refunds 

decreased by $3.0 billion over the comparable fiscal year 

2009 quarter. There was an increase of $4.8 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2009. 

Corporate income taxes—Net corporate income tax 

receipts were $79.0 billion for the third quarter of fiscal year 

2010. This is an increase of $33.3 billion compared to the 

prior year third quarter. The $33.3 billion change is 

comprised of an increase of $23.2 billion in estimated and 

final payments, and a decrease of $10.1 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of fiscal 

year 2010 were $226.1 billion, a decrease of $9.1 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 -$5.7 billion, -$1.0 billion, and -$2.4 billion respectively. 

There was a -$8.4 billion accounting adjustment for prior 

years employment tax liabilities made in the third quarter of 

fiscal year 2010, while there was a -$3.6 billion adjustment in 

the third quarter of fiscal year 2009. 

Unemployment insurance—Unemployment insurance 

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

2010 were $24.2 billion, an increase of $4.0 billion over the 

comparable quarter of fiscal year 2009. Net State taxes 

deposited in the U.S. Treasury increased by $4.1 billion to 

$20.5 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.1 billion to $3.7 billion. 
FEDERAL FISCAL OPERATIONS 

September 2010 

11

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the 

third quarter of fiscal year 2010. This was a negligible 

change from the comparable quarter of fiscal year 2009. 

Excise taxes—Net excise tax receipts for the third 

quarter of fiscal year 2010 were $17.7 billion, a decrease of 

$0.1 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.5 billion, an 

increase of $0.7 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.8 billion for the third quarter of fiscal year 2010. 

These receipts represent a decrease of $0.7 billion over the 

same quarter in fiscal year 2009. 

Customs duties—Customs duties net of refunds were 

$6.1 billion for the third quarter of fiscal year 2010. This is 

an increase of $1.3 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts for 

the third quarter of fiscal year 2010 were $21.3 billion, an 

increase of $9.5 billion over the comparable prior year 

quarter. This change is mostly due to deposits of earnings by 

Federal Reserve banks increasing by $8.9 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”] 

 Third quarter 

 April - June 

 Actual fiscal 

 year to date 2010 

Total on- and off-budget results: 

Total receipts ............................................................... 643,102 1,596,995

On-budget receipts .................................................. 466,367 1,115,081

Off-budget receipts .................................................. 176,735 481,914

Total outlays................................................................. 930,141 2,601,024

On-budget outlays.................................................... 817,811 2,219,588

Off-budget outlays.................................................... 112,330 381,435

Total surplus or deficit (-) ............................................. -287,038 -1,004,028

On-budget surplus or deficit (-)................................ -351,443 -1,104,507

Off-budget surplus or deficit (-)................................ 64,405 100,479

Means of financing: 

Borrowing from the public ............................................ 344,488 1,083,958

Reduction of operating cash........................................ -71,045 -14,281

Other means ................................................................ 13,595 -65,649

Total on- and off-budget financing........................... 287,038 1,004,028

Third-Quarter Net Budget Receipts by Source, Fiscal Year 2010 

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

Source April May June 

Individual income taxes...................................................... 107.3 45.6 109.0 

Corporate income taxes..................................................... 23.1 4.4 51.5 

Employment and general retirement.................................. 88.8 66.7 70.6 

Unemployment insurance .................................................. 8.4 14.6 1.1 

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

Excise taxes ....................................................................... 6.3 4.7 6.7 

Estate and gift taxes .......................................................... 3.3 1.1 1.4 

Customs duties .................................................................. 2.1 1.8 2.2 

Miscellaneous receipts....................................................... 5.5 7.6 8.2

Total budget receipts ..................................................... 245.3 146.8 251.0

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

September 2010 

12 

CHART FFO-A.—

Monthly Receipts and Outlays, 2009-2010

(In billions of dollars) 

-50

0

50

100

150

200

250

300

350

J J A SONDJ F MAMJ

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

100

200

300

400

500

600

700

800

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Misc. 

receipts 

Excise

taxes

Custom

duties

Estate/gift

taxes

* Prior-year data are for the comparable year.

2010

2009 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2009-2010

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

September 2010 

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 

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) 

Means of 

financing 

– net transactions

Borrowing from 

the public– 

Federal securities

Public debt 

securities 

(10) 

 

2005 ............................ 2,153,121 1,575,646 577,475 2,471,418 2,069,208 402,210 -318,298 -493,562 175,265 551,329 

2006 ............................ 2,406,328 1,797,946 608,382 2,654,525 2,232,456 422,069 -248,197 -434,510 186,313 546,436 

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 - Est.................... 2,165,119 1,529,936 635,183 3,720,701 3,163,742 556,959 -1,555,582 -1,633,806 78,224 1,909,791 

2011 - Est.................... 2,567,181 1,893,113 674,068 3,833,860 3,255,667 578,193 -1,266,679 -1,362,554 95,875 1,356,654 

2009 - June ................. 215,340 155,450 59,890 309,671 308,442 1,230 -94,332 -152,992 58,660 221,645 

July .................. 151,480 101,796 49,685 332,160 282,211 49,950 -180,680 -180,415 -265 123,452 

Aug .................. 145,530 96,157 49,372 249,084 194,015 55,069 -103,555 -97,857 -5,697 142,701 

Sept................. 218,880 166,660 52,220 264,088 206,652 57,436 -45,207 -39,991 -5,216 97,913 

Oct................... 135,294 88,656 46,638 311,657 258,632 53,025 -176,363 -169,976 -6,387 -13,142 

Nov .................. 133,564 83,287 50,277 253,851 197,775 56,075 -120,287 -114,489 -5,798 219,012 

Dec .................. 218,918 173,093 45,825 310,328 282,890 27,438 -91,410 -109,797 18,387 197,876 

2010 - Jan ................... 205,239 142,046 63,193 247,873 227,488 20,386 -42,634 -85,441 42,807 -33,615 

Feb .................. 107,520 58,467 49,053 328,429 272,296 56,132 -220,909 -213,830 -7,079 160,619 

Mar .................. 153,358 103,165 50,193 218,745 162,696 56,049 -65,387 -59,531 -5,856 332,391 

Apr................... 245,260 176,472 68,788 327,950 276,119 51,830 -82,689 -99,647 16,958 174,543 

May.................. 146,794 94,337 52,457 282,721 225,281 57,441 -135,927 -130,943 -4,984 43,257 

June................. 251,048 195,558 55,490 319,470 316,411 3,059 -68,422 -120,853 52,431 209,886 

Fiscal year 2010 to date ... 1,596,995 1,115,081 481,914 2,601,024 2,219,588 381,435 -1,004,028 -1,104,507 100,479 1,290,827 

 

Means of financing—net transactions, con. 

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

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government

accounts 

(12) 

Total 

10+11-12

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the 

IMF (deduct)

 (17) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

 

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

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

2007 ...................................... -433 293,218 206,325 23,110 646 1,314 -2,157 -22,667 - 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 - Est.............................. 973 157,818 1,752,946 -5,265 * * * -202,629 * 1,555,582 

2011 - Est.............................. 759 156,742 1,200,671 -200,000 * * * -133,992 * 1,266,679 

2009 - June ........................... 12 67,607 154,050 100,720 25 75 71 41,159 - 94,318 

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

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

Sept........................... 865 29,269 69,509 -19,951 2,285 1,251 774 -98,731 -190 44,767 

Oct............................. -43 47,496 -60,681 -238,549 202 160 129 -1,013 - 176,364 

Nov............................ 50 -4,981 224,044 79,481 1,233 -1,106 -2,523 -26,672 - 120,287 

Dec............................ 287 99,795 98,367 77,398 -1,567 -254 309 68,829 100 91,410 

2010 - Jan ............................. 46 18,355 -51,924 -102,085 -498 66 * -7,959 - 42,634 

Feb ............................ -105 -16,217 176,731 -49,722 -791 -349 155 -6,529 - 220,909 

Mar ............................ 146 -20,396 352,933 176,714 -529 494 57 -110,810 - 65,387 

Apr............................. 68 31,142 143,469 81,729 -263 420 -157 20,949 - 82,689 

May............................ 186 -16,645 60,088 -78,369 -1,350 -209 198 -3,891 - 135,927 

June........................... 15 68,970 140,931 67,685 169 68 -274 -4,861 - 68,422 Fiscal year 2010 to date........... 650 207,519 1,083,958 14,282 -3,394 -710 -2,106 -71,957 100 1,004,029 

Note.—These estimates are based on the Fiscal Year 2011 Budget, released by the Office 

of Management and Budget on February 1, 2010. 

Note.—This issue includes a reclassification of gift and donation receipts from 

Governmental Receipts to Proprietary Receipts from the Public. 

* Less than $500,000. 

- No Transactions 

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

September 2010 

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”] 

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds

 (10) 

 Net 

 (11) 

 

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

2006 .................. 848,954 387,307 192,354 1,043,908 380,925 27,010 353,915 1,397,823 788,024 2,213 785,811 

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 - Est.......... 935,771 - - 935,771 156,741 - 156,741 1,092,512 815,657 - 815,657 

2011 - Est.......... 1,121,296 - - 1,121,296 296,902 - 296,902 1,418,198 866,514 - 866,514 

 

2009 - June ....... 64,528 33,930 5,523 92,935 40,772 8,243 32,529 125,464 76,604 - 76,604 

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

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

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

Oct......... 62,238 12,176 13,166 61,248 7,819 12,324 -4,505 56,743 61,207 - 61,207 

Nov ........ 60,415 3,509 16,066 47,858 4,275 6,374 -2,099 45,759 66,173 - 66,173 

Dec ........ 93,375 7,449 2,199 98,625 45,500 4,970 40,530 139,155 60,587 - 60,587 

2010 - Jan ......... 65,835 44,782 7,094 103,523 8,989 5,757 3,232 106,755 80,933 - 80,933 

Feb ........ 77,424 3,967 58,642 22,749 14,823 6,589 8,234 30,983 61,789 - 61,789 

Mar ........ 101,735 8,989 51,220 59,503 30,622 22,044 8,578 68,081 62,829 - 62,829 

Apr......... 69,556 106,518 68,765 107,309 32,683 9,566 23,118 130,427 88,434 - 88,434 

May........ 60,212 6,151 20,809 45,554 8,515 4,110 4,405 49,959 66,366 11 66,355 

June....... 79,975 34,846 5,817 109,005 56,529 5,061 51,468 160,473 70,703 - 70,703 

 

Fiscal year 2010 

 to date................ 670,765 228,387 243,778 655,374 209,755 76,795 132,961 788,335 619,021 11 619,010 

 

Social insurance and retirement receipts, con. 

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

Railroad retirement 

Fiscal year 

or month 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

 

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

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

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

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

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

 

2010 - Est.................... 4,163 * 4,163 819,820 51,496 - 51,496 4,413 27 4,440 

2011 - Est.................... 4,180 * 4,180 870,694 60,146 - 60,146 4,250 26 4,276 

 - 

2009 - June ................. -112 * -113 76,491 424 -23 447 366 3 369 

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

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

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

Oct................... 345 * 345 61,552 1,351 5 1,346 387 3 390 

Nov.................. 357 * 357 66,530 3,651 3 3,648 317 3 320 

 Dec. ................. 377 * 377 60,963 457 4 454 408 3 411 

2010 - Jan ................... 347 * 347 81,280 1,283 4 1,279 289 3 291 

Feb.................. 456 * 456 62,245 3,362 1 3,360 313 3 317 

Mar.................. 445 * 445 63,274 702 8 693 314 3 318 

Apr................... 368 4 364 88,798 8,455 20 8,435 379 4 383 

May ................. 370 2 368 66,724 14,599 8 14,591 311 2 314 

June ................ -101 * -101 70,602 1,138 10 1,128 370 3 373 

 

Fiscal year 2010 to date.... 2,964 6 2,958 621,968 34,998 63 34,934 3,088 27 3,117 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

September 2010 

15

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

Deposits of 

earnings by 

Federal 

Reserve banks

(42) 

Universal 

service 

fund and all

other 

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget

(46) 

 

2005 ....................... 73,093 25,606 841 24,764 24,198 820 23,378 19,297 12,961 32,258 1,575,646 577,475 

2006 ....................... 73,962 28,688 811 27,877 25,701 891 24,810 29,945 14,092 44,037 1,797,946 608,382 

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 - Est............... 73,204 17,011 - 17,011 23,787 - 23,787 77,083 5,766 82,849 1,529,936 635,183 

2011 - Est............... 74,288 25,035 - 25,035 27,445 - 27,445 79,341 7,758 87,099 1,893,113 674,068 

2009 - June ............ 6,735 1,051 68 983 1,614 116 1,498 1,992 1,361 3,353 155,450 59,890 

July............. 7,057 2,030 105 1,926 2,108 35 2,073 3,727 1,686 5,413 101,796 49,685 

Aug............. 1,944 1,494 98 1,396 1,649 195 1,455 4,140 1,321 5,461 96,157 49,372 

Sept............ 6,978 1,712 75 1,637 2,039 56 1,983 6,524 1,529 8,053 166,660 52,220 

Oct.............. 4,347 1,659 103 1,556 2,230 71 2,159 5,665 1,537 7,201 88,656 46,638 

Nov............. 6,104 1,159 110 1,049 2,030 118 1,912 6,467 1,774 8,242 83,287 50,277 

Dec............. 5,868 1,437 76 1,361 1,950 97 1,853 7,132 1,722 8,853 173,093 45,825 

2010 - Jan .............. 5,625 1,518 33 1,485 2,128 53 2,075 5,265 1,185 6,450 142,046 63,193 

Feb ............. 862 1,145 81 1,064 1,759 67 1,692 5,760 1,238 6,998 58,467 49,053 

Mar ............. 6,782 2,916 86 2,830 2,046 104 1,942 7,427 2,010 9,437 103,165 50,193 

Apr.............. 6,321 3,323 73 3,250 2,171 54 2,117 3,763 1,766 5,529 176,472 68,788 

May ............ 4,692 1,212 79 1,133 1,855 71 1,784 6,240 1,357 7,598 94,337 52,457 

June ........... 6,725 1,427 56 1,371 2,255 99 2,156 6,803 1,419 8,222 195,558 55,490 

Fiscal year 2010 

 to date....................... 47,326 15,796 697 15,099 18,424 734 17,690 54,522 14,008 68,530 1,115,081 481,914 

Note.—These estimates are based on the Fiscal Year 2011 Budget, released by the Office 

of Management and Budget on February 1, 2010. 

Note.—This issue includes a reclassification of gift and donation receipts from 

Governmental Receipts to Proprietary Receipts from the Public. 

* Less than $500,000. 

- No transactions. 

Detail may not add to totals due to rounding. 

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

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

Excise taxes 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Fiscal year 

or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net 

 (34) 

 

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

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

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

2008.............................. 900,154 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 - Est ..................... 875,756 11,798 - 11,798 638 - 638 36,237 - 36,237 24,531 - 24,531 

2011 - Est ..................... 935,116 12,493 - 12,493 647 - 647 37,080 - 37,080 24,068 - 24,068 

2009 - June................... 77,307 1,167 - 1,167 61 - 61 3,364 - 3,364 2,349 207 2,142 

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

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

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

Oct .................... 63,288 178 - 178 10 - 10 597 - 597 3,639 77 3,562 

Nov.................... 70,498 968 - 968 60 - 60 3,266 - 3,266 1,989 178 1,811 

Dec.................... 61,828 886 - 886 55 - 55 2,988 - 2,988 2,147 207 1,940 

2010 - Jan..................... 82,850 868 - 868 54 - 54 2,927 - 2,927 1,834 57 1,777 

Feb.................... 65,922 722 4 718 47 - 47 2,749 342 2,407 781 3,093 -2,312 

Mar.................... 64,285 790 - 790 50 - 50 2,639 - 2,639 3,518 215 3,303 

Apr .................... 97,616 906 - 906 58 - 58 3,025 - 3,025 2,447 115 2,333 

May ................... 81,629 747 5 743 31 - 31 2,702 227 2,475 2,462 1,017 1,444 

June .................. 72,103 979 - 979 57 - 57 3,349 - 3,349 2,506 166 2,340 

Fiscal year 2010 to date.... 660,019 7,044 9 7,036 422 - 422 24,242 569 23,673 21,323 5,125 16,198 

 
FEDERAL FISCAL OPERATIONS 

September 2010 

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) 

 

2005 ....................... 3,972 5,543 85,308 6,145 474,356 72,857 21,274 581,398 38,715 42,448 9,284 22,366 46,943

2006 ....................... 4,101 5,820 93,533 6,373 499,337 93,366 19,651 614,272 69,033 42,434 9,036 23,320 43,139

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 ....................... 4,701 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 - Est............... 5,423 7,159 142,016 16,714 692,031 106,944 38,278 868,762 52,903 62,518 12,042 30,333 209,265

2011 - Est............... 5,579 7,512 145,748 11,500 721,285 94,261 44,390 934,426 54,723 53,082 14,045 31,924 116,902 

2009 - June ............ 436 564 8,881 1,124 53,691 -12,422 1,907 68,518 4,748 20,752 1,594 2,887 14,477

July ............. 364 599 7,270 809 58,036 6,639 2,078 88,970 4,161 3,791 1,026 2,454 14,688

Aug ............. 370 502 8,743 723 45,632 8,016 1,432 51,915 3,361 3,333 934 2,607 13,887

Sept ............ 370 572 9,160 772 60,349 3,012 3,181 66,698 4,376 3,035 1,006 2,474 14,681

Oct.............. 362 695 15,246 810 67,754 7,588 2,375 85,897 4,114 3,954 1,004 1,642 11,759

Nov ............. 518 542 10,421 1,007 45,602 7,729 2,102 52,485 3,919 3,983 1,160 3,885 13,506

Dec ............. 404 576 12,891 875 63,015 7,771 2,685 70,104 3,907 5,863 1,148 2,304 17,011

2010 - Jan .............. 344 520 11,229 671 48,623 9,657 1,889 68,204 3,172 2,360 1,088 2,310 15,682

Feb ............. 371 531 9,237 834 48,936 11,769 2,022 65,353 3,110 3,804 1,008 2,167 15,134

Mar ............. 399 588 13,117 1,250 61,429 9,001 2,478 75,628 4,042 4,947 1,013 2,373 17,103

Apr.............. 550 754 9,940 1,095 61,093 7,727 2,502 86,311 3,496 4,256 791 2,246 14,041

May............. 369 496 9,302 1,675 46,840 8,341 2,608 55,687 3,231 14,274 872 2,361 13,009

June............ 459 593 9,546 1,997 55,802 8,645 2,791 71,697 4,423 4,580 1,599 3,078 13,997 

Fiscal year 2010 

 to date .................... 3,776 5,295 100,929 10,214 499,094 78,228 21,452 631,366 33,414 48,021 9,683 22,366 131,242

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, other

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense,

civil 

programs

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration

(23) 

International 

Assistance 

Program

(24) 

 

2005 ....................... 12,752 56,597 352,350 57,926 69,815 4,720 43,483 7,911 7,689 17 15,021 

2006 ....................... 12,949 60,141 405,872 58,865 69,778 6,946 44,434 8,322 5,378 22 13,920 

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 - Est............... 25,726 90,944 425,127 77,853 124,565 10,536 54,317 11,301 715 1,782 23,899 

2011 - Est............... 28,745 86,665 499,125 94,425 124,215 6,929 55,719 11,177 500 2,279 24,343 

 

2009 - June ............ 1,764 6,645 106,612 38,132 8,327 544 4,562 838 48 49 2,548 

July............. 1,879 7,502 19,813 23,564 11,443 707 4,668 639 78 81 526 

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

Sept............ 3,682 10,237 15,234 -14,153 8,327 597 4,902 691 56 5 1,124 

Oct.............. 1,535 7,577 22,832 2,677 13,262 661 3,489 806 51 78 2,366 

Nov............. 1,680 6,050 17,928 5,808 4,884 813 4,747 770 40 326 912 

Dec............. 2,892 7,642 104,632 18,687 12,472 995 4,736 443 48 -213 1,476 

2010 - Jan .............. 1,637 4,211 18,857 11,732 4,801 738 4,775 758 28 -192 4,131 

Feb............. 1,438 4,448 16,893 56,266 8,492 682 4,647 843 28 -45 770 

Mar............. 2,382 5,173 20,787 -85,751 9,856 746 4,671 1,040 99 176 543 

Apr.............. 1,671 5,369 22,485 11,695 13,870 779 3,513 926 75 -85 759 

May ............ 1,488 5,999 23,787 784 4,751 799 4,460 876 71 329 2,161 

June ........... 1,589 7,370 106,661 22,358 8,874 858 4,664 1,237 44 231 3,051 

Fiscal year 2010 

 to date ..................... 16,312 53,839 354,862 44,256 81,262 7,071 39,702 7,699 484 605 16,169 

 See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

September 2010 

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 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

 Offbudget

 (36) 

 

2005 .................. 15,600 5,400 59,500 2,503 561,333 14,407 -58,919 -160,992 -6,144 -160 2,069,208 402,210 

2006 .................. 15,125 5,510 62,400 905 585,742 12,346 -60,856 -169,295 -7,282 -113 2,232,456 422,069 

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 - Est.......... 19,123 7,819 71,603 5,978 768,975 8,427 18,750 -191,396 - -79,731 3,163,742 556,959 

2011 - Est.......... 17,863 7,647 73,463 1,388 789,553 36,058 21,676 -192,811 - -90,476 3,255,667 578,193 

 

2009 - June ....... 1,750 557 5,459 89 64,869 -6,099 -4,903 -88,313 -963 * 308,442 1,230

July........ 1,570 589 6,632 96 64,625 2,894 -4,644 -940 -443 - 282,211 49,950 

Aug........ 1,584 667 6,320 94 56,982 5,920 -4,712 -2,896 -427 - 194,015 55,069 

Sept....... 2,190 531 5,226 114 61,236 -111 -5,124 175 -534 - 206,652 57,436 

Oct......... 1,071 528 6,346 96 65,202 3,598 -20,351 -3,202 -165 * 258,632 53,025 

Nov........ 1,582 527 6,034 122 57,495 3,434 -5,154 -290 -714 * 197,775 56,075 

Dec........ 1,998 480 5,931 121 95,398 -43,845 -5,104 -86,585 -362 -66 282,890 27,438 

2010 - Jan ......... 1,126 497 6,640 119 28,473 -1,001 -4,469 -767 30 - 227,488 20,386 

Feb ........ 1,405 471 5,981 4,782 61,996 955 -5,128 -936 162 - 272,296 56,132 

Mar ........ 1,699 504 6,869 126 62,321 792 -5,306 -781 -437 -130 162,696 56,049 

Apr......... 1,900 509 6,186 127 66,774 5,594 -5,414 -3,045 -539 - 276,119 51,830 

May ....... 1,386 514 6,271 127 59,362 16,607 -5,084 -938 -95 - 225,281 57,441 

June ...... 1,594 608 5,713 149 67,141 1,930 -5,404 -86,974 -1,429 - 316,411 3,059 Fiscal year 2010 

to date................ 13,761 4,638 55,971 5,769 564,162 -11,936 -61,414 -183,518 -3,549 -196 2,219,588 381,435 

 

Note.—These estimates are based on the Fiscal Year 2011 Budget, released by the Office 

of Management and Budget on February 1, 2010. 

Note.—This issue includes a reclassification of gift and donation receipts from 

Governmental Receipts to Proprietary Receipts from the Public. 

* Less than $500,000. 

- No transactions. 

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

September 2010 

18 

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

June 2010 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............................................... 655,335 39 - 655,374 685,469 53 - 685,523

Corporation income taxes........................................... 132,957 - 2 132,959 101,905 - * 101,906

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 481,914 481,914 - - 502,733 502,733

Employment and general retirement (on-budget)... - - 140,053 140,053 - - 150,370 150,370

Unemployment insurance ....................................... - - 34,934 34,934 - - 30,249 30,249

Other retirement...................................................... - - 3,115 3,115 - - 3,160 3,160

Excise taxes ................................................................ 13,828 647 32,852 47,326 11,161 760 34,584 46,505

Estate and gift taxes ................................................... 15,098 - - 15,098 18,523 - - 18,523

Customs duties ........................................................... 10,898 5,868 924 17,690 10,346 5,672 925 16,943

Miscellaneous receipts................................................ 56,113 11,676 741 68,530 21,692 10,277 589 32,558

Total receipts....................................................... 884,228 18,231 694,537 1,596,995 849,096 16,763 722,610 1,588,469

(On-budget)..................................................... 884,228 18,231 212,622 1,115,081 849,096 16,763 219,877 1,085,735

(Off-budget)..................................................... - - 481,914 481,914 - - 502,733 502,733

 

Budget outlays: 

Legislative branch ....................................................... 3,538 242 -5 3,776 3,273 326 * 3,599

Judicial branch ............................................................ 5,182 147 -33 5,295 4,860 148 -37 4,971

Department of Agriculture ........................................... 87,278 12,903 749 100,930 72,640 15,833 789 89,263

Department of Commerce........................................... 10,049 165 * 10,214 7,068 1,349 * 8,417

Department of Defense-military .................................. 496,598 2,443 53 499,094 469,957 2,756 42 472,754

Department of Education ............................................ 78,879 -654 3 78,228 36,123 -410 8 35,720

Department of Energy................................................. 22,773 -1,320 - 21,453 18,428 -1,434 - 16,994

Department of Health and Human Services ............... 472,565 -239 159,042 631,368 430,889 -210 158,004 588,683

Department of Homeland Security.............................. 34,961 -1,641 94 33,414 38,123 1,461 233 39,817

Department of Housing and Urban Development....... 48,875 -850 -7 48,019 51,216 -350 -7 50,859

Department of the Interior........................................... 9,203 160 320 9,684 8,431 6 376 8,812

Department of Justice ................................................. 20,883 1,483 * 22,366 18,908 1,305 -34 20,179

Department of Labor................................................... 78,788 -1,010 53,464 131,242 30,881 504 63,514 94,899

Department of State.................................................... 16,047 -213 477 16,311 14,161 272 464 14,897

Department of Transportation..................................... 38,367 -377 15,850 53,839 7,711 -352 40,469 47,828

Department of the Treasury: 

Interest on the public debt....................................... 354,862 - - 354,862 320,651 - - 320,651

Other ....................................................................... 44,070 23 163 44,255 309,267 462 145 309,874

Department of Veterans Affairs .................................. 82,672 -2,149 739 81,261 72,582 -2,045 761 71,298

Corps of Engineers ..................................................... 6,380 15 675 7,070 4,349 -36 658 4,971

Other defense civil programs...................................... 68,710 -8,378 -20,630 39,702 61,866 -3,913 -13,675 44,277

Environmental Protection Agency............................... 8,372 -79 -594 7,699 6,868 -62 -760 6,046

Executive Office of the President................................ 483 * * 483 527 * * 527

General Services Administration ................................ 115 489 1 605 14 243 * 258

International Assistance Program............................... 17,743 -565 -1,010 16,169 14,764 -590 -785 13,389

National Aeronautics and Space Administration ........ 13,756 3 1 13,760 13,834 -10 * 13,825

National Science Foundation...................................... 4,546 89 * 4,636 4,104 70 -3 4,171

Office of Personnel Management ............................... 7,218 -1,253 50,004 55,970 6,832 -1,368 48,660 54,125

Small Business Administration ................................... 5,773 -4 * 5,769 1,951 -8 * 1,943

Social Security Administration .................................... 53,668 -26 510,519 564,161 61,523 -20 483,204 544,706

Other independent agencies....................................... 9,592 -23,797 2,270 -11,935 8,235 23,914 9,505 41,654

Undistributed offsetting receipts: 

Interest .................................................................... - - -183,519 -183,519 - - -177,900 -177,900

Other ....................................................................... -3,299 -11,544 -50,316 -65,159 -3,641 -27,583 -45,531 -76,755

Total outlays........................................................ 2,098,650 -35,935 538,309 2,601,023 2,096,394 10,257 568,101 2,674,752

(On-budget)..................................................... 2,098,391 -35,908 157,106 2,219,588 2,096,242 10,810 213,136 2,320,188

(Off-budget)..................................................... 259 -27 381,203 381,435 152 -554 354,965 354,563

Surplus or deficit (-)............................................. -1,214,422 54,166 156,228 -1,004,028 -1,247,298 6,506 154,510 -1,086,283

(On-budget)..................................................... -1,214,163 54,136 55,517 -1,104,507 -1,247,146 5,953 6,741 -1,234,453

(Off-budget)..................................................... -259 27 100,711 100,479 -152 554 147,769 148,170

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
September 2010 

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) 

 

2005 ................................................ 7,485,532 468,563 7,955,702 1,339,363 1,338,425 

2006 ................................................ 7,839,784 501,945 8,340,659 1,478,945 1,463,568 

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

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

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

 2009 - June ..................................... 1,071,115 41,660 1,012,006 130,518 130,566 

July ...................................... 1,038,765 37,981 1,099,764 99,192 99,156 

Aug ...................................... 910,038 33,639 943,317 94,114 94,138 

Sept..................................... 808,315 42,353 870,664 118,991 118,946 

Oct....................................... 767,671 34,033 1,040,254 94,595 94,594 

Nov ...................................... 902,202 35,042 857,729 93,531 93,565 

Dec ...................................... 1,080,487 51,067 1,054,156 147,388 147,388 

2010 - Jan ....................................... 581,195 42,986 726,278 103,985 103,973 

Feb ...................................... 778,758 40,786 869,304 109,631 109,593 

Mar ...................................... 1,033,580 52,303 909,161 141,828 141,836 

Apr....................................... 1,127,018 56,028 1,101,309 123,573 123,581 

May...................................... 727,320 42,976 848,648 88,851 88,868 

June..................................... 1,054,902 58,973 1,046,179 138,820 138,831 

 

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

September 2010 

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) 

 

2005 ....................... 4,381 - 31,300 9,849 - 78,251 3,159 - 30 5,025 - 19,819 

2006 ....................... 5,451 - 46,676 7,507 - 93,784 2,637 - 78 5,019 - 20,614 

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

2008 ....................... 32,988 299,491 39,129 32,988 299,491 135,752 2,973 39,988 - 5,181 184,215 17,751 

2009 ....................... 108,324 164,945 1,996 136,672 558,987 79,897 3,987 164,945 284 52,381 259,869 4,161 

 

2009 - June ............ 115,984 199,939 1,940 132,837 199,939 2,140 7,384 199,933 1,691 64,483 199,937 1,965 

July ............. 92,971 199,935 1,976 92,971 199,939 2,016 17,168 199,935 1,862 50,429 199,937 1,959 

Aug ............. 93,333 199,932 1,951 93,333 199,935 2,021 8,802 199,930 1,915 39,934 199,932 1,978 

Sept............ 108,324 164,945 1,996 108,324 199,932 2,168 4,500 164,945 284 35,050 191,602 1,894 

Oct.............. 19,721 14,999 1,997 89,598 129,956 2,010 15,570 14,999 1,805 45,107 74,024 1,954 

Nov ............. 99,236 14,999 1,962 107,219 14,999 2,630 11,236 14,999 1,880 52,320 14,999 1,999 

Dec ............. 186,632 5,001 1,962 186,632 15,000 2,026 18,152 5,001 1,715 82,660 14,047 1,959 

2010 - Jan .............. 84,536 5,001 1,973 186,632 5,001 2,061 84,536 5,001 1,816 139,271 5,001 1,951 

Feb ............. 14,779 24,997 2,012 149,909 24,997 2,014 12,922 5,000 1,876 57,078 7,105 1,961 

Mar ............. 91,519 124,979 2,004 105,190 124,979 2,392 13,746 24,997 1,918 49,986 79,335 1,993 

Apr.............. 98,277 199,958 1,996 98,277 199,961 2,329 7,709 149,973 1,829 35,610 182,919 1,983 

May............. 19,925 199,958 1,979 98,277 199,959 2,105 7,219 199,957 1,814 34,859 199,958 1,973 

June............ 87,615 199,965 1,968 87,615 199,965 2,132 4,310 199,958 1,813 38,808 199,962 1,976 

 

 

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. 
September 2010 

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 

September 2010

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”] 

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency

securities

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency

securities

(9) 

 

2005............................... 7,956,346 7,932,710 23,637 3,331,333 3,331,332 1 4,625,013 4,601,378 23,636 

2006............................... 8,530,366 8,506,974 23,392 3,663,773 3,663,766 7 4,866,593 4,843,208 23,385 

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

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

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

 

2009 - June.................... 11,567,551 11,545,275 22,276 4,368,813 4,368,811 2 7,198,738 7,176,464 22,274 

July..................... 11,691,765 11,669,276 22,489 4,331,562 4,331,561 1 7,360,203 7,337,715 22,488 

Aug..................... 11,835,208 11,812,870 22,338 4,326,507 4,326,506 1 7,508,701 7,486,364 22,337 

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

Oct ..................... 11,916,251 11,893,090 23,160 4,401,771 4,401,769 2 7,514,480 7,491,321 23,158 

Nov..................... 12,136,257 12,113,047 23,210 4,397,288 4,397,286 2 7,738,969 7,715,761 23,208 

Dec..................... 12,334,846 12,311,349 23,497 4,496,990 4,496,990 2 7,837,857 7,814,359 23,494 

2010 - Jan...................... 12,302,178 12,278,636 23,543 4,515,255 4,515,252 3 7,786,923 7,763,383 23,540 

Feb..................... 12,463,506 12,440,068 23,438 4,499,337 4,499,335 3 7,964,169 7,940,733 23,435 

Mar..................... 12,796,707 12,773,123 23,584 4,478,875 4,478,872 3 8,317,832 8,294,251 23,581 

Apr ..................... 12,972,391 12,948,739 23,652 4,509,918 4,509,915 3 8,462,473 8,438,824 23,649 

May .................... 13,016,378 12,992,539 23,839 4,493,694 4,493,691 3 8,522,684 8,498,848 23,836 

June ................... 13,225,646 13,201,792 23,854 4,562,576 4,562,572 4 8,663,070 8,639,220 23,850 

 

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

End of fiscal 

year or month 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount

(17) 

Accrual

amount

(18) 

 

2005 ............................... 7,956,346 53,546 7,902,800 3,331,333 18,145 3,313,188 4,625,013 35,401 4,589,612 

2006 ............................... 8,530,366 81,375 8,448,991 3,663,773 41,370 3,622,403 4,866,593 40,005 4,826,588 

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

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

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

 

2009 - June .................... 11,567,551 59,024 11,508,527 4,368,813 25,620 4,343,192 7,198,738 33,404 7,165,335 

July..................... 11,691,765 59,573 11,632,192 4,331,562 25,542 4,306,020 7,360,203 34,031 7,326,172 

Aug..................... 11,835,208 60,466 11,774,742 4,326,507 25,951 4,300,556 7,508,701 34,515 7,474,185 

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

Oct...................... 11,916,251 55,623 11,860,628 4,401,771 24,450 4,377,321 7,514,480 31,173 7,483,306 

Nov..................... 12,136,257 56,860 12,079,397 4,397,288 24,948 4,372,340 7,738,969 31,912 7,707,057 

Dec..................... 12,334,846 57,286 12,277,560 4,496,990 24,854 4,472,136 7,837,857 32,432 7,805,424 

2010 - Jan ...................... 12,302,178 58,187 12,243,991 4,515,255 24,765 4,490,491 7,786,923 33,422 7,753,500 

Feb ..................... 12,463,506 59,000 12,404,505 4,499,337 25,064 4,474,273 7,964,169 33,936 7,930,232 

Mar ..................... 12,796,707 59,665 12,737,042 4,478,875 24,998 4,453,877 8,317,832 34,667 8,283,165 

Apr...................... 12,972,391 60,737 12,911,653 4,509,918 24,899 4,485,019 8,462,473 35,838 8,426,633 

May .................... 13,016,378 61,281 12,955,096 4,493,694 25,319 4,468,374 8,522,684 35,962 8,486,722 

June ................... 13,225,646 60,648 13,164,997 4,562,576 25,232 4,537,344 8,663,070 35,416 8,627,653 

 
FEDERAL DEBT 

September 2010 

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) 

 

2005 ....................................... 203,645 - 3,086 67,961 225,283 29,995 5,214 

2006 ....................................... 203,656 - 2,986 78,129 238,835 29,995 5,715 

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

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

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

 

2009 - June ............................ 193,592 - 5,986 119,112 232,965 29,995 1,522 

July............................. 193,267 - 5,486 119,570 223,901 29,995 1,574 

Aug............................. 192,822 - 4,486 118,945 218,336 29,995 1,556 

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

Oct.............................. 192,172 - 4,386 119,127 215,785 29,995 1,492 

Nov............................. 191,799 - 4,386 119,919 212,891 29,995 1,501 

Dec............................. 191,298 - 4,386 119,932 214,138 29,995 1,411 

2010 - Jan .............................. 190,901 - 5,386 120,792 207,658 29,995 1,458 

Feb ............................. 190,661 - 5,386 122,135 204,133 29,995 1,181 

Mar ............................. 190,293 - 4,886 121,558 208,494 29,995 1,281 

Apr.............................. 190,063 - 4,486 121,626 209,445 29,995 1,256 

May ............................ 189,855 - 4,436 125,057 209,330 29,995 1,298 

June ........................... 189,665 - 4,036 125,612 204,002 29,995 1,304 

 

 

TABLE FD-2.—Debt Held by the Public

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

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

Nonmarketable 

Total 

(7) 

 

2005 .................................. 4,601,239 4,066,053 910,323 2,328,213 520,507 307,011 535,186 

2006 .................................. 4,843,121 4,283,804 908,474 2,445,307 534,473 395,550 559,317 

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

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

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

 

2009 - June ....................... 7,174,912 6,591,740 2,000,458 3,417,319 642,050 531,913 583,173 

July........................ 7,335,598 6,761,806 2,014,176 3,546,950 653,069 547,611 573,793 

Aug........................ 7,484,145 6,918,004 2,062,265 3,638,049 665,744 551,947 566,141 

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

Oct......................... 7,487,887 6,924,930 1,852,331 3,816,792 689,021 566,786 562,957 

Nov........................ 7,712,387 7,151,894 1,844,698 4,038,278 701,634 567,285 560,493 

Dec........................ 7,811,009 7,249,848 1,787,913 4,179,412 714,672 567,851 561,161 

2010 - Jan ......................... 7,759,490 7,203,299 1,683,757 4,227,723 727,749 564,070 556,191 

Feb ........................ 7,936,671 7,383,179 1,731,093 4,335,457 745,400 571,228 553,492 

Mar ........................ 8,290,069 7,733,561 1,838,020 4,563,766 758,781 572,994 556,508 

Apr......................... 8,434,435 7,877,563 1,842,292 4,701,670 772,542 561,058 556,872 

May ....................... 8,494,419 7,934,448 1,850,311 4,731,332 789,717 563,089 559,972 

June ...................... 8,633,680 8,079,066 1,777,032 4,935,131 802,589 564,314 554,615 
FEDERAL DEBT 

September 2010

24 

End of fiscal 

year or month 

Federal 

Savings and 

Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance Trust 

Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life

Insurance 

Fund 

(14) 

Postal 

Service Fund

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

Unemployment Trust 

Fund 

(18) 

Other 

(19) 

 

2005 ..................... 3,123 17,204 8,271 10,597 1,218 570 - 54,806 427,868 

2006 ..................... 3,029 33,061 10,998 10,189 4,233 477 - 66,213 484,104 

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

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

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

 

2009 - June .......... 3,317 64,716 8,695 8,995 1,200 450 - 30,099 684,649 

 July........... 3,317 56,833 7,207 8,910 1,009 600 - 22,744 683,601 

 Aug........... 3,318 61,516 12,160 8,828 1,009 410 - 22,762 684,875 

 Sept.......... 3,313 61,764 11,484 8,735 4,239 405 - 19,628 683,808 

 Oct............ 3,311 55,813 8,001 8,652 1,000 467 - 17,476 762,719 

 Nov........... 3,331 61,254 8,501 8,580 1,000 355 - 17,298 661,011 

 Dec........... 3,330 75,946 7,559 8,727 1,000 577 - 16,235 761,521 

2010 - Jan ............ 3,330 63,554 7,952 8,648 748 511 - 14,843 760,366 

 Feb ........... 3,330 66,578 7,626 8,574 750 458 - 15,107 761,102 

 Mar ........... 3,329 67,638 7,991 8,470 950 395 - 13,794 758,921 

 Apr............ 3,344 63,770 28,254 8,376 950 619 - 13,199 760,458 

 May .......... 3,344 69,968 27,784 8,298 952 443 - 24,116 763,368 

 June ......... 3,344 71,353 28,375 8,432 950 437 - 21,517 761,691 

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

2005 .................. 3,380,605 10,047 32,733 29,485 15,238 193,263 660,109 277,268 22,646 1,616,159 

2006 .................. 3,722,747 7,893 46,216 31,282 15,711 202,178 689,812 302,186 22,036 1,793,129 

2007 .................. 4,026,772 7,931 47,515 32,965 16,436 213,830 702,043 319,377 22,410 1,968,262 

2008 .................. 4,297,677 7,674 29,937 34,397 16,847 216,487 729,705 318,741 19,093 2,150,651 

2009 .................. 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668 2,296,316 

 

2009 - June ....... 4,468,613 7,803 20,675 35,806 15,104 215,111 737,529 324,823 9,974 2,299,667 

 July........ 4,431,781 8,068 20,144 35,822 15,106 212,878 733,688 310,462 10,027 2,301,365 

 Aug........ 4,425,942 8,108 13,099 36,116 15,359 210,285 729,854 309,906 10,245 2,298,092 

 Sept....... 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668 2,296,316 

 Oct......... 4,501,135 7,804 15,661 36,235 18,816 205,094 754,133 300,242 10,726 2,294,985 

 Nov........ 4,497,408 7,457 14,205 36,661 19,241 302,653 750,372 302,653 10,979 2,291,857 

 Dec........ 4,597,132 6,710 59,460 36,726 19,241 199,760 765,793 304,612 11,155 2,318,780 

2010 - Jan ......... 4,616,193 6,740 58,424 36,792 19,235 203,545 761,891 306,817 11,350 2,351,447 

 Feb ........ 4,601,837 6,324 56,756 36,964 19,235 200,678 758,231 301,576 11,692 2,346,856 

 Mar ........ 4,580,640 6,145 57,065 36,931 20,434 197,399 754,452 292,491 11,839 2,342,396 

 Apr......... 4,611,722 6,391 53,679 36,991 20,436 197,521 750,971 293,967 12,091 2,360,705 

 May ....... 4,598,742 6,525 39,531 37,046 20,439 195,004 747,212 293,057 3,100 2,358,555 

 June ...... 4,669,888 6,712 38,060 37,120 20,435 196,596 764,006 298,892 3,334 2,408,634 

 
FEDERAL DEBT 

September 2010 

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) 

Federal 

Communications 

Commission 

(6) 

 

2005 ............................ 23,637 146 160 23,097 235 1 

2006 ............................ 23,392 112 156 22,899 225 * 

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

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

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

 

2009 - June ................. 22,276 33 149 21,896 199 * 

July.................. 22,489 33 150 22,107 199 * 

Aug.................. 22,338 33 143 21,970 193 * 

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

Oct................... 23,160 33 145 22,790 193 * 

Nov.................. 23,210 33 146 22,839 193 * 

Dec.................. 23,497 33 147 23,125 193 * 

2010 - Jan ................... 23,543 33 148 23,170 193 * 

Feb .................. 23,438 33 140 23,079 186 * 

Mar .................. 23,584 33 141 23,224 186 * 

Apr................... 23,652 33 142 23,291 186 * 

May ................. 23,839 10 143 23,499 186 * 

June ................ 23,854 55 144 23,468 186 * 

 

 

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

September 2010

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] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 

2006 ............................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 

2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 4 yrs. 10 mos. 

2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 4 yrs. 1 mo. 

2009 ............................... 6,228,565 2,604,676 2,074,723 994,689 350,550 203,928 4 yrs. 1 mo. 

 

2009 - June .................... 5,943,636 2,611,596 1,891,559 900,239 361,806 178,436 3 yrs. 11 mos. 

July ..................... 6,065,512 2,636,005 1,964,000 916,972 360,698 187,837 4 yrs. 0 mos. 

Aug ..................... 6,179,984 2,669,428 2,014,501 951,363 352,756 191,935 4 yrs. 0 mos. 

Sept.................... 6,228,565 2,604,676 2,074,723 994,689 350,550 203,928 4 yrs. 1 mo. 

Oct...................... 6,138,150 2,481,258 2,073,374 1,019,112 349,067 215,339 4 yrs. 3 mos. 

Nov ..................... 6,386,026 2,462,190 2,259,073 1,084,264 349,156 231,343 4 yrs. 3 mos. 

Dec ..................... 6,483,901 2,415,461 2,337,392 1,137,420 349,280 244,348 4 yrs. 4 mos. 

2010 - Jan ...................... 6,412,950 2,324,876 2,334,181 1,147,167 349,373 257,353 4 yrs. 6 mos. 

Feb ..................... 6,591,769 2,372,965 2,420,971 1,173,496 342,995 281,343 4 yrs. 6 mos. 

Mar ..................... 6,968,331 2,492,450 2,579,109 1,258,977 343,413 294,382 4 yrs. 6 mos. 

Apr...................... 7,112,555 2,496,967 2,644,691 1,320,051 343,461 307,386 4 yrs. 6 mos. 

May..................... 7,139,749 2,493,407 2,659,186 1,324,667 353,259 309,231 4 yrs. 7 mos. 

June.................... 7,315,097 2,432,122 2,800,261 1,406,962 353,497 322,256 4 yrs. 7 mos. 

 

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

September 2010 

27

TABLE FD-6.—Debt Subject to Statutory Limit

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

Debt subject to limit Securities outstanding 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 Securities 

 not subject

 to limit 

 (7) 

 

2005 ................................................ 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 

2006 ................................................ 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 

2007 ................................................ 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 

2008 ................................................ 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 

2009 ................................................ 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 

 

2009 - June ..................................... 12,104,000 11,487,470 11,487,456 14 11,545,275 14 57,819 

July ...................................... 12,104,000 11,611,178 11,611,163 14 11,669,277 14 58,113 

Aug ...................................... 12,104,000 11,755,205 11,755,191 14 11,812,870 14 57,678 

Sept..................................... 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 

Oct....................................... 12,104,000 11,836,629 11,836,615 14 11,893,091 14 56,475 

Nov ...................................... 12,104,000 12,057,363 12,057,348 14 12,113,048 14 55,699 

Dec ...................................... 12,394,000 12,254,530 12,254,506 24 12,311,350 24 56,843 

2010 - Jan ....................................... 12,394,000 12,222,507 12,222,470 37 12,278,636 37 56,165 

Feb ...................................... 14,294,000 12,383,717 12,383,680 37 12,440,068 37 56,387 

Mar ...................................... 14,294,000 12,716,511 12,716,474 37 12,773,123 37 56,649 

Apr....................................... 14,294,000 12,892,729 12,892,692 37 12,948,739 37 56,047 

May...................................... 14,294,000 12,937,208 12,937,171 37 12,992,539 37 55,368 

June..................................... 14,294,000 13,149,560 13,149,523 37 13,201,792 37 52,268 

 

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

September 2010

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”] 

 Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2005 ................................................ 211,763 26,851 18,489 12,608 461 1,979 

2006 ................................................ 228,065 22,578 20,432 12,911 485 1,358 

2007 ................................................ 219,079 10,662 22,803 13,803 420 1,448 

2008 ................................................ 252,783 9,691 24,789 14,780 479 1,456 

2009 ................................................ 747,566 11,617 26,074 16,675 481 778 

 

2009 - June ..................................... 748,498 11,023 26,084 16,599 497 1,461 

July...................................... 774,408 10,581 26,084 16,599 497 1,461 

Aug...................................... 789,194 10,360 25,912 17,026 477 730 

Sept..................................... 747,566 11,617 26,074 16,675 481 778 

Oct....................................... 817,593 17,361 26,255 16,872 485 778 

Nov...................................... 845,306 18,619 26,388 17,088 488 778 

Dec...................................... 876,706 22,264 26,536 17,491 495 778 

2010 - Jan ....................................... 890,894 23,858 26,832 17,618 497 778 

Feb ...................................... 876,949 10,792 26,958 17,770 501 778 

Mar ...................................... 915,813 11,262 27,033 17,881 501 778 

Apr....................................... 929,950 10,938 27,107 17,971 500 778 

May ..................................... 926,599 11,292 27,206 18,208 506 778 

June .................................... 969,159 11,910 27,008 18,349 500 1,109 

 

 Department 

 of Energy 

Department of Housing 

 and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

 Bonneville Power 

 Administration 

 (8) 

 Federal Housing 

 Administration 

 (9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2005 ................................................ 104,471 2,777 7,548 239 12,413 

2006 ................................................ 105,522 2,482 6,258 - 16,618 

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

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

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

 

2009 - June..................................... 209,413 2,151 5,107 - 41,884 

 July...................................... 214,585 2,042 5,107 - 41,651 

 Aug...................................... 224,647 2,042 5,107 - 41,703 

Sept..................................... 234,918 2,130 4,420 - 47,107 

Oct ...................................... 253,449 2,240 4,420 - 46,207 

Nov...................................... 257,758 2,262 4,420 - 46,789 

Dec...................................... 265,070 2,314 4,420 - 46,364 

2010 - Jan....................................... 279,735 2,219 4,420 - 41,748 

Feb...................................... 280,349 2,264 4,420 - 39,089 

Mar...................................... 291,824 2,279 4,420 - 38,488 

Apr ...................................... 304,459 2,339 4,420 - 39,679 

May ..................................... 306,461 2,376 4,420 - 39,940 

June .................................... 347,424 2,358 4,420 - 40,830 

 
FEDERAL DEBT 

September 2010 

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) 

 

2005 ...................................... 5,848 2,973 7,695 7,411 

2006 ...................................... 4,911 2,958 9,303 22,249 

2007 ...................................... 4,364 2,945 11,366 22,872 

2008 ...................................... 2,929 3,096 9,463 28,793 

2009 ...................................... 3,805 3,359 10,873 385,328 

 

2009 - June ........................... 4,028 2,400 10,124 417,727 

July............................ 4,355 2,734 10,124 438,587 

Aug............................ 3,664 3,029 10,656 443,841 

Sept........................... 3,805 3,359 10,873 385,328 

Oct............................. 4,003 3,693 10,873 430,956 

Nov............................ 4,021 3,998 11,554 451,142 

Dec............................ 4,701 4,337 11,554 470,382 

2010 - Jan ............................. 4,731 4,680 12,094 471,683 

Feb ............................ 5,337 4,953 12,218 471,521 

Mar ............................ 5,337 5,269 11,543 499,196 

Apr............................. 5,337 5,582 11,543 499,297 

May ........................... 5,370 5,877 11,543 492,622 

June .......................... 7,499 2,524 11,543 493,685 

 

Note.—Detail may not add to totals due to rounding. 
30 

September 2010 

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: APRIL-JUNE 

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

A P R I L 

Cash Management Bills 

On March 29, 2010, Treasury announced it would auction 

$17,000 million of 18-day bills. They were issued April 1 and 

matured April 19. The issue was to raise new cash. Treasury 

auctioned the bills on March 30. Tenders totaled $72,567 

million; Treasury accepted $17,001 million. The high bank 

discount rate was 0.150 percent. 

On March 29, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued April 1 and 

matured May 27. The issue was part of the SFP. Treasury 

auctioned the bills on March 31. Tenders totaled $90,129 

million; Treasury accepted $25,000 million. The high bank 

discount rate was 0.160 percent. 

On March 31, Treasury announced it would auction 

$21,000 million of 10-day bills. They were issued April 5 and 

matured April 15. The issue was to raise new cash. Treasury 

auctioned the bills on April 1. Tenders totaled $83,735 million; 

Treasury accepted $21,001 million. The high bank discount rate 

was 0.170 percent. 

On April 5, Treasury announced it would auction $25,000 

million of 56-day bills. They were issued April 8 and matured 

June 3. The issue was part of the SFP. Treasury auctioned the 

bills on April 7. Tenders totaled $96,173 million; Treasury 

accepted $25,000 million. The high bank discount rate was 

0.165 percent. 

On April 12, Treasury announced it would auction $25,000 

million of 56-day bills. They were issued April 15 and matured 

June 10. The issue was part of the SFP. Treasury auctioned the 

bills on April 14. Tenders totaled $114,962 million; Treasury 

accepted $25,000 million. The high bank discount rate was 

0.150 percent. 

On April 19, Treasury announced it would auction $25,000 

million of 56-day bills. They were issued April 22 and matured 

June 17. The issue was part of the SFP. Treasury auctioned the 

bills on April 21. Tenders totaled $107,789 million; Treasury 

accepted $25,002 million. The high bank discount rate was 

0.150 percent. 

On April 26, Treasury announced it would auction $25,000 

million of 56-day bills. They were issued April 29 and matured 

June 24. The issue was part of the SFP. Treasury auctioned the 

bills on April 28. Tenders totaled $104,460 million; Treasury 

accepted $25,000 million. The high bank discount rate was 

0.155 percent. 

52-Week Bills 

On April 1, 2010, Treasury announced it would auction 

$26,000 million of 364-day Treasury bills. They were issued 

April 8 and will mature April 7, 2011. The issue was to refund 

$111,006 million of all maturing bills and raise new cash of 

approximately $30,994 million. Treasury auctioned the bills on 

April 6. Tenders totaled $95,141 million; Treasury accepted 

$26,000 million. That included $191 million of noncompetitive 

tenders from the public. The high bank discount rate was 0.485 

percent. 

Auction of 3-Year Notes 

On April 1, 2010, Treasury announced it would auction 

$40,000 million of 3-year notes. The issue was to refund 

$41,030 million of securities maturing April 15 and to raise new 

cash of approximately $40,970 million. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2010 

31

The 3-year notes of Series X-2013 were dated and issued 

April 15. They are due April 15, 2013, with interest payable on 

October 15 and April 15 of each year 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 

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

p.m. e.t. for competitive tenders on April 6. Tenders totaled 

$124,016 million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.776 percent with the 

equivalent price of $99.924368. Treasury accepted in full all 

competitive tenders at yields lower than 1.776 percent. Tenders 

at the high yield were allotted 44.71 percent. The median yield 

was 1.720 percent, and the low yield was 1.670 percent. 

Noncompetitive tenders totaled $58 million. Competitive 

tenders accepted from private investors totaled $39,942 million. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $2,928 million from 

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

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series X-2013 is $100. 

Auction of 9-Year 9-Month 1-3/8 Percent Treasury 

Inflation-Protected Security (TIPS) 

On April 1, 2010, Treasury announced it would auction 

$8,000 million of 9-year 9-month 1-3/8 percent TIPS. The issue 

was to refund $41,030 million of securities maturing April 15 

and to raise new cash of approximately $40,970 million. 

The 9-year 9-month TIPS of Series A-2020 were dated 

January 15 and issued April 15. They are due January 15, 2020, 

with interest payable on July 15 and January 15 of each year 

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 April 5. Tenders totaled $27,461 

million; Treasury accepted $8,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.709 percent with an equivalent adjusted price 

of $97.219605. Treasury accepted in full all competitive tenders 

at yields lower than 1.709. Tenders at the high yield were 

allotted 49.67 percent. The median yield was 1.650 percent, and 

the low yield was 1.571 percent. Noncompetitive tenders 

totaled $117 million. Competitive tenders accepted from private 

investors totaled $7,883 million. Adjusted accrued interest of 

3.42589 per $1,000 must be paid for the period from January 15 

to April 15. Both the unadjusted price of $97.010063 and the 

unadjusted accrued interest of $3.41851 were adjusted by an 

index ratio of 1.00216 for the period from January 15 to April 

15. 

In addition to the $8,000 million of tenders accepted in the 

auction process, Treasury accepted $586 million from FRBs for 

their own accounts. The minimum par amount required for 

STRIPS of TIPS of Series A-2020 is $100. 

Auction of 9-Year 10-Month 3-5/8 Percent Notes 

On April 1, 2010, Treasury announced it would auction 

$21,000 million of 9-year 10-month 3-5/8 percent notes. The 

issue was to refund $41,030 million of securities maturing April 

15 and to raise new cash of approximately $40,970 million. 

The 9-year 10-month notes of Series B-2020 were dated 

February 15 and issued April 15. They are due February 15, 

2020, with interest payable on August 15 and February 15 of 

each year until maturity. 

Treasury received tenders for the notes before 12:00 a.m. 

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

competitive tenders on April 7. Tenders totaled $78,076 

million; Treasury accepted $21,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.900 percent with an equivalent price of 

$97.763192. Treasury accepted in full all competitive tenders at 

yields lower than 3.900 percent. Tenders at the high yield were 

allotted 99.62 percent. The median yield was 3.874 percent, and 

the low yield was 3.820 percent. Noncompetitive tenders 

totaled $103 million. Competitive tenders accepted from private 

investors totaled $20,898 million. Accrued interest of $5.90815 

per $1,000 must be paid for the period from February 15 to 

April 15. 

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

the auction process, Treasury accepted $1,537 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2020 is $100. 

Auction of 29-Year 10-Month 4-5/8 Percent Bonds 

On April 1, 2010, Treasury announced that it would 

auction $13,000 million of 29-year 10-month 4-5/8 percent 

bonds. The issue was to refund $41,030 million of securities 

maturing April 15 and to raise new cash of approximately 

$40,970 million. 

The 29-year 10-month bonds of February 2040 were dated 

February 15 and issued April 15. They are due February 15, 

2040, with interest payable on August 15 and February 15 of 

each year until maturity. 

Treasury received tenders for the bonds before 12:00 a.m. 

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

competitive tenders on April 8. Tenders totaled $35,473 

million; Treasury accepted $13,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 4.770 percent with an equivalent price of 

$97.692939. Treasury accepted in full all competitive tenders at 

yields lower than 4.770 percent. Tenders at the high yield were 

allotted 30.96 percent. The median yield was 4.728 percent, and 

the low yield was 4.650 percent. Noncompetitive tenders 

totaled $13 million. Competitive tenders accepted from private 

investors totaled $12,987 million. Accrued interest of $7.53798 
PUBLIC DEBT OPERATIONS 

September 2010 

32 

per $1,000 must be paid for the period from February 15 to 

April 15. 

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

the auction process, Treasury accepted $952 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of bonds of February 2040 is $100. 

Auction of 5-Year TIPS 

On April 22, 2010, Treasury announced it would auction 

$11,000 million of 5-year TIPS. The issue was to refund 

$30,000 million of securities maturing April 30 and to raise new 

cash of approximately $99,000 million. 

The 5-year TIPS of Series K-2015 were dated April 15 and 

issued April 30. They are due April 15, 2015, with interest 

payable on October 15 and April 15 of each year 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 TIPS before 12:00 noon 

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

competitive tenders on April 26. Tenders totaled $34,599 

million; Treasury accepted $11,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 0.550 percent with an equivalent adjusted price 

of $99.767648. Treasury accepted in full all competitive tenders 

at yields lower than 0.550 percent. Tenders at the high yield 

were allotted 30.93 percent. The median yield was 0.430 

percent, and the low yield was 0.340 percent. Noncompetitive 

tenders totaled $343 million. Competitive tenders accepted 

from private investors totaled $10,657 million. Adjusted 

accrued interest of $0.20494 per $1,000 must be paid for the 

period from April 15 to April 30. Both the unadjusted price of 

$99.755677 and the unadjusted accrued interest of $0.20492 

were adjusted by an index ratio of 1.00012, for the period from 

April 15 to April 30. 

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

the auction process, Treasury accepted $235 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of TIPS of Series K-2015 is $100. 

Auction of 2-Year Notes 

On April 22, 2010, Treasury announced it would auction 

$44,000 million of 2-year notes. The issue was to refund 

$30,000 million of securities maturing April 30 and to raise new 

cash of approximately $99,000 million. 

The 2-year notes of Series AK-2012 were dated and issued 

April 30. They are due April 30, 2012, with interest payable on 

October 31 and April 30 of each year 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 April 27. Tenders totaled $133,130 

million; Treasury accepted $44,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.024 percent with an equivalent price of 

$99.952608. Treasury accepted in full all competitive tenders at 

yields lower than 1.024 percent. Tenders at the high yield were 

allotted 63.61 percent. The median yield was 0.980 percent, and 

the low yield was 0.910 percent. Noncompetitive tenders 

totaled $469 million. Competitive tenders accepted from private 

investors totaled $43,531 million. 

In addition to the $44,000 million of tenders accepted in 

the auction process, Treasury accepted $939 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series AK-2012 is $100. 

Auction of 5-Year Notes 

On April 22, 2010, Treasury announced it would auction 

$42,000 million of 5-year notes. The issue was to refund 

$30,000 million of securities maturing April 30 and to raise new 

cash of approximately $99,000 million. 

The 5-year notes of Series L-2015 were dated and issued 

April 30. They are due April 30, 2015, with interest payable on 

October 31 and April 30 of each year until maturity. Treasury 

set an interest rate of 2-1/2 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 April 28. Tenders totaled $115,417 

million; Treasury accepted $42,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 2.540 percent with an equivalent price of 

$99.813289. Treasury accepted in full all competitive tenders at 

yields lower than 2.540 percent. Tenders at the high yield were 

allotted 90.56 percent. The median yield was 2.488 percent, and 

the low yield was 2.420 percent. Noncompetitive tenders 

totaled $128 million. Competitive tenders accepted from private 

investors totaled $41,872 million. 

In addition to the $42,000 million of tenders accepted in 

the auction process, Treasury accepted $896 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series L-2015 is $100. 

Auction of 7-Year Notes 

On April 22, 2010, Treasury announced it would auction 

$32,000 million of 7-year notes. The issue was to refund 

$30,000 million of securities maturing April 30 and to raise new 

cash of approximately $99,000 million. 

The 7-year notes of Series K-2017 were dated and issued 

April 30. They are due April 30, 2017, with interest payable on 

October 31 and April 30 of each year 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 notes before 12:00 noon 

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

competitive tenders on April 29. Tenders totaled $90,326 

million; Treasury accepted $32,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.210 percent with an equivalent price of 

$99.470887. Treasury accepted in full all competitive tenders at 

yields lower than 3.210 percent. Tenders at the high yield were 

allotted 93.61 percent. The median yield was 3.140 percent, and 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2010 

33

the low yield was 3.096 percent. Noncompetitive tenders 

totaled $36 million. Competitive tenders accepted from private 

investors totaled $31,964 million. 

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

the auction process, Treasury accepted $683 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series K-2017 is $100. 

M A Y 

Cash Management Bills 

On May 3, 2010, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued May 6 and 

matured July 1. The issue was part of the SFP. Treasury 

auctioned the bills on May 5. Tenders totaled $111,859 million; 

Treasury accepted $25,001 million. The high bank discount rate 

was 0.150 percent. 

On May 10, Treasury announced it would auction $25,000 

million of 56-day bills. They were issued May 13 and matured 

July 8. The issue was part of the SFP. Treasury auctioned the 

bills on May 12. Tenders totaled $116,033 million; Treasury 

accepted $25,002 million. The high bank discount rate was 

0.150 percent. 

On May 17, Treasury announced it would auction $25,000 

million of 56-day bills. They were issued May 20 and matured 

July 15. The issue was part of the SFP. Treasury auctioned the 

bills on May 19. Tenders totaled $118,211 million; Treasury 

accepted $25,000 million. The high bank discount rate was 

0.160 percent. 

On May 24, Treasury announced it would auction $25,000 

million of 56-day bills. They were issued May 27 and matured 

July 22. The issue was part of the SFP. Treasury auctioned the 

bills on May 26. Tenders totaled $102,008 million; Treasury 

accepted $25,001 million. The high bank discount rate was 

0.150 percent. 

52-Week Bills 

On April 29, 2010, Treasury announced it would auction 

$26,000 million of 364-day Treasury bills. They were issued 

May 6 and will mature May 5, 2011. The issue was to refund 

$138,012 million of all maturing bills and pay down 

approximately $15,012 million. Treasury auctioned the bills on 

May 4. Tenders totaled $104,359 million; Treasury accepted 

$26,000 million. That included $204 million of noncompetitive 

tenders from the public. The high bank discount rate was 0.420 

percent. 

May Quarterly Financing 

On May 5, 2010, Treasury announced it would auction 

$38,000 million of 3-year notes, $24,000 million of 10-year 

notes and $16,000 million of 30-year bonds to refund $30,893 

million of securities maturing on May 15 and to raise new cash 

of approximately $47,107 million. 

The 3-year notes of Series Y-2013 were dated May 15 and 

issued May 17. They are due May 15, 2013, with interest 

payable on November 15 and May 15 of each year 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 May 11. Tenders totaled $124,117 

million; Treasury accepted $38,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.414 percent with an equivalent price of 

$99.885991. Treasury accepted in full all competitive tenders at 

yields lower than 1.414. Tenders at the high yield were allotted 

22.27 percent. The median yield was 1.370 percent, and the low 

yield was 1.307 percent. Noncompetitive tenders totaled $226 

million. Competitive tenders accepted from private investors 

totaled $37,774 million. Accrued interest of $0.07473 per 

$1,000 must be paid for the period from May 15 to May 17. 

In addition to the $38,000 million of tenders accepted in 

the auction process, Treasury accepted $3,312 million from 

FRBs for their own accounts. The minimum par amount 

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

The 10-year notes of Series C-2020 were dated May 15 

and issued May 17. They are due May 15, 2020, with interest 

payable on November 15 and May 15 of each year until 

maturity. Treasury set an interest rate of 3-1/2 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 May 12. Tenders totaled $71,047 

million; Treasury accepted $24,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.548 percent with an equivalent price of 

$99.598723. Treasury accepted in full all competitive tenders at 

yields lower than 3.548. Tenders at the high yield were allotted 

94.55 percent. The median yield was 3.510 percent, and the low 

yield was 3.438 percent. Noncompetitive tenders totaled $137 

million. Competitive tenders accepted from private investors 

totaled $23,863 million. Accrued interest of $0.19022 per 

$1,000 must be paid for the period from May 15 to May 17. 

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

the auction process, Treasury accepted $2,092 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series C-2020 is $100. 

The 30-year bonds were dated May 15 and issued May 17. 

They are due May 15, 2040, with interest payable on November 

15 and May 15 of each year until maturity. Treasury set an 

interest rate of 4-3/8 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 May 13. Tenders totaled $41,590 
PUBLIC DEBT OPERATIONS 

September 2010 

34 

million; Treasury accepted $16,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 4.490 percent with an equivalent price of 

$98.114367. Treasury accepted in full all competitive tenders at 

yields lower than 4.490. Tenders at the high yield were allotted 

72.22 percent. The median yield was 4.438 percent, and the low 

yield was 4.356 percent. Noncompetitive tenders totaled $30 

million. Competitive tenders accepted from private investors 

totaled $15,970 million. Accrued interest of $0.23777 per 

$1,000 must be paid for the period from May 15 to May 17. 

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

the auction process, Treasury accepted $1,394 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of May 2040 is $100. 

J U N E 

Cash Management Bills 

On June 1, 2010, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued June 3 and 

matured July 29. The issue was part of the SFP. Treasury 

auctioned the bills on June 2. Tenders totaled $111,667 million; 

Treasury accepted $25,001 million. The high bank discount rate 

was 0.140 percent. 

On June 7, Treasury announced it would auction $26,000 

million of 5-day bills. They were issued June 10 and matured 

June 15. The issue was to raise new cash. Treasury auctioned 

the bills on June 8. Tenders totaled $109,190 million; Treasury 

accepted $26,000 million. The high bank discount rate was 

0.160 percent. 

On June 7, Treasury announced it would auction $25,000 

million of 56-day bills. They were issued June 10 and will 

mature August 5. The issue was part of the SFP. Treasury 

auctioned the bills on June 9. Tenders totaled $105,881 million; 

Treasury accepted $25,000 million. The high bank discount rate 

was 0.095 percent. 

On June 14, Treasury announced it would auction $25,000 

million of 56-day bills. They were issued June 17 and will 

mature August 12. The issue was part of the SFP. Treasury 

auctioned the bills on June 16. Tenders totaled $102,781 

million; Treasury accepted $25,000 million. The high bank 

discount rate was 0.090 percent. 

On June 21, Treasury announced it would auction $25,000 

million of 56-day bills. They were issued June 24 and will 

mature August 19. The issue was part of the SFP. Treasury 

auctioned the bills on June 23. Tenders totaled $108,309 

million; Treasury accepted $25,000 million. The high bank 

discount rate was 0.120 percent. 

Auction of 2-Year Notes 

On May 20, 2010, Treasury announced it would auction 

$42,000 million of 2-year notes. The issue was to refund 

$29,952 million of securities maturing May 31 and to raise new 

cash of approximately $83,048 million. 

The 2-year notes of Series AL-2012 were dated May 31 

and issued June 1. They are due May 31, 2012, with interest 

payable on November 30 and May 31 of each year until 

maturity. Treasury set an interest rate of 0-3/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on May 25. Tenders totaled $123,016 

million; Treasury accepted $42,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 0.769 percent with an equivalent price of 

$99.962406. Treasury accepted in full all competitive tenders at 

yields lower than 0.769 percent. Tenders at the high yield were 

allotted 91.01 percent. The median yield was 0.730 percent, and 

the low yield was 0.660 percent. Noncompetitive tenders 

totaled $484 million. Competitive tenders accepted from private 

investors totaled $41,516 million. Accrued interest of $0.02049 

per $1,000 must be paid for the period from May 31 to June 1. 

In addition to the $42,000 million of tenders accepted in 

the auction process, Treasury accepted $913 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series AL-2012 is $100. 

Auction of 5-Year Notes 

On May 20 2010, Treasury announced it would auction 

$40,000 million of 5-year notes. The issue was to refund 

$29,952 million of securities maturing May 31 and to raise new 

cash of approximately $83,048 million. 

The 5-year notes of Series M-2015 were dated May 31 and 

issued June 1. They are due May 31, 2015, with interest payable 

on November 30 and May 31 of each year until maturity. 

Treasury set an interest rate of 2-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on May 26. Tenders totaled $108,368 

million; Treasury accepted $40,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 2.130 percent with an equivalent price of 

$99.976355. Treasury accepted in full all competitive tenders at 

yields lower than 2.130 percent. Tenders at the high yield were 

allotted 15.05 percent. The median yield was 2.070 percent, and 

the low yield was 1.980 percent. Noncompetitive tenders 

totaled $145 million. Competitive tenders accepted from private 

investors totaled $39,855 million. Accrued interest of $0.05806 

per $1,000 must be paid for the period from May 31 to June 1. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $869 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series M-2015 is $100. 

Auction of 7-Year Notes 

On May 20, 2010, Treasury announced it would auction 

$31,000 million of 7-year notes. The issue was to refund 

$29,952 million of securities maturing May 31 and to raise new 

cash of approximately $83,048 million. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2010 

35

The 7-year notes of Series L-2017 were dated May 31 and 

issued June 1. They are due May 31, 2017, with interest payable 

on November 30 and May 31 of each year until maturity. 

Treasury set an interest rate of 2-3/4 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 May 27. Tenders totaled $89,318 

million; Treasury accepted $31,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 2.815 percent with an equivalent price of 

$99.589671. Treasury accepted in full all competitive tenders at 

yields lower than 2.815 percent. Tenders at the high yield were 

allotted 87.74 percent. The median yield was 2.750 percent, and 

the low yield was 2.682 percent. Noncompetitive tenders 

totaled $30 million. Competitive tenders accepted from private 

investors totaled $30,970 million. Accrued interest of $0.07514 

per $1,000 must be paid for the period from May 31 to June 1. 

In addition to the $31,000 million of tenders accepted in 

the auction process, Treasury accepted $674 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series L-2017 is $100. 

52-Week Bills 

On May 27, 2010, Treasury announced it would auction 

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

June 3 and will mature June 2, 2011. The issue was to refund 

$130,986 million of all maturing bills and to raise new cash of 

approximately $4,014 million. Treasury auctioned the bills on 

June 2. Tenders totaled $114,716 million; Treasury accepted 

$25,000 million. That included $225 million of noncompetitive 

tenders from the public. The high bank discount rate was 0.365 

percent. 

Auction of 3-Year Notes 

On June 3, 2010, Treasury announced it would auction 

$36,000 million of 3-year notes. The issue was to refund 

$13,597 million of securities maturing June 15 and to raise new 

cash of approximately $56,403 million. 

The 3-year notes of Series Z-2013 were dated and issued 

June 15. They are due June 15, 2013, with interest payable on 

December 15 and June 15 of each year until maturity. Treasury 

set an interest rate of 1-1/8 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 June 8. Tenders totaled $116,301 

million; Treasury accepted $36,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.220 percent with the equivalent price of 

$99.720987. Treasury accepted in full all competitive tenders at 

yields lower than 1.220 percent. Tenders at the high yield were 

allotted 58.71 percent. The median yield was 1.189 percent, and 

the low yield was 1.098 percent. Noncompetitive tenders 

totaled $76 million. Competitive tenders accepted from private 

investors totaled $35,924 million. 

In addition to the $36,000 million of tenders accepted in 

the auction process, Treasury accepted $208 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series Z-2013 is $100. 

Auction of 9-Year 11-Month 3-1/2 Percent Notes 

On June 3, 2010, Treasury announced that it would auction 

$21,000 million of 9-year 11-month 3-1/2 percent notes. The 

issue was to refund $13,597 million of securities maturing June 

15 and to raise new cash of approximately $56,403 million. 

The 9-year 11-month notes of Series C-2020 were dated 

May 15 and issued June 15. They are due May 15, 2020, with 

interest payable on November 15 and May 15 of each year 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 June 9. Tenders totaled $68,071 million; 

Treasury accepted $21,000 million. All noncompetitive and 

successful competitive bidders were allotted securities at the 

high yield of 3.242 percent with an equivalent price of 

$102.169092. Treasury accepted in full all competitive tenders 

at yields lower than 3.242 percent. Tenders at the high yield 

were allotted 87.15 percent. The median yield was 3.199 

percent, and the low yield was 3.096 percent. Noncompetitive 

tenders totaled $46 million. Competitive tenders accepted from 

private investors totaled $20,954 million. Accrued interest of 

$2.94837 per $1,000 must be paid for the period from May 15 

to June 15. 

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

the auction process, Treasury accepted $121 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series C-2020 is $100. 

Auction of 29-Year 11-Month 4-3/8 Percent Bonds 

On June 3, 2010, Treasury announced that it would auction 

$13,000 million of 29-year 11-month 4-3/8 percent bonds. The 

issue was to refund $13,597 million of securities maturing June 

15 and to raise new cash of approximately $56,403 million. 

The 29-year 11-month bonds of May 2040 were dated 

May 15 and issued June 15. They are due May 15, 2040, with 

interest payable on November 15 and May 15 of each year 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 June 10. Tenders totaled $37,334 

million; Treasury accepted $13,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 4.182 percent with an equivalent price of 

$103.270808. Treasury accepted in full all competitive tenders 

at yields lower than 4.182 percent. Tenders at the high yield 
PUBLIC DEBT OPERATIONS 

September 2010 

36 

were allotted 84.84 percent. The median yield was 4.140 

percent, and the low yield was 4.080 percent. Noncompetitive 

tenders totaled $26 million. Competitive tenders accepted from 

private investors totaled $12,974 million. Accrued interest of 

$3.68546 per $1,000 must be paid for the period from May 15 

to June 15. 

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

the auction process, Treasury accepted $75 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of bonds of May 2040 is $100. 

Auction of 2-Year Notes 

On June 17, 2010, Treasury announced it would auction 

$40,000 million of 2-year notes. The issue was to refund 

$30,003 million of securities maturing June 30 and to raise new 

cash of approximately $77,997 million. 

The 2-year notes of Series AM-2012 were dated and issued 

June 30. They are due June 30, 2012, with interest payable on 

December 31 and June 30 each year until maturity. Treasury set 

an interest rate of 0-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on June 22. Tenders totaled $138,149 

million; Treasury accepted $40,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 0.738 percent with an equivalent price of 

$99.776070.Treasury accepted in full all competitive tenders at 

yields lower than 0.738 percent. Tenders at the high yield were 

allotted 70.18 percent. The median yield was 0.720 percent, and 

the low yield was 0.647 percent. Noncompetitive tenders 

totaled $433 million. Competitive tenders accepted from private 

investors totaled $39,568 million. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $1,191 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AM-2012 is $100. 

Auction of 5-Year Notes 

On June 17, 2010, Treasury announced it would auction 

$38,000 million of 5-year notes. 

The issue was to refund $30,003 million of securities 

maturing June 30 and to raise new cash of approximately 

$77,997 million. 

The 5-year notes of Series N-2015 were dated and issued 

June 30. They are due June 30, 2015, with interest payable on 

December 31 and June 30 of each year until maturity. Treasury 

set an interest rate of 1-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on June 23. Tenders totaled $97,966 

million; Treasury accepted $38,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.995 percent with an equivalent price of 

$99.431646. Treasury accepted in full all competitive tenders at 

yields lower than 1.995 percent. Tenders at the high yield were 

allotted 18.36 percent. The median yield was 1.925 percent, and 

the low yield was 1.800 percent. Noncompetitive tenders 

totaled $124 million. Competitive tenders accepted from private 

investors totaled $37,876 million. 

In addition to the $38,000 million of tenders accepted in 

the auction process, Treasury accepted $1,132 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series N-2015 is $100. 

Auction of 7-Year Notes 

On June 17, 2010, Treasury announced it would auction 

$30,000 million of 7-year notes. The issue was to refund 

$30,003 million of securities maturing June 30 and to raise new 

cash of approximately $77,997 million. 

The 7-year notes of Series M-2017 were dated and issued 

June 30. They are due June 30, 2017, with interest payable on 

December 31 and June 30 of each year until maturity. Treasury 

set an interest rate of 2-1/2 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 June 24. Tenders totaled 

$90,429 million; Treasury accepted $30,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.575 percent with an 

equivalent price of $99.522396. Treasury accepted in full all 

competitive tenders at yields lower than 2.575 percent. 

Tenders at the high yield were allotted 65.69 percent. The 

median yield was 2.530 percent, and the low yield was 2.385 

percent. Noncompetitive tenders totaled $26 million. 

Competitive tenders accepted from private investors totaled 

$29,974 million. 

In addition to the $30,000 million of tenders accepted in the 

auction process, Treasury accepted $893 million from FRBs for 

their own accounts. The minimum par amount required for 

STRIPS of notes of Series M-2017 is $100. 
PUBLIC DEBT OPERATIONS 

September 2010 

37

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

Issue date 

Maturity date 

(1) 

Number 

of days to 

 maturity 1

(2) 

Amount

of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

On

 competitive

 basis 

 (5) 

On non-

 competitive

 basis 3 

 (6) 

High 

price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate

(percent) 4

 (9) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

 2010 - Apr. 01.............. 2010 - Apr. 29 28 113,271.7 33,419.4 29,870.5 236.0 99.988333 0.150 0.152

 July 01 91 116,569.4 28,000.6 25,885.0 1,115.6 99.963347 0.145 0.147

 Sept. 30 182 113,131.7 29,000.3 27,080.6 919.6 99.878667 0.240 0.244

Apr. 08............. May 06 28 126,832.2 39,938.6 33,720.7 280.0 99.987556 0.160 0.162

July 08 91 100,813.4 28,000.3 26,711.2 1,157.7 99.955764 0.175 0.178

 Oct. 07 182 105,185.4 29,000.3 27,835.8 764.4 99.866028 0.265 0.269

Apr. 15............. May 13 28 116,805.9 29,782.4 25,754.3 246.6 99.988722 0.145 0.147

July 15 91 117,649.6 26,000.6 24,527.1 1,123.5 99.960819 0.155 0.157

Oct. 14 182 118,754.8 27,000.2 25,547.8 927.4 99.878667 0.240 0.244

Apr. 22............. May 20 28 96,515.1 24,285.5 17,740.1 260.3 99.989111 0.140 0.142

 July 22 91 116,476.7 25,000.1 23,455.7 1,179.4 99.963347 0.145 0.147

Oct. 21 182 109,430.9 25,000.4 23,623.8 851.6 99.888778 0.220 0.223

Apr. 29............. May 27 28 84,502.4 17,418.4 14,056.6 237.7 99.989889 0.130 0.132

 July 29 91 112,583.4 24,000.5 21,791.6 1,242.2 99.962083 0.150 0.152

 Oct. 28 182 110,529.1 25,000.8 23,254.7 896.1 99.878667 0.240 0.244

May 06............. June 03 28 116,811.3 28,939.2 22,724.3 276.9 99.988333 0.150 0.152

Aug. 05 91 109,317.8 24,000.6 22,580.6 1,119.9 99.958292 0.165 0.167

Nov. 04 182 108,070.3 25,000.5 23,609.4 791.0 99.876139 0.245 0.249

May 13............. June 10 28 134,679.6 34,782.0 30,752.2 248.2 99.988333 0.150 0.152

 Aug. 12 91 115,493.6 26,000.1 24,536.7 1,263.4 99.960819 0.155 0.157

Nov. 12 183 113,161.5 26,000.2 24,619.6 905.6 99.883083 0.230 0.233

May 20............. June 17 28 121,612.7 37,285.2 30,713.8 286.3 99.986778 0.170 0.172

Aug. 19 91 112,647.0 26,000.0 24,530.5 1,319.5 99.959556 0.160 0.162

Nov. 18 182 105,449.4 26,000.2 24,682.5 827.7 99.883722 0.230 0.233

May 27............. June 24 28 122,487.3 33,418.7 29,749.2 290.5 99.987944 0.155 0.157

Aug. 26 91 113,688.0 27,000.3 24,835.2 1,165.1 99.958292 0.165 0.167

Nov. 26 183 106,722.4 26,000.2 24,213.6 846.6 99.888167 0.220 0.223

June 03............. July 01 28 145,600.2 36,938.1 30,711.3 288.8 99.989889 0.130 0.132

 Sept. 02 91 121,775.8 27,000.4 25,591.5 1,134.6 99.959556 0.160 0.162

Dec. 02 182 108,341.1 27,000.9 25,986.1 787.2 99.888778 0.220 0.223

June 10............. July 08 28 137,640.8 34,782.2 30,754.7 246.0 99.993000 0.090 0.091

Sept. 09 91 129,521.0 27,000.3 25,626.2 1,174.1 99.967139 0.130 0.132

 Dec. 09 182 122,242.4 27,000.5 25,798.0 902.4 99.893833 0.210 0.213

June 17............. July 15 28 141,383.0 37,285.2 30,765.9 234.2 99.997667 0.030 0.030

 Sept. 16 91 133,181.7 27,000.7 25,606.9 1,193.9 99.983569 0.065 0.066

 Dec. 16 182 114,812.6 27,000.2 25,707.0 789.8 99.924167 0.150 0.152

June 24............. July 22 28 120,721.5 34,418.2 31,720.2 280.0 99.993389 0.085 0.086

 Sept. 23 91 105,589.2 27,000.2 25,382.4 1,100.5 99.970931 0.115 0.117

 Dec. 23 182 111,167.6 27,000.1 25,530.8 823.8 99.914056 0.170 0.173

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

September 2010

38 

TABLE PDO-2.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and

equivalent price 

for notes and 

bonds 

(6) 

 

03/30/10 04/01/10 0.150% bill—04/19/10 18d 72,567 17,001 

03/31/10 04/01/10 0.160% bill—05/27/10 56d 90,129 25,000 

04/01/10 04/05/10 0.170% bill—04/15/10 10d 83,735 21,001 

04/06/10 04/08/10 0.485% bill—04/07/11 364d 95,141 26,000 

04/07/10 04/08/10 0.165% bill—06/03/10 56d 96,173 25,000 

04/05/10 04/15/10 1.375% TIPS—01/15/20-A 9y 9m 28,046 8,586 1.709 - 97.219605 

04/06/10 04/15/10 1.750% note—04/15/13-X 3y 126,944 42,928 1.776 - 99.924368 

04/07/10 04/15/10 3.625% note—02/15/20-B 9y 10m 79,613 22,538 3.900 - 97.763192 

04/08/10 04/15/10 4.625% bond—02/15/40 29y 10m 36,424 13,952 4.770 - 97.692939 

04/14/10 04/15/10 0.150% bill—06/10/10 56d 114,962 25,000 

04/21/10 04/22/10 0.150% bill—06/17/10 56d 107,789 25,002 

04/28/10 04/29/10 0.155% bill—06/24/10 56d 104,460 25,000 

04/26/10 04/30/10 0.500% TIPS—04/15/15-K 5y 34,834 11,235 0.550 - 99.767648 

04/27/10 04/30/10 1.000% note—04/30/12-AK 2y 134,069 44,939 1.024 - 99.952608 

04/28/10 04/30/10 2.500% note—04/30/15-L 5y 116,313 42,896 2.540 - 99.813289 

04/29/10 04/30/10 3.125% note—04/30/17-K 7y 91,009 32,683 3.210 - 99.470887 

05/04/10 05/06/10 0.420% bill—05/05/11 364d 104,359 26,000 

05/05/10 05/06/10 0.150% bill—07/01/10 56d 111,859 25,001 

05/12/10 05/13/10 0.150% bill—07/08/10 56d 116,033 25,002 

05/11/10 05/17/10 1.375% note—05/15/13-Y 3y 127,429 41,312 1.414 - 99.885991 

05/12/10 05/17/10 3.500% note—05/15/20-C 10y 73,139 26,092 3.548 - 99.598723 

05/13/10 05/17/10 4.375% bond—05/15/40 30y 42,985 17,395 4.490 - 98.114367 

05/19/10 05/20/10 0.160% bill—07/15/10 56d 118,211 25,000 

05/26/10 05/27/10 0.150% bill—07/22/10 56d 102,008 25,001 

05/25/10 06/01/10 0.750% note—05/31/12-AL 2y 123,929 42,913 0.769 - 99.962406 

05/26/10 06/01/10 2.125% note—05/31/15-M 5y 109,237 40,869 2.130 - 99.976355 

05/27/10 06/01/10 2.750% note—05/31/17-L 7y 89,991 31,674 2.815 - 99.589671 

06/02/10 06/03/10 0.365% bill—06/02/11 364d 114,716 25,000 

06/02/10 06/03/10 0.140% bill—07/29/10 56d 111,667 25,001 

06/08/10 06/10/10 0.160% bill—06/15/10 5d 109,190 26,000 

06/09/10 06/10/10 0.095% bill—08/05/10 56d 105,881 25,000 

06/08/10 06/15/10 1.125% note—06/15/13-Z 3y 116,508 36,208 1.220 - 99.720987 

06/09/10 06/15/10 3.500% note—05/15/20-C 9y 11m 68,192 21,121 3.242 - 102.169092 

06/10/10 06/15/10 4.375% bond—05/15/40 29y 11m 37,409 13,075 4.182 - 103.270808 

06/16/10 06/17/10 0.090% bill—08/12/10 56d 102,781 25,000 

06/23/10 06/24/10 0.120% bill—08/19/10 56d 108,309 25,000 

06/22/10 06/30/10 0.625% note—06/30/12-AM 2y 139,340 41,191 0.738 - 99.776070 

06/23/10 06/30/10 1.875% note—06/30/15-N 5y 99,098 39,132 1.995 - 99.431646 

06/24/10 06/30/10 2.500% note—06/30/17-M 7y 91,323 30,893 2.575 - 99.522396 

 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
September 2010 

39

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

September 2010 

40 

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

 Total 

 outstanding

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

Public issues 

held by Federal

Reserve banks

(6) 

 

2005 ................................................ 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

2006 ................................................ 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

2007 ................................................ 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913 

2008 ................................................ 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486 

2009 ................................................ 11,933,031 11,909,828 4,355,292 - 4,355,292 894,655 

 

2009 - June ..................................... 11,567,551 11,545,275 4,368,813 - 4,368,813 748,064 

July ...................................... 11,691,765 11,669,276 4,331,562 - 4,331,562 805,843 

Aug ...................................... 11,835,208 11,812,870 4,326,507 - 4,326,507 860,823 

Sept..................................... 11,933,031 11,909,828 4,355,292 - 4,355,292 894,655 

Oct....................................... 11,916,251 11,893,090 4,401,771 - 4,401,771 917,673 

Nov ...................................... 12,136,257 12,113,047 4,397,288 - 4,397,288 925,780 

Dec ...................................... 12,334,846 12,311,349 4,496,990 - 4,496,990 930,593 

2010 - Jan ....................................... 12,302,178 12,278,636 4,515,255 - 4,515,255 934,745 

Feb ...................................... 12,463,506 12,440,068 4,499,337 - 4,499,337 938,583 

Mar ...................................... 12,796,707 12,773,123 4,478,875 - 4,478,875 940,059 

Apr....................................... 12,972,391 12,948,739 4,509,918 - 4,509,918 939,683 

May...................................... 13,016,378 12,992,539 4,493,694 - 4,493,694 938,286 

June..................................... 13,225,646 13,201,792 4,562,576 - 4,562,576 936,333 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable

(8) 

 Nonmarketable 

 (9) 

 Total 

 outstanding 

 (10) 

 Held by 

 private 

 investors 

 (11) 

 

2005 .................................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

2006 .................................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,959 

2008 .................................................................... 5,329,748 4,751,490 578,258 23,104 23,104 

2009 .................................................................... 6,659,882 6,115,078 544,804 23,203 23,203 

 

2009 - June ......................................................... 6,428,398 5,864,046 564,352 22,276 22,276 

July .......................................................... 6,531,871 5,976,937 554,933 22,489 22,489 

Aug .......................................................... 6,625,541 6,078,417 547,124 22,338 22,338 

Sept......................................................... 6,659,882 6,115,078 544,804 23,203 23,203 

Oct........................................................... 6,573,647 6,029,960 543,687 23,160 23,160 

Nov .......................................................... 6,789,980 6,248,793 541,187 23,210 23,210 

Dec .......................................................... 6,883,767 6,341,903 541,863 23,496 23,496 

2010 - Jan ........................................................... 6,828,636 6,291,806 536,830 23,543 23,543 

Feb .......................................................... 7,002,148 6,467,798 534,350 23,438 23,438 

Mar .......................................................... 7,354,189 6,816,982 537,207 23,584 23,584 

Apr........................................................... 7,499,138 6,961,595 537,543 23,652 23,652 

May.......................................................... 7,560,559 7,020,103 540,456 23,839 23,839 

June......................................................... 7,702,883 7,166,075 536,807 23,854 23,854 

 
OWNERSHIP OF FEDERAL SECURITIES 

September 2010 

41

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Intragovernmental 

Holdings 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S.

savings

bonds 5

(5) 

 Private 6

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign

 and inter-

 national 8

 (11) 

 Other 

 investors 9

 (12) 

 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 150.2 196.9 120.0 222.3 306.3 1,085.0 679.1 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 149.0 194.9 116.5 205.4 309.3 1,060.7 544.8 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 147.9 185.5 113.7 207.8 307.9 1,038.8 529.9 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 145.0 179.1 110.2 225.7 310.0 1,015.2 509.0 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 153.4 177.3 109.1 225.3 316.9 1,012.5 525.5 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 324.8 983.3 380.3 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.2 992.2 433.1 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 145.8 155.1 105.7 261.9 328.4 1,040.1 410.7 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 152.7 163.3 114.0 266.1 327.6 1,057.2 388.8 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 152.1 153.9 122.0 253.8 333.6 1,123.1 313.8 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 154.5 156.3 130.4 256.8 338.6 1,188.6 297.0 

 Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 153.8 158.9 139.7 281.0 354.7 1,235.6 277.4 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.4 196.9 165.8 162.1 139.5 296.6 350.0 1,275.2 330.4 

 June ....... 6,670.1 3,505.4 3,164.7 145.1 199.1 170.2 161.3 138.7 302.3 347.9 1,371.9 328.2 

 Sept........ 6,783.2 3,515.3 3,268.0 146.8 201.5 167.7 155.5 137.4 287.1 357.7 1,443.3 371.1 

 Dec......... 6,998.0 3,620.1 3,377.9 153.1 203.8 172.1 148.6 136.5 280.8 364.2 1,523.1 395.6 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.8 204.4 169.8 143.6 172.4 280.8 374.1 1,670.0 324.9 

 June ....... 7,274.3 3,742.8 3,531.5 158.6 204.6 173.3 134.9 174.6 258.7 381.2 1,735.4 310.2 

 Sept........ 7,379.1 3,772.0 3,607.0 138.5 204.1 174.0 140.8 182.9 255.0 381.7 1,794.5 335.5 

 Dec......... 7,596.1 3,905.6 3,690.6 125.0 204.4 173.7 151.0 188.5 254.1 389.1 1,849.3 355.5 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 141.8 204.2 177.3 158.0 193.3 261.1 412.0 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 1,877.5 354.5 

 Sept........ 7,932.7 4,067.8 3,864.9 125.3 203.6 184.2 164.8 200.7 244.7 467.6 1,929.6 344.3 

 Dec......... 8,170.4 4,199.8 3,970.6 117.1 205.1 184.9 153.8 202.3 251.3 481.4 2,033.9 340.6 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 115.3 205.9 186.7 153.0 200.3 248.7 486.1 2,082.1 438.2 

 June ....... 8,420.0 4,389.2 4,030.8 117.1 205.2 192.1 150.9 196.1 244.2 499.4 1,977.8 445.6 

 Sept........ 8,507.0 4,432.8 4,074.2 113.5 203.6 201.9 155.6 196.8 235.7 502.1 2,025.3 440.4 

 Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 207.5 157.1 197.9 250.7 516.9 2,103.1 372.6 

2007 - Mar......... 8,849.7 4,576.6 4,273.1 119.7 200.3 221.7 159.2 185.4 264.5 535.0 2,194.8 393.3 

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 232.5 160.2 168.9 267.7 580.3 2,192.0 242.8 

 Sept........ 9,007.7 4,738.0 4,269.7 119.6 197.1 246.7 165.6 155.1 306.3 541.4 2,235.3 329.1 

 Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.4 257.6 168.8 141.9 362.9 531.5 2,353.2 280.8 

2008 - Mar......... 9,437.6 4,694.7 4,742.9 125.3 195.3 270.5 169.4 152.1 484.4 521.6 2,505.8 345.8 

 June ....... 9,492.0 4,685.8 4,806.2 112.7 194.9 276.7 169.1 159.4 477.2 513.4 2,587.2 342.8 

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.2 292.5 171.6 163.4 656.1 500.5 2,799.5 451.9 

 Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.0 297.2 174.6 171.4 768.8 491.9 3,075.9 642.9 

2009 - Mar......... 11,126.9 4,785.2 6,341.7 129.1 193.9 330.9 173.2 210.6 716.0 504.1 3,264.6 842.3 

 June ....... 11,545.3 5,026.8 6,518.5 140.7 193.5 353.4 172.7 221.1 695.0 517.8 3,460.3 776.7 

 Sept........ 11,909.8 5,127.1 6,782.7 199.3 192.4 398.1 172.0 244.7 644.9 525.0 3,575.3 835.7 

 Dec......... 12,311.4 5,276.9 7,034.5 206.6 191.3 429.8 174.7 258.5 666.3 541.3 3,691.5 874.9 

2010 - Mar......... 12,773.1 5,259.8 7,513.3 273.7 190.2 462.2 181.6 260.6 648.6 534.7 3,885.0 1,076.8 

 June ....... 13,201.8 5,345.1 7,856.7 n.a. 189.6 n.a. n.a. n.a. n.a. n.a. 4,005.0 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information see: 

http://www.treas.gov/tic/ticsec2.shtml. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
September 2010 

42 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, June 30, 2010 

[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 .............................. $1,140,797,162,388 $1,098,076,826,170 $1,097,592,442,272 $240,789,466 $243,594,432

Less amounts held by: 

The Treasury....................................... 221,947,865 11,257,584 11,209,753 7,505 40,326

FRBs ................................................... 195,437,287,705 193,462,454,024 193,462,433,147 - 20,877

Amounts in circulation............................. $945,137,926,818 $904,603,114,562 $904,118,799,372 $240,781,961 $243,533,229

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $42,720,336,218 $5,874,943,008 $36,845,393,210 

Less amounts held by: 

The Treasury....................................... 210,690,281 183,659,128 27,031,153 

FRBs ................................................... 1,974,833,681 1,013,250,367 961,583,314 

Amounts in circulation............................. $40,534,812,256 $4,678,033,513 $35,856,778,743 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

September 2010 

43

TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2010 

[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 ................................................................................ $9,596,337,438 $9,453,966,528 $143,503 $142,227,407 

$2 ................................................................................ 1,750,590,484 1,618,539,144 132,038,718 12,622 

$5 ................................................................................ 11,048,667,090 10,913,862,410 108,578,510 26,226,170 

$10 .............................................................................. 15,796,210,750 15,775,402,230 6,300 20,802,220 

$20 .............................................................................. 128,211,455,200 128,191,344,860 3,840 20,106,500 

$50 .............................................................................. 64,811,901,500 64,800,400,100 500 11,500,900 

$100 ............................................................................ 673,074,835,500 673,052,836,600 - 5 21,998,900 

$500 ............................................................................ 142,241,000 142,036,500 5,500 199,000 

$1,000 ......................................................................... 165,585,000 165,341,000 5,000 239,000 

$5,000 ......................................................................... 1,780,000 1,710,000 - 70,000 

$10,000 ....................................................................... 3,510,000 3,360,000 - 150,000 

Fractional notes 4 ........................................................ 600 - 90 510 

Total currency ......................................................... $904,603,114,562 $904,118,799,372 $240,781,961 $243,533,229 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

 

June 30, 2010 ...................................................................................... 945,138 $3,051 

May 31, 2010 ....................................................................................... 943,130 3,046 

Apr. 30, 2010........................................................................................ 935,408 3,023 

Sept. 30, 2005...................................................................................... 766,487 2,578 

Sept. 30, 2000...................................................................................... 568,614 2,061 

Sept. 30, 1995...................................................................................... 409,272 1,553 

Sept. 30, 1990...................................................................................... 278,903 1,105 

Sept. 30, 1985...................................................................................... 187,337 782 

Sept. 30, 1980...................................................................................... 129,916 581 

June 30, 1975 ...................................................................................... 81,196 380 

June 30, 1970 ...................................................................................... 54,351 265 

June 30, 1965 ...................................................................................... 39,719 204 

June 30, 1960 ...................................................................................... 32,064 177 

June 30, 1955 ...................................................................................... 30,229 183 

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

5

 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
September 2010 

47

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary

Fund 1, 5

(5) 

 

2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040 

2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244 

2008 ................................................................................... 77,648 11,041 9,340 49,584 7,683 

 

2009 - July.......................................................................... 82,931 11,041 9,444 49,876 12,571 

Aug ......................................................................... 126,846 11,041 52,660 50,453 12,692 

Sept........................................................................ 134,296 11,041 57,945 51,840 13,470 

Oct.......................................................................... 134,690 11,041 58,147 51,903 13,599 

Nov ......................................................................... 135,020 11,041 59,381 53,525 11,073 

Dec ......................................................................... 130,760 11,041 57,814 50,520 11,385 

2010 - Jan .......................................................................... 129,960 11,041 57,316 50,217 11,386 

Feb ......................................................................... 129,293 11,041 56,525 50,185 11,541 

Mar ......................................................................... 127,521 11,041 55,996 48,885 11,598 

Apr.......................................................................... 126,481 11,041 55,733 48,270 11,437 

May......................................................................... 124,174 11,041 54,383 47,129 11,621 

June........................................................................ 124,514 11,041 54,551 47,557 11,365 

July ......................................................................... 129,127 11,041 56,013 49,743 12,330 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. Recent allocations are as follows: August 2009—$43,069 million and 

September 2009—$4,529 million. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. Excludes 

outstanding reciprocal currency swaps with foreign central banks. As of end-July 

2010, swaps outstanding were $1.032 billion with the European Central Bank and 

$0.214 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. 

Note.—Detail may not add to totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

September 2010 

48 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2, 6

(10) 

Liabilities

to nonmonetary

international and 

regional 

organizations 7

(11) 

 2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 

2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 

Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 

2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 

2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 

Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 

2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 

2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 

Series Break........... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 

2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 

2005 - June 8 ........ 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502 

Series Break .......... 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905 

2005 ....................... 5,371,689 2,012,633 498,510 1,102,333 948 410,842 1,895,920 1,415,705 769,564 646,141 47,431 

2006 - June 8 ......... 6,067,606 2,070,222 493,689 1,112,617 986 462,930 2,189,215 1,747,236 1,041,237 705,999 60,933 

Series Break .......... 6,056,316 2,275,684 493,689 1,211,819 986 569,190 2,189,215 1,536,930 1,041,237 495,693 54,487 

2006 ....................... 6,500,815 2,372,146 461,656 1,271,174 1,026 638,290 2,415,205 1,663,272 1,102,362 560,910 50,192 

2007 - June 8.......... 7,095,223 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,922,800 1,257,884 664,916 50,129 

Series Break .......... 7,206,880 2,795,998 495,176 1,450,593 1,067 849,161 2,607,127 1,756,192 1,257,884 498,308 47,563 

2007 ....................... 7,676,097 2,960,682 596,660 1,443,691 1,111 919,220 2,769,850 1,901,789 1,311,466 590,323 43,776 

2008 - June8........... 7,983,494 3,098,974 573,913 1,523,888 1,155 1,000,017 2,581,158 2,260,925 1,544,903 716,022 42,437 

Series Break .......... 8,009,073 3,330,189 573,913 1,683,160 1,155 1,071,960 2,581,158 2,053,862 1,544,903 508,959 43,864 

2008 ....................... 8,118,249 3,382,842 707,875 1,679,181 1,203 994,583 2,773,274 1,908,444 1,286,079 622,365 53,689 

2009 - June8........... 8,035,613 3,473,629 779,889 1,722,168 1,251 970,321 2,566,031 1,959,293 1,171,468 787,825 36,659 

Series Break .......... 8,043,632 3,734,843 779,889 2,052,329 1,251 901,375 2,566,031 1,695,535 1,171,468 524,067 47,223 

 

2009 - July r .............. 8,078,242 3,769,758 807,478 2,068,050 1,259 892,971 2,548,591 1,714,744 1,175,823 538,921 45,149 

Aug. r............. 8,154,773 3,767,678 793,942 2,081,233 1,268 891,236 2,618,765 1,724,067 1,169,640 554,427 44,263 

Sept. r............ 8,245,740 3,756,476 772,101 2,100,199 1,276 882,900 2,664,744 1,781,164 1,201,617 579,547 43,356 

Oct. r.............. 8,229,210 3,783,065 784,611 2,115,242 1,285 881,928 2,644,317 1,758,938 1,155,646 603,292 42,890 

Nov. r............. 8,309,698 3,789,240 757,451 2,146,426 1,293 884,071 2,624,314 1,852,825 1,162,895 689,930 43,319 

Dec. r............. 8,318,570 3,772,652 720,197 2,170,748 1,302 880,406 2,625,598 1,876,675 1,141,030 735,645 43,645 

2010 - Jan. r.............. 8,314,389 3,745,246 695,788 2,171,306 1,311 876,842 2,607,365 1,918,448 1,122,124 796,324 43,330 

Feb ................ 8,371,244 3,728,892 680,939 2,172,434 1,319 874,201 2,616,196 1,981,250 1,137,948 843,302 44,906 

Mar ................ 8,543,841 3,758,948 678,576 2,200,722 1,328 878,323 2,650,756 2,087,979 1,165,026 922,953 46,158 

Apr................. 8,608,063 3,786,032 688,785 2,215,264 1,336 880,647 2,612,885 2,162,858 1,178,068 984,790 46,288 

May p............. 8,585,745 3,760,294 652,864 2,222,500 1,345 883,585 2,581,044 2,189,695 1,197,383 992,312 54,712 

June p............ 8,653,116 3,759,650 635,306 2,234,580 1,354 888,411 2,651,011 2,190,275 1,177,301 1,012,974 52,180 

 

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 InterAmerican Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-June 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, 

end-June 2007, end-June 2008, and end-June 2009 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 

September 2010 

49

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Venezuela 2

(4) 

 

2005 .............................................................................. 948 948 77 871 

2006 .............................................................................. 1,026 1,026 82 944 

2007 .............................................................................. 1,111 1,111 88 1,022 

2008 .............................................................................. 1,203 1,203 95 1,108 

 

2009 - June ................................................................... 1,251 1,251 98 1,152 

July .................................................................... 1,259 1,259 99 1,160 

Aug .................................................................... 1,268 1,268 100 1,168 

Sept ................................................................... 1,276 1,276 100 1,176 

Oct ..................................................................... 1,285 1,285 101 1,184 

Nov .................................................................... 1,293 1,293 101 1,192 

Dec .................................................................... 1,302 1,302 102 1,200 

2010 - Jan ..................................................................... 1,311 1,311 103 1,208 

Feb..................................................................... 1,319 1,319 103 1,215 

Mar..................................................................... 1,328 1,328 104 1,224 

Apr ..................................................................... 1,336 1,336 105 1,232 

May .................................................................... 1,345 1,345 105 1,240 

June................................................................... 1,354 1,354 106 1,248 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

September 2010 

50 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe”. 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. 
CAPITAL MOVEMENTS 

September 2010 

51

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007, 

with data on holdings beginning from end-December 2005, 

and data on net settlements beginning from the first quarter 

of 2006. 

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Effective with the December 2009 Treasury Bulletin, a 

number of data reporters were reclassified in the TIC system 

as bank holding companies, beginning with the reports as of 

the fourth quarter of 2008. These data reporters are now 

included in the monthly bank-reported statistics and are no 

longer reporting as nonbanks. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported 

by banks, other depository institutions, and securities 

brokers and dealers in the United States. BHCs/FHCs also 

report for their domestic nonbank and non-securities firm 

affiliates, other than their insurance affiliates, which report 
CAPITAL MOVEMENTS 

September 2010 

52 

separately on the C-series forms. Data on respondents’ own 

dollar claims are collected monthly on Form BC. 

Information on claims held for domestic customers as well 

as on claims denominated in foreign currencies is collected 

on a quarterly basis only on Forms BQ-1 and BQ-2, 

respectively. Effective with reports filed as of February 28, 

2003, reporting coverage was expanded as outlined in 

Section I. Additionally, columns were added for separate 

reporting of issued by foreigners. Further, the foreigner 

category, negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

• Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

• Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

Table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

• Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the 

reporter. The fair (market) value is generally defined as the 

amount for which a derivative contract could be exchanged 

in a current transaction between willing parties, other than in 

a forced or liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the 

terms of derivatives contracts such as the periodic settlement 

under a swap agreement and the daily settlement of an 

exchange-traded contract. In calculating net settlements, 

U.S. receipts of cash from foreign persons are positive 

amounts (+), and U.S. payments of cash to foreign persons 

are negative amounts (-). Items excluded from net 

settlements are: (a) collateral including initial and 

maintenance margins, whether or not in the form of cash; 

and (b) purchases of underlying commodities, securities, or 

other noncash assets. (e.g., the purchase/sale by foreigners of 

a long-term security is reported on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative 

and by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

September 2010 

53

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2009 2010 

Type of Liability 

 Calendar 

 Year 

 2008 r Dec. r Jan. r Feb. r Mar. Apr. May June p 

Total liabilities to all foreigners............................... 4,804,491 4,503,404 4,441,416 4,452,804 4,512,437 4,497,966 4,457,752 4,487,033 

Payable in dollars............................................... 4,530,081 4,282,199 4,220,211 4,231,599 4,312,318 4,297,847 4,257,633 4,286,914 

Foreign official institutions ............................. 707,875 720,197 695,788 680,939 678,576 688,785 652,864 635,306 

Deposits, excluding negotiable CDs.......... 60,839 50,746 59,687 58,301 49,234 57,907 52,231 52,015 

U.S. Treasury bills and certificates ............ 457,876 534,295 508,463 503,352 507,320 504,972 473,381 460,720 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 62,665 24,629 23,361 22,594 25,497 30,503 30,170 29,798 

Other liabilities............................................ 126,495 110,527 104,277 96,692 96,525 95,403 97,082 92,773 

Foreign banks (including own foreign 

offices) and other foreigners .................... 3,785,976 3,546,372 3,509,233 3,533,888 3,616,636 3,591,807 3,579,281 3,629,166 

Deposits, excluding negotiable CDs.......... 1,712,779 1,687,619 1,681,318 1,714,290 1,738,590 1,665,802 1,664,486 1,718,160 

U.S. Treasury bills and certificates ............ 282,482 219,466 200,958 200,450 220,433 218,925 238,487 265,876 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 530,159 445,899 460,287 430,742 417,355 416,765 409,384 408,082 

Other liabilities............................................ 1,260,556 1,193,388 1,166,670 1,188,406 1,240,258 1,290,315 1,266,924 1,237,048 

International and regional organizations 1 ..... 36,230 15,630 15,190 16,772 17,106 17,255 25,488 22,442 

Deposits, excluding negotiable CDs.......... 9,075 7,888 7,982 8,842 9,642 9,165 11,677 11,319 

U.S. Treasury bills and certificates ............ 16,196 3,176 3,199 4,268 4,213 4,585 7,311 4,951 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 5,939 1,412 1,365 1,194 1,352 1,142 853 799 

Other liabilities............................................ 5,020 3,154 2,644 2,468 1,899 2,363 5,647 5,373 

Payable in foreign currencies 2 .......................... 274,410 221,205 221,205 221,205 200,119 200,119 200,119 200,119 

Sector: 

Banks and other foreigners........................ 273,377 220,256 220,256 220,256 199,146 199,146 199,146 199,146 

International and regional organizations 1 ...... 1,033 949 949 949 973 973 973 973 

Major currencies: 

Canadian dollars ........................................ 9,813 16,885 16,885 16,885 16,077 16,077 16,077 16,077 

Euro............................................................ 126,649 99,017 99,017 99,017 89,092 89,092 89,092 89,092 

United Kingdom pounds sterling................ 17,148 10,342 10,342 10,342 12,498 12,498 12,498 12,498 

Japanese yen............................................. 80,017 55,414 55,414 55,414 44,230 44,230 44,230 44,230 

Memoranda: 

Respondents’ own liabilities payable in 

dollars........................................................ 3,174,764 3,053,322 3,022,578 3,068,999 3,136,148 3,120,955 3,098,047 3,116,688 

Liabilities to own foreign offices..................... 2,123,824 2,073,678 2,058,984 2,099,353 2,168,300 2,135,809 2,103,601 2,165,553 

Liabilities collaterized by repurchase 

agreements ............................................ 584,397 560,630 538,125 576,903 594,063 635,061 635,569 574,343 

Foreign official institutions ..................... 116,275 96,592 91,412 85,686 84,983 85,338 87,753 85,376 

Foreign banks and other foreigners....... 464,946 461,983 444,958 489,790 507,919 548,273 543,164 484,644 

International and regional organizations 1..... 3,176 2,055 1,755 1,427 1,161 1,450 4,652 4,323 

Reported by IBFs ....................................... 608,884 563,771 494,798 513,904 591,569 515,134 515,555 537,713 

Respondents’ own liabilities payable in 

 foreign currencies 2 ..................................... 264,202 214,908 214,908 214,908 193,278 193,278 193,278 193,278 

Reported by IBFs ....................................... 62,009 49,194 49,194 49,194 37,584 37,584 37,584 37,584 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 1,365,525 1,235,174 1,203,930 1,168,897 1,183,011 1,183,733 1,166,427 1,177,067 

Payable in dollars....................................... 1,355,317 1,228,877 1,197,633 1,162,600 1,176,170 1,176,892 1,159,586 1,170,226 

of which: other short-term negotiable 

securities and negotiable CDs............ 340,454 229,110 242,099 219,608 212,140 214,859 209,468 212,814 

 of which: short-term U.S. Government 

agency securities ................................ 102,088 53,342 53,364 50,576 49,539 49,430 53,999 58,479 

 of which: negotiable CDs ...................... 87,853 66,045 67,609 61,261 59,083 64,819 55,790 60,021 

Payable in foreign currencies 2 .................. 10,208 6,297 6,297 6,297 6,841 6,841 6,841 6,841 

 

 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 

September 2010 

54 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2010 

Country 2007 2008 r 2009 r Feb. r Mar. Apr. May June p 

Europe: 

Austria ............................................... 3,575 2,716 1,954 2,079 2,082 1,850 2,257 2,001

Belgium ............................................ 22,437 16,255 14,676 13,931 15,051 15,089 13,142 15,833

Bulgaria ............................................. 148 125 148 137 153 142 130 136

Cyprus............................................... 1,068 783 1,780 683 894 978 920 545

Czech Republic................................. 1,433 681 881 870 965 916 711 743

Denmark............................................ 791 4,503 3,339 3,075 2,997 3,544 5,069 5,006

Finland............................................... 1,456 1,606 1,657 4,163 1,557 1,617 1,453 1,268

France ............................................... 73,355 59,315 60,888 61,813 59,749 64,634 67,203 62,003

Germany............................................ 145,955 158,358 112,133 120,406 109,214 117,898 132,574 118,938

Greece............................................... 1,357 2,004 1,071 1,228 1,267 1,316 1,318 1,256

Hungary............................................. 1,219 781 575 430 671 707 593 724

Iceland .............................................. 667 1,096 815 890 864 846 911 939

Ireland ............................................... 123,913 177,971 147,732 129,960 137,701 130,370 138,341 144,369

Italy.................................................... 10,421 8,585 8,692 9,963 8,716 8,561 9,633 8,775

Kazakhstan ....................................... 5,945 13,762 10,425 9,627 8,913 12,228 10,402 9,659

Luxembourg ..................................... 108,463 118,175 101,469 87,804 94,308 88,977 87,063 103,397

Monaco.............................................. 206 314 177 184 156 173 181 181

Netherlands....................................... 26,125 36,154 17,883 24,908 20,389 18,329 17,303 18,349

Norway .............................................. 48,309 17,941 2,438 2,287 2,570 2,518 2,958 2,817

Poland ............................................... 19,651 4,731 4,786 8,963 8,754 7,917 7,744 7,797

Portugal............................................. 2,999 2,166 1,787 1,564 1,633 1,905 2,542 3,151

Romania............................................ 581 647 590 1,394 3,744 4,582 5,997 3,447

Russia .............................................. 104,741 73,139 74,671 51,970 52,094 47,132 55,636 56,095

Serbia and Montenegro .................... 532 182 300 258 258 293 296 393

Spain ................................................. 13,022 17,408 14,345 14,529 13,159 12,076 14,592 13,824

Sweden ............................................. 7,723 3,926 5,847 6,649 8,122 5,163 11,373 16,632

Switzerland........................................ 58,468 57,506 57,128 47,891 48,505 48,153 48,611 49,281

Turkey ............................................... 12,139 20,281 22,377 20,582 21,615 21,285 20,567 19,620

Ukraine.............................................. 1,392 4,071 3,167 2,903 3,001 3,620 2,897 2,927

United Kingdom................................. 1,051,764 751,008 781,921 795,770 882,537 899,351 901,942 882,734

Channel Islands ................................ 25,391 11,939 14,902 12,485 11,122 9,994 10,411 9,541

All other Europe ................................ 4,897 7,961 9,176 9,977 10,542 9,508 8,848 8,484

Total Europe.................................. 1,880,143 1,576,091 1,479,731 1,449,374 1,533,300 1,541,672 1,583,621 1,570,867

Memo: Euro Area 1 .......................... 533,078 601,827 486,563 473,890 466,411 464,191 488,972 494,197

Memo: European Union 2 ................. 1,619,013 1,369,157 1,285,461 1,292,703 1,375,390 1,387,086 1,422,947 1,411,946

Canada.................................................. 68,274 77,981 93,873 107,193 104,385 104,144 95,666 103,702

Latin America: 

Argentina........................................... 12,090 12,895 12,636 12,612 12,959 12,510 12,996 12,849

Belize................................................. 307 299 323 324 331 326 314 341

Bolivia................................................ 2,559 4,544 2,939 2,871 2,739 2,634 2,588 1,892

Brazil ................................................. 24,887 17,757 62,338 63,751 57,018 55,861 52,091 49,292

Chile .................................................. 15,731 15,871 11,704 12,395 10,915 13,357 13,638 12,957

Colombia ........................................... 11,038 10,385 17,624 17,746 17,897 18,660 18,442 18,735

Costa Rica......................................... 2,502 2,005 1,952 1,816 2,021 1,782 1,755 1,874

Ecuador............................................. 3,296 3,600 3,869 3,861 3,917 3,836 3,719 3,608

El Salvador........................................ 2,352 2,944 2,823 2,542 2,319 2,613 2,420 2,393

Guatemala......................................... 1,851 1,873 2,129 1,997 2,001 2,014 1,974 2,022

Guyana.............................................. 141 276 204 190 189 228 285 333

Honduras........................................... 2,162 1,570 1,401 1,565 1,592 1,536 1,452 1,599

Mexico............................................... 53,234 71,023 51,610 54,004 53,519 55,193 54,181 54,970

Nicaragua.......................................... 215 301 488 610 658 724 806 829

Panama............................................. 7,062 10,868 9,783 9,059 8,554 8,436 8,402 8,558

Paraguay........................................... 693 667 715 640 710 807 773 709

Peru................................................... 5,286 4,710 4,889 5,327 5,265 5,544 5,423 6,547

Suriname........................................... 128 157 278 249 297 274 320 248

Uruguay............................................. 6,503 7,505 8,766 9,533 9,883 10,584 10,357 10,037

Venezuela ......................................... 23,588 26,815 25,014 25,129 22,585 22,403 22,420 22,892

All other Latin America...................... 15 48 59 56 53 53 56 57

Total Latin America ....................... 175,640 196,113 221,544 226,277 215,422 219,375 214,412 212,742

Caribbean: 

Anguilla.............................................. 13,065 10,914 11,515 12,886 10,946 11,764 10,740 10,984

Antigua and Barbuda ........................ 217 115 114 112 119 108 100 96

Aruba................................................. 265 737 579 617 607 585 681 535

Bahamas ........................................... 286,669 336,492 290,213 250,450 257,396 245,753 260,506 271,325

Barbados........................................... 21,602 17,056 10,405 10,043 9,186 9,176 9,493 12,315

Bermuda............................................ 49,865 54,348 39,951 42,030 41,088 43,025 45,306 43,992

British Virgin Islands ......................... 35,092 44,473 33,887 34,809 36,681 35,771 37,178 39,381

Cayman Islands ................................ 1,488,182 1,512,034 1,494,188 1,520,482 1,512,903 1,482,154 1,431,839 1,465,997

Cuba.................................................. 80 89 83 89 88 87 85 84

Dominican Republic .......................... 3,813 3,089 3,226 2,925 3,026 2,977 3,044 3,128

French West Indies ........................... 35 26 36 35 34 30 34 38

Haiti ................................................... 555 540 679 898 1,007 1,086 1,168 1,175

Jamaica............................................. 1,358 1,023 989 1,341 1,274 1,066 918 1,054

Netherlands Antilles .......................... 10,131 8,531 6,942 8,522 11,540 14,568 9,233 10,207

See footnotes at end of table.
CAPITAL MOVEMENTS 

September 2010 

55

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2010 

Country 2007 2008 r 2009 r Feb. r Mar. Apr. May June p

 

Caribbean, con. 

St. Kitts and Nevis.......................... 122 138 143 169 172 190 168 160

Trinidad and Tobago...................... 3,389 3,955 3,988 3,913 3,603 3,376 3,402 3,438

Turks and Caicos Islands............... 213 227 107 136 113 115 121 97

All other Caribbean ........................ 189 170 127 189 246 138 383 134

Total Caribbean.......................... 1,914,842 1,993,957 1,897,172 1,889,646 1,890,029 1,851,969 1,814,399 1,864,140

Asia: 

Bangladesh .................................... 889 3,479 4,506 3,621 3,122 3,540 3,775 4,677

China, Mainland ............................. 94,369 226,162 105,849 80,583 75,520 69,601 32,029 27,277

Hong Kong ..................................... 47,133 54,550 129,909 126,724 131,413 132,110 123,918 119,101

India................................................ 18,257 28,834 26,421 16,372 18,089 19,553 16,378 23,858

Indonesia........................................ 5,223 10,005 21,671 23,151 23,122 30,088 28,357 29,593

Israel............................................... 7,812 20,859 16,815 21,631 21,895 21,199 19,521 17,909

Japan.............................................. 190,122 247,104 185,527 181,097 165,661 161,266 167,657 165,022

Jordan ............................................ 1,179 2,247 2,527 2,462 2,372 2,316 2,503 2,234

Korea, South .................................. 35,215 16,076 12,457 12,735 11,630 13,771 15,863 15,962

Laos................................................ 380 66 74 60 89 91 62 68

Lebanon ......................................... 1,032 1,434 1,420 1,590 1,365 1,546 1,493 1,533

Malaysia ......................................... 2,852 2,226 2,297 2,746 2,432 3,307 3,544 3,787

Pakistan.......................................... 1,464 4,186 3,805 2,605 2,426 2,686 3,685 5,480

Philippines...................................... 4,927 9,561 5,363 4,227 4,989 5,651 4,993 5,201

Singapore....................................... 38,704 45,171 28,373 29,709 32,132 29,450 30,943 31,872

Syria ............................................... 24 65 34 40 39 42 38 40

Taiwan............................................ 25,952 30,705 29,800 26,978 28,135 27,621 29,036 26,442

Thailand.......................................... 14,189 18,749 17,028 24,001 25,631 29,162 28,374 26,547

Yemen............................................ 202 212 336 461 392 333 265 234

Oil exporting countries 3 ................. 80,593 118,692 111,953 118,036 119,944 121,801 121,365 112,990

All other Asia .................................. 5,052 7,133 7,563 7,170 6,162 5,904 5,336 6,842

Total Asia ................................... 575,570 847,516 713,728 685,999 676,560 681,038 639,135 626,669

Africa: 

Botswana........................................ 925 376 307 332 445 391 398 353

Egypt .............................................. 3,683 9,401 17,481 19,751 18,751 18,900 25,907 26,832

Ghana............................................. 346 316 284 284 428 369 261 487

Kenya ............................................. 612 342 476 537 476 443 474 413

Liberia............................................. 422 403 626 659 571 565 558 576

Mauritius......................................... 6,436 1,050 1,665 1,373 1,465 1,655 1,732 1,786

Morocco.......................................... 180 379 339 305 266 284 266 283

Mozambique................................... 126 141 232 74 84 63 84 205

South Africa.................................... 1,649 3,088 3,005 2,357 2,491 1,917 2,076 2,104

Tanzania......................................... 407 682 482 452 445 398 383 462

Uganda........................................... 1,233 329 441 477 368 376 275 491

Zambia ........................................... 190 141 235 200 264 290 225 318

Zimbabwe....................................... 105 88 276 123 331 359 337 257

Oil exporting countries 4 ................. 6,131 4,380 7,103 5,424 5,568 7,024 6,070 5,704

All other Africa................................ 3,443 6,605 8,239 8,977 7,503 8,132 8,429 7,212

Total Africa ................................. 25,888 27,721 41,191 41,325 39,456 41,166 47,475 47,483

Other countries: 

Australia ......................................... 14,891 33,024 26,831 23,375 21,994 27,208 23,976 24,933

New Zealand .................................. 3,190 3,838 5,480 4,699 5,344 5,154 4,722 5,288

French Polynesia ........................... 83 143 164 164 205 202 160 151

All other .......................................... 19,455 10,844 7,111 7,031 7,663 7,810 7,725 7,643

Total other ................................. 37,619 47,849 39,586 35,269 35,206 40,374 36,583 38,015

All countries........................................ 4,677,976 4,767,228 4,486,825 4,435,083 4,494,358 4,479,738 4,431,291 4,463,618

International and regional orgs: 

International organizations............ 24,236 32,571 13,453 14,309 13,857 14,113 21,975 18,249

Regional organizations 5 ............... 4,098 4,692 3,126 3,412 4,222 4,115 4,486 5,166

Total international and 

 regional organizations............. 28,334 37,263 16,579 17,721 18,079 18,228 26,461 23,415

Grand total ............................. 4,706,310 4,804,491 4,503,404 4,452,804 4,512,437 4,497,966 4,457,752 4,487,033

 

1

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania. 

 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 

September 2010 

56 

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2010, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

liabilities 2 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Europe: 

Austria .............................. 2,001 1,993 1,304 689 703 375 439 55 5 294 122 8

Belgium............................. 15,833 15,501 6,078 9,424 4,563 519 3,461 1,883 4,080 914 81 332

Cyprus .............................. 545 543 529 14 236 282 14 - - 3 8 2

Czech Republic................. 743 743 143 600 23 65 600 - - 54 1 -

Denmark........................... 5,006 4,965 872 4,093 199 156 3,980 9 19 589 13 41

Finland.............................. 1,268 1,160 384 776 152 105 238 177 361 90 37 108

France .............................. 62,003 58,021 48,443 9,578 17,500 1,977 9,243 177 43 16,652 12,429 3,982

Germany........................... 118,938 94,120 83,363 10,757 32,710 2,248 6,663 1,692 873 49,217 717 24,818

Greece.............................. 1,256 1,255 1,080 174 213 751 160 5 9 101 15 1

Hungary............................ 724 651 464 187 41 314 110 70 4 60 52 73

Ireland............................... 144,369 141,466 40,992 100,474 13,852 4,161 28,622 47,843 20,854 9,656 16,478 2,903

Italy................................... 8,775 7,578 5,786 1,793 2,500 1,123 1,591 10 15 2,294 46 1,197

Kazakhstan....................... 9,659 9,652 1,994 7,658 1,953 20 7,458 200 - 2 19 7

Luxembourg...................... 103,397 102,425 20,304 82,121 4,728 2,706 48,675 15,164 17,019 197 13,936 972

Monaco............................. 181 180 91 89 29 62 88 - 1 - - 1

Netherlands ...................... 18,349 17,561 11,644 5,917 3,905 2,760 2,892 1,917 119 4,797 1,171 788

Norway ............................. 2,817 2,753 1,649 1,104 626 535 1,074 - 30 452 36 64

Poland .............................. 7,797 7,778 1,801 5,977 373 141 4,707 1,269 1 1,287 - 19

Portugal ............................ 3,151 3,141 2,999 142 1,945 514 139 1 2 537 3 10

Romania ........................... 3,447 3,446 548 2,898 39 56 2,898 - - 443 10 1

Russia............................... 56,095 56,034 8,080 47,954 6,130 433 46,925 1,027 2 1,414 103 61

Spain ................................ 13,824 13,140 9,693 3,447 4,473 2,343 3,290 82 65 2,789 97 684

Sweden............................. 16,632 16,208 11,046 5,162 265 252 3,333 1,141 272 9,545 1,400 424

Switzerland ....................... 49,281 46,585 22,084 24,501 8,425 2,143 19,578 4,523 393 10,452 1,071 2,696

Turkey............................... 19,620 19,576 2,878 16,698 1,448 252 16,679 12 3 1,176 6 44

Ukraine ............................. 2,927 2,913 2,864 49 2,060 103 49 - - 681 20 14

United Kingdom ................ 882,734 820,873 796,891 23,982 312,929 22,535 17,939 1,721 1,723 218,925 245,101 61,861

Channel Islands................ 9,541 9,296 7,105 2,191 3,713 2,025 1,222 473 416 89 1,358 245

All other Europe.................. 9,952 9,933 7,928 2,005 2,338 835 1,899 97 7 4,712 45 19

Total Europe .................. 1,570,867 1,469,492 1,099,037 370,455 428,072 49,791 233,967 79,548 46,316 337,423 294,375 101,375

Memo: Euro Area 4 ........ 494,197 458,383 232,849 225,534 87,535 20,024 105,564 69,095 43,447 87,575 45,143 35,814

Canada ................................... 103,702 97,622 85,521 12,101 8,079 8,254 6,668 3,103 1,213 56,499 13,806 6,080

Latin America: 

Argentina............................ 12,849 12,665 11,792 873 815 10,544 613 51 208 274 160 184

Belize.................................. 341 341 308 33 72 180 6 2 25 55 1 -

Bolivia................................. 1,892 1,869 1,300 569 109 1,186 412 30 127 4 1 23

Brazil................................... 49,292 48,806 16,139 32,667 5,127 7,110 31,668 245 702 1,496 2,458 486

Chile ................................... 12,957 12,546 8,113 4,433 3,821 3,011 2,849 1,531 40 1,252 42 411

Colombia ............................ 18,735 18,639 5,858 12,781 940 4,554 12,140 447 186 343 29 96

Costa Rica.......................... 1,874 1,861 1,307 554 565 629 445 85 23 110 4 13

Ecuador.............................. 3,608 3,569 3,214 355 851 2,187 135 135 61 81 119 39

El Salvador......................... 2,393 2,384 1,157 1,227 302 659 280 485 462 178 18 9

Guatemala.......................... 2,022 1,974 1,754 220 265 1,081 132 65 23 397 11 48

Honduras............................ 1,599 1,596 1,521 75 812 654 51 1 23 55 - 3

Mexico................................ 54,970 51,476 46,260 5,216 16,985 23,303 2,119 2,578 508 5,313 670 3,494

Panama.............................. 8,558 8,365 7,193 1,172 3,597 3,211 837 184 150 325 61 193

Paraguay............................ 709 707 690 17 169 502 3 11 3 11 8 2

Peru.................................... 6,547 6,518 5,425 1,093 2,619 1,630 186 886 18 1,173 6 29

Uruguay.............................. 10,037 9,992 8,003 1,989 1,431 4,005 1,297 447 242 2,159 411 45

Venezuela .......................... 22,892 22,679 21,614 1,065 3,787 16,513 119 423 522 960 355 213

All other Latin America....... 1,467 1,467 1,408 59 552 485 6 39 14 369 2 -

Total Latin America........ 212,742 207,454 143,056 64,398 42,819 81,444 53,298 7,645 3,337 14,555 4,356 5,288

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2010 

57

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2010, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

 liabilities 2

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations 

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Caribbean: 

Aruba........................................ 535 534 518 16 96 308 8 4 4 10 104 1

Bahamas.................................. 271,325 269,708 267,377 2,331 229,756 7,394 1,612 272 135 29,683 856 1,617

Barbados.................................. 12,315 12,294 1,978 10,316 1,206 636 6,184 1,693 2,430 25 120 21

Bermuda .................................. 43,992 41,856 13,193 28,663 858 10,349 18,967 8,617 865 70 2,130 2,136

British Virgin Islands ................ 39,381 38,423 22,558 15,865 63 19,852 13,372 1,688 445 - 3,003 958

Cayman Islands....................... 1,465,997 1,438,484 1,156,418 282,066 532,472 148,147 54,558 15,671 1,385 570,036 116,215 27,513

Dominican Republic................. 3,128 3,041 2,986 55 733 1,951 34 12 9 296 6 87

Haiti 7........................................ 1,175 1,175 1,113 62 542 288 45 4 13 281 2 -

Jamaica.................................... 1,054 897 842 55 284 262 38 15 2 286 10 157

Netherlands Antilles................. 10,207 10,173 7,949 2,224 2,735 4,214 1,691 504 29 358 642 34

Trinidad and Tobago................ 3,438 3,346 2,454 892 1,255 644 791 66 11 549 30 92

All other Caribbean.................. 11,593 10,340 10,145 195 120 8,763 152 21 22 7 1,255 1,253

Total Caribbean.................. 1,864,140 1,830,271 1,487,531 342,740 770,120 202,808 97,452 28,567 5,350 601,601 124,373 33,869

Asia: China, Mainland....................... 27,277 27,204 22,143 5,061 13,996 2,822 3,999 872 127 5,017 371 73

Hong Kong............................... 119,101 116,372 28,396 87,976 13,556 5,927 76,566 10,972 318 8,362 671 2,729

India ......................................... 23,858 23,788 7,347 16,441 2,115 1,846 14,065 2,253 7 3,198 304 70

Indonesia ................................. 29,593 29,591 6,600 22,991 4,097 314 18,898 4,084 8 2,106 84 2

Israel ........................................ 17,909 17,877 7,268 10,609 1,199 1,806 10,359 125 121 4,242 25 32

Japan ....................................... 165,022 128,509 61,157 67,352 28,409 7,585 62,575 3,239 324 25,026 1,351 36,513

Jordan ...................................... 2,234 2,234 1,096 1,138 794 60 1,030 - 108 238 4 -

Korea, South............................ 15,962 15,476 8,873 6,603 4,745 716 2,523 3,151 374 3,675 292 486

Malaysia................................... 3,787 3,773 2,868 905 2,179 241 838 63 2 438 12 14

Pakistan ................................... 5,480 5,480 4,682 798 502 204 733 31 2 3,973 35 -

Philippines................................ 5,201 5,188 4,178 1,010 2,626 554 950 27 33 704 294 13

Singapore................................. 31,872 30,845 23,372 7,473 19,401 2,579 6,662 584 203 1,312 104 1,027

Taiwan...................................... 26,442 26,328 22,901 3,427 8,503 6,777 2,820 236 353 7,357 282 114

Thailand ................................... 26,547 26,543 2,279 24,264 847 424 24,229 19 9 1,003 12 4

All other Asia............................ 126,384 126,209 42,996 83,213 14,530 1,950 75,120 6,878 1,192 25,754 785 175

Total Asia............................. 626,669 585,417 246,156 339,261 117,499 33,805 301,367 32,534 3,181 92,405 4,626 41,252

Africa: Egypt........................................ 26,832 26,831 3,146 23,685 1,337 189 23,640 - 45 1,618 2 1

Ghana ...................................... 487 487 487 - 92 55 - - - 340 - -

Kenya....................................... 413 412 383 29 265 100 28 - 1 17 1 1

Liberia ...................................... 576 567 371 196 21 253 99 96 - 97 1 9

Morocco ................................... 283 283 271 12 196 49 1 1 3 26 7 -

South Africa ............................. 2,104 1,803 1,540 263 608 561 260 - 3 288 83 301

All other Africa.......................... 16,788 16,547 14,212 2,335 9,604 1,521 2,334 1 - 2,764 323 241

Total Africa........................... 47,483 46,930 20,410 26,520 12,123 2,728 26,362 98 52 5,150 417 553

Other countries: 

Australia ................................... 24,933 21,167 15,063 6,104 9,986 1,600 4,642 798 216 2,817 1,108 3,766

New Zealand............................ 5,288 5,205 2,320 2,885 141 272 2,838 41 6 1,869 38 83

All other.................................... 7,794 914 902 12 298 336 2 1 9 259 9 6,880

Total other........................... 38,015 27,286 18,285 9,001 10,425 2,208 7,482 840 231 4,945 1,155 10,729

All countries.................................. 4,463,618 4,264,472 3,099,996 1,164,476 1,389,137 381,038 726,596 152,335 59,680 1,112,578 443,108 199,146

International and regional orgs: International organizations....... 18,249 17,363 13,116 4,247 - 8,695 3,989 156 102 - 4,421 886

Regional organizations 5.......... 5,166 5,079 3,576 1,503 - 2,624 962 302 239 - 952 87

Total International and 

 regional organizations ........ 23,415 22,442 16,692 5,750 - 11,319 4,951 458 341 - 5,373 973

Grand total ...................... 4,487,033 4,286,914 3,116,688 1,170,226 1,389,137 392,357 731,547 152,793 60,021 1,112,578 448,481 200,119

1

 Excludes negotiable certificates of deposit. 

2

 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in 

the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 

3

 Foreign currency data are as of the previous quarter-end. 

4

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

September 2010 

58 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2006 2007 2008 2009 June 2010 

United Kingdom............................. 926,069 1,051,764 751,008 781,921 882,734

All other Europe ............................ 648,551 828,379 825,083 697,810 688,133

Caribbean banking centers 1 .......... 1,666,987 1,877,001 1,966,746 1,874,964 1,839,460

Japan............................................. 141,655 190,122 247,104 185,527 165,022

All other Asia ................................. 299,495 385,448 600,412 528,201 461,647

Subtotal ....................................... 3,682,757 4,332,714 4,390,353 4,068,423 4,036,996

All other countries ......................... 327,602 373,596 414,138 434,981 450,037

Grand total................................... 4,010,359 4,706,310 4,804,491 4,503,404 4,487,033

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the 

British Virgin Islands. 

U.S. liabilities to foreigners 

reported by U.S. banks were 

recorded at $4.5 trillion in 

June 2010, a decrease of $16 

billion from yearend 2009. 

U.S. banking liabilities 

include foreign holdings of 

U.S. short-term securities but 

exclude foreign holdings of 

U.S. long-term securities. U.S. 

banking liabilities decreased 

about $301 billion in 2009 but 

increased about $98 billion in 

2008 and about $696 billion in 

2007. However, the 2008 

increase is primarily 

attributable to the addition of 

several new bank holding 

companies to the reporter 

panel. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that over 60 

percent of U.S. banking 

liabilities is currently recorded 

against the United Kingdom 

and banking centers in the 

Caribbean. These financial 

centers recorded most of the 

growth in banking liabilities in 

the years just before the 

financial crisis and also most 

of the decline from 2007 

through 2009. After a sharp 

fall in 2008, banking liabilities 

recorded with the United 

Kingdom in June 2010 nearly 

regained pre-crisis levels, 

although they are lower as a 

share of all U.S. liabilities to 

foreigners relative to 2006. 

Shares of U.S. liabilities to 

other regions have largely 

returned to those seen in 2006 

with one exception. The share 

of liabilities to residual 

countries (those outside of 

Europe, the Caribbean, and 

Japan) has risen from 15 to 20 

percent. 

0

500

1000

1500

2000

2500

2006 2007 2008 2009 June 2010

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
 CAPITAL MOVEMENTS 

September 2010 

59

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

TABLE CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2009 2010 

Type of Claim 

Calendar 

Year 

2008 r Mar. r June r Sept. r Dec. Mar. p 

 

Total claims.............................................................. 3,628,561 3,748,339 3,828,252 4,091,647 4,018,025 4,180,432 

Payable in dollars.................................................. 3,298,522 3,465,234 3,509,094 3,762,913 3,685,900 3,865,049 

Own claims on foreigners................................... 2,539,283 2,723,105 2,743,614 2,902,091 2,846,760 3,025,406 

Foreign official institutions............................... 47,272 35,733 33,968 42,803 46,479 54,686 

Foreign banks, including own foreign 

offices........................................................... 2,005,880 2,092,390 2,115,227 2,215,773 2,198,621 2,316,754 

All other foreigners .......................................... 486,131 594,982 594,419 643,515 601,660 653,966 

Claims of domestic customers.............................. 759,239 742,129 765,480 860,822 839,140 839,643 

Payable in foreign currencies .................................. 330,039 283,105 319,158 328,734 332,125 315,383 

Own claims on foreigners ..................................... 287,320 246,642 274,191 283,754 284,614 266,274 

of which: 

Canadian dollars.............................................. 22,877 25,473 31,405 42,593 40,427 39,531 

Euros................................................................ 160,622 127,008 128,551 141,849 140,157 117,511 

United Kingdom pounds sterling...................... 19,018 26,792 34,514 31,200 28,328 33,595 

Japanese yen................................................... 51,796 42,099 42,902 32,383 37,179 34,891 

Claims of domestic customers.............................. 42,719 36,463 44,967 44,980 47,511 49,109 

of which: 

Canadian dollars.............................................. 4,597 4,653 5,227 6,989 6,950 7,473 

Euros................................................................ 31,132 25,172 31,331 29,314 28,305 30,805 

United Kingdom pounds sterling...................... 1,137 1,882 3,186 4,244 3,721 3,817 

Japanese yen................................................... 2,655 1,785 2,006 2,036 3,697 2,299 

Memoranda: 

Total own claims on foreigners ............................. 2,826,603 2,969,747 3,017,805 3,185,845 3,131,374 3,291,680 

Non-negotiable deposits .................................... 1,216,147 1,322,928 1,398,363 1,431,728 1,466,099 1,569,463 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 15,256 13,794 14,929 18,659 12,890 14,274 

Resale agreements ............................................ 474,689 593,951 579,009 632,473 552,454 661,219 

Other................................................................... 1,120,511 1,039,074 1,025,504 1,102,985 1,099,931 1,046,724 

Claims on own foreign offices............................... 1,761,286 1,857,869 1,920,606 2,007,155 2,107,504 2,246,084 

Claims reported by IBFs ....................................... 514,225 577,623 560,941 598,969 669,710 706,250 

Payable in dollars............................................... 468,962 536,200 524,301 561,880 627,476 669,541 

Payable in foreign currencies............................. 45,263 41,423 36,640 37,089 42,234 36,709 

Total claims held for domestic customers ............ 801,958 778,592 810,447 905,802 886,651 888,752 

Non-negotiable deposits .................................... 485,165 420,385 375,034 384,507 370,303 372,147 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 286,752 332,909 399,366 477,104 474,410 474,310 

Other ..................................................................... 30,041 25,298 36,047 44,191 41,938 42,295 

 

 
CAPITAL MOVEMENTS 

September 2010 

60 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 2010

Country 

 Calendar 

 year 

 2007 Sept. r Dec. r Mar. r June r Sept. r Dec. Mar. p

 

Europe: 

Austria .................................................... 8,083 8,684 5,133 4,826 5,761 4,464 3,299 3,600

Belgium................................................... 26,646 24,424 16,730 16,828 14,466 20,330 14,081 13,356

Bulgaria .................................................. 30 55 43 18 29 17 23 18

Czech Republic ...................................... 4,049 273 226 107 156 143 514 469

Denmark................................................. 10,314 8,461 9,775 9,817 12,361 11,118 6,011 4,409

Finland.................................................... 30,533 29,104 25,139 26,398 23,943 25,452 44,458 26,188

France .................................................... 204,433 208,995 185,181 189,455 198,071 204,885 198,592 210,817

Germany................................................. 81,120 88,380 77,223 99,971 126,633 115,920 88,094 73,648

Greece.................................................... 1,658 1,469 1,230 952 1,201 1,010 970 1,246

Hungary.................................................. 378 336 413 268 302 1,281 1,324 1,253

Ireland..................................................... 80,906 92,845 87,222 69,597 61,206 75,349 80,733 59,945

Italy ......................................................... 51,856 61,599 52,086 52,191 55,882 58,967 51,891 56,816

Kazakhstan ............................................ 688 544 544 504 420 400 370 262

Luxembourg ........................................... 27,017 20,891 18,497 30,389 26,252 31,802 31,091 25,219

Netherlands ............................................ 63,711 67,911 73,053 81,725 85,316 85,158 70,501 58,033

Norway ................................................... 29,105 31,117 18,769 15,538 15,472 18,423 21,534 18,125

Poland .................................................... 8,242 11,678 1,712 1,543 2,246 709 495 1,270

Portugal .................................................. 3,113 2,392 1,881 4,206 4,016 2,163 2,322 1,534

Romania ................................................. 195 160 155 148 127 138 183 128

Russia..................................................... 1,869 2,776 2,212 1,971 1,691 1,874 1,732 1,488

Spain ...................................................... 32,753 55,674 59,303 49,904 52,759 53,642 49,754 46,284

Sweden................................................... 34,964 30,472 17,229 18,275 23,252 26,958 16,556 22,978

Switzerland............................................. 201,003 123,180 112,018 111,695 91,172 91,531 79,736 73,697

Turkey..................................................... 3,735 4,159 3,695 3,869 4,366 4,212 4,165 4,417

United Kingdom...................................... 1,111,135 1,141,194 980,656 1,060,126 1,124,873 1,223,813 1,186,164 1,249,596

Channel Islands...................................... 35,468 16,167 19,461 19,213 20,635 21,473 19,403 18,630

All other Europe ..................................... 3,632 3,216 2,860 2,937 3,104 3,888 5,206 6,900

Total Europe ........................................ 2,056,636 2,036,157 1,772,446 1,872,470 1,955,712 2,085,118 1,979,201 1,980,327

Memo: Euro Area 1 .............................. 611,829 663,429 603,320 627,414 656,816 681,355 639,633 580,034

Memo: European Union 2 .................... 1,782,800 1,856,149 1,613,619 1,717,727 1,820,171 1,945,549 1,850,915 1,860,166

Canada...................................................... 140,166 147,164 154,384 147,726 150,983 173,576 176,890 208,222

Latin America: 

Argentina ................................................ 4,251 5,087 4,227 3,886 6,502 3,961 3,585 3,552

Bolivia .................................................... 169 190 141 139 148 197 516 411

Brazil....................................................... 31,500 32,071 33,818 28,955 31,722 35,886 32,865 36,680

Chile ....................................................... 9,829 11,884 10,177 9,945 11,222 11,889 14,446 14,004

Colombia ................................................ 4,972 4,658 4,241 3,419 3,119 2,893 3,535 3,843

Costa Rica ............................................. 1,028 1,234 1,306 1,259 1,069 1,055 1,013 950

Ecuador.................................................. 993 852 806 714 627 573 492 491

El Salvador ............................................ 831 801 903 876 772 634 558 422

Guatemala.............................................. 1,348 1,411 1,273 1,323 1,177 1,114 1,094 1,102

Honduras ............................................... 494 506 533 561 465 412 388 314

Mexico .................................................... 24,582 27,060 27,581 27,595 25,924 24,189 24,620 26,118

Nicaragua ............................................... 83 112 134 112 92 72 73 77

Panama .................................................. 4,118 5,210 4,820 3,725 3,385 3,734 3,200 2,982

Paraguay ............................................... 108 174 153 122 114 89 136 151

Peru ........................................................ 3,092 4,964 4,590 3,691 3,351 2,944 3,115 3,602

Uruguay.................................................. 415 419 413 766 1,685 1,063 715 538

Venezuela .............................................. 2,580 2,082 1,635 1,544 1,521 1,628 1,742 1,573

All other Latin America .......................... 70 70 92 103 75 72 35 32

Total Latin America.............................. 90,463 98,785 96,843 88,735 92,970 92,405 92,128 96,842

Caribbean: 

Anguilla .................................................. 6,493 13,151 10,375 9,424 8,711 8,960 10,715 11,545

Bahamas ................................................ 238,924 219,149 286,370 245,837 199,074 240,018 267,740 352,301

Barbados ............................................... 445 696 1,324 903 801 777 468 417

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2010 

61

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 2010

Country 

Calendar 

year 

2007 Sept. r Dec. r Mar. r June r Sept. r Dec. Mar. p

 

Caribbean, con. 

Bermuda...................................... 12,378 17,426 15,765 16,207 10,960 11,289 11,162 10,534

British Virgin Islands.................... 4,857 18,814 6,744 6,675 8,203 7,990 6,961 9,079

Cayman Islands........................... 972,317 999,003 1,054,134 1,090,431 1,083,166 1,106,663 1,060,983 1,064,821

Dominican Republic .................... 686 763 787 799 774 691 735 678

Haiti ............................................. 46 76 92 58 53 69 48 42

Jamaica ....................................... 687 832 805 474 464 452 451 434

Netherlands Antilles .................... 4,624 6,468 5,980 7,389 7,568 4,623 7,208 7,124

Trinidad and Tobago ................... 673 607 730 594 702 520 540 611

All other Caribbean...................... 770 555 455 513 1,241 649 796 677

Total Caribbean........................ 1,242,900 1,277,540 1,383,561 1,379,304 1,321,717 1,382,701 1,367,807 1,458,263

Asia: 

China, Mainland. ......................... 19,359 11,162 3,370 4,251 5,107 4,460 4,242 12,457

Hong Kong .................................. 10,263 14,755 12,962 6,714 7,488 13,354 21,503 30,051

India............................................. 4,588 6,182 6,211 6,484 6,894 7,615 7,589 9,754

Indonesia..................................... 1,030 1,168 1,120 1,109 990 946 816 736

Israel............................................ 5,031 3,595 2,621 2,143 1,830 3,733 3,374 4,153

Japan........................................... 97,856 91,210 99,491 135,662 172,609 202,913 185,940 196,617

Jordan ......................................... 54 30 23 32 23 36 17 24

Korea, South ............................... 28,247 16,459 13,606 12,604 12,834 12,802 15,635 22,278

Lebanon....................................... 51 66 56 67 60 58 67 63

Malaysia ...................................... 1,989 1,235 734 640 470 506 318 454

Pakistan....................................... 164 195 76 51 44 19 21 49

Philippines ................................... 1,271 930 1,083 772 802 1,226 905 1,158

Singapore .................................... 6,662 7,306 9,625 9,012 9,816 8,850 16,192 20,234

Taiwan......................................... 1,641 3,032 1,373 1,484 2,071 1,404 3,019 2,618

Thailand....................................... 5,978 203 181 142 282 231 236 296

Asian oil exporters 3 .................... 23,932 11,437 10,738 13,070 11,977 17,104 21,750 12,249

All other Asia ............................... 799 954 729 2,529 694 630 602 654

Total Asia.................................. 208,915 169,919 163,999 196,766 233,991 275,887 282,226 313,845

Africa: 

Cameroon.................................... 11 10 33 9 9 7 8 6

Egypt ........................................... 1,488 2,014 1,288 855 1,043 1,042 632 2,143

Ghana.......................................... 30 62 18 59 80 97 186 194

Liberia.......................................... 331 328 355 386 394 415 438 605

Morocco....................................... 50 30 33 9 21 7 12 36

South Africa................................. 730 1,022 721 850 662 1,066 1,505 887

African oil exporters 4 .................. 453 1,123 923 421 378 307 288 272

All other Africa ............................. 6,570 1,443 3,123 3,169 6,402 5,253 5,162 5,643

Total Africa ............................... 9,663 6,032 6,494 5,758 8,989 8,194 8,231 9,786

Other countries: 

Australia....................................... 43,465 40,826 36,071 41,368 51,392 55,274 84,858 83,386

New Zealand ............................... 4,541 6,170 5,984 6,696 6,417 8,160 10,657 10,437

All other ....................................... 316 526 598 596 550 563 573 608

Total other countries................. 48,322 47,522 42,653 48,660 58,359 63,997 96,088 94,431

Total foreign countries ........... 3,797,065 3,783,119 3,620,380 3,739,419 3,822,721 4,081,878 4,002,571 4,161,716

International and regional orgs: 

International organizations.......... 13,581 7,227 5,016 6,545 4,732 7,769 14,028 17,598

Regional organizations 5 ............. 1,202 2,215 3,165 2,375 799 2,000 1,426 1,118

Total international 

 and regional organizations ......... 14,783 9,442 8,181 8,920 5,531 9,769 15,454 18,716

 Grand total ............................ 3,811,848 3,792,561 3,628,561 3,748,339 3,828,252 4,091,647 4,018,025 4,180,432

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain and Sweden. 

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United 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 

September 2010 

62 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2010 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total 

own 

claims

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Total 

customer 

claims 

(7) 

Payable 

in 

dollars 

(8) 

Payable in

foreign

currencies

(9) 

Europe: 

Austria ............................................... 3,600 2,478 2,422 608 1,814 56 1,122 502 620

Belgium.............................................. 13,356 9,102 8,080 7,051 1,029 1,022 4,254 3,450 804

Czech Republic ................................. 469 465 92 91 1 373 4 2 2

Denmark............................................ 4,409 716 359 124 235 357 3,693 3,395 298

Finland............................................... 26,188 23,156 22,756 22,589 167 400 3,032 2,573 459

France ............................................... 210,817 162,559 151,133 121,110 30,023 11,426 48,258 42,184 6,074

Germany............................................ 73,648 46,966 32,236 27,125 5,111 14,730 26,682 19,106 7,576

Greece............................................... 1,246 519 138 83 55 381 727 - 727

Hungary............................................. 1,253 1,206 1,187 164 1,023 19 47 - 47

Ireland................................................ 59,945 44,513 41,120 27,018 14,102 3,393 15,432 14,348 1,084

Italy .................................................... 56,816 47,889 46,018 45,777 241 1,871 8,926 4,700 4,226

Kazakhstan........................................ 262 253 253 164 89 - 9 - 9

Luxembourg ...................................... 25,219 19,104 17,521 2,994 14,527 1,583 6,115 5,512 603

Netherlands ....................................... 58,033 39,103 35,935 14,144 21,791 3,168 18,930 16,861 2,069

Norway .............................................. 18,125 8,435 8,306 7,722 584 129 9,690 9,174 516

Poland ............................................... 1,270 1,256 1,228 1,000 228 28 14 - 14

Portugal ............................................. 1,534 976 967 632 335 9 558 - 558

Romania ............................................ 128 128 108 1 107 20 - - -

Russia................................................ 1,488 1,430 1,100 902 198 330 58 57 1

Spain ................................................. 46,284 38,516 35,738 35,354 384 2,778 7,768 5,045 2,723

Sweden.............................................. 22,978 6,687 4,073 2,520 1,553 2,614 16,291 15,977 314

Switzerland........................................ 73,697 69,432 65,653 59,514 6,139 3,779 4,265 4,182 83

Turkey................................................ 4,417 4,385 3,239 2,582 657 1,146 32 5 27

United Kingdom................................. 1,249,596 1,048,223 927,887 678,431 249,456 120,336 201,373 195,071 6,302

Channel Islands .................................. 18,630 10,889 10,577 2,395 8,182 312 7,741 7,169 572

All other Europe ................................ 6,918 3,956 3,438 898 2,540 518 2,962 2,567 395

Total Europe ................................... 1,980,327 1,592,344 1,421,566 1,060,995 360,571 170,778 387,983 351,880 36,103

Memo: Euro Area 1 ............................... 580,034 435,565 394,591 304,834 89,757 40,974 144,469 116,556 27,913

Canada................................................. 208,222 154,781 122,721 100,074 22,647 32,060 53,441 46,056 7,385

Latin America: 

Argentina ........................................... 3,552 3,535 3,408 808 2,600 127 17 17 -

Bolivia................................................ 411 411 399 6 393 12 - - -

Brazil.................................................. 36,680 36,087 33,995 19,912 14,083 2,092 593 518 75

Chile .................................................. 14,004 13,998 13,645 7,608 6,037 353 6 5 1

Colombia ........................................... 3,843 3,843 3,482 1,538 1,944 361 - - -

Costa Rica ........................................ 950 950 933 354 579 17 - - -

Ecuador............................................. 491 489 487 56 431 2 2 2 -

El Salvador ....................................... 422 422 422 190 232 - - - -

Guatemala......................................... 1,102 1,102 1,025 494 531 77 - - -

Honduras .......................................... 314 314 313 189 124 1 - - -

Mexico ............................................... 26,118 26,060 25,016 3,731 21,285 1,044 58 14 44

Panama ............................................. 2,982 2,805 2,705 1,380 1,325 100 177 177 -

Peru ................................................... 3,602 3,584 3,547 1,653 1,894 37 18 18 -

Uruguay............................................. 538 537 512 30 482 25 1 1 -

Venezuela ......................................... 1,573 1,392 1,283 197 1,086 109 181 181 -

All other Latin America ..................... 260 260 260 98 162 - - - -

Total Latin America......................... 96,842 95,789 91,432 38,244 53,188 4,357 1,053 933 120

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2010 

63

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2010, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total 

own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners

(5) 

Payable in

foreign 

currencies

(6) 

Total 

customer

claims 

(7) 

Payable

in 

dollars

(8) 

Payable in 

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 352,301 264,973 263,780 254,402 9,378 1,193 87,328 87,293 35 

Bermuda............................................ 10,534 10,534 8,062 45 8,017 2,472 - - - 

British Virgin Islands ......................... 9,079 9,011 7,197 79 7,118 1,814 68 68 - 

Cayman Islands................................. 1,064,821 795,888 769,112 656,060 113,052 26,776 268,933 267,621 1,312 

Dominican Republic ......................... 678 678 669 189 480 9 - - - 

Jamaica ............................................. 434 434 385 179 206 49 - - - 

Netherlands Antilles .......................... 7,124 7,122 6,981 429 6,552 141 2 2 - 

Trinidad and Tobago ......................... 611 611 604 101 503 7 - - - 

All other Caribbean ........................... 12,681 12,681 10,879 210 10,669 1,802 - - - 

Total Caribbean.............................. 1,458,263 1,101,932 1,067,669 911,694 155,975 34,263 356,331 354,984 1,347 

Asia: 

China, Mainland ................................ 12,457 12,183 11,680 10,876 804 503 274 260 14 

Hong Kong ........................................ 30,051 29,795 28,218 26,646 1,572 1,577 256 149 107 

India................................................... 9,754 9,423 9,269 7,168 2,101 154 331 309 22 

Indonesia........................................... 736 625 599 502 97 26 111 32 79 

Israel.................................................. 4,153 3,105 3,060 2,788 272 45 1,048 512 536 

Japan................................................. 196,617 178,013 163,709 131,516 32,193 14,304 18,604 17,566 1,038 

Korea, South ..................................... 22,278 21,884 19,365 18,102 1,263 2,519 394 366 28 

Malaysia ............................................ 454 375 332 104 228 43 79 3 76 

Pakistan............................................. 49 48 47 45 2 1 1 - 1 

Philippines ......................................... 1,158 1,149 1,134 1,036 98 15 9 1 8 

Singapore .......................................... 20,234 20,110 19,266 17,971 1,295 844 124 17 107 

Taiwan............................................... 2,618 2,476 2,205 1,748 457 271 142 8 134 

Thailand............................................. 296 280 242 205 37 38 16 9 7 

All other Asia ..................................... 12,990 12,886 12,588 10,929 1,659 298 104 94 10 

Total Asia........................................ 313,845 292,352 271,714 229,636 42,078 20,638 21,493 19,326 2,167 

Africa: 

Egypt ................................................. 2,143 537 533 342 191 4 1,606 3 1,603 

Ghana................................................ 194 189 177 166 11 12 5 5 - 

Liberia................................................ 605 600 574 1 573 26 5 - 5 

Morocco............................................. 36 36 32 30 2 4 - - - 

South Africa....................................... 887 870 745 696 49 125 17 1 16 

All other Africa ................................... 5,921 5,862 5,540 345 5,195 322 59 43 16 

Total Africa ..................................... 9,786 8,094 7,601 1,580 6,021 493 1,692 52 1,640 

Other countries: 

Australia............................................. 83,386 34,832 32,768 27,887 4,881 2,064 48,554 48,232 322 

New Zealand ..................................... 10,437 3,081 1,461 1,329 132 1,620 7,356 7,343 13 

All other ............................................. 608 607 606 1 605 1 1 1 - 

Total other countries....................... 94,431 38,520 34,835 29,217 5,618 3,685 55,911 55,576 335 

Total foreign countries ................. 4,161,716 3,283,812 3,017,538 2,371,440 646,098 266,274 877,904 828,807 49,097 

International and regional orgs: 

International organizations................ 17,598 7,317 7,317 - 7,317 - 10,281 10,281 - 

Regional organizations 2.................... 1,118 551 551 - 551 - 567 555 12 

Total international and regional 

 organizations ................................ 18,716 7,868 7,868 - 7,868 - 10,848 10,836 12 

 Grand total .................................. 4,180,432 3,291,680 3,025,406 2,371,440 653,966 266,274 888,752 839,643 49,109 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

September 2010 

64 

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2006 2007 2008 2009 Mar. 2010 

United Kingdom..................................... 938,123 1,111,135 980,656 1,186,164 1,249,596

All other Europe..................................... 672,126 945,501 791,790 793,037 730,731

Caribbean banking centers 1 ................. 1,061,389 1,237,218 1,373,813 1,357,254 1,446,841

Japan ..................................................... 157,671 97,856 99,491 185,940 196,617

All other Asia.......................................... 89,770 111,059 64,508 96,286 117,228

Subtotal................................................ 2,919,079 3,502,769 3,310,258 3,618,681 3,741,013

All other countries.................................. 221,485 309,079 318,303 399,344 439,419

Grand total ........................................... 3,140,564 3,811,848 3,628,561 4,018,025 4,180,432

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In March 2010, U.S. claims on 

foreigners reported by U.S. banks 

amounted to about $4.2 trillion, an 

increase of $162 billion from that 

recorded at yearend 2009. U.S. 

banking claims include holdings of 

foreign short-term securities but 

exclude holdings of foreign longterm securities. U.S. banking claims 

increased $389 billion in 2009 and 

$671 billion in 2007. However, they 

decreased $183 billion during the 

global financial crisis in 2008, 

despite an increase from the 

addition of several new bank 

holding companies to the reporter 

panel. 

As with U.S. banking liabilities, 

U.S. banking claims on foreigners 

are concentrated in international 

financial centers. Nearly 65 percent 

of these claims are reported 

opposite the United Kingdom and 

banking centers in the Caribbean. 

These financial centers recorded 

much of the growth in U.S. banking 

claims through 2007. The financial 

crisis had mixed effects on the U.S. 

banking claims reported with these 

financial centers, as claims against 

Caribbean centers continued to 

grow during 2008 while claims fell 

against the United Kingdom. In 

2009, claims on the United 

Kingdom increased and claims on 

the Caribbean stayed flat. Claims on 

both regions were growing again 

during the first quarter of 2010, as 

were claims on most other regions. 

0

200

400

600

800

1000

1200

1400

1600

2006 2007 2008 2009 Mar. 2010

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
CAPITAL MOVEMENTS 

September 2010 

65

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010

Type of liability or claim 2006 2007 2008 Mar. June r Sept. r Dec. Mar. p

Total liabilities ................................................... 89,217 103,835 87,630 76,829 80,648 80,717 75,858 71,628 

Payable in dollars.......................................... 72,331 79,161 69,124 61,163 62,810 62,212 55,681 55,324 

Financial.................................................... 35,033 26,474 18,650 16,028 13,927 12,715 12,828 13,266 

Short-term negotiable securities........... 8,266 1,983 2,740 2,869 2,233 940 1,221 764 

Other ..................................................... 26,767 24,491 15,910 13,159 11,694 11,775 11,607 12,502 

Commercial............................................... 37,298 52,687 50,474 45,135 48,883 49,497 42,853 42,058 

Trade payables ..................................... 24,101 26,261 18,811 19,020 23,234 23,735 19,475 18,725 

Advance receipts and other.................. 13,197 26,426 31,663 26,115 25,649 25,762 23,378 23,333 

Payable in foreign currencies ....................... 16,886 24,674 18,506 15,666 17,838 18,505 20,177 16,304 

By major foreign currency: 

Canadian dollars................................... 3,536 2,162 2,235 1,947 3,455 3,305 3,291 2,852 

Euros..................................................... 5,239 9,075 6,487 3,303 4,506 5,249 5,234 4,091 

United Kingdom pounds sterling........... 4,494 4,267 1,361 1,403 1,474 1,639 1,420 908 

Japanese yen........................................ 1,770 3,908 962 949 891 772 919 1,185 

Other ..................................................... 1,847 5,262 7,461 8,064 7,512 7,540 9,313 7,268 

By type of liability: 

Financial................................................ 13,679 21,445 15,632 12,489 14,728 15,217 16,910 12,880 

Short-term negotiable securities....... 3,351 2,940 2,108 1,294 1,218 1,283 1,260 1,261 

Other ................................................. 10,328 18,505 13,524 11,195 13,510 13,934 15,650 11,619 

Commercial........................................... 3,207 3,229 2,874 3,177 3,110 3,288 3,267 3,424 

Trade payables ................................. 1,572 1,605 1,334 1,277 1,238 1,219 1,135 1,286 

Advance receipts and other.............. 1,635 1,624 1,540 1,900 1,872 2,069 2,132 2,138 

Total claims....................................................... 126,032 136,416 107,476 105,909 103,955 95,801 93,052 84,845 

Payable in dollars.......................................... 100,031 110,070 83,810 84,351 81,708 76,747 75,225 71,303 

Financial.................................................... 66,871 66,726 43,223 40,532 39,585 37,504 37,996 37,236 

Non-negotiable deposits ....................... 28,380 28,393 12,539 11,667 12,763 14,077 13,651 12,711 

Negotiable CDs and short-term 

negotiable instruments.......................... 2,624 1,168 1,133 945 905 558 61 18 

Other ..................................................... 35,867 37,165 29,551 27,920 25,917 22,869 24,284 24,507 

Commercial............................................... 33,160 43,344 40,587 43,819 42,123 39,243 37,229 34,067 

Trade receivables ................................. 29,388 37,108 31,161 32,114 30,405 28,323 25,224 23,206 

Advance payments and other............... 3,772 6,236 9,426 11,705 11,718 10,920 12,005 10,861 

Payable in foreign currencies ....................... 26,001 26,346 23,666 21,558 22,247 19,054 17,827 13,542 

By major foreign currency: 

Canadian dollars................................... 9,194 5,371 2,409 1,888 2,398 2,470 2,582 2,163 

Euros..................................................... 6,951 10,833 5,140 5,318 5,264 3,207 3,366 1,974 

United Kingdom pounds sterling........... 4,675 4,210 1,922 1,749 1,754 1,707 1,650 1,404 

Japanese yen........................................ 1,027 1,378 451 545 669 580 627 405 

Other ..................................................... 4,154 4,554 13,744 12,058 12,162 11,090 9,602 7,596 

By type of claim: 

Financial................................................ 21,775 21,305 19,851 17,678 18,661 15,912 14,364 12,355 

Non-negotiable deposits ................... 3,529 1,498 1,968 1,734 2,002 2,168 2,124 1,696 

Short-term negotiable securities....... 120 77 86 111 133 371 436 494 

Other ................................................. 18,126 19,730 17,797 15,833 16,526 13,373 11,804 10,165 

Commercial........................................... 4,226 5,041 3,815 3,880 3,586 3,142 3,463 1,187 

Trade receivables ............................. 3,414 4,684 3,595 3,647 3,404 2,945 3,248 984 

Advance payments and other........... 812 357 220 233 182 197 215 203 
CAPITAL MOVEMENTS 

September 2010 

66 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Country 2005 2006 2007 2008 Mar. June Sept r Dec. Mar. p

Europe: 

Austria................................... 68 91 230 95 97 83 87 77 76

Belgium ................................. 73 181 492 427 389 373 191 196 183

Bulgaria................................. - 44 36 1 2 4 - - -

Czech Republic..................... 17 14 25 45 49 41 50 44 22

Denmark................................ 78 132 937 161 84 149 105 140 90

Finland .................................. 20 140 63 79 134 108 103 518 457

France................................... 2,631 2,562 3,165 4,801 4,109 3,289 3,461 2,998 2,201

Germany ............................... 3,646 12,391 4,977 3,746 3,413 4,543 5,673 5,351 5,285

Greece .................................. 401 182 187 241 250 220 236 232 283

Hungary................................. 12 18 46 30 22 25 22 16 20

Ireland ................................... 1,636 316 1,569 2,067 1,524 1,433 1,323 2,662 2,035

Italy........................................ 1,174 1,040 1,196 509 399 539 553 465 450

Luxembourg .......................... 378 977 235 837 627 655 610 503 377

Netherlands........................... 895 1,709 1,194 1,728 1,410 1,120 1,445 879 775

Norway.................................. 3,537 545 721 385 380 543 677 472 617

Poland................................... 229 330 385 269 240 239 202 201 159

Portugal................................. 39 27 205 35 35 46 26 22 30

Romania................................ 4 9 6 71 85 84 83 11 9

Russia ................................... 64 110 306 524 424 337 439 297 198

Serbia and Montenegro 

(formerly Yugoslavia)........ 4 1 3 6 5 4 5 - 3

Spain..................................... 399 269 533 816 675 552 599 490 364

Sweden ................................. 747 952 438 274 246 241 223 446 409

Switzerland ........................... 1,237 1,070 1,705 2,333 2,467 1,996 2,139 2,436 1,802

Turkey ................................... 137 261 754 709 769 908 1,321 1,485 1,732

United Kingdom .................... 15,093 17,339 23,350 14,916 11,692 10,922 10,360 10,152 7,155

Channel Islands and 

Isle of Man ........................ 501 15 208 95 82 95 126 84 85

Other Europe ........................ 250 421 539 435 534 598 825 524 648

Total Europe ..................... 33,271 41,146 43,505 35,635 30,143 29,147 30,884 30,701 25,465

Canada...................................... 4,905 7,694 7,767 5,960 5,704 7,103 6,973 5,410 5,637

Latin America: 

Argentina............................... 148 138 156 89 83 158 99 66 80

Brazil ..................................... 288 264 940 626 643 600 624 566 471

Chile ...................................... 387 406 546 353 380 390 299 314 395

Colombia............................... 106 208 356 332 456 601 435 379 503

Ecuador................................. 10 89 33 30 74 40 85 12 51

Guatemala ............................ 23 25 10 8 11 10 12 6 6

Mexico................................... 2,234 2,150 2,848 1,579 1,662 2,096 2,096 2,019 2,162

Panama................................. 56 57 85 166 119 216 379 328 204

Peru....................................... 8 6 36 34 36 42 35 29 48

Uruguay................................. 2 13 20 12 28 10 9 13 1

Venezuela ............................. 681 353 575 413 575 860 666 181 398

Other Latin America.............. 105 24 106 50 61 64 71 71 114

Total Latin America............... 4,048 3,733 5,711 3,692 4,128 5,087 4,810 3,984 4,433

Caribbean: 

Bahamas............................... 70 70 89 52 58 127 44 81 124

Bermuda..................................... 1,704 777 707 723 758 1,633 1,253 878 1,005

Cayman Islands .................... 6,522 12,804 15,969 10,354 8,385 8,668 7,724 8,348 7,938

Cuba...................................... - - - - 10 - - 8 -

Jamaica................................. 14 20 18 37 30 29 19 15 12

Netherlands Antilles.............. 13 2 4 6 2 10 3 3 5

Trinidad and Tobago............. 44 25 74 60 45 59 41 45 18

Other Caribbean ................... 936 761 803 444 762 889 814 346 447

Total Caribbean ................ 9,303 14,459 17,664 11,676 10,050 11,415 9,898 9,724 9,549

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2010 

67

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Country 2005 2006 2007 2008 Mar. June Sept. r Dec. Mar. p

Asia: 

China, Mainland. ....................... 3,825 1,297 857 4,769 4,590 4,513 4,475 3,936 3,728

Hong Kong ................................ 746 564 981 593 567 706 886 685 620

India........................................... 158 418 1,447 1,082 1,114 1,091 951 754 887

Indonesia................................... 89 57 172 366 369 377 413 381 359

Israel.......................................... 613 385 293 292 244 216 236 322 111

Japan......................................... 7,354 7,210 6,888 6,190 6,223 6,275 6,323 5,955 6,463

Korea, South ............................. 1,743 1,350 1,213 1,314 765 813 873 864 939

Lebanon .................................... 42 11 9 15 6 8 8 8 6

Malaysia .................................... 335 471 562 363 462 477 428 311 295

Pakistan..................................... 230 171 172 28 45 25 28 25 66

Philippines................................. 109 95 89 107 87 81 67 82 64

Singapore.................................. 1,823 2,839 4,255 3,767 1,754 1,912 1,785 1,870 1,902

Syria .......................................... 4 8 8 3 3 3 116 - 1

Taiwan....................................... 1,010 1,093 1,019 722 676 800 877 477 410

Thailand..................................... 212 599 380 295 305 301 414 422 450

Oil-exporting countries 1............ 4,159 3,955 7,158 6,378 5,709 6,713 6,547 6,360 6,762

Other Asia ................................. 298 156 377 460 234 371 275 302 252

Total Asia .............................. 22,750 20,679 25,880 26,744 23,153 24,682 24,702 22,754 23,315

Africa: 

Congo (formerly Zaire).............. - - - - - - - 8 -

Egypt ......................................... 119 132 280 293 289 338 273 94 85

Ghana........................................ 1 6 12 5 4 3 3 3 1

Liberia........................................ 1 3 6 64 65 67 62 61 58

Morocco..................................... 42 42 190 112 102 81 96 118 95

South Africa............................... 950 35 52 256 283 273 290 283 83

Oil-exporting countries 2............ 590 283 655 764 773 784 993 773 900

Other Africa ............................... 210 379 294 341 379 263 386 541 668

Total Africa ............................ 1,913 880 1,489 1,835 1,895 1,809 2,103 1,881 1,890

Other countries: 

Australia .................................... 397 560 1,658 1,925 1,617 1,246 1,139 1,099 998

New Zealand ............................. 38 36 91 92 97 126 157 178 205

All other ..................................... 83 15 25 30 31 31 25 25 24

Total other countries ............. 518 611 1,774 2,047 1,745 1,403 1,321 1,302 1,227

Total foreign countries ...... 76,708 89,202 103,790 87,589 76,818 80,646 80,691 75,756 71,516

International and regional orgs: 

International organizations........ - - 2 7 2 - - 71 82

Regional organizations 3 ........... 2 15 43 34 9 2 26 31 30

Total international and 

 regional organizations......... 2 15 45 41 11 2 26 102 112

Grand total ........................ 76,710 89,217 103,835 87,630 76,829 80,648 80,717 75,858 71,628

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 

September 2010 

68 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010

Country 2005 2006 2007 2008 Mar. June r Sept. r Dec. Mar. p

Europe: 

Austria.......................................... 2,159 2,031 2,039 1,951 1,914 1,854 1,829 1,812 1,822

Belgium ........................................ 1,822 419 807 393 724 466 346 313 292

Bulgaria........................................ 29 3 6 6 4 4 7 6 4

Czech Republic............................ 49 50 134 85 94 106 84 75 72

Denmark....................................... 341 149 184 74 104 80 82 80 89

Finland ......................................... 336 591 805 541 640 595 603 1,803 309

France.......................................... 5,063 3,420 6,061 2,736 2,607 2,169 2,303 2,376 2,018

Germany ...................................... 4,238 10,148 4,926 8,621 6,305 4,603 3,820 3,407 3,418

Greece ......................................... 380 163 250 192 191 210 195 191 152

Hungary........................................ 57 45 153 95 95 87 65 193 35

Ireland .......................................... 795 858 968 1,814 1,348 2,126 1,183 1,248 1,337

Italy............................................... 3,702 2,337 2,515 1,195 1,898 1,897 1,724 1,932 1,905

Luxembourg ................................. 391 352 919 183 194 220 155 187 220

Netherlands.................................. 3,387 3,570 3,989 2,092 2,392 2,030 2,333 2,481 1,763

Norway......................................... 402 366 325 271 322 300 230 251 201

Poland.......................................... 58 99 153 132 123 151 159 201 255

Portugal........................................ 60 64 89 76 77 68 57 60 44

Romania....................................... 22 36 60 54 53 66 85 90 101

Russia .......................................... 359 774 1,326 694 616 672 654 522 497

Serbia and Montenegro 

(formerly Yugoslavia)............... 17 10 15 14 15 17 14 17 13

Spain............................................ 2,032 1,425 1,625 1,072 969 996 996 925 953

Sweden ........................................ 503 652 689 450 498 439 444 300 446

Switzerland .................................. 1,876 1,424 2,143 1,788 1,645 1,677 1,582 1,687 1,256

Turkey .......................................... 638 420 732 593 582 612 657 656 673

United Kingdom ........................... 24,772 17,483 23,662 17,983 20,324 17,513 15,113 14,374 12,915

Channel Islands and 

Isle of Man ............................... 16 19 109 419 649 507 438 547 114

Other Europe ............................... 1,315 1,267 1,465 1,107 554 472 431 415 383

Total Europe ............................ 54,820 48,175 56,149 44,631 44,937 39,937 35,589 36,149 31,287

Canada............................................. 16,122 17,520 16,418 10,551 8,957 10,371 10,172 9,658 8,692

Latin America: 

Argentina...................................... 350 470 463 473 393 431 432 420 403

Brazil ............................................ 2,972 2,927 2,682 2,365 2,067 2,066 2,107 1,929 1,735

Chile ............................................. 303 299 404 540 459 474 362 332 377

Colombia...................................... 299 349 449 429 434 380 417 389 371

Ecuador........................................ 95 119 160 173 129 105 93 138 132

Guatemala ................................... 100 116 200 180 148 162 158 133 86

Mexico.......................................... 4,108 3,242 3,505 3,089 2,827 2,992 2,882 2,917 2,926

Panama........................................ 198 266 323 408 419 373 352 336 348

Peru.............................................. 117 164 196 270 215 185 166 162 155

Uruguay........................................ 5 12 33 106 88 89 87 29 22

Venezuela .................................... 539 481 669 657 727 683 627 466 345

Other Latin America..................... 485 376 431 435 343 372 392 325 274

Total Latin America...................... 9,571 8,821 9,515 9,125 8,249 8,312 8,075 7,576 7,174

Caribbean: 

Bahamas...................................... 1,631 3,949 2,200 353 507 400 477 301 214

Bermuda............................................ 2,238 1,734 1,704 1,722 1,790 2,843 2,774 2,607 2,203

Cayman Islands ........................... 36,416 26,051 16,987 19,513 16,460 18,624 16,885 16,641 16,793

Cuba............................................. 12 2 10 - 2 - - - 3

Jamaica........................................ 70 60 106 79 74 58 91 63 69

Netherlands Antilles..................... 42 30 118 112 92 88 104 6 25

Trinidad and Tobago.................... 119 125 172 111 108 82 88 82 117

Other Caribbean .......................... 1,721 1,264 1,518 1,013 1,092 1,042 1,029 986 650

Total Caribbean ....................... 42,249 33,215 22,815 22,903 20,125 23,137 21,448 20,686 20,074

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2010 

69

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010

Country 2005 2006 2007 2008 Mar. June r Sept. r Dec. Mar. p

Asia: 

China, Mainland........................ 4,958 1,772 1,913 1,455 2,562 1,530 1,542 1,388 1,299

Hong Kong ................................ 941 1,009 8,762 809 782 963 938 802 927

India .......................................... 413 654 812 695 635 695 764 627 571

Indonesia................................... 445 231 206 273 342 290 287 327 345

Israel ......................................... 403 360 601 635 431 327 398 445 256

Japan ........................................ 2,696 3,349 5,518 4,578 4,170 3,454 2,277 2,171 1,875

Korea, South ............................. 1,244 1,143 1,272 980 2,102 2,439 2,283 2,143 2,516

Lebanon .................................... 22 19 19 44 28 22 13 19 8

Malaysia.................................... 536 270 362 275 234 236 221 189 141

Pakistan .................................... 57 86 115 33 49 30 64 37 24

Philippines................................. 275 109 109 63 65 61 77 73 81

Singapore.................................. 1,944 1,811 2,809 1,448 3,584 3,551 3,451 2,691 2,616

Syria .......................................... 6 10 1 12 4 14 10 11 1

Taiwan....................................... 853 972 1,240 976 993 1,019 1,075 706 653

Thailand .................................... 295 312 416 330 351 351 345 318 290

Oil-exporting countries 1............ 1,800 1,814 2,552 3,392 3,106 3,065 2,437 2,502 2,307

Other Asia ................................. 408 328 513 179 144 170 208 222 211

Total Asia .............................. 17,296 14,249 27,220 16,177 19,582 18,217 16,390 14,671 14,121

Africa: 

Congo (formerly Zaire).............. 1 11 6 5 - - 1 15 -

Egypt......................................... 194 165 296 362 179 217 173 221 186

Ghana ....................................... 16 3 8 7 2 6 6 6 5

Liberia ....................................... 98 73 54 54 51 49 49 55 53

Morocco .................................... 23 21 21 24 13 23 31 10 7

South Africa .............................. 1,075 221 254 356 330 327 346 371 305

Oil-exporting countries 2............ 295 332 350 300 317 370 313 257 172

Other Africa............................... 419 411 400 495 495 505 489 484 443

Total Africa............................ 2,121 1,237 1,389 1,603 1,387 1,497 1,408 1,419 1,171

Other countries: 

Australia .................................... 2,144 2,365 2,467 2,194 2,402 2,269 2,527 2,724 2,124

New Zealand............................. 420 351 145 72 68 90 76 93 116

All other..................................... 207 76 37 13 14 12 6 2 22

Total other countries ............. 2,771 2,792 2,649 2,279 2,484 2,371 2,609 2,819 2,262

Total foreign countries ...... 144,950 126,009 136,155 107,269 105,721 103,842 95,691 92,978 84,781

International and regional orgs: 

International organizations........ - 4 150 21 46 38 40 48 52

Regional organizations 3 ........... - 19 111 186 142 75 70 26 12

Total international and 

 regional organizations......... - 23 261 207 188 113 110 74 64

Grand total ........................ 144,950 126,032 136,416 107,476 105,909 103,955 95,801 93,052 84,845

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 

September 2010 

70 

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

Country, March 31, 2010, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

(6) 

 

Europe: 

Austria ............................................... 76 36 40 1,822 1,743 79 

Belgium ............................................ 183 102 81 292 166 126 

Bulgaria ............................................ - - - 4 - 4 

Czech Republic................................ 22 - 22 72 2 70 

Denmark........................................... 90 - 90 89 9 80 

Finland.............................................. 457 452 5 309 4 305 

France .............................................. 2,201 1,395 806 2,018 422 1,596 

Germany........................................... 5,285 3,924 1,361 3,418 1,956 1,462 

Greece.............................................. 283 14 269 152 94 58 

Hungary............................................ 20 6 14 35 7 28 

Ireland .............................................. 2,035 1,047 988 1,337 1,001 336 

Italy................................................... 450 - 450 1,905 135 1,770 

Luxembourg ..................................... 377 202 175 220 86 134 

Netherlands...................................... 775 443 332 1,763 1,177 586 

Norway ............................................. 617 66 551 201 65 136 

Poland .............................................. 159 1 158 255 52 203 

Portugal............................................ 30 4 26 44 6 38 

Romania........................................... 9 - 9 101 17 84 

Russia .............................................. 198 28 170 497 241 256 

Serbia and Montenegro 

(formerly Yugoslavia) ................... 3 - 3 13 - 13 

Spain ................................................ 364 167 197 953 381 572 

Sweden ............................................ 409 215 194 446 206 240 

Switzerland....................................... 1,802 532 1,270 1,256 543 713 

Turkey .............................................. 1,732 36 1,696 673 560 113 

United Kingdom................................ 7,155 5,287 1,868 12,915 8,537 4,378 

Channel Islands and 

Isle of Man.................................... 85 81 4 114 104 10 

Other Europe.................................... 648 81 567 383 175 208 

Total Europe................................. 25,465 14,119 11,346 31,287 17,689 13,598 

Canada................................................. 5,637 1,850 3,787 8,692 6,418 2,274 

Latin America: 

Argentina.......................................... 80 5 75 403 35 368 

Brazil ................................................ 471 18 453 1,735 1,004 731 

Chile ................................................. 395 21 374 377 90 287 

Colombia .......................................... 503 5 498 371 13 358 

Ecuador............................................ 51 1 50 132 33 99 

Guatemala........................................ 6 1 5 86 36 50 

Mexico.............................................. 2,162 257 1,905 2,926 1,150 1,776 

Panama............................................ 204 22 182 348 199 149 

Peru.................................................. 48 - 48 155 30 125 

Uruguay............................................ 1 - 1 22 2 20 

Venezuela ........................................ 398 7 391 345 105 240 

Other Latin America ......................... 114 1 113 274 78 196 

Total Latin America........................... 4,433 338 4,095 7,174 2,775 4,399 

Caribbean: 

Bahamas .......................................... 124 - 124 214 204 10 

Bermuda................................................. 1,005 268 737 2,203 1,323 880 

Cayman Islands................................... 7,938 7,231 707 16,793 16,450 343 

Cuba................................................. - - - 3 - 3 

Jamaica............................................ 12 - 12 69 35 34 

Netherlands Antilles ......................... 5 - 5 25 21 4 

Trinidad and Tobago........................ 18 3 15 117 34 83 

Other Caribbean............................... 447 71 376 650 401 249 

Total Caribbean............................ 9,549 7,573 1,976 20,074 18,468 1,606 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2010 

71

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

Country, March 31, 2010, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

(6) 

Asia: 

China, Mainland ................................ 3,728 49 3,679 1,299 87 1,212 

Hong Kong ........................................ 620 31 589 927 305 622 

India................................................... 887 163 724 571 99 472 

Indonesia........................................... 359 19 340 345 245 100 

Israel.................................................. 111 2 109 256 21 235 

Japan................................................. 6,463 1,570 4,893 1,875 356 1,519 

Korea, South ..................................... 939 56 883 2,516 301 2,215 

Lebanon ............................................ 6 - 6 8 2 6 

Malaysia ............................................ 295 - 295 141 32 109 

Pakistan............................................. 66 3 63 24 - 24 

Philippines......................................... 64 - 64 81 18 63 

Singapore.......................................... 1,902 2 1,900 2,616 105 2,511 

Syria .................................................. 1 - 1 1 - 1 

Taiwan............................................... 410 3 407 653 5 648 

Thailand............................................. 450 - 450 290 144 146 

Other Asia ......................................... 252 52 200 211 69 142 

Total Asia ........................................ 23,315 2,024 21,291 14,121 2,009 12,112 

Africa: 

Congo (formerly Zaire)...................... - - - - - - 

Egypt ................................................. 85 - 85 186 42 144 

Ghana................................................ 1 - 1 5 - 5 

Liberia................................................ 58 54 4 53 49 4 

Morocco............................................. 95 1 94 7 1 6 

South Africa....................................... 83 23 60 305 212 93 

Other Africa ....................................... 668 25 643 443 201 242 

Total Africa .................................... 1,890 103 1,787 1,171 535 636 

Other countries: 

Australia ............................................ 998 135 863 2,124 1,634 490 

New Zealand ..................................... 205 2 203 116 46 70 

All other ............................................. 24 2 22 22 6 16 

Total other countries ..................... 1,227 139 1,088 2,262 1,686 576 

Total foreign countries .............. 71,516 26,146 45,370 84,781 49,580 35,201 

International and regional orgs: 

International organizations................ 82 - 82 52 - 52 

 Regional organizations 1 .................. 30 - 30 12 11 1 

Total international and 

 regional organizations............. 112 - 112 64 11 53 

Grand total ................................ 71,628 26,146 45,482 84,845 49,591 35,254 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

September 2010 

72

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchases 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International

and regional

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign

 purchases 

 (8) 

Gross foreign

sales 

(9) 

2006 ......................................... 195,536 69,639 125,075 822 10,957,936 10,762,400 286,464 1,572,160 1,285,696 

2007 ......................................... 197,967 2,994 196,021 -1,048 15,127,526 14,929,559 218,979 2,050,451 1,831,472 

2008 r ....................................... 314,880 76,218 239,105 -443 14,629,213 14,314,333 -38,664 2,590,262 2,628,926 

2009 ......................................... 538,520 161,406 377,038 76 11,593,432 11,054,912 -11,493 1,043,178 1,054,671 

2010 - Jan. - June p ................. 342,860 63,832 277,329 1,699 7,788,905 7,446,045 79,226 462,383 383,157 

 

2009 - June .............................. 100,499 22,498 77,604 397 1,256,727 1,156,228 7,877 102,376 94,499 

July ............................... 31,252 15,721 14,854 677 942,876 911,624 -4,437 73,986 78,423 

Aug............................... 28,057 13,183 15,506 -632 1,065,820 1,037,763 4,593 77,437 72,844 

Sept.............................. 44,685 18,966 25,120 599 1,108,117 1,063,432 -1,627 73,910 75,537 

Oct................................ 38,910 15,043 23,745 122 1,215,277 1,176,367 -5,358 73,649 79,007 

Nov ............................... 117,880 31,184 86,638 58 1,194,248 1,076,368 5,908 66,894 60,986 

Dec ............................... 69,944 24,322 45,715 -93 1,062,219 992,275 49 61,619 61,570 

2010 - Jan. ............................... 61,362 558 60,679 125 1,042,807 981,445 -5,041 55,877 60,918 

Feb. .............................. 48,100 1,128 46,978 -6 1,212,265 1,164,165 2,370 64,358 61,988 

Mar ............................... 108,833 28,288 79,651 894 1,543,644 1,434,811 21,932 80,850 58,918 

Apr................................ 76,360 14,542 61,837 -19 1,246,312 1,169,952 14,294 76,190 61,896 

May p............................ 14,949 7,236 7,522 191 1,426,395 1,411,446 27,432 84,895 57,463 

June p........................... 33,256 12,080 20,662 514 1,317,482 1,284,226 18,239 100,213 81,974 

Corporate and other securities 

Bonds * Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

 

2006 .............................................................................. 510,806 1,678,464 1,167,658 150,415 6,868,571 6,718,156 

2007 .............................................................................. 393,355 1,913,307 1,519,952 195,521 10,639,315 10,443,794 

2008 r ............................................................................ 93,877 1,467,469 1,373,592 44,796 12,037,928 11,993,132 

2009 .............................................................................. -40,745 1,189,503 1,230,248 152,836 6,655,532 6,502,696 

2010 - Jan. - June p ...................................................... -32,947 461,461 494,408 34,443 3,594,251 3,559,808 

 

2009 - June ................................................................... -2,861 107,448 110,309 19,880 574,139 554,259 

July .................................................................... -10,823 90,973 101,796 29,792 541,723 511,931 

Aug .................................................................... -5,668 87,650 93,318 12,256 513,106 500,850 

Sept................................................................... -2,515 94,617 97,132 15,672 538,439 522,767 

Oct..................................................................... -844 100,306 101,150 10,298 603,120 592,822 

Nov .................................................................... -4,564 82,303 86,867 9,662 551,815 542,153 

Dec .................................................................... -7,943 77,468 85,411 20,147 557,487 537,340 

2010 - Jan ..................................................................... -24,598 66,598 91,196 4,480 543,339 538,859 

Feb .................................................................... -12,016 63,754 75,770 12,914 558,909 545,995 

Mar .................................................................... 16,012 103,042 87,030 12,022 578,940 566,918 

Apr..................................................................... 10,085 87,027 76,942 9,597 585,212 575,615 

May p................................................................. -8,966 71,203 80,169 -467 734,953 735,420 

June p................................................................ -13,464 69,837 83,301 -4,103 592,898 597,001 

 

 

* Data include transactions in directly placed issues abroad by U.S. corporations and issues 

of States and municipalities. 
 CAPITAL MOVEMENTS 

September 2010 

73

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from

U.S. 

(2) 

Gross foreign 

purchases from

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign

purchases from

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2006 ..................................................... -250,907 -144,452 1,879,713 2,024,165 -106,455 3,636,185 3,742,640 

2007 r ................................................... -229,205 -133,905 2,973,330 3,107,235 -95,300 5,215,764 5,311,064 

2008 r ................................................... 74,188 53,942 2,271,636 2,217,694 20,246 5,443,267 5,423,021 

2009 ..................................................... -197,572 -138,249 1,952,116 2,090,365 -59,323 3,170,194 3,229,517 

2010 - Jan. - June p ............................. -58,770 -30,255 2,129,117 2,159,372 -28,515 1,819,152 1,847,667 

 

2009 - June .......................................... -33,429 -19,514 192,283 211,797 -13,915 292,967 306,882 

July ........................................... -28,396 -14,174 182,628 196,802 -14,222 255,855 270,077 

Aug ........................................... -2,858 10,024 139,138 129,114 -12,882 250,641 263,523 

Sept.......................................... -15,000 -15,530 202,912 218,442 530 287,316 286,786 

Oct............................................ -23,691 -19,364 232,592 251,956 -4,327 322,827 327,154 

Nov ........................................... -2,523 -5,106 198,859 203,965 2,583 283,529 280,946 

Dec ........................................... -18,900 -17,389 182,224 199,613 -1,511 270,790 272,301 

2010 - Jan ............................................ -21,164 -16,066 307,935 324,001 -5,098 282,040 287,138 

Feb ........................................... -4,229 -2,894 352,291 355,185 -1,335 266,594 267,929 

Mar ........................................... -17,357 -14,554 465,383 479,937 -2,803 305,129 307,932 

Apr............................................ -28,842 -15,266 403,178 418,444 -13,576 309,184 322,760 

May p........................................ 2,399 12,490 321,369 308,879 -10,091 353,033 363,124 

June p....................................... 10,423 6,035 278,961 272,926 4,388 303,172 298,784 

 
CAPITAL MOVEMENTS 

September 2010 

74

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2010 2010 2010 2010 

Country 

 Calendar 

 year 

 2009 

 (1) 

 Jan. 

 through

 June 

(2) 

 Apr. 

 through 

 June p 

 (3) 

Calendar

year 

2009 

(4) 

Jan. 

 through

 June

 (5) 

 Apr. 

 through

 June p 

 (6) 

 Calendar 

 year 

 2009 

 (7) 

 Jan.

 through

 June

 (8) 

Apr. 

 through 

 June p 

 (9) 

Calendar 

year 

2009 

(10) 

 Jan. 

 through

 June 

(11) 

Apr. 

 through

 June p 

(12) 

Europe: 

Austria............................. -756 -123 7 -184 -2 33 252 238 63 179 -47 -37

Belgium........................... -752 -694 -375 2,379 1,690 378 -13,807 -8,971 -4,526 2,468 -151 -32

Bulgaria........................... -4 18 -15 - - - - - - -5 -7 -

Cyprus 1 .......................... -244 -259 -204 -73 -8 5 1 -88 12 58 19 10

Czech Republic............... 74 -14 -14 -147 -88 22 -11 - - 244 23 -107

Denmark ......................... 1,526 2,362 1,220 -47 -1,980 -1,002 37 -509 -676 445 690 362

Finland............................ 805 521 566 -52 -5 6 319 -301 -40 623 998 443

France............................. 17,791 1,412 -4,752 12,963 5,719 4,110 -3,897 -662 -1,042 174 -2,142 -8,773

Germany ......................... -1,324 6,229 -202 -838 266 210 -1,653 -1,458 -114 767 1,607 -795

Greece............................ 124 22 -22 -150 -4 20 -24 -8 25 66 49 46

Hungary .......................... 86 -674 -478 -141 -151 3 35 13 2 233 -218 -125

Ireland............................. -3,046 1,038 -2,071 -4,487 -2,028 -280 -12,045 -3,035 -368 1,611 36 -197

Italy ................................. 2,780 -576 305 87 -112 -49 148 82 -34 -320 -2,585 -779

Kazakhstan 1................... 250 1,086 1,246 142 -54 46 28 99 -2 13 - -

Luxembourg.................... 7,669 -3,647 -1,379 6,679 -850 1,553 -2,710 -786 -935 1,940 831 326

Monaco 1......................... -360 553 281 72 152 123 106 79 36 -100 121 16

Netherlands .................... 1,419 -120 -386 -739 183 -80 -1,746 -605 -298 3,285 -2,533 1,026

Norway............................ 10,803 3,774 1,717 -2,984 508 329 -1,445 -616 -535 9,056 2,583 2,067

Poland............................. 2,123 -1,522 867 104 755 - 2 -14 -2 -27 -5 2

Portugal .......................... 48 -196 57 -203 -15 -7 -9 -70 -64 397 -31 -307

Romania ......................... -629 87 -8 -2 4 4 3 - - -6 -6 -1

Russia............................. -16,479 -4,095 -2,748 -965 - - 60 -23 -27 -16 -71 -47

Serbia and Montenegro 2... -96 -377 -238 - 11 11 - 2 - 1 -2 2

Spain............................... 409 -2,291 -2,221 -49 26 2 -37 -1,697 -129 156 781 284

Sweden........................... 4,594 26 -337 -1,202 -508 -72 -1,836 -966 -176 3,469 762 660

Switzerland ..................... 15,811 15,894 19,565 -4,580 -1,760 -565 -1,540 -48 -1,129 8,665 1,176 1,035

Turkey............................. -4,415 -1,020 -715 - - - 319 - - 11 86 86

Ukraine 1 ......................... -758 2,523 2,978 -49 -53 -53 -2 -15 -10 -2 34 2

United Kingdom .............. 171,036 178,335 81,687 20,291 22,055 13,748 -12,277 -13,497 -2,641 33,781 -3,300 1,325

Channel Islands .............. -1,011 -472 -352 9 -274 -201 -326 -579 -159 1,132 788 324

All other Europe 1 ............ -958 -431 158 -2,052 -615 93 -362 -25 21 127 157 163

Total Europe ............... 206,516 197,368 94,136 23,782 22,863 18,386 -52,417 -33,460 -12,748 68,425 -357 -3,021

Memo: Euro Area 3.............. 24,930 1,259 -10,694 15,067 4,884 5,950 -35,232 -17,426 -7,486 11,544 -3,080 -8,738

Memo: European Union 4 .... 203,373 179,953 72,216 33,848 24,905 18,633 -49,521 -32,371 -10,944 49,681 -5,111 -6,586

Canada ............................... 41,253 39,609 16,629 2,212 4,618 3,235 6,772 -630 -343 -1,555 1,458 -1,312

Latin America: 

Argentina ........................ -352 52 -63 54 24 4 538 37 47 622 152 147

Brazil............................... -7,236 -725 670 575 1,328 844 976 -18 69 22 -134 -188

Chile ............................... -2,077 -1,217 -375 184 -4 -50 18 126 77 112 951 458

Colombia......................... -2,707 -1,288 -61 -524 639 236 352 173 56 638 246 48

Ecuador .......................... -310 181 194 -82 11 8 71 -1 4 -33 20 13

Costa Rica 5 .................... 170 -12 -143 285 372 142 115 68 18 219 -60 -32

Guatemala ...................... 261 33 36 16 5 3 -53 30 17 11 19 12

Mexico ............................ 9,701 -2,179 -1,382 -11,169 1,296 744 3,723 658 326 2,135 2,063 1,004

Panama .......................... 79 -201 -68 764 296 134 559 723 325 583 338 257

Peru ................................ -430 -1,149 -573 -1,024 23 -78 102 115 31 386 -37 276

Uruguay .......................... -1,018 717 96 -143 -172 -127 617 145 -1 382 156 92

Venezuela....................... -167 19 -30 353 115 32 174 -56 94 374 141 122

All other Latin America 5 ... 351 -129 -35 -203 79 66 339 105 - 52 62 48

Total Latin America..... -3,735 -5,898 -1,734 -10,914 4,012 1,958 7,531 2,105 1,063 5,503 3,917 2,257

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2010 

75

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2010 2010 2010 2010 

Country 

Calendar 

year 

2009 

(1) 

Jan. 

 through 

June 

(2) 

Apr. 

 through

June p 

 (3) 

Calendar

year 

2009 

(4) 

Jan. 

 through

June 

 (5) 

Apr. 

 through

June p 

 (6) 

Calendar 

year 

2009 

(7) 

Jan. 

 through

June 

 (8) 

Apr. 

 through 

 June p 

 (9) 

Calendar 

year 

2009 

(10) 

 Jan. 

 through

June 

(11) 

Apr. 

 through

June p 

(12) 

Caribbean: 

Anguilla 6.................................... -2,359 -380 599 -658 -129 -8 260 544 74 923 1,160 -773

Bahamas.................................... -6 -12,711 -7,222 -680 476 127 1,422 -852 -591 -657 -739 -837

Barbados 6 ................................. 581 -187 -422 527 774 181 1,125 -724 -775 -55 13 -18

Bermuda .................................... 5,789 1,394 -27 3,002 1,971 1,642 3,263 995 563 -2,537 3,266 174

British Virgin Islands 6 ................ -5,332 10,272 4,623 -163 -41 -207 52 -228 -550 9,257 -449 279

Cayman Islands ......................... 2,419 15,893 7,407 -22,961 -82 -1,547 -3,605 -1,154 1,236 26,679 10,616 -964

Cuba .......................................... - - - - - - - - - - - -

Jamaica ..................................... 35 14 4 21 12 38 46 13 -2 -13 6 1

Netherlands Antilles ................... 4,582 5,632 2,902 -270 12 -37 203 803 492 1,524 -1,112 -1,314

Trinidad and Tobago.................. 810 265 182 -122 35 73 -181 -3 -22 225 100 56

All other Caribbean 6 .................. 74 21 26 884 160 169 244 94 79 159 104 86

Total Caribbean ..................... 6,593 20,213 8,072 -20,420 3,188 431 2,829 -512 504 35,505 12,965 -3,310

Asia: 

China, Mainland. ........................ 123,456 14,579 -14,788 -24,671 8,569 12,188 -4,050 -133 229 4,028 3,504 2,755

Hong Kong................................. -929 8,132 1,756 10,242 3,567 1,072 2,867 -1,904 -527 6,335 4,964 2,539

India........................................... 5,487 -2,603 -2,075 1 -1 -1 -27 30 9 -1,758 -245 -103

Indonesia ................................... -3,608 -981 -1,282 -63 -85 7 217 -117 -44 29 -16 3

Israel.......................................... 441 2,537 225 176 485 356 -223 247 -66 1,540 279 -33

Japan......................................... 129,526 46,900 19,344 -13,462 32,219 18,310 -1,598 947 2,292 13,754 3,038 2,874

Korea, South.............................. 7,738 -3,289 -2,912 14,657 1,910 937 -228 1,437 320 1,707 399 16

Lebanon..................................... 35 27 29 3 -1 - 100 44 14 49 36 35

Malaysia..................................... 1,990 -661 -424 -951 -620 4 485 133 -121 213 202 140

Pakistan ..................................... -47 41 12 -4 - - 9 14 7 -39 3 2

Philippines.................................. -15 2,893 361 -188 -12 -14 -152 36 -4 39 73 42

Singapore................................... 5,196 8,030 4,401 -2,868 -1,416 110 -3,054 2,550 772 12,006 1,980 1,365

Syria........................................... - - - - - - 3 - - 38 -25 5

Taiwan ....................................... 7,825 11,466 3,898 15,083 4,511 3,774 4,981 1,803 1,107 1,248 -102 216

Thailand ..................................... 4,819 6,933 4,786 -885 27 1 1 125 69 -7 59 47

Oil exporting countries 7 ............. -520 -5,943 -4,522 1,483 -1,792 63 -4,041 -4,585 -2,664 3,531 1,166 442

All other Asia.............................. -957 -239 - -675 -32 -19 -526 26 -7 83 102 18

Total Asia............................... 280,437 87,822 8,809 -2,122 47,329 36,788 -5,236 653 1,386 42,796 15,417 10,363

Africa: 

Egypt.......................................... -894 447 88 -189 -38 7 80 -10 -7 -34 11 2

Liberia........................................ -189 46 53 -35 3 -1 108 -20 - -22 4 53

Morocco ..................................... 5 -7 -2 -1,710 -641 -136 111 2 -1 -4 -4 -

South Africa ............................... -111 -455 142 -448 -42 -27 -88 -19 -10 99 -24 -43

Oil exporting countries 8 ............. 5,225 2,906 -294 -108 8 -3 114 -6 -9 5 -19 3

All other Africa............................ 492 267 -9 -50 -23 -42 94 45 -24 -733 -129 25

Total Africa............................. 4,528 3,204 -22 -2,540 -733 -202 419 -8 -51 -689 -161 40

Other countries: 

Australia..................................... 2,628 -1,114 -2,007 158 -500 -266 432 226 -1,307 3,016 1,100 -47

New Zealand.............................. 225 -47 -8 -76 -23 2 16 -97 -9 610 125 57

All other countries ...................... -1 4 4 50 -6 -6 21 45 23 -778 -9 10

Total other countries .............. 2,852 -1,157 -2,011 132 -529 -270 469 174 -1,293 2,848 1,216 20

Total foreign countries ....... 538,444 341,161 123,879 -9,870 80,748 60,326 -39,633 -31,678 -11,482 152,833 34,455 5,037

International and regional orgs: 

International organizations ......... -6 1,761 870 -1,198 -1,304 -216 -999 -1,125 -754 -4 -10 -9

Regional organizations 9 ............ 82 -62 -184 -425 -218 -145 -113 -144 -109 7 -2 -1

Total international and 

 regional organizations............... 76 1,699 686 -1,623 -1,522 -361 -1,112 -1,269 -863 3 -12 -10

Grand total......................... 538,520 342,860 124,565 -11,493 79,226 59,965 -40,745 -32,947 -12,345 152,836 34,443 5,027

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All 

other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “All other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the 

former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

4

 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, 

Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 

2007, also includes Bulgaria and Romania. 

5

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in 

“All other Caribbean.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 2010 

76

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2010, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

Total 

 purchases 

 (1) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

Total

 sales

 (8) 

 Marketable

Treasury 

 and 

 Federal 

 Financing 

Bank 

bonds 

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

 (11) 

Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria .................................... 3,159 506 223 146 490 1,054 739 2,602 499 191 83 527 625 677

Belgium................................... 10,404 1,265 483 697 4,176 2,727 1,056 27,712 1,641 105 5,223 4,208 15,532 1,003

Bulgaria .................................. 126 98 - - 28 - - 144 113 - - 28 2 1

Cyprus 1 .................................. 1,929 314 26 359 173 538 519 2,039 518 22 347 163 512 477

Czech Republic ...................... 1,490 258 49 - 268 625 290 838 272 27 - 375 37 127

Denmark................................. 9,269 3,187 16 496 1,919 2,330 1,321 11,414 1,967 1,018 1,172 1,557 4,187 1,513

Finland.................................... 4,069 1,062 83 74 1,909 341 600 10,191 496 77 114 1,466 7,280 759

France .................................... 1,106,616 765,100 7,645 3,060 266,707 33,252 30,852 1,119,176 769,851 3,535 4,102 275,480 34,198 32,010

Germany................................. 93,237 29,681 2,226 3,144 18,377 30,726 9,082 84,405 29,884 2,016 3,258 19,172 18,944 11,130

Greece.................................... 2,768 108 32 27 733 1,436 431 1,287 131 12 2 687 106 350

Hungary.................................. 590 92 24 5 277 83 109 1,122 570 21 3 402 66 60

Ireland..................................... 74,625 38,241 3,589 4,640 10,093 6,073 11,989 80,090 40,312 3,869 5,008 10,290 9,131 11,480

Italy ......................................... 33,231 4,897 281 260 19,474 4,002 4,318 32,115 4,591 330 294 20,253 2,190 4,457

Kazakhstan 1 .......................... 2,844 2,230 100 - 7 504 3 1,158 984 54 2 7 109 2

Luxembourg ........................... 46,150 7,768 7,514 4,446 14,842 5,152 6,428 57,287 9,147 5,961 5,381 14,516 15,765 6,517

Monaco 1 ................................ 1,163 293 128 64 485 116 77 575 12 5 28 469 3 58

Netherlands ............................ 44,356 5,328 1,064 1,537 12,780 12,121 11,527 39,941 5,714 1,144 1,835 11,754 7,235 12,260

Norway ................................... 27,373 8,502 2,488 504 10,183 1,779 3,917 22,589 6,785 2,159 1,039 8,116 1,308 3,182

Poland .................................... 8,388 6,838 - 2 68 1,374 106 7,483 5,971 - 4 66 1,137 305

Portugal .................................. 2,633 176 6 6 923 1,148 373 2,282 119 12 70 1,230 468 382

Romania ................................. 344 281 5 - 56 1 1 350 289 1 - 57 1 2

Russia..................................... 13,251 12,585 - 13 239 74 340 16,004 15,333 - 40 286 66 279

Serbia and Montenegro 2 ....... 101 35 47 - 8 11 - 318 273 36 - 6 - 3

Spain ...................................... 16,901 6,842 64 304 2,133 4,118 3,440 21,947 9,063 63 433 1,849 5,481 5,059

Sweden................................... 21,708 5,498 205 400 5,015 5,378 5,212 18,171 5,835 277 576 4,355 2,173 4,955

Switzerland............................. 87,524 26,017 978 7,207 30,086 3,766 19,470 65,689 6,452 1,543 8,336 29,051 3,437 16,870

Turkey..................................... 4,430 1,448 - - 206 2,423 353 2,631 2,163 - - 120 60 288

Ukraine 1 ................................. 3,534 3,366 28 - 22 116 2 738 388 81 10 20 218 21

United Kingdom...................... 2,955,649 1,805,273 60,411 69,645 255,038 462,900 302,382 2,841,065 1,723,586 46,663 72,286 253,713 441,589 303,228

Channel Islands...................... 18,903 1,080 326 1,236 11,083 875 4,303 18,829 1,432 527 1,395 10,759 717 3,999

All other Europe 1 ................... 3,938 1,020 535 174 1,015 639 555 3,898 862 443 153 852 1,087 502

Total Europe....................... 4,600,704 2,739,388 88,576 98,446 668,813 585,684 419,797 4,494,092 2,645,252 70,190 111,194 671,834 573,665 421,957

Memo: Euro Area 3 ..................... 1,440,806 861,324 23,292 18,725 353,212 102,835 81,418 1,481,687 872,018 17,342 26,211 361,950 117,543 86,623

Canada....................................... 413,485 156,669 9,748 11,498 99,512 73,758 62,300 413,610 140,040 6,513 11,841 100,824 86,616 67,776

Latin America: 

Argentina ................................ 4,397 188 51 182 2,372 778 826 4,863 251 47 135 2,225 1,030 1,175

Brazil....................................... 61,047 32,704 1,580 305 4,504 8,619 13,335 60,844 32,034 736 236 4,692 7,828 15,318

Chile ....................................... 7,705 1,003 676 257 2,418 1,433 1,918 7,612 1,378 726 180 1,960 1,750 1,618

Colombia ................................ 6,545 2,321 634 162 1,705 1,370 353 6,915 2,382 398 106 1,657 2,054 318

Costa Rica 4............................ 1,166 524 20 47 361 126 88 871 330 12 43 348 54 84

Ecuador.................................. 1,248 54 683 66 270 56 119 1,239 197 541 48 302 52 99

Guatemala.............................. 566 345 4 20 127 46 24 620 309 1 3 115 179 13

Mexico .................................... 34,631 10,207 2,899 1,046 8,716 4,134 7,629 34,834 11,589 2,155 720 7,712 5,352 7,306

Panama .................................. 5,991 403 329 753 2,092 1,509 905 5,007 471 195 428 1,835 1,487 591

Peru ........................................ 5,223 1,057 136 239 1,426 952 1,413 5,069 1,630 214 208 1,150 1,000 867

Uruguay.................................. 5,419 1,268 52 201 1,455 1,842 601 5,110 1,172 179 202 1,363 1,624 570

Venezuela .............................. 3,011 185 93 210 1,491 751 281 2,584 215 61 116 1,369 625 198

All other Latin America 4......... 2,744 184 120 152 1,499 630 159 2,152 219 54 152 1,451 139 137

Total Latin America ............ 139,693 50,443 7,277 3,640 28,436 22,246 27,651 137,720 52,177 5,319 2,577 26,179 23,174 28,294

Caribbean: 

Anguilla 5 ................................ 173,970 7,111 - 232 141,638 128 24,861 174,339 6,512 8 158 142,411 63 25,187

Bahamas ................................ 138,164 47,628 955 20,713 47,704 6,514 14,650 147,913 54,850 828 21,304 48,541 6,980 15,410

Barbados 5.............................. 2,302 1,262 456 100 207 227 50 3,755 1,684 275 875 225 632 64

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2010 

77

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2010, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Bonds

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks

(7) 

Total

 sales

(8) 

Marketable

Treasury 

and 

Federal 

 Financing

Bank bonds

 and notes

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

 Bonds 

 (11) 

 Stocks

 (12) 

Bonds

 (13) 

Stocks

 (14) 

Caribbean, con. 

Bermuda................................ 250,129 22,155 8,024 9,401 124,461 58,113 27,975 246,958 22,182 6,382 8,838 124,287 57,931 27,338

British Virgin Islands 5............ 164,164 53,287 433 5,258 72,308 6,609 26,269 159,801 48,664 640 5,808 72,029 6,674 25,986

Cayman Islands..................... 1,540,180 455,423 33,725 58,469 639,481 184,687 168,395 1,537,905 448,016 35,272 57,233 640,445 184,579 172,360

Cuba...................................... ---------- ----

Jamaica................................. 318 95 129 11 58 22 3 311 91 91 13 57 56 3

Netherlands Antilles............... 34,165 15,407 1,111 982 11,383 2,155 3,127 33,847 12,505 1,148 490 12,697 2,754 4,253

Trinidad and Tobago ............. 1,408 629 257 59 250 98 115 1,041 447 184 81 194 81 54

All other Caribbean 5 ............. 1,923 168 365 139 943 90 218 2,141 142 196 60 857 782 104

Total Caribbean................. 2,306,723 603,165 45,455 95,364 1,038,433 258,643 265,663 2,308,011 595,093 45,024 94,860 1,041,743 260,532 270,759

Asia: 

China, Mainland. ................... 87,096 53,765 20,430 1,279 7,262 1,453 2,907 86,542 68,553 8,242 1,050 4,507 1,182 3,008

Hong Kong ............................ 115,825 18,957 6,549 2,277 10,474 9,116 68,452 115,316 17,201 5,477 2,804 7,935 7,410 74,489

India ...................................... 6,867 887 - 35 287 224 5,434 9,170 2,962 1 26 390 619 5,172

Indonesia............................... 3,929 1,391 220 22 182 307 1,807 5,295 2,673 213 66 179 520 1,644

Israel ..................................... 57,806 48,699 1,293 459 5,147 387 1,821 56,758 48,474 937 525 5,180 174 1,468

Japan .................................... 352,798 202,579 53,645 6,577 17,598 21,102 51,297 307,370 183,235 35,335 4,285 14,724 19,186 50,605

Korea, South ......................... 25,489 5,526 7,950 1,517 545 2,692 7,259 29,511 8,438 7,013 1,197 529 2,967 9,367

Lebanon ................................ 841 44 - 44 613 31 109 749 15 - 30 578 6 120

Malaysia ................................ 4,602 421 1,116 306 480 1,171 1,108 4,942 845 1,112 427 340 862 1,356

Pakistan ................................ 98 16 - 8 33 13 28 90 4 - 1 31 - 54

Philippines............................. 5,595 4,397 51 42 404 478 223 5,235 4,036 65 46 362 483 243

Singapore.............................. 88,266 52,598 4,734 2,927 11,608 5,705 10,694 77,866 48,197 4,624 2,155 10,243 2,586 10,061

Syria...................................... 47 - - - 47 - - 42 - - - 42 - -

Taiwan................................... 31,786 10,204 6,583 1,545 5,034 1,202 7,218 24,600 6,306 2,809 438 4,818 1,324 8,905

Thailand ................................ 8,644 6,994 9 70 282 217 1,072 4,020 2,208 8 1 235 282 1,286

All other Asia ......................... 28,083 10,130 3,366 497 8,677 2,472 2,941 34,281 14,652 3,322 3,168 8,217 3,088 1,834

Total Asia .......................... 817,772 416,608 105,946 17,605 68,673 46,570 162,370 761,787 407,799 69,158 16,219 58,310 40,689 169,612

Africa: 

Egypt..................................... 1,243 165 11 - 268 359 440 945 77 4 7 266 126 465

Liberia ................................... 980 59 1 33 671 91 125 766 6 2 33 618 9 98

Morocco ................................ 245 179 - 2 26 13 25 365 181 136 3 26 4 15

South Africa........................... 4,567 3,262 189 2 221 99 794 5,099 3,120 216 12 264 289 1,198

All other Africa....................... 9,299 4,135 22 66 405 880 3,791 7,173 4,438 67 99 377 546 1,646

Total Africa........................ 16,334 7,800 223 103 1,591 1,442 5,175 14,348 7,822 425 154 1,551 974 3,422

Other countries: 

Australia ................................ 56,566 13,605 2,575 1,251 6,998 10,381 21,756 61,472 15,612 2,841 2,558 7,045 12,655 20,761

New Zealand ......................... 1,635 50 193 34 467 754 137 1,040 58 191 43 410 156 182

All other................................. 292 8 5 55 132 7 85 647 4 11 32 122 17 461

Total other countries.......... 58,493 13,663 2,773 1,340 7,597 11,142 21,978 63,159 15,674 3,043 2,633 7,577 12,828 21,404

Total foreign countries... 8,353,204 3,987,736 259,998 227,996 1,913,055 999,485 964,934 8,192,727 3,863,857 199,672 239,478 1,908,018 998,478 983,224

International and regional orgs: 

International organizations..... 5,715 2,308 911 18 - 2,447 31 4,718 1,438 1,127 772 9 1,303 69

Regional organizations 6........ 2,595 145 389 53 8 1,576 424 2,877 329 534 162 9 468 1,375

Total international and 

 regional organizations .... 8,310 2,453 1,300 71 8 4,023 455 7,595 1,767 1,661 934 18 1,771 1,444

Grand total .................... 8,361,514 3,990,189 261,298 228,067 1,913,063 1,003,508 965,389 8,200,322 3,865,624 201,333 240,412 1,908,036 1,000,249 984,668

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “All other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, 

Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. For data as of 

January 2009, also includes Slovakia. 

4Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All 

other Caribbean.” 

6

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 2010 

78

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2009 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

 Total 

 purchases

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

 Total

 sales

 (8) 

 Marketable

 Treasury

 and 

 Federal

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks

 (12) 

 Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria................................ 12,819 2,944 910 1,077 2,469 3,204 2,216 11,721 3,701 1,093 825 2,290 1,273 2,538

Belgium .............................. 51,010 5,479 5,577 2,344 17,662 7,530 12,419 104,291 6,230 3,198 16,151 15,194 50,310 13,207

Bulgaria .............................. 127 45 - - 57 24 1 115 49 - - 62 4 -

Cyprus 1 ............................. 3,824 124 123 11 426 1,421 1,719 4,745 369 195 10 368 1,671 2,132

Czech Republic .................. 6,364 4,682 1 3 1,093 145 440 6,193 4,608 148 14 849 42 532

Denmark............................. 31,171 5,695 382 2,200 6,004 12,515 4,375 30,851 4,169 429 2,163 5,559 14,119 4,412

Finland ............................... 10,945 2,954 160 1,106 2,197 1,578 2,950 24,375 2,149 212 787 1,574 16,764 2,889

France................................ 3,409,182 2,087,322 36,392 12,306 1,090,603 71,405 111,154 3,366,073 2,069,531 23,429 16,203 1,090,429 62,364 104,118

Germany ............................ 267,500 86,460 12,341 10,823 52,461 70,729 34,687 252,761 87,784 13,179 12,476 51,694 54,829 32,799

Greece ............................... 6,672 745 96 68 2,045 2,522 1,197 4,976 621 246 92 1,979 618 1,420

Hungary.............................. 3,722 819 171 86 1,769 453 424 3,018 733 312 51 1,536 133 253

Ireland ................................ 235,815 91,895 38,861 13,308 44,150 21,256 26,343 257,047 94,942 43,348 25,353 42,539 26,582 24,283

Italy..................................... 75,666 18,961 1,762 1,008 27,864 10,639 15,432 67,538 16,181 1,674 860 28,184 4,441 16,196

Kazakhstan 1 ..................... 8,684 7,358 156 55 77 965 73 8,397 7,108 14 27 64 1,106 78

Luxembourg ....................... 126,781 19,796 26,337 13,715 35,561 14,414 16,958 153,733 12,126 19,658 16,425 33,621 55,757 16,146

Monaco 1 .......................... 2,943 180 98 302 1,889 191 283 3,202 540 26 196 1,989 173 278

Netherlands........................ 162,982 20,457 8,296 6,699 46,434 29,639 51,457 160,379 19,038 9,034 8,445 43,149 30,327 50,386

Norway ............................... 145,001 41,755 48,605 4,710 30,517 7,360 12,054 129,707 30,952 51,589 6,155 21,461 10,220 9,330

Poland................................ 24,637 22,113 200 15 485 949 875 23,483 19,990 96 13 512 1,981 891

Portugal.............................. 8,135 911 41 156 4,480 1,815 732 8,393 863 244 165 4,083 1,977 1,061

Romania............................. 3,951 3,667 24 3 227 1 29 4,605 4,296 26 - 233 43 7

Russia ................................ 24,027 21,183 11 81 1,215 265 1,272 41,353 37,662 976 21 1,231 200 1,263

Serbia and Montenegro 2 ... 553 340 8 - 163 19 23 613 436 8 - 162 - 7

Spain.................................. 68,308 18,680 953 8,524 6,899 19,432 13,820 54,403 18,271 1,002 8,561 6,743 5,906 13,920

Sweden .............................. 81,579 19,281 1,092 852 22,074 15,943 22,337 74,669 14,687 2,294 2,688 18,605 15,697 20,698

Switzerland......................... 221,352 40,309 4,125 23,531 92,516 11,563 49,308 208,741 24,498 8,705 25,071 83,851 18,092 48,524

Turkey ................................ 11,685 8,420 2 330 574 1,281 1,078 16,802 12,835 2 11 563 2,212 1,179

Ukraine 1 ............................ 1,699 568 30 2 159 648 292 2,095 1,326 79 4 161 248 277

United Kingdom.................. 8,697,339 5,373,351 241,139 551,087 891,874 655,712 984,176 8,506,830 5,202,315 220,848 563,364 858,093 654,088 1,008,122

Channel Islands.................. 47,316 2,274 758 3,887 26,151 3,783 10,463 46,607 3,285 749 4,213 25,019 2,807 10,534

All other Europe 1 ............... 12,107 3,371 1,842 755 2,553 1,218 2,366 15,137 4,329 3,895 1,117 2,426 1,917 1,452

Total Europe................... 13,763,897 7,912,140 430,491 659,044 2,412,648 968,620 1,380,954 13,592,850 7,705,624 406,709 711,461 2,344,223 1,035,900 1,388,933

Memo: Euro Area 3 ................. 4,441,852 2,357,184 131,917 71,512 1,334,170 255,716 291,353 4,472,977 2,332,254 116,850 106,744 1,322,626 313,172 281,331

Canada................................... 1,186,056 411,239 31,336 46,252 308,963 178,898 209,368 1,179,057 369,986 29,124 39,480 310,518 213,392 216,557

Latin America: 

Argentina............................ 16,986 881 296 1,085 7,554 4,232 2,938 14,536 1,233 242 547 6,932 2,883 2,699

Brazil .................................. 226,508 153,728 5,065 2,357 15,830 17,719 31,809 259,802 160,964 4,490 1,381 15,808 27,585 49,574

Chile................................... 42,290 17,813 2,302 1,065 8,934 7,535 4,641 41,519 19,890 2,118 1,047 8,822 5,056 4,586

Colombia ............................ 29,316 13,139 2,090 1,053 4,601 7,035 1,398 33,728 15,846 2,614 701 3,963 9,527 1,077

Costa Rica 4 ...................... 5,267 3,399 38 186 846 598 200 5,437 3,709 120 115 879 441 173

Ecuador.............................. 2,432 474 348 215 1,121 199 75 1,565 304 63 100 902 131 65

Guatemala.......................... 2,656 1,981 23 45 422 153 32 2,584 1,720 7 98 411 320 28

Mexico................................ 128,250 55,347 6,989 6,927 24,578 14,035 20,374 128,563 45,646 18,158 3,204 22,443 17,493 21,619

Panama.............................. 19,129 1,735 1,325 2,033 7,532 4,185 2,319 16,918 1,656 561 1,474 6,949 3,824 2,454

Peru.................................... 15,297 2,960 708 606 5,074 2,293 3,656 16,761 3,390 1,732 504 4,688 3,822 2,625

Uruguay.............................. 18,395 5,808 317 1,373 4,511 4,591 1,795 18,172 6,826 460 756 4,129 4,355 1,646

Venezuela .......................... 11,692 633 565 717 5,416 3,497 864 13,360 800 212 543 5,042 5,984 779

All other Latin America 4 .... 4,979 1,702 488 523 1,155 897 214 4,381 1,351 691 184 1,103 874 178

Total Latin America ........ 523,197 259,600 20,554 18,185 87,574 66,969 70,315 557,326 263,335 31,468 10,654 82,071 82,295 87,503

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2010 

79

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2009, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds 

(4) 

Stocks 

(5) 

Bonds

(6) 

 Stocks 

 (7) 

Total

sales

(8) 

Marketable

Treasury

and 

Federal 

Financing 

Bank bonds

and notes

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds

 (13) 

 Stocks

 (14) 

Caribbean: 

Anguilla 5 ............................... 381,993 14,747 51 1,136 310,089 390 55,579 383,352 17,106 709 876 309,166 407 55,087

Bahamas............................... 493,785 194,822 3,549 65,607 155,824 31,568 42,415 492,674 194,828 4,229 64,185 156,481 28,511 44,440

Barbados 5............................. 9,073 2,146 1,380 1,611 2,781 794 361 7,382 1,565 853 486 2,836 1,239 403

Bermuda................................ 811,528 58,284 40,834 39,071 451,309 131,617 90,413 809,921 52,495 37,832 35,808 453,846 137,422 92,518

British Virgin Islands 5............ 504,739 85,186 1,736 19,874 304,217 14,564 79,162 499,322 90,518 1,899 19,822 294,960 11,326 80,797

Cayman Islands..................... 4,804,967 1,161,323 193,294 245,248 2,315,537 319,999 569,566 4,788,804 1,158,904 216,255 248,853 2,288,858 305,020 570,914

Cuba ..................................... 4 - - -4 - -4 - - -4 - -

Jamaica................................. 3,726 3,061 320 69 137 119 20 3,654 3,026 299 23 150 131 25

Netherlands Antilles .............. 89,795 33,725 1,410 1,811 23,006 20,163 9,680 80,401 29,143 1,680 1,608 21,482 16,752 9,736

Trinidad and Tobago ............. 5,267 2,229 964 230 731 855 258 5,212 1,419 1,086 411 506 1,470 320

All other Caribbean 5 ............. 7,821 975 1,478 442 3,078 1,290 558 5,318 901 594 198 2,919 219 487

Total Caribbean ................ 7,112,697 1,556,498 245,016 375,099 3,566,713 521,359 848,012 7,076,043 1,549,905 265,436 372,270 3,531,208 502,497 854,727

Asia: 

China, Mainland................ 299,833 229,129 23,382 4,230 19,345 12,746 11,001 188,351 105,673 48,053 8,280 15,317 2,462 8,566

Hong Kong ........................ 396,061 56,236 26,890 8,962 35,162 19,275 249,536 385,199 57,165 16,648 6,095 28,827 17,470 258,994

India................................... 31,160 13,986 7 119 1,295 743 15,010 29,997 8,499 6 146 3,053 1,639 16,654

Indonesia........................... 11,275 4,590 539 241 1,309 940 3,656 15,501 8,198 602 24 1,280 1,558 3,839

Israel.................................. 231,943 204,822 1,638 2,020 15,448 2,013 6,002 231,318 204,381 1,462 2,243 13,908 2,629 6,695

Japan................................. 1,079,857 608,292 121,239 33,832 70,649 63,811 182,034 949,766 478,766 134,701 35,430 56,895 59,478 184,496

Korea, South...................... 109,000 37,086 30,420 4,207 3,821 10,012 23,454 97,647 29,348 15,763 4,435 2,114 19,069 26,918

Lebanon ............................ 2,950 286 9 196 2,112 101 246 2,702 251 6 96 2,063 22 264

Malaysia ............................ 20,294 4,953 5,339 1,283 1,105 3,602 4,012 19,311 2,963 6,290 798 892 3,475 4,893

Pakistan............................. 706 70 - 37 261 75 263 604 117 4 28 300 4 151

Philippines ......................... 11,719 6,109 115 157 1,267 2,668 1,403 13,508 6,124 303 309 1,228 4,399 1,145

Singapore .......................... 226,913 92,084 19,167 10,865 45,339 16,057 43,401 206,010 86,888 22,035 13,919 33,333 7,259 42,576

Syria .................................. 141 - - 3 126 - 12 98 - - - 88 - 10

Taiwan............................... 114,695 32,513 30,140 7,176 19,350 3,762 21,754 86,346 24,688 15,057 2,195 18,102 2,253 24,051

Thailand............................. 25,517 20,129 118 52 799 644 3,775 21,763 15,310 1,003 51 806 880 3,713

All other Asia ..................... 134,143 50,293 32,891 3,491 29,912 11,005 6,551 134,904 51,770 32,083 8,058 26,298 11,129 5,566

Total Asia ...................... 2,696,207 1,360,578 291,894 76,871 247,300 147,454 572,110 2,383,025 1,080,141 294,016 82,107 204,504 133,726 588,531

Africa: 

Egypt ................................. 5,072 2,499 32 120 583 89 1,749 5,996 3,393 221 40 617 86 1,639

Liberia................................ 3,102 109 14 213 2,127 83 556 3,374 298 49 105 2,149 190 583

Morocco............................. 728 402 19 114 85 21 87 2,319 397 1,729 3 89 18 83

South Africa....................... 13,320 7,284 274 32 1,157 814 3,759 14,140 7,395 722 120 1,058 1,510 3,335

All other Africa ................... 22,100 11,322 270 326 1,828 3,051 5,303 13,386 5,605 428 118 2,556 1,132 3,547

Total Africa .................... 44,322 21,616 609 805 5,780 4,058 11,454 39,215 17,088 3,149 386 6,469 2,936 9,187

Other countries: 

Australia ............................ 233,331 61,345 17,166 10,729 24,250 44,080 75,761 281,565 58,717 17,008 10,297 21,234 92,680 81,629

New Zealand ..................... 7,485 790 1,037 288 1,787 2,704 879 9,239 565 1,113 272 1,177 5,345 767

All other ............................. 855 35 100 65 422 34 199 2,144 36 50 44 1,200 53 761

Total other countries...... 241,671 62,170 18,303 11,082 26,459 46,818 76,839 292,948 59,318 18,171 10,613 23,611 98,078 83,157

Total foreign 

 countries................ 25,568,047 11,583,841 1,038,203 1,187,338 6,655,437 1,934,176 3,169,052 25,120,464 11,045,397 1,048,073 1,226,971 6,502,604 2,068,824 3,228,595

International and regional orgs: 

International organizations ... 21,204 8,899 3,401 1,637 58 6,918 291 32,274 8,905 4,599 2,636 62 15,893 179

Regional organizations 6 ..... 14,704 692 1,574 528 37 11,022 851 9,671 610 1,999 641 30 5,648 743

Total international and 

 regional organizations ....... 35,908 9,591 4,975 2,165 95 17,940 1,142 41,945 9,515 6,598 3,277 92 21,541 922

Grand total..................... 25,603,955 11,593,432 1,043,178 1,189,503 6,655,532 1,952,116 3,170,194 25,162,409 11,054,912 1,054,671 1,230,248 6,502,696 2,090,365 3,229,517

1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.”

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of 

the former Yugoslavia recognized as independent states by the United States are reported under “All other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, 

Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. For data as of 

January 2009, also includes Slovakia. 

4

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other 

Caribbean.” 

6 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
80 CAPITAL MOVEMENTS

September 2010 

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2007 2008 2009

 2010

Jan. - June

 2010

 Apr. - June

United Kingdom ....................... 546,592 328,706 212,831 183,593 94,119 

All other Europe ....................... 5,310 -105,325 33,475 2,821 2,634 

Caribbean banking centers 1 ... 74,788 -74,524 23,966 35,118 6,797 

Japan ....................................... -303 57,276 128,220 83,104 42,820 

All other Asia............................ 234,778 193,377 187,655 68,117 14,526 

Subtotal................................ 861,165 399,510 586,147 372,753 160,896 

All other countries .................... 144,657 15,379 52,971 50,829 16,316 

Grand total ........................... 1,005,822 414,889 639,118 423,582 177,212 

1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, 

also includes the British Virgin Islands. 

The data on this page represent 

foreign investors’ purchases and 

sales of long-term U.S. securities 

(that is, U.S. Treasury and 

Government agency bonds and notes, 

and U.S. corporate bonds and stocks) 

as reported in the TIC reporting 

system. Foreign investors have also 

acquired U.S. equities through 

mergers and reincorporations that 

involve stock swaps, but these 

acquisitions have been relatively 

small in recent years, totaling $11 

billion in 2007, no acquisitions in 

2008, and acquisitions of less than $1 

billion in 2009. Acquisitions picked 

up to nearly $9 billion in the first half 

of 2010. (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 $234 

billion in 2007, $191 billion in 2008, 

$203 billion in 2009, and $111 

billion in the first half of 2010. 

After including stock swaps and 

accounting for ABS repayment 

flows, net foreign acquisitions of 

U.S. securities totaled $782 billion in 

2007. Net acquisitions slowed 

dramatically in 2008 to $224 billion, 

as foreign investors continued to 

acquire U.S. securities in the first half 

of the year, but on net sold U.S. 

securities in the second half of the 

year. Foreign net purchases 

recovered to $436 billion in 2009, 

and the pace of acquisition picked up 

further in the first half of 2010, when 

foreign net purchases were recorded 

at nearly $322 billion.

-200

-100

0

100

200

300

400

500

600

700

800

900

2007 2008 2009 2010 

Jan.- June

2010 

Apr. - June

United Kindom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net

purchases during 2010 w ith those in prior

years, the chart design depicts data for all periods

at an annualized rate.
 CAPITAL MOVEMENTS 

September 2010 

81

The data on this page represent U.S. 

investors’ purchases and sales of longterm foreign securities as reported to 

the TIC reporting system. U.S. 

investors also have acquired foreign 

stocks through mergers that involve 

stock swaps. Net acquisitions through 

stock swaps amounted to $19 billion in 

2006, $12 billion in 2007, $7 billion in 

2008, and $2 billion in 2009. No stock 

swaps were recorded during the first 

quarter of 2010; however, stocks swaps 

accounted for $1.4 billion of net 

acquisitions in the second quarter of 

2010. (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 $270 

billion in 2006, but then eased 

somewhat to $240 billion in 2007. U.S. 

investors switched to net sales of $67 

billion in foreign securities in 2008. 

U.S. investors’ acquisitions recovered 

to $199 billion in 2009. The pace of 

activity has slowed during the first half 

of 2010, as U.S. investors have 

acquired $60 billion in foreign 

securities. 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2006 2007 2008 2009

 2010 

Jan. - June

 2010 

 Apr. - June

Foreign bonds ...... 144,452 133,905 -53,942 138,249 30,255 -3,259

Foreign stocks...... 106,455 95,300 -20,246 59,323 28,515 19,279

Total ................... 250,907 229,205 -74,188 197,572 58,770 16,020

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 

-200

-100

0

100

200

300

400

500

2006 2007 2008 2009 2010

Jan.-June 

2010

Apr.-June 

Foreign Bonds Foreign Stocks Total

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2010

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.
CAPITAL MOVEMENTS 

September 2010 

82 

SECTION V.—Holdings of, and Transactions in, Financial Derivatives 

Contracts with Foreigners Reported by Businesses in the United States 

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, 

by Type of Contract 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2008 2009 2010 

 Dec. Mar. June Sept. Dec. Mar. p

Gross total of holdings with negative fair values ........................... 5,967,815 5,412,106 3,900,274 3,996,282 3,384,073 3,342,229

Total over-the-counter (OTC) contracts..................................... 5,904,724 5,374,379 3,867,363 3,960,823 3,345,292 3,300,262

Single-currency interest rate contracts.................................. 3,977,190 3,638,340 2,691,915 2,980,283 2,532,614 2,579,876

Forwards ............................................................................ 9,851 6,214 6,410 6,232 5,733 6,664

Swaps ................................................................................ 3,685,072 3,367,808 2,461,510 2,733,210 2,310,646 2,372,060

Options............................................................................... 282,267 264,318 223,995 240,841 216,235 201,152

Foreign exchange contracts .................................................. 481,833 323,645 282,152 303,964 251,011 240,498

Forwards ............................................................................ 169,983 104,191 80,532 85,655 68,419 71,865

Swaps ................................................................................ 234,573 163,323 158,090 177,310 139,065 124,479

Options............................................................................... 77,277 56,131 43,530 40,999 43,527 44,154

Other contracts ...................................................................... 1,445,701 1,412,394 893,296 676,576 561,667 479,888

Equity ................................................................................. n.a. 85,255 62,762 63,034 55,363 41,648

Credit.................................................................................. n.a. 1,169,626 698,936 494,829 404,839 327,415

All other .............................................................................. n.a. 157,513 131,598 118,713 101,465 110,825

Total exchange-traded contracts ............................................... 63,091 37,727 32,911 35,459 38,781 41,967

Own contracts on foreign exchanges .................................... 1,725 2,175 1,330 1,169 515 963

U.S. customers’ contracts on foreign exchanges.................. 7,325 8,029 6,230 5,090 4,369 5,613

Foreign counterparty contracts on U.S. exchanges .............. 54,041 27,523 25,351 29,200 33,897 35,391

Memorandum items: 

Contracts with own foreign office........................................... 1,423,392 1,348,473 953,188 1,005,797 847,311 808,253

Contracts with foreign official institutions .............................. 26,636 17,054 13,078 15,288 14,299 14,759

Contracts of U.S. depository institutions with foreigners....... 2,803,032 n.a. n.a. n.a. n.a. n.a.

Gross total of holdings with positive fair values............................. 6,127,450 5,563,217 4,056,571 4,135,557 3,512,007 3,455,642

Total over-the-counter (OTC) contracts..................................... 6,065,174 5,526,367 4,022,588 4,099,829 3,472,474 3,412,727

Single-currency interest rate contracts.................................. 4,053,356 3,722,984 2,779,770 3,052,513 2,596,825 2,643,674

Forwards ............................................................................ 10,831 7,873 7,475 7,011 5,440 6,390

Swaps ................................................................................ 3,719,245 3,422,647 2,525,824 2,782,042 2,357,111 2,418,808

Options............................................................................... 323,280 292,464 246,471 263,460 234,274 218,476

Foreign exchange contracts .................................................. 497,234 329,872 299,728 332,739 283,361 260,897

Forwards ............................................................................ 180,414 103,874 79,760 87,887 71,974 70,930

Swaps ................................................................................ 229,552 161,932 170,712 198,629 164,657 142,395

Options............................................................................... 87,268 64,066 49,256 46,223 46,730 47,572

Other contracts ...................................................................... 1,514,584 1,473,511 943,090 714,577 592,288 508,156

Equity ................................................................................. n.a. 57,010 49,227 51,084 41,864 38,397

Credit.................................................................................. n.a. 1,244,167 753,286 535,975 445,687 358,313

All other .............................................................................. n.a. 172,334 140,577 127,518 104,737 111,446

Total exchange-traded contracts ............................................... 62,276 36,850 33,983 35,728 39,533 42,915

Own contracts on foreign exchanges .................................... 1,852 1,734 1,362 1,016 751 1,248

Customers’ contracts on foreign exchanges ......................... 7,387 6,938 4,935 4,538 3,707 5,030

Foreign counterparty contracts on U.S. exchanges .............. 53,037 28,178 27,686 30,174 35,075 36,637

Memorandum items: 

Contracts with own foreign office........................................... 1,429,761 1,369,287 981,442 1,035,691 877,838 833,309

Contracts with foreign official institutions .............................. 20,794 17,257 15,604 15,141 12,483 11,630

Contracts of U.S. depository institutions with foreigners....... 2,837,891 n.a. n.a. n.a. n.a. n.a.

 
 CAPITAL MOVEMENTS 

September 2010 

83

TABLE CM-V-2.—Gross Total of Holdings with Negative Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 2010

Country Dec. Mar. June Sept. Dec. Mar. p

Europe: 

Belgium .......................................................................... 23,990 21,017 13,115 10,800 11,547 12,149

France............................................................................ 302,240 267,759 185,376 167,500 146,695 148,536

Germany ........................................................................ 357,176 325,000 220,570 241,132 198,962 204,195

Ireland ............................................................................ 411,112 397,375 298,678 332,925 261,472 241,525

Italy................................................................................. 11,448 11,925 8,308 8,365 7,533 7,956

Netherlands.................................................................... 42,442 34,357 21,317 16,827 13,700 13,518

Switzerland .................................................................... 114,215 93,177 68,733 65,465 49,047 52,331

United Kingdom ............................................................. 4,096,765 3,754,177 2,697,472 2,762,253 2,357,628 2,316,351

All other Europe ............................................................. 77,322 65,962 51,883 63,316 41,536 45,042

Total Europe .............................................................. 5,436,710 4,970,749 3,565,452 3,668,583 3,088,120 3,041,603

Memo: Euro Area 1 ........................................................ 1,191,135 1,098,407 780,096 810,438 665,956 655,795

Memo: European Union 2............................................... 5,311,575 4,868,720 3,489,861 3,584,467 3,032,479 2,981,091

Canada............................................................................... 90,601 77,738 55,278 52,224 40,259 44,159

Total Latin America............................................................ 13,049 11,854 11,235 8,797 7,965 7,886

Caribbean: 

Cayman Islands ............................................................. 133,614 111,254 76,141 62,108 64,040 62,271

All other Caribbean ........................................................ 33,447 21,823 15,378 14,448 11,885 13,955

Total Caribbean ......................................................... 167,061 133,077 91,519 76,556 75,925 76,226

Asia: 

Japan ............................................................................. 142,646 119,009 101,125 102,555 92,527 93,637

All other Asia.................................................................. 77,125 62,725 47,659 45,581 30,653 30,035

Total Asia ................................................................... 219,771 181,734 148,784 148,136 123,180 123,672

Total Africa......................................................................... 5,507 4,687 3,610 5,168 16,612 16,903

Other countries: 

Australia ......................................................................... 24,498 22,279 16,335 26,288 22,484 22,859

All other.......................................................................... 1,265 1,162 997 920 742 769

Total other countries .................................................. 25,763 23,441 17,332 27,208 23,226 23,628

Total foreign countries ........................................... 5,958,462 5,403,280 3,893,210 3,986,672 3,375,287 3,334,077

Total international and regional organizations................... 9,355 8,826 7,063 9,610 8,784 8,155

Grand total ................................................................. 5,967,815 5,412,106 3,900,274 3,996,282 3,384,073 3,342,229

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia.

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, 

Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

September 2010 

84 

TABLE CM-V-3.—Gross Total of Holdings with Positive Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 2010 

Country Dec. Mar. June Sept. Dec. Mar. p 

 

Europe: 

Belgium .............................................................. 30,559 28,326 18,103 14,372 15,852 16,497

France ................................................................ 328,209 287,586 205,911 189,296 165,558 167,239

Germany............................................................. 365,763 334,350 238,970 260,230 217,411 219,022

Ireland ................................................................ 424,358 406,282 313,260 352,763 281,563 256,794

Italy..................................................................... 15,130 14,315 11,741 11,592 10,622 10,788

Netherlands........................................................ 45,155 37,071 26,771 21,482 16,550 16,147

Switzerland......................................................... 123,836 99,416 72,601 71,281 55,751 57,457

United Kingdom.................................................. 4,160,618 3,818,502 2,754,168 2,802,828 2,393,140 2,345,376

All other Europe ................................................. 68,471 58,008 41,757 54,947 36,648 39,507

Total Europe................................................... 5,562,099 5,083,856 3,683,282 3,778,791 3,193,095 3,128,827

Memo: Euro Area 1............................................. 1,247,252 1,142,111 839,037 875,188 729,109 709,555

Memo: European Union 2................................... 5,424,906 4,973,670 3,604,096 3,688,072 3,130,807 3,063,056

Canada................................................................... 92,214 77,908 57,959 56,739 44,332 46,058

Total Latin America ................................................ 15,652 15,357 14,131 11,865 10,698 11,397

Caribbean: 

Cayman Islands ................................................. 153,197 131,209 93,275 74,181 72,962 77,722

All other Caribbean ............................................ 32,889 21,941 18,434 16,415 13,799 15,008

Total Caribbean.............................................. 186,086 153,150 111,709 90,596 86,761 92,730

Asia: 

Japan.................................................................. 141,528 120,350 103,141 100,504 92,746 93,093

All other Asia ...................................................... 91,732 77,950 56,577 53,580 35,607 33,992

Total Asia ....................................................... 233,260 198,300 159,718 154,084 128,353 127,085

Total Africa ............................................................. 6,396 5,176 4,181 5,506 16,663 17,467

Other countries: 

Australia ............................................................. 26,023 23,528 20,506 32,441 27,517 28,130

All other .............................................................. 1,833 1,746 1,621 1,477 1,075 1,133

Total other countries ...................................... 27,856 25,274 22,127 33,918 28,592 29,263

Total foreign countries ............................... 6,123,563 5,559,021 4,053,107 4,131,499 3,508,494 3,452,827

Total international and regional organizations....... 3,888 4,197 3,462 4,058 3,513 2,817

Grand total ..................................................... 6,127,450 5,563,217 4,056,571 4,135,557 3,512,007 3,455,642

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia.

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, 

Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, 

and the United Kingdom. 
CAPITAL MOVEMENTS 

September 2010 

85

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Type of Contract 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

2009 2010 

Type of Derivatives Contract 

2008 

Total 

2009 

Total Jan. - Mar. Apr. - June July - Sept. Oct. - Dec. Jan. - Mar. p.

 

Total over-the-counter (OTC) contracts........................................... -20,147 41,265 12,021 1,874 5,951 21,419 9,313

Single-currency interest rate contracts ........................................ -3,684 26,349 -4,625 1,757 13,408 15,809 -771 

Foreign exchange contracts......................................................... -10,001 -313 4,471 374 -3,539 -1,619 6,309 

Other contracts............................................................................. -6,462 15,229 12,175 -257 -3,918 7,229 3,775 

Total exchange-traded contracts ..................................................... -12,800 9,539 -4,800 9,401 5,545 -607 6,525

Own contracts on foreign exchanges .......................................... -1,480 -287 -3,465 1,150 -1,012 3,040 2,880 

U.S. customers’ contracts on foreign exchanges ........................ -8,683 13,250 -2,222 8,109 7,252 111 2,781 

Foreign counterparty contacts on U.S. exchanges ..................... -2,637 -3,424 887 142 -695 -3,758 864 

Total net cash settlements from foreigners ..................................... -32,947 50,804 7,221 11,275 11,496 20,812 15,838

Memorandum items: 

Contracts with foreign official institutions................................. 1,831 -2,599 -674 -1,142 -708 -75 -357 

 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

September 2010 

86 

TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Country 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 2009 2010 

Country 

2008

Total

2009

Total r Jan. - Mar. Apr. - June. July - Sept. Oct. - Dec. Jan. - Mar. p

Europe: 

Belgium.......................................................................... -208 2,540 -570 1,073 1,261 776 838

France............................................................................ -19,184 6,052 377 3,667 586 1,422 -2,339

Germany........................................................................ -6,564 -1,578 -6,470 -428 2,204 3,116 2,988

Ireland............................................................................ -4,154 3,403 1,635 1,116 970 -318 -106

Italy ................................................................................ -2,423 690 -41 299 554 -122 -210

Netherlands ................................................................... -2,203 1,622 415 407 382 418 563

Switzerland .................................................................... -7,303 3,901 3,199 2,186 -1,726 242 1,900

United Kingdom............................................................. -5,022 28,908 9,343 2,435 3,369 13,761 9,823

All other Europe............................................................. 7,316 -5,567 -525 -1,249 -816 -2,977 195

Total Europe .............................................................. -39,745 39,971 7,363 9,506 6,784 16,318 13,652

Memo: Euro area 1 ........................................................ -30,990 7,452 -3,685 4,363 4,749 2,025 1,931

Memo: European Union 2 .............................................. -36,060 33,522 3,428 6,189 8,061 15,844 11,276

Canada .............................................................................. 3,277 -7,330 -1,109 -2,599 -2,336 -1,286 -2,087

Total Latin America............................................................ 728 1,518 856 -152 158 656 158

Caribbean: 

Cayman Islands............................................................. 11,011 6,761 1,843 -132 2,783 2,267 4,608

All other Caribbean........................................................ 4,902 1,846 1,370 -145 1,009 -388 842

Total Caribbean......................................................... 15,913 8,607 3,213 -277 3,792 1,879 5,450

Asia: 

Japan............................................................................. -9,685 -3,841 -1,959 2,006 -2,070 -1,818 -2,248

All other Asia ................................................................. -4,317 7,849 1,051 1,987 2,820 1,991 516

Total Asia................................................................... -14,002 4,008 -908 3,993 750 173 -1,732

Total Africa ........................................................................ -148 449 -627 53 -166 1,189 35

Other countries: 

Australia......................................................................... 1,049 4,259 -1,156 1,076 2,871 1,468 484

All other.......................................................................... 92 286 -76 10 104 248 45

Total other countries.................................................. 1,141 4,545 -1,232 1,086 2,975 1,716 529

Total foreign countries........................................... -32,836 51,768 7,556 11,610 11,957 20,645 16,005

Total international and regional organizations .................. -121 -964 -335 -333 -463 167 -167

Grand total................................................................. -32,947 50,804 7,221 11,275 11,496 20,812 15,838

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. 

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, 

Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, 

and the United Kingdom. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
September 2010 

87

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout 

the calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

September 2010 

88 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

 

01/06/10 .................................................................... 650,413 656,423 223 1.0333 

01/13/10 .................................................................... 659,356 664,330 -424 1.0319 

01/20/10 .................................................................... 664,173 672,319 -170 1.0477 

01/27/10 .................................................................... 672,500 678,530 -663 1.0657 

 

02/03/10 .................................................................... 692,356 697,721 -595 1.0608 

02/10/10 .................................................................... 686,826 692,102 -541 1.0667 

02/17/10 .................................................................... 686,886 692,855 -135 1.0455 

02/24/10 .................................................................... 713,639 716,869 -240 1.0551 

 

03/03/10 .................................................................... 735,084 738,042 251 1.0286 

03/10/10 .................................................................... 732,106 734,646 -72 1.0241 

03/17/10 .................................................................... 679,977 684,512 n.a. 1.0110 

03/24/10 .................................................................... 684,691 689,957 n.a. 1.0268 

03/31/10 .................................................................... 718,445 722,310 n.a. 1.0156 

 

04/07/10 .................................................................... 719,947 723,977 n.a. 1.0028 

04/14/10 .................................................................... 701,341 704,931 n.a. 0.9960 

04/21/10 .................................................................... 726,463 730,497 n.a. 0.9983 

04/28/10 .................................................................... 753,611 759,398 n.a. 1.0125 

 

05/05/10 .................................................................... 782,930 791,188 n.a. 1.0264 

05/12/10 .................................................................... 767,064 773,775 n.a. 1.0197 

05/19/10 .................................................................... 783,689 788,912 n.a. 1.0510 

02/26/10 .................................................................... 793,760 798,071 n.a. 1.0647 

 

06/02/10 .................................................................... 819,107 819,473 n.a. 1.0404 

06/09/10 .................................................................... 791,510 793,737 n.a. 1.0395 

06/16/10 .................................................................... 719,282 718,067 n.a. 1.0236 

06/23/10 .................................................................... 707,597 699,578 n.a. 1.0434 

06/30/10 .................................................................... 747,290 742,384 n.a. 1.0606 

 
FOREIGN CURRENCY POSITIONS 

September 2010 

89

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2007 - Dec................... 694,064 714,446 197,438 182,233 71,200 69,421 72,055 77,515 -522 0.9881 

2008 - Dec................... 634,789 666,685 175,405 154,246 34,361 32,641 36,089 37,162 -829 1.2240 

2009 - July................... 647,026 670,748 142,291 125,957 37,438 36,377 39,567 39,818 355 1.0791 

Aug .................. 648,266 672,676 147,446 125,937 40,801 41,966 50,886 46,542 n.a. 1.0967 

Sept................. 646,686 664,469 140,386 128,353 41,859 40,549 39,668 37,879 -330 1.0719 

Oct................... 685,023 701,400 139,399 123,302 40,039 64,632 65,677 39,974 n.a. 1.0767 

Nov .................. 679,888 696,792 137,546 124,358 43,951 43,131 42,633 41,135 251 1.0570 

Dec .................. 645,575 652,561 136,935 123,106 34,825 35,049 39,374 39,028 80 1.0461 

2010 - Jan. .................. 702,242 707,314 140,212 126,411 39,052 39,970 46,758 45,743 -696 1.0652 

Feb .................. 732,800 738,677 150,096 136,212 41,629 42,693 46,086 43,217 -213 1.0520 

Mar .................. 726,836 731,792 150,973 136,715 44,564 42,035 45,197 45,613 n.a. 1.0156 

Apr................... 798,006 805,069 151,177 136,383 48,298 44,578 45,374 41,132 n.a. 1.0112 

May.................. 788,818 795,100 147,490 133,686 53,264 50,203 48,879 45,241 n.a. 1.0497 

June................. 755,921 752,880 147,225 133,835 47,892 45,164 46,665 42,091 n.a. 1.0606 

 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2007 - Dec................... 9,864 17,299 90,515 74,923 n.a. 1,186 1,628 703 -300 0.9881 

2008 - Mar................... 24,894 21,409 110,013 71,727 836 957 2,125 1,310 -470 1.0275 

 June ................. 25,156 21,808 139,752 77,457 418 1,328 2,216 1,914 -422 1.0185 

Sept.................. 23,605 27,206 126,237 74,740 n.a. 1,195 1,979 n.a. n.a. 1.0597 

Dec................... 14,969 27,815 110,044 67,230 n.a. 743 1,846 n.a. n.a. 1.2240 

2009 - Mar................... 8,282 19,513 85,319 62,047 185 381 1,261 861 n.a. 1.2606 

June ................. 12,824 18,576 66,859 43,860 n.a. 196 n.a. 325 -78 1.1626 

Sept.................. 11,176 19,962 63,808 35,565 135 174 n.a. 489 -33 1.0719 

Dec................... 18,006 20,677 68,743 37,845 n.a. 191 n.a. 384 n.a. 1.0461 

2010 - Mar................... 23,218 23,775 77,202 39,870 2,063 n.a. n.a. n.a. 322 1.0156 

 
FOREIGN CURRENCY POSITIONS 

September 2010 

90 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

(4) 

 

01/06/10 .................................................................. 301,787 305,187 140 92.53 

01/13/10 .................................................................. 311,127 314,910 284 91.38 

01/20/10 .................................................................. 305,148 309,305 299 91.23 

01/27/10 .................................................................. 314,459 319,209 512 89.41 

 

02/03/10 .................................................................. 311,513 315,395 421 91.11 

02/10/10 .................................................................. 309,689 314,207 396 89.88 

02/17/10 .................................................................. 312,480 316,698 n.a. 90.79 

02/24/10 .................................................................. 322,161 326,144 n.a. 90.06 

 

03/03/10 .................................................................. 305,569 309,409 n.a. 88.43 

03/10/10 .................................................................. 312,321 316,530 n.a. 90.62 

03/17/10 .................................................................. 299,576 304,456 2,088 90.42 

03/24/10 .................................................................. 310,337 315,237 2,032 91.89 

03/31/10 .................................................................. 317,117 322,030 2,230 93.40 

 

04/07/10 .................................................................. 317,548 322,636 2,335 93.59 

04/14/10 .................................................................. 325,332 330,862 n.a. 93.01 

04/21/10 .................................................................. 318,414 324,404 n.a. 93.24 

04/28/10 .................................................................. 329,445 335,435 n.a. 94.07 

 

05/05/10 .................................................................. 362,659 368,840 n.a. 94.30 

05/12/10 .................................................................. 336,656 342,964 n.a. 92.93 

05/19/10 .................................................................. 344,647 350,222 n.a. 91.16 

05/26/10 .................................................................. 351,205 356,183 n.a. 90.28 

 

06/02/10 .................................................................. 339,310 344,251 n.a. 92.21 

06/09/10 .................................................................. 344,293 349,078 n.a. 91.54 

06/16/10 .................................................................. 317,255 322,611 n.a. 91.39 

06/23/10 .................................................................. 311,361 316,823 n.a. 90.10 

06/30/10 .................................................................. 322,173 327,011 n.a. 88.49 
FOREIGN CURRENCY POSITIONS 

September 2010 

91

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta

equivalent

(9) 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

 

2007 - Dec.................. 463,494 462,366 69,975 72,014 112,480 115,176 122,042 123,860 761 111.71 

2008 - Dec.................. 323,332 327,005 56,606 55,822 64,185 54,758 75,507 81,983 3,295 90.79 

2009 - July.................. 326,038 333,178 53,242 51,473 51,643 47,825 70,018 70,847 1,051 94.54 

Aug ................. 317,353 322,774 50,396 49,071 49,744 46,868 68,743 69,551 1,730 92.82 

Sept................ 341,851 346,132 48,825 48,884 46,473 43,663 65,172 66,319 1,096 89.49 

Oct.................. 324,548 328,399 47,717 46,352 46,763 44,041 68,695 70,823 419 90.50 

Nov ................. 333,408 337,219 52,009 50,182 46,550 44,091 68,217 70,403 252 86.12 

Dec ................. 315,246 318,612 47,222 46,493 43,595 42,074 69,546 70,896 160 93.08 

2010 - Jan .................. 337,145 341,807 45,917 44,518 43,173 42,478 68,301 69,919 468 90.38 

Feb ................. 342,485 346,919 47,084 46,334 43,553 43,041 68,435 70,886 n.a. 88.84 

Mar ................. 346,122 351,428 48,626 46,857 43,257 43,457 71,401 73,066 n.a. 93.40 

Apr.................. 350,382 356,862 48,332 46,595 43,151 43,768 70,858 72,100 n.a. 94.24 

May................. 356,488 362,385 48,131 46,717 44,812 44,584 70,345 72,119 n.a. 90.81 

June................ 347,306 353,273 49,054 47,212 44,310 43,527 69,102 71,128 n.a. 88.49 

 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

 

2007 - Dec................... 4,816 5,798 6,497 3,070 761 711 988 896 38 111.71 

2008 - Mar................... 5,441 6,554 11,048 2,696 376 340 1,097 866 58 99.85 

 June.................. 7,419 6,502 14,540 3,121 n.a. 364 1,027 549 18 106.17 

Sept.................. 6,208 6,529 12,792 3,175 338 356 1,032 516 13 105.94 

Dec................... 4,674 4,299 8,662 2,901 227 313 812 314 -11 90.79 

2009 - Mar................... 2,589 3,575 5,080 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 95 401 964 321 n.a. 89.49 

Dec................... 2,980 4,598 5,640 2,192 84 288 475 170 -9 93.08 

2010 - Mar................... 3,021 5,650 6,166 2,051 142 285 961 417 -66 93.40 

 
FOREIGN CURRENCY POSITIONS 

September 2010 

92 

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar)

(4) 

 

01/06/10 .................................................................. 724,700 726,054 2,244 1.0282 

01/13/10 .................................................................. 735,126 735,336 2,219 1.0194 

01/20/10 .................................................................. 727,829 728,986 1,971 1.0453 

01/27/10 .................................................................. 739,719 738,426 1,952 1.0472 

 

02/03/10 .................................................................. 745,946 743,855 1,371 1.0590 

02/10/10 .................................................................. 775,797 774,194 1,909 1.0682 

02/17/10 .................................................................. 767,269 763,802 1,631 1.0768 

02/24/10 .................................................................. 831,798 828,892 1,861 1.0779 

 

03/03/10 .................................................................. 818,668 817,176 1,897 1.0652 

03/10/10 .................................................................. 847,315 843,385 1,133 1.0702 

03/17/10 .................................................................. 800,467 798,920 1,562 1.0551 

03/24/10 .................................................................. 799,950 800,674 1,763 1.0692 

03/31/10 .................................................................. 814,520 813,086 1,928 1.0528 

 

04/07/10 .................................................................. 817,381 814,649 1,339 1.0716 

04/14/10 .................................................................. 799,427 799,519 n.a. 1.0512 

04/21/10 .................................................................. 816,608 816,666 563 1.0708 

04/28/10 .................................................................. 861,199 862,067 673 1.0910 

 

05/05/10 .................................................................. 921,605 918,787 19 1.1118 

05/12/10 .................................................................. 881,910 877,492 -404 1.1101 

05/19/10 .................................................................. 1,002,954 995,182 -1,543 1.1564 

05/26/10 .................................................................. 962,479 965,000 -614 1.1602 

 

06/02/10 .................................................................. 935,478 938,578 -357 1.1575 

06/09/10 .................................................................. 996,858 997,509 -262 1.1455 

06/16/10 .................................................................. 936,048 936,906 -1,332 1.1267 

06/23/10 .................................................................. 916,519 919,787 -304 1.1090 

06/30/10 .................................................................. 918,537 922,473 -161 1.0774 

 
FOREIGN CURRENCY POSITIONS 

September 2010 

93

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

 

2007 - Dec................... 981,030 987,962 95,668 96,554 296,139 295,801 258,017 244,868 4,527 1.1329 

2008 - Dec................... 685,168 683,919 65,440 69,021 162,230 158,197 175,827 178,706 -1,352 1.0673 

2009 - July................... 711,465 722,102 59,645 60,606 111,084 119,522 132,616 127,369 1,072 1.0668 

Aug .................. 732,213 732,954 57,277 58,769 110,838 119,333 133,140 122,523 n.a. 1.0569 

Sept................. 813,502 813,243 63,185 59,227 92,905 98,454 124,122 115,512 -446 1.0375 

Oct................... 814,676 815,763 65,171 62,190 90,693 97,082 124,578 115,619 n.a. 1.0238 

Nov .................. 800,988 801,930 69,985 67,137 96,478 101,925 119,732 110,347 n.a. 1.0050 

Dec .................. 738,468 740,741 65,625 62,642 91,492 93,507 108,091 102,644 1,914 1.0358 

2010 - Jan ................... 816,280 813,092 66,049 64,777 108,333 107,092 117,977 114,731 1,383 1.0557 

Feb .................. 855,627 852,980 70,458 64,678 110,852 108,855 120,685 116,250 1,645 1.0711 

Mar .................. 865,929 864,612 69,224 64,144 111,969 108,728 116,940 119,393 638 1.0528 

Apr................... 892,252 893,128 72,440 67,226 112,688 111,095 119,076 118,345 1,250 1.0767 

May.................. 968,263 967,749 87,446 76,122 138,309 139,347 132,562 130,949 -394 1.1534 

June................. 965,304 969,084 69,441 61,502 148,117 143,895 135,767 134,872 -527 1.0774 

 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

 

2007 - Dec................... 15,134 20,077 46,339 10,338 584 283 535 324 -69 1.1329 

2008 - Mar................... 21,491 29,248 49,284 10,785 1,166 679 1,589 696 -16 0.9921 

June ................. 16,727 26,727 62,191 10,566 n.a. n.a. 2,031 n.a. -24 1.0202 

Sept.................. 15,916 28,686 63,301 11,924 n.a. n.a. 1,025 518 - 1.1189 

Dec................... 11,140 22,483 52,460 10,716 n.a. n.a. 438 544 n.a. 1.0673 

2009 - Mar................... 9,740 20,478 40,011 8,364 113 103 805 644 n.a. 1.1395 

June ................. 10,224 18,654 41,166 7,626 n.a. n.a. n.a. 285 n.a. 1.0867 

Sept.................. 10,249 18,023 42,832 7,643 n.a. n.a. 372 211 n.a. 1.0375 

Dec................... 11,702 18,533 44,073 8,570 n.a. 208 212 n.a. n.a. 1.0358 

2010 - Mar................... 7,785 15,776 43,909 7,963 n.a. n.a. 539 n.a. n.a. 1.0528 

 
FOREIGN CURRENCY POSITIONS 

September 2010 

94 

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

01/06/10 .................................................................. 994,593 1,007,512 n.a. 1.6016 

01/13/10 .................................................................. 1,033,779 1,050,339 2,111 1.6288 

01/20/10 .................................................................. 994,888 1,010,988 2,253 1.6287 

01/27/10 .................................................................. 1,039,465 1,051,126 2,719 1.6204 

 

02/03/10 .................................................................. 1,021,913 1,033,150 2,336 1.5915 

02/10/10 .................................................................. 1,075,995 1,083,842 2,082 1.5606 

02/17/10 .................................................................. 1,047,070 1,054,186 1,686 1.5704 

02/24/10 .................................................................. 1,128,070 1,130,054 1,022 1.5432 

 

03/03/10 .................................................................. 1,120,427 1,124,616 n.a. 1.5124 

03/10/10 .................................................................. 1,151,902 1,154,896 1,301 1.4977 

03/17/10 .................................................................. 1,090,423 1,094,299 n.a. 1.5296 

03/24/10 .................................................................. 1,083,379 1,088,635 n.a. 1.4914 

03/31/10 .................................................................. 1,096,089 1,104,905 n.a. 1.5186 

 

04/07/10 .................................................................. 1,097,752 1,104,167 n.a. 1.5246 

04/14/10 .................................................................. 1,065,069 1,073,894 n.a. 1.5484 

04/21/10 .................................................................. 1,115,375 1,127,810 n.a. 1.5397 

04/28/10 .................................................................. 1,167,436 1,178,777 n.a. 1.5160 

 

05/05/10 .................................................................. 1,140,022 1,156,185 n.a. 1.5134 

05/12/10 .................................................................. 1,214,935 1,226,391 582 1.4855 

05/19/10 .................................................................. 1,181,361 1,197,288 836 1.4349 

05/26/10 .................................................................. 1,200,591 1,216,632 1,571 1.4401 

 

06/02/10 .................................................................. 1,251,194 1,268,237 n.a. 1.4641 

06/09/10 .................................................................. 1,264,422 1,283,176 n.a. 1.4585 

06/16/10 .................................................................. 1,163,103 1,180,279 n.a. 1.4838 

06/23/10 .................................................................. 1,151,659 1,171,417 n.a. 1.4887 

06/30/10 .................................................................. 1,180,990 1,201,732 n.a. 1.4947 

 
FOREIGN CURRENCY POSITIONS 

September 2010 

95

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2007 - Dec................... 1,106,323 1,121,684 450,883 372,556 80,197 69,881 93,248 103,301 3,400 1.9843 

2008 - Dec................... 975,940 995,931 495,444 342,452 44,891 43,251 51,977 53,230 631 1.4619 

2009 - July................... 1,003,246 1,026,694 400,352 311,238 45,368 39,267 38,050 47,595 1,252 1.6713 

Aug .................. 963,725 978,536 406,179 326,523 48,135 42,025 49,993 59,033 n.a. 1.6314 

Sept................. 1,065,984 1,083,972 431,385 329,870 45,843 41,693 47,004 51,984 n.a. 1.6004 

Oct................... 1,021,291 1,031,490 430,650 339,336 51,031 43,877 51,410 53,797 1,137 1.6479 

Nov .................. 1,030,923 1,039,320 419,501 335,661 51,998 45,301 51,220 56,970 1,698 1.6409 

Dec .................. 979,536 991,970 384,997 313,137 46,626 40,932 45,641 50,928 1,481 1.6167 

2010 - Jan ................... 1,074,225 1,090,781 410,345 331,893 57,725 49,572 52,968 56,437 2,142 1.6009 

Feb .................. 1,161,196 1,164,401 420,529 340,362 59,509 55,187 65,464 68,018 55 1.5239 

Mar .................. 1,132,495 1,140,638 421,033 333,418 71,075 67,472 72,867 82,289 n.a. 1.5186 

Apr................... 1,154,120 1,170,584 414,295 330,506 83,603 75,665 82,344 89,910 n.a. 1.5308 

May.................. 1,195,348 1,213,892 439,740 360,645 81,031 77,695 82,620 93,335 1,240 1.4492 

June................. 1,216,938 1,238,237 427,015 354,108 78,858 76,501 82,172 88,376 n.a. 1.4947 

 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2007 - Dec................... 11,365 22,642 76,423 26,918 139 159 3,733 n.a. -1,292 1.9843 

2008 - Mar................... 18,074 30,594 80,685 28,259 n.a. 90 1,956 883 -1,168 1.9855 

 June.................. 17,970 31,267 94,886 26,549 n.a. 302 2,046 1,195 n.a. 1.9906 

Sept.................. 18,814 32,314 94,119 31,139 127 184 4,010 924 n.a. 1.7804 

Dec................... 16,513 28,787 80,329 29,461 124 149 2,441 n.a. n.a. 1.4619 

2009 - Mar................... 12,645 15,895 56,756 32,465 153 137 2,142 763 n.a. 1.4300 

June ................. 8,486 14,527 60,057 33,670 n.a. 146 n.a. n.a. n.a. 1.6452 

Sept.................. 9,181 18,330 64,224 32,062 n.a. 77 1,164 n.a. n.a. 1.6004 

Dec................... 16,192 22,107 63,937 33,351 n.a. n.a. 791 n.a. -289 1.6167 

2010 - Mar................... 7,844 11,669 84,735 32,660 418 570 1,202 427 n.a. 1.5186 

 
FOREIGN CURRENCY POSITIONS 

September 2010 

96 

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

01/06/10 ................................................................ 14,461,340 14,559,003 -17,523 n.a. 

01/13/10 ................................................................ 15,509,593 15,593,634 -21,831 n.a. 

01/20/10 ................................................................ 15,447,586 15,523,909 -17,128 n.a. 

01/27/10 ................................................................ 15,801,532 15,871,161 -15,519 n.a. 

 

02/03/10 ................................................................ 15,702,778 15,771,015 -9,084 n.a. 

02/10/10 ................................................................ 16,061,325 16,126,001 -8,931 n.a. 

02/17/10 ................................................................ 15,876,003 15,934,087 -4,747 n.a. 

02/24/10 ................................................................ 16,498,604 16,556,044 -10,696 n.a. 

 

03/03/10 ................................................................ 15,962,100 16,020,582 -11,540 n.a. 

03/10/10 ................................................................ 16,318,710 16,371,425 -11,959 n.a. 

03/17/10 ................................................................ 15,591,978 15,593,333 5,444 n.a. 

03/24/10 ................................................................ 15,695,788 15,716,205 924 n.a. 

03/31/10 ................................................................ 16,100,074 16,107,134 -1,277 n.a. 

 

04/07/10 ................................................................ 15,948,987 15,964,284 -1,632 n.a. 

04/14/10 ................................................................ 16,108,787 16,108,536 1,225 n.a. 

04/21/10 ................................................................ 16,077,449 16,091,485 2,753 n.a. 

04/28/10 ................................................................ 16,829,102 16,837,481 5,150 n.a. 

 

05/05/10 ................................................................ 16,950,284 16,978,808 7,821 n.a. 

05/12/10 ................................................................ 16,947,656 16,970,003 7,665 n.a. 

05/19/10 ................................................................ 17,332,851 17,357,525 8,582 n.a. 

05/26/10 ................................................................ 17,480,942 17,505,304 11,267 n.a. 

 

06/02/10 ................................................................ 17,139,649 17,203,275 12,557 n.a. 

06/09/10 ................................................................ 17,329,792 17,364,018 10,875 n.a. 

06/16/10 ................................................................ 16,265,260 16,258,718 11,582 n.a. 

06/23/10 ................................................................ 16,129,915 16,145,265 9,782 n.a. 

06/30/10 ................................................................ 16,450,519 16,466,915 12,369 n.a. 

 
FOREIGN CURRENCY POSITIONS 

September 2010 

97

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2007 - Dec.............. 16,604,296 16,621,391 - - 2,665,228 2,579,678 2,534,065 n.a. 794 n.a. 

2008 - Dec.............. 14,157,193 14,295,305 - - 3,216,341 3,311,971 3,750,439 3,700,270 -4,233 n.a. 

2009 - July.............. 14,676,091 14,564,040 - - 2,258,719 2,310,391 2,545,795 2,541,530 -9,980 n.a. 

Aug ............. 14,103,597 14,037,241 - - 2,294,156 2,321,528 2,494,599 2,494,105 -30,037 n.a. 

Sept............ 15,268,940 15,285,964 - - 2,071,509 2,128,587 2,446,463 2,344,399 -8,481 n.a. 

Oct.............. 15,460,518 15,432,522 - - 2,220,632 2,180,974 2,318,595 2,412,270 -7,320 n.a. 

Nov ............. 15,875,303 15,922,525 - - 2,177,620 2,163,017 2,294,266 2,373,180 -7,667 n.a. 

Dec ............. 14,885,944 14,952,056 - - 2,052,927 2,046,809 2,083,198 2,176,834 -9,016 n.a. 

2010 - Jan .............. 16,632,091 16,662,046 - - 2,105,299 2,076,167 2,256,878 2,285,696 -7,050 n.a. 

Feb .............. 17,009,346 17,027,954 - - 2,103,407 2,097,941 2,218,115 2,270,302 -11,493 n.a. 

Mar .............. 16,916,483 16,903,081 - - 2,103,303 2,077,247 2,129,447 2,179,014 7,963 n.a. 

Apr............... 17,366,120 17,374,058 - - 1,986,485 2,047,004 2,127,507 2,168,824 8,359 n.a. 

May ............. 17,550,837 17,559,009 - - 2,006,778 2,083,480 2,130,357 2,174,365 14,998 n.a. 

June............. 17,234,670 17,220,537 - - 1,953,129 1,998,996 2,027,806 2,059,685 15,351 n.a. 

 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2007 - Dec................... 297,212 291,395 - - 29,007 22,828 13,464 10,454 2,111 n.a. 

2008 - Mar................... 384,255 382,695 - - 29,794 27,278 15,610 15,318 3,114 n.a. 

June.................. 340,324 342,590 - - 30,279 25,934 15,361 11,644 2,745 n.a. 

Sept .................. 346,969 328,750 - - 26,978 23,465 19,379 13,612 -109 n.a. 

Dec ................... 291,721 281,080 - - 25,365 15,176 8,439 6,931 1,145 n.a. 

2009 - Mar................... 229,519 196,627 - - 29,452 25,135 6,956 5,394 2,291 n.a. 

June.................. 237,066 197,226 - - 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................... 248,429 210,732 - - 26,305 15,869 12,439 11,812 1,690 n.a. 

 
FOREIGN CURRENCY POSITIONS 

September 2010 

98 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar)

(4) 

 

01/06/10 ............................................................................. 3,977,949 3,893,912 2,469 0.6943 

01/13/10 ............................................................................. 4,039,170 3,963,413 3,611 0.6900 

01/20/10 ............................................................................. 4,075,085 4,005,475 3,073 0.7095 

01/27/10 ............................................................................. 4,172,399 4,103,786 3,062 0.7116 

 

02/03/10 ............................................................................. 4,137,722 4,074,331 2,252 0.7191 

02/10/10 ............................................................................. 4,368,578 4,312,628 1,560 0.7288 

02/17/10 ............................................................................. 4,262,809 4,218,801 112 0.7341 

02/24/10 ............................................................................. 4,486,001 4,451,946 883 0.7366 

 

03/03/10 ............................................................................. 4,396,097 4,356,040 1,748 0.7283 

03/10/10 ............................................................................. 4,470,743 4,438,272 3,375 0.7322 

03/17/10 ............................................................................. 4,236,507 4,208,972 8,317 0.7279 

03/24/10 ............................................................................. 4,349,129 4,321,511 7,266 0.7492 

03/31/10 ............................................................................. 4,386,659 4,372,995 n.a. 0.7393 

 

04/07/10 ............................................................................. 4,399,746 4,385,832 9,284 0.7483 

04/14/10 ............................................................................. 4,444,646 4,431,506 n.a. 0.7317 

04/21/10 ............................................................................. 4,402,510 4,372,530 n.a. 0.7472 

04/28/10 ............................................................................. 4,754,447 4,721,882 7,994 0.7616 

 

05/05/10 ............................................................................. 4,842,473 4,795,035 7,438 0.7758 

05/12/10 ............................................................................. 4,879,795 4,835,500 12,861 0.7910 

05/19/10 ............................................................................. 5,145,664 5,102,478 11,490 0.8119 

05/26/10 ............................................................................. 4,984,629 4,932,738 n.a. 0.8181 

 

06/02/10 ............................................................................. 4,925,182 4,888,496 n.a. 0.8193 

06/09/10 ............................................................................. 5,045,173 5,002,210 7,401 0.8302 

06/16/10 ............................................................................. 4,694,451 4,665,155 n.a. 0.8115 

06/23/10 ............................................................................. 4,613,679 4,581,028 8,672 0.8181 

06/30/10 ............................................................................. 4,703,985 4,669,410 n.a. 0.8136 

 
FOREIGN CURRENCY POSITIONS 

September 2010 

99

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange 

rate 

(10) 

 

2007 - Dec................... 4,057,077 4,029,716 1,995,834 1,941,086 590,115 584,307 558,711 557,451 3,580 0.6848 

2008 - Dec................... 3,956,295 3,869,172 1,836,594 1,823,683 466,120 501,559 750,439 760,767 1,108 0.7184 

2009 - July................... 4,014,991 3,944,767 1,629,521 1,605,186 351,208 399,381 401,361 394,364 -294 0.7003 

Aug .................. 3,736,153 3,665,181 1,673,154 1,650,110 350,059 392,565 389,854 382,481 4,447 0.6967 

Sept................. 4,061,544 3,960,067 1,625,730 1,603,238 306,108 341,040 344,695 357,465 2,474 0.6835 

Oct................... 4,127,883 4,046,813 1,624,809 1,614,553 347,244 363,267 350,420 369,729 3,829 0.6777 

Nov .................. 4,225,794 4,136,183 1,620,863 1,620,684 337,529 367,743 358,489 365,836 4,373 0.6669 

Dec .................. 3,905,125 3,813,863 1,539,339 1,524,203 303,396 343,878 362,964 362,551 3,425 0.6977 

2010 - Jan ................... 4,331,934 4,268,591 1,567,836 1,555,371 328,537 350,359 402,367 393,950 2,393 0.7210 

Feb .................. 4,613,148 4,580,822 1,615,195 1,602,061 346,758 354,421 437,561 434,176 1,238 0.7321 

Mar .................. 4,556,092 4,543,413 1,608,346 1,561,207 336,906 343,753 425,880 414,774 n.a. 0.7393 

Apr................... 4,827,953 4,784,238 1,655,942 1,680,653 373,799 378,134 478,439 467,003 10,273 0.7518 

May.................. 4,916,101 4,874,520 1,847,683 1,821,177 401,977 416,111 549,067 534,132 8,590 0.8085 

June................. 4,875,898 4,841,231 1,786,738 1,748,774 402,371 414,315 572,433 549,029 6,780 0.8136 

 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange 

rate 

(10) 

 

2007 - Dec................... 81,522 80,991 213,943 138,149 8,674 2,806 5,653 2,137 -1,362 0.6848 

2008 - Mar................... 126,180 91,977 262,397 157,462 8,362 5,988 8,821 7,976 1,039 0.6327 

June.................. 116,332 88,752 272,427 119,914 9,806 3,601 10,018 5,693 3,067 0.6350 

Sept.................. 87,982 94,534 246,267 113,023 10,459 5,295 8,870 9,606 1,667 0.7102 

Dec................... 92,026 88,502 212,167 106,561 6,839 2,745 5,509 4,762 1,761 0.7184 

2009 - Mar................... 70,202 78,229 163,971 94,269 6,348 3,043 n.a. n.a. 1,529 0.7541 

June.................. 60,845 70,738 190,153 91,171 5,447 3,728 4,911 4,031 1,337 0.7133 

Sept.................. 61,451 71,630 195,739 88,701 3,932 2,135 4,389 2,517 835 0.6835 

Dec................... 56,682 71,813 186,442 84,509 4,315 5,441 6,307 1,914 -1,070 0.6977 

2010 - Mar................... 51,627 76,239 217,747 103,767 5,079 3,219 11,669 6,053 -2,245 0.7393 

 
September 2010 

100

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of Dec. 31, 2009, and Mar. 31, 2010 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Dec. 31, 2009 

Jan. 1, 2010, 

through 

Mar. 31, 2010 Mar. 31, 2010 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 20,442,333 -8,566 20,433,767 

Government Sponsored Enterprises (GSE) Securities ... - - -

Special drawing rights 1 ........................................................... 57,813,599 -1,817,503 55,996,096 

Foreign exchange and securities: 

European euro ..................................................................... 14,762,056 -763,630 13,998,426 

Japanese yen....................................................................... 10,338,052 -22,414 10,315,638 

Accounts receivable................................................................. 171,106 -32,050 139,056 

Total assets.......................................................................... 103,527,146 -2,644,163 100,882,983 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 29,671 -8,437 21,234 

Total current liabilities ...................................................... 29,671 -8,437 21,234 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 55,364,040 -1,746,360 53,617,680 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 60,564,040 -1,746,360 58,817,680 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... -683,417 -889,366 -1,572,783

Total capital...................................................................... 42,933,435 -889,366 42,044,069 

Total liabilities and capital............................................ 103,527,146 -2,644,163 100,882,983 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

September 2010 

101

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Jan. 1, 2010, 

through 

Mar. 31, 2010 

Fiscal year to date

Oct. 1, 2009, 

through 

Mar. 31, 2010 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -874,149 -1,599,278

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -77,432 -104,932

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 1,408 2,846 

U.S. Government securities......................................................... 3,201 5,311 

GSE Securities............................................................................. - 150 

Foreign exchange ........................................................................ 57,606 123,120 

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations............................................................... -889,366 -1,572,783

Net income (+) or loss (-)............................................................. -889,366 -1,572,783

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

September 2010 

105

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 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 2011) .............................................................................................................. 89 

less: 

Cash balance (fiscal year 2011) ......................................................................................................................................................................................... 9

Unfunded authorizations (fiscal year 2011)........................................................................................................................................................................ 80 

48-month revenue estimate (fiscal years 2012, 2013, 2014, and 2015)........................................................................................................................... 142

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

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2011) .............................................................................................................. 14

less: 

Cash balance (fiscal year 2011) ......................................................................................................................................................................................... 3

Unfunded authorizations (fiscal year 2011)........................................................................................................................................................................ 11

48-month revenue estimate (fiscal years 2012, 2013, 2014, and 2015)........................................................................................................................... 20
September 2010 

106

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

September 2010 

107

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
September 2010 

108

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

 Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of June 2010, the debt 

limit was $14,294,000 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 

September 2010 

109

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 
GLOSSARY 

September 2010 

110

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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