Contents

MARCH 2003

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction.—Federal Fiscal Operations ........................................................................................................................................... 10

Analysis.—Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source........................... 11

FFO-A.—Chart: Monthly Receipts and Outlays ............................................................................................................................... 13

FFO-B.—Chart: Budget Receipts by Source...................................................................................................................................... 13

FFO-1.—Summary of Fiscal Operations............................................................................................................................................. 14

FFO-2.—On-Budget and Off-Budget Receipts by Source............................................................................................................... 15

FFO-3.—On-Budget and Off-Budget Outlays by Agency............................................................................................................... 17

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency.............................................................. 19

FFO-5.—Internal Revenue Receipts by State..................................................................................................................................... 20

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury .................................................. 21

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances................................................ 21

FEDERAL DEBT 

Introduction.—Federal Debt.................................................................................................................................................................. 23

FD-1.—Summary of Federal Debt ....................................................................................................................................................... 24

FD-2.—Debt Held by the Public ........................................................................................................................................................... 25

FD-2.—Interest-Bearing Public Debt (Historical)............................................................................................................................. 26

FD-3.—Government Account Series ................................................................................................................................................... 27

FD-4.—Interest-Bearing Securities Issued by Government Agencies........................................................................................... 28

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

Private Investors....................................................................................................................................................................... 29

FD-6.—Debt Subject to Statutory Limit .............................................................................................................................................. 30

FD-6.—Debt Subject to Statutory Limitation (Historical)............................................................................................................... 30

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies....................................... 31

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................................... 33

TREASURY FINANCING.................................................................................................................................................................... 33

PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly 

and 52 -Week Treasury Bills Outstanding.......................................................................................................................... 36

PDO-2.—Offerings of Regular Weekly Treasury Bills .................................................................................................................... 40

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ........................................................ 41

PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills............................................. 42

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................................ 43

SBN-1.—Sales and Redemptions by Series, Cumulative................................................................................................................. 43

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined............................................ 44

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I ...................................................................................... 44
IV 

Contents 

OWNERSHIP OF FEDERAL SECURITIES 

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

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

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical)......................................... 48

OFS-2.—Estimated Ownership of U.S. Treasury Securities ........................................................................................................... 49

MARKET YIELDS 

Introduction.—Market Yields................................................................................................................................................................ 50

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes and Bonds .............................................................. 50

MY-A.—Chart: Yields of Treasury Securities................................................................................................................................... 51

MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds.................................................................. 52

MY-B.—Chart: Average Yields of Long-Term Treasury, Corporate and Municipal Bonds..................................................... 55

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ...................................................................................... 56

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin .......................................................................................... 56

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ............................. 57

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics................................................................................................................................ 61

IFS-1.—U.S. Reserve Assets................................................................................................................................................................. 61

IFS-2.—Selected U.S. Liabilities to Foreigners................................................................................................................................. 62

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

Residents of Foreign Countries.............................................................................................................................................. 63

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ...................................................................................................................................................... 64

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

CM-I-1.—Total Liabilities by Type and Holder................................................................................................................................ 66

CM-I-2.—Total Liabilities by Country................................................................................................................................................ 67

CM-I-3.—Total Liabilities by Type and Country.............................................................................................................................. 69

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

with Respect to Selected Countries..................................................................................................................................... 71

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

CM-II-1.—Total Claims by Type......................................................................................................................................................... 72

CM-II-2.—Total Claims by Country.................................................................................................................................................... 73

CM-II-3.—Total Claims on Foreigners by Type and Country ........................................................................................................ 75

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

with Respect to Selected Countries..................................................................................................................................... 77

SECTION III.—Supplementary Liabilities and Claims Data Reported by Banks in the United States

CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly

Reported Separately .......................................................................................................................................................... 78

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

in the United States

CM-IV-1.—Total Liabilities and Claims by Type............................................................................................................................. 79
V 

Contents 

CM-IV-2.—Total Liabilities by Country............................................................................................................................................. 80

CM-IV-3.—Total Liabilities by Type and Country........................................................................................................................... 82

CM-IV-4.—Total Claims by Country .................................................................................................................................................. 84

CM-IV-5.—Total Claims by Type and Country ................................................................................................................................ 86

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

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

CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.................................................... 89

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ....................................................... 90

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country............................................. 91

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

and Country, during (fourth quarter) ............................................................................................................................... 93

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

and Country, during (calendar year)................................................................................................................................ 95

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors.................................................................. 97

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions........................................................................................................................................ 98

SECTION I.—Canadian Dollar Positions

FCP-I-1.—Weekly Report of Major Market Participants................................................................................................................. 99

FCP-I-2.—Monthly Report of Major Market Participants.............................................................................................................100

FCP-I-3.—Quarterly Report of Large Market Participants............................................................................................................100

SECTION II.—Japanese Yen Positions

FCP-II-1.—Weekly Report of Major Market Participants.............................................................................................................101

FCP-II-2.—Monthly Report of Major Market Participants............................................................................................................102

FCP-II-3.—Quarterly Report of Large Market Participants..........................................................................................................102

SECTION III.—Swiss Franc Positions

FCP-III-1.—Weekly Report of Major Market Participants............................................................................................................103

FCP-III-2.—Monthly Report of Major Market Participants..........................................................................................................104

FCP-III-3.—Quarterly Report of Large Market Participants.........................................................................................................104

SECTION IV.—Sterling Positions

FCP-IV-1.—Weekly Report of Major Market Participants...........................................................................................................105

FCP-IV-2.—Monthly Report of Major Market Participants..........................................................................................................106

FCP-IV-3.—Quarterly Report of Large Market Participants.........................................................................................................106

SECTION V.—U.S. Dollar Positions

FCP-V-1.—Weekly Report of Major Market Participants.............................................................................................................107

FCP-V-2.—Monthly Report of Major Market Participants...........................................................................................................108

FCP-V-3.—Quarterly Report of Large Market Participants..........................................................................................................108

SECTION VI.—Euro Positions

FCP-VI-1.—Weekly Report of Major Market Participants...........................................................................................................109

FCP-VI-2.—Monthly Report of Major Market Participants..........................................................................................................110

FCP-VI-3.—Quarterly Report of Large Market Participants.........................................................................................................110
VI 

Contents 

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund....................................................................................................................................111

ESF-1.—Balance Sheet ........................................................................................................................................................................111

ESF-2.—Income and Expense.............................................................................................................................................................112

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Airport and Airway Trust Fund...............................................................................................................................115

TF-10.—Airport and Airway Trust Fund..........................................................................................................................................116

Introduction.—Uranium Enrichment Decontamination and Decommissioning Fund ..............................................................117

TF-11.—Uranium Enrichment Decontamination and Decommissioning Fund.........................................................................118

Introduction.—Black Lung Disability Trust Fund...........................................................................................................................119

TF-12.—Black Lung Disability Trust Fund......................................................................................................................................119

Introduction.—Harbor Maintenance Trust Fund..............................................................................................................................121

TF-13.—Harbor Maintenance Trust Fund.........................................................................................................................................121

Introduction.—Hazardous Substance Superfund.............................................................................................................................123

TF-14.—Hazardous Substance Superfund........................................................................................................................................123

Introduction.—Highway Trust Fund..................................................................................................................................................124

TF-15.—Highway Trust Fund.............................................................................................................................................................125

Introduction.—Inland Waterways Trust Fund..................................................................................................................................129

TF-16.—Inland Waterways Trust Fund.............................................................................................................................................129

Introduction.—Leaking Underground Storage Tank Trust Fund..................................................................................................130

TF-17.—Leaking Underground Storage Tank Trust Fund.............................................................................................................130

Introduction.—Nuclear Waste Fund...................................................................................................................................................131

TF-18.—Nuclear Waste Fund.............................................................................................................................................................131

TF-D.—Chart: Major Trust Funds, Interest on Investments, Fiscal 2001 and 2002..................................................................132

TF-E.—Chart: Major Trust Funds, Receipts and Expenses, Fiscal 2002 ....................................................................................132

Introduction.—Reforestation Trust Fund..........................................................................................................................................133

TF-19.—Reforestation Trust Fund.....................................................................................................................................................133

Introduction.—Aquatic Resources Trust Fund.................................................................................................................................134

TF-20.—Aquatic Resources Trust Fund............................................................................................................................................134

Introduction.—Oil Spill Liability Trust Fund...................................................................................................................................136

TF-21.—Oil Spill Liability Trust Fund..............................................................................................................................................136

Introduction.—Vaccine Injury Compensation Trust Fund.............................................................................................................137

TF-22.—Vaccine Injury Compensation Trust Fund........................................................................................................................137

Introduction.—Wool Research, Development, and Promotion Trust Fund................................................................................138

TF-23.—Wool Research, Development, and Promotion Trust Fund...........................................................................................138

RESEARCH PAPER INDEX ..............................................................................................................................................................139

GLOSSARY...........................................................................................................................................................................................140

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. 
VII

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

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

FFO-6.—Customs Collections of Duties, Taxes and Fees by Districts and Ports ................................ v 

Special Reports 

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

Trust Fund Reports: 

Airport and Airway Trust Fund................................................................................................ v 

Aquatic Res ources Trust Fund................................................................................................ v 

Black Lung Disability Trust Fund ................................................................................................ v 

Civil Service Retirement and Disability Fund................................................................ v 

Federal Disability Insurance Trust Fund ................................................................................................ v 

Federal Hospital Insurance Trust Fund................................................................................................ v 

Federal Old-Age and Survivors Insurance Trust Fund ................................................................ v 

Federal Supplementary Medical Insurance Trust Fund................................................................ v 

Harbor Maintenance Trust Fund................................................................................................ v 

Hazardous Substance Superfund................................................................................................ v 

Highway Trust Fund ................................................................................................................................ v 

Inland Waterways Trust Fund................................................................................................ v 

Investments of Specified Trust Accounts ................................................................................................ v 

Leaking Underground Storage Tank Trust Fund ................................................................ v 

National Service Life Insurance Fund ................................................................................................ v 

Nuclear Waste Fund................................................................................................................................ v 

Oil Spill Liability Trust Fund................................................................................................ v 

Railroad Retirement Account................................................................................................ v 

Reforestation Trust Fund................................................................................................ v 

Unemployment Trust Fund................................................................................................ v 

Uranium Enrichment Decontamination and Decommissioning Fund................................ v 

Vaccine Injury Compensation Trust Fund ................................................................ v 

Wool Research, Development, and Promotion Trust Fund................................................................ v 
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
3 

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product (GDP) 

Growth slowed sharply in the fourth quarter of 2002, 

according to advance estimates released by the Bureau of 

Economic Analysis at the Department of Commerce. Real 

GDP increased at a 0.7 percent annual rate, down from a 4.0 

percent pace in the third quarter. For the entire year, real 

GDP advanced 2.4 percent compared with an increase of 0.3 

percent in 2001, reflecting the return to growth after the 

2001 recession. 

Growth in personal consumption expenditures (PCE) 

slowed to 1.0 percent at an annual rate in the fourth quarter 

from 4.2 percent in the previous quarter, and its contribution 

to real GDP was sliced to 0.7 percentage point from 2.9 

percentage points . Most of the decrease in PCE growth 

during the fourth quarter was in purchases of durable goods 

(particularly motor vehicles), which fell 7.3 percent at an 

annual rate compared to a 22.8 percent increase in the third 

quarter. The decline in durables was more than offset by 

increased purchases of nondurable goods and services. 

Purchases of nondurable goods rose at a 3.9 percent rate in 

the fourth quarter, while purchases of services increased at a 

1.3 percent pace. 

Government consumption expenditures and gross 

investment, mostly at the Federal level, added another 0.9 

percentage point to real GDP growth in the fourth quarter. 

Federal Government spending increased by a rapid 10.1 

percent annual rate, up from 4.3 percent in the third quarter. 

State and local government spending rose at a 1.7 percent 

rate, down from 2.2 percent in the preceding quarter. 

After falling for eight consecutive quarters, business 

fixed investment increased in the fourth quarter, up 1.5 

percent at an annual rate. The improvement reflected 

continued growth in equipment and software investment in 

the quarter and a smaller decline in investment in structures. 

Investment in equipment and software rose at a 5.0 percent 

rate, somewhat slower than the 6.7 percent gain in the third 

quarter, while disinvestment in nonresidential structures 

moderated to 9.3 percent compared with 21.4 percent in the 

third quarter. Investment in residential structures grew at a 

6.8 percent pace in the quarter, up from 1.1 percent in the 

preceding quarter. Inventory investment was a negative 

factor in real GDP growth in the fourth quarter, shaving off 

0.6 percentage point, as stocks rose by much less than in the 

third quarter. 

Net exports of goods and services subtracted another 0.7 

percentage point from real GDP growth in the fourth quarter 

due to a wider trade deficit. Exports declined for the first 

time in four quarters, falling 1.7 percent at an annual rate, 

while imports rose at a 3.7 percent pace. 

Growth of Real GDP 

(Percent change, fourth quarter to fourth quarter) 

7 

6 

5 

4 

3 

2 

1 

0 

95 96 97 98 99 00 01 02 

2.2 

4.1 4.3 

4.8 

4.3 

2.3 

0.1 

2.8 

Inflation 

Inflation continued to be well behaved in 2002, although 

the pace picked up from 2001 in response to rising energy 

prices. During the 12 months of 2002, the consumer price 

index (CPI) rose by 2.4 percent, up from an increase of 1.6 

percent during 2001. After falling by 13.0 percent the 

previous year, energy prices jumped 10.7 percent during 

2002. The price of petroleum-based energy products surged 

23.7 percent last year, almost offsetting a drop of 24.5 

percent in 2001. Food prices rose by 1.5 percent during 

2002, after increases of 2.8 percent during each of the 

previous 2 years. “Core” inflation (prices excluding food and 

energy), a gauge of the underlying inflation rate, was only 

1.9 percent last year. This was down from 2.7 percent during 

2001 and, along with the same result for 1999, the smallest 

annual increase since the mid-1960s. 

At the producer level, finished goods prices rose by 1.2 

percent during 2002 after a decline of 1.6 percent the 

previous year. As with the CPI, the turnaround reflected a 

swing in energy prices, which dropped by more than 

17 percent during 2001 before increasing by almost 12 

percent last year. Core finished goods prices dipped by 

0.4 percent during 2002 following a 0.9 percent advance the 
4 PROFILE OF THE ECONOMY 

previous year, and food prices were down by 0.6 percent. 

Further back in the production chain, core intermediate 

materials prices have been little changed over the last few 

months, indicating no building price pressures. Volatile core 

crude prices have also been well behaved of late, following 

sizable increases last summer. 

Hourly compensation costs (including stock options) as 

calculated in the national income accounts for the private 

nonfarm business sector were up by 4.2 percent across the 

Consumer Prices 

(Percent change from a year earlier) 

7 

6 

5 

4 

3 

2 

1 

0 

90 91 92 93 94 95 96 97 98 99 00 01 02 

Excluding food and energy 

Total 

four quarters of 2002. This was just a little faster than the 3.8 

percent increase in productivity, yielding only a fractional 

0.3 percent increase in unit labor costs over the four quarters 

of 2002. The employment cost index for total compensation, 

a fixed-weighted compensation measure that does not 

account for stock options, increased by 3.4 percent for the 

12-month period ending in December, down from the 4.1 

percent increase during 2001. This is another indicator of a 

benign inflation environment. 

Producer Prices - Finished Goods 

(Percent change from a year earlier) 

8 

6 

4 

2 

0 

-2 

-4 

90 91 92 93 94 95 96 97 98 99 00 01 02 

Excluding food and energy 

Total 

Employment and unemployment 

Labor markets remained slack at the start of 2003. 

Although a handful of industries are hiring, most broad 

sectors have seen little job growth, on net, since late last 

summer. The unemployment rate has eased off of its 

December peak of 6.0 percent, but is still not much different 

from its 2002 average. 

Nonfarm payroll employment rose by 143,000 in 

January, but this followed a larger 156,000 loss in 

December. The swing was mainly due to a 101,000 increase 

in retail employment after a 99,000 drop in December, 

which likely reflected seasonal adjustment difficulties 

around the holidays. Outside of retail, employment gains 

were also recorded in construction and services but other 

industries showed little appreciable change in January. 

Manufacturing employment continued to fall for a 30th 

straight month, albeit at a slower pace than in previous 

months. 

The unemployment rate declined by 0.3 percentage point 

to 5.7 percent in January, but remained little changed 

compared to the 5.8 percent jobless rate averaged over the 

12 months of 2002. Uncertainty about the outlook for 

profits, the economic recovery and the geopolitical situation 

continued to weigh on businesses, contributing to their 

reluctance to undertake significant new hiring initiatives. 

Sluggish labor markets have had a dampening effect on 

wage growth over the past year. Average hourly earnings of 

nonfarm production workers in January were only 

2.7 percent above the year-earlier level, down from 

3.8 percent during the 12 months ended in January 2002. 

Growth in earnings adjusted for inflation has also slowed 

recently to just 0.1 percent from 3.0 percent during the year 

ended in January 2002. 
PROFILE OF THE ECONOMY 5 

Unemployment Rate Establishment Employment 

(Percent) (Average monthly change in thousands) 

7.0 500 

6.5 400 

300 

6.0 

200 

5.5 100 

5.0 0 

-100 

4.5 

-200 

4.0 -300 

3.5 -400 

94 95 96 97 98 99 00 01 02 03 00-I II III IV 0I-I II III IV 02-I II III IV 03-I* 

330 

176 

33 

99 

47 

-118-96 

-310 

-63 

12 31 

-56 

143 

*Based on January data 

Real disposable personal income and 

consumer spending 

Personal income in nominal terms grew by 4.4 percent 

during the four quarters of 2002, after rising by only 1.4 

percent during 2001. Wages and salaries, which account for 

just under 60 percent of personal income, increased by 3.4 

percent during 2002 after edging up only 0.3 percent during 

the previous year. Gains accelerated as 2002 progressed, 

culminating in a 4.3 percent annual rate of growth in wages 

and salaries in the fourth quarter. Boosting income growth 

during 2002 were transfer payments from government to 

individuals, which increased 9.2 percent in response to the 

sluggish economy. Other labor income, consisting mainly of 

employer contributions to pension funds and health 

insurance, rose 9.5 percent. Dividend income grew by more 

than 6 percent. Interest income, on the other hand, was 

essentially flat for the year, reflecting low interest rates. 

Disposable (after-tax) income adjusted for inflation 

surged by 5.9 percent during the four quarters of 2002, 

boosted by reduced withholding that had been legislated in 

the Economic Growth and Tax Relief and Reconciliation 

Act of 2001. 

Real consumer spending rose by 2-1/2 percent during 

2002, with wide swings from quarter to quarter attributable 

to automobile sales incentives. Spending rose at only a 1.0 

percent annual rate in the fourth quarter, following a 4.2 

percent rate of increase in the third when automobile sales 

surged. Because consumer spending grew more slowly than 

after-tax income in 2002, the personal saving rate rose to 3.9 

percent for the entire year, from a more than 60-year low of 

2.3 percent in 2001. 

Industrial production and capacity 

utilization 

Industrial production exhibited signs of renewed 

weakness in the second half of 2002 as output from 

factories, mines, and utilities contracted at an annual rate of 

2.9 percent in the fourth quarter. January data hinted that 

production was firming, however, as monthly output 

advanced by 0.7 percent, marking the biggest gain since last 

July and offsetting December’s decline of 0.4 percent. (The 

overall rise in January was boosted by a surge in utility 

output related to colder than normal weather.) Over the 12 

months ending in December, production increased by 1.8 

percent, compared to the sharp 5.9 percent decline over the 

same period in 2001. 

Manufacturing production, which accounts for just over 

87 percent of all industrial output, rose by a solid 0.5 percent 

in January. That advance reflected a 4.9 percent surge in 

production of motor vehicles and parts, which nearly 

reversed the 5.3 percent decline in December. Apart from 

automobiles, manufacturing output was up by only 0.1 

percent in January. Factory output dipped by 3.0 percent at 

an annual rate in the fourth quarter following a 3.0 percent 

advance in the third quarter. Production in the hightechnology industries (computers, communications 
6 PROFILE OF THE ECONOMY 

equipment, and semiconductors) has decreased since 

advancing by 11.9 percent at an annual rate in the second 

quarter of 2002, but still posted a respectable growth rate of 

6.5 percent in the fourth quarter. Communications 

equipment continued to soften in the second half of 2002, 

but computer production rose by a strong 25.5 percent in the 

fourth quarter. Nondurable manufacturing declined by 4.7 

percent at an annual rate in the fourth quarter as food and 

beverage, apparel, and chemicals slid sharply. 

The capacity utilization rate for the industrial sector 

increased 0.5 percentage point in January to 75.7 percent. 

Capacity utilization averaged 75.6 percent in 2002, the 

lowest yearly average since 1983 and 5.7 percentage points 

below the long-term average of 81.3. Capacity utilization in 

the manufacturing sector rose 0.3 percentage point to 73.7 

percent in January, but is still well below its long-term 

average of 80.2. Utilization in the high-tech industries 

remained unchanged at 61.7 percent in January. The 

utilization rate in this sector averaged 62.1 percent in 2002, 

well below the recent peak of 88.4 percent in 2000. 

Nonfarm productivity and unit labor costs 

Notwithstanding the slight decline in nonfarm business 

productivity in the fourth quarter of 2002, overall gains in 

productivity over the past several quarters have been 

extraordinary and the trend of strong advances is expected to 

continue. Labor productivity (real output per hour worked) 

grew successively by annual rates of 8.6 percent, 

1.7 percent, and 5.5 percent in the first three quarters of 

2002, then contracted by 0.2 percent in the year’s final 

quarter. Nonetheless, productivity over the four quarters of 

2002 grew by 3.8 percent, the largest fourth-to-fourth 

quarter growth rate since 1992. Since 1995, productivity 

growth has averaged 2.6 percent annually, well above the 

1.4 percent annual average rate from 1973 through 1995, 

illustrating an upward shift in trend productivity. 

Hourly labor compensation rose 4.6 percent at an annual 

rate in the fourth quarter and by 4.2 percent during the latest 

four quarters. Exceptional productivity growth has held 

down unit labor costs, which edged up only 0.3 percent 

during all of 2002, following a 0.5 percent decline in 2001. 

Apart from 2001’s decline, the 2002 increase was the 

smallest fourth-to-fourth quarter rise since 1983. Over all 

eight quarters of 2001 and 2002, unit labor costs were 

essentially flat, declining at a 0.1 percent annual rate. This 

represents the best two-year performance since the mid 

1960s. Such excellent cost performance has helped restrain 

inflation and could improve the outlook for business 

investment and future business expansion. 

Productivity in manufacturing also rose strongly in 

recent quarters. In the first three quarters of 2002, factory 

output per hour worked increased successively by annual 

rates of 7.8 percent, 4.2 percent, and 5.5 percent, before 

slowing to a 0.7 percent annual rate during the final quarter. 

Manufacturing productivity growth rose by 4.6 percent 

during all of 2002, contrasting with the sluggish 0.8 percent 

rate the previous year and on a par with the 4.4 percent rate 

averaged during the four years prior to that. Hourly 

compensation in manufacturing grew at a 3.8 percent annual 

rate over the latest four quarters. Low compensation growth 

and strong productivity have kept manufacturing unit labor 

costs well under control; unit labor costs declined 

0.7 percent in 2002 over the previous year. Falling labor 

costs should help stabilize profits in manufacturing, which 

had been hard hit during the recession. 

International transactions 

The U.S. current account deficit declined in the third 

quarter of 2002 to $508.2 billion (all figures are annualized), 

or 4.8 percent of nominal GDP, from an all-time high of 

$510.4 billion, or 4.9 percent of GDP, in the second quarter. 

The current account measures trade in goods and services, as 

well as investment income flows and unilateral transfers 

(including government grants and pension payments and 

private transfers to and from foreigners). It has generally 

been in deficit since the early 1980s, but has fluctuated 

widely over time. The $2.2 billion decrease in the third 

quarter reflected a large drop in the deficit on investment 

income that more than offset an uptick in the trade deficit to 

a record high of $443.4 billion and a small rise in net 

outflows for unilateral transfers. Despite the modest 

improvement, the current account gap is likely to reach a 

new high in 2002 with the average through the third quarter 

at $489.5 billion, or 4.7 percent of GDP. 

The current account is, by definition, matched by 

offsetting transactions in the capital and financial accounts, 

with any difference in the recorded flows listed as a 

statistical discrepancy. Capital account transactions, which 

consist mainly of debt forgiveness and wealth transfers 

associated with immigration, are typically small and have 

remained essentially unchanged at $0.8 billion since early 

2000. In the third quarter of 2002, the capital account edged 

up to $0.9 billion. The financial account measures 

transactions that alter foreign financial assets and liabilities 

of the United States. In the third quarter, net foreign 

investment in the United States surged to an all-time high of 

$689.7 billion, from $292.9 billion the previous quarter. U.S. 

purchases of foreign assets fell by $95.7 billion after a steep 

$524.3 billion run-up in the second quarter. A pronounced 

drop in U.S. banks’ claims on foreigners was largely 

responsible for the swing, although a shift in foreign 

securities transactions to net U.S. sales from net U.S. 

purchases in the second quarter and a slowdown in U.S. 

direct investment abroad also contributed. The pullback in 

U.S. investment activity overseas was accompanied by 

slower growth of net foreign investment in the United States, 

which amounted to $594.0 billion in the third quarter, 

compared to $817.2 billion in the second quarter. Net 

foreign purchases of U.S. securities, other than U.S. 

Treasuries, receded with a steep drop in corporate bond 
PROFILE OF THE ECONOMY 7 

purchases accounting for much of the slowdown. Foreign 

purchases of U.S. equities eased to their lowest level in 4 

years. In contrast, foreign demand for U.S. Treasuries 

rebounded to net purchases of $218.8 billion–the second 

highest level on record–after a $20.5 billion net sell-off in 

the second quarter, and foreign direct investment in the 

United States shifted back to a net inflow in the third quarter 

from a small net outflow in the previous 3-month period. 

Exchange rate of the dollar 

Despite short periods of recovery, the U.S. dollar has 

continued to trend lower since reaching a peak in February 

2002. In the 11 months since that peak, the nominal 

exchange value of the dollar relative to a broad index 

covering the currencies of 26 important U.S. trade partners 

has depreciated by 4.5 percent. This decline follows a period 

of sustained appreciation that saw the dollar’s value surge by 

12 percent between December 1999 and February 2002. 

The decline has been a function mainly of dollar 

weakness against the seven currencies of the United States’ 

major trading partners, including the euro area countries, 

Japan, Canada, the United Kingdom, Australia, Sweden, and 

Switzerland. Since February 2002, the exchange rate of the 

dollar compared to an index of these currencies fell by 11.8 

percent. Dollar depreciation against the yen and the euro, 

whose combined weights account for roughly 54 percent of 

the major index, has been largely responsible. Over the same 

period, the dollar/euro exchange rate fell by 22 percent and 

the dollar/yen exchange rate fell by 11.1 percent. Global 

investors’ concerns about corporate profitability and 

attendant implications for stock prices in the United States, 

the slowing pace of the U.S. economic recovery, and conflict 

in the Middle East are among the factors responsible for the 

dollar’s recent decline. 

The dollar remains quite strong compared with the 

currencies of many other important trading partners. Since 

February 2002, the exchange value of the dollar compared to 

an index of currencies that includes Mexico, China, Brazil, 

and seven other Asian countries continued to appreciate, 

rising by 5.1 percent. Since December 1999, this index has 

risen by 12.6 percent. 

. 

Interest rates 

The Federal Reserve eased monetary conditions multiple 

times in 2001 in response to the recession and the terrorist 

attacks, and then eased again last year in November. In total, 

the Federal Reserve has lowered the target for the federal 

funds rate (the rate that banks and other financial institutions 

charge each other for overnight loans) by 5-1/4 percentage 

points since the beginning of 2001 to 1-1/4 percent in mid -

February, the lowest level of federal funds rates since 1961. 

In response to the monetary easing, the interest rate for the 

3-month Treasury bill has fallen since the beginning of 2001 

from levels above 5 percent to current levels at mid -

February under 1.20 percent. 

Rates on long-term Treasury securities eased during the 

course of 2002. Starting at over 5percent early in the year, 

the 10-year Treasury rate was averaging below 4 percent by 

October, the lowest level since 1963, and at mid-February it 

still remains just below 4 percent. Long-term rates are 

influenced by several factors. Weakness in the economy in 

general has helped push them down. In addition, Treasury 

securities are desirable as safe havens against economic and 

geopolitical uncertainty. 

Mortgage interest rates generally follow the pattern of 

the 10-year Treasury. The interest rate on a conventional 30-

year fixed-rate loan has declined from a recent peak of 8-

1/2 percent in May 2000 to below 6 percent at mid -

February 2003—lows not seen since the mid 1960s. Such 

favorable mortgage rates have induced many homeowners to 

refinance, which has provided funds to support more 

consumption spending. 

Corporate bond yields are influenced by long-term 

Treasury rates, but are also affected by many other factors. 

Moody’s seasoned Baa yield on corporate bonds peaked in 

May 2000, and then underwent a series of declines to its 

current levels at mid-February at around 7.10 percent. The 

spread between the Baa yield and the 10-year Treasury yield 

rose sharply late in 2002, averaging over 3-3/4 percent in 

October, reflecting concerns about the reliability of 

corporate financial statements and increased perception of 

corporate and economic risk. The spread has since declined 

to under 3-1/4 percent by mid-February, which is still high 

by historical standards. 
8 PROFILE OF THE ECONOMY 

Short-term Interest Rates Long-term Interest Rates 

(Percent) (Percent) 

7.0 

Federal funds 

rate target 

3-month Treasury bills 

` 

10.0 

6.0 9.0 

8.0 

5.0 

7.0 

4.0 

6.0 

3.0 

5.0 

2.0 4.0 

1.0 3.0 

1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 

Corporate Baa bond 

Treasury 10-year note 

Housing 

The housing sector ended 2002 on a strong upswing and 

several indicators were near or at record levels for the year 

as a whole. Sales of new single-family homes totaled 

976,000 in 2002, an all-time high for this series which goes 

back to 1963. In the fourth quarter alone, the selling pace 

was over 1 million at an annual rate. Starts of single-family 

homes shot up at a 25 percent annual rate in the fourth 

quarter to an annual rate of 1.42 million, and for the year as 

a whole were 1.36 million, the highest since 1978. Total 

housing starts (including multi-family dwellings) reached 

1.75 million in 2002, the best year for home building since 

1986. 

The surge in housing starts in the final quarter of last 

year implies strong growth in the value of new housing 

construction going into 2003. Growth in real residential 

investment accelerated from an annual rate of 1.1 percent in 

the third quarter to 6.8 percent in the fourth quarter, and 

further gains are likely in the first quarter of 2003. 

Very low mortgage rates, favorable demographic 

conditions, the relative safety of housing as an investment 

and strong home price appreciation have been fueling the 

demand for homes. The mortgage interest rate for a 30-year 

conventional fixed-rate loan averaged just over 6 percent in 

the fourth quarter, near historic lows, and through January 

and early February declined even further to just below 5.9 

percent, the lowest since Freddie Mac began tracking this 

rate in 1971. The low rates have not only made home 

ownership possible for a growing number of families, but 

have also allowed homeowners to tap into their rising home 

equity through mortgage refinancings. This has helped 

improve consumer balance sheets and supported growth in 

consumer spending. 

Federal budget 

The Federal budget was in deficit by $158 billion in 

fiscal year 2002. That followed four straight years of 

surplus, but was a little better than the $165 billion deficit 

that had been projected in the July 2002 Mid-Session 

Review. In relation to GDP, the deficit represented a modest 

1.5 percent share. The shift from surpluses to deficit 

primarily reflected the effects of the economic recession in 

2001, declines in the stock market, and the increased 

spending required to combat terrorism and provide for 

domestic security. 

Debt held by the public rose by about $220 billion in 

fiscal 2002 to $3.54 trillion. That represented a 34.2 percent 

share of GDP, up from 33.1 percent in fiscal 2001 but 

otherwise the lowest since 1984. 

The Administration’s fiscal year 2004 budget projects 

deficits of $304 billion in fiscal 2003 and $307 billion in 

fiscal 2004, after which deficits begin to decline. Deficits in 

relation to the more than $10 trillion U.S. economy are 

projected to be moderate, rising to 2.8 percent in fiscal 2003 

and declining rapidly in later years. These estimates 

incorporate the President’s policy proposals, including the 

new growth and jobs package. That package would 

accelerate the 2001 tax cuts, eliminate the double taxation of 

dividends, increase small business expensing for new 

investment, and create personal reemployment accounts. 
PROFILE OF THE ECONOMY 9 

Those proposals are expected to accelerate economic growth 

and expand employment, thereby bringing the budget back 

to surplus. 

Receipts are projected to edge only fractionally lower in 

fiscal 2003, in contrast to a large 6.9 percent decline 

recorded in fiscal 2002. Thereafter, receipts are expected to 

Net national saving and investment 

Net national saving, the source of funds for new 

investment, fell to 2.3 percent of net national product (NNP) 

in the first three quarters of 2002 (latest available data) from 

3.8 percent in 2001, and a recent high of 7.5 percent in 1998. 

(Net national saving and NNP exc lude depreciation to 

replace worn-out or obsolete equipment, software and 

structures used in production.) 

The decline in the net national saving rate stemmed from 

a swing in the Federal budget from a surplus of 0.8 percent 

of NNP in calendar year 2001 to an average deficit of 

2.0 percent of NNP in the first three quarters of 2002. The 

reversal primarily reflected the effects of the recession and 

the requirements for homeland security following the 

terrorist attacks in 2001. The deficit of State and local 

governments also widened a bit in 2002 because of the 

weaker economy. Combined, the public sector recorded a 

deficit of 2.6 percent of NNP in the first three quarters of 

2002, compared to a surplus of 0.5 percent in 2001. Even so, 

the public sector deficit remained considerably below 

deficits averaging 3.9 percent of NNP from 1982 to 1995. 

Private saving rose in the first three quarters of 2002 to 

4.9 percent of NNP from 3.3 percent in 2001, which was the 

lowest rate since 1938. Both household saving and retained 

earnings reached lows in 2001 not seen in at least 50 years. 

Household saving rose substantially to 3.3 percent of NNP 

in the first three quarters of 2002 from 1.9 percent in 2001. 

The low saving rate in 2001 reflected the fact that the huge 

growth in the stock market before 2001 augmented 

household wealth so much that there was less incentive to 

save from income. Last year’s rise in saving showed a more 

cautious attitude on the part of consumers as the stock 

market declined and concerns about terroris m came to the 

fore, and got further impetus from the additional after-tax 

income for saving made available by the reduction in 

pick up sharply as economic growth accelerates. Outlays are 

projected to rise 6.4 percent in fiscal 2003 compared with a 

7.9 percent increase in fiscal 2002. Over the remaining five 

years of the budget forecast horizon, growth in outlays is 

projected to average 4.8 percent per year. 

marginal tax rates in January 2002. Retained earnings of 

corporations edged up to 1.6 percent of NNP in 2002 from 

1.4 percent in 2001. 

Net domestic investment (by government and private 

industry in structures, equipment, software, and inventory) 

slowed to 6.1 percent of NNP in the first three quarters of 

2002 from 6.8 percent in 2001 and almost 10 percent in each 

of the prior three years. Nevertheless, the figures in 2002 are 

still above investment rates of less than 5-1/2 percent in 

1991 and 1992. A large part of investment in the past decade 

was financed from abroad. U.S. net foreign investment 

swung from 0.3 percent of NNP in 1991 to -5.2 percent in 

the first three quarters of 2002. 

Net National Saving 

(Saving as a percent of NNP) 

15 

10 

5 

0 

-5 

-10 

60 65 70 75 80 85 90 95 00 * 

* 2002 based on first three quarters 

Public 

Total 
10 

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 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 11 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports. 

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source 

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

First-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the first quarter of fiscal 

2003 supplements fiscal data reported in the 

December issue of the “Treasury Bulletin.” At the 

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

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $197.7 billion for the first 

quarter of fiscal 2003. This is a decrease of $28.7 billion 

over the comparable prior year quarter. Withheld receipts 

decreased by $23.8 billion and non-withheld receipts 

decreased by $2.8 billion during this period. Refunds 

increased by $2.2 billion over the comparable fiscal 2002 

quarter. There was a decrease of $3.9 billion in accounting 

adjustments between individual income tax receipts and the 

Social Security and Medicare trust funds over the 

comparable quarter in fiscal 2002. 

Corporate income taxes—Net corporate income tax 

receipts were $33.0 billion for the first quarter of fiscal 

2003. This is a decrease of $22.7 billion compared to the 

prior year first quarter. The $22.7 billion change is 

comprised of a decrease of $18.9 billion in estimated and 

final payments, and an increase of $3.8 billion in corporate 

refunds. Approximately $32.2 billion in corporate payments 

were delayed from the fourth quarter of fiscal 2001 to the 

first quarter of fiscal 2002 due to deposit rule changes 

enacted as part of the Economic Growth and Tax Relief 

Reconciliation Act of 2001. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of fiscal 

2003 were $156.6 billion, an increase of $9.2 billion over the 

comparable prior year quarter. Receipts to the Federal OldAge and Survivors Insurance, Federal Disability Insurance, 

and Federal Hospital Insurance trust funds changed by $6.8 

billion, $1.2 billion, and $1.1 billion, respectively. There 

was a -$3.9 billion accounting adjustment for prior years 

employment tax liabilities made in the first quarter of fiscal 

2002. No comparable adjustment was made in the first 

quarter of fiscal 2003. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the first quarter of fiscal 2003 

were $4.3 billion, an increase of $0.1 billion over the 

comparable quarter of fiscal 2002. Net State taxes deposited 

in the U.S. Treasury increased by $0.3 billion to $3.5 billion. 

Net Federal Unemployment Tax Act taxes decreased by $0.1 

billion to $0.8 billion. 

Contributions for other insurance and retirement— 

Contributions for other retirement were $1.2 billion for the 

first quarter of fiscal 2003. This was a negligible change 

from the comparable quarter of fiscal 2002. 
12 FEDERAL FISCAL OPERATIONS 

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source, con. 

Excise taxes—Net excise tax receipts for the first quarter Customs duties—Customs duties net of refunds were 

of fiscal 2003 were $16.1 billion, an increase of $4.5 billion $4.8 billion for the first quarter of fiscal 2003. This is an 

over the comparable prior year quarter. Total excise tax increase of $0.1 billion over the comparable prior year 

refunds for the quarter were $0.2 billion, a decrease of $0.1 quarter. 

billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for 

Estate and gift taxes—Net estate and gift tax receipts the first quarter of fiscal 2003 were $8.3 billion, a decrease 

were $5.6 billion for the first quarter of fiscal 2003. These of $0.4 billion over the comparable prior year quarter. 

receipts represent a decrease of $1.0 billion over the same 

quarter in fiscal 2002. 

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

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

First quarter Oct. - Dec. Actual fiscal year to date 

Total on- and off-budget results: 

Total receipts ................................................................. 427,392 427,392 

On-budget receipts .................................................... 309,417 309,417 

Off-budget receipts .................................................... 117,975 117,975 

Total outlays................................................................... 536,110 536,110 

On-budget outlays...................................................... 471,294 471,294 

Off-budget outlays...................................................... 64,816 64,816 

Total surplus or deficit (-) ............................................... -108,718 -108,718 

On-budget surplus or deficit (-) .................................. -161,877 -161,877 

Off-budget surplus or deficit (-) .................................. 53,159 53,159 

Means of financing: 

Borrowing from the public .............................................. 96,868 96,868 

Reduction of operating cash .......................................... 27,881 27,881 

Other means .................................................................. -16,030 -16,030 

Total on- and off-budget financing............................. 108,718 108,718 

First-Quarter Net Budget Receipts by Source, Fiscal 2003 

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

Source Oct. Nov. Dec. 

Individual income taxes...................................................... 67.7 55.0 75.0 

Corporate income taxes..................................................... -4.1 -2.1 39.2 

Employment taxes and contributions................................. 48.4 52.3 56.0 

Unemployment insurance .................................................. 1.5 2.4 0.3 

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

Excise taxes ....................................................................... 4.6 6.0 5.5 

Estate and gift taxes .......................................................... 2.0 1.7 1.9 

Customs duties .................................................................. 1.6 1.6 1.7 

Miscellaneous receipts....................................................... 2.8 2.9 2.6 

Total budget receipts ..................................................... 124.9 120.0 182.4 

Note.—Detail may not add to totals due to independent rounding. 
FEDERAL FISCAL OPERATIONS 13 

CHART FFO-A.—

Monthly Receipts and Outlays, 2002-2003 

(In billions of dollars) 

300 

250 

200 

150 

100 

50 

0 

-50 

J F M A M J J A S O N D J 

On-budget 

receipts 

Off-budget 

receipts 

On-budget 

outlays 

Off-budget 

outlays 

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2002-2003

(In billions of dollars) 

400 

350 

300 

250 

200 

150 

100 

50 

0 

2003 

2002 * 

Individual Social Corporate Excise Misc. Estate/gift Customs 

income insurance income taxes receipts taxes duties 

taxes and taxes 

retirement 

receipts 

* Prior-year data are for the comparable year. 
14 FEDERAL FISCAL OPERATIONS 

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 Off-budget 

surplus or surplus or surplus or 

deficit (-) deficit (-) deficit (-) 

(7) (8) (9) 

Means of 

financing 

– net transactions 

Borrowing from 

the public– 

Federal securities 

Public debt 

securities 

(10) 

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) 

1998 1 ................................ 1,721,421 1,305,621 415,800 1,651,383 1,334,781 316,602 70,039 -29,160 99,198 112,831 

1999 ................................ 1,827,302 1,382,834 444,468 r 1,701,328 r 1,380,550 320,778 r 125,974 r 2,283 123,691 128,230 

2000 ................................ 2,025,060 1,544,477 480,583 1,788,143 1,457,378 330,765 236,917 87,099 149,818 23,761 

2001 ................................ r 1,991,044 r 1,483,525 507,519 r 1,863,769 r 1,516,931 346,838 r 127,276 r -33,406 160,682 141,902 

2002 ................................ r 1,853,296 r 1,337,975 515,321 r 2,010,962 r 1,655,299 355,663 r -157,666 r -317,324 r 159,658 428,391 

2003 - Est................................ 2,048,060 1,502,717 545,343 2,128,230 1,761,470 366,760 -80,170 -258,753 178,583 389,518 

2001 - Dec................................ 2002 - Jan ................................ Feb ................................ Mar ................................ Apr................................ May................................ 

June................................ July ................................ 

Aug ................................ 

Sept................................ Oct................................ Nov................................ 

Dec................................ 

Fiscal 2002 to date................................ 

187,914 150,942 36,973 161,347 162,916 -1,570 26,567 -11,975 38,542 54,573 

203,452 153,541 49,911 159,723 126,998 32,725 43,729 26,543 17,185 -5,437 

97,962 57,087 40,875 174,018 137,713 36,304 -76,056 -80,626 4,571 66,791 

111,220 65,624 45,596 175,458 138,167 37,291 -64,238 -72,543 8,306 1,988 

237,426 182,429 54,997 170,257 136,765 33,492 67,170 45,664 21,505 -20,217 

102,496 60,223 42,273 183,127 146,685 36,442 -80,631 -86,462 5,831 34,745 

182,633 134,138 48,495 153,562 151,152 2,410 29,071 -17,014 46,085 108,353 

134,409 95,174 39,235 163,568 130,838 32,730 -29,159 -35,663 6,505 33,695 

124,619 85,126 39,493 179,328 141,405 37,923 -54,709 -56,279 1,570 50,709 

192,761 148,306 44,456 151,102 109,106 41,995 41,659 39,199 2,460 18,442 

124,557 88,065 36,492 178,549 146,520 32,028 -53,992 -58,456 4,464 55,342 

120,037 80,671 39,366 179,135 141,939 37,196 -59,099 -61,268 2,170 63,065 

182,799 140,682 42,117 178,426 182,834 -4,408 4,373 -42,153 46,525 64,863 

427,392 309,417 117,975 536,110 471,294 64,816 -108,718 -161,877 53,159 182,370 

Means of financing—net transactions, con. 

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

Other 

(18) 

Transactions

not applied 

to year’s 

surplus or 

deficit

(19)

Total 

Financing 

(20) 

Investments 

of 

Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating

cash

(14)

Reserve position 

Special on the U.S.

Agency 

securities 

(11) 

drawing 

rights 

(15) 

quota in the 

IMF (deduct) 

(17) 

Fiscal year 

or month 

Other 

(16) 

1998 1 ................................................................ -3,814 160,067 -51,051 -4,743 108 3,381 7,110 -13,701 569 -70,039 

1999 ................................................................ -854 r 216,740 r -89,364 17,580 2,178 783 -1,173 r -18,251 1,009 r -125,974 

2000 ................................................................ -832 245,736 -222,807 -3,799 4,033 953 -6,292 -16,008 -3,207 -236,917 

2001 ................................................................ -661 231,370 -90,130 -8,440 1,603 8,181 4,717 r -21,655 -9,430 r -127,276 

2002 ................................................................ 159 r 207,708 r 220,842 16,667 790 15,714 2,457 r -24,712 -2,836 r 157,666 

2003 - Est................................ -720 296,000 92,798 - * * * -12,628 * 80,170 

2001 - Dec................................ 172 63,559 -8,813 21,838 -80 -936 561 4,886 -1,257 -26,567 

2002 - Jan ................................ -87 9,715 -15,240 23,016 -126 6,606 -252 756 -1 -43,729 

Feb ................................ -309 2,600 63,882 -30,729 106 6,048 -431 -13,067 235 76,056 

Mar ................................ -53 -193 2,128 -30,544 46 -11,510 -90 20,012 * 64,238 

Apr................................ -48 21,247 -41,512 24,687 180 99 -891 -727 -856 -67,170 

May................................ 119 3,847 31,017 -30,478 309 58 310 19,812 1 80,631 

June................................ 375 77,147 31,582 31,326 348 -1,030 3,344 -26,665 - -29,071 

July ................................ -284 -2,712 36,123 164 -70 7,069 18 217 - 29,159 

Aug ................................ -267 -6,973 57,415 -13,278 177 908 183 -14,716 - 54,709 

Sept ................................ 896 23,431 -4,093 34,369 -43 1,132 818 -1,866 576 -41,659 

Oct................................ -445 21,511 33,385 -17,172 -24 -18,105 -273 -14,967 - 53,992 

Nov ................................ 138 -42 63,245 -12,771 169 -8,114 -108 -24,970 - 59,099 

Dec ................................ 412 65,038 237 2,062 311 9,106 1,497 8,366 - -4,373 

Fiscal 2002 to date................................ 105 86,507 96,868 -27,881 456 -17,112 1,116 -31,571 - 108,718 

* Less than $500,000. Note.—These figures are based on the “Mid-Session Review” of the fiscal 2003 budget, 1

 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury released by the Office of Management and Budget on July 15, 2002.

Statement of Receipts and Outlays of the United States Government,” the source for this Detail may not add to totals due to rounding.

table.
FEDERAL FISCAL OPERATIONS 15 

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”] 

Social insurance

and retirement receipts

Employment and general retirement 

Old-age, disability, and 

hospital insurance

Income taxes 

Individual Corporation Net income 

taxes

(8)

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

Net 

(4) 

Gross Refunds Net Gross 

(9) 

Refunds 

(10) 

Net 

(5) (6) (7) (11)

1998 1 ................................ 646,483 281,590 99,476 828,597 213,270 24,593 188,677 1,017,274 537,733 2,071 535,662 

1999 ................................ 693,940 308,246 122,706 879,480 216,325 31,645 184,680 1,064,160 578,244 1,508 576,736 

2000 ................................ 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,749 618,075 1,965 616,110 

2001 ................................ 793,386 383,204 182,251 994,339 186,732 35,657 151,075 1,145,414 660,276 3,106 657,170 

2002 ................................ 750,756 286,956 179,365 r 858,345 211,438 63,396 r 148,044 1,006,389 665,381 1,011 664,370 

2003 - Est................................ 1,006,354 - - 1,006,354 205,489 - 205,489 1,211,843 704,653 - 704,653 

2001 - Dec................................ 86,889 6,472 1,325 92,036 38,238 2,247 35,992 128,028 49,836 1 49,835 

2002 - Jan ................................ 64,403 49,134 1,442 112,095 12,321 3,071 9,250 121,345 64,030 1 64,029 

Feb ................................ 62,0023,351 29,607 35,745 2,995 4,935 -1,940 33,805 51,878 - 51,878 

Mar ................................ 65,5286,272 46,778 25,022 23,444 8,117 15,327 40,349 57,910 1 57,909 

Apr................................ 55,265 120,215 38,149 137,330 20,789 10,957 9,831 147,161 70,757 - 70,757 

May................................ 60,7974,425 39,241 25,980 5,336 4,089 1,247 27,227 53,710 - 53,710 

June................................ 48,738 35,296 3,245 80,789 29,371 2,899 26,473 107,262 62,150 * 62,150 

July ................................ 63,6364,460 3,519 64,577 6,842 5,168 1,675 66,252 50,439 * 50,439 

Aug ................................ 57,5674,928 3,767 58,727 3,211 3,550 -340 58,387 50,528 * 50,528 

Sept ................................ 56,151 39,818 4,229 91,740 35,346 4,525 30,821 122,561 57,481 1,011 56,470 

Oct................................ 61,465 8,224 2,003 67,686 6,691 11,181 -4,490 63,196 47,981 * 47,981 

Nov ................................ 60,7522,420 8,162 55,010 3,107 5,252 -2,145 52,865 51,904 - 51,904 

Dec ................................ 70,6935,663 1,388 74,968 43,066 3,443 39,623 114,591 55,663 1 55,662 

Fiscal 2002 to date ................................ 192,910 16,307 11,553 197,665 52,865 19,876 32,989 230,654 155,548 1 155,547 

Social insurance and retirement receipts, con. 

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

Railroad retirement Net employment 

and general 

Net unemployment Federal 

employees Other 

Fiscal year Gross Refunds Net retirement Gross Refunds insurance retirement retirement Total 

or month (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) 

1998 1 ................................ 4,381 28 4,353 540,016 27,595 111 27,484 4,261 74 4,335 

1999 ................................ 4,150 7 4,143 580,880 26,655 175 26,480 4,399 73 4,472 

2000 ................................ 4,348 8 4,338 620,447 27,755 115 27,641 4,693 70 4,763 

2001 ................................ 4,281 9 4,272 661,442 27,939 127 27,812 4,647 66 4,712 

2002 ................................ 4,185 5 4,178 668,548 27,746 127 27,620 4,533 61 4,594 

2003 - Est................................ 4,133 - 4,133 708,786 35,849 - 35,849 4,527 50 4,577 

2001 - Dec................................ 224 3 221 50,058 231 7 224 341 5 346 

2002 - Jan ................................ 564 * 564 64,593 1,228 5 1,223 343 5 348 

Feb ................................ 367 2 365 52,243 2,018 2 2,016 354 3 358 

Mar ................................ 426 * 426 58,335 282 11 271 432 6 438 

Apr................................ 358 * 357 71,114 5,115 21 5,094 380 5 384 

May................................ 408 * 408 54,116 8,490 12 8,478 431 4 435 

June................................ -56 * -57 62,093 911 15 896 337 6 343 

July ................................ 446 * 446 50,886 2,204 14 2,190 351 6 356 

Aug ................................ 342 * 342 50,870 3,112 19 3,093 426 5 430 

Sept ................................ 388 * 388 56,858 257 7 250 359 4 363 

Oct................................. 378 1 377 48,358 1,544 8 1,537 433 5 438 

Nov ................................ 350 - 350 52,254 2,433 - 2,433 354 3 358 

Dec ................................ 324 323 323 55,986 299 12 287 354 6 360 

Fiscal 2002 to date................................ 1,052 2 1,050 156,598 4,276 20 4,256 1,141 15 1,156 

See footnote at end of table. 
16 FEDERAL FISCAL OPERATIONS 

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”] 

Fiscal year or 

month 

Social 

insurance 

and 

retirement 

receipts, con. 

Net social 

insurance 

and 

retirement 

receipts 

(22) 

Excise taxes 

Airport and Airway Trust Fund Black Lung Disability Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds 

(24) 

Net 

(25) 

Gross 

(26) 

Refunds 

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

Net 

(31) 

Gross 

(32) 

Refunds 

(33) 

Net 

(34) 

1998 1 ................................ 571,835 7,556 43 7,513 636 - 636 26,515 805 25,710 24,524 714 23,810 

1999 ................................ 611,832 10,395 4 10,391 596 - 596 40,325 1,148 39,177 20,760 524 20,236 

2000 ................................ 652,851 9,784 46 9,739 518 - 518 36,514 1,015 35,499 23,831 721 23,110 

2001 ................................ 693,967 9,244 83 9,161 522 - 522 32,629 996 31,633 25,935 1,020 24,916 

2002 ................................ r 700,762 9,090 60 9,030 567 - 567 33,812 1,079 32,733 25,703 1,044 24,659 

2003 - Est................................ 749,212 9,680 - 9,680 573 - 573 32,952 - 32,952 25,816 - 25,816 

2001 - Dec................................ 50,628 181 - 181 48 - 48 2,645 17 2,628 305 150 155 

2002 - Jan ................................ 66,164 1,999 - 1,999 43 - 43 2,616 -17 2,633 4,577 90 4,487 

Feb ................................ 54,617 874 30 844 49 - 49 2,931 386 2,545 368 -27 396 

Mar ................................ 59,044 928 - 928 48 - 48 2,575 - 2,575 2,583 70 2,512 

Apr................................ 76,593 788 * 788 44 - 44 2,635 2 2,633 3,168 115 3,053 

May................................ 63,029 879 9 870 53 - 53 3,207 179 3,027 1,378 134 1,244 

June................................ 63,333 771 - 771 51 - 51 2,798 - 2,798 2,195 122 2,072 

July ................................ 53,432 770 * 771 47 - 47 2,807 2 2,805 2,879 109 2,770 

Aug ................................ 54,393 839 7 832 51 - 51 3,159 288 2,871 1,853 67 1,787 

Sept ................................ 57,471 924 14 910 78 - 78 4,946 219 4,727 1,436 68 1,367 

Oct................................ 50,333 125 - 125 8 - 8 465 1 464 4,089 74 4,015 

Nov ................................ 55,044 865 * 865 56 - 56 3,469 - 3,469 1,613 45 1,568 

Dec ................................ 56,633 589 - 589 37 - 37 2,390 - 2,390 2,546 81 2,465 

Fiscal 2002 to date................................ 162,010 1,579 * 1,579 101 - 101 6,323 1 6,322 8,249 200 8,049 

Net miscellaneous receipts 

Deposits of 

earnings by 

Federal 

Reserve 

Banks 

(42) 

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Universal Estate and gift taxes Customs duties 

service fund Total receipts 

Gross 

(36) 

Refunds 

(37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

and all other 

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget 

(46) 

1998 1 ................................ 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 32,270 1,305,621 415,800 

1999 ................................ 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 r 8,864 r 34,781 1,382,834 444,468 

2000 ................................ 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,376 42,669 1,544,477 480,583 

2001 ................................ 66,232 29,248 848 28,400 20,543 r 1,175 r 19,368 26,124 r 11,540 r 37,664 r 1,483,525 507,519 

2002 ................................ 66,989 27,242 734 26,507 19,829 1,227 18,602 23,683 r 10,366 r 34,049 r 1,337,975 515,321 

2003 - Est ................................ 69,021 22,999 - 22,999 19,805 - 19,805 29,025 11,155 40,180 1,502,717 545,343 

2001 - Dec................................ 3,011 1,969 74 1,895 1,422 126 1,297 1,728 1,328 3,056 150,942 36,973 

2002 - Jan ................................ 9,162 2,425 36 2,389 1,622 60 1,562 1,912 920 2,831 153,541 49,911 

Feb ................................ 3,834 1,945 64 1,881 1,466 115 1,351 1,723 751 2,473 57,087 40,875 

Mar ................................ 6,063 2,116 42 2,074 1,305 86 1,219 1,864 608 2,471 65,624 45,596 

Apr................................ May................................ June................................ 6,518 

5,196 

5,691 

3,397 

1,969 

2,043 

100 

58 

53 

3,297 

1,912 

1,990 

1,312 

1,572 

1,626 

104 

16 

69 

1,207 

1,556 

1,557 

1,801 

2,708 

1,887 

849 

868 

914 

2,650 

3,576 

2,801 

182,429 

60,223 

134,138 

54,997 

42,273 

48,495 

July ................................ Aug ................................ Sept ................................ Oct ................................ 6,393 

5,541 

7,082 

4,612 

2,447 

2,118 

1,984 

2,085 

63 

68 

41 

68 

2,384 

2,051 

1,943 

2,017 

1,974 

2,063 

1,817 

1,843 

90 

103 

299 

280 

1,883 

1,960 

1,518 

1,563 

3,149 

1,507 

1,593 

1,968 

916 

780 

594 

868 

4,065 

2,287 

2,186 

2,835 

95,174 

85,126 

148,306 

88,065 

39,235 

39,493 

44,456 

36,492 

Nov ................................ 5,958 1,746 91 1,655 1,742 115 1,627 2,033 853 2,887 80,671 39,366 

Dec ................................ 5,480 1,961 76 1,885 1,749 93 1,655 1,879 674 2,554 140,682 42,117 

Fiscal 2002 to date................................ 16,051 5,792 236 5,556 5,334 489 4,845 5,881 2,395 8,275 309,417 117,975 

* Less than $500,000. Note.—These figures are based on the “Mid-Session Review “of the fiscal 2003 budget, 1 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury released by the Office of Management and Budget on July 15, 2002. 

Statement of Receipts and Outlays of the United States Government,” the source for this Detail may not add to totals due to rounding.

table.
FEDERAL FISCAL OPERATIONS 17 

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”] 

Department Department 

Department of of Housing 

Department Department of Department Department Health and and Urban Department Department Department 

Legislative Judicial of of Defense, of of Human Develop- of the of of 

Fiscal year branch branch Agriculture Commerce military Education Energy Services ment Interior Justice Labor 

or month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

1998 1 ................................ 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 30,224 7,234 16,129 30,003 

1999 ................................ 2,612 3,793 62,839 5,036 261,379 r 31,492 16,054 359,700 32,736 7,814 18,318 32,459 

2000 ................................ 2,913 4,087 75,658 7,929 281,234 33,309 15,010 382,627 30,829 8,022 19,561 31,355 

2001 ................................ r 3,030 4,409 68,156 5,017 r 291,030 r 35,724 16,420 r 426,391 33,937 r 8,001 20,810 r 39,271 

2002 ................................ r 3,230 4,824 r 68,989 r 5,322 332,116 r 46,285 17,772 r 466,104 r 31,880 9,641 24,197 r 64,252 

2003 - Est ................................ 3,970 5,497 74,443 5,670 360,989 53,800 19,784 488,794 34,600 10,822 29,385 56,554 

2001 - Dec................................ 262 351 8,849 509 25,842 3,431 1,874 37,161 1,550 963 1,948 4,225 

2002 - Jan ................................ 267 385 6,639 391 23,199 4,897 1,091 36,435 2,990 994 1,666 5,854 

Feb ................................ 239 371 5,272 429 26,252 4,232 1,190 35,841 1,829 755 1,736 r 4,115 

Mar ................................ 199 488 6,242 375 30,286 3,703 2,162 38,749 4,299 822 2,052 5,198 

Apr................................ 288 378 4,383 569 27,015 3,544 1,033 40,830 2,075 787 2,729 6,806 

May................................ 277 386 4,191 398 32,474 5,350 1,457 44,450 3,717 432 1,917 6,535 

June................................ 260 382 3,890 342 25,348 3,913 1,615 35,802 2,006 946 1,774 5,769 

July ................................ 242 383 3,856 361 27,952 2,331 1,333 40,477 2,710 634 1,755 6,338 

Aug ................................ 241 509 4,223 446 31,977 3,358 800 42,732 2,570 707 1,902 5,998 

Sept ................................ 326 410 4,754 581 27,116 5,697 1,669 36,321 973 922 2,259 5,245 

Oct ................................ 335 412 9,336 427 28,745 4,237 2,255 43,869 3,654 1,017 2,324 5,878 

Nov ................................ 259 407 7,857 481 31,293 3,449 1,886 42,388 2,982 547 1,814 5,251 

Dec ................................ 274 399 8,657 525 33,607 4,123 1,156 41,935 3,222 732 1,982 5,425 

Fiscal 2002 to date................................ 868 1,218 25,850 1,433 93,645 11,809 5,297 128,193 9,857 2,297 6,120 16,553 

Department 

of the 

Treasury, 

interest on 

Depart- Treasury Department Department Other Environ- Executive Federal General InterDepart- ment of debt of the of Defense, mental Office Emergency Services national 

ment of Transpor- securities Treasury, Veterans Corps of civil Protection of the Management Admin- Assistance 

Fiscal year State tation (gross) other Affairs Engineers programs Agency President Agency istration Program 

or month (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) 

1998 1 ................................ 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001 

1999 ................................ 6,463 41,836 r 352,841 33,191 43,169 4,186 32,008 6,752 416 4,040 -46 10,061 

2000 ................................ 6,849 45,966 361,998 29,238 47,087 4,334 32,861 7,240 281 3,143 25 12,084 

2001 ................................ 7,446 54,075 359,508 r 30,442 45,043 r 4,726 34,161 7,390 280 4,415 -8 r 11,771 

2002 ................................ r 9,453 r 61,282 332,537 r 41,979 r 50,881 4,798 35,159 r 7,451 496 4,236 -271 r 13,309 

2003 - Est................................ 9,883 58,843 353,078 45,110 56,513 4,347 40,933 8,061 334 7,550 -52 12,969 

2001 - Dec................................ 730 4,581 80,118 2,691 4,029 446 2,939 526 19 344 -21 1,157 

2002 - Jan ................................ 473 4,558 15,184 1,491 2,394 325 2,946 591 27 167 58 4,381 

Feb ................................ 791 4,388 16,335 19,110 4,318 305 2,968 582 24 185 119 1,280 

Mar ................................ 607 4,439 14,028 9,038 3,518 337 2,929 737 32 471 -76 986 

Apr................................ 690 4,633 16,775 4,933 4,209 365 2,966 623 68 455 384 537 

May................................ 814 4,942 21,635 2,557 4,331 490 2,949 559 34 226 -97 717 

June................................ 654 4,742 81,889 2,329 2,133 377 2,940 685 25 383 -148 318 

July ................................ 557 5,671 14,631 1,465 4,387 392 2,901 575 26 326 -28 922 

Aug ................................ 601 6,126 18,325 1,384 6,837 335 2,929 642 31 276 -211 861 

Sept ................................ 830 5,770 14,868 -5,183 2,481 439 2,946 719 30 557 -98 -102 

Oct................................ 1,283 5,837 13,677 1,239 4,446 580 3,461 643 26 366 45 897 

Nov ................................ 902 4,895 19,552 1,750 6,461 436 3,112 604 25 400 32 1,292 

Dec ................................ 858 5,764 84,989 1,041 4,495 396 3,222 627 34 353 60 605 

Fiscal 2002 to date................................ 3,043 16,496 118,218 4,931 15,402 1,411 9,794 1,874 86 1,118 137 2,794 

See footnote at end of table. 
18 FEDERAL FISCAL OPERATIONS 

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 

Rents 

and 

National royalties 

Aeronautics Employer on the 

and National Office of Small Social share, Interest Outer AllowSpace Science Personnel Business Security Indepen- employee received Continen- ances Total outlays 

Adminis- Foun- Manage- Adminis- Admin- dent retire- by trust tal Shelf and On- OffFiscal year tration dation ment tration istration agencies ment funds lands other budget budget 

or month (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) 

1998 1 ................................ 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602 

1999 ................................ 13,665 3,285 47,515 58 419,790 r 6,903 -35,594 r -118,593 -3,098 -1,754 r 1,380,550 320,778 

2000 ................................ 13,443 3,487 48,660 -422 441,810 r 10,549 -37,851 r -129,088 -4,580 r -1,502 1,457,378 330,765 

2001 ................................ 14,094 3,691 r 50,916 -569 461,748 r 13,393 -38,792 r -143,936 -7,194 -1,025 r 1,516,931 346,838 

2002 ................................ 14,429 4,187 52,512 492 r 488,694 15,729 -42,782 r -153,196 -5,024 -2 r 1,655,299 r 355,663 

2003 - Est................................ 14,885 4,886 67,940 587 509,655 17,258 -70,828 -161,094 -2,832 -460 1,761,470 366,760 

2001 - Dec................................ 1,149 316 4,408 -60 39,775 1,015 -2,954 -66,488 -341 - 162,916 -1,570 

2002 - Jan ................................ 997 305 4,847 80 37,530 2,551 -3,005 -293 -694 * 126,998 32,725 

Feb ................................ 1,090 331 4,043 63 41,062 519 -3,513 -1,865 -378 * 137,713 36,304 

Mar ................................ 1,173 289 4,206 22 40,693 744 -3,365 202 -129 * 138,167 37,291 

Apr................................ 1,099 301 4,447 177 40,647 2,013 -3,064 -1,796 -644 * 136,765 33,492 

May................................ 1,298 349 3,947 68 43,370 1,046 -3,728 -5,753 -208 * 146,685 36,442 

June................................ 1,185 388 4,604 20 41,721 -1,377 -3,146 -67,875 -328 * 151,152 2,410 

July ................................ 1,228 372 4,711 79 40,869 9 -3,240 -174 -485 - 130,838 32,730 

Aug ................................ 1,272 499 4,057 -4 43,884 1,622 -3,498 -2,150 45 - 141,405 37,923 

Sept ................................ 1,350 388 4,543 -203 38,448 6,052 -7,161 -1,162 -683 -1 109,106 41,995 

Oct................................ 1,130 387 4,721 91 40,901 -144 -3,476 -63 -282 -605 146,520 32,028 

Nov ................................ 1,067 366 4,310 -359 43,951 841 -3,101 -5,204 -209 -604 141,939 37,196 

Dec ................................ 1,207 333 4,553 456 41,614 374 -3,163 -70,185 -557 -686 182,834 -4,408 

Fiscal 2002 to date................................ 3,404 1,086 13,583 189 126,465 1,073 -9,740 -75,452 -1,048 -1,895 471,294 64,816 

* Less than $500,000. Note.—These figures are based on the “Mid-Session Review” of the fiscal 2003 1

 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury budget, released by the Office of Management and Budget on July 15, 2002. 

Statement of Receipts and Outlays of the United States Government,” the source for this table. Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 19 

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

December 2002 and Other Periods

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

This fiscal year to date Prior fiscal year to date 

Management, Management, 

consolidated, consolidated, 

General revolving and Trust Total General revolving and Trust Total 

funds special funds funds funds funds special funds funds funds 

Classification (1) (2) (3) (4) (5) (6) (7) (8) 

Budget receipts: 

Individual income taxes ..................................................... 197,663 1 - 197,665 226,342 * - 226,342 

Corporation income taxes.................................................. 32,989 - - 32,989 55,698 - - 55,698 

Social insurance and retirement receipts: 

Employment and general retirement (off-budget).......... - - 117,975 117,975 - - 109,990 109,990 

Employment and general retirement (on-budget).......... - - 38,623 38,623 - - 37,448 37,448 

Unemployment insurance .............................................. - - 4,256 4,256 - - 4,109 4,109 

Other retirement............................................................. - - 1,156 1,156 - - 1,137 1,137 

Excise taxes................................................................ 7,756 150 8,145 16,051 4,678 155 6,677 11,510 

Estate and gift taxes .......................................................... 5,556 - - 5,556 6,587 - - 6,587 

Customs duties ................................................................ 3,089 1,549 207 4,845 3,210 1,409 168 4,787 

Miscellaneous receipts ...................................................... 6,217 1,977 81 8,275 6,035 2,322 342 8,699 

Total receipts ............................................................. 253,271 3,678 170,444 427,392 302,551 3,887 159,872 466,309 

(On-budget)............................................................ 253,271 3,678 52,469 309,417 302,551 3,887 49,881 356,319 

(Off-budget)............................................................ - - 117,975 117,975 - - 109,990 109,990 

Budget outlays: 

Legislative branch .............................................................. 779 84 4 868 753 131 3 888 

Judicial branch ................................................................ 919 291 9 1,218 904 255 -28 1,130 

Department of Agriculture.................................................. 14,339 11,497 14 25,850 12,964 12,488 73 25,525 

Department of Commerce ................................................. 1,453 -20 * 1,433 1,359 72 3 1,433 

Department of Defense-military......................................... 91,376 2,230 39 93,645 78,868 1,594 35 80,497 

Department of Education ................................................... 11,822 -13 * 11,809 10,028 -17 * 10,011 

Department of Energy........................................................ 5,764 -467 - 5,297 5,300 122 - 5,421 

Department of Health and Human Services...................... 82,663 66 45,464 128,193 79,883 22 34,568 114,473 

Department of Housing and Urban Development ............. 9,559 300 -1 9,857 9,469 -750 * 8,720 

Department of the Interior.................................................. 2,437 -224 84 2,297 2,337 283 21 2,641 

Department of Justice ........................................................ 5,861 243 17 6,120 5,780 334 294 6,407 

Department of Labor.......................................................... 2,898 -68 13,723 16,553 3,084 -758 10,052 12,379 

Department of State........................................................... 2,814 110 118 3,043 3,335 125 46 3,506 

Department of Transportation............................................ 5,723 -89 10,862 16,496 6,693 170 9,044 15,907 

Department of the Treasury: 

Interest on the public debt ............................................. 118,218 - - 118,218 118,866 - - 118,866 

Other .............................................................................. 4,728 104 99 4,931 4,437 391 107 4,935 

Department of Veterans Affairs ......................................... 15,587 -365 180 15,402 14,332 -235 177 14,274 

Corps of Engineers ............................................................ 1,058 142 211 1,411 1,230 166 37 1,433 

Other defense civil programs............................................. 32,316 -13,416 -9,106 9,794 17,064 * -8,379 8,684 

Environmental Protection Agency ................................ 1,558 17 300 1,874 2,136 -40 -368 1,728 

Executive Office of the President ................................ 86 * - 86 199 * - 199 

Federal Emergency Management Agency ........................ 1,137 -19 - 1,118 1,162 28 * 1,190 

General Services Administration ................................ 42 96 * 137 37 -212 - -175 

International Assistance Program................................ 3,004 -262 51 2,794 3,532 -388 341 3,485 

National Aeronautics and Space Administration ............... 3,403 - * 3,404 3,737 - * 3,737 

National Science Foundation............................................. 1,077 4 6 1,086 956 2 7 965 

Office of Personnel Management ................................ 1,686 38 11,859 13,583 1,476 31 11,598 13,106 

Small Business Administration .......................................... 204 -15 * 189 207 -18 * 190 

Social Security Administration ........................................... 14,614 - 111,851 126,465 14,018 - 106,451 120,469 

Other independent agencies.............................................. 2,399 -3,542 2,216 1,073 2,471 -2,055 2,178 2,594 

Undistributed offsetting receipts: 

Interest ........................................................................... - - -75,452 -75,452 - - -72,372 -72,372 

Other .............................................................................. -1,048 -1,895 -9,740 -12,683 -1,520 - -9,061 -10,581 

Total outlays............................................................... 438,476 -5,173 102,807 536,110 405,096 11,741 84,827 501,665 

(On-budget)............................................................ 438,476 -1,171 33,989 471,294 405,096 14,626 17,594 437,317 

(Off-budget)............................................................ - -4,002 68,818 64,816 - -2,885 67,234 64,349 

Surplus (+) or deficit (-) .............................................. -185,205 8,850 67,637 -108,718 -102,546 -7,854 75,044 -35,356 

(On-budget)............................................................ -185,205 4,848 18,480 -161,877 -102,546 -10,739 32,288 -80,997 

(Off-budget)............................................................ - 4,002 49,157 53,159 - 2,885 42,757 45,642 

- No transactions. 

* Less than $500,000. 
20 FEDERAL FISCAL OPERATIONS 

TABLE FFO-5.—Internal Revenue Receipts by State, 2002 

REVISED FIGURES 

replace December 2002 data 

[In thousands of dollars. Source: Internal Revenue Service] 

Individual income and employment taxes 

Income 

Total individual tax Corporaincome and Income tax withheld Unemploy- tion 

Grand employment not withheld and Railroad ment income Estate Gift Excise 

total taxes and SECA 1, 2 FICA 1 retirement insurance taxes 3 tax tax tax 

State (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

Alabama ................................................................ 18,650,989 16,357,183 3,068,872 13,206,398 3,008 78,906 1,867,639 297,561 12,519 116,088 

Alaska ................................................................ 3,211,048 3,016,940 719,383 2,283,396 1,643 12,517 117,146 14,595 112 62,255 

Arizona................................................................ 24,901,726 20,916,224 4,683,185 16,123,415 1,040 108,584 1,896,445 281,924 23,137 1,783,997 

Arkansas ................................................................ 19,701,605 14,487,463 1,893,714 12,468,040 1,931 123,778 4,721,185 143,816 -62,966 412,108 

California ................................................................ 232,301,672 202,770,828 47,990,422 153,980,040 6,448 793,918 21,655,748 3,939,525 261,884 3,673,688 

Colorado ................................................................ 36,425,729 34,040,705 6,132,881 27,785,177 8,978 113,669 1,198,433 305,883 11,945 868,763 

Connecticut................................................................ 39,704,704 32,256,165 7,512,567 24,658,791 1,144 83,664 6,660,592 546,684 43,288 197,975 

Delaware ................................................................ 11,789,203 7,779,319 989,351 6,765,698 362 23,908 3,823,379 171,268 2,251 12,988 

District of Columbia ................................ 14,750,258 11,935,392 1,172,961 10,418,641 325,875 17,915 2,490,491 139,212 9,018 176,145 

Florida................................................................ 94,507,294 85,364,368 22,334,880 61,966,138 704,464 358,887 5,905,368 1,972,330 163,524 1,101,704 

Georgia ................................................................ Hawaii ................................................................ 60,330,806 

5,559,960 

47,323,416 

4,779,462 

7,591,208 

1,196,020 

39,480,601 

3,564,027 

4,263 - 247,344 

19,415 

9,761,760 434,846 

606,173 70,828 

14,934 

17,195 

2,795,850 

86,302 

Idaho ................................................................ 6,894,987 6,328,494 1,016,178 5,270,488 1,228 40,601 506,782 36,722 1,408 21,582 

Illinois ................................................................ 111,520,475 94,185,656 15,654,153 77,974,909 203,324 353,269 11,992,066 1,264,346 76,261 4,002,145 

Indiana ................................................................ 33,999,215 30,643,556 4,792,417 25,714,233 22,259 114,647 2,623,846 401,681 49,064 281,069 

Iowa................................................................ 14,570,904 12,927,804 2,283,056 10,582,972 5,757 56,018 1,409,807 140,213 5,162 87,918 

Kansas ................................................................ 16,293,151 13,924,986 2,392,682 11,036,280 432,647 63,377 926,707 185,560 8,375 1,247,522 

Kentucky ................................................................ Louisiana................................................................ 17,333,323 

22,664,648 

15,565,771 

21,328,978 

2,772,676 

3,520,738 

12,717,590 

17,742,624 

6,017 

3,116 

69,487 

62,500 

1,334,005 173,321 

1,012,379 166,596 

10,593 

14,201 

249,633 

142,494 

Maine ................................................................ 5,302,925 4,740,744 1,117,612 3,595,552 4,139 23,441 340,476 101,338 4,492 115,875 

Maryland ................................................................ Massachusetts................................ 41,637,531 

60,389,579 

37,374,228 

54,674,464 

6,649,071 

11,677,932 

30,500,100 

42,805,318 

104,806 

20,313 

120,251 

170,900 

3,256,253 569,909 

4,304,364 902,778 

32,127 

48,254 

405,013 

459,719 

Michigan................................................................ Minnesota ................................................................ 66,310,784 

58,143,877 

61,458,413 

48,263,156 

7,666,965 

5,434,835 

53,498,855 

42,587,063 

32,750 

66,861 

259,842 

174,397 

4,082,856 542,529 

8,202,248 456,391 

56,091 

23,628 

170,895 

1,198,453 

Mississippi ................................................................ Missouri................................................................ 9,011,608 

41,145,979 

8,120,055 

34,242,740 

1,712,506 

4,939,563 

6,363,021 

29,101,848 

1,515 

57,289 

43,013 

144,040 

554,283 93,253 

4,480,300 550,221 

8,710 

56,786 

235,308 

1,815,931 

Montana ................................................................ 3,119,114 2,885,949 799,893 2,048,052 26,010 11,994 150,459 48,071 537 34,097 

Nebraska................................................................ 12,508,654 10,024,823 1,626,014 7,344,275 1,012,350 42,184 2,290,869 95,051 2,781 95,130 

Nevada................................................................ 12,141,754 10,020,550 3,141,091 6,831,132 78 48,249 1,886,140 106,822 22,200 106,043 

New Hampshire ................................ New Jersey ................................................................ New Mexico ................................................................ 7,358,146 

91,275,843 

7,146,536 

6,884,267 

78,795,055 

6,499,143 

1,607,637 

12,593,863 

1,691,470 

5,250,501 

65,862,441 

4,774,402 

259 

99,041 

169 

25,869 

239,710 

33,103 

282,205 103,308 

9,902,252 879,021 

431,889 117,084 

9,172 

68,227 

7,740 

79,194 

1,631,288 

90,680 

New York ................................................................ 182,023,813 156,596,003 30,059,666 125,842,025 278,076 416,236 20,979,542 2,982,299 221,842 1,244,127 

North Carolina................................ 47,807,484 39,703,323 6,419,322 33,094,905 4,720 184,377 7,365,527 491,968 24,193 222,473 

North Dakota................................ 2,717,953 2,465,136 563,618 1,887,817 2,607 11,094 208,395 24,588 401 19,434 

Ohio ................................................................ 86,810,682 73,026,137 9,117,954 63,626,501 19,429 262,253 10,015,921 825,681 33,773 2,909,170 

Oklahoma ................................................................ 18,213,114 12,912,374 2,905,300 9,936,188 2,545 68,341 1,042,779 187,255 12,050 4,058,654 

Oregon ................................................................ Pennsylvania ................................ Rhode Island................................ 18,392,990 

85,488,178 

7,942,125 

16,863,604 

73,731,442 

6,170,461 

3,175,109 

12,009,239 

1,132,333 

13,599,564 

61,318,036 

5,010,434 

2,385 

109,632 

6 

86,546 

294,535 

27,689 

1,046,519 271,676 

8,877,628 1,047,815 

1,681,668 79,372 

48,926 

97,494 

3,177 

162,265 

1,733,799 

7,447 

South Carolina................................ 15,166,634 13,929,975 2,689,138 11,165,960 1,613 73,264 889,445 194,365 6,078 146,771 

South Dakota................................ 3,573,354 3,452,008 986,993 2,442,313 6,592 16,110 82,467 18,984 1,372 18,523 

Tennessee................................................................ 35,824,877 31,669,382 4,651,256 26,872,633 3,326 142,167 2,960,201 349,433 15,630 830,232 

Texas ................................................................ 146,440,182 117,685,965 22,814,054 93,898,188 397,514 576,209 13,702,495 1,287,937 109,064 13,654,721 

Utah ................................................................ 9,117,924 8,233,065 1,645,987 6,538,039 4,469 44,571 573,944 80,162 7,646 223,107 

Vermont ................................................................ 3,007,156 2,742,097 627,025 2,101,137 2,118 11,817 168,557 53,165 18,158 25,179 

Virginia................................................................ 49,658,845 40,766,110 7,575,494 32,480,189 549,894 160,534 6,899,627 651,040 34,770 1,307,298 

Washington................................................................ 42,324,665 35,649,249 7,444,465 28,197,677 5,681 1,427 5,334,603 546,887 31,248 762,678 

West Virginia................................ 4,927,855 4,542,538 989,645 3,532,901 318 19,674 233,721 63,662 4,882 83,053 

Wisconsin ................................................................ 34,648,056 29,860,923 5,002,359 24,721,313 3,958 133,294 4,086,681 388,834 32,820 278,797 

Wyoming................................................................ 2,735,388 2,310,603 895,779 1,405,361 141 9,321 71,196 54,768 -9,887 308,707 

International: 12,226,684 8,964,920 3,004,719 5,891,543 19,099 49,558 2,988,908 74,878 13,043 184,936 

Puerto Rico................................ 4,554,453 3,222,505 241,291 2,941,710 6 39,498 1,326,919 3,427 1,308 

Other................................................................ 7,672,231 5,742,414 2,763,427 2,949,833 19,094 10,060 1,661,989 71,450 11,735 184,642 

Collections not classified by State: 

Presidential Election Campaign

Fund 4 ................................................................ 66,996 66,996 - 66,996 - - - - - -

Other, including Federal Tax

Deposits 5 ................................................................ 6,975,108 4,619,534 1,934,179 2,613,946 8 71,402 1,553,233 604,731 - 197,610 

Total, Internal Revenue 

Receipts ................................................................ 2,016,627,096 1,725,811,146 324,019,429 1,390,478,688 4,573,216 6,739,813 211,437,600 25,532,186 1,709,329 52,136,835 

1

 Collections of individual income tax (withheld and not withheld) include old-age, survivors, 5 Includes tax payments made to banks under the Federal Tax Deposit (FTD) system 

disability, and hospital insurance (OASHDHI) taxes on salaries and wages (FICA) and self- that had not been classified by State as of the end of the fiscal year because they had 

employment income (SECA). not yet been applied to taxpayers accounts. Also, includes credits allowable on income 2

 Includes fiduciary income tax collections of $10.8 billion. tax returns for certain gasoline, diesel fuel, and special motor fuel tax payments and for 3

 Includes taxes of $319.2 million on unrelated business income of exempt organizations excess payments under the Federal Insurance Contributions Act or FICA.

(Forms 990T).

4

 Designations by taxpayers of a portion of their taxes to the Presidential Election Campaign Note.—Details may not add to totals due to rounding. Amounts reflect adjustments

Fund also are included even though they are not collections, as such, because they do not made to data reported in prior years. 

affect taxpayer liability. Transfer of amounts to this fund was made on a national basis only 

and had no effect on State collection data.

293 
21 

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, which 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

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

Credits and withdrawals 

Federal Reserve accounts 

Credits 1 Tax and loan note accounts 

Received through Withdrawals 

remittance option tax (transfers to Federal 

Received directly and loan depositaries Withdrawals 2 Taxes 3 Reserve accounts) 

Fiscal year or month (1) (2) (3) (4) (5) 

1998....................................... 

1999....................................... 

2000....................................... 

2001....................................... 

2002....................................... 

2001 - Dec ................................ 

2002 - Jan................................ 

Feb................................ 

Mar................................ 

Apr................................ 

May ................................ 

June............................... 

July ................................ 

Aug ................................ 

Sept................................ 

Oct................................ 

Nov ................................ 

Dec ................................ 

See footnotes at end of table. 

4,238,957 259,197 4,500,895 969,668 971,671 

4,893,279 259,019 5,150,608 1,048,120 1,032,230 

4,921,490 253,060 5,172,731 1,189,835 1,195,453 

5,050,444 340,364 5,389,954 1,271,952 1,281,245 

6,160,448 367,327 6,529,692 1,231,160 1,212, 577 

463,353 38,052 500,980 136,364 114,952 

509,243 30,607 532,807 109,257 93,284 

509,855 26,264 544,055 89,231 112,024 

445,253 31,359 476,672 114,126 144,609 

599,248 34,937 634,490 101,479 76,487 

589,180 29,872 618,555 88,541 119,515 

483,678 31,923 513,368 102,823 73,729 

492,425 27,659 521,959 94,140 92,101 

543,483 25,735 570,587 83,918 95,828 

552,486 33,839 583,320 111,295 79,932 

537,802 26,592 566,395 88,666 103,837 

472,130 26,217 499,297 89,490 101,311 

541,311 38,484 580,302 131,025 128,455 
22 ACCOUNT OF THE U.S. TREASURY 

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

and Tax and Loan Note Account Balances, con. 

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

Balances 

During period 

End of period High Low Average 

Federal Tax and loan Federal Tax and loan Federal Tax and loan Federal Tax and loan 

Reserve 

(6) 

Reserve 

(8) 

Reserve 

(10) 

Reserve 

(12) 

note accounts 

(7) 

note accounts 

(9) 

note accounts 

(11) 

note accounts 

Fiscal year or month (13)

1998............................... 

1999............................... 

2000............................... 

2001............................... 

2002............................... 

2001 - Dec....................... 

2002 - Jan........................ 

Feb....................... 

Mar....................... 

Apr....................... 

May ...................... 

June..................... 

July ...................... 

Aug ...................... 

Sept...................... 

Oct....................... 

Nov ...................... 

Dec ...................... 

4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 

6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 

8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 

9,796 34,423 14,460 68,650 3,446 97 5,656 18,420 

7,879 53,007 13,688 61,680 2,593 44 5,552 21,097 

6,645 45,707 7,988 52,039 4,473 364 5,274 27,175 

13,688 61,680 13,688 61,680 4,412 14,970 6,999 39,213 

5,752 38,887 5,852 49,030 4,097 23,328 4,907 32,986 

5,692 8,403 7,396 36,432 3,080 7,977 5,551 16,861 

5,387 33,395 8,088 33,395 3,680 44 6,127 5,838 

5,883 2,421 6,260 26,164 3,947 2,202 5,056 7,508 

8,116 31,514 8,116 31,514 4,319 2,421 5,126 16,288 

6,242 33,553 6,417 33,553 2,593 104 5,279 11,781 

4,874 21,643 6,479 30,671 3,990 4,134 5,068 18,257 

7,879 53,007 8,668 55,050 4,348 2,207 5,838 27,700 

5,878 37,836 5,878 40,457 4,064 6,306 4,873 18,600 

4,928 26,016 6,116 30,026 4,296 1,715 5,024 16,062 

4, 420 28,585 7,390 29,163 2,986 74 4,891 15,329 

1

 Represents transfers from tax and loan note accounts, proceeds from sales of securities other under the Federal Insurance Contributions Act beginning January 1950 and under 

than Government account series and taxes. the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 2

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions beginning July 1953; estimated corporation income taxes beginning April 1967; all 

of securities other than Government account series and investment (transfer) of excess funds corporation income taxes due on or after March 15, 1968; Federal Unemployment 

out of this account to the tax and loan note accounts. Tax Act taxes beginning April 1970 and individual estimated income taxes beginning 3 Taxes eligible for credit consist of those deposited bytaxpayers in the tax and loan depositaries October 1988.

as follows: Withheld income taxes beginning March 1948; taxes on employers and employees
23 

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.” 

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” tables FD-2 and 

FD-6 from the “Monthly Statement of the Public Debt of the 

United States.” Effective June 2001, FMS revised 

procedures and categories in these tables to agree with the 

Bureau of the Public Debt’s publication changes. 

• 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. 

• Table FD-2 (Historical) categorizes by type interestbearing marketable and nonmarketable Treasury securities. 

The difference between interest-bearing and total public debt 

securities reflects outstanding matured Treasury securities— 

that is, unredeemed securities that have matured and are no 

longer accruing interest. Because the Federal Financing 

Bank is under the supervision of Treasury, its securities are 

held by a U.S. Government account. 

• 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. 

• In table FD-6 (Historical), the same debt 

information is compared as in table FD-6. Changes in the 

non-interest-bearing debt shown in the last column reflect 

maturities of Treasury securities on nonbusiness days, which 

can be redeemed on the next business day. 

• 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. 
24 FEDERAL DEBT 

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 

Agency 

securities 

(8) (9) 

1998 ................................ 

1999 ................................ 

2000 ................................ 

2001 ................................ 

2002 ................................ 

2001 - Dec.............................. 

2002 - Jan .............................. 

Feb ............................. 

Mar ............................. 

Apr.............................. 

May............................. 

June............................ 

July ............................. 

Aug ............................. 

Sept............................ 

Oct.............................. 

Nov............................. 

Dec............................. 

5,555,552 5,526,193 29,359 1,767,778 1,763,860 3,917 3,787,774 3,762,333 25,442 

5,684,776 5,656,271 28,505 1,989,308 1,988,674 634 3,695,468 3,667,597 27,871 

5,701,851 5,674,179 27,672 2,235,763 2,235,712 51 3,466,088 3,438,467 27,621 

5,834,475 5,807,464 27,011 2,468,757 2,468,757 - 3,365,718 3,338,707 27,011 

6,255,406 6,228,236 27,170 r 2,675,648 r 2,675,648 - r 3,579,758 3,552,589 27,170 

5,970,267 5,943,439 26,828 2,549,681 2,549,681 - 3,420,586 3,393,758 26,828 

5,963,970 5,937,229 26,741 2,558,938 2,558,938 - 3,405,032 3,378,291 26,741 

6,029,884 6,003,453 26,431 2,561,674 2,561,674 - 3,468,210 3,441,779 26,431 

6,032,411 6,006,032 26,379 2,562,358 2,562,358 - 3,470,053 3,443,674 26,379 

6,011,008 5,984,677 26,331 2,582,932 2,582,932 - 3,428,076 3,401,745 26,331 

6,045,782 6,019,332 26,450 2,586,104 2,586,104 - 3,459,678 3,433,228 26,450 

6,153,295 6,126,469 26,826 2,662,925 2,662,925 - 3,490,370 3,463,544 26,826 

6,186,282 6,159,741 26,541 2,659,878 2,659,878 - 3,526,404 3,499,863 26,541 

6,236,756 6,210,482 26,274 2,652,793 2,652,793 - 3,583,963 3,557,689 26,274 

6,255,406 6,228,236 27,170 r 2,675,648 r 2,675,648 - r 3,579,758 3,552,589 27,170 

6,309,253 6,282,528 26,725 2,696,538 2,696,538 - 3,612,715 3,585,990 26,725 

6,370,323 6,343,460 26,863 2,694,624 2,694,624 - 3,675,699 3,648,836 26,863 

6,432,982 6,405,707 27,275 2,758,322 2,758,322 - 3,674,660 3,647,385 27,275 

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

Net Net Net 

Amount unamortized Amount unamortized Amount unamortized 

outstanding premium Accrual outstanding premium Accrual outstanding premium Accrual 

End of fiscal face value and discount amount face value and discount amount face value and discount amount 

year or month (10) (11) (12) (13) (14) (15) (16) (17) (18) 

1998 ................................ 

1999 ................................ 

2000 ................................ 

2001 ................................ 

2002 ................................ 

2001 - Dec.............................. 

2002 - Jan .............................. 

Feb ............................. 

Mar ............................. 

Apr.............................. 

May............................. 

June............................ 

July ............................. 

Aug ............................. 

Sept............................ 

Oct.............................. 

Nov............................. 

Dec............................. 

5,555,552 76,849 5,478,704 1,767,778 10,687 1,757,090 3,787,774 66,162 3,721,613 

5,684,776 r 79,367 r 5,605,409 1,989,308 16,148 1,973,160 3,695,468 r 63,219 r 3,632,249 

5,701,851 r 73,513 r 5,628,338 2,235,763 16,867 2,218,896 3,466,088 r 56,646 r 3,409,442 

5,834,475 r 64,897 5,769,579 2,468,757 18,490 2,450,266 3,365,719 r 46,407 r 3,319,312 

6,255,406 r 57,278 6,198,129 2,675,648 r 17,673 r 2,657,974 3,579,758 r 39,605 r 3,540,155 

5,970,267 60,878 5,909,389 2,549,681 19,803 2,529,878 3,420,586 41,075 3,379,511 

5,963,970 60,105 5,903,864 2,558,938 19,345 2,539,593 3,405,032 40,761 3,364,271 

6,029,884 59,539 5,970,346 2,561,674 19,481 2,542,193 3,468,210 40,058 3,428,152 

6,032,411 60,129 5,972,281 2,562,358 20,357 2,542,001 3,470,053 39,772 3,430,281 

6,011,008 58,993 5,952,016 2,582,932 19,684 2,563,248 3,428,076 39,309 3,388,768 

6,045,782 58,903 5,986,880 2,586,104 19,009 2,567,095 3,459,678 39,894 3,419,785 

6,153,295 57,686 6,095,609 2,662,925 18,683 2,644,242 3,490,370 39,003 3,451,367 

6,186,282 57,263 6,129,019 2,659,878 18,348 2,641,529 3,526,404 38,914 3,487,490 

6,236,756 57,295 6,179,462 2,652,793 18,237 2,634,556 3,583,963 39,058 3,544,905 

6,255,406 r 57,278 r 6,198,129 r 2,675,648 r 17,673 r 2,657,974 r 3,579,758 r 39,605 r 3,540,155 

6,309,253 56,228 6,253,026 2,696,538 17,053 2,679,486 3,612,715 39,175 3,573,540 

6,370,323 54,095 6,316,229 2,694,624 15,180 2,679,444 3,675,699 38,914 3,636,785 

6,432,982 51,480 6,381,504 2,758,322 13,840 2,744,482 3,674,660 37,640 3,637,022 

Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 25 

TABLE FD-2.—Debt Held by the Public* 

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

Total public debt Marketable Nonsecurities Inflation-indexed marketable 

End of fiscal outstanding Total Bills Notes Bonds notes and bonds Total 

year or month (1) (2) (3) (4) (5) (6) (7) 

2001....................................... 

2002....................................... 

2001 - Dec............................. 

2002 - Jan.............................. 

Feb ............................ 

Mar ............................ 

Apr............................. 

May............................ 

June........................... 

July ............................ 

Aug ............................ 

Sept ........................... 

Oct ............................. 

Nov ............................ 

Dec ............................ 

3,339,310 2,915,225 734,856 1,432,956 612,521 134,891 424,085 

3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823 

3,394,399 2,967,501 811,214 1,413,951 602,272 140,064 426,898 

3,378,924 2,952,685 792,693 1,411,894 602,271 145,827 426,239 

3,442,244 3,018,119 833,211 1,443,237 596,365 145,306 424,125 

3,444,137 3,019,527 834,378 1,443,242 596,325 145,582 424,610 

3,402,337 2,977,390 793,469 1,445,361 592,710 145,850 424,947 

3,433,836 3,029,777 816,096 1,474,313 592,705 146,663 404,059 

3,464,147 3,036,922 822,439 1,474,296 592,704 147,482 427,225 

3,500,452 3,080,525 862,246 1,486,932 592,702 138,645 419,927 

3,558,277 3,130,242 890,698 1,508,127 592,699 138,719 428,033 

3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823 

3,586,524 3,148,300 881,840 1,527,415 592,689 146,356 438,223 

3,649,353 3,205,328 901,417 1,568,838 588,465 146,607 444,025 

3,647,940 3,204,902 888,741 1,580,860 588,450 146,850 443,038 

Nonmarketable, con. 

U.S. savings Government State and local Domestic 

End of fiscal securities Foreign series account series government series series Other 

year or month (8) (9) (10) (11) (12) (13) 

2001 ....................................... 

2002 ....................................... 

2001 - Dec.............................. 

2002 - Jan .............................. 

Feb ............................. 

Mar ............................. 

Apr.............................. 

May............................. 

June............................ 

July ............................. 

Aug ............................. 

Sept............................ 

Oct.............................. 

Nov............................. 

Dec............................. 

186,464 18,269 39,488 146,364 29,995 3,505 

193,312 12,519 47,605 144,286 29,995 4,107 

190,390 15,412 41,216 146,246 29,995 3,639 

190,947 16,412 42,019 143,196 29,995 3,670 

191,514 14,778 42,344 141,823 29,995 3,670 

191,962 14,578 43,269 141,053 29,995 3,752 

192,406 14,778 43,562 140,295 29,995 3,911 

192,594 14,378 16,856 146,380 29,995 3,855 

192,771 13,319 44,420 142,746 29,995 3,974 

192,958 12,919 45,242 134,840 29,995 3,974 

193,092 12,719 46,624 141,631 29,995 3,974 

193,312 12,519 47,605 144,286 29,995 4,107 

193,855 12,719 47,986 149,573 29,995 4,096 

194,443 12,519 48,883 154,090 29,995 4,095 

194,933 11,207 49,538 153,398 29,995 3,967 

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

the format changes in the “Monthly Statement of the Public Debt of the United States.” 
26 FEDERAL DEBT 

TABLE FD-2.—Interest-Bearing Public Debt (Historical) 

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

Marketable 

Total interest- Treasury Federal Nonbearing public Treasury Treasury Treasury inflation-indexed Financing marketable 

End of fiscal debt Total bills notes bonds notes and bonds Bank Total 

year or month (1) (2) (3) (4) (5) (6) (7) (8) 

1998....................................... 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651 

1999....................................... 5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242 

2000....................................... 5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

Nonmarketable, con. 

U.S. savings Government State and local Domestic 

End of fiscal securities Foreign series account series government series series Other 

year or month (9) (10) (11) (12) (13) (14) 

1998 ....................................... 180,816 35,079 1,777,329 164,431 29,995 1 

1999 ....................................... 180,019 30,970 2,005,166 168,091 29,995 1 

2000 ....................................... 177,724 25,431 2,242,900 153,288 29,996 1 

Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 27 

Table FD-3.—Government Account Series 

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

Federal 

Exchange Federal Federal Federal Federal Old-Age and 

Airport and Bank Employees Stabili- Disability employees Hospital Housing Survivors 

Airway Insurance Life Insurance zation Insurance retirement Insurance Adminis- Insurance 

End of fiscal Total Trust Fund Fund Fund Fund Trust Fund funds Trust Fund tration Trust Fund 

year or month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1998................................ 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282 

1999................................ 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226 

2000................................ 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519 

2001................................ 2,492,141 13,660 30,277 23,690 10,014 135,801 538,381 197,137 17,289 1,034,114 

2002................................ 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759 

2001 - Dec............................. 2,574,756 13,848 30,950 24,086 9,854 140,907 549,127 208,888 18,482 1,071,795 

2002 - Jan.............................. 2,584,822 13,483 30,108 24,089 9,869 143,025 546,351 213,823 19,484 1,085,847 

Feb ............................ 2,588,053 13,478 29,918 24,374 9,799 143,566 543,822 214,569 20,067 1,089,319 

Mar ............................ 2,589,665 13,500 29,328 24,306 9,813 144,686 541,352 214,168 20,244 1,096,981 

Apr ............................. 2,610,543 13,410 29,568 24,754 9,828 147,571 538,814 221,104 20,486 1,115,478 

May............................ 2,586,992 13,342 29,734 25,223 9,761 148,355 532,613 217,728 20,979 1,119,990 

June........................... 2,691,373 13,277 29,304 25,097 9,775 153,949 551,963 229,943 21,000 1,160,809 

July ............................ 2,689,163 13,026 30,382 25,165 9,790 154,208 549,182 228,748 21,494 1,165,549 

Aug ............................ 2,683,462 12,736 30,622 25,341 9,805 154,502 546,810 225,648 21,494 1,167,643 

Sept ........................... 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759 

Oct ............................. 2,743,628 11,707 30,521 25,386 9,732 155,158 583,191 227,309 22,223 1,176,380 

Nov ............................ 2,742,628 12,572 30,919 25,428 9,742 155,251 580,491 226,775 22,449 1,178,345 

Dec ................................ 2,806,946 13,433 30,918 25,796 9,753 160,349 595,859 235,326 23,453 1,217,702 

Federal 

Federal Savings Supplemen- National 

and Loan tary Medical Service Life Railroad Treasury UnemployCorporation, Insurance Highway Insurance Postal Retirement deposit ment Trust 

End of fiscal Resolution Fund Trust Fund Trust Fund Fund Service Fund Account funds Fund Other 

year or month (11) (12) (13) (14) (15) (16) (17) (18) (19) 

1998 ................................ 2,087 39,502 17,926 12,008 1,000 19,764 71 70,598 239,878 

1999 ................................ 2,304 26,528 28,083 11,954 - 22,347 71 77,357 264,153 

2000 ................................ 2,508 45,075 31,023 11,804 1,086 22,628 62 86,399 266,154 

2001 ................................ 2,650 41,978 24,115 11,639 - 24,983 - 88,638 297,775 

2002 ................................ 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362 

2001 - Dec.............................. 2,689 40,828 24,955 11,821 - 24,961 - 85,917 315,648 

2002 - Jan .............................. 2,692 42,539 20,016 11,736 - 25,011 - 81,754 314,995 

Feb ............................. 2,716 41,775 20,212 11,654 1,327 25,043 - 80,147 316,267 

Mar ............................. 2,719 42,788 19,969 11,561 416 25,023 - 75,874 316,937 

Apr.............................. 2,722 42,050 20,061 11,476 656 25,049 - 72,400 315,116 

May............................. 2,777 39,502 20,654 11,393 754 25,042 - 78,390 290,755 

June............................ 2,781 41,551 20,861 11,720 878 24,993 - 76,992 316,480 

July ............................. 2,793 40,239 20,442 11,640 3,075 24,883 - 73,024 315,523 

Aug ............................. 2,797 37,651 20,053 11,563 2,794 24,896 - 72,127 316,980 

Sept ............................ 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362 

Oct.............................. 2,857 36,951 19,046 11,386 396 19,182 - 64,743 347,460 

Nov ............................. 2,859 34,668 20,029 11,322 1,100 14,420 - 63,474 352,784 

Dec ............................. 2,897 34,135 18,483 11,632 2,410 11,946 - 61,117 351,731 

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

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”] 

Federal Deposit Department of 

Insurance Corporation Housing and Farm Credit 

Federal Savings and Urban System Other 

Loan Insurance Development Financial independent 

Total Corporation, Federal Housing Assistance Tennessee Postal 

End of fiscal outstanding Resolution Fund Administration Corporation Valley Authority Service Other 

year or month (1) (2) (3) (4) (5) (6) (7) 

1998 ....................................... 

1999 ....................................... 

2000 ....................................... 

2001 ....................................... 

2002 ....................................... 

2001 - Dec.............................. 

2002 - Jan .............................. 

Feb ............................. 

Mar............................. 

Apr.............................. 

May ............................ 

June ........................... 

July............................. 

Aug............................. 

Sept............................ 

Oct.............................. 

Nov............................. 

Dec............................. 

29,359 63 174 1,261 26,685 717 458 

28,505 63 114 863 26,378 634 451 

27,672 63 227 775 25,987 51 569 

27,011 63 231 775 25,381 - 561 

27,170 - 298 775 25,557 - 540 

26,828 63 270 775 25,155 - 565 

26,741 63 284 775 25,053 - 566 

26,431 63 163 775 24,872 - 559 

26,379 63 166 775 24,818 - 556 

26,331 63 182 775 24,753 - 557 

26,450 63 202 775 24,851 - 558 

26,826 63 217 775 25,211 - 559 

26,541 63 217 775 24,925 - 561 

26,274 63 158 775 24,725 - 553 

27,170 - 298 775 25,557 - 540 

26,725 - 312 775 25,096 - 542 

26,863 - 336 775 25,209 - 543 

27,275 - 344 775 25,612 - 544 

Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 29 

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 Market Finance, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

Amount outstanding Within 20 years 

End of fiscal privately held 1 year 1-5 years 5-10 years 10-20 years or more Average length 1 

year or month (1) (2) (3) (4) (5) (6) (7) 

1998 ................................ 

1999 ................................ 

2000 ................................ 

2001 ................................ 

2002 ................................ 

2001 - Dec.............................. 

2002 - Jan .............................. 

Feb ............................. 

Mar ............................. 

Apr.............................. 

May............................. 

June............................ 

July ............................. 

Aug ............................. 

Sept............................ 

Oct.............................. 

Nov............................. 

Dec............................. 

2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 10 mos. 

2,728,011 915,145 962,644 378,163 149,703 322,356 6 yrs. 0 mos. 

2,469,152 858,903 791,540 355,382 167,082 296,246 6 yrs. 2 mos. 

2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 

2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

2,392,530 932,153 696,991 317,932 197,742 247,712 5 yrs. 10 mos. 

2,371,510 906,466 715,370 307,869 197,484 247,321 5 yrs. 10 mos. 

2,430,599 959,624 719,279 308,109 197,408 246,179 5 yrs. 9 mos. 

2,400,776 953,703 696,282 307,424 197,398 245,968 5 yrs. 9 mos. 

2,375,274 904,062 725,849 306,097 195,227 244,040 5 yrs. 9 mos. 

2,419,549 912,351 761,718 305,994 195,227 244,258 5 yrs. 8 mos. 

2,402,091 916,256 740,340 305,792 195,227 244,478 5 yrs. 8 mos. 

2,457,756 922,600 781,212 314,301 195,227 244,416 5 yrs. 7 mos. 

2,483,538 968,597 764,257 311,100 203,816 235,768 5 yrs. 7 mos. 

2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

2,519,727 951,452 810,083 318,435 203,816 235,940 5 yrs. 5 mos. 

2,555,144 992,371 794,585 328,363 209,639 230,186 5 yrs. 5 mos. 

2,575,371 981,309 825,882 328,290 209,639 230,251 5 yrs. 4 mos. 

1

 Beginning September 1976, the maturity distribution and average length were calculated Note.—Details may not add to totals due to rounding. Quarterly refunding charts can be 

on the interest-bearing marketable debt privately held. Published data were changed for accessed from the Office of Domestic Finance/Debt Management website at 

the end of the fiscal years back through 1967. www.treas.gov/offices/domestic-finance/debt-management/qrc.
30 FEDERAL DEBT 

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 subject to limit Securities 

Statutory debt not subject 

End of fiscal limit Total Public debt Other debt 1 Public debt Other debt to limit 

year or month (1) (2) (3) (4) (5) (6) (7) 

2001 ................................................ 

2002 ................................................ 

2001 - Dec....................................... 

2002 - Jan ....................................... 

Feb ...................................... 

Mar ...................................... 

Apr....................................... 

May...................................... 

June..................................... 

July ...................................... 

Aug ...................................... 

Sept..................................... 

Oct....................................... 

Nov...................................... 

Dec...................................... 

5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

5,950,000 5,871,413 5,871,154 259 5,943,439 259 72,285 

5,950,000 5,865,892 5,865,743 149 5,937,229 149 71,486 

5,950,000 5,933,154 5,933,001 153 6,003,453 153 70,451 

5,950,000 5,935,108 5,934,951 156 6,006,032 156 71,080 

5,950,000 5,914,816 5,914,647 169 5,984,677 169 70,030 

5,950,000 5,949,975 5,949,787 188 6,019,332 188 69,546 

6,400,000 6,058,313 6,058,110 203 6,126,469 203 68,359 

6,400,000 6,092,050 6,091,906 144 6,159,741 144 67,834 

6,400,000 6,142,835 6,142,665 170 6,210,482 170 67,817 

6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

6,400,000 6,231,284 6,230,985 299 6,282,528 299 51,542 

6,400,000 6,294,480 6,294,158 322 6,343,460 322 49,302 

6,400,000 6,359,412 6,359,082 330 6,405,707 330 46,626 

1 Consists of guaranteed debt issued by the Federal Housing Administration. * Effective June 2001, FMS revised procedures and categories in this table to reflect 

the format changes in the “Monthly Statement of the Public Debt of the United 

States. 

TABLE FD-6.—Debt Subject to Statutory Limitation (Historical) 

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

Debt outstanding Interest-bearing debt 

subject to limitation subject to limitation 

Total 

(2) 

Non-interestbearing debt 

subject to 

limitation 

(7) 

End of fiscal 

year or month 

Statutory debt 

limit

(1)

Public debt 

(3) 

Other debt 1 

(4) 

Public debt Other debt 

(5) (6) 

1998 ................................................ 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448 

1999 ................................................ 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972 

2000 ................................................ 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 

1

 Consists of guaranteed debt issued by the Federal Housing Administration. Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 31 

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 

Rural Business 

Rural Housing and Cooperative Foreign 

Farm-Service Rural Utilities and Community Development Agricultural 

End of fiscal Total Agency Service Development Service Service Service 

year or month (1) (2) (3) (4) (5) (6) 

1998 ................................................ 

1999 ................................................ 

2000 ................................................ 

2001 ................................................ 

2002 ................................................ 

2001 - Dec....................................... 

2002 - Jan ....................................... 

Feb ...................................... 

Mar ...................................... 

Apr....................................... 

May...................................... 

June..................................... 

July ...................................... 

Aug ...................................... 

Sept..................................... 

Oct....................................... 

Nov...................................... 

Dec...................................... 

154,155 19,937 13,295 7,808 203 642 

r 180,860 32,625 13,837 8,506 261 761 

r 189,468 27,323 14,690 9,413 305 729 

r 203,200 28,817 15,128 10,168 336 970 

213,555 25,074 16,312 10,780 417 906 

205,112 22,189 15,008 10,188 341 889 

209,227 24,776 15,055 10,188 341 889 

216,447 25,817 15,778 11,416 395 889 

217,140 26,026 15,778 11,416 395 889 

220,143 26,380 15,903 11,416 395 889 

220,447 26,924 15,903 11,416 395 889 

214,751 24,258 15,903 11,421 395 889 

221,997 24,189 15,903 11,421 395 889 

222,084 24,127 15,903 11,421 395 904 

213,555 25,074 16,312 10,780 417 906 

234,282 28,574 16,082 10,780 417 906 

239,224 32,437 16,082 10,780 417 906 

226,347 19,643 16,082 10,780 417 906 

Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing Other Housing Federal 

Financing Bank 

(11) 

End of fiscal 

year or month 

Administration 

(9) 

programs 

(10) 

1998 ................................................ 

1999 ................................................ 

2000 ................................................ 

2001 ................................................ 

2002 ................................................ 

2001 - Dec....................................... 

2002 - Jan ....................................... 

Feb ...................................... 

Mar ...................................... 

Apr....................................... 

May...................................... 

June..................................... 

July ...................................... 

Aug ...................................... 

Sept..................................... 

Oct....................................... 

Nov...................................... 

Dec...................................... 

35,610 2,499 6,579 5,293 34,036 

52,440 2,515 7,996 4,628 28,115 

65,716 2,513 7,155 3,653 27,836 

77,448 2,689 4,544 3,103 27,862 

89,713 2,770 7,553 2,640 24,693 

85,170 2,689 4,544 3,103 24,133 

87,340 2,689 4,544 3,103 23,177 

89,853 2,689 5,044 3,103 24,181 

89,853 2,829 5,044 3,103 23,075 

92,407 2,829 5,044 3,103 22,687 

92,407 2,829 5,044 3,103 22,223 

92,407 2,929 5,044 3,103 22,138 

98,051 2,929 5,544 3,103 22,877 

98,051 2,929 5,544 3,103 22,011 

89,713 2,770 7,553 2,640 24,693 

94,070 2,820 7,553 2,640 37,238 

94,070 2,820 8,053 2,640 37,572 

94,066 2,860 8,053 2,640 37,172 
32 FEDERAL DEBT 

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”] 

Export-Import Railroad 

Bank of the Retirement Small Business 

End of fiscal United States Board Administration Other 

year or month (12) (13) (14) (15) 

1998 ....................................... 

1999 ....................................... 

2000 ....................................... 

2001 ....................................... 

2002 ....................................... 

2001 - Dec.............................. 

2002 - Jan .............................. 

Feb ............................. 

Mar ............................. 

Apr.............................. 

May............................. 

June............................ 

July ............................. 

Aug ............................. 

Sept............................ 

Oct.............................. 

Nov............................. 

Dec............................. 

3,956 4,993 9,559 9,745 

6,603 r 2,720 9,825 10,030 

6,683 r 2,746 10,012 10,694 

7,045 r 2,884 10,087 12,120 

6,657 2,870 11,036 12,133 

7,145 5,778 9,346 14,591 

7,145 6,028 9,346 14,607 

7,145 6,272 9,346 14,519 

6,062 6,547 10,653 15,472 

6,182 6,822 10,653 15,435 

6,185 7,076 10,653 15,401 

6,231 4,195 10,653 15,185 

6,231 4,471 10,653 15,340 

6,231 4,722 11,503 15,239 

6,657 2,870 11,036 12,133 

6,657 3,149 11,036 12,358 

6,657 3,386 11,036 12,367 

6,657 3,662 11,190 12,216 

Note.—Detail may not add to totals due to rounding. 
33 

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 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve Banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

• Table PDO-2 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. Issues of cash management bills also are 

presented. 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 $1 million for bills and $5 million for notes and bonds in 

each auction of securities. 

• Table PDO-3 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. 

• Table PDO-4 indicates the total amount of 

marketable securities allotted to each class of investor. The 

FRBs tally into investor classes the tenders in each auction 

of marketable securities other than weekly auctions of 4-, 

13- and 26-week bills. 

TREASURY FINANCING: OCTOBER-DECEMBER 

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

O C T O B E R 

Auction of 9-3/4-Year Inflation-Indexed Notes 

On October 7, 2002, Treasury announced it would 

auction $7,000 million of 9-3/4-year inflation-indexed notes 

to raise cash. The 9-3/4-year, 3 percent inflation-indexed 

notes of Series C-2012 were dated July 15 and issued 

October 15. They are due July 15, 2012, with interest 

payable on January 15 and July 15 until maturity. 

Treasury received tenders for the notes before 12 a.m. 

eastern daylight savings time (e.d.s.t.) for noncompetitive 

tenders and before 1:00 p.m. e.d.s.t. for competitive tenders 

on October 9. Tenders totaled $9,494 million; Treasury 

accepted $7,000 million at the high yield of 2.260 percent 

with an equivalent adjusted price of $106.777. Tenders at the 

high yield were allotted 72.92 percent. The median yield was 

2.150 percent, and the low yield was 2.067 percent. 

Noncompetitive tenders totaled $100 million. Competitive 

tenders accepted from private investors totaled $6,900 

million. Adjusted accrued interest of $7.52385 per $1,000, 

covering the period from July 15 to October 15, was payable 

with each accepted tender. Both the unadjusted price of 

$106.439 and the unadjusted accrued interest of $7.50000 

were adjusted by an index ratio of 1.00318 for the period 

from July 15 through October 15. The minimum par amount 

required for STRIPS of inflation-indexed notes is $1,000. 

Auction of 2-Year Notes 

On October 21, 2002, Treasury announced it would 

auction $27,000 million of 2-year notes of Series T-2004. 

The issue was to refund $21,159 million of securities 

maturing October 31 and to raise new cash of approximately 

$5,841 million. 

The notes of Series T-2004 were dated October 31. They 

are due October 31, 2004, with interest payable on April 30 

and October 31 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 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on October 23. Tenders totaled 

$45,732 million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.140 percent with the 

equivalent price of $99.971. Tenders at the high yield were 

allotted 42.29 percent. The median yield was 2.095 percent, 

and the low yield was 2.050 percent. Noncompetitive 

tenders totaled $839 million. Competitive tenders accepted 

from private investors totaled $26,161 million. 

In addition to the $27,000 million of tenders accepted in 

the auction process, Treasury accepted $5,435 million from 

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

minimum par amount required for STRIPS of notes of Series 

T-2004 is $1,000. 
34 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

N O V E M B E R 

November Quarterly Financing 

On October 30, 2002, Treasury announced it would 

auction $22,000 million of 5-year notes of Series G-2007 

and $18,000 million of 10-year notes of Series E-2012. The 

issues were to refund $1,857 million of Treasury securities 

maturing November 15 and to raise about $38,143 million of 

new cash. 

The notes of Series G-2007 were dated November 15. 

They are due November 15, 2007, with interest payable on 

May 15 and November 15 until maturity. Treasury set an 

interest rate of 3 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

eastern standard time (e.s.t.) for noncompetitive tenders and 

before 1 p.m. e.s.t. for competitive tenders on November 5. 

Tenders totaled $43,116 million; Treasury accepted $22,000 

million. All noncompetitive and successful competitive 

bidders were allotted securities at the high yield of 3.030 

percent with an equivalent price of $99.862. Treasury 

accepted in full all competitive tenders at yields lower than 

3.030. Tenders at the high yield were allotted 56.30 percent. 

The median yield was 2.990 percent, and the low yield was 

2.945 percent. Noncompetitive tenders totaled $171 million. 

Competitive tenders accepted from private investors totaled 

$21,829 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $1,308 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series G-2007 is $1,000. 

The 10-year notes of Series E-2012 were dated and 

issued November 15. They are due November 15, 2012, with 

interest payable on May 15 and November 15 until maturity. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on November 6. Tenders totaled 

$34,182 million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.095 percent with an 

equivalent price of $99.227. Treasury accepted in full all 

competitive tenders at yields lower than 4.095 percent. 

Tenders at the high yield were allotted 86.41 percent. The 

median yield was 4.070 percent, and the low yield was 4.020 

percent. Noncompetitive tenders totaled $111 million. 

Competitive tenders accepted from private investors totaled 

$17,889 million. 

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $111 million from 

FRBs for their own accounts . The minimum par amount 

required for STRIPS of notes of Series E-2012 is $1,000. 

Auction of 2-Year Notes 

On November 25, 2002, Treasury announced it would 

auction $27,000 million of 2-year notes. The issue was to 

refund $21,316 million of securities maturing November 30 

and to raise new cash of approximately $5,684 million. 

The notes of Series U-2004 were dated November 30 and 

issued December 2. They are due November 30, 2004, with 

interest payable on May 31 and November 30 until maturity. 

Treasury set an interest rate of 2 percent after determining 

which tenders were accepted on a yield auction basis. 

Accrued interest of $0.10989 per $1,000, covering the period 

from November 30 to December 2, was payable with each 

accepted tender. 

Treasury received tenders for the notes before 10:30 a.m. 

e.s.t. for noncompetitive tenders and before 11:00 a.m. e.s.t. 

for competitive tenders on November 27. Tenders totaled 

$47,796 million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.120 percent with an 

equivalent price of $99.767. Treasury accepted in full all 

competitive tenders at yields lower than 2.120 percent. 

Tenders at the high yield were allotted 53.79 percent. The 

median yield was 2.080 percent, and the low yield was 2.040 

percent. Noncompetitive tenders totaled $784 million. 

Competitive tenders accepted from private investors totaled 

$26,216 million. 

In addition to the $27,000 million of tenders accepted in 

the auction process, Treasury accepted $5,864 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series U-2004 is $1,000. 

D E C E M B E R 

Cash Management Bills 

On December 5, 2002, Treasury announced it would 

auction $13,000 million of 6-day bills. They were issued 

December 10 and matured December 16. The issue was to 

raise new cash. Treasury auctioned the bills on December 9. 

Tenders totaled $47,119 million; Treasury accepted $13,001 

million. The high bank discount rate was 1.235 percent. 

Auction of 2-Year Notes 

On December 19, 2002, Treasury announced it would 

auction $27,000 million of 2-year notes of Series V-2004. 

The issue was to refund $20,679 million of securities 

maturing December 31 and to raise new cash of 

approximately $6,321 million. 

The notes of Series V-2004 were dated and issued 

December 31. They are due December 31, 2004, with 

interest payable on June 30 and December 31 until maturity. 

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

determining which tenders were accepted on a yield auction 

basis. 
PUBLIC DEBT OPERATIONS 35 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

Treasury received tenders for the notes before 11 a.m. 

e.s.t. for noncompetitive tenders and before 11:30 a.m. e.s.t. 

for competitive tenders on December 23. Tenders totaled 

$51,003 million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.820 percent with an 

equivalent price of $99.863. Treasury accepted in full all 

competitive tenders at yields lower than 1.820 percent. 

Tenders at the high yield were allotted 60.06 percent. The 

median yield was 1.790 percent, and the low yield was 1.769 

percent. Noncompetitive tenders totaled $784 million. 

Competitive tenders accepted from private investors totaled 

$26,216 million. 

In addition to the $27,000 million of tenders accepted in 

the auction process, Treasury accepted $6,195 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series V-2004 is $1,000. 
36 PUBLIC DEBT OPERATIONS 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2002 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Total 

(3) 

U.S. Government accounts 

and Federal 

Reserve Banks 

(4) 

All other 

investors 

(5) 

Description 

(1) 

Issue date 

Date of final maturity (2)

2003 

Jan. 31............................................................ 

Jan. 31............................................................ 

Feb. 15............................................................ 

Feb. 15............................................................ 

Feb. 28............................................................ 

Feb. 28............................................................ 

Mar. 31............................................................ 

Mar. 31............................................................ 

Apr. 30............................................................. 

Apr. 30............................................................. 

May 15............................................................ 

May 31............................................................ 

May 31............................................................ 

June 30............................................................ June 30............................................................ July 31............................................................. 

Aug. 15, 03-08................................................... 

Aug. 15............................................................ 

Aug. 15............................................................ 

Aug. 15............................................................ 

Aug. 31............................................................ 

Sept. 30........................................................... 

Oct. 31............................................................. Nov. 15, 03-08................................................... Nov. 15............................................................ 

Nov. 15............................................................ Nov. 30............................................................ 

Dec. 31............................................................ 

2004 

Jan. 31............................................................ Feb. 15............................................................ 

Feb. 15............................................................ 

Feb. 29............................................................ 

Mar. 31............................................................ 

Apr. 30............................................................. 

May 15, 04-09................................................... 

May 15............................................................ 

May 15............................................................ 

May 15............................................................ 

May 31............................................................ 

June 30............................................................ July 31............................................................. Aug. 15............................................................ 

Aug. 15............................................................ 

Aug. 15............................................................ 

Aug. 31............................................................ 

Sept. 30........................................................... Oct. 31............................................................. Nov. 15, 04-09................................................... 

Nov. 15............................................................ 

Nov. 15............................................................ 

Nov. 15............................................................ 

Nov. 30............................................................ 

Dec. 31............................................................ 

See footnote at end of table. 

1 5-1/2%-C note 02/02/98 1 4-3/4%-L note 01/31/01 

10-3/4% bond 01/04/83 1 6-1/4%-A note 02/16/93 1 5-1/2%-D note 03/02/98 1 4-5/8%-M note 02/28/01 1 5-1/2%-E note 03/31/98 1 4-1/4%-N note 04/02/01 1 5-3/4%-F note 04/30/98 1 4%-P note 04/30/01 

10-3/4% bond 04/04/83 1 5-1/2%-G note 06/01/98 1 4-1/4%-Q note 05/31/01 1 5-3/8%-H note 06/30/98 1 3-7/8%-R note 06/30/01 1 3-7/8%-S note 07/31/01 

8-3/8% bond 08/15/78 

11-1/8% bond 07/05/83 1 5-3/4%-B note 08/16/93 1 5-1/4%-J note 08/17/98 1 3-5/8%-T note 08/31/01 1 2-3/4%-U note 10/01/01 1 2-3/4%-V note 10/31/01 

8-3/4% bond 11/15/78 

11-7/8% bond 10/05/83 1 4-1/4%-K note 11/16/98 1 3%-W note 11/30/01 1 3-1/4%-X note 12/31/01 

13,101 2,532 10,569 

15,453 4,302 11,150 

3,007 1,052 1,954 

23,563 3,935 19,628 

13,670 3,703 9,968 

14,685 4,630 10,055 

14,173 4,022 10,151 

14,675 4,189 10,486 

12,573 3,406 9,167 

13,339 3,625 9,713 

3,249 964 2,285 

13,132 2,286 10,846 

13,332 3,482 9,850 

13,127 2,548 10,579 

14,671 4,112 10,560 

16,003 4,606 11,397 

2,103 789 1,314 

3,501 860 2,641 

28,011 4,659 23,352 

19,852 3,468 16,384 

18,665 4,752 13,913 

22,675 6,423 16,253 

25,148 6,143 19,005 

5,230 1,788 3,442 

7,260 2,126 5,134 

18,626 1,562 17,064 

26,171 6,075 20,096 

29,667 7,373 22,294 

Total...................................... 418,661 99,410 319,251 

1 3%-J note 01/31/02 1 5-7/8%-A note 02/15/94 1 4-3/4%-E note 02/16/99 1 3%-K note 02/28/02 1 3-5/8%-L note 04/01/02 1 3-3/8%-M note 04/30/02 

9-1/8% bond 05/15/79 

12-3/8% bond 04/05/84 1 7-1/4%-B note 05/16/94 1 5-1/4%-F note 05/17/99 1 3-1/4%-N note 05/31/02 1 2-7/8%-P note 07/31/02 1 2-1/4%-Q note 07/31/02 

13-3/4% bond 07/10/84 1 7-1/4%-C note 08/15/94 1 6%-G note 08/16/99 1 2-1/8%-R note 09/03/02 1 1-7/8%-S note 09/30/02 1 2-1/8%-T note 10/31/02 

10-3/8% bond 11/15/79 1 11-5/8% bond 10/30/84 1 7-7/8%-D note 11/15/94 1 5-7/8%-H note 11/15/99 1 2%-U note 12/02/02 1 1-3/4%-V note 12/31/02 

30,776 6,226 24,549 

12,955 940 12,015 

17,823 2,274 15,549 

31,746 7,512 24,234 

32,874 8,334 24,540 

32,655 8,183 24,472 

4,606 1,236 3,369 

3,755 925 2,830 

14,440 3,567 10,873 

18,925 2,721 16,205 

33,297 6,298 26,999 

34,050 7,046 27,004 

33,250 6,237 27,013 

4,000 942 3,059 

13,346 1,939 11,408 

18,090 2,034 16,056 

34,541 7,537 27,005 

34,656 7,652 27,003 

32,440 5,435 27,005 

4,201 1,076 3,125 

8,302 2,026 6,276 

14,374 3,532 10,841 

32,658 4,888 27,770 

32,871 5,864 27,007 

33,205 6,195 27,010 

Total...................................... 563,836 110,618 453,218 
PUBLIC DEBT OPERATIONS 37 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2002, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Description 

(1) 

Issue date 

(2) 

Total 

(3) 

U.S. Government accounts 

and Federal 

Reserve Banks 

(4) 

All other 

investors 

Date of final maturity (5)

2005 

Feb. 15, 05-10................................................... Feb. 15............................................................ May 15, 05-10................................................... 

May 15............................................................ 

May 15............................................................ 

May 15............................................................ 

Aug. 15............................................................ 

Aug. 15............................................................ Nov. 15, 05-10................................................... 

Nov. 15............................................................ 

Nov. 15............................................................ 

2006 

Feb. 15............................................................ Feb. 15............................................................ May 15, 06-11................................................... 

May 15............................................................ 

May 15............................................................ 

July 15............................................................. 

Oct. 15............................................................. 

Nov. 15, 06-11................................................... 

Nov. 15............................................................ 

2007 

Jan. 15............................................................ 

Feb. 15............................................................ 

May 15............................................................ May 15............................................................ Aug. 15............................................................ 

Aug. 15............................................................ 

Nov. 15............................................................ 

Nov. 15, 07-12................................................... 

2008 

Jan. 15............................................................ 

Feb. 15........................................................... 

May 15 ........................................................... Aug. 15, 08-13 .................................................. 

Nov. 15........................................................... 

2009 

Jan. 15............................................................ 

May 15, 09-14................................................... 

May 15............................................................ 

Aug. 15, 09-14 .................................................. 

Aug. 15........................................................... 

Nov. 15, 09-14 .................................................. 

2010 

Jan. 15............................................................ 

Feb. 15........................................................... 

Aug. 15........................................................... 

See footnote at end of table. 

11-3/4% bond 02/15/80 2,315 858 1,457 1 7-1/2%-A note 02/15/95 13,835 2,964 10,871 

10% bond 05/15/80 2,987 1,177 1,811 1 12% bond 04/02/85 4,261 941 3,319 1 6-1/2%-B note 05/15/95 14,740 2,216 12,524 1 6-3/4%-E note 05/15/00 28,562 5,901 22,661 1 10-3/4% bond 07/02/85 9,270 2,156 7,114 1 6-1/2%-C note 08/15/95 15,003 2,229 12,773 

12-3/4% bond 11/17/80 4,081 1,261 2,821 1 5-7/8%-D note 11/24/95 15,210 2,133 13,077 1 5-3/4%-F note 11/15/00 

Total.......................................... 

28,063 

138,326 

4,293 

26,128 

23,770 

112,198 

1 9-3/8% bond 01/15/86 4,756 1,044 3,712 1 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

13-7/8% bond 05/15/81 3,545 1,074 2,471 1 6-7/8%-B note 05/15/96 16,015 3,617 12,398 1 4-5/8%-E note 05/15/01 27, 798 3,798 24,000 1 7%-C note 07/15/96 22,740 4,914 17,827 1 6-1/2%-D note 10/15/96 22,460 4,723 17,736 

14% bond 11/16/81 4,048 975 3,073 1 3-1/2%-F note 11/15/01 35,380 3,744 31,636 

Total.......................................... 152,256 25,832 126,424 

1 3-3/8%-A note 02/06/97 18,031 1,740 16,291 1 6-1/4%-B note 02/18/97 13,104 1,254 11,850 1 6-5/8%-C note 05/15/97 13,958 2,754 11,205 1 4-3/8%-E note 05/15/02 24,351 2,341 22,011 1 6-1/8%-D note 08/15/97 25,637 5,062 20,575 1 3-1/4%-F note 08/15/02 25,411 3,396 22,015 1

 3%-G note 11/15/02 23,311 1,308 22,003 

10-3/8% bond 11/15/82 10,126 2,033 8,093 

Total.................. ..................... 153,929 19,886 134,043 

1 3-5/8%-A note 01/15/98 1 5-1/2%-B note 02/17/98 1 5-5/8%-C note 05/15/98 

12% bond 08/15/83 

4-3/4%-D note 11/16/98 

18,865 2,059 16,806 

13,583 1,890 11,693 

27,191 5,312 21,879 

11,917 3,041 8,876 

25,083 3,448 21,635 

Total...................................... 96,640 15,750 80,889 

1 3-7/8% -A note 01/15/99 17,579 1,811 15,768 

13-1/4% bond 05/15/84 4,481 869 3,611 1 5-1/2% -B note 05/17/99 14,795 2,625 12,170 

12-1/2% bond 08/15/84 4,388 906 3,482 1 6%-C note 08/16/99 27,400 4,934 22,466 1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Total...................................... 73,658 12,340 61,318 

1 4-1/4% -A note 01/18/00 12,199 1,076 11,123 1 6-1/2% -B note 02/15/00 23,356 4,039 19,316 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Total...................................... 57,992 8,711 49,281 
38 PUBLIC DEBT OPERATIONS 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2002, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Description 

(1) 

Issue date 

(2) 

Total 

(3) 

U.S. Government accounts 

and Federal 

Reserve Banks 

(4) 

All other 

investors 

Date of final maturity (5)

2011 

Jan. 15............................................................ 

Feb. 15........................................................... 

Aug. 15........................................................... 

2012 

Jan. 15............................................................ 

Feb. 15........................................................... 

July 15............................................................ 

Aug. 15........................................................... 

Nov. 15........................................................... 

2015 

Feb. 15........................................................... Aug. 15........................................................... 

Nov. 15........................................................... 

2016 

Feb. 15........................................................... May 15............................................................ 

Nov. 15........................................................... 

2017 

May 15............................................................ 

Aug. 15........................................................... 

2018 

May 15............................................................ 

Nov. 15........................................................... 

2019 

Feb. 15........................................................... 

Aug. 15........................................................... 

2020 

Feb. 15........................................................... 

May 15............................................................ 

Aug. 15........................................................... 

2021 

Feb. 15........................................................... 

May 15............................................................ 

Aug. 15........................................................... 

Nov. 15........................................................... 

2022 

Aug. 15........................................................... 

Nov. 15........................................................... 

See footnote at end of table. 

1 3-1/2%-A note 01/16/01 11,459 173 11,286 1 5%-B note 02/15/01 23,436 3,583 19,853 1 5%-C note 08/15/01 26,635 2,880 23,756 

Total...................................... 61,531 6,636 54,895 

1 3-3/8%-A note 01/15/02 1 4-7/8%-B note 02/15/02 1 3%-C note 07/15/02 1 4-3/8%-D note 08/15/02 

1 4%-E note 11/15/02 

6,130 - 6,130 

24,780 1,144 23,636 

17,155 1,019 16,136 

19,648 1,645 18,003 

18,113 111 18,002 

Total...................................... 85,825 3,919 81,907 

1 11-1/4% bond 02/15/85 10,520 1,846 8,675 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 1 9-7/8% bond 11/29/85 

Total...................................... 

5,585 

20,129 

1,007 

4,020 

4,578 

16,109 

1 9-1/4% bond 02/18/86 5,432 1,037 4,395 1 7-1/4% bond 05/15/86 18,824 1,099 17,724 1 7-1/2% bond 11/17/86 

Total...................................... 

18,787 

43,043 

1,751 

3,887 

17,036 

39,156 

1 8-3/4% bond 05/15/87 15,559 2,755 12,804 1 8-7/8% bond 08/17/87 10,968 2,058 8,910 

Total...................................... 26,528 4,813 21,715 

1 9-1/8% bond 05/16/88 6,717 1,240 5,478 1 9% bond 11/22/88 

Total...................................... 

7,174 

13,892 

1,053 

2,293 

6,121 

11,599 

1 8-7/8% bond 02/15/89 13,090 2,373 10,717 

1 8-1/8% bond 08/15/89 

Total...................................... 

18,941 

32,031 

2,731 

5,104 

16,210 

26,927 

1 8-1/2% bond 02/15/90 9,476 1,486 7,990 1 8-3/4% bond 05/15/90 7,582 1,502 6,081 1 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total...................................... 34,118 5,617 28,501 

1 7-7/8% bond 02/15/91 10,076 1,530 8,546 1 8-1/8% bond 05/15/91 10,067 1,618 8,449 1 8-1/8% bond 08/15/91 9,506 1,658 7,848 

1 8% bond 11/15/91 30,632 4,286 26,346 

Total...................................... 60,281 9,091 51,190 

1 7-1/4% bond 08/17/92 1 7-5/8% bond 11/16/92 

10,128 1,509 8,619 

7,424 1,601 5,823 

Total...................................... 17,551 3,110 14,442 
PUBLIC DEBT OPERATIONS 39 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2002, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Description 

(1) 

Issue date 

(2) 

Total 

(3) 

U.S. Government accounts 

and Federal 

Reserve Banks 

(4) 

All other 

investors 

Date of final maturity (5)

2023 

Feb. 15........................................................... 

Aug. 15........................................................... 

2024 

Nov. 15........................................................... 

2025 

Feb. 15........................................................... 

Aug. 15........................................................... 

2026 

Feb. 15........................................................... 

Aug. 15........................................................... 

Nov. 15........................................................... 

2027 

Feb. 15........................................................... 

Aug. 15........................................................... 

Nov. 15........................................................... 

2028 

Apr. 15............................................................ 

Aug. 15........................................................... 

Nov. 15........................................................... 

2029 

Feb. 15........................................................... 

Apr. 15............................................................ 

Aug. 15........................................................... 

2030 

May 15............................................................ 

2031 

Feb. 15........................................................... 

2032 

Apr. 15............................................................ 

1 7-1/8% bond 02/16/93 15,782 2,636 13,147 1 6-1/4% bond 08/16/93 22,659 1,610 21,050 

Total...................................... 38,441 4,245 34,196 

1 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total...................................... 9,604 1,615 7,989 

1 7-5/8% bond 02/15/95 9,509 1,594 7,916 

1 6-7/8% bond 08/15/95 11,187 1,800 9,388 

Total...................................... 20,696 3,393 17,303 

1 6% bond 02/15/96 12,838 1,164 11,674 1 6-3/4% bond 08/15/96 8,810 1,614 7,196 

1 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total...................................... 32,509 4,502 28,007 

1 6-5/8% bond 02/18/97 9,522 1,485 8,037 1 6-3/8% bond 08/15/97 9,197 1,640 7,557 1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total...................................... 40,740 6,473 34,267 

1 3-5/8% bond 04/15/98 18,812 2,733 16,079 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 1 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total...................................... 41,535 6,116 35,420 

1 5-1/4% bond 02/16/99 11,350 1,670 9,680 1 3-7/8% bond 04/15/99 21,501 2,735 18,766 1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total...................................... 44,030 6,075 37,955 

1 6-1/4% bond 02/15/00 

Total...................................... 

17,043 

17,043 

1,894 

1,894 

15,149 

15,149 

1 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total...................................... 16,428 1,423 15,005 

1 3-3/8% bond 10/15/01 

Total...................................... 

5,119 

5,119 

159 

159 

4,960 

4,960 

1

 This security is eligible for stripping. See table V of the “Monthly Statement of the Public 

Debt of the United States”. 
40 PUBLIC DEBT OPERATIONS 

TABLE PDO-2.—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 High High 

Number Amount On On non- High discount investof days to of bids Total competitive competitive price per rate ment rate 

Maturity date maturity 1 tendered amount 2 basis basis 3 hundred (percent) (percent) 4 

Issue date (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Regular weekly:

(4 week, 13 week and 26 week)

2002 -Oct. 3................................ 2002 -Oct. 31 28 40,459.2 17,839.2 15,966.0 34.0 99.876 1.600 1.618 

2003 - Jan. 2 91 41,398.5 21,883.3 14,331.0 1,499.0 99.611 1.540 1.566 

Apr. 3 182 34,529.7 19,200.8 12,945.8 979.2 99.254 1.475 1.507 

Oct. 10................................ 2002 -Nov. 7 28 47,782.8 16,154.1 13,965.9 34.2 99.876 1.590 1.618 

2003 - Jan. 9 91 41,626.3 21,099.6 14,294.7 1,505.4 99.599 1.585 1.615 

Apr. 10 182 34,957.7 19,138.9 12,805.2 1,195.0 99.227 1.530 1.562 

Oct. 17................................ 2002 -Nov. 14 28 46,129.7 15,405.9 13,963.6 36.8 99.873 1.630 1.658 

2003 - Jan. 16 91 44,908.4 22,453.8 15,298.6 1,436.5 99.588 1.630 1.659 

Apr. 17 182 38,050.5 20,299.9 14,140.7 859.4 99.176 1.630 1.666 

Oct. 24................................ 2002 - Nov. 21 28 45,646.9 18,836.4 17,950.9 50.3 99.870 1.670 1.697 

2003 - Jan. 23 91 42,328.6 24,195.8 16,207.5 1,492.6 99.579 1.665 1.696 

Apr. 24 182 38,466.5 21,596.5 14,568.2 1,106.8 99.158 1.665 1.703 

Oct. 31................................ 2002 - Nov. 29 29 46,062.1 18,938.4 17,962.8 37.4 99.875 1.550 1.575 

2003 - Jan. 30 91 41,727.3 23,908.8 15,752.4 1,630.9 99.608 1.550 1.578 

May 1 182 45,509.6 22,998.5 15,432.8 987.4 99.234 1.515 1.548 

Nov. 7................................ 2002 - Dec. 5 28 47,477.8 17,328.2 15,969.9 30.4 99.889 1.430 1.449 

2003 - Feb. 6 91 45,857.0 22,795.9 15,149.5 1,600.8 99.644 1.410 1.433 

May 8 182 42,399.2 23,158.1 15,695.9 1,124.2 99.295 1.395 1.424 

Nov. 14................................ 2002 - Dec. 12 28 51,471.4 21,771.3 19,963.0 37.1 99.907 1.190 1.213 

2003 - Feb. 13 91 45,193.8 21,438.3 14,261.8 1,493.3 99.699 1.190 1.211 

May 15 182 37,356.2 21,812.8 14,953.8 896.4 99.381 1.225 1.249 

Nov. 21................................ 2002 - Dec. 19 28 52,867.3 21,868.4 19,958.4 41.9 99.907 1.195 1.213 

2003 - Feb. 20 91 41,352.4 20,008.7 13,343.7 1,406.5 99.695 1.205 1.227 

May 22 182 36,110.8 20,505.7 13,881.4 1,018.8 99.371 1.245 1.269 

Nov. 29................................ 2002 -Dec. 26 27 43,619.0 23,828.6 21,959.5 40.5 99.906 1.250 1.272 

2003 - Feb. 27 90 45,547.3 20,289.9 13,362.6 1,446.7 99.698 1.210 1.228 

May 29 181 36,945.8 20,589.6 13,396.9 1,026.2 99.364 1.265 1.291 

Dec. 5................................ Jan. 2 28 62,720.8 23,303.5 20,957.7 42.6 99.906 1.210 1.227 

Mar. 6 91 41,234.3 19,042.0 12,412.4 1,417.7 99.694 1.210 1.231 

June 5 182 35,114.7 20,629.7 13,881.6 1,018.5 99.348 1.290 1.316 

Dec. 12................................ Jan. 9 28 45,632.2 18,381.5 15,950.6 50.2 99.906 1.205 1.227 

Mar. 13 91 34,811.0 19,215.0 12,433.8 1,441.2 99.698 1.195 1.215 

June 12 182 33,770.9 20,617.7 14,042.3 882.8 99.371 1.245 1.269 

Dec. 19................................ Jan. 16 28 58,101.5 18,608.8 15,956.8 44.8 99.907 1.190 1.213 

Mar. 20 91 40,611.5 19,064.1 12,442.0 1,408.1 99.697 1.200 1.219 

June 19 182 40,635.8 21,911.1 14,896.5 1,053.7 99.363 1.260 1.286 

Dec. 26................................ Jan. 23 28 46,318.6 18,813.8 15,960.5 40.0 99.911 1.140 1.161 

Mar. 27 91 36,099.7 18,909.1 12,468.1 1,377.1 99.700 1.185 1.207 

June 26 182 34,085.3 21,881.8 15,180.3 819.8 99.373 1.240 1.265 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity of 26 3 Tenders for $1 million or less from any one bidder are accepted in full at the high 

weeks or 52 weeks. Certain 26- week bills represent additional issues of bills with an original price of accepted competitive bids. All Treasury marketable auctions are conducted in 

maturity of 52 weeks. a single-price format as of November 2, 1998. 2

 Includes amount awarded to the Federal Reserve System. 4 Equivalent coupon-issue yield.
PUBLIC DEBT OPERATIONS 41 

TABLE PDO-3.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Accepted yield and 

equivalent price 

Period to final maturity Amount Amount for notes and 

Issue date Description of securities 1 (years, months, days) 2 tendered accepted 3,4 bonds 

Auction date (1) (2) (3) (4) (5) (6) 

01/09/02 01/15/02 3-3/8% note—1/15/12-A 10y 14,317 6,000 3.480 - 99.120 

01/23/02 01/31/02 3% note—1/31/04 -J 2y 44,245 30,766 3.039 - 99.925 

02/05/02 02/15/02 3-1/2% note—11/15/06-F-reopen ing 4y 9m 24,401 16,944 4.254 - 96.780 

02/06/02 02/15/02 4-7/8% note—2/15/12-B 10y 24,106 13,753 4.880 - 99.961 

02/27/02 02/28/02 3% note—2/29/04-K 2y 51,953 31,735 3.059 - 99.886 

03/27/02 04/01/02 3-5/8% note—3/31/04-L 2y 56,916 32,873 3.705 - 99.847 

04/02/02 04/03/02 1.78% bill—4/22/02 19d 59,320 23,000 

04/03/02 04/04/02 1.78% bill—4/16/02 12d 76,750 23,000 

04/10/02 04/11/02 1.71% bill—4/15/02 4d 50,470 16,000 

04/24/02 04/30/02 3-3/8% note—4/30/04-M 2y 57,596 32,648 3.375 - 100.000 

05/07/02 05/15/02 4-3/8% note—5/15/07-E 5y 40,155 24,341 4.475 - 99.556 

05/08/02 05/15/02 4-7/8% note—2/15/12-B-reopening 9y 9m 24,073 11,392 5.170 - 97.746 

05/09/02 05/10/02 1.725% bill—5/17/02 7d 46,445 12,000 

05/29/02 05/31/02 3-1/4% note—5/31/04-N 2y 78,800 33,298 3.274 - 99.954 

05/31/02 06/03/02 1.72% bill—6/12/02 9d 49,165 20,000 

06/11/02 06/12/02 1.715% bill—6/18/02 6d 60,990 21,001 

06/28/02 07/01/02 2-7/8% note—6/30/04-P 2y 42,484 34,047 2.970 - 99.817 

07/10/02 07/15/02 3% note—7/15/12-C 10y 22,871 10,010 3.099 - 99.154 

07/24/02 07/31/02 2-1/4% note—7/31/04-Q 2y 48,414 33,237 2.270 - 99.961 

08/06/02 08/15/02 3-1/4% note—8/15/07-F 5y 42,148 25,396 3.348 - 99.552 

08/07/02 08/15/02 4-3/8% note—8/15/12-D 10y 24,852 19,645 4.390 - 99.880 

08/28/ 02 09/03/02 2-1/8% note—8/31/04-R 2y 68,430 34,537 2.220 - 99.816 

09/10/02 09/11/02 1.695% bill—9/16/02 5d 31,985 9,000 

09/25/02 09/30/02 1-7/8% note—9/30/04-S 2y 61,699 34,652 1.960 - 99.834 

10/09/02 10/15/02 3% note—7/15/12-C 9y 9m 9,494 7,000 2.260 - 106.777 

10/23/02 10/31/02 2-1/8% note—10/31/04-T 2y 51,167 32,435 2.140 - 99.971 

11/05/02 11/15/02 3% note—11/15/07-G 5y 44,424 23,308 3.030 - 99.862 

11/06/02 11/15/02 4% note—11/15/12-E 10y 34,293 18,111 4.095 - 99.227 

11/27/02 12/02/02 2% note—11/30/04-U 2y 53,660 32,864 2.120 - 99.767 

12/09/02 12/10/02 1.235% bill—12/16/02 6d 47,119 13,001 

12/23/02 12/31/02 1-3/4% note—12/31/04-V 2y 57,198 33,195 1.820 - 99.863 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 4 Includes securities issued to the Federal Reserve System; and to foreign and 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of international monetary authorities, whether in exchange for maturing securities or for new 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and cash.

bonds are eligible for STRIPS.

2

 From date of additional issue in case of a reopening. Note.— Amounts listed as tendered and accepted are amounts tendered and awarded on 3

 In reopenings, the amount accepted is in addition to the amount of original offerings. auction day.
42 PUBLIC DEBT OPERATIONS 

TABLE PDO-4.—Allotments by Investor Class 

for Marketable Public Debt Securities Other than Bills 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

Private 

pension 

Deposi- and Foreign 

Federal tory Dealers retire- Invest- Insurance and 

Total Reserve insti - Individ- and ment ment com- internaDate of issue Banks tutions 1 uals 2 brokers funds funds panies tional Other 3 

financing Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

04/02/01 4-1/4% note—3/31/03-N 

04/30/01 4% note—4/30/03-P 

05/15/01 4-5/8% note—5/16/06-E 

05/15/01 5% note—2/15/11-B-reopening 

05/31/01 4-1/4% note—5/31/03-Q 

07/02/01 3-7/8% note—6/30/03-R 

07/16/01 3-1/2% note—1/15/11-A-reopening 

07/31/01 3-7/8% note—7/31/01-S-2003 

08/15/01 4-5/8% note—5/15/06-E-reopening 

08/15/01 5% note—8/15/11-C 

08/15/01 5-3/8% bond—2/15/31-reopening 

08/31/01 3-5/8% note—8/31/03-T 

10/01/01 2-3/4% note—9/30/03-U 

10/05/01 5% note—8/15/11-C-reopening 

10/15/01 3-3/8% bond—4/13/32 

10/31/01 2-3/4% note—10/31/03-V 

11/15/01 3-1/2% note—11/15/06-F 

11/15/01 5% note—8/15/11-C-reopening 

11/30/01 3% note—11/30/03-W 

12/31/01 3-1/4% note—12/31/03-X 

01/15/02 3-3/8% note—1/15/12-A 

01/31/02 3% note—1/31/04-J 

02/15/02 3-1/2% note—11/15/06-F-reopening 

02/15/ 02 

02/28/02 

04/01/02 

04/30/02 

05/15/02 

05/15/02 

05/30/02 

07/01/02 

07/15/02 

07/31/02 

08/15/02 

08/15/02 

09/03/02 

09/30/02 

4-7/8% note—2/15/12-B 

3% note—2/29/04-K 

3-5/8% note—3/31/04-L 

3-5/8% note—4/30/04-M 

4-7/8% note—2/15/12-B 

4-3/8% note—5/15/07-E 

3-1/4% note—5/31/04-N 

2-7/8% note—6/30/04-P 

3% note—7/15/12-C 

2-1/4% note—7/31/04-Q 

3-1/4% note—8/15/07-F 

4-3/8% note—8/15/12-D 

2-1/8% note—9/30/04-R 

1-7/8% note—9/30/04-S 

10/15/02 3% note—7/15/12-C-reopening 

10/31/02 2-1/8% note—10/31/04-T 

11/15/02 3% note—11/15/07-G 

11/15/02 4% note—11/15/12-E 

12/02/02 2% note—11-30-04-U 

12/31/02 1-3/4% note—12/31/04-V 

01/15/03 3% note—7/15/12-C-reopening 

14,675 3,667 60 2,083 5,990 1 1,025 * 1,841 8 

13,339 3,333 57 986 6,994 1 23 1 1,925 19 

16,181 3,175 12 362 10,519 76 1,377 * 656 4 

11,460 2,457 1 372 6,349 * 1,760 - 515 6 

13,332 3,333 86 1,075 6,712 1 30 2 2,075 18 

14,671 3,667 58 1,050 7,377 1 145 1 2,233 139 

5,000 - 76 135 2,967 50 741 422 352 257 

16,003 4,000 51 1,043 7,868 3 1,025 1 2,000 12 

11,617 623 8 165 9,447 * 738 - 635 1 

12,046 1,043 1 109 7,043 * 1,652 - 2,090 108 

5,541 540 55 53 3,681 10 1,013 - 188 1 

18,665 4,667 51 1,042 9,875 15 662 1 2,309 43 

22,675 5,667 138 893 10,361 1 128 * 5,475 12 

6,000 - - * 4,651 - 1,112 - 175 62 

5,000 - 4 88 2,065 370 1,826 54 338 255 

25,126 6,143 45 698 11,415 10 751 * 6,037 27 

18,804 2,799 3,009 192 9,201 1 206 25 3,360 10 

8,596 1,592 201 77 5,548 - 200 - 975 3 

26,171 5,167 55 738 14,299 - 501 - 5,400 10 

29,668 6,666 41 852 14,373 1 5,202 1 2,478 53 

6,005 - 17 535 2,565 5 2,524 - 355 3 

30,776 5,766 75 1,065 18,830 1 976 * 4,030 33 

16,579 944 13 235 13,130 5 900 2 1,340 10 

13,389 753 13 187 8,122 116 2,617 - 1,580 1 

31,746 6,735 171 1,271 19,705 1 619 1 2,867 376 

32,874 7,873 175 1,394 17,800 1 1,709 2 3,675 245 

32,655 7,648 87 1,283 18,784 3 269 55 4,345 181 

11,391 391 6 145 8,023 * 1,545 - 579 702 

24,351 2,341 19 501 15,287 1 1,879 - 2,636 1,687 

33,297 6,298 83 1,527 19,066 2 2,102 41 4,155 23 

34,050 7,046 307 1,114 23,674 1 945 * 709 254 

10,015 1,010 4 659 5,992 15 2,166 * 40 129 

33,250 6,237 43 1,515 19,019 1 1,885 * 4,531 19 

25,411 3,396 14 441 14,239 * 658 2 6,658 3 

19,648 1,645 351 192 13,355 3 1,499 - 2,187 416 

34,541 7,537 53 1,093 19,014 4 2,225 - 4,590 25 

34,656 7,652 51 915 18,437 1 308 * 7,274 18 

6,998 - 1 221 5,153 16 1,536 - 56 15 

32,440 5,435 30 2,225 17,402 1 74 * 6,235 1,038 

23,311 1,308 11 204 16,499 - 835 * 3,000 1,454 

18,113 111 755 110 13,443 - 1,590 - 2,103 1 

32,871 5,864 65 734 20,619 * 222 4 4,558 805 

33,203 6,195 176 4,391 16,783 3 451 1 4,215 988 

6,008 - 5 196 3,221 40 1,638 1 759 147 

* Less than $500,000. 

1

 Depository institutions include banks. 2

 Includes partnerships and personal trust accounts.

3

 Residual.
43 

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. Series HH bonds are issued in 

exchange for series E and EE savings bonds and savings 

notes. Series A-D were sold from March 1, 1935, through 

April 30, 1941. Series E was on sale from May 1, 1941, 

through December 31, 1979 (through June 1980 to payroll 

savers only). Series F and G were sold from May 1, 1941, 

through April 30, 1952. Series H was sold from June 1, 

1952, through December 31, 1979. Series HH bonds were 

sold for cash from January 1, 1980, through October 31, 

1982. Series J and K were sold from May 1, 1952, through 

April 30, 1957. U.S. savings notes were on sale May 1, 

1967, through June 30, 1970. The notes were eligible for 

purchase by individuals with the simultaneous purchase of 

series E savings bonds. 

The principal terms and conditions for purchase and 

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal 1974. 

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through Dec. 31, 2002 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Series 

Sales 1 

(1) 

Accrued 

Discount 

(2) 

Sales plus 

accrued discount 

(3) 

Redemptions 1 

(4) 

Interestbearing debt 

(5) 

Matured 

non-interestbearing debt 

(6) 

Savings bonds: 

Series A-D 2............................................ 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H and HH ............................. 850,144 230,780 1,080,924 388,124 171,579 10,058 

Series I.................................................. 11,597 644 12,241 563 13,120 -

Series F and G........................................ 28,396 1,125 29,521 29,517 - 3 

Series J and K......................................... 3,556 198 3,754 3,753 - -

Savings notes.......................................... 862 711 1,573 1,314 - 111 

Total................................................... 898,504 234,512 1,133,016 428,273 184,699 10,173 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series 2

 Details by series on a cumulative basis and by period of series A-D combined can be 

E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J found in the February 1952 and previous issues of the “Treasury Bulletin.” 

bonds for series H bonds beginning January 1960; and (3) U.S. savings notes for series H 

bonds beginning January 1972; however, they exclude exchanges of series E bonds for 

series H and HH bonds. 
44 U.S. SAVINGS BONDS AND NOTES 

TABLE SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Sales plus Redemptions Matured 

Accrued accrued Accrued Interest- non-interestSales discount discount Total Sales price 1 discount 1 bearing debt bearing debt 

Period (1) (2) (3) (4) (5) (6) (7) (8) 

Fiscal years: 

1935-99........................... 393,247 209,905 603,152 396,116 310,167 106,447 166,529 6,169 

2000............................... 5,645 6,940 12,585 14,511 7,050 5,864 177,659 6,544 

2001............................... 8,047 8,381 16,428 13,846 6,480 5,824 179,515 6,751 

2002............................... 12,542 7,719 20,261 12,494 5,487 5,556 185,495 7,638 

Calendar years: 

1935-99........................... 403,133 233,253 636,386 438,200 323,106 115,094 179,277 7,005 

2000............................... 6,732 8,333 15,065 16,433 7,959 8,474 176,802 7,794 

2001............................... 10,642 7,671 18,313 12,522 5,739 6,783 183,078 6,599 

2001 - Dec ....................... 915 618 1,533 987 484 503 181,416 8,780 

2002 - Jan........................ 1,233 726 1,958 1,371 554 685 182,234 8,522 

Feb....................... 948 657 1,606 975 396 439 182,961 8,364 

Mar....................... 1,023 477 1,500 1,001 424 443 183,540 8,235 

Apr ....................... 832 755 1,587 1,096 465 496 184,110 8,110 

May ...................... 713 569 1,282 1,045 470 454 184,407 8,003 

June ..................... 583 610 1,193 964 419 434 184,684 7,904 

July ...................... 679 715 1,395 1,159 535 490 184,967 7,808 

Aug ...................... 669 638 1,307 1,124 506 480 185,199 7,713 

Sept...................... 602 592 1,194 925 427 380 185,495 7,638 

Oct....................... 843 725 1,568 978 432 1,410 186,078 7,599 

Nov ...................... 938 545 1,483 851 385 1,236 186,739 7,527 

Dec ...................... 1,038 587 1,625 1,093 511 1,604 184,698 10,058 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated. 

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Redemptions 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Amount outstanding 

Matured 

Interest- non-interestbearing debt 

(8) 

bearing debt 

(9) 

Series E and EE 

Fiscal years:

1941-99............... 

2000................... 349,885 

3,848 

206,201 

6,899 

556,086 

10,747 

349,215 

11,161 

251,535 

5,853 

100,526 

6,583 

22,687 

924 

166,529 

162,749 

6,169 

6,525 

2001................... 

2002................... 4,307 

5,689 

8,271 

7,227 

12,578 

12,916 

12,822 

11,187 

5,330 

4,197 

6,469 

5,523 

1,160 

1,470 

161,044 

160, 038 

6,710 

7,588 

Calendar years: 

1941-99............... 

2000................... 352,457 

4,396 

220,382 

8,262 

572,839 

12,658 

364,898 

12,951 

261,664 

6,631 

107,600 

7,551 

25,019 

663 

165,702 

161,386 

6,983 

7,739 

2001................... 4,102 7,475 11,577 11,447 4,611 5,819 1,150 161,408 6,561 

2001 - Dec ........... 489 589 1,078 902 401 418 84 159,365 6,710 

2002 - Jan........... 514 695 1,209 1,259 378 682 133 159,430 8,447 

Feb........... 

Mar........... 415 

540 

614 

433 

1,029 

973 

874 

895 

255 

281 

436 

440 

142 

136 

159,596 

159,662 

8,295 

8,171 

Apr ........... May .......... 414 

398 

708 

522 

1,122 

920 

981 

922 

234 

225 

488 

451 

138 

123 

159,786 

159,764 

8,050 

7,947 

June ......... 385 560 945 850 190 431 113 159,844 7,849 

July .......... 463 666 1,129 1,025 262 486 137 159,905 7,756 

Aug .......... 

Sept.......... 471 

432 

589 

543 

1,060 

975 

996 

812 

249 

207 

477 

377 

139 

120 

159,922 

160,038 

7,661 

7,588 

Oct........... Nov .......... 554 

516 

667 

501 

1,221 

1,017 

855 

743 

310 

278 

407 

342 

138 

124 

160,361 

160,575 

7,503 

7,440 

Dec .......... 593 544 1,137 983 403 443 138 158,083 9,948 

See note at end of table. 
U.S. SAVINGS BONDS AND NOTES 45 

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I, con. 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Redemptions 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Matured 

Interest- non-interestbearing debt 

(8) 

bearing debt 

Period (9)

Series H and HH 

Fiscal years: 

1952-99........................... 13,805 - 13,805 23,585 23,585 - 22,595 12,813 19 

2000............................... 165 - 165 1,154 1,154 - 924 12,759 20 

2001............................... 101 - 101 1,023 1,023 - 1,160 12,815 41 

2002...............................47 - 47 921 921 - 1,470 13,361 50 

Calendar years: 

1952-99........................... 13,654 - 13,654 24,039 24,039 - 23,629 12,869 22 

2000............................... 106 - 106 2,291 2,291 - 1,052 12,704 56 

2001............................... 39 - 39 991 991 - 1,141 12,876 38 

2001 - Dec ....................... 8 - 8 62 62 - 84 12,860 85 

2002 - Jan....................... 13 - 13 88 88 - 133 12,928 75 

Feb....................... 10 - 10 79 79 - 141 12, 986 69 

Mar....................... 3 - 3 82 82 - 136 13,042 63 

Apr ....................... 3 - 3 80 80 - 138 13,100 59 

May ...................... 1 - 1 80 80 - 123 13,147 57 

June ..................... 1 - 1 72 72 - 113 13,188 55 

July ...................... 2 - 2 85 85 - 137 13,244 53 

Aug ...................... - - - 78 78 - 139 13,307 51 

Sept...................... 1 - 1 67 67 - 120 13,361 50 

Oct....................... 3 - 3 77 77 - 138 13,380 96 

Nov ...................... 3 - 3 68 68 - 124 13,447 87 

Dec ...................... 1 - 1 67 67 - 138 13,496 110 

Series I 

Fiscal years: 

1999-00........................... 1,730 41 1,771 49 49 - - 2,152 -

2001............................... 3,633 195 3,828 131 131 - - 5,656 -

2002............................... 6,806 490 7,295 366 366 - - 12,096 -

Calendar years: 

1999............................... 685 1 685 14 14 - - 469 -

2000............................... 1,898 70 1,968 61 61 - - 2,712 -

2001............................... 6,125 215 6,340 144 144 - - 8,795 -

2001 - Dec ....................... 418 28 446 21 21 - - 9,192 -

2002 - Jan........................ 706 30 736 22 22 - - 9,876 -

Feb....................... 523 43 566 20 20 - - 10,379 -

Mar....................... 479 45 524 22 22 - - 10,837 -

Apr ....................... 415 47 462 27 27 - - 11,225 -

May ...................... 313 47 360 42 42 - - 11,496 -

June ..................... 197 50 247 40 40 - - 11,652 -

July ...................... 214 50 264 48 48 - - 11,819 -

Aug ...................... 198 50 248 48 48 - - 11,969 -

Sept...................... 170 49 219 44 44 - - 12,096 -

Oct....................... 286 47 333 45 45 - - 12,337 -

Nov ...................... 419 44 463 39 39 - - 12,717 -

Dec ...................... 443 43 486 41 41 - - 13,120 -

Note.—Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 

1967, through June 30, 1970, to E bond buyers. 
46 

INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated amount of 

public debt securities held by private investors. Information 

is obtained from sources such as the Federal financial 

institution regulatory agencies. 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 47 

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

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

Total Public debt securities 

Federal Held by U.S. Government accounts Public issues 

End of securities Total held by Federal 

fiscal year outstanding outstanding Total Marketable Nonmarketable Reserve Banks 

or month (1) (2) (3) (4) (5) (6) 

2001 ................................................................ 

2002 ................................................................ 

2001 - Dec................................................................ 

2002 - Jan ................................................................ 

Feb ................................................................ 

Mar ................................................................ 

Apr................................................................ 

May................................................................ 

June................................................................ 

July ................................................................ 

Aug ................................................................ 

Sept................................................................ 

Oct................................................................ 

Nov................................................................ 

Dec................................................................ 

5,834,475 5,807,463 r 2,468,757 460 2,468,297 559,636 

6,255,406 6,228,236 r 2,675,648 311 2,675,336 628,414 

5,970,267 5,943,439 2,549,681 460 2,549,221 574,863 

5,963,970 5,937,229 2,558,938 460 2,558,478 581,069 

6,029,884 6,003,453 2,561,674 311 2,561,363 587,481 

6,032,411 6,006,032 2,562,358 311 2,562,047 595,082 

6,011,008 5,984,677 2,582,932 311 2,582,621 601,978 

6,045,782 6,019,332 2,586,104 311 2,585,793 610,097 

6,153,295 6,126,469 2,662,925 311 2,662,614 614,366 

6,186,282 6,159,741 2,659,878 311 2,659,567 622,640 

6,236,756 6,210,482 2,652,793 311 2,652,482 626,312 

6,255,406 6,228,236 r 2,675,648 311 2,675,336 628,414 

6,309,253 6,282,528 2,696,538 311 2,696,227 628,457 

6,370,323 6,343,460 2,694,624 311 2,694,313 628,730 

6,432,982 6,405,707 2,758,322 311 2,758,011 629,406 

Public debt securities, con. Agency securities 

Held by private investors Held by 

End of Total private 

fiscal year Total Marketable Nonmarketable outstanding investors 

or month (7) (8) (9) (10) (11) 

2001 ................................................................................... 

2002 ................................................................................... 

2001 - Dec................................................................ 

2002 - Jan ................................................................ 

Feb ................................................................ 

Mar ................................................................ 

Apr................................................................ 

May................................................................ 

June................................................................ 

July ................................................................ 

Aug ................................................................ 

Sept................................................................ 

Oct................................................................ 

Nov................................................................ 

Dec................................................................ 

2,779,070 2,370,630 408,441 27,011 27,011 

2,924,175 2,507,997 416,178 27,170 27,170 

2,818,895 2,407,678 411,217 26,828 26,828 

2,797,222 2,386,657 410,565 26,741 26,741 

2,854,298 2,445,828 408,470 26,431 26,431 

2,848,592 2,439,632 408,960 26,379 26,379 

2,799,767 2,390,460 409,307 26,331 26,331 

2,823,131 2,434,729 388,402 26,450 26,450 

2,849,178 2,437,614 411,564 26,826 26,826 

2,877,223 2,472,941 404,282 26,541 26,541 

2,931,377 2,518,988 412,389 26,274 26,274 

2,924,175 2,507,997 416,178 27,170 27,170 

2,957,533 2,519,895 437,638 26,725 26,725 

3,020,106 2,576,649 443,458 26,863 26,863 

3,017,979 2,575,545 442,435 27,275 27,275 

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

format changes in the “Monthly Statement of the Public Debt of the United States.” 
48 OWNERSHIP OF FEDERAL SECURITIES 

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

(Historical) 

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

Total Interest-bearing public debt securities 

Federal Held by U.S. Government accounts Public issues 

End of securities Total held by Federal 

fiscal year outstanding outstanding Total Marketable Nonmarketable Reserve Banks 

or month (1) (2) (3) (4) (5) (6) 

1998 ................................................................ 5,555,552 5,518,681 1,763,860 1,254 1,762,606 458,131 

1999 ................................................................ 5,684,776 5,647,241 r 1,989,308 1,123 1,987,551 496,472 

2000 ................................................................ 5,701,851 5,622,092 r 2,235,763 461 2,235,249 511,413 

Matured Agency securities 

Interest-bearing public debt securities, con. 

Held by private investors 

public 

debt 

and debt 

Held by 

U.S. Government 

accounts and Held by 

End of Non- bearing no Total Federal Reserve private 

fiscal year Total Marketable marketable interest outstanding Banks investors 

or month (7) (8) (9) (10) (11) (12) (13) 

1998 ........................................... 3,296,690 2,871,645 425,045 7,512 29,359 3,917 25,442 

1999 ........................................... 3,162,094 2,735,403 426,691 9,030 28,505 634 27,871 

2000 ........................................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

Note.—Detail may not add to totals due to rounding. 
OWNERSHIP OF FEDERAL SECURITIES 49 

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

[In billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

Pension Funds 3 

Federal State and 

Total Reserve and Total U.S. State and Insurance local Foreign 

public Government privately Depository savings local compa- Mutual govern- and inter- Other 

debt 1 accounts 2 held institutions 3,4 bonds 5 Private 6 governments nies 3 funds 3,7 ments 3 national 8 investors 9 

End of month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

1992 - Mar................................ 3,881.3 1,215.5 2,665.8 300.5 142.0 116.9 141.7 188.4 193.8 460.0 536.4 586.0 

June................................ 3,984.7 1,272.3 2,712.4 315.1 145.4 116.7 146.7 192.8 193.7 435.6 558.2 608.2 

Sept ................................ 4,064.6 1,282.4 2,782.2 337.2 150.3 120.0 166.4 194.8 195.9 429.3 562.8 625.5 

Dec ................................ 4,177.0 1,329.7 2,847.3 348.3 157.3 121.1 172.3 197.5 200.4 418.2 576.7 655.5 

1993 - Mar................................ 4,230.6 1,328.6 2,902.0 362.6 163.6 112.1 171.2 208.0 202.0 434.0 585.9 662.7 

June................................ 4,352.0 1,400.6 2,951.4 360.9 166.5 111.6 176.9 217.8 r 207.5 441.2 596.8 r 672.2 

Sept ................................ 4,411.5 1,422.2 2,989.3 366.2 169.1 125.1 189.2 229.4 217.6 434.0 619.1 639.7 

Dec ................................ 4,535.7 1,476.1 3,059.6 373.0 171.9 119.3 186.6 234.5 227.1 447.8 650.3 649.2 

1994 - Mar................................ 4,575.9 1,476.0 3,099.9 397.4 175.0 119.6 195.3 233.4 212.8 443.4 661.1 661.9 

June................................ 4,645.8 1,547.5 3,098.3 383.8 177.1 128.9 193.4 238.0 204.6 425.2 659.9 687.4 

Sept ................................ 4,692.8 1,562.8 3,130.0 364.0 178.6 135.9 191.9 243.7 201.6 398.2 682.0 734.1 

Dec ................................ 4,800.2 1,622.6 3,177.6 339.6 179.9 139.6 191.9 240.1 209.4 370.0 667.3 839.8 

1995 - Mar................................ 4,864.1 1,619.3 3,244.8 353.0 181.4 141.1 203.1 244.2 210.6 350.5 707.0 854.0 

June................................ 4,951.4 1,690.1 3,261.3 340.0 182.6 142.1 197.2 245.0 202.5 313.7 762.5 875.8 

Sept ................................ 4,974.0 1,688.0 3,286.0 330.8 183.5 141.5 193.0 245.2 211.6 304.3 820.4 855.7 

Dec ................................ 4,988.7 1,681.0 3,307.7 315.4 185.0 r 142.2 191.7 241.5 r 225.1 289.8 835.2 r 881.8 

1996 - Mar................................ 5,117.8 1,731.1 3,386.7 322.1 185.8 143.8 198.9 239.4 240.9 283.6 908.1 864.1 

June................................ 5,161.1 1,806.7 3,354.4 318.7 186.5 144.0 208.2 229.5 230.6 283.3 929.7 823.9 

Sept ................................ 5,224.8 1,831.6 3,393.2 310.9 186.8 140.7 202.4 226.8 226.8 263.7 993.4 841.7 

Dec ................................ 5,323.2 1,892.0 3,431.2 296.6 187.0 139.4 203.5 214.1 227.4 257.0 1,102.1 804.1 

1997 - Mar................................ 5,380.9 1,928.7 3,452.2 317.3 186.5 140.9 203.7 181.8 221.9 248.1 1,157.6 794.4 

June................................ 5,376.2 1,998.9 3,377.3 300.1 186.3 141.4 209.3 183.1 216.8 243.3 1,182.7 714.2 

Sept ................................ 5,413.1 2,011.5 3,401.6 292.8 186.2 142.4 219.7 186.8 221.6 235.2 1,230.5 686.4 

Dec ................................ 5,502.4 2,087.8 3,414.6 300.3 186.5 143.5 216.9 176.6 r 232.4 239.3 1,241.6 r 677.5 

1998 - Mar................................ 5,542.4 2,104.9 3,437.5 308.3 186.2 135.9 211.9 169.4 r 234.7 238.1 1,250.5 r 702.5 

June................................ 5,547.9 2,198.6 3,349.3 290.9 186.0 129.0 214.8 160.6 r 230.7 258.5 1,256.0 r 622.8 

Sept ................................ 5,526.2 2,213.0 3,313.2 244.4 186.0 120.5 211.2 151.3 r 231.8 266.4 1,224.2 r 677.4 

Dec ................................ 5,614.2 2,280.2 3,334.0 237.4 186.6 112.5 217.7 141.7 r 253.5 269.3 1,278.7 r 636.6 

1999 - Mar................................ 5,651.6 2,324.1 3,327.5 247.4 186.5 108.8 218.4 137.5 r 254.0 272.5 1,272.3 r 630.1 

June................................ 5,638.8 2,439.6 3,199.2 240.6 186.5 110.3 222.5 133.6 r 227.9 279.1 1,258.8 r 539.9 

Sept ................................ 5,656.3 2,480.9 3,175.4 241.2 186.2 110.1 215.3 128.0 r 224.4 271.6 1,281.4 r 517.2 

Dec ................................ 5,776.1 2,542.2 3,233.9 248.6 186.4 109.8 211.2 123.4 r 228.7 266.8 1,268.7 r 590.3 

2000 - Mar................................ 5,773.4 2,590.6 3,182.8 237.7 185.3 107.9 211.1 120.0 r 221.8 257.2 1,106.9 r 734.9 

June................................ 5,685.9 2,698.6 2,987.4 222.1 184.6 109.3 210.5 116.5 r 204.7 256.4 1,082.0 r 601.3 

Sept ................................ 5,674.2 2,737.9 2,936.2 220.5 184.3 109.7 200.7 113.8 r 207.0 241.9 1,057.9 r 600.4 

Dec ................................ 5,662.2 2,781.8 2,880.4 201.4 184.8 108.4 195.7 110.2 r 220.8 236.2 1,034.2 r 588.7 

2001 - Mar................................ 5,773.7 2,880.9 2,892.9 188.0 184.8 105.7 195.3 109.1 r 220.7 239.0 1,029.9 r 620.4 

June................................ 5,726.8 3,004.2 2,722.6 188.1 185.5 105.9 204.4 108.1 r 217.4 246.5 1,000.5 r 466.2 

Sept ................................ 5,807.5 3,027.8 2,779.7 189.1 186.4 103.2 187.7 106.8 r 231.5 248.9 1,005.5 r 520.6 

Dec ................................ 5,943.4 3,123.9 2,819.5 181.5 190.3 104.2 177.4 105.7 r 257.5 256.5 1,053.1 r 493.3 

2002 - Mar................................ 6,006.0 3,156.8 2,849.2 187.6 192.0 106.3 187.0 108.4 r 264.8 261.2 r 1,056.5 r 485.4 

June................................ 6,126.5 3,276.7 2,849.8 204.4 192.8 r 108.8 r 177.2 r 110.3 r 250.0 r 271.7 r 1,068.1 r 466.5 

Sept ................................ 6,228.2 3,303.5 2,924.8 p 210.5 193.3 p 110.9 p 172.5 p 115.4 p 253.1 p 269.4 r 1,128.6 471.1 

Dec ................................ 6,405.7 3,387.2 3,018.5 n.a. p 194.9 n.a. n.a. n.a. n.a. n.a. p 1,174.2 n.a. 

1

 Source: “Monthly Statement of the Public Debt of the United States.” Face value. 8 Source: Federal Reserve Board Treasury International Capital Survey. Includes 2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve Banks, statement of nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes 

condition, for System Open Market Accounts; and U. S. Treasury for Government Treasury securities held under repurchase agreements in custody accounts at the Federal 

accounts. Federal Reserve holdings exclude Treasury securities held under repurchase Reserve Bank of New York. Estimates reflect the 1984 benchmark to December 1989, the 

agreements. 1989 benchmark to December 1994 and the 1994 benchmark to March 2000. The March 3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 2000 benchmark was released in 2002. 4

 Includes commercial banks, savings institutions and credit unions. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 5

 Source: “Monthly Statement of the Public Debt of the United States.” Current personal trusts and estates, corporate and non-corporate businesses, and other investors.

accrual value.

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Note.—Ownership data were revised (in June 1999) back to March 1989 in order to update 

Thrift Savings Plan "G Fund." ownership categories and to incorporate greater reliance on Flow of Funds data of the 7

 Includes money market mutual funds, mutual funds and closed-end investment Federal Reserve Board.

companies.
50 

INTRODUCTION: Market Yields

The tables and charts in this section present yields on 

Treasury marketable securities, and compare long-term 

yields on Treasury securities with yields on long-term 

corporate and municipal securities. 

• Table MY-1 lists Treasury market bid yields at 

constant maturities for bills, notes and bonds. The Treasury 

yield curve in the accompanying chart is based on current 

market bid quotations on the most actively traded Treasury 

securities as of 3:30 p.m. on the last business day of the 

calendar quarter. 

The Treasury uses quotations obtained by the FRB of 

New York to derive the yield curve, based on semiannual 

interest payments and read at constant maturity points to 

develop a consistent data series. The Board of Governors of 

the Federal Reserve System publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

On July 31, 2001, Treasury expanded its constant 

maturity index to include a 1-month constant maturity yield, 

and Table MY-1 now includes a 1-month maturity beginning 

on that date. On February 18, 2002, Treasury discontinued 

the 30-year constant maturity yield. In lieu of the 30-year 

yield, Table MY-1 will include a 20-year maturity. 

Historical data for the 20-year maturity is available from the 

Board of Governors’ Statistical Release H.15. 

• Table MY-2 shows average yields of long-term 

Treasury, corporate and municipal bonds. The long-term 

Treasury average yield is the 30-year constant maturity yield 

prior to February 2002 and the 20-year maturity yie ld 

beginning in February 2002. The corporate bond average 

yield is developed by Treasury by calculating reoffering 

yields on new long-term securities maturing in at least 20 

years and rated Aa by Moody’s Investors Service. The 

municipal bond average yield prior to 1991 was compiled by 

Treasury. Beginning with January 1991, the average yield is 

the “Municipal Bond Yield Average,” published by 

Moody’s Investors Service for 20-year reoffering yields on 

selected Aa-rated general obligations. See the footnotes for 

further explanation. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes and Bonds* 

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

1-mo. 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 20-yr. 30-yr. 

Period (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

Monthly average: 

2002 - Jan............................................................ 1.68 1.68 1.77 2.16 3.03 3.56 4.34 4.79 5.04 5.69 5.45 

Feb................................ 1.74 1.76 1.86 2.23 3.02 3.55 4.30 4.71 4.91 5.61 n.a. 

Mar................................ 1.79 1.83 2.06 2.57 3.56 4.14 4.74 5.14 5.28 5.93 n.a. 

Apr ................................ 1.72 1.75 1.98 2.48 3.42 4.01 4.65 5.02 5.21 5.85 n.a. 

May ................................ 1.74 1.76 1.91 2.35 3.26 3.80 4.49 4.90 5.16 5.81 n.a. 

June................................ 1.72 1. 73 1.83 2.20 2.99 3.49 4.19 4.60 4.93 5.65 n.a. 

July................................ 1.72 1.71 1.74 1.96 2.56 3.01 3.81 4.30 4.65 5.51 n.a. 

Aug................................ 1.68 1.65 1.64 1.76 2.13 2.52 3.29 3.88 4.26 5.19 n.a. 

Sept ................................ 1.67 1.66 1.64 1.72 2.00 2.32 2.94 3.50 3.87 4.87 n.a. 

Oct ................................ 1.62 1.61 1.59 1.65 1.91 2.25 2.95 3.54 3.94 5.00 n.a. 

Nov ................................ 1.26 1.25 1.30 1.49 1.92 2.32 3.05 3.64 4.05 5.04 n.a. 

Dec ................................ 1.20 1.21 1.27 1.45 1.84 2.23 3.03 3.63 4.03 5.01 n.a. 

End of month: 

2002 - Jan............................................................ 1.69 1.76 1.89 2.29 3.16 3.70 4.42 4.82 5.07 5.68 5.44 

Feb................................ 1.76 1.79 1.87 2.25 3.06 3.64 4.27 4.70 4.88 5.61 n.a. 

Mar................................ 1.76 1.79 2.12 2.70 3.72 4.31 4.91 5.29 5.42 6.03 n.a. 

Apr ................................ 1.77 1.77 1.91 2.35 3.24 3.83 4.53 4.88 5.11 5.74 n.a. 

May ................................ 1.72 1.74 1.91 2.34 3.22 3.73 4.37 4.77 5.08 5.77 n.a. 

June................................ 1.69 1.70 1.75 2.06 2.90 3.37 4.09 4.52 4.86 5.65 n.a. 

July................................ 1.73 1.71 1.70 1.80 2.23 2.67 3.53 4.09 4.51 5.41 n.a. 

Aug................................ 1.70 1.69 1.67 1.74 2.14 2.50 3.22 3.78 4.14 5.06 n.a. 

Sept ................................ 1.60 1.57 1.51 1.53 1.72 2.02 2.63 3.25 3.63 4.75 n.a. 

Oct ................................ 1.48 1.44 1.43 1.46 1.68 2.05 2.81 3.45 3.93 5.03 n.a. 

Nov ................................ 1.25 1.22 1.30 1.56 2.08 2.51 3.28 3.88 4.22 5.18 n.a. 

Dec ................................ 1.20 1.22 1.23 1.32 1.61 1.99 2.78 3.36 3.83 4.83 n.a. 

* Rates are from the Treasury yields curve. 
MARKET YIELDS 51 

CHART MY-A.—Yields of Treasury Securities, 

December 31, 2002* 

Based on closing bid quotations of actively traded issues (in percentages) 

5.5 

5.0 

4.5 

4.0 

3.5 

3.0 

2.5 

2.0 

1.5 

1.0 

0 2 4 6 8 10 12 14 16 18 20 

Note: The yield curve is based on actively traded issues. 

Years to maturity 

* Source: Office of Market Finance 
52 MARKET YIELDS 

TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds 

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

New Aa New Aa 

Treasury corporate municipal 

Bonds 1 bonds 2 bonds 3 

Period (1) (2) (3) 

MONTHLY SERIES —AVERAGES OF DAILY OR WEEKLY SERIES 

1991 

Jan................................................................................................................................................................ 8.27 9.60 7.00 

Feb................................................................................................................................................................ 8.03 9.14 6.61 

Mar................................................................................................................................................................ 8.29 9.14 6.88 

Apr ................................................................................................................................................................ 8.21 9.07 6.81 

May ................................................................................................................................................................ 8.27 9.13 6.78 

June ................................................................................................................................................................ 8.47 9.37 6.90 

July ................................................................................................................................................................ 8.45 9.38 6.89 

Aug ................................................................................................................................................................ 8.14 8.88 6.66 

Sept................................................................................................................................................................ 7.95 8.79 6.58 

Oct................................................................................................................................................................ 7.93 8.81 6.44 

Nov ................................................................................................................................................................ 7.92 8.72 6.37 

Dec ................................................................................................................................................................ 7.70 8.55 6.43 

1992 

Jan................................................................................................................................................................ 7.58 8.36 6.29 

Feb................................................................................................................................................................ 7.85 8.63 6.42 

Mar................................................................................................................................................................ 7.97 8.62 6.59 

Apr ................................................................................................................................................................ 7.96 8.59 6.54 

May ................................................................................................................................................................ 7.89 8.57 6.39 

June ................................................................................................................................................................ 7.84 8.45 6.32 

July ................................................................................................................................................................ 7.60 8.19 5.90 

Aug ................................................................................................................................................................ 7.39 7.96 5.81 

Sept................................................................................................................................................................ 7.34 7.99 6.05 

Oct................................................................................................................................................................ 7.53 8.17 6.18 

Nov ................................................................................................................................................................ 7.61 8.25 6.22 

Dec ................................................................................................................................................................ 7.44 8.12 6.02 

1993 

Jan................................................................................................................................................................ 7.34 7.91 6.05 

Feb................................................................................................................................................................ 7.09 7.73 5.74 

Mar................................................................................................................................................................ 6.82 7.39 5.54 

Apr ................................................................................................................................................................ 6.85 7.48 5.64 

May ................................................................................................................................................................ 6.92 7.52 5.61 

June ................................................................................................................................................................ 6.81 7.48 5.54 

July ................................................................................................................................................................ 6.63 7.35 5.40 

Aug ................................................................................................................................................................ 6.32 7.04 5.50 

Sept................................................................................................................................................................ 6.00 6.88 5.44 

Oct................................................................................................................................................................ 5.94 6.88 5.23 

Nov ................................................................................................................................................................ 6.21 7.17 5.19 

Dec ................................................................................................................................................................ 6.25 7.22 5.27 

1994 

Jan................................................................................................................................................................ 6.29 7.16 5.19 

Feb................................................................................................................................................................ 6.49 7.27 5.16 

Mar................................................................................................................................................................ 6.91 7.64 5.47 

Apr ................................................................................................................................................................ 7.27 7.95 5.59 

May ................................................................................................................................................................ 7.41 8.17 5.79 

June ................................................................................................................................................................ 7.40 8.16 5.96 

July ................................................................................................................................................................ 7.58 8.30 6.11 

Aug ................................................................................................................................................................ 7.49 8.25 6.07 

Sept................................................................................................................................................................ 7.71 8.48 6.10 

Oct................................................................................................................................................................ 7.94 8.76 6.31 

Nov ................................................................................................................................................................ 8.08 8.89 6.79 

Dec ................................................................................................................................................................ 7.87 8.66 6.63 

See footnotes at end of table. 
MARKET YIELDS 53 

TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds, con. 

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

New Aa New Aa 

Treasury corporate municipal 

Bonds 1 bonds 2 bonds 3 

Period (1) (2) (3) 

MONTHLY SERIES —AVERAGES OF DAILY OR WEEKLY SERIES 

1995 

Jan................................................................................................................................................................ 7.85 8.59 6.48 

Feb................................................................................................................................................................ 7.61 8.39 6.09 

Mar................................................................................................................................................................ 7.45 8.23 5.91 

Apr ................................................................................................................................................................ 7.36 8.10 5.80 

May ................................................................................................................................................................ 6.95 7.68 5.75 

June ................................................................................................................................................................ 6.57 7.42 5.61 

July ................................................................................................................................................................ 6.72 7.54 5.69 

Aug ................................................................................................................................................................ 6.86 7.75 5.81 

Sept................................................................................................................................................................ 6.55 7.42 5.75 

Oct................................................................................................................................................................ 6.37 7.29 5.80 

Nov ................................................................................................................................................................ 6.26 7.20 5.56 

Dec ................................................................................................................................................................ 6.06 7.02 5.46 

1996 

Jan................................................................................................................................................................ 6.05 7.00 5.41 

Feb................................................................................................................................................................ 6.24 7.14 5.41 

Mar................................................................................................................................................................ 6.60 7.58 5.57 

Apr ................................................................................................................................................................ 6. 79 7.81 5.72 

May ................................................................................................................................................................ 6.93 7.87 5.73 

June ................................................................................................................................................................ 7.06 8.00 5.82 

July ................................................................................................................................................................ 7.03 7.97 5.82 

Aug ................................................................................................................................................................ 6.84 7.68 5.69 

Sept................................................................................................................................................................ 7.03 7.84 5.62 

Oct................................................................................................................................................................ 6.81 7.69 5.53 

Nov ................................................................................................................................................................ 6.48 7.43 5.47 

Dec ................................................................................................................................................................ 6.55 7.45 5.47 

1997 

Jan................................................................................................................................................................ 6.83 7.62 5.53 

Feb................................................................................................................................................................ 6.69 7.54 5.40 

Mar................................................................................................................................................................ 6.93 7.85 5.59 

Apr ................................................................................................................................................................ 7.09 8.04 5.73 

May ................................................................................................................................................................ 6.94 7.90 5.53 

June ................................................................................................................................................................ 6.77 7.71 5.39 

July ................................................................................................................................................................ 6.51 7.44 5.27 

Aug ................................................................................................................................................................ 6.58 7.30 5.27 

Sept................................................................................................................................................................ 6.50 7.04 5.25 

Oct................................................................................................................................................................ 6.33 6.90 5.26 

Nov ................................................................................................................................................................ 6.11 6.79 5.23 

Dec ................................................................................................................................................................ 5.99 6.68 5.07 

1998 

Jan................................................................................................................................................................ 5.81 6.62 4.93 

Feb................................................................................................................................................................ 5.89 6.66 4.96 

Mar................................................................................................................................................................ 5.95 6.63 5.10 

Apr ................................................................................................................................................................ 5.92 6.59 5.10 

May ................................................................................................................................................................ 5.93 6.63 5.17 

June ................................................................................................................................................................ 5.70 6.43 5.01 

July ................................................................................................................................................................ 5.68 6.36 5.04 

Aug ................................................................................................................................................................ 5.54 6.34 5.06 

Sept................................................................................................................................................................ 5.20 6.26 4.94 

Oct................................................................................................................................................................ 5.01 6.21 4.82 

Nov ................................................................................................................................................................ 5.25 6.42 4.93 

Dec ................................................................................................................................................................ 5.06 6.13 4.90 

See footnotes at end of table. 
54 MARKET YIELDS 

TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds, con. 

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

New Aa New Aa 

Treasury corporate municipal 

Bonds 1 bonds 2 bonds 3 

Period (1) (2) (3) 

MONTHLY SERIES —AVERAGES OF DAILY OR WEEKLY SERIES 

1999 

Jan................................................................................................................................................................ 5.16 6.14 4.94 

Feb................................................................................................................................................................ 5.37 6.33 4.89 

Mar................................................................................................................................................................ 5.58 6.52 5.02 

Apr ................................................................................................................................................................ 5.55 6.58 5.00 

May ................................................................................................................................................................ 5.81 6.86 5.15 

June ................................................................................................................................................................ 6.04 7.21 5.31 

July ................................................................................................................................................................ 5.98 7.20 5.30 

Aug ................................................................................................................................................................ 6.07 7.36 5.56 

Sept................................................................................................................................................................ 6.07 7.38 5.67 

Oct................................................................................................................................................................ 6.26 7.51 5.84 

Nov ................................................................................................................................................................ 6.15 7.35 5.90 

Dec ................................................................................................................................................................ 6.35 7.55 5.91 

2000 

Jan................................................................................................................................................................ 6.63 7.83 6.02 

Feb................................................................................................................................................................ 6.23 7.59 5.95 

Mar................................................................................................................................................................ 6.05 7.54 5.80 

Apr ................................................................................................................................................................ 5.85 7.49 5.64 

May ................................................................................................................................................................ 6.15 7.85 5.94 

June ................................................................................................................................................................ 5.93 7.75 5.74 

July ................................................................................................................................................................ 5. 85 7.66 5.59 

Aug ................................................................................................................................................................ 5.72 7.47 5.48 

Sept................................................................................................................................................................ 5.83 7.50 5.50 

Oct................................................................................................................................................................ 5.80 7.50 5.56 

Nov ................................................................................................................................................................ 5.78 7.41 5.50 

Dec ................................................................................................................................................................ 5.49 7.21 5.23 

2001 

Jan................................................................................................................................................................ 5.54 7.15 5.07 

Feb................................................................................................................................................................ 5.45 7.08 5.14 

Mar................................................................................................................................................................ 5.34 6.87 5.08 

Apr ................................................................................................................................................................ 5.65 7.09 5.24 

May ................................................................................................................................................................ 5.78 7.19 5.25 

June ................................................................................................................................................................ 5.67 7.11 5.18 

July ................................................................................................................................................................ 5.61 7.02 5.15 

Aug ................................................................................................................................................................ 5.48 6.85 4.99 

Sept................................................................................................................................................................ 5.48 6.83 5.05 

Oct................................................................................................................................................................ 5.32 6.72 4.99 

Nov ................................................................................................................................................................ 5.12 6.51 4.96 

Dec ................................................................................................................................................................ 5.48 6.80 5.22 

2002 

Jan................................................................................................................................................................ 5.45 6.75 5.09 

Feb................................................................................................................................................................ 5.61 6.65 5.02 

Mar................................................................................................................................................................ 5.93 6.79 5.07 

Apr ................................................................................................................................................................ 5.85 6.81 5.12 

May ................................................................................................................................................................ 5.81 6.77 5.09 

June ................................................................................................................................................................ 5.65 6.57 5.02 

July ................................................................................................................................................................ 5.51 6.46 4.85 

Aug ................................................................................................................................................................ 5.19 6.20 4.83 

Sept................................................................................................................................................................ 4.87 5.98 4.64 

Oct................................................................................................................................................................ 5.00 6.09 4.74 

Nov ................................................................................................................................................................ 5.04 6.14 4.86 

Dec ................................................................................................................................................................ 5.01 5.93 4.76 

1

 Treasury bond rate is for a 30- year maturity prior to February 2002 and for a 20- year 3 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors 

maturity thereafter. Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present. 2

 Treasury series based on 3- week moving average of reoffering yields of new corporate 

bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years. 
MARKET YIELDS 55

CHART MY-B.—Average Yields of Long-Term

Treasury, Corporate and Municipal Bonds*

Monthly averages (in percentages)

4

5

6

7

8

9

10

11

90 91 92 93 94 95 96 97 98 99 00 01 02 03

Aa Municipal Bonds

Treasury 

Bonds

Aa Corporate Bonds

Calendar years

*Source: Office of Market Finance
56 

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, various 

U.S. Mint offices, the Federal Reserve Banks (FRBs) and 

the Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, December 31, 2002 

[Source: Financial Management Service] 

Total 

currency Currency no 

and coin Total currency Federal Reserve notes 1 U.S. Notes longer issued 

Currency (1) (2) (3) (4) (5) 

Amounts outstanding ................................ $793,852,527,284 $759,768,147,426 $759,255,149,569 $261,800,816 $251,197,041 

Less amounts held by: 

The Treasury ................................ 351,019,212 26,078,212 25,877,069 20,739 180,404 

FRBs .............................................................. 105,971,209,552 104,982,813,195 104,982,811,398 - 1,797 

Amounts in circulation................................ $687,530,298,520 $654,759,256,019 $654,246,461,102 $261,780,077 $251,014,840 

Fractional 

Total Dollars 3 coins 

Coins 2 (1) (2) (3) 

Amounts outstanding ................................ $34,084,379,858 $3,494,049,008 $30,590,330,850 

Less amounts held by: 

The Treasury ................................ 324,941,000 284,445,000 40,496,000 

FRBs .............................................................. 988,396,357 183,233,376 805,162,981 

Amounts in circulation................................ $32,771,042,501 $3,026,370,632 $29,744,671,869 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57 

TABLE USCC-2.—Amounts Outstanding and in Circulation, December 31, 2002 

[Source: Financial Management Service] 

Currency no 

Total Federal Reserve notes 1 U.S. notes longer issued 

Currency in circulation by denomination (1) (2) (3) (4) 

$1 ................................................................ 

$2 ................................................................ 

$5 ................................................................ 

$10................................................................ 

$20................................................................ 

$50................................................................ 

$100................................................................ 

$500................................................................ 

$1,000................................................................ 

$5,000................................................................ 

$10,000.............................................................. 

Fractional parts..................................................... 

Partial notes 4

....................................................... 

$7,981,258,689 $7,835,483,819 $143,481 $145,631,389 

1,307,714,410 1,175,367,268 132,334,566 12,576 

9,401,782,220 9,262,699,585 109,605,310 29,477,325 

14,889,381,710 14,867,627,730 5,950 21,748,030 

103,718,048,940 103,697,941,400 3,380 20,104,160 

58,464,582,750 58,453,084,300 - 11,498,450 

458,682,335,700 458,640,655,000 19,687,300 21,993,400 

142,838,000 142,650,000 - 188,000 

166,118,000 165,912,000 - 206,000 

1,755,000 1,700,000 - 55,000 

3,440,000 3,340,000 - 100,000 

485 - - 485 

115 - 90 25 

Total currency ................................................... $654,759,256,019 $654,246,461,102 $261,780,077 $251,014,840 

Amounts (in millions) Per capita 5 

Comparative totals of currency and coins in circulation—selected dates (1) (2) 

Dec. 31, 2002 ....................................................... 

Nov. 29, 2002 ....................................................... 

Oct. 31, 2002........................................................ 

Sept. 30, 2000...................................................... 

Sept. 30, 1995...................................................... 

Sept. 30, 1990...................................................... 

Sept. 30, 1985...................................................... 

Sept. 30, 1980...................................................... 

June 30, 1975....................................................... 

June 30, 1970....................................................... 

June 30, 1965....................................................... 

June 30, 1960....................................................... 

June 30, 1955....................................................... 

654,759 $2,266.87 

673,885 2,334.76 

663,378 2,302.16 

568,614 2.061.26 

409,272 1,553.15 

278,903 1,105.14 

187,337 782.45 

129,916 581.48 

81,196 380.08 

54,351 265.39 

39,719 204.14 

32,064 177.47 

30,229 182.90 

1

 Issued on or after July 1, 1929. 4 Represents value of certain partial denominations not presented for redemption. 5

 Based on Bureau of the Census estimates of population. 3

 Includes $481,781,898 in standard silver dollars. 

2

 Excludes coins sold to collectors at premium prices.
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
61 

INTRODUCTION: International Financial Statistics 

The tables in this section provide statistics on U.S. • Table IFS-2 contains statistics on liabilities to 

Government reserve assets, liabilities to foreigners and its foreign official institutions, and selected liabilities to all

international financial position. All monetary figures are in other foreigners, which are used in the U.S. balance of

dollars or dollar equivalents. payments statistics. 

• Table IFS-1 shows reserve assets of the United • Table IFS-3 shows nonmarketable bonds and notes 

States, including its gold stock, special drawing rights held that the Treasury issues to official institutions and other 

in the Special Drawing Account in the International residents of foreign countries. 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Reserve 

position in 

International 

Total reserve Special drawing Foreign Monetary 

End of calendar assets 1 Gold stock 2 rights 1,3 currencies 4 Fund 1,5,6 

year or month (1) (2) (3) (4) (5) 

1998 ................................................................................... 81,761 11,046 10,603 36,001 24,111 

1999 ................................................................................... 71,516 11,048 10,336 32,182 17,950 

2000 ................................................................................... 67,647 11,046 10,539 31,238 14,824 

2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 

2002 - Jan .......................................................................... 67,532 11,044 10,657 28,229 17,602 

Feb ......................................................................... 67,357 11,044 10,763 28,381 17,169 

Mar ......................................................................... 67,574 11,044 10,809 28,643 17,078 

Apr.......................................................................... 67,844 11,044 10,988 29,628 16,184 

May......................................................................... 69,579 11,044 11,297 30,740 16,498 

June........................................................................ 74,696 11,044 11,645 32,166 19,841 

July ......................................................................... 74,751 11,042 11,575 32,271 19,863 

Aug ......................................................................... 75,307 11,042 11,752 32,470 20,043 

Sept ........................................................................ 75,860 11,042 11,710 32,251 20,857 

Oct.......................................................................... 75,499 11,042 11,700 32,171 20,586 

Nov ......................................................................... 75,690 11,043 11,855 32,312 20,480 

Dec ......................................................................... 79,006 11,043 12,166 33,818 21,979 

2003 - Jan .......................................................................... 78,434 11,043 11,298 34,140 21,953 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 4 Includes holdings of Treasury and Federal Reserve System; beginning November 

the special drawing right (SDR) based on a weighted average of exchange rates for the 1978, these are valued at current market exchange rates or, where appropriate, at 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the such other rates as may be agreed upon by the parties to the transactions. 

IMF also are valued on this basis beginning July 1974. 5 The United States has the right to purchase foreign currencies equivalent to its 2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United reserve position in the IMF automatically if needed. Under appropriate conditions, the 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against United States could purchase additional amounts related to the U.S. quota.

all gold held. 6

 Includes an SDR $361 million loan to the IMF under the General Arrangements to 3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus Borrow in July 1998, and an SDR $619 million loan to the IMF under the New 

transactions in SDRs. Arrangements to Borrow in December 1998.
62 INTERNATIONAL FINANCIAL STATISTICS 

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 

Non- Liabilities to other foreigners to nonLiabilities Marketable marketable Liabilities Marketable monetary 

reported U.S. U.S. reported U.S. internaby Treasury Treasury Other by banks Treasury tional and 

End of banks in bonds bonds readily Liabilities in the bonds regional 

calendar United and and marketable to United and organizayear or Total Total States notes 2 notes 3 liabilities 2, 4 banks 5 Total States notes 2,6 tions 7 

month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997 ................................ 2,452,208 749,295 283,685 428,004 5,994 31,612 931,575 757,193 172,405 584,788 14,145 

1998 ................................ 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247 

1999 ................................ 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453 

2000 - Mar. 8................................ 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077 

Series break ................................ 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482 

2000 ................................ 2,560,801 888,000 297,603 450,832 5,348 134,217 1,049,619 581,309 228,332 352,977 41,873 

2001 - Dec. r ................................ 2,725,272 898,264 285,148 454,306 3,411 155,399 1,126,266 656,183 287,480 368,703 44,559 

2002 - Jan. r ................................ 2,663,175 898,445 285,734 451,306 3,433 157,972 1,091,047 622,533 267,301 355,232 51,150 

Feb. r ................................ 2,702,004 906,772 294,874 449,129 3,138 159,631 1,114,835 630,625 270,433 360,192 49,772 

Mar. r ................................ 2,749,446 906,143 283,924 454,362 3,159 164,698 1,161,134 639,732 269,404 370,328 42,437 

Apr. r................................ 2,769,558 909,870 287,152 452,757 3,179 166,782 1,183,959 630,668 274,272 356,396 45,061 

May r................................ 2,790,741 924,421 299,775 452,688 3,199 168,759 1,191,936 632,135 275,709 356,426 42,249 

June r................................ 2,830,122 953,823 323,316 454,849 3,000 172,658 1,184,307 644,624 282,149 362,475 47,368 

July r ................................ 2,838,077 958,557 329,867 449,581 3,020 176,089 1,142,144 690,315 304,241 386,074 47,061 

Aug ................................ 2,897,620 961,295 327,086 450,216 3,040 180,953 1,182,766 707,038 325,238 381,800 46,521 

Sept ................................ 2,909,109 962,520 328,215 446,705 3,058 184,542 1,160,215 738,328 321,911 416,417 48,046 

Oct ................................ 3,004,061 960,487 325,111 446,152 3,078 186,146 1,260,401 733,023 310,059 422,964 50,150 

Nov. p ................................ 2,968,404 982,132 328,525 462,729 3,097 187,781 1,203,135 733,967 306,403 427,564 49,170 

Dec. p ................................ 3,027,571 994,889 331,314 469,437 2,769 191,369 1,241,510 740,423 305,606 434,817 50,749 

1

 Includes Bank for International Settlements. 8 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 2

 Derived by applying reported transactions to benchmark data. holdings of selected U.S. long-term securities. Figures on the first line are comparable to 3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as those for earlier dates; figures on the second line are based in part on a benchmark survey 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning as of end-March 2000 and are comparable to those shown for the following dates.

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 4

 Includes debt securities of U.S. Government corporations, federally sponsored agencies other depository institutions and brokers in the United States. Data generally correspond 

and private corporations. to statistics following in this section and in the “Capital Movements” section. Table 5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury 

currencies to foreign banks and to “other foreigners.” letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by 6

 Includes marketable U.S. Government bonds and notes held by foreign banks. international and regional organizations. 7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank and the Asian Development Bank.
INTERNATIONAL FINANCIAL STATISTICS 63 

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) 

Mexico 2 

(4) 

Venezuela 3 

(5) 

1997 ................................................................................... 5,994 5,994 1,091 3,692 1,211 

1998 ................................................................................... 6,074 6,074 1,172 3,991 911 

1999 ................................................................................... 6,111 6,111 1,259 4,313 539 

2000 ................................................................................... 5,348 5,348 1,244 3,520 584 

2001 - Dec.......................................................................... 3,411 3,411 977 1,801 633 

2002 - Jan .......................................................................... 3,433 3,433 983 1,813 637 

Feb ......................................................................... 3,138 3,138 673 1,824 641 

Mar ......................................................................... 3,159 3,159 677 1,836 646 

Apr.......................................................................... 3,179 3,179 681 1,848 650 

May......................................................................... 3,199 3,199 685 1,860 654 

June........................................................................ 3,000 3,000 689 1,652 659 

July ......................................................................... 3,020 3,020 694 1,663 663 

Aug ......................................................................... 3,040 3,040 698 1,674 668 

Sept ........................................................................ 3,058 3,058 702 1,684 672 

Oct.......................................................................... 3,078 3,078 706 1,695 677 

Nov ......................................................................... 3,097 3,097 710 1,706 681 

Dec ......................................................................... 2,769 2,769 715 1,368 686 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zero- 3 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

coupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

face value of the issue is $3,060 million. $2,721 million. 2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $5,126 million. 
64 

INTRODUCTION: Capital Movements

Treasury collects information about the transference of 

financial assets and other portfolio capital movements 

between the United States and foreigners and has since 

1935. Commercial banks and other depository institutions, 

bank holding companies, securities brokers and dealers, and 

nonbanking enterprises in the United States file capital 

movement reports with district FRBs. Beginning in late 

1998, the Federal Reserve Board also performs services on 

behalf of the Treasury in support of this data collection 

system. 

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. The most 

recent revisions to selected reporting forms and instructions 

were effective January 31, 2001. The major changes are 

outlined below. Copies of the reporting forms and 

instructions may be obtained from the Office of Program 

Services, 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 FRBs. 

A number of reporting forms and instructions als o may be 

downloaded from the Treasury International Capital (TIC) 

reporting system website at the address highlighted in the 

NOTE at the end of the INTRODUCTION text. 

In general, information is reported opposite the country 

or geographical area where the foreigner is located, as 

shown on records of reporting institutions. However, 

information may not always reflect the ultimate ownership 

of assets. Reporting institutions are not required to go 

beyond addresses shown on their records and so 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 country, but are accounted for 

in regional groupings of such organizations. The only 

exception is information pertaining to the Bank for 

International Settlements, which is reported opposite “Other 

Europe.” For purposes of publication only, information on 

the European Central Bank also is included in “Other 

Europe.” 

Banks and other depository institutions, bank holding 

companies, securities brokers and dealers, and nonbanking 

enterprises in the United States must file reports. These 

enterprises include the branches, agencies, subsidiaries and 

other affiliates in the United States of foreign banking and 

nonbanking firms. Those with liabilities, claims or securities 

transactions below specified levels are exempt from 

reporting. 

Banks and other depository institutions, and some 

brokers and dealers, file monthly reports covering their 

dollar liabilities to, and dollar claims on, foreigners in a 

number of countries. Twice a year, June 30 and December 

31, they also report the same liabilities and claims items 

attributed to foreigners in countries not shown separately on 

the monthly reports. Quarterly reports are filed for liabilities 

and claims denominated in foreign currencies. Beginning 

January 2001, the geographical detail of the international 

banking transactions forms was changed to add lines for 

Luxembourg, the combined Channel Islands and Isle of 

Man, the Caribbean region, New Zealand, and the European 

Central Bank. In addition, the British West Indies line was 

replaced with a line for the Cayman Islands. At the same 

time, the exemption level applicable to the banking reports 

was raised from $15 million to $50 million. The new 

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 enterprises report monthly 

their transactions with foreigners by country in long-term 

securities. This country list was amended in January 2001 as 

outlined in the reporting of international banking activity 

above. 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. Prior to January 2001, this exception level was set at 

$2 million. 

Exporters, importers, industrial and commercial 

concerns, financial institutions (other than banks, other 

depository institutions and brokers), and other nonbanking 

enterprises mu st file reports quarterly if liabilities to, or 

claims on, unaffiliated foreigners amount to $10 million or 

more at the end of the covered quarter. 

Nonbanking enterprises also report each month their 

aggregate U.S. dollar denominated deposit and certificates of 

deposit claims of $10 million or more on banks abroad. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. 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 

(Commerce) in its regular reports on the U.S. balance of 

payments. 
CAPITAL MOVEMENTS 65 

• Section I presents liabilities to foreigners reported 

by U.S. banks and other depository institutions, as well as 

brokers and dealers. Dollar liabilities are reported monthly; 

those denominated in foreign currencies are reported 

quarterly. Respondents report certain of their own liabilities 

and a wide range of their custody liabilities to foreigners. 

Beginning with the June 2001 issue, new table CM-I-1 

replaced former tables CM-I-1 and CM-I-2 and includes 

breakouts of liabilities arising under repurchase agreements 

and from foreign ownership of short-term securities issued 

by U.S. Government and Federally-sponsored agencies. The 

remaining tables in this section were renumbered 

accordingly. 

• Section II presents claims on foreigners reported by 

U.S. banks and other depository institutions, brokers and 

dealers. Data on banks’ claims held for their own account 

are collected monthly. Information on claims held for their 

domestic customers as well as on foreign currency claims is 

collected on a quarterly basis only. Maturity data are 

reported according to time remaining to maturity. Reporting 

also covers certain items held by brokers and dealers in the 

United States. Beginning with the June 2001 issue, table 

CM-II-1 in this section was revised to include a new 

breakout of claims on foreigners arising under resale 

agreements. 

• Section III contains supplementary data on dollar 

liabilities to, and dollar claims on, countries not listed 

separately on the monthly reports submitted by banks, other 

depository institutions, brokers and dealers in the United 

States. The supplementary reports are filed semiannually as 

of the end of June and December. 

• 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 brokers), and other 

nonbanking enterprises in the United States. Information 

does not include accounts of nonbanking enterprises in the 

United States with their own branches and subsidiaries 

abroad or with their foreign parent companies. These are 

reported by business enterprises to Commerce on its direct 

investment forms. Data exclude claims on foreigners held 

through banks in the United States. 

• Section V contains information on transactions with 

foreigners in long-term domestic and foreign securities as 

reported by banks, brokers 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 breakdown of the transactions data 

does not necessarily reflect the domicile of the ultimate 

owners or the original issuers of the securities. This is 

because the path of a security is not tracked prior to its being 

purchased from, or after it is sold to, a foreigner in a 

reportable transaction. That is, before it enters and after it 

departs the reporting system, ownership of a security may be 

transferred between foreigners of different countries. Such 

transfers may occur any number of times and are concealed 

among the net figures for U.S. transactions opposite 

individual countries. Hence, the geographical breakdown 

shows only the country of domicile of the foreign buyers and 

sellers of securities in a particular round of transactions. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the Treasury International 

Capital (TIC) reporting system 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 is 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 on the last business day of each month. 
66 CAPITAL MOVEMENTS 

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] 

Calendar 

Year 2002 

Type of Liability 2001 r June r July r Aug. r Sept. Oct. Nov. Dec. p 

Total liabilities to all foreigners................................ 1,715,901 1,808,842 1,795,249 1,853,134 1,829,875 1,916,461 1,858,053 1,899,670 

Payable in dollars .............................................. 1,636,538 1,719,019 1,705,426 1,763,311 1,748,201 1,834,787 1,776,379 1,817,996 

Foreign official institutions 1............................... 285,148 323,316 329,867 327,086 328,215 325,111 328,525 331,314 

Demand deposits ................................ 2,988 1,707 2,146 1,946 1,900 2,915 3,658 2,535 

Time deposits ............................................. 19,467 14,799 13,879 14,733 13,588 14,264 13,433 17,508 

U.S. Treasury bills and certificates................... 161,719 175,686 187,997 188,805 185,187 188,474 190,111 190,375 

Short-term U.S. agency obligations.................. 36,351 51,531 45,184 45,131 44,082 42,767 42,479 48,469 

Other liabilities ............................................ 64,623 79,593 80,661 76,471 83,458 76,691 78,844 72,427 

Unaffiliated foreign banks and other 

foreigners.................................................. 548,269 588, 172 599,310 619,431 619,992 618,623 615,354 621,254 

Demand deposits ................................ 30,580 32,861 30,397 29,448 30,075 28,631 31,351 32,695 

Time deposits ............................................. 132,243 112,611 106,942 107,318 104,040 110,518 109,658 111,374 

U.S. Treasury bills and certificates................... 23,796 34,118 35,951 38,001 38,782 34,498 35,431 38,047 

Short-term U.S. agency obligations.................. 23,390 24,356 25,688 27,717 26,966 26,456 24,100 25,006 

Other liabilities ............................................ 338,260 384,226 400,332 416,947 420,129 418,520 414,814 414,132 

Banks’ own foreign offices ................................ 792,291 795,963 764,754 806,254 788,198 877,900 820,247 851,925 

International and regional organizations 2 ............. 10,830 11,568 11,495 10,540 11,796 13,153 12,253 13,503 

Demand deposits ................................ 35 32 15 34 52 61 42 

Time deposits ............................................. 3,756 6,401 7,394 6,294 5,702 6,156 5,181 5,702 

U.S. Treasury bills and certificates................... 600 407 481 532 764 597 760 1,089 

Short-term U.S. agency obligations.................. 40 - - - - - - -

Other liabilities ............................................ 6,399 4,728 3,605 3,680 5,278 6,339 6,270 6,668 

Payable in foreign currencies 3.............................. 79,363 89,823 89, 823 89,823 81,674 81,674 81,674 81,674 

Sector: 

Banks and other foreigners ............................ 73,186 82,321 82,321 82,321 73,937 73,937 73,937 73,937 

International and regional organizations 2.............. 6,177 7,502 7,502 7,502 7,737 7,737 7,737 7,737 

Major foreign currencies: 

Canadian dollars................................ 5,812 6,974 6,974 6,974 6,371 6,371 6,371 6,371 

Euro......................................................... 31,619 39,381 39,381 39,381 37,657 37,657 37,657 37,657 

U.K. pounds sterling................................ 6,238 7,578 7,578 7,578 6,187 6,187 6,187 6,187 

Japanese yen............................................. 26,645 27,697 27,697 27,697 23,067 23,067 23,067 23,067 

Memoranda: 

Banks’ own liabilities to foreigners 

payable in dollars ................................ 1,181,097 1,198,735 1,179,129 1,225,442 1,218,213 1,305,746 1,242,296 1,273,706 

Collateralized by repurchase agreements ............ 150,806 159,627 180,775 192,299 205,171 191,970 182,817 184,759 

Foreign official institutions 1......................... 45,730 53,634 58,100 51,547 61,724 54,204 53,034 52,651 

Foreign banks and other foreigners............... 102,400 102,939 120,927 139,575 141,125 133,672 127,763 130,096 

International and regional organizations 2 .............. 2,676 3,054 1,748 1,177 2,322 4,094 2,020 2,012 

Liabilities to foreigners reported by IBFs ............... 441,916 465,869 430,353 444,836 437,833 514,160 483,525 458,256 

Payable in dollars ................................ 389,264 405,069 369,553 384,036 386,017 462,344 431,709 406,440 

Payable in foreign currencies 3........................ 52,652 60,800 60,800 60,800 51,816 51,816 51,816 51,816 

Custody liabilities of domestic 

customers payable in dollars .......................... 455,441 520,284 526,297 537,869 529,988 529,041 534,083 544,290 

1

 Includes Bank for International Settlements. 3

 Data may be as of preceding quarter-end for most recent month shown in table. 2

 Principally the International Bank for Reconstruction and Development and the 

Inter-American Development Bank. 

44 
CAPITAL MOVEMENTS 67 

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 2002 

Country 1999 2000 2001 r Aug. r Sept. Oct. Nov. Dec. p 

Europe: 

Austria ............................................................ 2,960 2,755 3,277 3,650 3,180 3,152 2,541 2,572 

Belgium 1......................................................... 46,078 34,230 6,863 6,433 8,507 7,538 8,150 8,729 

Bulgaria........................................................... 472 367 267 174 166 176 185 221 

Czech Republic ................................ 790 626 612 681 681 693 644 547 

Denmark.......................................................... 2,357 3,134 3,786 4,089 3,167 3,059 3,394 4,935 

Finland............................................................ 1,749 1,412 1,446 1,498 1,259 5,170 2,646 1,693 

France............................................................ 58,317 41,275 57,924 46,193 48,760 49,360 51,597 50,485 

Germany ......................................................... 29,004 41,416 26,353 31,643 36,022 36,246 36,713 39,086 

Greece............................................................ 3,877 2,042 2,308 2,742 2,658 3,404 3,394 3,021 

Hungary .......................................................... 871 1,127 730 354 249 260 262 269 

Ireland ............................................................ 7,691 8,115 16,752 21,356 22,614 19,501 18,649 21,044 

Italy ................................................................ 9,756 6,755 7,382 4,480 3,907 5,497 6,032 5,212 

Luxembourg 1 ................................ n.a. n.a. 17,334 25,814 25,875 25,805 27,872 28,751 

Netherlands ................................ 9,365 7,587 12,708 8,492 8,226 8,550 8,498 11,298 

Norway ........................................................... 1,363 2,310 3,746 10,056 17,764 18,912 14,694 18,884 

Poland ............................................................ 4,274 3,649 3,695 3,523 3,861 3,824 4,154 4,204 

Portugal .......................................................... 2,501 2,529 4,082 3,111 3,790 3,315 3,187 3,670 

Romania.......................................................... 768 850 1,481 1,949 2,090 2,090 1,976 1,919 

Russia 2........................................................... 5,476 19,052 20,808 24,206 25,262 24,417 25,454 23,157 

Spain.............................................................. 11,091 8,236 9,251 12,875 13,397 13,626 16,377 14,832 

Sweden........................................................... 4,744 6,506 3,451 5,713 4,181 4,901 3,903 4,700 

Switzerland ................................ 64,092 76,307 67,400 102,972 106,466 183,232 142,288 132,586 

Turkey ............................................................ 7,972 7,636 7,486 12,408 12,831 11,267 11,790 12,172 

United Kingdom................................ 190,706 187,145 222,321 202,653 198,387 199,114 196,740 196,521 

Channel Islands and Isle of Man 3.......................... n.a n.a. 36,342 38,486 39,239 40,327 39,192 45,985 

Yugoslav ia 4 ................................ 286 282 309 276 280 316 332 301 

Other Europe................................ 14,778 16,518 19,397 19,451 19,585 19,368 19,186 25,220 

Total Europe................................ 481,338 481,861 557,511 595,278 612,404 693,120 649,850 662,014 

Canada .............................................................. 40,579 36,975 31,540 30,209 30,682 32,306 30,014 30,149 

Latin America: 

Argentina......................................................... 18,650 19,500 10,786 11,730 11,274 12,142 11,695 11,269 

Brazil.............................................................. 12,944 11,726 15,219 12,842 13,288 13,289 11,977 11,739 

Chile............................................................... 7,095 5,946 4,993 5,885 5,541 5,874 5,408 6,112 

Colombia......................................................... 5,685 4,561 4,716 3,745 4,524 3,862 4,659 4,173 

Ecuador .......................................................... 1,959 2,117 2,396 2,271 2,383 2,164 2,267 2,314 

Guatemala................................ 1,632 1,619 1,900 1,401 1,552 1,517 1,403 1,398 

Mexico............................................................ 32,263 33,041 40,548 36,555 33,594 35,773 33,723 37,260 

Panama.......................................................... 4,420 4,353 3,646 3,180 3,246 3,600 3,704 3,946 

Peru ............................................................... 1,143 1,444 1,368 1,400 1,372 1,303 1,363 1,379 

Uruguay .......................................................... 2,393 3,036 3,222 2,659 2,624 2,594 2,615 2,731 

Venezuela........................................................ 20,459 24,984 25,311 22,134 21,864 22,170 22,822 22,479 

Other Latin America 5................................ 10,916 10,094 6,311 6,244 6,446 6,163 5,921 5,906 

Total Latin America ................................ 119,559 122,421 120,416 110,046 107,708 110,451 107,557 110,706 

Caribbean: 

Bahamas ......................................................... 139,425 191,061 179,382 173,552 167,051 160,441 146,567 162,770 

Bermuda ......................................................... 8,005 9,763 10,681 26,276 26,104 24,570 27,177 25,239 

British West Indies 6 ................................ 331,546 382,868 n.a. n.a. n.a. n.a. n.a. n.a. 

Cayman Islands 6................................ n.a. n.a. 445,888 497,495 478,809 497,812 494,837 504,800 

Cuba .............................................................. 75 90 88 99 92 92 94 91 

Jamaica.......................................................... 547 828 1,222 1,000 964 888 860 861 

Netherlands Antilles ................................ 4,205 5,454 3,273 10,544 4,389 5,301 5,484 5,027 

Trinidad and Tobago ................................ 601 904 1,281 1,817 1,577 1,486 1,595 1,420 

Other Caribbean 5................................ n.a. n.a. 12,230 15,107 11,436 10,912 11,567 11,419 

Total Caribbean................................ 484,404 590,968 654,045 725,890 690,422 701,502 688,181 711,627 

See footnotes at end of table. 
68 CAPITAL MOVEMENTS 

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 2002 

Country 1999 2000 2001 r Aug. r Sept. Oct. Nov. Dec. p 

Asia: 

China: 

Mainland ................................ 12,325 16,531 10,510 18,810 14,623 15,854 14,489 15,504 

Taiwan................................ 13,644 17,374 17,729 20,125 21,742 23,285 23,617 18,688 

Hong Kong................................ 28,260 26,996 27,197 31,193 31,840 30,257 31,487 33,187 

India ............................................................... 7,368 4,530 3,708 7,292 7,540 7,234 7,545 7,991 

Indonesia................................ 6,571 8,514 12,424 13,805 13,098 12,316 12,916 14,110 

Israel .............................................................. 7,489 8,099 7,908 7,999 11,644 9,130 8,907 7,210 

Japan ............................................................. 170,614 162,449 174,067 195,463 189,030 179,252 181,190 178,540 

Korea.............................................................. 12,991 7,960 9,057 6,852 6,569 6,294 6,554 8,938 

Lebanon.......................................................... 1,212 681 563 682 684 638 722 652 

Malaysia.......................................................... 3,851 2,335 1,299 1,775 1,597 1,479 1,608 1,218 

Pakistan .......................................................... 813 1,024 1,971 2,140 2,611 2,445 2,627 2,092 

Philippines ................................ 3,806 2,320 1,777 1,576 2,067 1,592 1,465 1,796 

Singapore................................ 32,840 28,638 17,447 12,865 14,073 16,020 15,665 17,088 

Syria.............................................................. 55 59 67 40 39 32 36 35 

Thailand.......................................................... 6,052 3,212 4,757 5,113 5,049 7,027 8,703 7,610 

Oil-exporting countries 7 ................................ 22,565 24,939 21,274 18,212 18,308 16,667 13,948 18,679 

Other Asia................................ 5,387 5,312 5,787 6,797 7,252 7,266 7,078 6,761 

Total Asia ................................ 335,843 320,973 317,542 350,739 347,766 336,788 338,557 340,099 

Africa: 

Congo (formerly Zaire)................................ 14 4 4 - 86 - 2 2 

Egypt.............................................................. 2,023 2,621 2,783 3,179 2,538 2,545 2,493 2,652 

Ghana............................................................. 147 188 133 179 164 267 337 312 

Liberia............................................................. 423 318 229 175 139 187 152 141 

Morocco.......................................................... 179 148 274 312 329 335 254 306 

South Africa................................ 1,497 1,011 843 747 748 663 702 1,115 

Oil-exporting countries 8 ................................ 3,010 4,141 4,461 4,032 3,762 4,727 5,075 4,462 

Other Africa................................ 2,280 2,535 2,738 3,588 3,450 3,282 3,075 3,350 

Total Africa................................ 9,573 10,966 11,465 12,212 11,216 12,006 12,090 12,340 

Other countries: 

Australia.......................................................... 8,408 10,109 5,634 8,766 7,937 7,567 9,358 9,353 

New Zealand 9 ................................ n.a. n.a. 328 1,519 1,681 1,346 2,209 1,885 

All other........................................................... 1,413 1,281 413 431 525 485 247 

Total other countries................................ 9,821 11,390 6,375 10,716 10,143 9,398 11,814 11,495 

Total foreign countries ................................ 1,481,117 1,575,554 1,698,894 1,835,090 1,810,341 1,895,571 1,838,063 1,878,430 

International and regional 

organizations: 

International ................................ 13,758 12,193 15,508 16,916 17,304 19,462 18,319 19,457 

European regional................................ 504 453 689 553 790 623 778 1,108 

Latin American regional................................ 1,150 740 480 410 394 561 478 508 

Caribbean regional 10................................ n.a. n.a. 84 75 70 78 73 67 

Asian regional................................ 607 175 213 41 967 138 321 85 

African regional................................ 141 74 33 49 9 28 21 15 

Middle Eastern regional................................ - - - - - - - -

Total international 

and regional................................ 16,160 13,635 17,007 18,044 19,534 20,890 19,990 21,240 

Grand total................................ 1,497,277 1,589,189 1,715,901 1,853,134 1,829,875 1,916,461 1,858,053 1,899,670 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 2

 Since December 1992, data for all other republics of the former U.S.S.R. included in combined “Other Latin America and Caribbean.”

“Other Europe.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 3

 Before January 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates 4

 Includes Serbia and Montenegro, which presently form an entity not formally recognized (Trucial States).

by the United States. Data for entities of the former Yugoslavia recog nized as independent 8 Includes Algeria, Gabon, Libya and Nigeria.

states by the United States are reported under “Other Europe” as follows: since December 9 Before January 2001, data included in “All other.”

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former 10 Before January 2001, included in “Latin American regional.”

Yugoslav Republic of Macedonia.

257 
CAPITAL MOVEMENTS 69 

TABLE CM-I-3.—Total Liabilities by Type and Country, Dec. 31, 2002, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

To foreign official institutions and Memo- Total liabilities unaffiliated foreign banks To all other foreigners randum 

Short- Liabilities Short- NegotiaPayable 

in Totals 

term 

U.S. 

to 

banks’ 

term 

U.S. 

ble 

CDs 

Payable foreign Banks’ Treasury own Treasury held for

in curren- own Custody Deposits obliga- Other lia- foreign Deposits obliga- Other all forTotal dollars cies 1 liabilities liabilities Demand Time 2 tions 3 bilities offices Demand Time 2 tions 3 liabilities eigners

Country (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Europe: 

Austria................................ 2,572 2,473 99 1,447 1,026 71 166 410 1,374 181 57 163 7 44 348 

Belgium ................................ 8,729 8,611 118 7,348 1,263 260 992 407 5,371 139 46 167 204 1,025 12 

Bulgaria................................ 221 219 2 128 91 11 1 11 169 21 2 4 - - -

Czech Republic ................................ 547 519 28 198 321 9 80 320 67 21 9 12 - 1 -

Denmark ................................ 4,935 4,880 55 3,451 1,429 59 5 870 3,698 6 19 17 203 3 351 

Finland................................ 1,693 1,693 - 690 1,003 19 - 153 997 488 11 18 4 3 791 

Franc e................................ 50,485 39,640 10,845 22,413 17,227 377 1,778 12,939 6,770 10,348 254 434 70 6,670 849 

Germany................................ 39,086 34,398 4,688 25,362 9,036 602 3,767 1,400 12,123 9,654 306 945 86 5,515 5,854 

Greece................................ 3,021 2,975 46 1,235 1,740 40 52 1,620 539 84 85 438 50 67 54 

Hungary................................ 269 263 6 149 114 24 3 114 84 4 7 22 - 5 -

Ireland................................ 21,044 20,922 122 6,802 14,120 260 755 216 5,241 55 143 149 686 13,417 1,941 

Italy ................................ 5,212 4,744 468 4,151 593 533 386 236 1,689 1,193 162 427 42 76 138 

Luxembourg ................................ 28,75128,626 125 8,906 19,720 187 727 3,288 12,131 6,747 98 161 296 4,991 1,078 

Netherlands ................................ 11,298 10,722 576 7,024 3,698 332 1,606 271 1,625 2,506 303 338 323 3,418 36 

Norway ................................ 18,884 18,867 17 18,849 18 69 6 6 18,680 10 43 41 - 12 -

Poland................................ 4,204 4,185 19 1,188 2,997 16 40 1,990 1,527 574 12 24 - 2 -

Portugal................................ 3,670 3,575 95 748 2,827 48 169 2,579 466 40 29 201 3 40 54 

Romania................................ 1,919 1,913 6 280 1,633 10 2 915 965 6 4 11 - - -

Russia 4................................ 23,157 23,147 10 2,818 20,329 1,425 279 1,300 19,728 314 20 71 3 7 7 

Spain ................................ 14,832 14,031 801 7,701 6,330 127 264 3,816 6,798 872 144 900 30 1,080 263 

Sweden ................................ 4,700 4,656 44 2,242 2,414 204 205 229 1,290 416 25 82 384 1,821 1,130 

Switzerland................................ 132,586 131,506 1,080 122,227 9,279 401 673 4,199 5,205 118,297 179 653 1,389 510 1,183 

Turkey ................................ 12, 172 12,131 41 2,317 9,814 62 292 9,713 1,394 364 22 59 9 216 - United Kingdom ................................ 196,521 181,890 14,631 170,167 11,723 1,490 11,635 1,456 12,212 121,834 1,453 1,541 3,859 26,410 2,268 

Channel Islands and Isle 

of Man 5................................ 45,985 45,728 257 45,582 146 77 270 - 55 44,762 6 218 142 198 -

Yugoslavia 6................................ 301 301 - 301 - 20 13 - 191 - 2 5 - 70 -

Other Europe................................ 25,220 24,942 278 14,731 10,211 196 2,907 9,677 11,666 156 49 184 65 42 11 

Total Europe ................................ 662,014 

Canada................................ 30,149 

627,557 34,457 478,455 149,102 

24,413 5,736 14,287 10,126 

6,929 

187 

27,073 

985 

58,135 132,055 319,092 

4,183 5,527 6,780 

3,490 

1,065 

7,285 

1,050 

7,855 65,643 

296 4,340 

16,368 

419 

Latin America: 

Argentina................................ 11,269 11,218 51 9,168 2,050 43 179 303 1,890 356 1,470 5,997 398 582 207 

Braz il................................ 11,739 10,037 1,702 9,593 444 213 1,817 - 808 962 835 4,953 128 321 144 

Chile ................................ 6,112 6,065 47 4,503 1,562 177 357 35 2,064 482 501 2,102 91 256 103 

Colombia................................ 4,173 4,158 15 3,213 945 45 114 17 1,278 32 464 1,992 29 187 202 

Ecuador................................ 2,314 2,305 9 2, 153 152 21 206 - 313 78 381 1,148 35 123 48 

Guatemala................................ 1,398 1,381 17 1,317 64 35 150 13 228 8 173 727 4 43 11 

Mexico................................ 37,260 36,152 1,108 21,602 14,550 174 2,328 7,303 7,236 3,579 1,875 11,088 628 1,941 764 

Panama................................ 3,946 3,910 36 3,327 583 44 383 3 351 625 184 1,778 163 379 121 

Peru................................ 1,379 1,376 3 1,255 121 10 140 - 128 31 135 813 80 39 18 

Uruguay ................................ 2,731 2,720 11 2,335 385 56 127 15 722 317 203 847 192 241 92 

Venezuela ................................ 22,479 21,970 509 16,884 5,086 136 2,880 4,400 1,934 86 2,227 9,721 145 441 98 

Other Latin America................................ 5,906 5,857 49 5,515 342 268 1,547 72 890 161 416 2,312 49 142 51 

Total Latin America................................ 110,706 107,149 3,557 80,865 26,284 1,222 10,228 12,161 17,842 6,717 8,864 43,478 1,942 4,695 1,859 

Caribbean: 

Bahamas................................ 162,770 162,196 574 158,351 3,845 186 1,561 538 2,673 150,247 122 1,620 598 4,651 330 

Bermuda................................ 25,239 23,827 1,412 16,303 7,524 125 652 331 3,427 290 220 471 708 17,603 128 

Cayman Islands ................................ 504,800 498,960 5,840 341,542 157,418 44 4,249 231 131,566 285,350 248 1,963 2,448 72,861 3,909 

Cuba................................ 91 91 - 91 - 2 5 - 10 - - 65 - 9 -

Jamaica................................ 861 829 32 823 6 19 412 - 246 6 22 123 - 1 1 

Netherlands Antilles................................ 5,027 5,019 8 4,887 132 11 227 16 584 753 95 287 74 2,972 9 

Trinidad and Tobago................................ 1,420 1,405 15 1, 351 54 53 773 - 269 71 56 129 32 22 7 

Other Caribbean................................ 11,419 11,342 77 8,281 3,061 510 679 237 1,013 115 852 4,543 1,173 2,220 624 

Total Caribbean................................ 711,627 703,669 7,958 531,629 172,040 950 8,558 1,353 139,788 436,832 1,615 9,201 5,033 100,339 5,008 

See footnotes at end of table. 
70 CAPITAL MOVEMENTS 

TABLE CM-I-3.—Total Liabilities by Type and Country, Dec. 31, 2002, Preliminary, con. 

[Position in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Total liabilities 

To foreign official institutions and 

unaffiliated foreign banks To all other foreigners 

Memorandum 

Short- Liabilities Short- NegotiaPayable Totals in 

term 

U.S. 

to 

banks’ 

term 

U.S. 

ble 

CDs 

Payable foreign Banks’ Treasury own Treasury held for 

in curren- own Custody Deposits obliga- Other lia- foreign Deposits obliga- Other all forTotal dollars cies 1 liabilities liabilities Demand Time 2 tions 3 bilities offices Demand Time 2 tions 3 liabilities eigners

Country (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Asia: 

China: 

Mainland ................................ 15,504 15,504 - 8,252 7,252 426 671 194 11,340 915 101 410 80 1,367 61 

Taiwan................................ 18,688 18,673 15 15,926 2,747 276 2,824 2,000 9,684 588 348 2,342 126 485 364 

Hong Kong................................ 33,187 33,048 139 12,720 20,328 317 415 11,881 8,367 6,524 359 1,327 155 3,703 193 

India................................7,991 7,953 38 1,567 6,386 183 170 4,423 1,744 636 97 131 - 569 9 

Indonesia................................ 14,110 14,110 - 1,984 12,126 99 353 11,685 1,297 303 295 60 - 18 13 

Israel................................7,210 7,185 25 3,050 4,135 112 28 3,277 741 452 147 1,588 83 757 469 

Japan................................ 178,540 161,331 17,209 56,717 104,614 1,186 669 85,472 7,136 49,668 886 1,473 506 14,335 830 

Korea................................ 8,938 8,932 6 5,136 3,796 328 622 1,226 3,769 2,515 59 158 - 255 10 

Lebanon................................ 652 652 - 633 19 54 17 - 451 11 11 92 1 15 17 

Malaysia................................ 1,218 1,177 41 918 259 73 43 213 636 145 13 41 - 13 5 

Pakistan................................ 2,092 2,085 7 1,185 900 59 51 776 843 233 18 61 - 44 5 

Philippines ................................ 1,796 1,793 3 1,594 199 330 121 39 729 118 129 217 7 103 21 

Singapore................................ 17,088 14,874 2,214 13,360 1,514 149 1,270 708 1,494 9,976 107 358 96 716 23 

Syria ................................ 35 35 - 32 3 8 2 - 5 - 2 15 1 2 2 

Thailand................................ 7,610 7,605 5 1,759 5,846 209 58 5,682 872 431 79 126 92 56 10 

Other Asia................................ 25,440 23,124 2,316 17,315 5,809 973 1,955 4,601 4,751 8,515 234 449 341 1,305 255 

Total Asia................................ 340,099 318,081 22,018 142,148 175,933 4,782 9,269 132,177 53,859 81,030 2,885 8,848 1,488 23,743 2,287 

Africa: 

Congo (formerly Zaire) ................................ 2 2- 2 - - - - - 1 1 - - - -

Egypt ................................ 2,652 2,652 - 1,231 1,421 103 329 1,294 445 126 22 245 - 88 75 

Ghana................................ 312 312 - 192 120 16 17 120 132 10 2 11 - 4 -

Liberia ................................ 141 139 2 78 61 1 - - 3 - 7 67 12 49 20 

Morocco................................ 306 306 - 303 3 39 5 - 230 1 9 20 1 1 -

South Africa................................ 1,115 1,114 1 1,092 22 167 2 - 366 412 28 102 12 25 5 

Other Africa................................ 7,812 7,714 98 6,328 1,386 1,429 1,441 1,057 2,190 734 171 378 47 267 23 

Total Africa ................................ 12,340 12,239 101 9,226 3,013 1,755 1,794 2,471 3,366 1,284 240 823 72 434 123 

Other countries: 

Australia................................ 9,353 9,333 20 3,715 5,618 811 13 1,182 6,534 143 324 98 40 188 3 

New Zealand................................ 1,885 1,796 89 773 1,023 53 7 21 1,571 5 22 107 9 1 1 

All other ................................ 257 256 1 212 44 14 - - 107 42 22 65 4 2 -

Total other countries ................................ 11,495 11,385 110 4,700 6,685 878 20 1,203 8,212 190 368 270 53 191 4 

Total foreign 

countries ................................

1,878,430 1,804,493 73,937 1,261,310 543,183 16,703 57,927 211,683 360,649 851,925 18,527 70,955 16,739 199,385 26,068 

International and 

regional orgs.: 

International ................................ 19,457 11,720 7,737 11,719 1 - - - - - 32 5,344 - 6,344 -

European regional................................ 1,108 1,108 - 19 1,089 - - - - - 2 - 1,089 17 -

Latin American regional................................ 508 508 - 491 17 - - - - - 7 357 - 144 16 

Caribbean regional................................ 67 67 - 67 - - - - - - - - - 67 -

Asian regional................................ 85 85 - 85 - - - - - - 1 - - 84 -

African regional................................ 15 15 - 15 - - - - - - 2 1 - 12 -

Middle Eastern regional................................ - - - - - - - - - - - - - - -

Total international 

and regional................................ 21,240 13,503 7,737 12,396 1,107 - - - - - 44 5,702 1,089 6,668 16 

Grand total................................ 1,899,670 1,817,996 81,674 1,273,706 544,290 16,703 57,927 211,683 360,649 851,925 18,571 76,657 17,828 206,053 26,084 

1

 These data as of Sept. 30, 2002. 5 Before January 2001, data included in United Kingdom. 2

 Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 6 Includes Serbia and Montenegro, which presently form an entity not formally recognized by 3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in the United States. Data for entities of the former Yugoslavia recognized as independent 

“Other Asia” and “Other Africa” amount to $1,972 million. states by the United States are reported under “Other Europe” as follows: since December 4

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former 

Europe.” Yugoslav Republic of Macedonia. 
CAPITAL MOVEMENTS 71 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries 

800 

700 

600 

500 

400 

300 

200 

100 

0 

1998 1999 2000 2001 2002 

(In billions of dollars) 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 1998 1999 2000 2001 2002 

United Kingdom................................ 202,280 190,706 187,145 222,321 196,521 

All other Europe ................................ 274,354 290,632 294,716 335,190 465,493 

Caribbean banking centers 1,2................................ 451,575 487,601 593,499 642,870 701,782 

Japan ................................................................ 193,202 170,614 162,449 174,067 178,540 

All other Asia................................ 143,224 165,229 158,524 143,475 161,559 

Subtotal ............................................................ 1,264,635 1,304,782 1,396,333 1,517,923 1,703,895 

All other countries. ................................ 184,327 192,495 192,856 197,978 195,775 

Grand total ................................ 1,448,962 1,497,277 1,589,189 1,715,901 1,899,670 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. 

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

United Kingdom All other Europe Caribbean banking centers 

Japan All other Asia All other countries 

In 2002, U.S. banking 

liabilities increased $184 

billion. In 2001, banking 

liabilities increased $127 

billion. 

U.S. banking liabilities to 

foreigners, excluding longterm securities, are 

concentrated in international 

financial centers. The data on 

this page show that nearly 

one-half of U.S. banking 

liabilities currently is 

reported opposite the United 

Kingdom and the banking 

centers in the Caribbean. 

Foreigners domiciled in the 

rest of Europe and in Asia 

hold an additional 40 percent. 

U.S. banking liabilities in the 

mid-1990s went through a 

growth spurt. The annual 

growth rate between 1993 

and 1997 averaged 10 

percent. From 1998 to 2000, 

growth slowed to about 5 

percent per year, more in line 

with the 1989 through 1992 

period. In 2001 and 2002, 

growth increased to about 10 

percent per year. 
72 CAPITAL MOVEMENTS 

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] 

Calendar 

Year 2001 2002 

Type of Claim 2000 Mar. r June r Sept. r Dec. r Mar. r June Sept. p 

Total claims ......................................................... 1,177,192 1,285,113 1,277,113 1,221,037 1,347,334 1,358,473 1,428,564 1,357,718 

Payable in dollars................................ 1,095,869 1,190,798 1,178,541 1,131,046 1,254,863 1,264,085 1,322,094 1,252,079 

Banks’ own claims on foreigners ........................... 904,642 975,219 991,445 962,258 1,055,069 1,062,045 1,111,028 1,064,643 

Foreign public borrowers ................................ 33,221 46,347 47,500 42,245 44,458 49,966 47,004 58,659 

Unaffiliated foreign banks: 

Deposits..................................................... 23,886 20,047 20,336 20,023 26,189 26,306 24,012 24,213 

Other......................................................... 71,357 81,835 71,352 72,512 74,178 68,821 68,140 70,061 

Own foreign offices................................ 630,137 665,270 686,555 662,466 749,124 754,135 793,890 734,051 

All other foreigners ................................ 146,041 161,720 165,702 165,012 161,120 162,817 177,982 177,659 

Claims of banks’ domestic customers....................... 191,227 215,579 187,096 168,788 199,794 202,040 211,066 187,436 

Deposits ......................................................... 100,352 111,323 93,656 71,537 93,565 92,674 94,129 86,455 

Negotiable and readily 

transferable instruments ................................ 78,147 90,891 77,192 87,416 90,412 96,674 104,532 88,648 

Collections and other ................................ 12,728 13,365 16,248 9,835 15,817 12,692 12,405 12,333 

Payable in foreign currencies ............................... 81,323 94,315 98,572 89,991 92,471 94,388 106,470 105,639 

Banks’ own claims on foreigners 

of which........................................................ 56,912 73,210 77,428 69,106 74,840 77,746 90,622 85,164 

Canadian dollars................................ n.a. - 5,420 6,170 6,106 6,064 6,848 6,704 

Euros ........................................................ n.a. - 32,993 28,555 42,980 42,662 55,294 48,458 

U.K. pounds sterling ................................ n.a. - 9,022 6,996 6,296 6,559 6,631 8,294 

Japanese yen ................................ n.a. - 11,196 10,489 9,892 13,296 12,131 8,417 

Claims of banks’ domestic customers 

of which........................................................ 24,411 21,105 21,144 20,885 17,631 16,642 15,848 20,475 

Canadian dollars................................ n.a. - 811 892 935 1,419 1,198 1,267 

Euros ........................................................ n.a. - 6,378 9,008 3,097 2,756 4,858 7,916 

U.K. pounds sterling ................................ n.a. - 2,114 1,745 1,133 896 2,344 1,434 

Japanese yen ................................ n.a. - 874 359 351 540 1,911 2,458 

Memoranda: 

Claims reported by IBFs ................................ 308,953 325,510 344,659 311,172 339,685 345,525 363,363 333,880 

Payable in dollars................................ 281,707 293,792 312,578 281,395 306,381 309,417 322,421 300,318 

Payable in foreign currencies ............................... 27,246 31,718 32,081 29,777 33,304 36,108 40,942 33,562 

Customer liability on acceptances ........................... 4,257 2,993 3,054 2,468 2,588 2,139 2,356 2,353 

Collateralized by resale agreements ........................ n.a. 134,083 129,693 111,844 137,655 117,383 152,383 159,880 

Foreign public borrowers................................ n.a. 27,964 28,463 21,427 26,784 28,952 26,739 36,554 

Foreign banks and other foreigners ....................... n.a. 103,575 96,770 86,058 106,119 83,441 121,591 120,830 

International and regional orgs ............................. n.a. 2,544 4,460 4,359 4,752 4,990 4,053 2,496 

Claims with remaining maturity 

of 1 year or less: 

On foreign public borrowers................................ 17,443 21,575 23,171 16,858 23,932 22,228 23,169 29,636 

On all other unaffiliated foreigners......................... 168,660 173,532 168,808 161,600 176,308 165,260 179,783 184,963 

Claims with remaining maturity of 

more than 1 year: 

On foreign public borrowers................................ 15,108 24,341 23,770 24,504 19,947 27,162 23,305 28,583 

On all other unaffiliated foreigners......................... 72,798 88,280 86,555 95,962 85,139 92,655 90,339 86,955 
CAPITAL MOVEMENTS 73 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar 

year 2001 2002 

Country 2000 Mar. r June r Sept. r Dec. r Mar. r June Sept. p 

Europe: 

Austria.............................................................. 4,862 4,728 4,405 3,849 7,353 4,738 5,120 4,951 

Belgium 1........................................................... 9,957 6,962 6,200 6,988 7,483 8,423 7,734 6,240 

Bulgaria ............................................................ 23 7 2 1 2 - 3 14 

Czech Republic................................ 139 179 129 147 600 291 172 188 

Denmark ........................................................... 4,923 7,086 6,691 4,175 3,472 2,959 2,562 4,396 

Finland ............................................................. 8,691 7,924 9,173 11,199 10,877 14,952 16,780 16,134 

France.............................................................. 53,007 61,859 70,110 69,093 86,046 85,154 91,669 82,820 

Germany ........................................................... 70,564 81,080 82,705 61,492 54,304 61,515 68,017 49,167 

Greece............................................................. 1,247 784 868 521 517 547 514 590 

Hungary ............................................................ 41 25 19 59 25 134 33 51 

Ireland .............................................................. 6,970 5,264 3,852 3,477 9,022 6,715 6,292 3,826 

Italy................................................................ 12,586 10,743 12,410 10,651 8,115 8,011 7,860 7,418 

Luxembourg 1..................................................... na. 3,884 8,529 9,642 3,760 6,756 5,796 3,615 

Netherlands ....................................................... 22,974 30,918 24,912 25,075 22,481 22,617 25,632 26,343 

Norway ............................................................. 5,655 9,013 7,301 5,264 6,994 8,463 10,620 12,958 

Poland.............................................................. 434 397 192 427 535 615 165 177 

Portugal ............................................................ 2,105 1,934 2,106 1,765 2,159 2,417 2,200 2,372 

Romania ........................................................... 80 91 61 62 99 109 102 92 

Russia 2 ............................................................ 690 1,147 1,091 969 606 1,673 1,176 818 

Spain................................................................ 4,531 7,529 5,452 5,789 4,767 6,895 4,714 6,512 

Sweden ............................................................ 15,985 19,379 18,847 19,302 19,758 19,841 25,627 19,258 

Switzerland........................................................ 87,736 111,214 123,875 79,789 97,702 125,048 127,647 115,389 

Turkey .............................................................. 4,455 4,369 3,983 4,056 3,370 5,314 3,967 3,872 

United Kingdom ................................ 223,976 259,023 255,731 261,710 299,406 299,043 297,721 293,677 

Channel Islands and Isle of Man 3 ........................... na. 3,352 3,276 4,171 4,513 4,033 4,466 6,361 

Yugoslavia 4....................................................... 50 49 49 4 - - - -

Other Europe ..................................................... 7,029 3,329 2,489 2,571 2,894 3,009 2,364 1,786 

Total Europe ................................ 548,710 642,269 654,458 592,248 656,860 699,272 718,953 669,025 

Canada............................................................... 55,908 64,407 68,008 66,981 76,107 79,595 90,273 85,571 

Latin America: 

Argentina........................................................... 12,911 12,620 13,233 13,273 11,587 10,825 11,520 8,015 

Brazil............................................................... 22,130 21,374 22,959 24,007 20,846 21,377 20,244 18,450 

Chile ................................................................ 6,067 6,120 5,603 5,544 5,465 5,555 4,993 5,194 

Colombia........................................................... 4,388 4,044 3,657 3,625 3,646 3,731 3,286 3,098 

Ecuador............................................................ 651 551 538 524 507 491 511 478 

Guatemala......................................................... 1,279 1,205 1,229 1,297 1,536 1,456 924 969 

Mexico.............................................................. 18,247 18,192 17,874 17,624 16,915 17,571 17,214 16,661 

Panama............................................................ 3,239 3,235 3,389 3,606 3,441 3,080 2,926 2,151 

Peru................................................................ 2,823 2,830 2,583 2,448 2,201 2,064 1,845 1,613 

Uruguay ............................................................ 702 458 446 552 459 524 349 369 

Venezuela ......................................................... 3,749 3,451 3,124 3,385 3,209 3,626 3,556 3,480 

Other Latin America 5 ................................ 5,277 3,575 3,103 3,323 3,404 2,928 2,991 2,893 

Total Latin America................................ 81,463 77,655 77,738 79,208 73,216 73,228 70,359 63,371 

Caribbean: 

Bahamas........................................................... 132,681 118,091 106,643 114,984 103,541 98,848 110,766 93,000 

Bermuda........................................................... 9,485 8,280 6,790 8,401 8,526 8,500 11,850 13,499 

British West Indies 6................................ 237,770 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Cayman Islands 6 ................................ n.a. 248,177 245,975 239,752 304,898 275,163 291,972 282,435 

Netherlands Antilles ................................ 5,812 6,961 5,802 9,900 6,741 7,168 6,923 6,228 

Trinidad and Tobago................................ 609 710 949 944 940 971 866 930 

Other Caribbean 5................................ n.a. 5,211 4,380 3,634 3,791 3,528 3,802 3,456 

Total Caribbean ................................ 386,712 387,778 370,840 377,984 428,855 394,675 426,540 400,011 

See footnotes at end of table. 
74 CAPITAL MOVEMENTS 

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treas ury International Capital Reporting System] 

Calendar 

year 2001 2002 

Country 2000 Mar. r June r Sept. r Dec. r Mar. r June Sept. p 

Asia: 

China: 

Mainland................................ 1,658 1,445 4,479 3,541 2,138 4,220 6,107 7,307 

Taiwan................................ 2,720 1,985 2,657 3,347 4,573 4,699 6,670 8,836 

Hong Kong ................................ 7,346 11,459 9,543 6,842 10,365 6,975 6,372 8,890 

India................................................................ 2,341 1,962 1,763 1,747 1,477 1,377 1,595 1,340 

Indonesia ................................ 1,944 2,042 1,972 1,985 1,795 1,750 1,584 1,443 

Israel................................................................ 5,588 5,196 5,149 6,356 6,984 5,622 5,858 7,515 

Japan............................................................... 39,179 45,267 39,815 38,216 41,989 39,228 43,684 51,727 

Korea ............................................................... 8,014 12,530 11,480 12,003 10,755 14,081 17,119 17,481 

Lebanon................................ 39 63 58 35 45 42 43 46 

Malaysia ................................ 849 986 869 861 731 931 1,178 843 

Pakistan................................ 165 426 547 647 129 328 488 669 

Philippines ................................ 1,833 1,240 1,874 2,109 2,598 2,078 2,008 2,188 

Singapore................................ 4,576 2,820 1,767 4,093 3,513 3,436 3,352 3,633 

Syria .............................................................. 12 2 3 3 3 2 2 2 

Thailand................................ 1,404 1,308 1,598 1,291 2,544 1,516 753 1,879 

Oil-exporting countries 7................................ 10,627 10,301 10,308 9,512 9,222 11,176 12,248 11,532 

Other Asia ................................ 324 274 314 242 357 497 548 726 

Total Asia................................ 88,619 99,306 94,196 92,830 99,218 97,958 109,609 126,057 

Africa: 

Congo (formerly Zaire)................................ - - - 2 - - - -

Egypt................................................................ 228 367 551 426 430 371 430 346 

Ghana .............................................................. 18 90 20 23 25 14 6 9 

Liberia .............................................................. 545 356 476 376 377 330 395 350 

Morocco................................ 241 229 211 170 123 104 96 75 

South Africa................................ 378 604 579 535 769 820 719 659 

Oil-exporting countries 8................................ 477 221 147 157 175 218 241 311 

Other Africa................................ 357 393 324 314 311 346 311 332 

Total Africa................................ 2,244 2,260 2,308 2,003 2,210 2,203 2,198 2,082 

Other countries: 

Australia................................ 8,228 7,703 5,826 6,119 7,272 6,967 7,316 7,798 

New Zealand 9................................ n.a. 509 614 436 512 922 802 1,018 

All other ................................ 427 153 182 566 40 13 148 

Total other countries ................................ 8,655 8,365 6,622 7,121 7,824 7,902 8,266 8,849 

Total foreign countries................................ 1,172,311 1,282,040 1,272,164 1,216,365 1,342,282 1,352,824 1,424,172 1,354,966 

International and regional orgs.: 

International ................................ 4,777 3,019 4,488 4,446 4,322 5,237 3,848 2,121 

European regional................................ - 10 8 7 14 12 53 23 

Latin American regional ................................ 104 44 105 104 237 212 238 223 

Caribbean regional 10................................ n.a. - - - - - - -

Asian regional................................ - - 348 115 479 188 253 385 

African regional................................ - - - - - - - -

Middle Eastern regional ................................ - - - - - - - -

Total international 

and regional................................ 4,881 3,073 4,949 4,672 5,052 5,649 4,392 2,752 

Grand total ................................ 1,177,192 1,285,113 1,277,113 1,221,037 1,347,334 1,358,473 1,428,564 1,357,718 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 2

 Since December 1992, data for all other republics of the former U.S.S.R. included in combined “Other Latin America and Caribbean.”

“Other Europe.” 6 Before January 2001, data for Cayman Islands included in British West Indies. 3

 Before January 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab 4

 Includes Serbia and Montenegro, which presently for m an entity not formally recognized Emirates (Trucial States).

by the United States. Data for entities of the former Yugoslavia recognized as independent 8 Includes Algeria, Gabon, Libya, and Nigeria.

states by the United States are reported under “Other Europe” as follows: since December 9 Before January 2001, data included in “All other.”

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the 10 Before January 2001, included in “Latin American regional.”

former Yugoslav Republic of Macedonia.

33 
CAPITAL MOVEMENTS 75 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Sept. 30, 2002 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Reporting banks’ own claims 

Total 

On foreign 

public borClaims of banks’ domestic 

Memorandum customers 

banks’ rowers and On own Payable in Customers’ Payable in 

Total own unaffiliated foreign foreign liability on Payable in foreign 

claims claims foreigners offices currencies acceptances Total dollars currencies 

Country (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Europe: 

Austria.............................................................. 4,951 4,604 4,262 74 268 - 347 202 145 

Belgium 1........................................................... 6,240 4,727 4,184 505 38 - 1,513 1,330 183 

Bulgaria ............................................................ 14 13 - 3 10 - 1 1 -

Czech Republic................................ 188 188 95 91 2 - - - -

Denmark ........................................................... 4,396 1,586 1,062 421 103 - 2,810 2,730 80 

Finland ............................................................. 16,134 15,848 226 15,586 36 5 286 177 109 

France.............................................................. 82,820 73,299 13,270 37,813 22,216 2 9,521 8,449 1,072 

Germany ........................................................... 49,167 27,841 14,900 8,444 4,497 4 21,326 18,533 2,793 

Greece............................................................. 590 453 376 32 45 - 137 137 -

Hungary ............................................................ 51 16 4 5 7 - 35 - 35 

Ireland .............................................................. 3,826 2,368 2,172 113 83 - 1,458 1,014 444 

Italy................................................................ 7,418 6,258 2,215 2,727 1,316 - 1,160 993 167 

Luxembourg 1................................ 3,615 3,079 2,624 223 232 21 536 397 139 

Netherlands ................................ 26,343 19,456 9,823 7,868 1,765 6 6,887 5,811 1,076 

Norway ............................................................. 12,958 11,099 11,035 1 63 - 1,859 1,690 169 

Poland.............................................................. 177 175 67 15 93 - 2 1 1 

Portugal ............................................................ 2,372 2,030 1,313 693 24 - 342 316 26 

Romania ........................................................... 92 92 85 - 7 - - - -

Russia 2 ............................................................ 818 812 740 61 11 1 6 6 -

Spain................................................................ 6,512 6,005 3,270 1,405 1,330 18 507 394 113 

Sweden ............................................................ 19,258 14,088 4,156 9,814 118 - 5,170 5,039 131 

Switzerland................................ 115,389 105,714 5,717 98,203 1,794 11 9,675 9,642 33 

Turkey .............................................................. 3,872 2,534 2,408 66 60 109 1,338 1,163 175 

United Kingdom ................................ 293,677 217,802 37,142 157,615 23,045 51 75,875 67,615 8,260 

Channel Islands and Isle of Man3............................... 6,361 5,928 2,489 3,437 2 - 433 433 -

Yugoslavia 4................................ - - - - - - - - -

Other Europe ................................ 1,786 1,619 1,460 5 154 13 167 157 10 

Total Europe ................................ 669,025 527,634 125,095 345,220 57,319 241 141,391 126,230 15,161 

Canada............................................................... 85,571 70,051 10,501 52,335 7,215 1 15,520 14,180 1,340 

Latin America: 

Argentina........................................................... 8,015 7,911 6,530 1,133 248 7 104 99 5 

Brazil............................................................... 18,450 17,697 11,481 5,785 431 196 753 745 8 

Chile ................................................................ 5,194 5,145 4,905 213 27 2 49 49 -

Colombia........................................................... 3,098 3,079 2,962 116 1 7 19 18 1 

Ecuador............................................................ 478 467 444 23 - 6 11 11 -

Guatemala......................................................... 969 960 831 94 35 11 9 9 -

Mexico.............................................................. 16,661 15,978 15,712 93 173 82 683 507 176 

Panama............................................................ 2,151 2,084 1,651 308 125 40 67 67 -

Peru................................................................ 1,613 1,603 1,305 294 4 8 10 10 -

Uruguay ............................................................ 369 367 216 129 22 1 2 2 -

Venezuela ......................................................... 3,480 3,429 3,265 36 128 4 51 6 45 

Other Latin America 5 ................................ 2,893 2,862 2,646 205 11 41 31 25 6 

Total Latin America................................ 63,371 61,582 51,948 8,429 1,205 405 1,789 1,548 241 

Caribbean: 

Bahamas........................................................... 93,000 91,794 4,622 86,524 648 - 1,206 1,206 -

Bermuda........................................................... 13,499 13,124 11,296 8 1,820 - 375 355 20 

Cayman Islands 6 ................................ 282,435 245,484 54,509 179,926 11,049 68 36,951 36,464 487 

Cuba................................................................ - - - - - - - - -

Jamaica............................................................ 463 463 392 71 - - - - -

Netherlands Antilles ................................ 6,228 6,222 2,223 3,971 28 - 6 - 6 

Trinidad and Tobago................................ 930 930 648 268 14 - - - -

Other Caribbean 5................................ 3,456 3,455 2,924 373 158 13 1 1 -

Total Caribbean ................................ 400,011 361,472 76,614 271,141 13,717 81 38,539 38,026 513 

See footnotes at end of table. 
76 CAPITAL MOVEMENTS 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Sept. 30, 2002, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Reporting banks’ own claims 

Total 

On foreign 

public bor- Memorandum 

Claims of banks’ domestic 

customers 

banks’ rowers and On own Payable in Customers’ Payable in 

Total own unaffiliated foreign foreign liability on Payable in foreign 

claims claims foreigners offices currencies acceptances Total dollars currencies 

Country (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Asia: 

China: 

Mainland......................................................... 7,307 7,256 6,927 329 - 26 51 51 -

Taiwan............................................................ 8,836 8,778 7,638 1,018 122 29 58 21 37 

Hong Kong ................................ 8,890 8,660 5,293 3,188 179 28 230 162 68 

India................................................................ 1,340 1,262 1,144 114 4 7 78 74 4 

Indonesia .......................................................... 1,443 1,435 1,390 36 9 1 8 1 7 

Israel................................................................ 7,515 5,069 3,450 1,617 2 - 2,446 2,443 3 

Japan............................................................... 51,727 47,154 8,909 36,149 2,096 22 4,573 2,124 2,449 

Korea ............................................................... 17,481 17,427 14,704 2,700 23 1,363 54 44 10 

Lebanon............................................................ 46 40 37 3 - - 6 6 -

Malaysia ........................................................... 843 830 807 16 7 - 13 5 8 

Pakistan............................................................ 669 665 46 617 2 - 4 4 -

Philippines ......................................................... 2,188 2,156 2,041 93 22 34 32 15 17 

Singapore.......................................................... 3,633 3,245 1,775 1,321 149 2 388 371 17 

Syria .............................................................. 2 - - - - - 2 2 -

Thailand............................................................ 1,879 1,860 1,230 611 19 31 19 16 3 

Other Asia ......................................................... 12,258 11,978 1,946 7,291 2,741 27 280 279 1 

Total Asia................................ 126,057 117,815 57,337 55,103 5,375 1,570 8,242 5,618 2,624 

Africa: 

Congo (formerly Zaire)................................ - - - - - - - - -

Egypt................................................................ 346 334 209 123 2 40 12 11 1 

Ghana .............................................................. 9 1 1 - - - 8 8 -

Liberia .............................................................. 350 350 350 - - - - - -

Morocco............................................................ 75 65 58 - 7 - 10 10 -

South Africa................................ 659 591 538 38 15 - 68 6 62 

Other Africa................................ 643 578 553 21 4 3 65 62 3 

Total Africa................................ 2,082 1,919 1,709 182 28 43 163 97 66 

Other countries: 

Australia............................................................ 7,798 5,776 4,199 1,390 187 12 2,022 1,616 406 

New Zealand 7................................ 1,018 907 539 250 118 - 111 1 110 

All other ............................................................ 33 13 12 1 - - 20 6 14 

Total other countries ................................ 8,849 6,696 4,750 1,641 305 12 2,153 1,623 530 

Total foreign countries................................ 1,354,966 1,147,169 327,954 734,051 85,164 2,353 207,797 187,322 20,475 

International and regional orgs.: 

International ................................ 2,121 2,121 2,121 - - - - - -

European regional................................ 23 21 21 - - - 2 2 -

Latin American regional ................................ 223 111 111 - - - 112 112 -

Caribbean regional 8................................ - - - - - - - - -

Asian regional................................ 385 385 385 - - - - - -

African regional................................ - - - - - - - - -

Middle Eastern regional ................................ - - - - - - - - -

Total international and regional............................. 2,752 2,638 2,638 - - - 114 114 -

Grand total ................................ 1,357,718 1,149,807 330,592 734,051 85,164 2,353 207,911 187,436 20,475 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the 2

 Since December 1992, data for all other republics of the former U.S.S.R. included in former Yugoslav Republic of Macedonia.

“Other Europe.” 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 3

 Before January 2001, data included in United Kingdom. combined “Other Latin America and Caribbean.” 4

 Includes Serbia and Montenegro, which presently form an entity not formally recognized 6 Before January 2001, data for Cayman Islands included in British West Indies.

by the United States. Data for entities of the former Yugoslavia recognized as independent 7 Before January 2001, data included in “All other.”

states by the United States are reported under “Other Europe” as follows: since December 8 Before January 2001, included in “Latin American regional.”
CAPITAL MOVEMENTS 77 

CHART CM-B.—U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries

500 

400 

300 

200 

100 

0 

1998 1999 2000 2001 Sept. 2002 

(In billions of dollars) 

United Kingdom All other Europe Caribbean banking centers 

Japan All other Asia All other countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 1998 1999 2000 2001 Sept. 2002 

United Kingdom................................ 162,874 172,345 223,976 299,406 293,677 

All other Europe ................................ 213,888 283,430 324,734 357,454 375,348 

Caribbean banking centers 1,2................................ 304,395 340,917 388,987 427,147 397,313 

Japan ................................................................ 55,170 34,627 39,179 41,989 51,727 

All other Asia................................ 63,088 53,267 49,440 57,229 74,330 

Subtotal ............................................................ 799,415 884,586 1,026,316 1,183,225 1,192,395 

All other countries. ................................ 175,356 148,542 150,876 164,109 165,323 

Grand total ................................ 974,771 1,033,128 1,177,192 1,347,334 1,357,718 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. 

2

 Beginning January 2001, Cayman Islands repl aced British West Indies in reporting format. 

In the first three quarters of 

2002, U.S. banking claims on 

foreigners only increased $10 

billion. In 2001, U.S. banking 

claims on foreigners 

increased $170 billion, due 

mainly to an increase 

opposite Europe. In 2000, 

banking claims on foreigners 

increased $144 billion, due to 

strong increases in claims 

opposite Europe and the 

banking centers in the 

Caribbean. 

U.S. banking claims on 

foreigners, excluding longterm securities, are 

concentrated in international 

financial centers. The data on 

this page show that 80 

percent of U.S. claims 

currently are reported 

opposite the United 

Kingdom, “All other 

Europe,” and the banking 

centers in the Caribbean. 

Foreigners domiciled in Asia 

hold less than 10 percent of 

U.S. claims, down from 20 

percent at the end of 1996. 

After extremely strong 

growth in the mid-1990s, 

total U.S. banking claims on 

foreigners leveled off in 1998 

and 1999, growing at only 

about 5 percent per year. In 

2000 and 2001, growth 

reached 14 percent, matching 

the growth rate of 1997. 
78 CAPITAL MOVEMENTS 

SECTION III.—Supplementary Liabilities and Claims Data 

Reported by Banks in the United States 

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regularly Reported Separately 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Total liabilities Total banks’ own claims 

Calendar year 2002 Calendar year 2002 

Country 2000 2001 June 2000 2001 June 

Other Europe: 

Cyprus.............................................................. 140 180 165 42 28 7 

Iceland.............................................................. 116 56 163 13 n.a. n.a. 

Monaco............................................................. 161 299 127 n.a. n.a. n.a. 

Other Latin America and Caribbean: 

Aruba ............................................................... 366 237 218 n.a. n.a. n.a. 

Barbados ........................................................... 1,306 2,121 1,358 629 831 542 

Belize............................................................... 149 147 179 42 n.a. 71 

Bolivia .............................................................. 800 778 893 367 r 257 289 

Costa Rica......................................................... 1,374 1,071 1,096 647 910 728 

Dominica........................................................... 51 53 45 37 n.a. 33 

Dominican Republic............................................. 1,617 1,928 1,621 952 976 1,031 

El Salvador........................................................ 633 760 698 1,029 1,150 915 

French West Indies and French Guiana.................... 51 21 29 n.a. n.a. n.a. 

Haiti ................................................................ 303 294 233 53 31 32 

Honduras .......................................................... 1,674 1,767 1,855 287 338 346 

Nicaragua.......................................................... 127 156 155 98 85 n.a. 

Paraguay ........................................................... 824 819 763 88 84 87 

Suriname........................................................... 173 313 151 50 n.a. n.a. 

Other Asia: 

Afghanistan........................................................ 55 56 44 - n.a. -

Burma.............................................................. 5 8 8 - - -

Jordan.............................................................. 391 n.a. 596 66 103 93 

Macau .............................................................. 66 41 63 n.a. - -

Sri Lanka........................................................... 208 196 n.a. 29 11 11 

Yemen.............................................................. 325 393 326 4 2 n.a. 

Other Africa: 

Angola.............................................................. 390 n.a. n.a. n.a. n.a. n.a. 

Cameroon ......................................................... 23 13 21 7 9 13 

Ethiopia ............................................................ 137 249 n.a. n.a. - -

Guinea.............................................................. 40 38 42 - n.a. 44 

Ivory Coast........................................................ 74 n.a. n.a. 20 15 n.a. 

Kenya............................................................... 116 145 134 5 n.a. n.a. 

Mauritius ........................................................... 116 87 256 n.a. 4 n.a. 

Mozambique ...................................................... 199 55 n.a. n.a. n.a. -

Rwanda ............................................................ 66 44 66 n.a. n.a. -

Senegal ............................................................ 18 n.a. 35 16 n.a. 9 

Somalia ............................................................ 13 11 13 - - -

Sudan............................................................... 12 7 9 n.a. - -

Tanzania........................................................... 294 229 226 3 5 n.a. 

Tunisia.............................................................. 66 172 152 100 89 n.a. 

Uganda............................................................. 95 79 105 1 2 n.a. 

Zambia ............................................................. 107 70 n.a. n.a. - -

Zimbabwe.......................................................... 56 81 53 n.a. - -

All other: 

New Zealand 1 ................................................... 718 n.a. n.a. 148 n.a. n.a. 

Papua New Guinea.............................................. n.a. n.a. n.a. 27 12 n.a. 

1

 Beginning January 2001, the New Zealand line shifted to monthly and quarterly reports Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

Bulletin.” 

of U.S. banking liabilities and claims. See Capital Movements Sections I and II. dates for the “Other” geographical categories in the regular monthly series in the “Treasury 
CAPITAL MOVEMENTS 79 

SECTION IV.—Liabilities to, and Claims on, Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

TABLE CM-IV-1.—Total Liabilities and Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2001 2002 

Type of liability or claim 1998 1999 2000 Sept. Dec. Mar. r June Sept. p 

Total liabilities....................................................... 46,570 53,020 73,904 53,476 66,679 74,280 70,179 68,366 

Payable in dollars ................................ 36,668 37,605 48,931 35,306 42,925 47,050 48,103 44,969 

Financial.......................................................... 10,371 13,883 25,246 11,415 18,763 20,367 21,892 18,775 

Commercial: 

Trade payables................................ 10,133 11,720 12,162 10,483 10,893 13,757 13,142 12,995 

Advance receipts and other ............................... 16,164 12,002 11,523 13,408 13,269 12,926 13,069 13,199 

Payable in foreign currencies ................................ 9,902 15,415 24,973 18,170 23,754 27,230 22,076 23,397 

Financial............................................................ 8,884 14,097 22,173 16,087 22,271 25,466 20,473 22,104 

Commercial: 

Trade payables.................................................. 845 1,114 2,131 1,207 888 1,115 817 717 

Advance receipts and other ................................ 173 204 669 876 595 649 786 576 

Total claims ......................................................... 77,462 76,642 90,157 93,988 113,082 115,743 116,137 112,114 

Payable in dollars ................................ 72,171 69,170 79,558 83,204 103,864 106,171 107,095 103,892 

Financial: 

Deposits ...................................................... 28,549 16,373 21,015 19,888 27,850 40,002 40,323 36,382 

Other ........................................................... 14,049 18,593 25,142 32,076 46,621 39,553 41,875 42,734 

Commercial: 

Trade receivables ................................ 25,743 30,624 30,007 27,224 25,828 23,199 22,079 21,317 

Advance payments and other ................................ 3, 830 3,580 3,394 4,016 3,565 3,417 2,818 3,459 

Payable in foreign currencies ................................ 5,291 7,472 10,599 10,784 9,218 9,572 9,042 8,222 

Financial: 

Deposits .......................................................... 1,650 2,193 2,359 2,503 1,951 1,811 1,813 1,692 

Other ............................................................. 2,012 3,072 4,515 5,548 4,865 4,015 3,313 3,225 

Commercial: 

Trade receivables................................ 1,459 1,978 3,097 2,016 1,685 2,398 2,173 2,189 

Advance payments and other................................170 229 628 717 717 1,348 1,743 1,116 
80 CAPITAL MOVEMENTS 

TABLE CM-IV-2.—Total Liabilities by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2001 2002 

Country 1997 1998 1999 2000 Sept. Dec. Mar. r June Sept. p 

Europe: 

Austria ................................ 112 118 112 111 182 151 118 128 112 

Belgium -Luxembourg................................ 852 357 171 440 236 253 224 214 366 

Bulgaria................................ 5 3 - 2 1 3 1 2 4 

Czech Republic ................................ 38 105 26 7 16 10 9 14 14 

Denmark................................ 170 132 105 149 85 148 578 252 81 

Finland................................ 281 83 48 91 148 86 94 195 164 

France................................ 2,189 2,017 2,331 2,459 2,429 3,575 4,232 4,898 4,226 

Germany ................................ 3,232 3,455 3,105 3,215 2,949 3,249 3,566 3,192 3,721 

Greece................................ 89 120 141 400 543 410 334 299 400 

Hungary ................................ 13 3 9 8 11 27 12 22 27 

Ireland ................................ 1,136 1,307 827 1,216 1,195 1,264 1,260 1,010 830 

Italy ................................................................ 923 1,177 749 1,773 1,490 1,395 1,317 1,270 2,015 

Netherlands ................................ 933 1,835 2,503 2,316 2,341 3,117 2,414 2,704 3,100 

Norway ................................ 242 188 266 286 332 320 370 343 361 

Poland ................................ 7 11 46 42 48 43 194 362 41 

Portugal ................................ 36 29 34 16 30 16 14 10 17 

Romania................................ 165 149 159 178 23 17 18 21 14 

Russia 1................................ 115 82 251 91 46 48 34 40 32 

Spain................................ 334 546 501 468 400 423 381 513 472 

Sweden................................ 244 171 158 117 120 97 94 96 127 

Switzerland ................................ 936 654 773 606 775 884 721 810 653 

Turkey ................................ 285 211 384 408 176 133 141 140 74 

United Kingdom ................................ 15,753 9,677 19,592 29,209 17,115 25,131 30,927 26,410 25,413 

Yugoslavia 2 ................................ 6 8 11 11 27 14 14 10 9 

Other Europe................................ 159 181 201 182 201 211 247 195 942 

Total Europe................................ 28,255 22,619 32,503 43,801 30,919 41,025 47,314 43,150 43,215 

Canada................................ 3,549 2,083 2,059 2,344 1, 993 2,577 2,740 2,973 2,129 

Latin America and 

Caribbean: 

Argentina................................ 219 118 169 146 77 50 109 65 87 

Bahamas ................................ 157 21 23 37 49 209 28 17 14 

Bermuda ................................ 432 299 157 2,020 617 1,551 1,269 1,048 1,056 

Brazil................................ 363 304 271 262 334 325 312 358 355 

British West Indies ................................ 616 967 540 482 271 1,672 679 1,046 424 

Chile................................ 150 111 64 52 104 56 74 44 37 

Colombia................................ 120 72 141 131 90 82 54 23 32 

Cuba ................................ - 5 27 20 13 42 23 23 23 

Ecuador ................................ 22 19 58 32 10 4 3 9 8 

Guatemala................................ 30 12 6 10 11 13 10 13 15 

Jamaica................................ 18 12 13 16 24 12 11 15 16 

Mexico................................ 591 406 912 867 907 935 1,484 983 1,023 

Netherlands Antilles ................................ 23 44 19 32 164 46 13 146 8 

Panama................................ 16 16 67 32 43 49 149 45 43 

Peru ................................ 30 35 28 24 26 41 23 26 26 

Trinidad and Tobago................................ 75 34 15 36 39 38 17 39 28 

Uruguay ................................ 20 8 8 27 6 8 7 6 5 

Venezuela................................ 262 204 305 286 245 168 282 209 328 

Other Latin America 

and Caribbean................................ 418 426 379 1,994 262 284 454 463 410 

Total Latin America 

and Caribbean................................ 3,562 3,113 3,202 6,506 3,292 5,585 5,001 4,578 3,938 

See footnotes at end of table. 
CAPITAL MOVEMENTS 81 

TABLE CM-IV-2. —Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2001 2002 

Country 1997 1998 1999 2000 Sept. Dec. Mar. r June Sept. p 

Asia: 

China: 

Mainland................................ 1,250 708 627 497 695 735 875 2,271 1,267 

Taiwan................................ 936 898 1,175 970 858 819 946 623 451 

Hong Kong................................ 750 388 223 640 189 560 388 255 291 

India ................................................................ 170 387 519 309 151 179 270 221 168 

Indonesia................................ 213 154 83 81 39 44 47 55 37 

Israel................................................................ 176 228 160 468 89 195 404 485 1,335 

Japan................................ 8,602 7,439 5,751 8,973 5,850 5,850 7,580 6,530 6,488 

Korea................................ 1,150 945 543 941 1,041 897 766 607 544 

Lebanon ................................ 29 27 56 53 54 57 57 55 49 

Malaysia................................ 766 141 118 162 381 393 272 164 118 

Pakistan ................................ 60 33 37 96 111 94 94 99 85 

Philippines ................................ 222 169 169 114 120 1,100 120 130 109 

Singapore ................................ 1,252 1,240 917 2,280 1,998 1,793 1,721 2,033 1,703 

Syria................................................................ 23 15 8 27 19 6 11 11 33 

Thailand ................................ 405 362 165 203 60 105 44 50 40 

Oil-exporting countries 3................................ 3,138 2,852 2,555 2,844 3,058 2,649 3,157 3,273 3,685 

Other Asia................................ 211 141 217 290 252 83 227 322 352 

Total Asia................................ 19,353 16,127 13,323 18,948 14,965 15,559 16,979 17,184 16,755 

Africa: 

Congo (former ly Zaire) ................................ - - 9 - 1 1 1 1 1 

Egypt ................................ 90 39 86 166 204 117 153 154 124 

Ghana................................ 28 9 1 6 5 3 4 3 4 

Liberia................................ 1 9 2 18 - 30 - - -

Morocco................................ 49 41 31 11 43 34 27 38 41 

South Africa................................ 255 189 138 135 113 111 164 159 138 

Oil-exporting countries 4................................ 408 393 499 483 476 441 545 440 536 

Other Africa................................ 103 142 212 181 124 152 204 241 160 

Total Africa................................ 934 822 978 1,000 966 889 1,098 1,036 1,004 

Other countries: 

Australia ................................ 911 949 634 344 338 584 682 736 818 

All other................................ 810 852 300 898 973 430 429 492 430 

Total other countries ................................ 1,721 1,801 934 1,242 1,311 1,014 1,111 1,228 1,248 

Total foreign countries................................ 57,374 46,565 52,975 73,841 53,446 66,649 74,243 70,149 68,289 

International and regional orgs.: 

International................................ - - 1 1 - - 30 21 22 

European regional................................ 8 5 44 45 30 30 4 8 55 

Latin American regional................................ - - - - - - 3 - -

Asian regional ................................ - - - 9 - - - 1 -

African regional ................................ - - - 8 - - - - -

Middle Eastern regional................................ - - - - - - - - -

Total international 

and regional ................................ 8 5 45 63 30 30 37 30 77 

Grand total................................ 57,382 46,570 53,020 73,904 53,476 66,679 74,280 70,179 68,366 

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and 

all other republics of the former U.S.S.R. are reported under “Other Europe.” beginning in June 1994 for the former Yugoslav Republic of Macedonia. 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

recognized by the United States. Data for entities of the former Yugoslavia recognized as Emirates (Trucial States). 

independent states by the United States are reported under “Other Europe” as follows: 4 Includes Algeria, Gabon, Libya and Nigeria. 
82 CAPITAL MOVEMENTS 

TABLE CM-IV-3.—Total Liabilities by Type and Country, Sept. 30, 2002, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Financial liabilities 

Payable in foreign Commercial 

Total liabilities Total Payable in dollars currencies liabilities 

Country (1) (2) (3) (4) (5) 

Europe: 

Austria.............................................................. 

Belgium-Luxembourg................................ 

Bulgaria............................................................. 

Czech Republic................................ 

Denmark............................................................ 

Finland.............................................................. 

France.............................................................. 

Germany ........................................................... 

Greece.............................................................. 

Hungary ............................................................ 

Ireland .............................................................. 

Italy ................................................................ 

Netherlands........................................................ 

Norway ............................................................. 

Poland.............................................................. 

Portugal ............................................................ 

Romania............................................................ 

Russia 1

............................................................. 

Spain................................................................ 

Sweden............................................................. 

Switzerland........................................................ 

Turkey .............................................................. 

United Kingdom................................ 

Yugoslavia 2 ....................................................... 

Other Europe................................ 

112 1 1 - 111 

366 232 230 2 134 

4 - - - 4 

14 1 - 1 13 

81 15 15 - 66 

164 143 15 128 21 

4,226 3,517 1,948 1,569 709 

3,721 2,865 2,129 736 856 

400 10 9 1 390 

27 3 3 - 24 

830 558 444 114 272 

2,015 996 658 338 1,019 

3,100 1,918 1,910 8 1,182 

361 2 2 - 359 

41 - - - 41 

17 3 3 - 14 

14 - - - 14 

32 13 5 8 19 

472 261 260 1 211 

127 - - - 127 

653 61 47 14 592 

74 8 8 - 66 

25,413 23,125 5,328 17,797 2,288 

9 - - - 9 

942 779 719 60 163 

Total Europe................................ 43,215 34,511 13,734 20,777 8,704 

Canada............................................................... 2,129 457 428 29 1,672 

Latin America and Caribbean: 

Argentina........................................................... 

Bahamas ......................................................... 

Bermuda........................................................... 

Brazil................................................................ 

British West Indies ................................ 

Chile................................................................ 

Colombia........................................................... 

Cuba................................................................ 

Ecuador............................................................ 

Guatemala......................................................... 

Jamaica............................................................ 

Mexico.............................................................. 

Netherlands Antilles ................................ 

Panama............................................................ 

Peru................................................................ 

Trinidad and Tobago................................ 

Uruguay ............................................................ 

Venezuela.......................................................... 

Other Latin America 

and Caribbean................................ 

87 4 4 - 83 

14 - - - 14 

1,056 588 587 1 468 

355 65 42 23 290 

424 377 377 - 47 

37 7 7 - 30 

32 6 1 5 26 

23 - - - 23 

8 - - - 8 

15 - - - 15 

16 2 2 - 14 

1,023 26 14 12 997 

8 - - - 8 

43 - - - 43 

26 2 2 - 24 

28 5 5 - 23 

5 - - - 5 

328 1 - 1 327 

410 5 - 5 405 

Total Lati n America and 

Caribbean ................................ 3,938 1,088 1,041 47 2,850 

See footnotes at end of table. 
CAPITAL MOVEMENTS 83 

TABLE CM-IV-3.—Total Liabilities by Type and Country, Sept. 30, 2002, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Financial liabilities 

Payable in foreign Commercial 

Total liabilities Total Payable in dollars currencies liabilities 

Country (1) (2) (3) (4) (5) 

Asia: 

China: 

Mainland.......................................................... 

Taiwan............................................................ 

Hong Kong......................................................... 

India................................................................ 

Indonesia........................................................... 

Israel................................................................ 

Japan............................................................... 

Korea................................................................ 

Lebanon............................................................ 

Malaysia............................................................ 

Pakistan............................................................ 

Philippines ......................................................... 

Singapore.......................................................... 

Syria................................................................ 

Thailand............................................................ 

Other Asia.......................................................... 

1,267 582 559 23 685 

451 8 3 5 443 

291 112 85 27 179 

168 13 3 10 155 

37 4 4 - 33 

1,335 1,043 1,042 1 292 

6,488 2,447 1,555 892 4,041 

544 38 31 7 506 

49 7 7 - 42 

118 - - - 118 

85 - - - 85 

109 4 1 3 105 

1,703 133 117 16 1,570 

33 16 - 16 17 

40 2 2 - 38 

4,037 33 33 - 4,004 

Total Asia......................................................... 16,755 4,442 3,442 1,000 12,313 

Africa: 

Congo (formerly Zaire)................................ 1 - - - 1 

Egypt................................................................ 124 15 13 2 109 

Ghana............................................................... 4 - - - 4 

Liberia............................................................... - - - - -

Morocco............................................................ 41 1 1 - 40 

South Africa....................................................... 138 6 3 3 132 

Other Africa........................................................ 696 106 103 3 590 

Total Africa....................................................... 1,004 128 120 8 876 

Other countries: 

Australia............................................................ 818 4 3 1 814 

All other............................................................. 430 249 7 242 181 

Total other countries................................ 1,248 253 10 243 995 

Total foreign countries................................ 68,289 40,879 18,775 22,104 27,410 

International and regional orgs.: 

International ....................................................... 22 - - - 22 

European regional ................................ 55 - - - 55 

Latin American regional................................ - - - - -

Asian regional ..................................................... - - - - -

African regional................................................... - - - - -

Middle Eastern regional................................ - - - - -

Total international and regional.............................. 77 - - - 77 

Grand total .................................................... 68,366 40,879 18,775 22,104 27,487 

1

 Beginning with series for December 1992 forward, data for all other republics of the former independent states by the United States are reported under “Other Europe” as follows: 

U.S.S.R. are reported under “Other Europe.” Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally beginning in June 1994 for the former Yugoslav Republic of Macedonia. 

recognized by the United States. Data for entities of the former Yugoslavia recognized as 
84 CAPITAL MOVEMENTS 

TABLE CM-IV-4.—Total Claims by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2001 2002 

Country 1997 1998 1999 2000 Sept. Dec. Mar. r June Sept. p 

Europe: 

Austria ................................ 126 146 208 498 556 1,985 2,004 3,026 1,626 

Belgium -Luxembourg................................ 734 899 845 748 725 893 1,023 1,004 909 

Bulgaria................................ 32 11 6 6 19 13 11 12 7 

Czech Republic ................................ 42 67 26 67 60 79 60 57 58 

Denmark................................ 155 81 310 229 160 138 234 87 86 

Finland................................ 211 244 261 224 365 238 281 298 893 

France................................ 2,811 3,035 3,203 4,301 4,743 4,371 6,372 6,749 6,826 

Germany ................................ 2,041 2,126 2,464 2,830 3,085 2,726 5,312 5,135 5,450 

Greece................................ 386 316 487 332 393 339 367 369 354 

Hungary ................................ 62 66 54 47 52 66 53 43 57 

Ireland ................................ 277 244 340 616 621 821 621 764 938 

Italy ................................................................ 1,466 1,257 1,284 1,114 1,461 1,434 2,401 2,480 2,979 

Netherlands ................................ 1,274 1,342 2,658 3,125 1,797 2,667 3,668 4,374 4,433 

Norway ................................ 303 165 273 308 239 257 185 275 305 

Poland ................................ 124 111 62 67 66 77 81 56 71 

Portugal ................................ 78 153 91 83 80 71 60 77 214 

Romania................................ 7 20 11 16 48 34 33 19 18 

Russia 1................................ 221 232 293 373 129 137 127 95 115 

Spain................................................................ 623 527 715 860 1,071 1,042 1,805 1,067 945 

Sweden................................ 504 565 339 360 369 441 480 736 591 

Switzerland ................................ 988 897 1,253 1,462 1,179 1,200 744 1,482 1,538 

Turkey ................................ 379 236 464 700 438 383 491 600 476 

United Kingdom ................................ 13,997 12,535 13,388 20,402 19,234 20,343 21,489 19,424 14,516 

Yugoslavia 2 ................................ 11 14 17 15 33 23 7 7 10 

Other Europe................................ 267 251 360 291 510 362 732 488 523 

Total Europe................................ 27,119 25,540 29,412 39,074 37, 433 40,140 48,641 48,724 43,938 

Canada............................................................... 5,973 5,120 5,310 8,078 7,330 9,011 8,231 8,289 8,104 

Latin America and Caribbean: 

Argentina................................ 688 893 896 1,109 852 810 614 550 560 

Bahamas ................................ 2,335 427 1,613 1,390 684 1,018 1,239 1,360 747 

Bermuda ................................ 352 575 401 395 606 1,287 1,033 918 1,427 

Brazil............................................................... 2,475 1,859 2,381 2,784 3,241 3,081 2,729 2,865 3,092 

British West Indies ................................ 10,571 24,492 12,280 12,733 19,358 33,060 27,423 29,617 30,871 

Chile................................................................ 327 320 263 302 286 242 375 225 211 

Colombia................................ 424 279 349 351 303 240 302 290 262 

Cuba ................................................................ - - - 1 - 2 6 7 4 

Ecuador ................................ 101 103 82 66 61 62 66 95 85 

Guatemala................................ 93 88 85 106 89 90 100 82 78 

Jamaica................................ 52 45 52 126 104 93 93 74 76 

Mexico................................ 1,929 2,790 3,476 3,955 4,337 4,466 4,002 4,106 4,051 

Netherlands Anti lles ................................ 153 37 45 84 119 70 79 67 62 

Panama................................ 145 173 168 244 149 105 93 102 93 

Peru ................................................................ 147 183 148 171 94 79 143 75 62 

Trinidad and Tobago ................................ 20 55 46 59 60 45 48 40 29 

Uruguay ................................ 49 59 68 35 24 20 33 17 16 

Venezuela................................ 612 456 487 415 381 371 391 376 421 

Other Latin America 

and Caribbean................................ 820 1,176 1,325 842 918 919 1,123 1,165 1,026 

Total Latin America 

and Caribbean................................ 21,293 34,010 24,165 25,168 31,666 46,060 39,892 42,031 43,173 

See footnotes at end of table. 
CAPITAL MOVEMENTS 85 

TABLE CM-IV-4.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2001 2002 

Country 1997 1998 1999 2000 Sept. Dec. Mar. r June Sept. p 

Asia: 

China: 

Mainland................................ 1,076 825 760 1,096 1,261 1,052 1,101 1,505 848 

Taiwan ................................ 814 770 1,097 1,299 923 853 776 982 811 

Hong Kong................................ 562 331 400 593 583 1,094 925 683 779 

India ................................................................ 439 348 599 661 789 638 584 475 554 

Indonesia................................ 704 417 408 407 366 239 258 217 202 

Israel ................................ 347 327 336 458 732 700 724 569 802 

Japan ................................ 2,799 2,875 5,336 4,427 4,198 3,610 3,984 3,157 3,157 

Korea................................ 988 1,084 1,378 1,745 1,798 1,850 1,932 1,749 1,735 

Lebanon................................ 37 26 14 36 16 16 20 22 19 

Malaysia................................ 547 492 516 743 739 645 594 606 605 

Pakistan ................................ 44 37 23 37 58 44 51 35 24 

Philippines ................................ 144 148 258 106 88 1,001 911 727 897 

Singapore................................ 779 734 1,041 1,065 1,033 1,120 1,052 1,136 840 

Syria................................................................ 11 12 5 11 2 11 3 1 35 

Thailand................................ 280 489 651 344 202 232 229 183 178 

Oil-exporting countries 3 ................................ 1,118 1,144 1,648 1,104 1,016 985 736 967 907 

Other Asia................................ 157 160 152 195 167 189 122 121 497 

Total Asia................................ 10,846 10,219 14,622 14,327 13,971 14,279 14,002 13,135 12,890 

Africa: 

Congo (formerly Zaire)................................ 3 1 - - - - 1 - -

Egypt................................ 286 136 186 266 280 233 206 150 182 

Ghana................................ 9 14 6 5 8 7 7 8 6 

Liberia................................ 8 11 3 2 1 28 26 51 48 

Morocco................................ 28 29 35 49 27 35 33 32 43 

South Africa................................ 322 272 323 266 349 293 262 302 288 

Oil-exporting countries 4 ................................ 134 181 186 237 253 137 160 157 136 

Other Africa................................ 209 226 178 258 348 326 325 335 313 

Total Africa................................ 999 870 917 1,083 1,266 1,059 1,020 1,035 1,016 

Other countries: 

Australia................................ 1,485 1,398 1,889 2,041 1,947 2,150 3,588 2,566 2,601 

All other................................ 390 286 351 359 360 383 361 355 

Total other countries ................................ 1,875 1,684 2,240 2,400 2,307 2,533 3,949 2,921 2,923 

Total foreign countries ................................ 68,105 77,443 76,639 90,130 93,973 113,082 115,735 116,135 112,044 

International and regional orgs.: 

International ................................ 18 15 2 2 1 - - - -

European regional ................................ 5 3 - 4 9 - 2 2 

Latin American regional................................ - - - - 2 - 4 - -

Asian regional ................................ - - - 12 3 - 2 - -

African regional................................ - 1 1 2 - - - - -

Middle Eastern regional................................ - - - 7 - - - - -

Total international 

and regional................................ 23 19 3 27 15 - 8 2 70 

Grand total ................................ 68,128 77,462 76,642 90,157 93,988 113,082 115,743 116,137 112,114 

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for all Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and 

other republics of the former U.S.S.R. are reported under “Other Europe.” beginning in June 1994 for the former Yugoslav Republic of Macedonia. 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

recognized by the United States. Data for entities of the former Yugoslavia recognized as Emirates (Trucial States).

independent states by the United States are reported under “Other Europe” as follows: 4 Includes Algeria, Gabon, Libya and Nigeria.

322 

70 
86 CAPITAL MOVEMENTS 

TABLE CM-IV-5.—Total Claims by Type and Country, Sept. 30, 2002, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Financial claims 

Denominated in foreign Commercial 

Total claims Total Denominated in dollars currencies claims 

Country (1) (2) (3) (4) (5) 

Europe: 

Austria............................................................... 

Belgium-Luxembourg................................ 

Bulgaria............................................................. 

Czech Republic ................................ 

Denmark............................................................ 

Finland.............................................................. 

France............................................................... 

Germany............................................................ 

Greece.............................................................. 

Hungary............................................................. 

Ireland............................................................... 

Italy ................................................................ 

Netherlands ................................ 

Norway .............................................................. 

Poland............................................................... 

Portugal............................................................. 

Romania............................................................ 

Russia 1............................................................. 

Spain................................................................ 

Sweden............................................................. 

Switzerland......................................................... 

Turkey ............................................................... 

United Kingdom ................................ 

Yugoslavia 2

................................ 

Other Europe................................ 

1,626 1,502 1,501 1 124 

909 656 612 44 253 

7 - - - 7 

58 24 24 - 34 

86 28 27 1 58 

893 600 598 2 293 

6,826 3,854 3,784 70 2,972 

5,450 4,292 3,742 550 1,158 

354 155 153 2 199 

57 1 - 1 56 

938 784 777 7 154 

2,979 1,878 1,648 230 1,101 

4,433 4,024 3,819 205 409 

305 246 220 26 59 

71 1 - 1 70 

214 109 107 2 105 

18 - - - 18 

115 29 28 1 86 

945 434 405 29 511 

591 397 388 9 194 

1,538 1,135 1,109 26 403 

476 368 364 4 108 

14,516 11,310 9,943 1,367 3,206 

10 - - - 10 

523 140 125 15 383 

Total Europe ................................ 43,938 31,967 29,374 2,593 11,971 

Canada............................................................... 8,104 5,485 4,796 689 2,619 

Latin America and Caribbean: 

Argentina........................................................... 

Bahamas ......................................................... 

Bermuda............................................................ 

Brazil................................................................ 

British West Indies................................ 

Chile................................................................ 

Colombia........................................................... 

Cuba................................................................ 

Ecuador............................................................. 

Guatemala......................................................... 

Jamaica............................................................. 

Mexico.............................................................. 

Netherlands Antilles................................ 

Panama............................................................. 

Peru................................................................ 

Trinidad and Tobago................................ 

Uruguay............................................................. 

Venezuela.......................................................... 

Other Latin America and Caribbean............................. 

560 282 274 8 278 

747 715 713 2 32 

1,427 1,157 1,107 50 270 

3,092 2,226 2,225 1 866 

30,871 30,859 30,858 1 12 

211 35 33 2 176 

262 63 61 2 199 

4 - - - 4 

85 18 18 - 67 

78 18 17 1 60 

76 48 47 1 28 

4,051 2,871 2,838 33 1,180 

62 50 50 - 12 

93 41 41 - 52 

62 8 8 - 54 

29 - - - 29 

16 2 2 - 14 

421 71 69 2 350 

1,026 358 352 6 668 

Total Latin America and 

Caribbean................................ 43,173 38,822 38,713 109 4,351 

See footnotes at end of table. 
CAPITAL MOVEMENTS 87 

TABLE CM-IV-5.—Total Claims by Type and Country, Sept. 30 , 2002, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Financial claims 

Denominated in foreign Commercial 

Total claims Total Denominated in dollars currencies claims 

Country (1) (2) (3) (4) (5) 

Asia: 

China: 

Mainland.......................................................... 

Taiwan............................................................ 

Hong Kong......................................................... 

India................................................................ 

Indonesia........................................................... 

Israel................................................................ 

Japan............................................................... 

Korea................................................................ 

Lebanon............................................................ 

Malaysia............................................................ 

Pakistan............................................................ 

Philippines ......................................................... 

Singapore.......................................................... 

Syria................................................................ 

Thailand............................................................ 

Other Asia.......................................................... 

848 280 271 9 568 

811 105 89 16 706 

779 502 178 324 277 

554 378 221 157 176 

202 118 117 1 84 

802 471 467 4 331 

3,157 1,074 743 331 2,083 

1,735 1,204 1,201 3 531 

19 - - - 19 

605 424 341 83 181 

24 1 - 1 23 

897 822 821 1 75 

840 189 183 6 651 

35 - - - 35 

178 87 70 17 91 

1,404 466 114 352 938 

Total Asia....................................................... 12,890 6,121 4,816 1,305 6,769 

Africa: 

Congo (formerly Zaire)................................ - - - - -

Egypt................................................................ 182 38 35 3 144 

Ghana............................................................... 6 - - - 6 

Liberia............................................................... 48 48 48 - -

Morocco............................................................ 43 15 15 - 28 

South Africa................................ 288 153 152 1 135 

Other Africa................................ 449 125 125 - 324 

Total Africa................................ 1,016 379 375 4 637 

Other countries: 

Australia............................................................ 2,601 1,094 945 149 1,507 

All other............................................................. 322 125 97 28 197 

Total other countries ................................ 2,923 1,219 1,042 177 1,704 

Total foreign countries ................................ 112,044 83,993 79,116 4,877 28,051 

International and regional orgs.: 

International ................................ - - - - -

European regional ................................ 70 40 - 40 30 

Latin American regional................................ - - - - -

Asian regional ................................ - - - - -

African regional................................ - - - - -

Middle Eastern regional................................ - - - - -

Total international and regio nal.............................. 70 40 - 40 30 

Grand total ................................ 112,114 84,033 79,116 4,917 28,081 

1

 Beginning with series for December 1992 forward, data for all other republics of the as independent states by the United States are reported under “Other Europe” as 

former U.S.S.R. are reported under “Other Europe.” follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and 2 Includes data on Serbia and Montenegro, which presently form an entity not formally Slovenia; and beginning in June 1994 for the former Yugoslav Republic of 

recognized by the United States. Data for entities of the former Yugoslavia recognized Macedonia. 
88 CAPITAL MOVEMENTS 

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries 

250 

200 

150 

100 

50 

0 

-50 

(In billions of dollars) 

Note: To facilitate comparison of net purchases during 2002 with those in 

prior years, the chart depicts data for all periods at an annualized rate. 

1999 2000 2001 2002 2002 

Jan. - Dec. Oct. - Dec. 

United Kingdom All other Europe Caribbean banking centers 

Japan All other Asia All other countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 1999 2000 2001 

2002 

Jan. - Dec. 

2002 

Oct. - Dec. 

United Kingdom ................................ 129,014 166,290 183,986 143,335 32,247 

All other Europe................................ 71,492 128,577 78,921 55,230 36,554 

Caribbean banking centers 1,2................................ 43,142 19,883 57,817 77,962 20,682 

Japan................................................................ 43,366 52,006 56,589 90,519 22,263 

All other Asia ................................ 34,168 52,151 110,995 109,968 35,888 

Subtotal................................ 321,182 418,907 488,308 477,014 147,634 

All other countries ................................. 28,979 38,921 32,541 29,648 9,146 

Grand total................................ 350,161 457,828 520,849 506,662 156,780 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. 

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

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 to 

the Treasury International 

Capital (TIC) reporting system. 

Foreign investors also acquired 

U.S. equities through mergers 

that involve stock swaps. Net 

foreign acquisitions of U.S. 

equities through stock swaps 

amounted to $14 billion in 

1999, $21 billion in 2000, $7 

billion in 2001, and about $7 

billion in 2002. (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. 

The data present aggregate net 

purchases on an annual basis 

for 1999 through 2002, as well 

as the amount for the fourth 

quarter of 2002. The figures 

show that foreigners’ annual net 

purchases (gross purchases 

minus gross sales) of U.S. 

securities have maintained an 

extremely high level since 

1999. 

Annual net foreign purchases of 

U.S. securities first surpassed 

$100 billion in 1993. In 2001, 

net acquisitions (including 

stock swaps) of U.S. securities 

totaled a record $528 billion. In 

2002, net foreign acquisitions 

(including stock swaps) of U.S. 

securities totaled a near record 

$513 billion. 
CAPITAL MOVEMENTS 89 

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

TABLE CM-V-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 purchase 

Foreign countries 

U.S. Government corporations and 

federally sponsored agencies 

International 

and regional 

(4) 

Gross 

foreign 

purchases 

(5) 

Gross 

foreign 

sales 

(6) 

Official Other Net foreign 

purchases 

(7) 

Gross foreign 

purchases 

(8) 

Gross foreign

sales

(9)

Calendar 

year or month 

Total 

(1) 

institutions 

(2) 

foreigners 

(3) 

1998 ................................................................ 49,039 4,123 42,447 2,469 5,154,155 5,105,116 56,802 524,384 467,582 

1999 ................................................................ -9,953 -9,861 -657 565 4,288,138 4,298,091 92,200 486,000 393,800 

2000 ................................................................ -54,032 -6,302 -47,270 -460 3,870,511 3,924,543 152,842 728,930 576,088 

2001 ................................................................ 18,514 3,474 15,726 -686 5,267,730 5,249,216 163,990 1,201,649 1,037,659 

2002 - Jan. - Dec. p................................ 83,202 15,131 66,114 1,957 7,190,075 7,106,873 191,625 1,724,201 1,532,576 

2001 - Dec ................................ 8,817 1,061 7,790 -34 375,852 367,035 8,629 125,184 116,555 

2002 - Jan................................ -16,206 -3,000 -13,471 265 473,945 490,151 3,964 121,694 117,730 

Feb. ................................ 3,107 -2,177 4,960 324 407,202 404,095 6,233 114,781 108,548 

Mar................................. 15,518 5,233 10,136 149 534,651 519,133 19,516 137,322 117,806 

Apr. r................................ -15,227 -1,605 -13,932 310 510,145 525,372 24,381 145,480 121,099 

May ................................ -539 -69 30 -500 596,786 597,325 18,348 139,360 121,012 

June r................................ 8,408 2,161 6,049 198 584,622 576,214 11,909 133,747 121,838 

July r................................ 18,097 -5,268 23,599 -234 764,790 746,693 11,823 164,440 152,617 

Aug................................ -3,226 635 -4,274 413 705,476 708,702 17,410 156,969 139,559 

Sept ................................ 31,141 -3,511 34,617 35 702,783 671,642 21,057 153,124 132,067 

Oct ................................ 6,742 -553 6,547 748 701,313 694,571 22,144 147,517 125,373 

Nov. p................................ 21,097 16,577 4,600 -80 698,601 677,504 18,797 165, 233 146,436 

Dec. p................................ 14,290 6,708 7,253 329 509,761 495,471 16,043 144,534 128,491 

Corporate and other securities 

Bonds 1 Stocks 

Net foreign Gross foreign Gross foreign Net foreign Gross foreign Gross foreign 

Calendar 

year or month 

purchases 

(10) 

purchases 

(11) 

sales 

(12) 

purchases 

(13) 

purchases 

(14) 

sales 

(15) 

1998................................................................ 121,930 381,262 259,332 50,020 1,573,696 1,523,676 

1999................................................................ 160,392 368,692 208,300 107,522 2,340,659 2,233,137 

2000................................................................ 184,128 479,456 295,328 174,890 3,605,196 3,430,306 

2001................................................................ 221,955 741,041 519,086 116,390 3,051,332 2,934,942 

2002 - Jan. - Dec. p................................................ 182,304 820,806 638,502 49,531 3,158,811 3,109,280 

2001 - Dec ........................................................... 13,660 52,470 38,810 13,284 239,276 225,992 

2002 - Jan. r......................................................... 15,248 59,030 43,782 8,615 255,717 247,102 

Feb. r........................................................ 7,633 53,788 46,155 2,118 259,996 257,878 

Mar. r........................................................ 26,530 82,407 55,877 6,916 286,550 279,634 

Apr. r......................................................... 17,851 71,765 53,914 7,906 273,041 265,135 

May .......................................................... 26,643 80,165 53,522 -347 274,543 274,890 

June r........................................................ 20,960 70,731 49,771 4,010 248,561 244,551 

July r......................................................... 3,918 56,690 52,772 9,653 318,210 308,557 

Aug ......................................................... 14,492 63,949 49,457 4,614 257,265 252,651 

Sept. ......................................................... 3,874 55,478 51,604 -6,466 206,729 213,195 

Oct........................................................... 9,892 69,885 59,993 3,616 297,181 293,565 

Nov. p....................................................... 22,157 94,072 71,915 6,480 264,359 257,879 

Dec. p....................................................... 13,106 62,846 49,740 2,416 216,659 214,243 

1

 Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
90 CAPITAL MOVEMENTS 

TABLE CM-V-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] 

Net foreign pur- Foreign bonds Foreign stocks 

chases of for- Net foreign Gross foreign Net foreign Gross foreign 

eign securities purchases from purchases from Gross foreign purchases from purchases from Gross foreign 

Calendar from U.S U.S. U.S. sales to U.S. U.S. U.S. sales to U.S. 

year or month (1) (2) (3) (4) (5) (6) (7) 

1998................................................................ 

1999................................................................ 

2000................................................................ 

2001 r................................................................ 

2002 - Jan. - Dec. p................................ 

2001 - Dec. r................................ 

2002 - Jan. r......................................................... 

Feb. r................................ 

Mar. r................................ 

Apr. r......................................................... 

May r................................ 

June r................................ 

July r ................................ 

Aug .......................................................... 

Sept.......................................................... 

Oct........................................................... 

Nov. p................................ 

Dec. p................................ 

-11,137 -17,349 1,328,250 1,345,599 6,212 929,569 923,357 

9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663 

-17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273 

-19,611 30,502 1,160,102 1,129,600 -50,113 1,397,664 1,447,777 

25,839 28,126 1,377,017 1,348,891 -2,287 1,257,735 1,260,022 

-9,901 -946 69,992 70,938 -8,955 88,033 96,988 

-1,660 -5,539 94,681 100,220 3,879 103,153 99,274 

-486 2,252 90,167 87,915 -2,738 95,258 97,996 

12,883 7,331 109,872 102,541 5,552 116,300 110,748 

-2,949 394 99,876 99,482 -3,343 114,799 118,142 

-530 7,325 125,354 118,029 -7,855 113,332 121,187 

555 5,574 118,965 113,391 -5,019 111,483 116,502 

21,021 7,722 120,870 113,148 13,299 139,307 126,008 

1,312 -1,749 112,167 113,916 3,061 92,731 89,670 

1,854 1,064 126,078 125,014 790 87,080 86,290 

724 6,920 123,139 116,219 -6,196 100,708 106,904 

1,265 2,269 137,931 135,662 -1,004 101,780 102,784 

-8,150 -5,437 117,917 123,354 -2,713 81,804 84,517 
CAPITAL MOVEMENTS 91 

TABLE CM-V-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 

2002 2002 2002 2002 

Calendar Jan. Oct. Calendar Calendar Calendar Jan. Oct. 

year through through year year year through through 

2001 Dec. Dec. p 2001 2001 2001 Dec. Dec. p 

(1) (2) (3) (4) (7) (10) (11) (12) 

Jan. Oct. Jan. Oct. 

through 

Dec. 

(5) 

through 

Dec. p 

(6) 

through 

Dec. 

(8) 

through 

Dec. p 

(9) Country 

Europe: 

Austria................................ -838 -683 81 -230 104 -160 312 379 36 707 -45 2 

Belgium 1 ................................ -598 1,741 110 2,272 -216 -167 1,893 3,733 1,311 2,177 1,682 172 

Bulgaria................................ 120 -185 -107 - 51 22 54 23 -17 20 18 14 

Czech Republic................................ 474 546 258 6 1 -1 172 46 12 56 -13 10 

Denmark................................ -464 -952 451 377 -147 -21 1,443 662 50 1,720 -181 -509 

Finland................................ -191 106 190 132 -20 -60 195 35 -2 637 167 7 

France................................ -4,272 -781 73 2,036 1,151 116 2,992 2,593 922 5,914 2,128 1,335 

Germany................................ -1,668 -6,709 2,799 6,511 3,178 845 5,851 1,977 891 8,415 -122 825 

Greece ................................ 171 263 -164 143 291 51 141 -85 23 -14 32 -81 

Hungary................................ 151 -188 -143 49 4 - 40 37 10 13 -11 7 

Ireland ................................ 185 730 -65 522 724 937 1,245 5,107 254 1,927 2,114 798 

Italy ................................................................ -2,008 -481 -1,993 -2,126 -202 19 233 225 -37 2,249 1,539 140 

Luxembourg 1................................ n.a. -1,609 -279 n.a. 3,874 2,999 n.a. -109 -46 n.a. 1,465 -587 

Netherlands................................ -6,728 -15,929 1,832 -960 -1,981 -49 2,498 1,550 118 10,919 4,544 2,181 

Norway................................ 2,726 -8,375 527 1,762 2,339 574 -230 2,868 408 1,996 1,939 634 

Poland................................ -1,320 -278 614 528 422 241 -24 9 3 9 -4 -1 

Portugal................................ 2,273 1,518 565 -31 44 60 144 133 -5 153 123 -10 

Romania................................ 170 507 101 -234 122 -25 1 13 5 -1 -2 -

Russia 2................................ 1,477 3,182 1,598 343 8,154 -624 2 -2 -2 2 36 -17 

Spain................................................................ -5,301 441 2,331 658 795 231 759 374 197 857 -892 -159 

Sweden................................ -1,190 2,924 2,351 529 436 185 246 211 -117 3,635 770 -69 

Switzerland................................ 1,412 -508 -1,881 2,992 3,649 685 2,729 4,872 717 3,456 2,678 2,314 

Turkey................................ -934 2,193 2,252 19 8 8 -15 -18 -5 -19 12 7 

United Kingdom................................ -7,279 21,924 2,287 43,972 29,357 11,753 108,800 76,732 13,958 38,493 15,322 4,249 

Channel Islands and 

Isle of Man 3 ................................ n.a. 714 -499 n.a. 1,011 353 n.a. 10,162 7,762 n.a. -255 95 

Yugoslavia 4................................ - 1 n.a. - 2 n.a. - - n.a. - 3 n.a. 

Other Europe ................................ 

Total Europe................................ 

2,745 

-20,604 

1,515 

1,627 

-418 

12,871 

198 

60,511 

5 

53,156 

152 

18,124 

634 

134,901 

-888 

110,639 

-117 

26,329 

1 

88,099 

96 

33,143 

120 

11,477 

Canada................................................................ -1,634 -2,392 1,744 1,310 -1,453 -753 3,285 406 -1,644 10,984 7,453 1,135 

Latin America: 

Argentina ................................ -399 810 340 1,558 -43 231 361 256 100 593 200 -49 

Brazil ................................................................ 2,633 1,873 713 1,951 -507 -382 -17 196 34 -139 -83 -63 

Chile................................................................ 240 -229 -437 2 679 529 614 290 241 204 341 267 

Colombia................................ 192 -1,426 -693 188 216 91 495 7 -9 -6 -19 5 

Ecuador................................ 8 -1 -2 45 59 - 100 66 36 56 -6 13 

Guatemala................................ 37 7 4 54 104 31 71 13 -44 16 -9 -6 

Mexico................................ 195 4,019 1,159 2,257 4,971 676 1,340 2,169 1,286 -673 482 -16 

Panama ................................ -150 -12 5 686 1,092 353 537 684 334 39 -82 44 

Peru................................................................ 99 236 92 611 1,020 106 13 155 47 37 218 42 

Uruguay................................ -225 -375 42 275 695 167 277 147 104 193 90 44 

Venezuela................................ 290 -59 -69 365 712 204 381 599 15 19 29 -12 

Other Latin America 5................................ 286 164 -283 997 226 132 652 463 113 -41 -148 39 

Total Latin America ................................ 3,206 5,007 871 8,989 9,224 2,138 4,824 5,045 2,257 298 1,013 308 

Caribbean: 

Bahamas................................ -4,479 15,994 -173 472 1,508 331 1,797 664 119 1,908 101 105 

Bermuda................................ 2,790 2,514 -676 6,916 5,165 947 17,658 11,171 1,468 -11,558 -9,197 -2,302 

British West Indies 6................................ - n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a. 

Cayman Islands 6................................ n.a. 9,215 6,404 n.a. 22,627 1,887 n.a. 23,074 5,812 n.a. -7,785 -1,331 

Cuba................................................................ - n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a. 

Jamaica ................................ 23 8 9 187 527 193 29 97 5 14 12 19 

Netherlands Antilles................................ -10,744 -780 5,148 120 1,871 842 845 675 585 516 -537 780 

Trinidad and Tobago................................ 17 34 3 -325 98 38 88 59 2 3 -6 2 

Other Caribbean 5................................ n.a. -9,965 -51 n.a. 915 291 n.a. 113 274 n.a. 922 -111 

Total Caribbean ................................ 1,066 17,020 10,664 13,351 32,711 4,529 49,855 35,853 8,265 -5,452 -16,490 -2,838 

See footnotes at end of table. 
92 CAPITAL MOVEMENTS 

TABLE CM-V-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 corporation s 

and Federal agency bonds Corporate bonds Corporate stocks 

2002 2002 2002 2002 

Calendar 

year 

2001 

(1) 

Jan. Oct. Calendar 

year 

2001 

(4) 

Jan. Oct. Calendar 

year 

2001 

(7) 

Jan. Oct. Calendar 

year 

2001 

(10) 

Jan. Oct. 

through 

Dec. 

(2) 

through 

Dec. p 

(3) 

through 

Dec. 

(5) 

through 

Dec. p 

(6) 

through 

Dec. 

(8) 

through 

Dec. p 

(9) 

through 

Dec. 

(11) 

through 

Dec. p 

Country (12)

Asia: 

China: 

Mainland................................................................ 19,117 23,977 13,776 25,979 29,264 7,254 6,688 5,962 725 3 157 -31 

Taiwan ................................................................ 2,265 -597 326 5,417 10,758 2,119 2,248 1,382 85 259 254 -93 

Hong Kong................................................................ 7,244 -9,043 -2,221 17,843 12,589 4,555 4,187 3,868 870 676 1,792 -20 

India................................................................ 935 -220 683 -17 11 6 38 41 10 -15 -45 -30 

Indonesia................................................................ -7,226 770 628 10 455 45 96 59 25 74 -4 -27 

Israel................................................................ 1,282 5,132 2,364 637 -48 79 553 583 74 -374 -153 -31 

Japan................................................................ 16,114 29,731 3,538 27,606 37,525 15,802 6,081 10,926 5,022 6,788 12,337 -2,099 

Korea................................................................ 816 12,935 1,809 -1,114 668 761 831 1,483 466 -76 112 71 

Lebanon................................................................ 24 1 1 8 15 6 17 -13 1 23 22 -32 

Malaysia................................................................ 1,642 861 -250 232 1,323 60 66 69 -7 -57 -34 -12 

Pakistan................................................................ 40 - - 3 39 - 2 173 142 -8 6 2 

Philippines................................................................ 597 179 61 300 253 -14 247 144 3 -40 -39 -4 

Singapore ................................................................ -7,917 -2,446 -1,495 2,905 2,162 1,466 5,401 1,326 1,802 13,078 8,244 4,628 

Syria ................................................................ - 4 n.a. - - n.a. - 2 n.a. -10 -4 n.a. 

Thailand ................................................................ 378 -1,917 -2,086 42 99 -16 18 167 35 -20 4 -10 

Oil-exporting countries 7................................ 865 -4,062 -3,041 1,151 1,961 407 1,186 313 56 1,789 -1,296 -251 

Other Asia ................................................................ 156 98 86 104 58 66 -28 96 2 425 18 4 

Total Asia................................................................ 36,332 55,403 14,179 81,106 97,132 32,596 27,631 26,581 9,311 22,515 21,371 2,065 

Africa: 

Congo (formerly Zaire)................................ - - n.a. -1 - n.a. 3 - n.a. -1 1 n.a. 

Egypt................................................................ -811 -321 -6 105 72 26 28 37 22 -41 -10 -18 

Ghana................................................................ - 506 n.a. - 1 n.a. - - n.a. - - n.a. 

Liberia................................................................ -111 1 1 -22 29 -36 69 13 -5 -306 -26 -13 

Morocco ................................................................ 111 -11 - 50 1 -1 - -4 -1 -3 -17 -5 

South Africa ................................................................ -97 112 -14 4 -39 -16 177 5 12 -154 22 27 

Oil-exporting countries 8................................ -2 29 56 150 355 50 1 30 2 -43 -2 -4 

Other Africa ................................................................ 30 525 48 18 314 1 178 46 12 182 -48 -45 

Total Africa................................................................ -880 841 85 304 733 24 456 127 42 -366 -80 

Other countries: 

Australia................................................................ 1,427 4,156 311 -1,647 373 24 -120 3,038 145 117 2,902 428 

New Zealand 9................................ n.a. -696 -79 n.a. -6 10 n.a. -9 84 n.a. 327 3 

All other countries................................ 274 279 486 154 -4 13 662 104 15 -183 -55 -37 

Total other countries................................ 1,714 3,739 718 -1,570 363 47 426 3,133 244 109 3,174 

Total foreign countries................................ 19,200 81,245 41,132 164,001 191,866 56,705 221,378 181,784 44,804 116,187 49,584 12,483 

International and regional orgs.: 

International................................................................ -290 1,642 807 42 -389 81 493 510 329 31 -12 

European regional................................ -7 271 301 - 68 52 25 -50 10 - -

Latin American regional................................ 41 -3 -15 10 -9 - 67 57 12 159 -45 

27 

-

8 

Caribbean regional 10................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Asian regional................................................................ -449 86 -96 -76 76 134 4 2 - -3 7 -2 

Africa n regional................................ 25 -34 - 13 12 11 -12 1 - -1 - -

Middle Eastern regional................................ -6 -5 - - 1 1 - - - 17 -3 -4 

Total international and regional ................................ -686 1,957 997 -11 -241 279 577 520 351 203 -53 29 

Grand total................................ 18,514 83,202 42,129 163,990 191,625 56,984 221,955 182,304 45,155 116,390 49,531 12,512 

1 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” Latin America and Caribbean.” 3 Before January 2001, data included in Unit ed Kingdom. 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 4 Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates (Trucial 

for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other States).

Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for 8 Includes Algeria, Gabon, Libya, and Nigeria. 

the former Yugoslav Republic of Macedonia. 9 Before January 2001, data included in “All other.” 

10 Before January 2001, data included in “Latin American regional.” 

-58 

394 
CAPITAL MOVEMENTS 93 

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2002, 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 

Market- Market -

able Bonds able 

Treasury of U.S. Treasury Bonds 

and Gov’t and of U.S. 

Federal corps Federal Gov’t 

Financ- and Financ- corps and 

ing Bank federally ing Bank federally 

bonds spon- bonds sponand sored and sored 

notes agencies notes agencies 

(2) (3) (9) (10) 

Total 

sales 

Country (8)

Total 

purchases 

(1) 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 

(4) (5) (6) (7) (11) (12) (13) (14) 

Europe: 

Austria ................................................................ 4,457 1,995 917 175 874 235 261 4,674 1,914 1,077 139 872 464 208 

Belgium ................................................................ 15,763 4,107 3,883 2,892 3,532 670 679 14,203 3,997 4,050 1,581 3,360 580 635 

Bulgaria ................................................................ 81 14 30 2 28 7 - 164 121 8 19 14 2 -

Czech Republic ................................ 1,392 1,207 - 12 101 57 15 1,140 949 1 - 91 89 10 

Denmark ................................................................ 5,410 2,821 508 312 606 699 464 4,839 2,370 529 262 1,115 210 353 

Finland ................................................................ 3,249 1,828 396 38 441 34 512 3,224 1,638 456 40 434 123 533 

France ................................................................ 142,690 74,171 1,026 3,627 52,140 4,236 7,490 141,434 74,098 910 2,705 50,805 5,245 7,671 

Germany ................................................................ 75,618 31,276 3,273 2,932 11,647 20,710 5,780 70,083 28,477 2,428 2,041 10,822 19,963 6,352 

Greece ................................................................ 2,022 1,328 319 23 271 22 59 2,205 1,492 268 - 352 17 76 

Hungary ................................................................ 261 148 - 10 53 11 39 386 291 - - 46 1 48 

Ireland ................................................................ 61,940 34,920 3,997 3,282 14,602 2,420 2,719 59,149 34,985 3,060 3,028 13,804 1,419 2,853 

Italy................................................................ 27,559 13,656 713 259 9,296 1,752 1,883 29,098 15,649 694 296 9,156 1,345 1,958 

Luxembourg ................................................................ 17,609 2,576 7,496 1,028 4,694 960 855 15,679 2,855 4,497 1,074 5,281 919 1,053 

Nethe rlands ................................................................ 111,174 84,406 9,055 1,168 10,146 2,695 3,704 106,447 82,574 9,104 1,050 7,965 2,432 3,322 

Norway ................................................................ 104,123 93,742 3,215 560 2,680 3,507 419 101,887 93,215 2,641 152 2,046 3,252 581 

Poland ................................................................ 4,208 2,307 319 3 6 1,543 30 3,491 1,693 78 - 7 1,683 30 

Portugal ................................................................ 3,455 2,326 542 17 440 36 94 2,858 1,761 482 22 450 37 106 

Romania ................................................................ 1,030 829 171 5 - 24 1 1,013 728 196 - - 89 -

Russia 1................................................................ 15,859 6,146 7,961 5 153 1,030 564 13,829 4,548 8,585 7 170 168 351 

Spain ................................................................ 11,305 7,032 462 242 1,076 1,426 1,067 10,199 4,701 231 45 1,235 2,883 1,104 

Sweden ................................................................ 17,848 7,860 2,359 278 4,855 563 1,933 15,840 5,509 2,174 395 4,924 543 2,295 

Switzerland ................................................................ 48,602 19,078 3,258 2,656 15,179 2,622 5,809 47,619 20,959 2,573 1,939 12,865 2,113 7,170 

Turkey ................................................................ 5,438 4,975 10 - 69 150 234 3,598 2,723 2 5 62 515 291 

United Kingdom ................................ 1,178,417 597,079 45,572 93,339 149,569 179,420 113,438 1,147,864 594,792 33,819 79,381 145,320 176,497 118,055 

Channel Islands and Isle of Man 2................................ 14,742 1,048 2,827 8,187 2,057 237 386 6,900 1,547 2,474 425 1,962 74 418 

Yugoslavia 3................................................................ - - - - - - - - - - - - - -

Other Europe ................................................................ 9,392 6,370 833 360 894 257 678 9,559 6,788 681 477 774 291 548 

Total Europe ................................ 1,883,644 1,003,245 99,142 121,412 285,409 225,323 149,113 1,817,382 990,374 81,018 95,083 273,932 220,954 156,021 

Canada ................................................................ 211,293 127,246 5,592 4,721 42,886 16,832 14,016 211,629 125,502 6,345 6,365 41,751 16,951 14,715 

Latin America: 

Argentina ................................................................ 3,798 541 377 212 1,215 1,204 249 2,364 201 146 112 1,264 424 217 

Brazil ................................................................ 15,080 6,360 1,002 184 511 3,509 3,514 14,684 5,647 1,384 150 574 3,021 3,908 

Chile ................................................................ 4,106 930 612 465 884 953 262 3,725 1,367 83 224 617 1,281 153 

Colombia ................................................................ 3,518 1,000 751 199 224 1,320 24 4,295 1,693 660 208 219 1,470 45 

Ecuador ................................................................ 452 25 36 43 226 9 113 374 27 36 7 213 4 87 

Guatemala ................................................................ 137 19 37 11 27 36 7 167 15 6 55 33 51 7 

Mexico................................................................ 12,022 4,370 1,306 1,835 992 2,139 1,380 9,495 3,211 630 549 1,008 2,447 1,650 

Panama ................................................................ 3,022 149 552 682 702 793 144 2,457 144 199 348 658 934 174 

Peru ................................................................ 906 293 238 82 93 127 73 1,074 201 132 35 51 616 39 

Uruguay ................................................................ 1,202 105 248 182 306 300 61 817 63 81 78 262 257 76 

Venezuela ................................................................ 1,346 115 337 118 308 394 74 1,222 184 133 103 320 419 63 

Other Latin America ................................ 8,361 5,921 207 259 592 1,348 34 8,279 6,204 75 146 553 1,260 41 

Total Latin America ................................ 53,950 19,828 5,703 4,272 6,080 12,132 5,935 48,953 18,957 3,565 2,015 5,772 12,184 6,460 

Caribbean: 

Bahamas................................................................ 78,362 45,646 1,563 5,880 14,249 6,988 4,036 78,079 45,819 1,232 5,761 14,144 6,899 4,224 

Bermuda ................................................................ 345,480 129,561 34,050 13,504 117,232 41,280 9,853 346,052 130,237 33,103 12,036 119,534 41,062 10,080 

Cayman Islands 4 ................................ 742,039 236,823 230,660 48,684 171,429 27,014 27,429 728,092 230,419 228,773 42,872 172,760 25,102 28,166 

Cuba ................................................................ - - - - - - - - - - - - - -

Jamaica ................................................................ 535 25 369 8 28 85 20 314 16 176 3 9 89 21 

Netherlands Antilles................................ 88,412 49,929 2,207 1,359 27,906 2,312 4,699 80,298 44,781 1,365 774 27,126 2,015 4,237 

Trinidad and Tobago ................................ 187 11 52 26 23 74 1 138 8 14 24 21 71 -

Other Caribbean ................................ 114,637 17,164 1,690 6,286 78,699 1,770 9,028 113,951 17,215 1,399 6,012 78,810 1,195 9,320 

Total Caribbean ................................ 1,369,652 479,159 270,591 75,747 409,566 79,523 55,066 1,346,924 468,495 266,062 67,482 412,404 76,433 56,048 

See footnote at end of table. 
94 CAPITAL MOVEMENTS 

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Fourth Quarter 2002, 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 

Market - Market -

able able 

Treasury Bonds Treasury Bonds 

and of U.S. and of U.S. 

Federal Gov’t Federal Gov’t 

Financ- corps and Financ- corps and 

ing Bank federally ing Bank federally 

bonds spon - bonds sponand sored and sored 

notes agencies notes agencies 

(2) (3) (9) (10) 

Total 

sales 

(8) 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

Total purchases 

(1) 

Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 

(4) (5) (6) (7) (11) (12) (13) (14) 

Asia: 

China: 

Mainland ................................ 79,541 55,354 20,531 1,032 404 2,148 72 56,585 41,578 13,277 307 435 869 119 

Taiwan................................ 14,751 3,010 3,104 398 1,303 1,715 5,221 10,413 2,684 985 313 1,396 766 4,269 

Hong Kong................................ 44,422 19,266 7,429 1,874 2,415 4,045 9,393 41,703 21,487 2,874 1,004 2,435 3,658 10,245 

India................................................................ 3,085 2,368 6 10 74 57 570 2,340 1,685 - - 104 19 532 

Indonesia................................ 2,125 1,586 145 39 126 137 92 1,383 958 100 14 153 86 72 

Israel................................................................ 11,192 8,745 382 337 1,095 156 477 8,714 6,381 303 263 1,126 66 575 

Japan ................................................................ 244,275 131,991 31,654 9,156 10,672 28,532 32,270 230,655 128,453 15,852 4,134 12,771 36,511 32,934 

Korea................................................................ 24,596 15,438 4,392 745 249 1,747 2,025 20,991 13,629 3,631 279 178 960 2,314 

Lebanon................................ 170 2 9 5 118 19 17 208 1 3 4 150 35 15 

Malaysia................................ 1,987 1,266 79 38 77 154 373 2,788 1,516 19 45 89 875 244 

Pakistan................................ 152 - - 142 7 - 3 8 - - - 5 - 3 

Philippines................................ 1,188 490 187 51 65 334 61 951 429 201 48 69 147 57 

Singapore................................ 39,123 14,815 4,263 3,902 9,865 2,615 3,663 31,891 16,310 2,797 2,100 5,237 1,829 3,618 

Syria................................................................ - - - - - - - - - - - - - -

Thailand................................ 4,556 4,199 42 44 67 80 124 6,581 6,285 58 9 77 41 111 

Other Asia................................ 13,044 6,209 1,354 536 4,054 552 339 15,394 9,164 881 478 4,301 235 335 

Total Asia................................ 484,207 264,739 73,577 18,309 30,591 42,291 54,700 430,605 250,560 40,981 8,998 28,526 46,097 55,443 

Africa: 

Congo (formerly Zaire)................................ 90 - - - 89 - 1 94 - - - 89 - 5 

Egypt................................................................ 389 147 30 29 119 47 17 319 153 4 7 137 3 15 

Ghana................................................................ 2 - - - 1 - 1 2 - - - 1 - 1 

Liberia................................................................ 262 8 41 20 98 31 64 306 7 77 25 111 24 62 

Morocco................................ 5 - - - 3 1 1 23 - 1 1 8 11 2 

South Africa ................................ 827 8 2 119 181 180 337 790 22 18 107 154 210 279 

Other Africa ................................ 1,038 309 153 23 217 242 94 742 205 102 9 266 70 90 

Total Africa ................................ 2,613 472 226 191 708 501 515 2,276 387 202 149 766 318 454 

Other countries: 

Australia................................ 21,784 10,091 1,460 1,521 2,290 2,034 4,388 20,755 9,780 1,436 1,376 1,862 1,913 4,388 

New Zealand ................................ 1,267 391 255 115 114 190 202 1,355 470 245 31 111 168 330 

All other countries................................ 1,673 1,052 145 61 281 95 39 1,296 566 132 46 318 163 71 

Total other countries................................ 24,724 11,534 1,860 1,697 2,685 2,319 4,629 23,406 10,816 1,813 1,453 2,291 2,244 4,789 

Total foreign countries................................ 4,030,083 1,906,223 456,691 226,349 777,925 378,921 283,974 3,881,175 1,865,091 399,986 181,545 765,442 375,181 293,930 

International and 

regional orgs.: 

International................................ 2,460 1,763 129 359 169 20 20 1,260 956 48 30 142 17 67 

European regional................................ 941 544 52 10 - 40 295 487 243 - - - 37 207 

Latin American regional................................ 258 44 37 79 92 3 3 247 59 37 67 84 - -

Caribbean regional................................- - - - - - - - - - - - - -

Asian regional................................1,477 1,101 363 6 7 - - 1,442 1,197 229 6 9 - 1 

African regional................................ 14 - 11 - - 3 - - - - - - - -

Middle Eastern regional................................ 7 - 1 - 6 - - 10 - - - 10 - -

Total international 

and regional................................ 5,157 3,452 593 454 274 66 318 3,446 2,455 314 103 245 54 275 

Grand total................................ 4,035,240 1,909,675 457,284 226,803 778,199 378,987 284,292 3,884,621 1,867,546 400,300 181,648 765,687 375,235 294,205 

1 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” under “Other Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; 2 Before January 2001, data included in United Kingdom. and since June 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United States. 4 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

Data for entities of the former Yugoslavia recognized as independent states by the United States are reported 
CAPITAL MOVEMENTS 95 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2002 

[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 

Market - Marketable able 

Treasury Bonds Treasury Bonds 

and of U.S. and of U.S. 

Federal Gov’t Federal Gov’t 

Financ- corps and Financ- corps and 

ing Bank federally ing Bank federally 

bonds spon- bonds sponand sored and sored 

notes agencies notes agencies 

(2) (3) (9) (10) 

Total 

sales 

(8) 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities Total purchases 

(1) 

Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 

Country (4) (5) (6) (7) (11) (12) (13) (14) 

Europe: 

Austria ................................................................ 15,499 5,599 3,541 786 3,301 1,131 1,141 16,041 6,282 3,437 407 3,346 1,553 1,016 

Belgium 1 ................................................................ 68,311 21,597 15,304 9,898 14,892 2,998 3,622 60,191 19,856 15,520 6,165 13,210 2,369 3,071 

Bulgaria ................................................................ 443 82 104 68 113 75 1 492 267 53 45 95 31 1 

Czech Republic ................................ 4,553 3,905 2 67 279 139 161 3,977 3,359 1 21 292 216 88 

Denmark ................................................................ 56,551 43,475 1,955 2,499 4,985 1,528 2,109 56,263 44,427 2,102 1,837 5,166 899 1,832 

Finland ................................................................ 12,485 6,935 1,180 202 1,996 203 1,969 12,657 6,829 1,200 167 1,829 435 2,197 

France ................................................................ 598,287 292,282 9,633 11,488 229,247 25,857 29,780 596,255 293,063 8,482 8,895 227,119 28,572 30,124 

Germany ................................................................ 337,495 174,427 12,651 12,043 54,156 55,168 29,050 340,193 181,136 9,473 10,066 54,278 57,581 27,659 

Greece ................................................................ 7,724 5,096 648 121 1,252 208 399 7,334 4,833 357 206 1,220 118 600 

Hungary ................................................................ 1,545 663 45 39 392 140 266 1,547 851 41 2 403 52 198 

Ireland ................................................................ 264,549 151,767 11,567 15,111 62,543 11,715 11,846 252,088 151,037 10,843 10,004 60,429 8,147 11,628 

Italy................................................................ 117,848 54,493 3,742 1,898 39,281 8,727 9,707 115,655 54,974 3,944 1,673 37,742 7,910 9,412 

Luxembourg 1 ................................ 69,400 9,928 17,117 6,362 25,403 4,943 5,647 63,551 11,537 13,243 6,471 23,938 3,132 5,230 

Netherlands ................................................................ 342,308 228,872 32,962 6,211 42,170 9,761 22,332 349,436 244,801 34,943 4,661 37,626 8,212 19,193 

Norway ................................................................ 481,980 437,583 13,235 6,522 7,979 14,432 2,229 479,724 445,958 10,896 3,654 6,040 11,134 2,042 

Poland ................................................................ 11,501 6,636 787 9 31 3,820 218 11,782 6,914 365 - 35 4,328 140 

Portugal ................................................................ 23,674 19,807 1,342 269 1,334 395 527 21,839 18,289 1,298 136 1,211 360 545 

Romania ................................................................ 5,539 4,157 1,324 13 - 40 5 4,991 3,650 1,202 - 2 135 2 

Russia 2................................................................ 58,679 15,532 38,744 46 745 1,775 1,837 46,166 12,350 30,590 48 709 830 1,639 

Spain ................................................................ 44,261 24,609 2,841 616 6,883 2,915 6,397 44,835 24,168 2,046 242 7,775 4,097 6,507 

Sweden ................................................................ 67,296 32,024 9,814 1,071 16,943 1,308 6,136 63,023 29,100 9,378 860 16,173 1,449 6,063 

Switzerland ................................................................ 175,344 57,913 15,755 11,589 61,737 7,374 20,976 166,819 58,421 12,106 6,717 59,059 6,186 24,330 

Turkey ................................................................ 8,380 6,571 13 3 172 645 976 6,468 4,378 5 21 160 796 1,108 

United Kingdom ................................ 4,627,531 2,359,872 182,954 346,486 551,920 662,072 524,227 4,478,959 2,337,948 153,597 269,754 536,598 650,233 530,829 

Channel Islands and Isle 

of Man 3 ................................................................ 34,648 4,995 7,869 12,110 7,116 707 1,851 23,309 4,281 6,858 1,948 7,371 999 1,852 

Yugoslavia 4................................................................ 13 2 2 - 8 - 1 6 1 - - 5 - -

Other Europe ................................ 37,440 25,662 3,000 1,627 3,378 1,202 2,571 36,489 24,147 2,995 2,515 3,282 1,262 2,288 

Total Europe ................................ 7,473,284 3,994,484 388,131 447,154 1,138,256 819,278 685,981 7,260,090 3,992,857 334,975 336,515 1,105,113 801,036 689,594 

Canada ................................................................ 740,548 434,489 30,581 15,228 135,962 60,472 63,816 731,836 436,881 32,034 14,822 128,509 59,663 59,927 

Latin America: 

Argentina ................................................................ 12,169 1,566 1,744 798 3,832 2,572 1,657 10,306 756 1,787 542 3,632 2,040 1,549 

Brazil ................................................................ 57,257 16,858 4,309 1,385 2,114 23,625 8,966 55,147 14,985 4,816 1,189 2,197 21,982 9,978 

Chile ................................................................ 16,362 6,111 1,139 1,714 2,676 3,849 873 14,820 6,340 460 1,424 2,335 3,713 548 

Colombia ................................................................ 14,854 3,999 1,527 1,420 802 6,988 118 15,568 5,425 1,311 1,413 821 6,473 125 

Ecuador ................................................................ 1,822 140 177 137 865 42 461 1,660 141 118 71 871 25 434 

Guatemala ................................................................ 698 55 119 111 115 272 26 440 48 15 98 124 133 22 

Mexico................................................................ 52,879 17,346 8,121 5,476 4,406 9,835 7,695 42,689 13,327 3,150 3,307 3,924 9,946 9,035 

Panama ................................................................ 10,944 550 2,147 1,726 2,899 2,912 710 9,127 562 1,055 1,042 2,981 2,711 776 

Peru ................................................................ 4,034 799 1,429 242 547 746 271 2,712 563 409 87 329 1,092 232 

Uruguay ................................................................ 6,421 1,717 1,163 581 1,368 1,266 326 6,090 2,092 468 434 1,278 1,505 313 

Venezuela ................................................................ 6,811 1,125 1,165 1,213 1,298 1,711 299 5,318 1,184 453 614 1,269 1,436 362 

Other Latin America 5 ................................ 25,761 12,986 871 1,711 2,365 7,603 225 24,922 12,822 645 1,248 2,513 7,499 195 

Total Latin America ................................ 210,012 63,252 23,911 16,514 23,287 61,421 21,627 188,799 58,245 14,687 11,469 22,274 58,555 23,569 

Caribbean: 

Bahamas................................................................ 281,314 160,857 5,627 18,270 51,790 27,726 17,044 264,665 144,863 4,119 17,606 51,689 28,408 17,980 

Bermuda ................................................................ 1,258,513 378,483 102,093 52,964 545,889 131,436 47,648 1,248,889 375,969 96,928 41,793 555,086 130,713 48,400 

Cayman Islands 6 ................................ 2,845,742 931,253 877,171 172,120 642,983 107,693 114,522 2,795,592 922,038 854,544 149,046 650,768 103,488 115,708 

Cuba ................................................................ - - - - - - - - - - - - - -

Jamaica ................................................................ 2,483 287 1,268 249 48 595 36 1,603 279 741 152 36 371 24 

Netherlands Antilles................................ 370,699 194,841 9,574 5,161 135,509 8,472 17,142 368,040 195,621 7,703 4,486 136,046 8,433 15,751 

Trinidad and Tobago ................................ 653 70 132 108 68 269 6 332 36 34 49 74 134 5 

Other Caribbean 5 ................................ 419,636 46,123 5,948 17,023 312,300 6,124 32,118 427,185 56,088 5,033 16,910 311,378 5,624 32,152 

Total Caribbean ................................ 5,179,040 1,711,914 1,001,813 265,895 1,688,587 282,315 228,516 5,106,306 1,694,894 969,102 230,042 1,705,077 277,171 230,020 

See footnote at end of table. 
96 CAPITAL MOVEMENTS 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2002, 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 

Market- Market -

able able 

Treasury Bonds Treasury Bonds 

and of U.S. and of U.S. 

Federal Gov’t Federal Gov’t 

Financ- corps and Financ- corps and 

ing Bank federally ing Bank federally 

bonds spon - bonds sponand sored and sored 

notes agencies notes agencies 

(2) (3) (9) (10) 

Total 

sales 

Country (8)

Total 

purchases 

(1) 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 

(4) (5) (6) (7) (11) (12) (13) (14) 

Asia: 

China: 

Mainland ................................ 240,736 167,134 59,073 7,618 1,629 4,892 390 177,911 143,157 29,809 1,656 1,472 1,393 424 

Taiwan................................................................ 54,574 13,937 15,736 2,336 6,044 6,008 10,513 37,163 14,534 4,978 954 5,790 1,442 9,465 

Hong Kong................................ 212,018 93,546 37,974 8,251 11,323 13,007 47,917 199,298 102,589 25,385 4,383 9,531 10,712 46,698 

India ................................................................ 10,218 8,032 13 42 354 118 1,659 10,560 8,252 2 1 399 40 1,866 

Indonesia................................ 6,667 4,540 797 115 444 401 370 5,282 3,770 342 56 448 244 422 

Israel................................................................ 35,554 25,459 1,510 1,458 4,286 480 2,361 30,289 20,327 1,558 875 4,439 317 2,773 

Japan................................................................ 862,902 423,216 114,399 24,721 64,947 94,909 140,710 781,502 393,485 76,874 13,795 52,610 102,951 141,787 

Korea................................................................ 99,169 66,822 13,644 2,517 768 4,831 10,587 86,190 53,887 12,976 1,034 656 7,866 9,771 

Lebanon................................ 814 5 23 13 637 83 53 798 4 8 26 615 81 64 

Malaysia................................ 13,047 7,643 2,729 174 235 678 1,588 12,125 6,782 1,406 105 269 1,220 2,343 

Pakistan................................ 285 - 43 174 47 5 16 84 - 4 1 41 3 35 

Philippines................................ 5,988 2,611 977 364 292 1,369 375 6,989 2,432 724 220 331 2,945 337 

Singapore ................................ 161,195 60,208 14,710 10,975 44,814 13,298 17,190 149,071 62,654 12,548 9,649 36,570 11,030 16,620 

Syria ................................................................ 32 14 - 2 8 - 8 27 10 - - 12 - 5 

Thailand ................................ 17,606 15,839 293 229 318 377 550 19,038 17,756 194 62 314 124 588 

Other Asia ................................ 65,777 33,673 6,298 3,653 18,847 1,839 1,467 68,183 37,637 4,279 3,244 20,125 1,225 1,673 

Total Asia................................ 1,786,582 922,679 268,219 62,642 154,993 142,295 235,754 1,584,510 867,276 171,087 36,061 133,622 141,593 234,871 

Africa: 

Congo (formerly Zaire)................................ 115 - - - 114 - 1 118 - - - 113 - 5 

Egypt................................ 1,012 257 90 72 332 183 78 1,131 578 18 35 342 107 51 

Ghana................................ 745 506 1 - 17 219 2 23 - - - 17 - 6 

Liberia................................ 1,102 53 226 79 402 130 212 976 52 197 66 428 58 175 

Morocco ................................ 195 160 2 - 13 6 14 227 171 1 4 30 16 5 

South Africa ................................ 3,124 283 31 265 654 433 1,458 4,343 171 70 260 632 1,583 1,627 

Other Africa ................................ 5,054 1,224 1,162 215 1,229 649 575 3,291 670 493 139 1,279 199 511 

Total Africa................................ 11,347 2,483 1,512 631 2,761 1,620 2,340 10,109 1,642 779 504 2,841 1,963 2,380 

Other countries: 

Australia................................ 101,284 47,635 5,561 10,988 11,927 7,816 17,357 90,372 43,479 5,188 7,950 9,025 7,341 17,389 

New Zealand 7................................ 4,431 1,247 416 440 789 818 721 4,671 1,943 422 449 462 686 709 

All other countries................................ 4,940 1,642 1,005 336 975 723 259 4,420 1,363 1,009 232 1,030 525 261 

Total other countries................................ 110,655 50,524 6,982 11,764 13,691 9,357 18,337 99,463 46,785 6,619 8,631 10,517 8,552 18,359 

Total foreign countries 15,511,468 7,179,825 1,721,149 819,828 3,157,537 1,376,758 1,256,371 14,981,113 7,098,580 1,529,283 638,044 3,107,953 1,348,533 1,258,720 

International and 

regional orgs.: 

International ................................ 8,306 5,473 1,307 774 624 55 73 6,738 3,831 1,696 264 636 156 155 

European regional................................ 2,583 1,077 78 30 - 189 1,209 2,198 806 10 80 - 183 1,119 

Latin American 

regional ................................ 1,214 346 71 144 562 12 79 1,165 349 80 87 607 19 23 

Caribbean regional 8................................ - - - - - - - - - - - - - -

Asian regional................................ 5,009 3,353 1,580 29 46 - 1 4,841 3,267 1,504 27 39 - 4 

African regional................................ 20 1 15 1 - 3 - 38 35 3 - - - -

Middle Eastern 

regional................................ 45 - 1 - 42 - 2 51 5 - - 45 - 1 

Total international 

and regional................................ 17,177 10,250 3,052 978 1,274 259 1,364 15,031 8,293 3,293 458 1,327 358 1,302 

Grand total................................ 15,528,645 7,190,075 1,724,201 820,806 3,158,811 1,377,017 1,257,735 14,996,144 7,106,873 1,532,576 638,502 3,109,280 1,348,891 1,260,022 

1 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” Latin America and Caribbean.” 3 Before January 2001, data included in United Kingdom. 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 4 Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data 7 Before January 2001, data included in “All other countries.”

for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other 8 Before January 2001, data included in “Latin American regional.”

Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for 

the former Yugoslav Republic of Macedonia.
CAPITAL MOVEMENTS 97 

CHART CM-D.—Net Purchases of Long-Term 

Foreign Securities by U.S. Investors * 

150 

100 

50 

0 

-50 

(In billions of dollars) 

Note: To facilitate comparison of net purchases during 2002 with those in 

prior years, the chart depicts data for all periods at an annualized rate. 

1998 1999 2000 2001 2002 2002 

Jan. - Dec. Oct. - Dec. 

Foreign bonds Foreign stocks Total foreign securities 

[In millions of dollars. Source: Treasury International Capi tal Reporting System] 

Calendar years 

Type 1998 1999 2000 2001 

2002 

Jan. - Dec. 

2002 

Oct. - Dec. 

Foreign bonds................................ 17,349 5,676 4,054 -30,502 -28,126 -3,752 

Foreign stocks ................................ -6,212 -15,640 13,088 50,113 2,287 9,913 

Total ................................ 11,137 -9,964 17,142 19,611 -25,839 6,161 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 

The data on this page represent 

U.S. investors’ purchases and 

sales of long-term foreign 

securities as reported to the 

Treasury International Capital 

(TIC) reporting system. 

However, in the past several 

years, U.S. investors also have 

acquired a substantial amount 

of foreign stocks, mostly 

European, through mergers that 

involve stock swaps. Net 

acquisitions through stock 

swaps amounted to $96 billion 

in 1998, $123 billion in 1999, 

$80 billion in 2000, $45 billion 

in 2001, but only $3 billion in 

2002. (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. 

Including the stock swaps, 

annual U.S. net purchases of 

long-term foreign securities 

averaged about $100 billion 

from the mid-1990s through 

2000, without much variation 

from year to year. In 2001, U.S. 

investors sold $31 billion in 

foreign bonds, but U.S. 

purchases of foreign stocks held 

up and U.S. acquisitions of 

foreign securities (including 

stock swaps) only fell to $64 

billion. In 2002, U.S. investors 

again sold foreign bonds ($28 

billion), but U.S. purchases of 

foreign stocks (including stock 

swaps) fell sharply and on net 

U.S. investors sold $22 billion 

in foreign securities. 
98 

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 and FFIEC 

035 reports. Tables I-3 through VI -3 present quarterly 

consolidated currency data reported by large market 

participants and FFIEC reporters 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) mu ltiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 99 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

07/03/02............................................................ 

07/10/02............................................................ 

07/17/02............................................................ 

07/24/02............................................................ 

07/31/02............................................................ 

08/07/02............................................................ 

08/14/02............................................................ 

08/21/02............................................................ 

08/28/02............................................................ 

09/04/02............................................................ 

09/11/02............................................................ 

09/18/02............................................................ 

09/25/02............................................................ 

10/02/02............................................................ 

100/9/02............................................................ 

10/16/02............................................................ 

10/23/02............................................................ 

10/30/02............................................................ 

11/06/02............................................................ 

11/13/02............................................................ 

11/20/02............................................................ 

11/27/02............................................................ 

12/04/02............................................................ 

12/11/02............................................................ 

12/18/02............................................................ 

12/25/02............................................................ 

310,857 315,360 -1,019 1.5320 

295,876 299,666 -1,381 1.5199 

302,331 307,173 -1,411 1.5403 

315,267 318,605 -1,773 1.5650 

319,273 319,664 -1,696 1.5831 

324,034 326,165 -2,180 1.5774 

360,343 330,632 -2,383 1.5640 

322,504 320,395 -2,081 1.5579 

326,039 323,906 -1,631 1.5598 

332,990 327,872 -2,601 1.5675 

345,269 346,492 -842 1.5811 

320,607 317,910 -536 1.5788 

320,606 316,284 -739 1.5802 

329,175 328,182 -924 1.5874 

330,397 330,954 -1,076 1.5982 

330,943 334,582 -1,036 1.5841 

344,215 344,861 -1,121 1.5665 

346,945 344,796 -1,369 1.5661 

347,530 349,148 -1,539 1.5543 

355,356 353,832 -717 1.5753 

358,537 361,321 -1,298 1.5862 

371,846 377,441 -967 1.5733 

354,587 356,623 -1,739 1.5604 

359,362 365,002 -1,778 1.5565 

337,237 339,796 -1,802 1.5525 

325,216 332,227 -1,690 1.5490 
100 FOREIGN CURRENCY POSITIONS 

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Purchased Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (3) (4) (5) (6) (7) (8) 

1999 - Dec................................

2000 - Dec................................

2001 - Dec................................

2002 - Jan................................

Feb................................

Mar................................

Apr................................

May ................................

June................................

July ................................

Aug ................................

Sept.................................

Oct................................

Nov ................................

Dec ................................

301,513 299,988 48,848 46,733 29,403 32,548 24,040 25,542 43 1.4465 

367,705 350,994 73,277 69,548 19,300 20,492 18,100 19,909 1,286 1.4997 

269,352 273,354 80,030 76,966 25,527 27,709 27,788 28,719 -601 1.5921 

288,705 290,233 77,686 78,162 38,597 43,886 35,383 36,425 -844 1.5878 

283,297 286,509 73,095 78,917 40,596 43,624 37,475 39,483 -1,946 1.6023 

270,571 274,510 79,170 75,823 34,517 39,232 28,886 26,707 -1,950 1.5932 

299,532 298,157 77,836 75,497 31,565 35,871 29,137 25,956 -1,603 1.5690 

306,051 309,502 86,322 87,328 34,119 39,153 29,764 27,085 -1,503 1.5284 

299,286 302,547 82,104 80,916 39,785 42,318 37,814 34,860 -491 1.5166 

321,827 325,353 90,302 93,311 46,414 48,869 43,003 37,247 -2,346 1.5831 

327,998 328,948 89,554 93,874 45,982 49,956 44,349 39,796 -2,074 1.5591 

340,298 341,562 111,416 110,619 38,607 42,308 38,686 34,707 -1,184 1.5875 

342,524 345,097 115,443 114,270 39,043 43,658 38,794 34,497 -1,510 1.5579 

352,604 359,597 116,490 115,390 38,887 42,113 37,440 34,834 -1,739 1.5652 

328,764 328,623 115,070 113,164 38,202 44,315 39,474 33,245 -2,240 1.5729 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Purchased Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (3) (4) (5) (6) (7) (8) 

1999 - Dec ................................ 21,393 22,581 63,004 65,217 168 n.a. n.a. n.a. n.a. 1.4465 

2000 - Mar ................................ 20,098 22,775 47,433 41,645 n.a. n.a. 894 n.a. n.a. 1.4494 

June ................................ 19,493 23,320 49,501 43,293 323 n.a. 406 290 -93 1.4806 

Sept................................ 21,192 20,521 47,212 45,754 270 n.a. 257 212 -62 1.5038 

Dec ................................ 27,747 34,920 47,126 45,544 279 n.a. 316 366 36 1.4997 

2001 - Mar ................................ 21,626 30,472 46,819 43,788 n.a. n.a. 479 446 71 1.5768 

June ................................ 30,328 32,561 48,162 42,722 491 417 550 639 n.a. 1.5145 

Sept................................ 28,889 31,714 50,363 45,664 646 334 670 659 -95 1.5797 

Dec ................................ 30,315 36,513 47,131 43,649 1,151 570 421 224 188 1.5921 

2002 - Mar ................................ 26,125 29,277 45,237 n.a. n.a. n.a. 613 565 167 1.5932 

June ................................ 28,220 33,095 46,032 n.a. n.a. 521 930 593 n.a. 1.5166 

Sept................................ 40,181 40,444 55,469 n.a. 911 281 748 340 277 1.5875 
FOREIGN CURRENCY POSITIONS 101 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Report date 

Exchange 

rate 

Spot, forward and future contracts (Japanese 

yen per 

Purchased Sold Net options positions U.S. dollar) 

(1) (2) (3) (4) 

07/03/02 ............................................................ 154,896 156,125 350 119.94 

07/10/02 ............................................................ 157,452 158,105 295 117.69 

07/17/02 ............................................................ 150,163 153,534 225 116.24 

07/24/02 ............................................................ 155,647 158,415 357 116.85 

07/31/02 ............................................................ 154,640 155,437 310 119.88 

08/07/02 ............................................................ 155,266 157,081 336 120.37 

08/14/02 ............................................................ 159,326 161,126 395 117.34 

08/21/02 ............................................................ 154,746 157,325 339 118.60 

08/28/02 ............................................................ 162,894 165,937 325 118.67 

09/04/02 ............................................................ 163,428 166,380 294 118.04 

09/11/02 ............................................................ 167,333 170,374 180 120.40 

09/18/02 ............................................................ 167,095 169,459 -68 121.78 

09/25/02 ............................................................ 166,960 169,457 165 122.82 

10/02/02 ............................................................ 163,716 165,881 373 122.86 

10/09/02 ............................................................ 169,689 171,314 404 123.33 

10/16/02 ............................................................ 168,976 171,152 586 124.49 

10/23/02 ............................................................ 171,359 173,356 312 124.63 

10/30/02 ............................................................ 176,096 179,876 399 122.95 

11/06/02 ............................................................ 180,633 182,110 545 121.83 

11/13/02 ............................................................ 182,978 184,366 525 120.24 

11/20/02 ............................................................ 182,326 184,695 502 122.67 

11/27/02 ............................................................ 173,284 176,064 654 122.39 

12/04/02 ............................................................ 181,784 184,555 558 124.59 

12/11/02 ............................................................ 183,114 186,216 621 123.63 

12/18/02 ............................................................ 173,824 177,550 645 121.15 

12/25/02 ............................................................ 171,009 174,532 597 120.39 
102 FOREIGN CURRENCY POSITIONS 

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought Written Bought Written 

Report date (5) (6) (7) (8) 

1999 - Dec................................ 

2000 - Dec................................ 

2001 - Dec................................ 

2002 - Jan................................ 

Feb................................ 

Mar................................ 

Apr................................ 

May ................................ 

June................................ 

July ................................ 

Aug ................................ 

Sept................................. 

Oct................................ 

Nov ................................ 

Dec ................................ 

146,349 149,278 27,233 24,011 22,474 21,436 36,816 39,114 1,050 102.31 

155,896 161,619 25,262 24,120 19,454 18,782 47,367 48,779 1,143 114.42 

150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68 

162,263 165,117 30,633 30,785 24,297 21,669 58,592 61,238 1,048 134.76 

162,654 165,377 29,624 29,188 22,834 20,675 34,761 36,347 779 133.67 

156,403 159,474 34,770 34,807 22,441 21,064 35,832 37,181 940 132.73 

172,923 174,637 43,567 44,296 22,744 20,663 33,516 34,848 1,106 128.61 

165,067 167,212 43,939 43,864 24,406 22,146 29,695 31,953 521 124.33 

156,590 157,567 47,243 46,471 25,418 22,923 31,018 32,677 191 119.62 

166,425 168,669 84,076 83,590 27,855 25,642 32,086 33,516 372 119.88 

155,188 158, 400 43,412 42,677 26,362 24,416 30,046 31,327 325 118.45 

168,294 170,760 37,705 38,360 28,641 26,848 33,179 34,241 329 121.81 

185,856 187,063 40,749 39,930 28,833 26,821 34,320 35,183 332 122.56 

185,258 187,762 36,202 36,193 26,885 24,521 32,062 33,551 537 122.59 

172,452 174,884 35,744 36,565 26,486 24,120 31,305 32,826 623 118.81 

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Net delta 

equivalent 

(9) 

Purchased Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (3) (4) (5) (6) (7) (8) 

1999 - Dec ................................ 8,147 8,964 9,608 9,516 410 850 988 542 n.a. 102.31 

2000 - Mar ................................ 9,940 10,052 6,827 6,463 697 1,267 1,229 821 n.a. 102.80 

June ................................ 9,614 9,295 6,647 6,352 558 855 992 722 115 106.07 

Sept................................ 7,826 7,612 6,232 6,901 580 984 1,068 748 100 108.21 

Dec ................................ 7,538 8,215 6,392 5,286 455 663 727 409 16 114.42 

2001 - Mar ................................ 11,408 11,719 6,538 6,018 473 667 1,174 512 -84 125.54 

June ................................ 12,129 11,499 5,988 7,498 515 n.a. n.a. 1,049 28 124.77 

Sept................................ 11,638 11,483 7,101 7,181 484 n.a. n.a. 450 -119 119.23 

Dec ................................ 11,633 12,154 5,917 6,337 510 661 1,319 669 -221 131.68 

2002 - Mar ................................ 11,992 11,000 5,696 5,693 n.a. n.a. n.a. n.a. -16 132.73 

June ................................ 12,689 12,160 5,120 5,003 n.a. n.a. n.a. n.a. -73 119.62 

Sept................................ 13,336 13,220 5,464 4,986 n.a. n.a. n.a. n.a. 478 121.81 
FOREIGN CURRENCY POSITIONS 103 

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4)

Purchased 

(1) 

07/03/02............................................................ 

07/10/02............................................................ 

07/17/02............................................................ 

07/24/02............................................................ 

07/31/02............................................................ 

08/07/02............................................................ 

08/14/02............................................................ 

08/21/02............................................................ 

08/28/02............................................................ 

09/04/02............................................................ 

09/11/02............................................................ 

09/18/02............................................................ 

09/25/02............................................................ 

10/02/02............................................................ 

10/09/02............................................................ 

10/16/02............................................................ 

10/23/02............................................................ 

10/30/02............................................................ 

11/06/02............................................................ 

11/13/02............................................................ 

11/20/02............................................................ 

11/27/02............................................................ 

12/04/02............................................................ 

12/11/02............................................................ 

12/18/02............................................................ 

12/25/02............................................................ 

250,899 255,013 4,939 1.4935 

260,532 264,644 4,805 1.4872 

259,678 265,831 5,741 1.4547 

272,945 278,917 5,852 1.4601 

265,927 272,583 4,949 1.4855 

281,722 286,615 4,093 1.4970 

273,577 281,589 3,770 1.4958 

280,885 283,353 2,653 1.4987 

327,122 329,694 3,014 1.5008 

322,717 324,810 2,611 1.4767 

337,079 341,764 2,344 1.5023 

311,881 315,949 3,497 1.5037 

305,655 309,800 2,296 1.4978 

308,168 310,944 2,162 1.4786 

327,303 330,327 2,442 1.4793 

321,907 326,190 2,701 1.4934 

319,040 322,234 2,069 1.5037 

325,395 329,457 2,264 1.4884 

336,686 339,996 2,415 1.4590 

336,387 339,021 2,214 1.4571 

335,844 337,532 1,135 1.4670 

324,754 324,918 992 1.4896 

344,496 344,961 1,698 1.4723 

376,516 376,665 1,503 1.4620 

331,619 331,482 2,020 1.4259 

287,029 286,630 2,006 1.4076 
104 FOREIGN CURRENCY POSITIONS 

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec ................................ 349,124 346,571 24,262 24,361 63,446 66,092 62,096 58,039 -4,618 1.5912 

2000 - Dec ................................ 384,097 394,184 67,268 70,627 59,915 58,196 55,747 52,701 -1,458 1.6132 

2001 - Dec ................................ 272,369 275,786 46,430 55,320 39,079 36,389 40,849 39,248 -818 1.6579 

2002 - Jan................................ 332,136 340,370 46,174 56,480 49,839 47,112 47,186 45,402 -467 1.7208 

Feb................................ 320,627 320,782 45,485 55,858 47,952 45,335 45,121 43,244 1,088 1.6979 

Mar................................ 280,796 283,259 59,203 64,550 46,081 39,424 41,970 45,822 2,515 1.6826 

Apr ................................ 299,252 302,974 71,250 67,409 49,984 43,817 42,746 41,345 2,754 1.6178 

May ................................ 322,039 323,984 78,073 78,472 50, 181 43,993 47,083 44,145 3,851 1.5705 

June ................................ 265,519 269,523 78,017 78,929 49,731 43,124 47,331 47,236 4,328 1.4826 

July ................................ 291,133 297,916 70,530 73,555 48,891 42,508 47,290 47,374 5,198 1.4855 

Aug ................................ 279,448 282,902 65,321 64,875 44,745 39,628 41,406 44,858 2,634 1.4967 

Sept. ................................ 308,953 311,719 57,271 56,240 43,585 36,998 40,657 42,609 2,419 1.4767 

Oct................................ 329,817 331,723 61,542 60,204 49,182 42,107 46,765 48,272 1,999 1.4776 

Nov ................................ 326,252 327,349 51,143 52,342 52,282 n.a. 46,480 48,920 1,585 1.4833 

Dec ................................ 279,198 282,012 50,561 55,492 53,399 45,776 45,632 44,198 1,190 1.3818 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec ................................ 28,025 30,321 25,346 22,075 n.a. n.a. 2,416 1,886 -251 1.5912 

2000 - Mar ................................ 25,551 32,822 23,732 11,470 n.a. n.a. 2,481 2,495 164 1.6644 

June ................................ 26,881 31,379 23,355 12,740 n.a. n.a. n.a. n.a. n.a. 1.6337 

Sept................................ 25,817 29,202 25,141 15,983 2,415 n.a. n.a. 3,679 n.a. 1.7268 

Dec ................................ 24,618 24,262 22,570 12,256 1,254 n.a. n.a. 1,801 n.a. 1.6132 

2001 - Mar ................................ 23,288 28,769 25,139 13,346 n.a. n.a. n.a. n.a. n.a. 1.7360 

June ................................ 28,972 36,271 24,529 11,406 755 n.a. n.a. 1,694 n.a. 1.7940 

Sept................................ 19,564 27,598 27,084 11,057 n.a. n.a. n.a. n.a. n.a. 1.6188 

Dec ................................ 22,988 31,166 23,417 11,992 n.a. n.a. n.a. 1,278 n.a. 1.6579 

2002 - Mar ................................ 22,611 28,965 33,250 18,477 n.a. n.a. n.a. n.a. n.a. 1.6826 

June ................................ 27,577 34,034 32,487 19,371 n.a. n.a. n.a. n.a. 785 1.4826 

Sept................................ 27,209 32,478 28,967 12,150 n.a. n.a. 3,850 n.a. 630 1.4767 
FOREIGN CURRENCY POSITIONS 105 

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

Report date (4)

Purchased 

(1) 

07/03/02............................................................ 

07/10/02............................................................ 

07/17/02............................................................ 

07/24/02............................................................ 

07/31/02............................................................ 

08/07/02............................................................ 

08/14/02............................................................ 

08/21/02............................................................ 

08/28/02............................................................ 

09/04/02............................................................ 

09/11/02............................................................ 

09/18/02............................................................ 

09/25/02............................................................ 

10/02/02............................................................ 

10/09/02............................................................ 

10/16/02............................................................ 

10/23/02............................................................ 

10/30/02............................................................ 

11/06/02............................................................ 

11/13/02............................................................ 

11/20/02............................................................ 

11/27/02............................................................ 

12/04/02............................................................ 

12/11/02............................................................ 

12/18/02............................................................ 

12/25/02............................................................ 

394,985 408,965 1,141 1.5266 

411,507 423,025 1,007 1.5477 

419,628 433,029 958 1.5706 

427,715 442,012 976 1.5709 

419,404 437,420 734 1.5633 

437,644 453,052 616 1.5373 

430,526 445,881 430 1.5368 

408,609 422,038 186 1.5311 

432,594 446,455 54 1.5350 

435,938 447,419 564 1.5641 

440,089 452,393 971 1.5527 

437,852 451,680 326 1.5491 

450,500 460,996 619 1.5572 

447,541 453,567 724 1.5685 

436,908 442,877 628 1.5646 

447,062 450,003 83 1.5540 

430,673 436,248 2 1.5482 

454,985 458,020 -58 1.5575 

445,917 455,233 -110 1.5641 

468,194 477,325 176 1.5850 

479,072 485,337 -25 1.5720 

467,670 469,914 56 1.5466 

496,155 498,971 -313 1.5699 

505,978 508,836 -342 1.5767 

482,515 489,030 -556 1.6005 

439,825 444,094 -460 1.5936 
106 FOREIGN CURRENCY POSITIONS 

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate 

(U.S. dollar 

per pound) 

(10) 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec................................ 

2000 - Dec................................ 

2001 - Dec................................ 

2002 - Jan................................ 

Feb................................ 

Mar................................ 

Apr................................ 

May ................................ 

June................................ 

July ................................ 

Aug ................................ 

Sept................................. 

Oct................................ 

Nov ................................ 

Dec ................................ 

432,242 417,962 87,209 89,210 33,780 40,959 38,668 36,834 -1,112 1.6176 

479,669 474,813 132,953 130,552 52,002 49,853 34,026 35,250 1,692 1.4922 

347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556 

396,261 424,684 154,610 142,786 29,245 29,876 29,476 30,090 1,390 1.4110 

403,387 435,670 157,285 146,703 29,489 30,184 31,576 30,826 1,302 1.4164 

361,712 392,921 165,819 153,758 27,540 26,578 28,823 29,707 1,293 1.4243 

419,679 450,084 191,776 177,630 30,355 28,636 32,424 33,698 844 1.4570 

409,922 435,580 184,975 171,930 29,767 27,158 31, 937 32,561 277 1.4556 

373,791 410,209 197,979 179,559 33,897 31,400 34,614 38,632 854 1.5313 

455,736 487,603 204,138 195,022 35,290 29,178 37,620 39,058 977 1.5633 

377,470 409,751 197,332 187,173 31,003 26,741 34,739 36,192 622 1.5499 

439,123 445,884 204,296 184,699 29,932 26,994 32,633 31,537 627 1.5683 

461,424 463,293 190,966 180,521 29,353 25,523 32,687 33,387 61 1.5644 

482,441 486,528 180,416 168,543 28,392 27,101 33,130 32,519 -325 1.5564 

424,601 428,435 196,492 182,276 26,278 22,651 27,928 26,744 -396 1.6094 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate 

(U.S. dollar 

per pound) 

(10) 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec................................ 20,076 28,844 60,608 49,434 1,095 1,514 2,415 n.a. n.a. 1.6176 

2000 - Mar ................................ 26,741 30,937 40,575 33,411 1,158 1,236 2,095 1,372 -758 1.5927 

June ................................ 28,019 32,192 44,947 34,944 1,581 1,505 1,702 1,275 -44 1.5166 

Sept................................ 29,370 30,972 43,390 22,825 1,684 1,350 3,274 1,388 25 1.4736 

Dec ................................ 26,463 30,649 70,752 33,294 2,244 1,887 2,912 1,809 144 1.4922 

2001 - Mar ................................ 33,159 37,997 69,553 31,759 4,097 3,564 3,511 3,251 412 1.4155 

June ................................ 37,364 35,327 43,277 33,576 4,081 3,648 4,204 3,596 314 1.4140 

Sept................................ 34,899 35,116 110,591 34,786 4,262 3,651 3,907 4,763 357 1.4691 

Dec ................................ 32,966 32,833 38,240 31,388 2,224 2,152 2,177 2,373 396 1.4556 

2002 - Mar ................................ 30,190 31,380 30,000 21,404 n.a. n.a. n.a. 3,641 512 1.4243 

June ................................ 30,570 30,164 29,057 22,462 n.a. n.a. 4,050 3,974 303 1.5313 

Sept................................ 30,388 31,049 33,440 24,181 2,300 n.a. 2,578 2,944 260 1.5683 
FOREIGN CURRENCY POSITIONS 107 

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 Foreign Exchange Operations] 

Spot, forward and future contracts Exchange 

Purchased Sold Net options positions rate 

Report date (1) (2) (3) (4) 

07/03/02............................................................ 

07/10/02............................................................ 

07/17/02............................................................ 

07/24/02............................................................ 

07/31/02............................................................ 

08/07/02............................................................ 

08/14/02............................................................ 

08/21/02............................................................ 

08/28/02............................................................ 

09/04/02............................................................ 

09/11/02............................................................ 

09/18/02............................................................ 

09/25/02............................................................ 

10/02/02............................................................ 

10/09/02............................................................ 

10/16/02............................................................ 

10/23/02............................................................ 

10/30/02............................................................ 

11/06/02............................................................ 

11/13/02............................................................ 

11/20/02............................................................ 

11/27/02............................................................ 

12/04/02............................................................ 

12/11/02............................................................ 

12/18/02............................................................ 

12/25/02............................................................ 

4,480,399 4,424,355 -2,023 n.a. 

4,604,285 4,573,826 -1,532 n.a. 

4,592,720 4,570,683 -5,442 n.a. 

4,664,371 4,646,945 -3,896 n.a. 

4,622,538 4,620,448 -1,440 n.a. 

4,697,648 4,714,952 -5,354 n.a. 

4,728,369 4,752,685 -4,073 n.a. 

4,479,733 4,507,146 -1,529 n.a. 

4,963,129 5,058,758 -885 n.a. 

4,966,184 5,038,400 -1,508 n.a. 

5,013,947 5,087,458 -173 n.a. 

4,910,451 4,980,665 1,313 n.a. 

4,987,400 5,027,763 -742 n.a. 

4,930,627 4,879,893 -807 n.a. 

5,037,767 4,988,032 642 n.a. 

5,019,151 4,967,903 1,862 n.a. 

4,966,404 4,908,622 -462 n.a. 

5,129,239 5,085,663 -1,059 n.a. 

5,209,307 5,148,543 -2,449 n.a. 

5,309,138 5,248,353 -2,785 n.a. 

5,352,070 5,294,929 27 n.a. 

5,143,723 5,092,595 1,515 n.a. 

5,435,326 5,378,926 976 n.a. 

5,422,653 5,372,133 1,551 n.a. 

5,235,357 5,188,224 -134 n.a. 

4,908,742 4,875,377 1,196 n.a. 
108 FOREIGN CURRENCY POSITIONS 

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 Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate

(10)

Purchased Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (3) (4) (5) (6) (7) (8) 

1999 - Dec................................

2000 - Dec................................

2001 - Dec................................

2002 - Jan................................

Feb................................

Mar................................

Apr................................

May ................................

June................................

July ................................

Aug ................................

Sept................................

Oct................................

Nov ................................

Dec ................................

4,429,626 4,470,268 - - 554,465 537,876 606,475 464,834 4,031 n.a. 

4,880,744 4,897,055 - - 695,166 664,229 547,462 520,982 5,725 n.a. 

4,142,797 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a. 

4,586,416 4,514,569 - - 880,970 843,337 582,189 574,693 2,286 n.a. 

4,556,707 4,491,013 - - 633,953 599,680 503,812 504,180 4,376 n.a. 

4,276,943 4,221,701 - - 623,080 597,594 520,811 495,288 3,716 n.a. 

4,640,230 4,566,619 - - 631,526 599,422 534,011 503,031 -1,371 n.a. 

4,591,137 4,552,617 - - 592,251 596,458 576,557 538,080 -160 n.a. 

4,469,571 4,406,871 - - 658,899 631,991 637,630 620,346 -2,073 n.a. 

5,002,608 4,984,339 - - 728,557 682,247 701,531 691,968 -2,037 n.a. 

4,715,273 4,784,133 - - 689,138 647,964 660,058 640,390 310 n.a. 

5,029,571 4,971,986 - - 703,912 660,959 654,672 630,212 -72 n.a. 

5,202,877 5,156,506 - - 695,594 647,899 650,318 635,574 254 n.a. 

5,391,916 5,330,541 - - 665,955 624,380 621,836 613,637 1,832 n.a. 

4,833,934 4,792,314 - - 627,016 570,259 593,640 573,324 -988 n.a. 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate

(10)

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec................................ 

2000 - Mar................................ 

June................................ 

Sept................................ 

Dec ................................

2001 - Mar................................

June................................

Sept................................

Dec ................................

2002 - Mar................................ 

June................................ 

Sept................................ 

355,039 356,538 - - 39,429 n.a. 18,542 45,725 n.a. n.a. 

352,979 378,558 - - 32,348 55,153 43,881 47,262 1,031 n.a. 

324,914 346,333 - - 19,704 28,846 24,183 29,783 116 n.a. 

317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. 

317,601 345,854 - - 18,397 22,772 20, 810 20,489 1,877 n.a. 

358,652 401,829 - - 28,326 n.a. n.a. 17,413 n.a. n.a. 

328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 

328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 

337,179 384,159 - - 24,444 18,033 26,605 30,170 3,308 n.a. 

322,910 358,655 - - n.a. n.a. 36,396 34,559 5,182 n.a. 

365,554 396,078 - - n.a. n.a. 62,445 59,491 6,167 n.a. 

388,727 407,570 - - n.a. n.a. 55,399 55,997 5,378 n.a. 
FOREIGN CURRENCY POSITIONS 109 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Report date 

Spot, forward and future contracts 

Purchased Sold 

(1) (2) 

Exchange 

rate 

(Euros per 

Net options positions U.S. dollar) 

(3) (4) 

07/03/02 ............................................................ 1,519,819 1,588,103 

07/10/02 ............................................................ 1,534,571 1,595,527 

07/17/02 ............................................................ 1,569,978 1,626,116 

07/24/02 ............................................................ 1,578,454 1,638,557 

07/31/02 ............................................................ 1,571,549 1,637,320 

08/07/02 ............................................................ 1,593,258 1,663,379 

08/14/02 ............................................................ 1,601,542 1,666,448 

08/21/02 ............................................................ 1,526,055 1,590,809 

08/28/02 ............................................................ 1,715,443 1,808,133 

09/04/02 ............................................................ 1,733,000 1,821,950 

09/11/02 ............................................................ 1,739,065 1,826,064 

09/18/02 ............................................................ 1,686,763 1,770,150 

09/25/02 ............................................................ 1,742,622 1,831,537 

10/02/02 ............................................................ 1,718,393 1,803,184 

10/09/02 ............................................................ 1,805,864 1,890,265 

10/16/02 ............................................................ 1,771,325 1,851,099 

10/23/02 ............................................................ 1,712,041 1,795,243 

10/30/02 ............................................................ 1,751,655 1,821,810 

11/06/02 ............................................................ 1,834,544 1,910,263 

11/13/02 ............................................................ 1,842,395 1,915,554 

11/20/02 ............................................................ 1,889,142 1,964,239 

11/27/02 ............................................................ 1,834,930 1,912,179 

12/04/ 02 ............................................................ 1,978,680 2,065,158 

12/11/02 ............................................................ 1,895,340 1,965,392 

12/18/02 ............................................................ 1,843,371 1,898,381 

12/25/02 ............................................................ 1,666,260 1,718,588 

-1,288 1.0205 

-1,712 1.0114 

705 0.9926 

664 1.0061 

-440 1.0233 

1,611 1.0265 

761 1.0226 

-1,185 1.0208 

-378 1.0207 

71 1.0088 

-1,490 1.0250 

-1,297 1.0245 

753 1.0241 

-518 1.0137 

86 1.0102 

528 1.0183 

778 1.0246 

1,416 1.0161 

1,809 0.9972 

352 0.9935 

-714 0.9988 

-1,058 1.0098 

265 0.9996 

-1,213 0.9920 

-2,383 0.9745 

-3,096 0.9696 
110 FOREIGN CURRENCY POSITIONS 

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate

(10)

Purchased Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (3) (4) (5) (6) (7) (8) 

1999 - Dec ................................ 1,452,108 1,461,307 474,536 446,874 409,670 402,166 258,738 242,453 -7,254 0.9930 

2000 - Dec. ................................ 1,950,622 1,943,752 657,186 619,882 261,374 248,948 256,884 277,614 -10,431 1.0618 

2001 - Dec ................................ 1,464,662 1,516,730 821,624 761,351 213,086 197,235 211,261 231,581 -3,133 1.1217 

2002 - Jan................................. 1,637,032 1,692,907 860,631 810,636 258,234 246,849 264,633 277,132 -7,503 1.1656 

Feb................................ 1,569,718 1,614,881 834,044 802,940 252,758 238,623 269,200 276,578 -6,331 1.1511 

Mar................................ 1,498,995 1,549,865 866,055 811,650 244,395 234,640 252,874 254,191 -6,291 1.1468 

Apr ................................ 1,576,850 1,653,275 1,086,107 1,009,197 254,085 250,469 263,592 263,425 -2,529 1.1112 

May ................................ 1,609,509 1,673, 883 1,133,955 1,067,089 269,494 257,275 266,767 275,028 -1,890 1.0725 

June ................................ 1,515,762 1,576,392 1,118,449 1,048,228 313,514 306,403 281,360 289,477 779 1.0099 

July ................................ 1,713,799 1,788,265 1,044,473 997,201 348,950 328,181 297,415 312,085 -577 1.0233 

Aug ................................ 1,600,945 1,693,434 1,074,351 1,023,439 306,039 280,310 251,798 277,873 -2,309 1.0179 

Sept................................ 1,748,483 1,847,999 1,139,888 1,009,744 302,885 255,182 265,580 298,872 -1,527 1.0130 

Oct................................ 1,731,941 1,811,029 1,001,891 944,062 299,973 275,457 266,221 271,388 446 1.0105 

Nov ................................ 1,908,810 2,003,269 1,013,179 949,845 299,178 271,861 256,108 267,440 -1,581 1.0058 

Dec ................................ 1,625,402 1,696,229 1,040,911 995,739 267,591 247,397 203,958 236,553 -2,361 0.9527 

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

[In billions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate

(10)

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec................................ 

2000 - Mar................................ 

June................................ 

Sept................................ 

Dec ................................ 

2001 - Mar................................ 

June................................ 

Sept................................ 

Dec ................................ 

2002 - Mar................................ 

June................................ 

Sept................................ 

92,802 97,957 98,287 93,539 4,212 4,265 5,228 4,413 -1,083 0.9289 

157,837 137,611 222,847 87,591 7,762 12,088 12,578 10,024 -916 1.0466 

152,605 143,345 226,923 87,974 10,660 11,704 13,871 12,373 -447 1.0485 

144,129 147,945 229,496 88,077 11,846 12,922 21,183 16,153 1,752 1.1340 

129,716 136,375 n.a. 96,884 10,791 9,851 13,261 10,361 1,483 1.0618 

158,727 155,397 n.a. 131,437 10,594 9,998 11,681 13,315 1,285 1.1371 

167,044 167,048 187,306 140,910 16,275 n.a. n.a. 11,562 n.a. 1.1773 

161,577 152,442 n.a. 160,493 12,168 n.a. n.a. 10,563 n.a. 1.0990 

171,056 162,581 217,151 150,815 17,066 16,953 16,865 14,370 -58 1.1217 

139,640 143,570 201,735 123,114 n.a. n.a. 15,410 13,806 548 1.1468 

164,656 164,125 201,038 141,211 n.a. n.a. 16,231 15,209 1,044 1.0099 

166,012 162,999 194,601 137,116 n.a. n.a. 29,154 29,040 483 1.0130 
111 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing 

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the 

fund by Congress of $2 billion, minus a subsequent transfer 

of $1.8 billion to pay for the initial U.S. quota subscription 

to the International Monetary Fund. Gains and losses are 

reflected in the cumulative net income (+) or loss (-) 

account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of June 30, 2002, and Sept. 30, 2002 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

July 1, 2002, 

through 

Assets, liabilities and capital June 30, 2002 Sept. 30, 2002 Sept. 30, 2002 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities.................................... 9,775,610 -58,656 9,716,954 

Special drawing rights 1 ............................................... 11,645,273 64,333 11,709,606 

Foreign exchange and securities: 

European euro....................................................... 8,198,962 89,243 8,288,205 

Japanese yen........................................................ 7,879,571 -122,244 7,757,327 

Accounts receivable.................................................... 119,769 -803 118,966 

Total assets........................................................... 37,619,185 -28,127 37,591,058 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................... 25,917 -1,521 24,396 

Total current liabilities ........................................... 25,917 -1,521 24,396 

Other liabilities: 

SDR certificates ..................................................... 2,200,000 - 2,200,000 

SDR allocations...................................................... 6,518,629 -38,070 6,480,559 

Total other liabilities .............................................. 8,718,629 -38,070 8,680,559 

Capital: 

Capital account ...................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF -2) .................. 28,674,639 11,464 28,686,103 

Total capital........................................................ 28,874,639 11,464 28,886,103 

Total liabilities and capital................................... 37,619,185 -28,127 37,591,058 

See footnote on the following page. 
112 EXCHANGE STABILIZATION FUND 

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter Fiscal year to date 

July 1, 2002, Oct. 1, 2001, 

through through 

Sept. 30, 2002 Sept. 30, 2002 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange............................................................... 

Adjustment for change in valuation 

of SDR holdings and allocations 1 ........................................... 

Interest (+) or net charges (-) on: 

SDRs............................................................................... 

U.S. Government securities................................................... 

Foreign exchange............................................................... 

Commissions........................................................................ 

-102,555 493,933 

-30,102 137,022 

29,165 110,885 

42,233 182,869 

72,070 268,016 

- -

Income from operations........................................................ 10,811 1,192,725 

Net income (+) or loss (-)................................................... 10,811 1,192,725 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the Note.— Annual balance sheets for fiscal 1934 through 1940 appeared in the 1940 

SDRs based on a weighted average of exchange rates for the currencies of selected “Annual Report of the Secretary of the Treasury” and those for succeeding years 

member countries. The U.S. SDR holdings and allocations are valued on this basis appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

beginning July 1974. 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 115 

INTRODUCTION: Airport and Airway Trust Fund

The Airport and Airway Trust Fund was established on 

the books of Treasury in fiscal 1971, according to 

provisions of the Airport and Airway Revenue Act of 1970 

[49 United States Code 1742(a), repealed]. The Tax Equity 

and Fiscal Responsibility Act of 1982 (Public Law 97-248, 

dated September 3, 1982) reestablished the trust fund in the 

Internal Revenue Code (26 United States Code 9502) 

effective September 1, 1982. 

Treasury transfers from the general fund to the trust 

fund amounts equivalent to the taxes received from 

transportation of persons and property by air, gasoline and 

jet fuel used in commercial and noncommercial aircraft, 

and an international departure tax. The Omnibus Budget 

Reconciliation Act of 1990 (Public Law 101-508, dated 

November 5, 1990) increased rates for the excise taxes 

transferred to the fund. 

Treasury bases these transfers on estimates made by the 

Secretary of the Treasury. These are subject to adjustments 

in later transfers in the amount of actual tax receipts. 

The Taxpayers Relief Act of 1997 (Public Law 105-35), 

effective October 1, 1997, extended the aviation excise 

taxes for 10 years. The Act included other provisions that: 

• Retained the existing freight waybill and general 

aviation fuel/gas taxes. It also retained a special rule applied 

to flights between the continental United States and Alaska 

or Hawaii. The $6 departure tax is indexed to the Consumer 

Price Index. Effective fiscal year 2001, the tax is $6.40. 

• Converted the 10 percent ad valorem tax on 

domestic passenger tickets to a combination of ad 

valorem/flight segment tax over 3 years, beginning October 

1, 1997. Beginning October 1999 through September 30, 

2007, the tax is 7.5 percent, plus in 2001, a $2.75 tax per 

segment. 

• Imposed a new 7.5 percent tax on payments to 

airlines for frequent flyer and similar awards by banks and 

credit card companies, merchants and frequent flyer 

program partners, such as other airlines, hotels or rental car 

companies, and other businesses. 

• Increased the current $6 international departure tax 

to $12 per passenger and added a $12 international arrival 

tax, indexed to the Consumer Price Index. Effective 2001, 

the tax is $12.80. 

• Lowered tax rates on flights to certain rural airports 

to 7.5 percent without a flight segment component. 

• Transferred revenues from the 4.3 cents-per-gallon 

aviation fuel tax dedicated to reducing the national deficit 

from the general fund to the Airport and Airway Trust 

Fund. 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the fund exceed outlay 

requirements, Treasury invests excess amounts in public 

debt securities and credits the interest to the fund. 

Additional sums from the general fund also are credited as 

authorized and made available, by la w, if they are needed to 

meet outlay requirements. 

Treasury makes available to the Federal Aviation 

Administration (FAA), Department of Transportation 

(DOT), amounts required for outlays to carry out the 

Airport and Airway program. The Secretary of the Treasury 

makes other charges to the trust fund to transfer certain 

refunds of taxes and certain outfits, under section 34 of the 

Internal Revenue Code (IRC). 

Annual reports to Congress, required by 26 U.S.C. 9602 

(a), are submitted by the Secretary of the Treasury, after 

consultation with the Secretary of Transportation. These 

reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year 

and those expected during the next 5 fiscal years. 

. 
116 TRUST FUNDS 

TABLE TF-10.—Airport and Airway Trust Fund 

Results of Operations, Fiscal 2002 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2001................................................................................................................................................. $14,484,489,978 

Receipts: 

Excise taxes (transferred from general fund): 

Liquid fuel other than gasoline................................................... 4041..................................................................... 257,882,000 

Gasoline............................................................................... 4081..................................................................... 554,432,000 

Transportation by airseats, berths, etc ......................................... 4261 (a) (b)............................................................ 6,414,511,000 

Use of international travel facilities.............................................. 4261 (c)................................................................ 1,494,836,000 

Transportation of property, cargo................................................ 4271..................................................................... 368,244,000 

Gross excise taxes .......................................................................................................................................... 9,089,905,000 

Less refunds of taxes (reimbursed to general fund): 

Liquid fuel other than gasoline...................................................... 4041..................................................................... 33,014,000 

Gasoline.............................................................................................................................................................. 26,599,000 

Total refunds of taxes .......................................................................................................................................... 59,613,000 

Net taxes .......................................................................................................................................................... 9,030,292,000 * 

Interest on investments ........................................................................................................................................... 859,905,954 

Total receipts..................................................................................................................................................... 9,890,197,954 

Offsetting collections.................................................................................................................................................. 175,683,613 

Expenses: 

Operations........................................................................................................................................................... 5,902,288,705 

Grants in aid......................................................................................................................................................... 2,860,161,782 

Facilities and equipment.......................................................................................................................................... 2,736,643,783 

Research, engineering and development........................................................................................................................ 200,296,482 

Air carriers .............................................................................................................................................................. 33,844,066 

Total expenses...................................................................................................................................................... 11,733,234,818 

Offsetting collections..................................................................................................................................................... 175,683,613 

Balance Sept. 30, 2002................................................................................................................................................. $12,641,453,114 

* Reflects excise tax receipts for quarter ended June 30, 2001 in the amount of $76,855,000. 

Airport and Airway Trust Fund

Expected Condition and Results of Operations, Fiscal 2003-2007

[In millions of dollars. Source: DOT] 

2003 2004 2005 2006 

Balance Oct. 1................................................................ 12,641 12,341 10,579 9,533 9,138 

Receipts: 

Excise taxes, net of refunds ................................................ 9,381 10,218 10,910 11,537 12,157 

Interest on investments ...................................................... 708 709 652 611 578 

Offsetting collections ......................................................... 136 136 136 136 136 

Total receipts................................................................ 10,226 11,063 11,698 12,284 12,871 

Expenses: 

Outlays.......................................................................... 10,390 12,689 12,608 12,543 12,986 

Offsetting collections ......................................................... 136 136 136 136 136 

Balance Sept. 30 ................................................................ 12,341 10,579 9,533 9,138 8,887 

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

2007 
TRUST FUNDS 117 

INTRODUCTION: Uranium Enrichment 

Decontamination and Decommissioning Fund 

The Uranium Enrichment Decontamination and 

Decommissioning Fund was established on the books of the 

Treasury in fiscal 1993, according to provisions of the 

Energy Policy Act of 1992 (42 United States Code 2297g). 

Receipts represent (1) fees collected from domestic public 

utilities based on their pro rata share of purchases of 

separative work units from the Department of Energy (DOE) 

and (2) appropriations toward the Government contribution 

based on the balance of separative work unit purchases. 

Expenditures from the fund are for the purpose of (1) 

decontamination and decommissioning of the three gaseous 

diffusion plants, (2) remedial actions and related 

environmental restoration costs at the gaseous diffusion 

plants and (3) reimbursement to uranium/thorium producers 

for the costs of decontamination, decommissioning, 

reclamation and remedial action of uranium/thorium sites 

that are incident to sales to the U.S. Government. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities 

congruent with the needs of the fund and (2) bearing interest 

at rates determined appropriate, taking into consideration the 

current average market yield on outstanding marketable 

obligations of the United States with remaining periods to 

maturity comparable to these investments. 

The Secretary of the Treasury is required by 42 United 

States Code 2297g(b)(1) to provide an annual report to 

Congress, after consultation with the Secretary of Energy. 

This report must present the financial condition and the 

results of operations of the fund during the preceding fiscal 

year. 

The Energy Policy Act of 1992 (42 United States Code 

2297g-l, as amended) authorizes funding to ensure annual 

deposits to the fund of $518.2 million before adjustments for 

inflation. The Act stipulates that the Government deposit 

$368.2 million, adjusted for inflation, annually. The Act also 

calls for deposits of $150 million from domestic public 

utility assessments. Between the fiscal years of 1993 and 

2000, the total Government contribution amount authorized 

by the Act was $3,791.5 million. During that time span, the 

Government contributed only $3,122.7 million to the fund. 

The resulting shortfall in authorized Government 

contributions is, therefore, $668.8 million. 

. 
118 TRUST FUNDS 

TABLE TF-11.—Uranium Enrichment Decontamination and Decommissioning Fund 

Results of Operations, Fiscal 2002 

[Source: DOE] 

Balance Oct. 1, 2001.............................................................................................................................................. $963 

Receipts: 

Fees collected................................................................................................................................................... 605,682,474 

Penalties collected.................................................................................................................................................. 69,051 

Interest on investments ........................................................................................................................................ 153,054,291 

Total receipts ................................................................................................................................................. 758,805,816 

Outlays: 

DOE, decontamination and decommissioning activities................................................................................................ 328,394,852 

Cost of investments ............................................................................................................................................ 430,410,968 

Total outlays...................................................................................................................................................... 758,805,820 

Balance Sept. 30, 2002............................................................................................................................................... $959 

Uranium Enrichme nt Decontamination and Decommissioning Fund

Expected Condition and Results of Operations, Fiscal 2003-2007

[In thousands of dollars. Source: DOE]

2003 2004 2005 2006 2007 

Balance Oct. 1............................................................. 1 1 1 1 

Receipts: 

Fees collected.......................................................... 608,938 613,813 613,813 623,942 629,204 

Interest collected ...................................................... 119,327 130,621 141,422 154,135 165,258 

Total receipts........................................................ 728,265 744,434 755,235 778,077 794,462 

Outlays: 

DOE, decontamination and decommissioning fund ........... 356,472 431,985 456,395 426,352 486,726 

Costs of investments ................................................. 371,793 312,449 298,840 351,725 307,736 

Total outlays......................................................... 728,265 744,434 755,235 778,077 794,462 

Balance Sept. 30 ......................................................... 1 1 1 1 1 

1 
TRUST FUNDS 119 

INTRODUCTION: Black Lung Disability Trust Fund 

The Black Lung Disability Trust Fund was established 

on the books of the Treasury in fiscal 1978 according to the 

Black Lung Benefits Revenue Act of 1977 (Public Law 95-

227). The Black Lung Benefits Revenue Act of 1981 (Public 

Law 97-119) reestablished the fund in the Internal Revenue 

Code (IRC), 26 United States Code 9501. 

The Consolidated Omnibus Budget Reconciliation Act of 

1985 (Public Law 99-272), enacted April 7, 1986, provided 

for an increase in the coal tax effective April 1, 1986, 

through December 31, 1995, and a 5-year forgiveness of 

interest retroactive to October 1, 1985. The 5-year 

moratorium on interest payments ended on September 30, 

1990. Payment of interest on advances resumed in fiscal 

1991. The Omnibus Budget Reconciliation Act of 1987 

(Public Law 100-203, title X, section 10503), signed 

December 22, 1987, extends the temporary increase in the 

coal tax through December 31, 2013. 

The Code designates the following receipts to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund: excise taxes on mined coal; 

taxable expenditures of self-dealing by, and excess 

contributions to, private black lung benefit trusts; 

reimbursements by responsible mine operators; and related 

fines, penalties and interest charges. 

Estimates made by the Secretary of the Treasury 

determine monthly transfers of amounts for excise taxes to 

the trust fund subject to adjustments in later transfers to 

actual tax receipts. 

After retirement of the current indebtedness, amounts 

available in the fund exceeding current expenditure 

requirements will be invested by the Secretary of the 

Treasury in interest-bearing public debt securities. Any 

interest earned will be credited to the fund. Also credited, if 

necessary, will be repayable advances from the general fund 

to meet outlay requirements exceeding available revenues. 

To carry out the program, amounts are made available to 

the Department of Labor (DOL). Also charged to the fund 

are administrative expenses incurred by the Department of 

Health and Human Services (HHS) and the Treasury, 

repayments of advances from the general fund and interest 

on advances. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress after consultation with 

the Secretary of Labor and the Secretary of HHS [26 United 

States Code 9602(a)]. The report must present the financial 

condition and results of operations of the fund during the 

past fiscal year and the expected condition and operations of 

the fund during the next 5 fiscal years. 

. 

TABLE TF-12.—Black Lung Disability Trust Fund

Results of Operations, Fiscal 2002

[Source: DOL]

Balance Oct. 1, 2001...................................................................................................................................................... $38,066,043 

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal....................................................................................................................................... 149,487,000 

$0.55 tax on surface coal.......................................................................................................................................... 148,458,000 

4.4 percent tax on underground coal................................................................................................................................ 162,310,000 

4.4 percent tax on surface coal................................................................................................................................... 106,390,000 

Fines, penalties and interest........................................................................................................................................... 621,581 

Collection—responsible mine operators........................................................................................................................ 2,591,225 

Recovery of prior year funds ...................................................................................................................................... -

Repayable advances from the general fund................................................................................................................... 465,000,000 

Total receipts...................................................................................................................................................... 1,034,857,806 

Net receipts........................................................................................................................................................ 1,034,857,806 

Outlays: 

Treasury administrative expenses ...................................................................................................................................... 34,227 

Salaries and expenses—DOL—departmental management...................................................................................................... 22,590,000 

Salaries and expenses—DOL—Office of Inspector General.................................................................................................. 328,000 

Salaries and expenses—DOL—Employment Standards Administration................................................................................... 31,321,000 

Total outlays.......................................................................................................................................................... 54,273,227 

Expenses: 

Program expenses —DOL................................................................................................................................................. 384,234,269 

Interest on repayable advances ......................................................................................................................................... 595,588,681 

Total expenses ....................................................................................................................................................... 979,822,950 

Balance Sept. 30, 2002................................................................................................................................................... 38,827,672 

Cumulative debt, end of year............................................................................................................................................ $7,718,556,899 
120 TRUST FUNDS 

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal 2003-2007* 

[In thousands of dollars. Source: DOL] 

2003 2004 2005 2006 2007 

Balance Oct. 1......................................................................... 38,828 - - - -

Receipts: 

Excise taxes ..................................................................... 561,000 574,000 603,000 622,000 634,000 

Advances from the general fund............................................ 441,419 467,000 444,000 433,000 429,000 

Fines, penalties and interest................................................. 2,000 2,000 2,000 2,000 2,000 

Total receipts................................................................. 1,004,419 1,043,000 1,049,000 1,057,000 1,065,000 

Outlays: 

Benefit payments............................................................... 366,618 346,901 328,604 312,269 294,897 

Administrative expenses...................................................... 55,629 56,099 57,396 58,731 60,103 

Interest on repayable advances ............................................. 621,000 640,000 663,000 686,000 710,000 

Total outlays.................................................................. 1,043,247 1,043,000 1,049,000 1,057,000 1,065,000 

Balance Sept. 30 .................................................................. - - - - -

Cumulative debt, end of year ................................................... 8,159,976 8,626,976 9,070,976 9,503,976 9,932,976 

Note.—Detail may not add to totals due to rounding. * These numbers do not include the administration’s legislative proposal to restructure the 

trust fund’s debt, thus enabling the debt to be retired in fiscal 2040. 
TRUST FUNDS 121 

INTRODUCTION: Harbor Maintenance Trust Fund 

The Harbor Maintenance Trust Fund was established on 

the books of the Treasury on April 1, 1987, according to the 

Water Resources Development Act of 1986 (Public Law 99-

662, November 17, 1986) (26 United States Code 9505). 

Amounts in the Harbor Maintenance Trust Fund are 

available as provided by appropriation acts for making 

expenditures to carry out section 210(a) of the Water 

Resources Development Act of 1986. The appropriations act 

for the Department of Transportation (DOT) for fiscal 1995 

(Public Law 103-331, September 28, 1994), section 339, 

waived collection of charges or tolls on the Saint Lawrence 

Seaway in accordance with section 13(b) of the Act of May 

13, 1954 (as in effect on April 1, 1987). Legislation was 

passed in the North American Free Trade Agreement 

Implementation Act (Public Law 103-182, section 683), 

which amends paragraph (3) of section 9505(c) of the IRC 

of 1986, to authorize payment of up to $5 million annually 

to Treasury for all expenses of administration incurred by 

the Treasury, the U.S. Army Corps of Engineers and the 

Department of Commerce (Commerce) related to the 

administration of subchapter A of chapter 36 (relating to 

harbor maintenance tax). Section 201 of the Water 

Resources Development Act of 1996 (Public Law 104-303) 

authorizes use of the Harbor Maintenance Trust Fund for 

construction of dredged material disposal facilities 

associated with the operation and maintenance of Federal 

navigation projects for commercial navigation. 

A summary judgment issued October 25, 1995, by the 

United States Court of International Trade in the case United 

States Shoe Corp. v. United States (Court No. 94-11-00668) 

found the Harbor Maintenance fee unconstitutional under the 

Export Clause of the Constitution (Article I, section 9, clause 

5) and enjoined the Customs Service from collecting the fee. 

The decision was affirmed by the Supreme Court on 

March 31, 1998 (118 Supreme Court 1290). With the tax on 

exports no longer collected, revenues have been reduced by 

approximately 30 percent. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress [26 United States Code 

9602(a)]. The report must present the financial condition and 

results of operations of the fund during the past fiscal year 

and the expected condition and operations of the fund during 

the next 5 fiscal years. 

TABLE TF-13.—Harbor Maintenance Trust Fund

Results of Operations, Fiscal 2002

[Source: Department of the Army Corps of Engineers]

Balance Oct. 1, 2001..................................................................................................................................................................... $1,818,840,950 

Receipts: 

Excise taxes: 

Imports..................................................................................................................................................................................... 544,746,418 

Exports ................................................................................................................................................................................ 1,565,496 

Domestic .................................................................................................................................................................................. 27,786,326 

Passengers............................................................................................................................................................................... 9,642,978 

Zones admissions................................................................................................................................................................... 69,115,129 

Interest on investments ................................................................................................................................................................ 57,933,150 

Total receipts ..................................................................................................................................................................... 710,789,497 

Expenses: 

Corps of Engineers .................................................................................................................................................................... 639,908,700 

Saint Lawrence Seaway Development Corporation/DOT..................................................................................................................... 13,305,000 

Treasury administrative cost......................................................................................................................................................... 3,000,000 

Operating ex penses, miscellaneous returns ..................................................................................................................................... -

Total expenses............................................................................................................................................................................... 656,213,700 

Balance Sept. 30, 2002................................................................................................................................................................ $1,873,416,747 * 

* The source for fiscal 2002 beginning and ending balance is from the Bureau of Public Debt, 

Office of Public Debt Accounting, Division of Federal Investments, Trust Fund Management 

Branch. 
122 TRUST FUNDS 

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal 2003-2007 * 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2003 2004 2005 2006 2007 

Balance Oct. 1...................................................................................... 1,873.0 1,929.0 1,980.0 2,096.0 2,281.0 

Receipts: 

Harbor maintenance fee...................................................................... 733.0 787.0 858.0 934.0 1,008.0 

Interest on investments ................................................................... 94.0 93.0 102.0 113.0 

Total receipts............................................................................. 827.0 880.0 960.0 1,047.0 1,134.0 

Outlays: 

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo ....................................................................... - - - - -

Corps of Engineers operation, maintenance 

and administrative expenses ............................................................ 740.0 600.0 612.0 624.0 638.0 

Corps of Engineers construction........................................................ 15.0 212.0 215.0 220.0 225.0 

Saint Lawrence Seaway Development Corporation/DOT ......................... 13.0 14.0 14.0 15.0 15.0 

Administrative expenses for Treasury (Customs Service) ........................ 3.0 3.0 3.0 3.0 3.0 

Total outlays................................................................................. 771.0 829.0 844.0 862.0 

Balance Sept. 30 ................................................................................. 1,929.0 1,980.0 2,096.0 2, 281.0 2,534.0 

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenditures. 

126.0 

881.0 
TRUST FUNDS 123 

INTRODUCTION: Hazardous Substance Superfund 

The Hazardous Substance Response Trust Fund was 

established on the books of the Treasury in fiscal 1981, in 

accordance with section 221 of the Hazardous Substance 

Response Revenue Act of 1980 [42 United States Code 

9631(a), repealed]. The trust fund was renamed the 

Hazardous Substance Superfund (Superfund) and relocated 

in accordance with section 517 of the Superfund 

Amendments and Reauthorization Act of 1986 [Public Law 

99-499, dated October 17, 1986 (26 United States Code 

9507)]. 

The authority to collect excise taxes on petroleum and 

chemicals, and an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 

million, expired in 1995. To implement the Superfund 

program, amounts are appropriated from the Superfund to 

the Environmental Protection Agency (EPA) for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of Treasury 

is required by 26 United States Code 9602(a). These reports 

present the financial condition of the Superfund and the results 

of operation for the past fiscal year, and its expected condition 

during the next 5 fiscal years. 

TABLE TF-14.—Hazardous Substance Superfund

Results of Operations, Fiscal 2002

[Source: EPA]

Balance Oct. 1, 2001.......................................................................................................................................................... $860,000,000 

Receipts: 

Crude and petroleum............................................................................................................................................... -

Certain chemicals....................................................................................................................................................... -

Corporate environmental.......................................................................................................................................... 7,500,000 

General fund appropriation....................................................................................................................................... 676,000,000 

Cost recoveries...................................................................................................................................................... 248,000,000 

Fines and penalties................................................................................................................................................. 1,400,000 

Interest on investments ............................................................................................................................................................ 179,000,000 

Offsetting collections............................................................................................................................................... 171,000,000 

Agency for Toxic Substance and Disease Registry offsetting collections.................................................................................. 7,000,000 

Total receipts ..................................................................................................................................................... 1,289,900,000 

Expenses: 

EPA expense........................................................................................................................................................ 1,418,650,000 

National Oceanic and Atmospheric Administration expense.............................................................................................. 2,450,000 

Federal Emergency Management Administration expense................................................................................................ 1,100,000 

Agency for Toxic Substance and Disease Registry and National Institute of Environmental Health Sciences expense............................ 85,000,000 

Department of Interior expense...................................................................................................................................... 1,000,000 

Occupational Safety and Health Administration.............................................................................................................. 650,000 

Department of Justice expense...................................................................................................................................... 28,150,000 

U.S. Coast Guard expense........................................................................................................................................... 5,500,000 

Centers for Disease Control and Prevention expense.......................................................................................................... 43,500,000 

Total expenses ....................................................................................................................................................... 1,586,000,000 

Balance Sept. 30, 2002............................................................................................................................................... $563,900,000 

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

Hazardous Substance Superfund

Expected Condition and Results of Operations, Fiscal 2003-2007

[In millions of dollars. Source: EPA] 

2003 2004 2005 2006 2007 

Balance Oct. 1............................................................................... 564 159 36 26 45 

Receipts: 

Interest on investments ................................................................ 67 62 52 49 51 

Recoveries, fines and penalties...................................................... 178 178 178 178 178 

Taxes ...................................................................................... - - - - -

Offsetting collections ................................................................... 225 225 225 225 225 

General revenues ....................................................................... 700 1,100 1,170 1,230 1,225 

Total receipts.......................................................................... 1,170 1,565 1,625 1,682 1,679 

Appropriations ............................................................................... 1,575 1,688 1,635 1,663 1,697 

Balance Sept. 30 ........................................................................... 159 36 26 45 27 
124 TRUST FUNDS 

INTRODUCTION: Highway Trust Fund

The Highway Trust Fund was established on the books 

of the Treasury in fiscal 1957, according to provisions of the 

Highway Revenue Act of 1956 (Act of June 29, 1956, 

chapter 462, section 209). It has been amended and extended 

by various highway, surface transportation and other acts 

since 1959. Section 9002 of the Transportation Equity Act 

for the 21st Century (TEA -21) (Public Law 105-178) 

extended the Highway Trust Fund and its taxes through 

September 30, 2005. 

Amounts equivalent to taxes on gasoline, diesel fuel, 

special motor fuels, certain tires, heavy trucks and trailers, 

and heavy vehicle use are designated by the Act to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund. These transfers are made twice 

monthly based on estimates by the Secretary of the Treasury, 

subject to later adjustments to reflect the amount of actual 

tax receipts. Amounts available in the fund exceeding outlay 

requirements are invested in non-interest-bearing public debt 

securities. 

Within the fund is a mass transit account, funded by a 

portion of the excise tax collections under sections 4041 and 

4081 of the IRC (title 26 United States Code). The funds 

from this account are used for expenditures in accordance 

with section 5338 of title 49 United States Code, the 

Intermodal Surface Transportation Efficiency Act of 1991 

(Public Law 102-240), or the TEA -21. The remaining excise 

taxes are included in a separate account within the trust fund 

commonly referred to as the highway account. Expenditures 

from this account are made according to the provisions of 

various transportation acts. 

Amounts required for outlays to carry out the eligible 

surface transportation programs are made available to the 

responsible operating administrations within the Department 

of Transportation. Other charges to the trust fund are made 

by the Secretary of the Treasury for transfer of certain taxes 

to the Land and Water Conservation Fund and the Aquatic 

Resources Trust Fund. Funds also are transferred to the 

general fund of the Treasury for the payment of tax refunds. 

The Secretary of the Treasury, in consultation with the 

Secretary of Transportation, is required to submit annual 

reports to Congress by section 9602(a) of title 26 United 

States Code. These reports cover the financial condition and 

results of operations of the fund for the past fiscal year and 

expected condition and operations during the next 5 fiscal 

years. 
TRUST FUNDS 125 

TABLE TF-15.—Highway Trust Fund 

Results of Operations, Fiscal 2002 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2001...................................................................................................................................................... $27,740,414,382 

Receipts: 

Excise taxes (transferred from general fund): 

Gasohol........................................................................................... 6427..................................................................... 2,244,139,000 

Gas manufacture gasohol..................................................................... 4041..................................................................... -

Trucks, buses, trailers......................................................................... 4061 (a) (1)............................................................ 127,217 

Diesel and special motor fuels............................................................... 4041 (a) (b)............................................................ 8,350,276,000 

Trucks ............................................................................................. 4051 (a)................................................................ 2,598,739,000 

Gasoline.......................................................................................... 4081..................................................................... 20,873,221,000 

Tires used on highway vehicles ............................................................. 4071 (a) (1)............................................................ -

Cash Management Improvement Act Interest............................................ 4071..................................................................... 1,458,637 

Use of certain vehicles......................................................................... 4481..................................................................... -

Fines and penalties..................................................................................................................................................... 14,790,307 

Total taxes............................................................................................................................................................. 34,082,751,161 

Less: Transfer to land and water conservation fund................................4081..................................................................... 1,000,000 

Transfer to aquatic reserve................................................................ 4041..................................................................... 282,746,000 

Transfer to general fund.......................................................................................................................................................... 115,526,000 

Gross taxes ........................................................................................................................................................... 33,683,479,161 

Less refunds of taxes (reimbursed to general fund): 

Diesel-powered vehicle.................................................................39 & 6420.............................................................. 4,000 

Gasoline...................................................................................6421..................................................................... 323,332,000 

Gasohol.......................................................................................6427..................................................................... 19,402,000 

Diesel..........................................................................................4081..................................................................... 677,408,030 

Special motor fuel...........................................................................4081..................................................................... 4,228,880 

Gasoline......................................................................................6412..................................................................... -

Gas to make gasohol......................................................................4041..................................................................... 21,515,000 

Diesel fuel, bus use.........................................................................4041..................................................................... 33,411,220 

Diesel..........................................................................................4081..................................................................... -

Exempt use............................................................................................................................................................... -

Total refunds of taxes ............................................................................................................................................... 1,079,301,130 

Net taxes............................................................................................................................................................... 32,604,178,031 

Investment income: 

Interest on investments ................................................................................................................................................ -

Accrued interest income............................................................................................................................................... -

Total investment income........................................................................................................................................... -

Net receipts........................................................................................................................................................ $32,604,178,031 
126 TRUST FUNDS 

TABLE TF-15.—Highway Trust Fund 

Results of Operations, Fiscal 2002, con. 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Expenses: 

Federal aid to highways............................................................................................................................................... $30,161,429,588 

Right-of-way revolving fund........................................................................................................................................... -12,362,170 

National Highway Traffic Safety Administration.................................................................................................................. 312,534,642 

National Highway Traffic Safety Administration, National Driver Register................................................................................. 1,976,935 

Baltimore-Washington Parkway ..................................................................................................................................... -

Highway safety research and development....................................................................................................................... 204,626 

Mount St. Helen’s (Agriculture)...................................................................................................................................... -

Highway -related safety grants ....................................................................................................................................... 14,732 

Alabama highway bypass demonstration.......................................................................................................................... 58,356 

Urban airport access safety demonstration....................................................................................................................... -

Intermodal urban demonstration..................................................................................................................................... 24,628 

Border enforcement.................................................................................................................................................... 6,951,429 

Carpool and vanpool grants.......................................................................................................................................... -

Metropolitan planning project......................................................................................................................................... 

National Park Service construction................................................................................................................................. 1,979,568 

Motor carrier safety grants/administration......................................................................................................................... 267,876,535 

Mass transit.............................................................................................................................................................. 7,067,949,907 

Safety improvement project.......................................................................................................................................... -32,735 

Safety economic development demonstration project.......................................................................................................... 700,085 

Railroad administration................................................................................................................................................ 24,804 

Vehicular and pedestrian safety demonstration.................................................................................................................. 13,955 

Highway demonstration................................................................................................................................................ 5,220,137 

Corridor safety improvement......................................................................................................................................... 2,254,307 

Bridge capacity improvement ........................................................................................................................................ 1,449,491 

Highway railroad grade crossing.................................................................................................................................... 1,043,966 

Urban highway/corridor bicycle transportation demonstration................................................................................................ 500,095 

Nuclear waste transportation safety ................................................................................................................................ 96,641 

Kentucky bridge demonstration program.......................................................................................................................... -

Pennsylvania reconstruction demonstration project ............................................................................................................ -

Mineola grade crossing................................................................................................................................................ 661,671 

Transit program ......................................................................................................................................................... -

Appalachian development projects ................................................................................................................................. 79,575,732 

Miscellaneous highway projects, fiscal year 2000 plus......................................................................................................... 210,748,420 

Study of improvements (Highway 8)................................................................................................................................ -

Climbing lane and highway safety demonstration projects .................................................................................................... 565,289 

Highway demonstration................................................................................................................................................ -

Total expenses ....................................................................................................................................................... 38,111,461,067 

Outlays: 

Outlays to Cash Management Improvement Act................................................................................................................. 121,205 

Balances expired or permanently cancelled.......................................................................................................................... -

Balance Sept. 30, 2002................................................................................................................................................... $22,233,010,141 

433 
TRUST FUNDS 127 

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal 2003-2007 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

2003 2004 2005 2006 2007 

Balance Oct. 1...................................................... 22.2 19.5 23.3 25.4 26.6 

Receipts: 

Excise taxes, net of refunds ................................ 32.8 34.9 36.0 37.2 38.3 

Interest, net...................................................... - - - - -

Total receipts................................................. 32.8 34.9 36.0 37.2 

Outlays............................................................... 35.6 31.1 33.9 36.0 

Balance Sept. 30 .................................................. 19.5 23.3 25.4 26.6 

Mass Transit Account 

2003 2004 2005 2006 

Balance Oct. 1......................................................... 6.1 4.5 8.2 10.6 

Receipts: 

Excise taxes, net of refunds .................................... 4.7 4.8 4.9 5.1 

Interest, net......................................................... - - - - -

Total receipts.................................................... 4.7 4.8 4.9 5.1 

Outlays................................................................ 6.2 1.1 2.6 3.9 

Balance Sept. 30 ..................................................... 4.5 8.2 10.6 11.7 

Highway Account 

2003 2004 2005 2006 

Balance Oct. 1........................................................... 16.1 14.9 15.1 14.8 

Receipts: 

Excise taxes, net of refunds ...................................... 28.1 30.1 31.1 32.2 

Interest, net........................................................... - - - - -

Total receipts...................................................... 28.1 30.1 31.1 32.2 33.1 

Outlays.................................................................... 29.3 30.0 31.4 32.1 33.3 

Balance Sept. 30 ....................................................... 14.9 15.1 14.8 14.9 14.7 

Unfunded authorizations (EOY)..................................... 58.3 59.6 60.3 61.1 61.9 

24-month revenue estimate .......................................... 61.2 63.3 65.3 67.2 68.9 

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

38.3 

38.1 

26.8 

2007 

11.7 

5.2 

5.2 

4.8 

12.1 

2007 

14.9 

33.1 
128 TRUST FUNDS 

TABLE TF-15A.—Highway Trust Fund 

The following information is released according to the The 24-month revenue estimates for the highway and 

provisions of the Byrd Amendment [codified at 26 United mass transit accounts, respectively, include the latest 

States Code 9503(d)] and represents data concerning the estimates received from Treasury’s Office of Tax Analysis 

Highway Trust Fund. The figure described as “unfunded for excise taxes, net of refunds. They represent net highway 

authorizations” is the latest estimate received from the DOT receipts for those periods beginning at the close of fiscal 

for fiscal 2004. 2004. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal 2004)............................................................................................... 74.67 

less: 

Cash balance (fiscal 2004)........................................................................................................................................................... 15.05 

59.62 Unfunded authorizations (fiscal 2004)............................................................................................................................................. 

24-month revenue estimate (fiscal 2005 and 2006)................................................................................................................................ 63.30 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal 2004)................................................................................................ 5.19 

less: 

Cash balance (fiscal 2004)........................................................................................................................................................... 8.21 

-3.02 Unfunded authorizations (fiscal 2004)............................................................................................................................................. 

24-month revenue estimate (fiscal 2005 and 2006)............................................................................................................................ 9.98 
TRUST FUNDS 129

INTRODUCTION: Inland Waterways Trust Fund

The Inland Waterways Trust Fund was established by the 

Treasury in fiscal 1984, pursuant to section 203 of the Inland 

Waterways Revenue Act of 1978 (Public Law 95-502) and 

continued pursuant to section 1405 of the Water Resources 

Development Act of 1986 (Public Law 99-662, codified at 

26 United States Code 9506). Under 26 United States Code 

9506(b), amounts from taxes on fuel used in commercial 

transportation on inland waterways, as determined by the 

Secretary of the Treasury, are appropriated to the trust fund.

The Technical and Miscellaneous Revenue Act of 1988 

(Public Law 100-647, approved November 10, 1988)

increased the tax each year, 1990 through 1995. These

amounts are transferred quarterly from the general fund

based on estimates made by the Secretary, subject to

adjustments in later transfers to the amounts of actual tax 

receipts.

The Secretary of the Treasury invests in interest-bearing 

obligations of the United States that portion of the trust fund, 

in his judgment, not required to meet current withdrawals. 

The interest on, and proceeds from, the sale or redemption of 

any obligation held in the trust fund is credited to the trust 

fund. The Inland Waterways Revenue Act of 1978 (Public 

Law 95-502) provides that amounts in the trust fund shall be 

available as provided, by appropriations acts, for

construction and rehabilitation expenditures for navigation 

on the inland and intracoastal waterways of the United States 

described in 33 United States Code 1804. Expenditures must 

be otherwise authorized by law.

Annual reports to Congress are required by 26 United 

States Code 9602(a) to be submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and the results of operations of the fund during the 

past fiscal year and its expected condition and operations 

during the next 5 fiscal years.

TABLE TF-16.—Inland Waterways Trust Fund

Results of Operations, Fiscal 2002

[Source: Department of the Army Corps of Engineers]

Balance Oct. 1, 2001...................................................................................................................................................... $411,152,808

Receipts:

Fuel taxes/revenues.................................................................................................................................................... 95,284,000

Interest on investments ................................................................................................................................................ 12,397,115

Total receipts ......................................................................................................................................................... 107,681,115

Transfers:

Corps of Engineers..................................................................................................................................................... 106,198,787

Balance Sept. 30, 2002................................................................................................................................................... $412,635,136 *

* The source for fiscal 2002 beginning and ending balance is from the Bureau of the Public 

Debt, Office of Public Debt Accounting, Division of Federal Investments, Trust Fund 

Management Branch.

Inland Waterways Trust Fund

Expected Condition and Results of Operations, Fiscal 2003-2007 *

[In millions of dollars. Source: Department of the Army Corps of Engineers]

2003 2004 2005 2006 2007

Balance Oct. 1.................................................................................. 412.6 433.6 287.6 138.6 -13.4

Receipts:

Fuel taxes..................................................................................... 88.0 89.0 90.0 91.0 91.0

Interest on investments .................................................................... 17.0 21.0 22.0 23.0 24.0

Total receipts ............................................................................. 105.0 110.0 112.0 114.0 115.0

Transfers:

Corps of Engineers......................................................................... 84.0 256.0 261.0 266.0 272.0

Balance Sept. 30............................................................................... 433.6 287.6 138.6 -13.4 -170.4

* Outyear projections are based on economic conditions and agencies’ best projections of 

revenues and expenditures.
130 TRUST FUNDS 

INTRODUCTION: Leaking Underground Storage Tank Trust Fund 

The Leaking Underground Storage Tank (LUST) Trust 

Fund was established in fiscal 1981 according to provisions 

of the Comprehensive Environmental Response, 

Compensation and Liability Act of 1980 (Public Law 96-

510, codified at 26 United States Code 9508), as amended 

by the Superfund Amendments and Re-authorization Act of 

1986 (Public Law 99-499, dated October 17, 1986), sections 

13163(c) and 13242(d)(42) of the Omnibus Budget 

Reconciliation Act of 1993 (Public Law 103-66, dated 

August 10, 1993), and section 1032(e)(13) of the Taxpayer 

Relief Act of 1987 (Public Law 105-34, dated August 5, 

1997). 

The LUST Trust Fund is financed by taxes collected on 

gasoline, diesel fuels, special motor fuels, aviation fuels and 

fuels used in commercial transportation on inland 

waterways. Amounts available in the LUST Trust Fund, 

exceeding current expenditure requirements, are invested by 

the Secretary of the Treasury in interest-bearing Government 

securities (e.g., Treasury bills). All interest earned is credited 

directly to the LUST Trust Fund. 

To carry out the LUST program, amounts are 

appropriated for the LUST Trust Fund to the EPA for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of the 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the LUST 

Trust Fund and results of operations for the past fiscal year 

and its expected condition and operations during the next 5 

fiscal years. 

TABLE TF-17.—Leaking Underground Storage Tank Trust Fund 

Results of Operations, Fiscal 2002 

[Source: EPA] 

Balance Oct. 1, 2001.................................................................................................................................................. $1,624,000,000* 

Receipts: 

Taxes.................................................................................................................................................................. 181,100,000 

Interest................................................................................................................................................................ 90,000,000 

Gross tax receipts ............................................................................................................................................... 271,100,000 

Undisbursed balances: 

Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................... 72,000,000 

Total undisbursed balances ................................................................................................................................... 72,000,000 

Expenses: 

Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................. 73,000,000 

Total expenses ................................................................................................................................................... 73,000,000 

Balance Sept. 30, 2002............................................................................................................................................... $1,822,100,000 

* Fiscal 2003 unavailable balance, start of year, has been adjusted downward $69 million 

to reflect a prior-year upward adjustment to obligated balances and to tie to the Treasury 

Combined Statement. 

Leaking Underground Storage Tank Trust Fund 

Expected Condition and Results of Operations, Fiscal 2003-2007 

[In millions of dollars. Source: EPA] 

2003 2004 2005 2006 2007 

Balance Oct. 1 .......................................................................................... 1,822.0 2,018.0 2,202.0 2,420.0 2,654.0 

Receipts: 

Taxes .................................................................................................. 183.0 189.0 194.0 198.0 204.0 

Interest ................................................................................................ 85.0 68.0 98.0 111.0 122.0 

Total receipts ..................................................................................... 268.0 257.0 292.0 309.0 326.0 

Appropriations ........................................................................................... 72.0 73.0 74.0 75.0 77.0 

Balance Sept. 30....................................................................................... 2,018.0 2,202.0 2,420.0 2,654.0 2,903.0 
TRUST FUNDS 131 

INTRODUCTION: Nuclear Waste Fund

The Nuclear Waste Fund was established on the books of 

the Treasury in fiscal 1983, according to section 302 of the 

Nuclear Waste Policy Act of 1982 [Public Law 97-425, 

codified at 42 United States Code 10222(c)]. Receipts 

represent fees collected from public utilities based on 

electricity generated by nuclear power reactors and spent 

nuclear fuel. Expenditures from the fund are for purposes of 

radioactive waste disposal activities. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities in 

tandem with the needs of the waste fund and (2) bearing 

interest at rates determined appropriate, taking into 

consideration the current average market yield on 

outstanding marketable obligations of the United States with 

remaining periods to maturity comparable to the maturities 

of such investments, except that the interest rate on such 

investments shall not exceed the average interest rate 

applicable to existing borrowings. 

An annual report to Congress by the Secretary of the 

Treasury, after consultation with the Secretary of the 

Department of Energy (DOE), is required by 42 United 

States Code 10222(e)(1). This report must present the 

financial condition and the results of operations of the waste 

fund during the preceding fiscal year. 

. 

TABLE TF-18.—Nuclear Waste Fund 

Results of Operations, Fiscal 2002 

[Source: DOE] 

Balance Oct. 1, 2001...................................................................................................................................................... $1,025,936 

Receipts: 

Fees collected........................................................................................................................................................... 712,220,370 

Penalties and interest on fee payments............................................................................................................................ 5,204 

Interest on investments ................................................................................................................................................ 1,598,412,329 

Total receipts ......................................................................................................................................................... 2,310,637,903 

Nonexpenditure transfers: 

SF-1151 transfers in (+)............................................................................................................................................... -

SF-1151 transfers out (-).............................................................................................................................................. -

Net Nonexpenditure transfers..................................................................................................................................... -

Outlays: 

DOE radioactive waste disposal activities......................................................................................................................... 132,691,033 

Cost of investments .................................................................................................................................................... 2,178,129,098 

Total outlays.......................................................................................................................................................... 2,310,820,131 

Balance Sept. 30, 2002................................................................................................................................................... $843,708 
132 TRUST FUNDS 

CHARTS TF-D and E.—Major Trust Funds 

[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various 

Government agencies. See tables TF-10, TF-12, TF-14, TF-15 and TF-18.] 

1800 

1500 

2001 

2002 

Interest on 

Investments, 

1200 Fiscal 2001-2002 

900 (In millions of dollars) 

600 

300 

* Interest on these investments 

was zero. 

0 

Nuclear Airport Hazardous * Highway 

Waste and Substance Trust Fund 

Fund Airway Superfund 

Trust Fund 

Receipts and 

Expenses, 

Fiscal 2002 

(In billions of dollars) 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Receipts 

Expenses 

Highway Airport Nuclear Hazardous Black 

Trust Fund and Waste Substance Lung 

Airway Fund Superfund Trust Fund 

Trust Fund 
TRUST FUNDS 133 

INTRODUCTION: Reforestation Trust Fund

The Reforestation Trust Fund was established on the 

books of the Treasury in fiscal 1981 to continue through 

September 30, 1985, according to provisions of Title III— 

Reforestation, of the Recreational Boating Safety and 

Facilities Improvement Act of 1980 [Public Law 96-451, 

codified at 16 United States Code 1606a(a)]. 

The act provides that the Secretary of the Treasury shall 

transfer to the trust fund tariffs, limited to not more than $30 

million for any fiscal year, received in the Treasury from 

October 1, 1979, through September 30, 1985, on (1) rough 

and primary wood products and wood waste; (2) lumber, 

flooring and moldings; and (3) wood veneers, plywood, 

other wood-veneer assemblies and building boards. Public 

Law 99-190, title II, 99 Statutes at Large 1245, extended the 

receipts for the trust fund. Amounts available in the 

reforestation trust fund exceeding current withdrawals are 

invested in interest-bearing obligations of the United States 

or in obligations guaranteed as to both principal and interest 

by the United States. The interest on, and the proceeds from 

the sale or redemption of, any obligations are credited to the 

trust fund. 

The Secretary of the Department of Agriculture is 

authorized to obligate available sums in the trust fund 

(including any amounts not obligated in previous years) for 

(1) reforestation and timber stand improvement and (2) 

administrative costs of the Government for these activities. 

Annual reports are required by 16 United States Code 

1606a(c) (1) to be submitted by the Secretary of the 

Treasury, after consultation with the Secretary of 

Agriculture, on the financial condition and the results of the 

operations of the trust fund during the past fiscal year and on 

its expected condition and operations during the next fiscal 

year. 

TABLE TF-19.—Reforestation Trust Fund 

Results of Operations, Fiscal 2002 

[Source: Department of Agriculture] 

Balance Oct. 1, 2001...................................................................................................................................................... $29,296,871 

Receipts: 

Excise taxes (tariffs).................................................................................................................................................... 30,000,000 

Redemption of investment............................................................................................................................................ -

Total receipts ......................................................................................................................................................... 30,000,000 

Expenses: 

Expenditure.............................................................................................................................................................. 31,401,564 

Total expenses ....................................................................................................................................................... 31,401,564 

Adjustment................................................................................................................................................................... 126,171 * 

Balance Sept. 30, 2002................................................................................................................................................... $28,021,478 

* The adjustment in the amount of $126,171 for reforestation is caused by the net excess 

of funds received over the amount allowed by Public Law 96-451 mentioned in the 

Introduction of the Reforestation Trust Fund. 

Reforestation Trust Fund

Expected Condition and Results of Operations, Fiscal 2003

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1.............................................................................................................................................................. 28,021 

Receipts: 

Excise taxes (tariffs).................................................................................................................................................... 30,000 

Redemption of investment............................................................................................................................................ -

Total receipts ......................................................................................................................................................... 30,000 

Outlays....................................................................................................................................................................... 31,000 

Balance Sept. 30........................................................................................................................................................... 27,021 
134 TRUST FUNDS 

INTRODUCTION: Aquatic Resources Trust Fund 

The Aquatic Resources Trust Fund was established on 

the books of the Treasury pursuant to the Deficit Reduction 

Act of 1984 [Public Law 98-369, division A, title X, section 

1016(a), approved July 18, 1984]. The fund consists of two 

accounts: the Sport Fish Restoration Account and Boat 

Safety Account. 

Motorboat fuel taxes are transferred, in amounts up to 

$70 million per fiscal year, from the Highway Trust Fund to 

the Boat Safety Account. Authority for such transfers 

expires on October 1, 2003. 

Amounts equivalent to the excise taxes received on sport 

fishing equipment and import duties on fishing tackle, yachts 

and pleasure craft are appropriated into the Sport Fish 

Restoration Account. Motorboat fuel taxes not transferred to 

the Boat Safety Account or to the Land and Water 

Conservation Fund are transferred from the Highway Trust 

Fund to the Sport Fish Restoration Account. Transfers of 

motorboat fuel taxes from the Highway Trust Fund to the 

Land and Water Conservation Fund are limited to $1 million 

per fiscal year. In addition, pursuant to the Omnibus Budget 

Reconciliation Act of 1990 [Public Law 101-508, title XI, 

section 11211(i)(2) and (3)], small engine gasoline taxes are 

transferred to the Sport Fish Restoration Account. 

Amounts in the Sport Fish Restoration Account are used, 

as provided by appropriations acts, for the purposes of 

carrying out “An Act to provide that the United States shall 

aid the States in fish restoration and management projects, 

and for other purposes,” approved August 9, 1950 (as in 

effect on the date of enactment of the Transportation Equity 

Act for the 21st Century (TEA -21) Restoration Act), the 

purposes of section 7404(d) of the Transportation Equity for 

the 21st Century (as in effect on the date of enactment of the 

TEA-21 Restoration Act), and the Coastal Wetlands 

Planning, Protection and Restoration Act (as in effect on the 

date of enactment of the TEA -21 Restoration Act). 

Amounts in the Boat Safety Account, as provided by 

appropriations acts, are available to carry out the purposes of 

section 13106 of title 46, United States Code (as in effect on 

the date of enactment of the TEA -21 Restoration Act). 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the two accounts exceeding 

outlay requirements are invested in public debt securities 

with the interest credited to the respective accounts. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next 5 fiscal 

years. 

TABLE TF-20.—Aquatic Resources Trust Fund, Sport Fish Restoration

Results of Operations, Fiscal 2002

[Source: Bureau of the Public Debt]

Balance Oct. 1, 2001.......................................................................................................................................................... $570,714,381 * 

Revenue: 

Tax revenue: 

Gas, motorboat.............................................................................................................................................................. 212,744,000 

Fish, equipment............................................................................................................................................................. 99,118,000 

Electric trolling sonar....................................................................................................................................................... 1,264,000 

Customs/import duties..................................................................................................................................................... 32,545,116 

Gas, motorboat, small engines .......................................................................................................................................... 70,002,000 

Total, tax revenue........................................................................................................................................................ 415,673,116 

Investment revenue: 

Interest on investments .................................................................................................................................................... 35,571,717 

Loss on sale of securities ................................................................................................................................................. -

Total, investment revenue............................................................................................................................................. 35,571,717 

Total revenue............................................................................................................................................................. 451,244,833 

Nonexpenditure transfers: 

Transfer to Interior.......................................................................................................................................................... 356,647,622 

Transfer to U.S. Coast Guard............................................................................................................................................ 64,000,000 

Transfer to Corps of Engineers.......................................................................................................................................... 62,332,369 

Total nonexpenditure transfers....................................................................................................................................... 482,979,991 

Balance Sept. 30, 2002....................................................................................................................................................... $538,979,223 

* Includes payables effective at the beginning of fiscal 2002 in the amount of $6,122,109 for 

Sport Fish Restoration, reported on the balance sheet submitted by the Office of Public Debt 

for Aquatic Resources, Septe mber 30, 2002. 
TRUST FUNDS 135 

Aquatic Resources Trust Fund, Sport Fish Restoration 

Expected Condition and Results of Operations, Fiscal 2003-2007 

[In thousands of dollars. Source: Department of the Interior] 

2003 2004 2005 2006 2007 

Balance Oct. 1.................................................................. 538,979 546,880 580,514 613,396 650,076 

Receipts: 

Receipts ...................................................................... 430,000 455,000 470,000 483,000 495,000 

Interest........................................................................ 29,354 33,758 35,022 38,629 40,085 

Transfers..................................................................... - - - - -

Total receipts............................................................. 459,354 488,758 505,022 521,629 535,085 

Expenses: 

Expenses..................................................................... 329,515 333,246 346,556 357,316 372,914 

Transfers..................................................................... 121,938 121,878 125,584 127,633 129,725 

Total expenses........................................................... 451,453 455,124 472,140 484,949 502,639 

Balance Sept. 30 .............................................................. 546,880 580,514 613,396 650,076 682,522 

Aquatic Resources Trust Fund, Boat Safety 

Results of Operations, Fiscal 2002 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2001...................................................................................................................................................... $80,931,842 

Revenue: 

Investment revenue: 

Interest on investments ................................................................................................................................................ 2,736,329 

Loss on sale of securities ............................................................................................................................................. -

Total investment revenue............................................................................................................................................. 2,736,329 

Total revenue......................................................................................................................................................... 2,736,329 

Nonexpenditure transfers: 

U.S. Coast Guard....................................................................................................................................................... -

Total nonexpenditure transfers................................................................................................................................... -

Balance Sept. 30, 2002................................................................................................................................................... $83,668,171 

Aquatic Resources Trust Fund, Boat Safety 

Expected Condition and Results of Operations, Fiscal 2003-2007 

[In thousands of dollars. Source: Department of Transportation] 

2003 2004 2005 2006 

Balance Oct. 1.............................................................. 83,668 86,668 135,500 147,325 153,599 

Receipts: 

Motorboat fuel taxes ................................................... - 118,500 122,500 126,500 130,500 

Interest.................................................................... 3,000 4,000 4,500 5,000 5,000 

Transfers................................................................. - - - - -

Total receipts......................................................... 3,000 122,500 127,000 131,500 135,500 

Expenses: 

Expenses................................................................. - 73,668 115,175 125,226 130,559 

Transfers................................................................. - - - - -

Total expenses....................................................... - 73,668 115,175 125,226 130,559 

Balance Sept. 30 .......................................................... 86,668 135,500 147,325 153,599 158,540 

Note.—Estimates for fiscal 2003-2007 are subject to change by appropriation and/or legislative 

action to reauthorize transfer of motorboat fuel taxes to the Boat Safety Account. 

2007 
136 TRUST FUNDS 

INTRODUCTION: Oil Spill Liability Trust Fund

The Oil Spill Liability Trust Fund was established on the 

books of the Treasury by section 8033 of the Omnibus 

Budget Reconciliation Act of 1986 (Public Law 99-509). It 

was made effective on January 1, 1990, by section 

7811(m)(3) of the Omnibus Budget Reconciliation Act of 

1989 (Public Law 101-239) and amended by section 9001of 

the Oil Pollution Act of 1990 (Public Law 101-380). 

Amounts equivalent to the taxes received from the 

environmental tax on petroleum, but only to the extent of the 

Oil Spill Liability Trust Fund rate, are appropriated to the 

fund. The tax is not applied during any calendar quarter if 

the Secretary of the Treasury estimates that, as of the close 

of the preceding calendar quarter, the unobligated balance in 

the fund exceeds $1 billion. 

Certain amounts were transferred from other funds and 

were appropriated to the Oil Spill Liability Trust Fund as 

provided by 26 United States Code 9509(b). Certain paid 

penalties and amounts recovered for damages are also 

appropriated to the fund. 

Amo unts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by 

appropriations acts or section 6002(b) of the Oil Pollution 

Act of 1990 (Public Law 101-380). 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities. Interest is 

credited to the fund. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the Treasury. 

These reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year and 

those expected during the next 5 fiscal years. 

. 

TABLE TF-21.—Oil Spill Liability Trust Fund

Results of Operations, Fiscal 2002

[Source: Bureau of the Public Debt]

Balance Oct. 1, 2001.............................................................................................................................................................. $955,764,461 

Revenue: 

Tax on crude oil/petroleum products ....................................................................................................................................... -

Other income.................................................................................................................................................................... -

Trans -Alaska Pipeline liability fund deposit............................................................................................................................... -

Cost recoveries.................................................................................................................................................................. 12,642,276 

Fines and penalties............................................................................................................................................................. 7,665,400 

Net revenue before interest................................................................................................................................................ 20,307,677 

Investment Income: 

Interest on investments ........................................................................................................................................................ 33,092,081 

Realized gain.................................................................................................................................................................... 33,006 

Total investment income................................................................................................................................................... 33,125,087 

Total revenue................................................................................................................................................................. 53,432,763 

Expenditures: 

Treasury administrative expense – BPD................................................................................................................................... 40,954 

Non-expenditure transfers: 

Transfer to Denali commission............................................................................................................................................... 11,360,875 

Transfer to Interior.............................................................................................................................................................. 6,105,000 

Transfer to EPA................................................................................................................................................................. 15,000,000 

Transfer to DOT -Research and Special Programs Administration................................................................................................... 7,864,000 

Transfer to U.S. Coast Guard................................................................................................................................................ 116,141,372 

Transfer to North Pacific....................................................................................................................................................... -

Total Nonexpenditures transfers......................................................................................................................................... 156,471,248 

Total expenditure/nonexpenditure transfers........................................................................................................................... 156,512,202 

Balance Sept. 30, 2002........................................................................................................................................................... $852,685,023 

Oil Spill Liability Trust Fund 

Expected Condition and Results of Operations, Fiscal 2003-2007 

[In millions of dollars. Source: Department of Transportation] 

2003 2004 2005 2006 2007 

Balance, Oct. 1................................................................................. 853 694 582 463 341 

Estimated receipts............................................................................. 56 54 58 46 44 

Estimated expenses .......................................................................... 214 166 177 169 179 

Balance Sept. 30 .............................................................................. 694 582 463 341 206 

Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 137 

INTRODUCTION: Vaccine Injury Compensation Trust Fund 

The Vaccine Injury Compensation Trust Fund was funds to pay claims for compensation for vaccine-related 

created on the books of the Treasury by section 9202 of the injury or death occurring after October 1, 1988. 

Revenue Act of 1987 (Public Law 100-203, approved Annual reports to Congress, required by 26 United 

December 22, 1987). Excise taxes on diphtheria, pertussis, States Code 9602(a), are submitted by the Secretary of the 

tetanus, measles, mumps, rubella, polio, hepatitis B, Treasury. These reports are required to cover the financial 

haemophilus influenza type b, varicella, rotavirus and condition and results of operations of the fund during the 

pneumococcal conjugate vaccines (26 United States Code past fiscal year and those expected during the next 5 fiscal 

4131) are appropriated into the fund, which is a source of years. 

TABLE TF-22.—Vaccine Injury Compensation Trust Fund 

Results of Operations, Fiscal 2002 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2001...................................................................................................................................................... $1,702,474,976 

Receipts: 

Excise tax receipts...................................................................................................................................................... 109,478,250 

Interest on investments ................................................................................................................................................ 74,249,445 

Total receipts ......................................................................................................................................................... 183,727,695 

Outlays: 

U.S. Court of Federal Claims expenses ........................................................................................................................... 1,680,782 

U.S. Department of Justice expenses .............................................................................................................................. 2,122,110 

Total outlays.......................................................................................................................................................... 3,802,892 

Non-expenditure transfers: 

Transfer to Health Resources ........................................................................................................................................ 62,802,360 

Total outlays/transfers .............................................................................................................................................. 66,605,252 

Balance Sept. 30, 2002................................................................................................................................................... $1,819,597,420 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal 2003-2007 

[In thousands of dollars. Source: Department of Health and Human Services ] 

2003 2004 2005 2006 2007 

Balance Oct. 1....................................................................................... 1,819,597 1,937,142 2,058,423 2,183,553 2,312,647 

Receipts .............................................................................................. 112,762 116,145 119,630 123,218 126,915 

Interest on investments ........................................................................ 76,476 78,771 81,134 83,568 86,075 

Total receipts.................................................................................. 189,239 194,916 200,763 206,786 212,990 

Outlays: 

U.S. Court of Federal Claims expenses.................................................... 2,980 2,980 2,980 2,980 2,980 

U.S. Department of Justice expenses ...................................................... 4,028 4,028 4,028 4,028 4,028 

Total outlays................................................................................... 7,008 7,008 7,008 7,008 7,008 

Non-expenditure transfers: 

Transfers to Health Resources............................................................... 64,688 66,627 68,625 70,684 72,805 

Total outlays/transfers....................................................................... 71,694 73,635 75,633 77,692 79,813 

Balance Sept. 30 ................................................................................... 1,937,142 2,058,423 2,183,553 2,312,647 2,445,824 

Note.—Detail may not add to totals due to rounding. 
138 TRUST FUNDS 

INTRODUCTION: Wool Research, Development, 

and Promotion Trust Fund 

The Wool Research, Development, and Promotion Trust 

Fund was established in fiscal 2000 with a sunset provision 

effective January, 1, 2004, according to provisions of the 

Trade and Development Act of 2000 (Public Law 106-200, 

signed May 18, 2000). The Trade Act of 2002 (Public Law 

107-210, signed August 6, 2002) extended the sunset 

provision to January 1, 2006. 

The Act provides that the Secretary of the Treasury shall 

transfer to the trust fund out of the general fund of the U.S. 

Treasury amounts determined to be equivalent to the duty 

received on articles under chapters 51 and 52 of the 

Harmonized Tariff Schedule of the United States. The 

amount to be transferred is limited to $2,500,000 in any 

fiscal year and may be invested in U.S. Treasury securities. 

The Secretary of Agriculture is authorized to provide 

grants to a nationally recognized council established for the 

development of the United States wool market for the 

development of the United States wool market for the 

following purposes: 

• Assist United States wool producers in improving 

the quality of wool and wool production methods for wool 

produced in the United States. 

• Disseminate information on improvements to United 

States wool producers. 

• Assist United States wool producers in developing 

and promoting the wool market. 

Annual reports to Congress are required on the financial 

condition and the results of the operations of the trust fund 

during the past fiscal year and on its expected condition and 

operations during the next fiscal year. 

TABLE TF-23.—Wool Research, Development, and Promotion Trust Fund

Results of Operations, Fiscal 2002

[In thousands of dollars. Source: Department of Agriculture]

Balance Oct. 1, 2001.......................................................................................................................................................... -

Receipts: 

Harmonized Tariff........................................................................................................................................................... 2,250 

Total Receipts ............................................................................................................................................................ 2,250 

Expenses: 

Expenditure.................................................................................................................................................................. 2,250 

Total expenses ........................................................................................................................................................... 2,250 

Balance Sept. 30, 2002....................................................................................................................................................... -

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal 2003 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1.................................................................................................................................................................. -

Receipts: 

Harmonized Tariff........................................................................................................................................................... 2,250 

Total Receipts ............................................................................................................................................................ 2,250 

Expenses: 

Expenditure.................................................................................................................................................................. 2,250 

Total expenses ........................................................................................................................................................... 2,250 

Balance Sept. 30............................................................................................................................................................... -
TECHNICAL PAPERS 139 

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. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Ro om 4409 

Washington, D.C. 20220 

Telephone (202) 622 -1519, or fax (202) 622-1294 
140 

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I and J are discount or accrual type bonds— 

meaning principal and interest are paid when bonds are 

redeemed. Series G, H, HH and K are current-income bonds, 

and the semiannual interest paid to their holders is not 

included in accrued discount. 

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-2, -3)—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-2)—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.) 

Coupon issue—The issue of bonds or notes (public debt). 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes and 1890 Series Treasury notes. 

Current income bonds (“U.S. Savings Bonds and Notes”)— 

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount. 

Debt outstanding subject to limitation (FD -6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of December 2002, the 

debt limit was $6,400,000 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-2)—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 
GLOSSARY 141 

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 

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-1, -3)—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 thes e 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. 

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have 

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), and savings notes issued between May 1967 

and October 1970 have a final maturity of 30 years. Series HH 

bonds (issued since January 1980) mature after 20 years. 

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury 

securities at the price equivalent to the weighted average 

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full. 

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 
142 GLOSSARY 

“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-3, -4)—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, 

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 (FD -2)—(SLUGs) 

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. SLUGs 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-1, -3)—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), they 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).