Produced and Published by

BULLETIN

FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

DECEMBER 2012
Additional Financial Management Service 

Releases on Federal Finances

Sold on a subscription basis only (exceptions noted) by the Superintendent of 

Documents, U.S. Government Printing Office, Washington, D.C. 20402.†

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

Government. This statement presents budget results and the cash-related assets 

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

price: $70.00 (domestic), $98.00 (foreign). 

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

information about Government financial operations on the accrual basis. Single 

copy price: $37.00 (domestic), $51.80 (foreign). 

† Subscription order form on inside back cover. 
BULLETIN

The Treasury Bulletin is for sale

by the Superintendent of Documents

U.S. Government Printing Office

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

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

data is compiled from sources within Treasury departmental offices and bureaus, as well as various 

other Federal program agencies. Readers can contact the publication staff at (202) 874-9939 to 

inquire about any of the published information. Suggestions are welcome. 

The publication staff can also be reached by electronic mail. 

treasury.bulletin@fms.treas.gov

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

through the Financial Management Service’s home page. 

www.fms.treas.gov/ 
December 2012 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

FFO-5 —Internal Revenue Receipts by State ...................................................................................................................... 19 

FFO-6 —Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports ............................ 23 

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 29 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 29

FEDERAL DEBT 

Introduction.—Federal Debt ................................................................................................................................................ 31 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 32 

FD-2.—Debt Held by the Public ......................................................................................................................................... 33 

FD-3.—Government Account Series ................................................................................................................................... 34 

FD-4.—Interest-Bearing Securities Issued by Government Agencies ................................................................................. 35 

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

 Private Investors .................................................................................................................................................... 36 

FD-6.—Debt Subject to Statutory Limit .............................................................................................................................. 37 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 38

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 40 

TREASURY FINANCING ................................................................................................................................................. 40 

PDO-1.—Offerings of Regular Weekly Treasury Bills ....................................................................................................... 47 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 48 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 49 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 50 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 51

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 52 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins .............................................................................. 52 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 53
December 2012 

IV 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 57 

IFS-1.—U.S. Reserve Assets ............................................................................................................................................... 57 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 58 

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

 Residents of Foreign Countries .............................................................................................................................. 59

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 60 

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

CM-I-1.—Total Liabilities by Type and Holder .................................................................................................................. 63 

CM-I-2.—Total Liabilities by Country ................................................................................................................................ 64 

CM-I-3.—Total Liabilities by Type and Country ................................................................................................................ 66 

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

 with Respect to Selected Countries ...................................................................................................................... 68 

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

CM-II-1.—Total Claims by Type ........................................................................................................................................ 69 

CM-II-2.—Total Claims by Country ................................................................................................................................... 70 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 72 

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

 with Respect to Selected Countries ...................................................................................................................... 74

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

 Enterprises in the United States 

CM-III-1.—Total Liabilities and Claims by Type ............................................................................................................... 75 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country ................................................................................... 76 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country ....................................................................................... 78 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ........................................ 80 

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

CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 82 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 83 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ...................................... 84 

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

 and Country, during (third quarter) ................................................................................................................... 86 

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

 and Country, during (calendar year) ................................................................................................................. 88 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 90 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 91 

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

 Businesses in the United States 

CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 92 

CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 93 

CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country ...................................................................... 94 

CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract .................. 95 

CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ............................... 96
December 2012 

V

Contents 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions ......................................................................................................................... 97 

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

FCP-VI-1.—Weekly Report of Major Market Participants ............................................................................................... 108 

FCP-VI-2.—Monthly Report of Major Market Participants .............................................................................................. 109 

FCP-VI-3.—Quarterly Report of Large Market Participants ............................................................................................. 109 

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund ..................................................................................................................... 110 

ESF-1.—Balance Sheet ..................................................................................................................................................... 110 

ESF-2.—Income and Expense ........................................................................................................................................... 111

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 115 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 115

RESEARCH PAPER SERIES ........................................................................................................................................... 116

GLOSSARY ...................................................................................................................................................................... 118

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

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

of rounding; p = Preliminary; n.a. = Not available; r = Revised. 
December 2012 

VI 

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
December 2012 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of November 9, 2012 

Introduction 

Economic activity quickened in the third quarter, 

benefiting from improvements in the health of some sectors 

as well as the easing of some temporary restraints. Some 

headwinds remain, including slowing global growth, the 

ongoing sovereign debt crisis in Europe, and the lingering 

effects of severe drought conditions in the United States 

during the summer. Labor market conditions continued to 

improve at a faster pace than in the second quarter. Since job 

growth resumed in early 2010, the economy has added 4.5 

million payroll jobs, and the unemployment rate has 

declined 2.1 percentage points but is still elevated at 7.9 

percent. Activity in the housing sector is picking up. 

Housing starts and home sales have trended higher over the 

past year, although they remain near a historically low level, 

the inventory of homes for sale has fallen notably, and a 

variety of home price measures have risen on a year-overyear basis for the first time in a number of years. 

The Administration has taken various steps in recent 

years to promote stronger economic growth, including 

several specifically targeted at the housing market. Financial 

disbursements under the American Recovery and 

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

were increased from $787 billion originally to $840 billion, 

reflecting additional measures to restore financial stability, 

create jobs, and improve housing markets. Late last year, the 

Federal Housing Finance Agency (FHFA) announced 

changes to the Home Affordable Refinance Program 

(HARP) in an effort to attract more eligible borrowers who 

can benefit from refinancing their mortgage loans. At the 

very end of 2011, the 2 percentage point employee payroll 

tax cut as well as extended unemployment insurance benefits 

were each extended for 2 months and, in late February, an 

extension of both measures through the end of 2012 was 

signed into law. The Administration has also announced a 

proposal to help eligible homeowners with mortgage 

refinancing, and continues to support a number of initiatives 

designed to boost growth, retrain workers, and create jobs in 

the near term. 

Pursuing its statutory mandate to foster maximum 

employment and price stability, the Federal Reserve 

continues to bolster liquidity by maintaining holdings of 

securities at current levels and rolling over holdings of 

Treasury securities as they mature. At its meeting in late 

October, the Federal Open Market Committee (FOMC) 

reaffirmed the expansion of its program of purchasing

mortgage-backed securities (announced at its September 

meeting), and the extension of the average maturity of its 

holdings of Treasury securities (the so-called “twist 

operation” announced in September 2011), both through the 

end of the year. At its October meeting, the FOMC also reaffirmed the timeframe for maintaining the federal funds rate 

target in its current range of 0 to 0.25 percent at least 

through mid-2015. 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by more than 7 percent and, as of the 

third quarter of 2012, real gross domestic product (GDP) 

was 2.2 percent above its level at the end of 2007, when the 

recession began. According to the advance estimate, real 

GDP grew 2.0 percent at an annual rate in the third quarter 

of 2012—the 13th straight quarter of growth since the 

economy emerged from recession in mid-2009—after 

growing by 1.3 percent in the second quarter of this year. 

The acceleration in growth since the second quarter reflected 

faster growth in consumption, residential investment, and 

government spending, offset by only modest declines in net 

exports, business fixed investment, and a slowdown in 

private inventory investment. Consensus forecasts currently 

put real GDP growth in the fourth quarter of 2012 at about a 

1.8 percent annual rate. 

Private domestic final demand (consumption plus private 

fixed investment, considered a better measure of underlying 

demand because it subtracts out inventory movements) grew 

at a 1.9 percent annual rate in the third quarter, matching the 

second quarter’s pace. Real personal consumption 

expenditures–which account for about 70 percent of GDP–

advanced by a 2.0 percent annual rate in the third quarter, 

accelerating from the 1.5 percent rise in the second quarter. 

Consumption added 1.4 percentage points to real GDP 

growth in the latest quarter. 

-5.3

-0.3

1.4

4.0

2.3 2.22.6 2.4

0.1

2.5

1.3

4.1

2.0 1.3

2.0

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

2009 2010 2011 2012

(Quarterly percent change at annual rate)

Growth of Real GDP
4 PROFILE OF THE ECONOMY 

December 2012 

Residential investment–mostly residential homebuilding– 

grew 14.4 percent in the third quarter, accelerating from an 

8.5 percent pace in the second quarter. Residential activity 

added 0.3 percentage point to third-quarter real GDP growth. 

For the past six consecutive quarters, growth in residential 

investment has averaged more than 10 percent per quarter, 

the first such string of advances in this sector since 2005. 

Housing activity has shown more consistent signs of 

improvement, by and large, in recent months. Single-family 

housing starts rose 11.0 percent in September to 603,000 

units at an annual rate, the highest level since August 2008. 

The level of single-family starts has risen nearly 71 percent 

from a low of 353,000 in March 2009, but in September 

2012, it was still 67 percent below the January 2006 peak, 

and well below the 1.1 million average observed from 1980 

to 2004. Sales of new single-family homes have risen 27 

percent over the past year, reaching 389,000 at an annual 

rate in September 2012. Sales of existing single-family 

homes (94 percent of all home sales) increased 11 percent 

over the past year to roughly 4.8 million at an annual rate in 

September. The inventory of homes available for sale 

continued to decline. As of September, the number of new 

single-family homes for sale was near its lowest level on 

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

4.5-month supply of new homes on the market, comparable 

to its long-run average. The inventory of existing singlefamily homes has also fallen, relative to sales. In September, 

there was a 5.9-month supply of these homes available for 

sale, down from a peak of 12.1 months in June 2010. House 

price measures continue to improve, with a number rising on 

a year-over-year basis. The FHFA purchase-only house price 

index rose 0.7 percent in August and was up 4.7 percent in 

the year through August, compared with a 3.9 percent 

decline in the year through August 2011. Other house price 

measures also rose in August: the Standard & Poor’s 

(S&P)/Case-Shiller composite 20-city home price index 

advanced 0.9 percent, and rose 2.0 percent year-over-year, 

compared with a 3.7 percent decline over the year ended in 

August 2011. Despite the large inventory of homes on the 

market and in the foreclosure pipeline, analysts have revised 

up their predictions for home price increases in the near 

future. The September 2012 Pulsenomics/Zillow Survey 

predicts that home prices will rise 2.3 percent during 2012 

and 4.7 percent during 2013. 

Nonresidential fixed investment–about 10 percent of 

GDP–fell 1.3 percent (annual rate) in the third quarter of 

2012 after rising at an annual rate of 3.6 percent in the third 

quarter. For the eight quarters of 2010 and 2011, 

nonresidential fixed investment grew at an average annual 

rate of 9.1 percent. Growth in business spending on 

equipment and software was flat in the third quarter after 

rising by a 4.8 percent annual rate in the second quarter. 

Equipment and software spending grew at an average annual 

rate of 11.7 percent over the eight quarters of 2010 and 

2011. Outlays for structures fell 4.4 percent in the third 

quarter after rising at a 0.6 percent annual rate in the second 

quarter. Altogether, nonresidential fixed investment 

subtracted 0.1 percentage point from real GDP growth in the 

third quarter. Inventory accumulation made a negative 

contribution to growth for the third straight quarter, 

subtracting 0.1 percentage point from real GDP growth in 

the third quarter, after subtracting 0.5 percentage point in the 

second quarter and 0.4 percentage point in the first quarter. 

Exports account for about 12 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for about 17 percent. After 

contributing 1 percentage point, on average, to quarterly 

GDP growth in 2007 through 2009, net exports were a drag 

on growth in 2010 of 0.5 percentage point and added just 0.1 

percentage point to growth last year. The net export deficit 

widened in the third quarter of 2012 as exports declined 1.6 

percent, the first quarterly decline since the first quarter of 

2009, more than offsetting a 0.2 percent decline in imports. 

Net exports subtracted 0.2 percentage point from growth in 

the third quarter, after making 0.2 percentage point positive 

contribution in the second quarter. 

The current account balance (reflecting international 

trade in goods and services, investment income flows, and 

unilateral transfers) has been in deficit almost continuously 

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

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

$382 billion (2.7 percent of GDP) in 2009, the current 

account deficit widened again to $442 billion (3.0 percent of 

GDP) in 2010 and to $466 billion (3.1 percent of GDP) last 

year. In the first quarter of 2012, the gap widened further, to 

$534.5 billion (3.6 percent of GDP), but narrowed in the 

second quarter to $469.6 billion (3.0 percent of GDP). 

After falling for eight straight quarters, government 

purchases–which account for roughly 20 percent of GDP–

rose in the third quarter of 2012. Specifically, government 

outlays for consumption and investment rose 3.7 percent, 

adding 0.7 percentage point to real GDP growth, its largest 

contribution in three years. Federal spending jumped 9.6 

percent in the third quarter and added 0.72 percentage point 

to real GDP growth. After 11 straight quarterly declines in 

State and local government spending—the longest period of 

falling expenditures at this level of government in postwar 

history—State and local spending growth was flat, and made 

a roughly neutral contribution to growth. 

Labor Markets 

During the recession (from December 2007 through June 

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

losses continued even after the recovery began, but in 

February 2010, nonfarm payrolls began to rise again. Since 

then, through October 2012, total nonfarm payroll 

employment has grown by 4.5 million. In the private sector, 

employment has increased by 5.0 million jobs during the 

same period. 

Job losses during the recession were spread broadly 

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

all of these sectors have added jobs. Since the labor market 
PROFILE OF THE ECONOMY 5 

December 2012 

recovery began in early 2010, payrolls in professional and 

business services have risen by nearly 1.5 million, and 

leisure and hospitality industries’ employment has increased 

by 810,000 through October 2012. Manufacturing payrolls 

have grown by 504,000 since early 2010. A few sectors 

continued to add jobs throughout the recession and still 

continue to hire new workers: since early 2010, the health 

care and social assistance sector has added 820,000 jobs. 

The government sector also added workers to payrolls 

during the recession, but State and local governments have 

since cut employment considerably, although more recently 

State and local payrolls have increased. From early 2010 

through October 2012, State and local job losses numbered 

393,000, including 332,000 local government jobs. 

The unemployment rate peaked at 10.0 percent in 

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

above the May 2007 low of 4.4 percent. Over the next 3 

years, the unemployment rate trended lower, reaching 7.8 

percent in September 2012 before edging back up to 7.9 

percent in October 2012. Broader measures of 

unemployment have also declined. One such measure that 

includes workers who are underemployed and those who are 

only marginally attached to the labor force (the U-6 

unemployment rate) reached a record high of 17.2 percent in 

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

level of 8.8 percent in December 2007. This measure stood 

at 14.6 percent in October 2012. The percentage of the 

unemployed who have been out of work for 27 weeks or 

more peaked at an all-time high of 45.5 percent in March 

2011. This measure dropped to 40.0 percent in July 2012, its 

lowest level since December 2009, but moved back up to 

40.6 percent as of October 2012. 

Inflation 

Headline inflation has moderated over the past year, and 

although core inflation (excluding food and energy) has 

moved somewhat higher, it is still low by historical 

standards. Headline consumer prices rose 2.0 percent over 

the 12 months ending in September, roughly half of the 3.9 

percent increase during the 12 months through September 

2011. Energy prices were up 2.3 percent in the year through 

September, much slower than the 19.3 percent advance in 

the previous year. Food prices rose 1.6 percent over the year 

through September 2012, considerably less than the 4.7 

percent advance of the previous year. On a 12-month basis, 

core consumer prices (excluding food and energy) rose 2.0 

percent through September 2012, matching the rate a year 

earlier. Labor market slack and the continued low level of 

capacity utilization will likely remain a moderating influence 

on core inflation and wage growth in the foreseeable future. 

 2009 2010 2011 2012 

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

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

Unemployment Rate

(Percent)

Oct. 2012

7.9%
6 PROFILE OF THE ECONOMY 

December 2012 

Energy prices have fluctuated notably during 2012. Early 

in the year, energy prices rose sharply on concerns about the 

impact of U.S. and E.U. sanctions on Iran, as well as supply 

concerns in other countries. Prices subsequently eased in the 

spring on perceptions of slowing U.S. and global growth, but 

started trending higher again in July, partly in the wake of 

tougher sanctions on Iran. From an average of $86 per barrel 

in October 2011, the front-month futures price of West 

Texas Intermediate (WTI) crude oil climbed to nearly $110 

per barrel in February 2012, then declined to $78 per barrel 

in late June. As of October 2012, the price averaged $90 per 

barrel. The retail price of regular gasoline was $3.57 per 

gallon in the week ended October 29, 2012, up 12 cents from 

a year ago. Prices for crude oil and gasoline remained below 

the all-time highs reached in July 2008, of $147 per barrel 

and $4.11 per gallon, respectively. 

Federal Budget and Debt 

The federal budget deficit narrowed to $1.1 trillion in 

fiscal year 2012, dropping sharply as a percentage of GDP to 

7.0 percent from 8.7 percent in fiscal year 2011. The deficit 

has declined by more than 3 percentage points as a share of 

the economy from a peak of 10.1 percent in fiscal year 2009. 

The Administration’s Fiscal Year 2013 Budget proposal 

would cut the deficit to less than 3 percent of GDP by fiscal 

year 2018, and put the debt-to-GDP ratio on a declining 

path. The primary deficit—receipts less outlays, excluding 

net interest—would reach balance in fiscal year 2018, at 

which point spending would no longer add to the national 

debt. 

Economic Policy 

Key fiscal and monetary policy actions taken over the 

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

side, the ARRA authorized the Federal Government to spend 

$787 billion to stimulate domestic demand, an amount that 

was increased by $840 billion to be consistent with the 

President’s Fiscal Year 2012 Budget. This spending has 

provided an important boost to economic activity, but the 

Administration also proposed and implemented a variety of 

additional programs to maintain the recovery’s momentum. 

These included an extension and expansion of the first-time 

home buyer tax credit, a new Small Business Jobs and 

Wages Tax Credit, and additional financial support for State 

and local Governments. In December 2010, the 2010 Tax 

Relief Act authorized a 2 percent payroll tax cut, extensions 

of unemployment benefits and refundable tax credits, and a 

2-year extension of the 2001 tax cuts. In late December 

2011, the 2 percentage point employee payroll tax cut, and 

extended unemployment benefits included in the 2010 tax 

legislation, were each extended for 2 additional months. In 

late February 2012, the extension of the payroll tax cut and 

extended unemployment benefits for the remainder of 2012 

were signed into law. 

Putting federal finances on a more sustainable course, 

and in a way that supports growth and creates jobs in the 

near term, is important to maintaining the recovery and 

ensuring stronger growth over the long term. In the Fiscal 

Year 2013 Budget, the Administration proposed more than 

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

initiatives. 

Partly in response to rising financial market stress, as 

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

Federal Reserve began easing monetary policy in September 

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

funds target interest rate dramatically, reducing it to a 

historically low target range of 0 percent to 0.25 percent at 

the December 2008 FOMC meeting. Beginning with the 

August 2011 meeting, the FOMC also began identifying an 

expected timeframe for maintaining the Federal funds rate 

target at “exceptionally low levels.” Initially put at mid2013, the timeframe was extended to “at least late 2014” at 

the January 2012 FOMC meeting, and then to “at least mid2015” at the September 2012 meeting. The target range and 

timeframe were maintained at the FOMC’s most recent 

meeting in October 2012. 

In addition to lowering the federal funds rate target in 

late 2008, the Federal Reserve significantly expanded its 

tools to increase liquidity in credit markets, and eased 

lending terms to sectors in need of liquidity, including a 

variety of facilities and funds directed at specific financial 

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

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

Reserve announced it would maintain its holdings of 

securities at current levels by reinvesting principal payments 

from agency debt and agency mortgage-backed securities in 

longer-term Treasury securities, and continue rolling over 

the Federal Reserve’s holdings of Treasury securities as they 

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

purchases of $600 billion of longer-term Treasury securities. 
PROFILE OF THE ECONOMY 7 

December 2012 

At the September 2011 meeting, the FOMC announced it 

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

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

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

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

announced the reinvestment of principal payments from its 

holdings of agency debt and agency mortgage-backed 

securities into the latter securities. At the June 2012 meeting, 

the FOMC extended and expanded its program to extend the 

average maturity of its holdings (the so-called “twist” 

operation announced in September 2011). At the September 

2012 meeting, the FOMC announced it would increase 

monetary accommodation through $40 billion per month in 

additional purchases of mortgage-backed securities through 

the end of the year. 

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008, but 

came under renewed pressure last year as investors 

expressed concerns about slowing economic growth in the 

United States as well as globally, and about strains in debt 

markets in Europe. These concerns have persisted in 2012, 

although financial conditions continue to improve. Credit 

flows have increased substantially since early 2009, 

although credit conditions in some markets remain relatively 

tight. Bank lending conditions have eased in standards and 

terms, and demand for business, mortgage, and consumer 

loans has increased. Demand for residential loans increased 

sharply earlier in 2012, and remains fairly strong, along with 

demand for mortgage refinancing, in response to record-low 

mortgage rates. After some deterioration in the summer of 

2011, measures of risk tolerance and volatility have 

stabilized or improved. 

After plunging 38.5 percent in 2008, the sharpest loss 

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

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

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

in 2011. However, thus far in 2012, the S&P is up about 10 

percent and has risen by almost 26 percent from the early 

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

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

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

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

year. The VIX retreated fairly steadily during 2009, ending 

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

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

level again in early October 2011. Since the most recent 

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

of early November. 

A variety of factors have buffeted long-term Treasury 

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

a variety of specific risk events, as well as supply concerns 

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

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

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

ongoing concerns about European debt markets and debt 

downgrades in some European countries. The yield on the 

10-year note traded above the 3 percent level during the first 

half of 2011, but has since trended lower, reaching a record 

low of 1.43 percent in late July 2012. As of early November, 

the yield was 1.6 percent. The 3-month Treasury bill yield 

fluctuated in a range from about 0.05 percent to 0.17 percent 

for much of 2011 but, between August 2011 and January 

2012, the yield fluctuated in a range of 0.0 percent to 0.02 

percent. Since then, the yield has fluctuated around 0.1 

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

Treasury yield spread, one measure of the steepness of the 

yield curve, widened to 291 basis points in early February 
8 PROFILE OF THE ECONOMY 

December 2012 

2011, but has since trended noticeably lower, and stood at 

about 134 basis points as of early November 2012. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

(LIBOR) and the 3-month Treasury bill rate (the TED 

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

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

October 2008. However, improvements in short-term credit 

availability have led to a narrowing of this spread. Through 

early August 2011, the TED spread fluctuated in a range 

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

widened, reaching almost 60 basis points earlier this year, 

before narrowing again to 20 basis points in early 

November. The spread between the Baa corporate bond 

yield and the 10-year Treasury yield peaked at nearly 620 

basis points in December 2008. After narrowing on trend in 

the intervening years, and trading below 300 basis points for 

much of 2011, it widened above that level again in early 

August 2011 to about 340 basis points. The spread remained 

above 300 basis points for much of 2012, but narrowed late 

in the year to 280 basis points as of early November, still 

very high by historical standards. 

Rates for conforming mortgages have trended lower in 

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

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

record low of 3.54 percent in late September 2012; as of 

early November, the rate had edged up to 3.61 percent. 

Foreign Exchange Rates 

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) has depreciated significantly from 

its peak in February 2002. For example, between February 

2002 and July 2009, the exchange value of the dollar 

compared to an index of these currencies fell by about 32 

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

2012), the dollar has appreciated by 0.7 percent against this 

index. Over the longer timeframe, the dollar depreciated by 

nearly 30 percent against the yen and by 38 percent against 

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

3.3 percent against the yen and has appreciated by 7.1 

percent against the euro. Against an index of currencies of 

19 other important trading partners (including China, India, 

and Mexico), the dollar depreciated 2 percent over the 

longer timeframe, and has depreciated 0.3 percent against 

this basket over the past 2 years. 
December 2012 

9

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

December 2012 

10 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

 Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source 

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

Fourth-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the fourth quarter of fiscal 

year 2012 supplements fiscal data reported in the 

September issue of the “Treasury Bulletin.” At the 

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

available to adequately analyze collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $291.7 billion for the fourth 

quarter of fiscal year 2012. This is an increase of $15.2 

billion over the comparable prior year quarter. Withheld 

receipts increased by $9.8 billion and non-withheld receipts 

increased by $3.3 billion during this period. Refunds 

decreased by $2.1 billion over the comparable fiscal year 

2011 quarter. There was an increase of $0.2 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2011. 

Corporate income taxes—Net corporate income tax 

receipts were $66.4 billion for the fourth quarter of fiscal 

year 2012. This is an increase of $19.6 billion compared to 

the prior year fourth quarter. The $19.6 billion change is 

comprised of an increase of $18.1 billion in estimated and 

final payments and a decrease of $1.4 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal year 2012 were $184.6 billion, an increase of $4.4 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $2.5 billion, $0.4 billion, and $1.4 billion 

respectively. There was a $0.1 billion accounting adjustment 

for prior years employment tax liabilities made in the fourth 

quarter of fiscal year 2012, while there was a $0.3 billion 

adjustment in the fourth quarter of fiscal year 2011. 

Unemployment insurance—Unemployment insurance 

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

2012 were $16.0 billion, an increase of $4.5 billion over the 

comparable quarter of fiscal year 2011. Net State taxes 

deposited in the U.S. Treasury increased by $4.7 billion to 

$15.2 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.2 billion to $0.8 billion. 
FEDERAL FISCAL OPERATIONS 

December 2012 

11

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $0.9 billion for the 

fourth quarter of fiscal year 2012. This was a negligible 

change from the comparable quarter of fiscal year 2011. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2012 were $23.3 billion, an increase of 

$2.1 billion over the comparable prior year quarter. Total 

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

decrease of $0.4 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $3.5 billion for the fourth quarter of fiscal year 2012. 

These receipts represent an increase of $2.9 billion over the 

same quarter in fiscal year 2011. 

Customs duties—Customs duties net of refunds were 

$8.4 billion for the fourth quarter of fiscal year 2012. This is 

an increase of $0.1 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2012 were $30.1 billion, 

an increase of $7.8 billion over the comparable prior year 

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

Federal Reserve banks increasing by $4.3 billion. 

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

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

 Fourth quarter

 July - Sept. Fiscal year 2012 

Total on- and off-budget results: 

Total receipts ............................................................... 625,011 2,449,092

On-budget receipts .................................................. 489,674 1,879,592

Off-budget receipts .................................................. 135,337 569,500

Total outlays................................................................. 810,129 3,538,447

On-budget outlays.................................................... 650,052 3,030,856

Off-budget outlays.................................................... 160,077 507,589

Total surplus or deficit (-)............................................. -185,117 -1,089,353

On-budget surplus or deficit (-)................................ -160,378 -1,151,263

Off-budget surplus or deficit (-)................................ -24,739 61,913

Means of financing: 

Borrowing from the public ............................................ 229,772 1,152,248

Reduction of operating cash........................................ 5,974 -27,356

Other means ................................................................ -50,627 -35,540

Total on- and off-budget financing........................... 185,117 1,089,353

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

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

Source July Aug. Sept. 

Individual income taxes ...................................................... 87.7 87.2 116.8

Corporate income taxes ..................................................... 6.5 3.8 56.0

Employment and general retirement .................................. 58.3 59.6 66.8

Unemployment insurance .................................................. 9.1 6.4 0.5

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

Excise taxes ....................................................................... 7.1 6.6 9.6

Estate and gift taxes .......................................................... 1.0 1.5 0.9

Customs duties .................................................................. 2.9 2.8 2.7

Miscellaneous receipts ....................................................... 11.7 10.5 7.9

Total budget receipts ..................................................... 184.6 178.9 261.6

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

December 2012 

12 
FEDERAL FISCAL OPERATIONS 

December 2012 

13

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Means of 

financing 

– net transactions 

Borrowing from 

the public– 

Federal securities 

Public debt 

securities 

(10) 

Fiscal year 

or month 

Total receipts 

 (1) 

 On-budget

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

 

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

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

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

2011 ............................ 2,302,495 1,736,709 565,787 3,598,086 3,099,477 498,609 -1,295,591 -1,362,769 67,179 1,234,576

2012 ............................ 2,449,092 1,879,592 569,500 3,538,447 3,030,856 507,589 -1,089,353 -1,151,263 61,913 1,286,476 2012 - Est.................... 2,441,851 1,870,262 571,589 3,652,596 3,147,285 505,311 -1,210,745 -1,277,023 66,278 1,442,161

2013 - Est.................... 2,763,612 2,090,539 673,073 3,754,169 3,122,304 631,865 -990,557 -1,031,765 41,208 1,275,400 2011 - Sept.................. 240,153 192,532 47,622 301,699 250,124 51,575 -61,546 -57,593 -3,953 108,016

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

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

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

2012 - Jan ................... 234,319 178,871 55,448 261,726 217,653 44,073 -27,407 -38,782 11,375 133,900

Feb .................. 103,413 57,954 45,459 335,090 281,056 54,034 -231,677 -223,102 -8,575 132,323

Mar .................. 171,215 119,308 51,906 369,372 315,494 53,878 -198,157 -196,185 -1,971 92,883

Apr................... 318,807 258,106 60,701 259,690 215,365 44,325 59,117 42,741 16,376 110,685

May.................. 180,713 134,391 46,322 305,348 251,615 53,733 -124,636 -117,224 -7,411 78,247

June................. 260,177 205,262 54,916 319,919 317,698 2,221 -59,741 -112,436 52,695 86,220

July .................. 184,585 141,402 43,183 254,190 205,566 48,624 -69,604 -64,163 -5,441 79,736

Aug .................. 178,860 134,871 43,989 369,393 286,947 82,446 -190,533 -152,076 -38,457 83,090

Sept................. 261,566 213,401 48,165 186,546 157,539 29,007 75,020 55,861 19,159 51,297 

Fiscal year 2012 to date ... 2,449,092 1,879,592 569,500 3,538,447 3,030,856 507,589 -1,089,353 -1,151,263 61,913 1,286,478

Means of financing—net transactions, con.

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

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government 

accounts 

(12) 

Total 

10+11-12

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

 (17) 

 

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

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

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

2011 ...................................... 1,014 125,742 1,109,849 -251,743 -1,535 6,011 9,719 -51,806 - 1,295,591

2012 ...................................... -589 133,641 1,152,249 27,356 -643 5,955 819 -29,408 - 1,089,353 2012 - Est.............................. 645 157,259 1,285,547 1,910 * * * -72,892 * 1,210,745

2013 - Est.............................. 310 117,602 1,158,108 - * * * -167,551 * 990,557 2011 - Sept ........................... -517 3,248 104,251 13,601 -1,708 2,088 -594 -29,318 - 61,546

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

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

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

2012 - Jan ............................. -670 8,507 124,724 72,859 566 r -120 284 -23,728 - 27,407

Feb ............................ 22 -18,006 150,351 -96,053 188 r -173 138 -14,574 - 231,677

Mar............................ -188 -30,542 123,237 -19,062 -248 1,121 -16 56,715 - 198,157

Apr............................. 589 41,096 70,178 123,139 51 1,939 125 -4,041 - -59,117

May ........................... -529 -11,904 89,621 -54,251 -1,432 -239 -515 -21,422 - 124,636

June .......................... -25 47,795 38,400 -20,949 261 171 431 1,254 - 59,741

July............................ -27 -1,193 80,903 -935 -330 -24 173 -12,415 - 69,604

Aug............................ -346 -68,003 150,747 -60,364 499 952 126 -19,001 - 190,533

Sept........................... 298 53,472 -1,878 55,325 723 442 -57 -16,709 - -75,020 Fiscal year 2012 to date .......... -589 133,641 1,152,249 27,356 -643 5,955 819 -29,408 - 1,089,353 

 

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

released by the Office of Management and Budget on February 13, 2012. 

* Less than $500,000. 

- No transactions. 

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

December 2012 

14 

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

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

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds

 (10) 

 Net 

 (11) 

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

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

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

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

2012 .................. 1,018,104 352,355 238,251 1,132,207 281,841 39,552 242,290 1,374,497 772,948 2,305 770,643 

2012 - Est.......... 1,126,151 - - 1,126,151 250,795 - 250,795 1,376,946 773,008 - 773,008

2013 - Est.......... 1,291,775 - - 1,291,775 294,102 - 294,102 1,585,877 880,213 - 880,213

 

2011 - Sept........ 72,449 46,108 4,176 114,381 42,176 3,269 38,908 153,289 67,394 2,094 65,300

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

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

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

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

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

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

Apr......... 83,355 145,631 50,421 178,565 32,732 4,950 27,782 206,347 82,059 - 82,059

May........ 80,698 6,529 18,653 68,574 8,293 1,557 6,736 75,310 61,437 - 61,437

June....... 70,886 43,322 5,018 109,189 58,278 1,403 56,875 166,064 73,810 - 73,810

July ........ 85,277 5,639 3,215 87,701 8,789 2,278 6,511 94,212 57,857 - 57,857

Aug ........ 85,269 5,590 3,612 87,247 5,469 1,637 3,832 91,079 59,010 - 59,010

Sept....... 70,012 49,664 2,889 116,787 58,355 2,338 56,017 172,804 68,716 2,305 66,411

 

Fiscal year 2012 

 to date................ 1,018,104 352,355 238,251 1,132,207 281,841 39,552 242,290 1,374,497 772,948 2,305 770,643

 

Fiscal year 

or month 

Social insurance and retirement receipts, con.

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

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un-

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

 

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

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

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

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

2012 ............................ 4,289 6 4,283 774,926 66,747 99 66,647 3,712 30 3,739

 

2012 - Est.................... 4,147 - 4,147 777,155 57,608 - 57,608 4,315 23 4,338

2013 - Est.................... 4,702 - 4,702 884,915 57,039 - 57,039 5,170 20 5,190

 2011 - Sept ................. 342 * 342 65,642 745 6 739 367 3 370

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

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

Dec.................. 336 * 335 54,692 3,717 7 3,711 316 3 318

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

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

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

Apr................... 393 * 393 82,451 8,822 21 8,801 286 2 288

May ................. 360 4 356 61,792 20,404 10 20,393 349 3 351

June ................ -121 * -121 73,689 1,356 15 1,341 287 2 289

July.................. 422 1 421 58,278 9,112 13 9,099 282 2 284

Aug.................. 578 * 578 59,588 6,459 11 6,448 350 3 353

Sept................. 358 * 358 66,770 513 10 502 288 2 290

Fiscal year 2012 to date.... 4,289 6 4,283 774,926 66,747 99 66,647 3,712 30 3,739

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2012 

15

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget

(46) 

 

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

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

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

2011 ....................... 72,381 9,079 1,680 7,399 30,697 1,178 29,519 82,546 19,284 101,831 1,736,708 565,787

2012 ....................... 79,062 14,451 477 13,971 32,079 1,774 30,306 81,955 23,991 105,943 1,879,592 569,500 2012 - Est............... 78,657 12,770 - 12,770 30,378 - 30,378 79,580 24,419 103,999 1,870,262 571,589

2013 - Est............... 85,616 13,199 - 13,199 33,000 - 33,000 77,811 20,965 98,776 2,090,539 673,073 2011 - Sept ............ 10,095 271 26 245 2,972 101 2,871 5,188 1,715 6,903 192,532 47,622

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

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

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

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

Feb ............. 4,907 1,299 21 1,278 2,435 97 2,339 6,715 1,544 8,259 57,954 45,459

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

Apr.............. 7,424 2,581 23 2,558 2,719 103 2,616 6,272 2,051 8,322 258,106 60,701

May ............ 6,275 999 66 932 2,327 129 2,199 10,700 2,760 13,459 134,391 46,322

June ........... 7,235 912 52 860 2,589 92 2,497 6,857 1,346 8,202 205,262 54,916

July............. 7,063 1,071 60 1,011 3,041 127 2,913 6,386 5,339 11,725 141,402 43,183

Aug............. 6,645 1,545 38 1,506 2,884 104 2,780 8,863 1,596 10,460 134,871 43,989

Sept............ 9,641 997 50 947 2,814 77 2,737 6,697 1,178 7,874 213,401 48,165 Fiscal year 2012 

 to date ....................... 79,062 14,451 477 13,971 32,079 1,774 30,306 81,955 23,991 105,943 1,879,592 569,500 

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

by the Office of Management and Budget on February 13, 2012. 

* Less than $500,000. 

- No transactions. 

Detail may not add to totals due to rounding. 

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

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

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net 

 (34) 

 

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

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

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

2011.............................. 818,807 11,551 18 11,532 623 - 623 36,907 - 36,907 27,510 4,191 23,320

2012.............................. 845,312 12,184 23 12,161 664 - 664 41,159 - 41,159 29,551 4,476 25,076 2012 - Est ..................... 839,101 11,937 - 11,937 602 - 602 38,197 - 38,197 27,921 - 27,921

2013 - Est ..................... 947,144 13,044 - 13,044 593 - 593 38,767 - 38,767 33,212 - 33,212 2011 - Sept ................... 66,751 1,429 3 1,426 86 - 86 5,364 - 5,364 3,828 610 3,218

Oct .................... 57,566 256 - 256 14 - 14 815 - 815 3,926 142 3,784

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

Dec.................... 58,721 1,034 - 1,034 55 - 55 3,655 - 3,655 1,660 183 1,477

2012 - Jan..................... 79,282 870 - 870 47 - 47 3,070 - 3,070 1,947 164 1,783

Feb.................... 64,766 1,312 8 1,304 71 - 71 4,368 - 4,368 516 1,353 -837

Mar.................... 70,244 1,032 - 1,032 58 - 58 3,136 - 3,136 2,260 184 2,076

Apr .................... 91,540 1,089 - 1,089 62 - 62 3,299 - 3,299 3,052 78 2,974

May ................... 82,536 1,307 4 1,303 61 - 61 3,790 - 3,790 1,646 525 1,121

June .................. 75,319 1,139 - 1,139 50 - 50 2,143 - 2,143 4,075 172 3,904

July.................... 67,661 1,147 - 1,147 53 - 53 3,321 - 3,321 2,687 146 2,541

Aug.................... 66,389 912 8 904 31 - 31 3,188 - 3,188 3,357 835 2,522

Sept................... 67,562 1,004 3 1,001 104 - 104 6,549 - 6,549 2,462 475 1,987 Fiscal year 2012 to date.... 845,312 12,184 23 12,161 664 - 664 41,159 - 41,159 29,551 4,476 25,076 
FEDERAL FISCAL OPERATIONS 

December 2012 

16 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

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

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

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

2011 ....................... 4,583 7,295 139,394 9,930 678,077 64,271 31,371 891,245 45,744 57,008 13,529 30,518 131,973

2012 ....................... 4,438 7,228 139,712 10,267 650,869 57,248 32,485 848,055 47,423 49,591 12,886 31,161 104,742 2012 - Est............... 5,253 7,581 147,437 11,340 660,511 63,278 35,399 864,994 52,072 51,435 11,344 34,167 110,591

2013 - Est............... 4,903 7,717 153,541 10,158 647,278 105,153 34,725 921,063 55,880 46,249 13,577 36,430 86,051 2011 - Sept............. 356 807 11,091 671 63,208 3,731 1,228 85,476 4,886 3,281 1,235 2,409 9,359

Oct.............. 413 580 18,001 899 58,055 4,075 2,983 53,149 5,002 3,921 1,019 3,049 7,089

Nov ............. 394 556 11,097 931 53,132 6,628 2,835 71,949 4,578 4,089 1,213 2,562 10,150

Dec ............. 384 567 13,979 940 61,084 6,438 3,233 70,259 4,754 4,180 1,013 2,587 9,942

2012 - Jan .............. 366 572 13,496 811 47,420 367 2,593 63,424 3,397 3,626 939 2,463 10,321

Feb ............. 368 561 10,684 989 52,093 10,108 2,677 70,599 3,236 3,867 995 2,379 9,527

Mar ............. 378 743 10,551 938 63,656 7,279 2,367 89,610 4,244 3,698 1,017 2,267 9,152

Apr.............. 390 537 11,198 909 43,892 1,899 2,533 55,399 3,942 3,480 861 3,115 8,695

May............. 345 590 10,319 817 54,675 5,584 2,981 78,117 3,325 2,559 1,018 3,183 8,978

June............ 375 588 10,678 759 56,341 -3,130 2,688 93,722 3,744 3,771 1,337 2,473 8,032

July ............. 348 595 10,077 792 49,282 6,354 2,467 54,413 3,576 791 1,016 1,628 8,292

Aug ............. 337 761 9,728 724 61,545 7,574 2,279 92,829 4,134 12,825 963 2,521 8,136

Sept ............ 340 578 9,904 758 49,694 4,072 2,849 54,585 3,491 2,784 1,495 2,934 6,428 

Fiscal year 2012 

 to date ...................... 4,438 7,228 139,712 10,267 650,869 57,248 32,485 848,055 47,423 49,591 12,886 31,161 104,742

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense,

civil 

programs

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

of the 

President 

(22) 

General 

Services 

Administration

(23) 

International 

Assistance 

Program

(24) 

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

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

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

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

2012 ....................... 26,948 75,148 359,240 105,456 124,127 7,777 77,316 12,794 405 1,754 20,060 

2012 - Est............... 27,218 81,351 440,561 115,389 127,570 8,958 52,088 12,156 406 1,609 23,420

2013 - Est............... 31,942 100,357 445,729 76,631 140,150 7,009 57,266 8,937 405 844 25,794 

2011 - Sept ............ 3,415 8,066 19,883 -19,986 15,728 701 8,749 989 54 202 2,143

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

Nov............. 2,550 6,534 21,709 3,155 9,985 719 4,829 948 27 66 2,501

Dec............. 2,798 6,921 98,114 13,434 14,528 844 9,356 927 31 277 2,380

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

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

Mar............. 1,774 5,346 24,683 34,901 18,120 682 8,706 894 38 160 1,002

Apr.............. r 1,870 5,653 30,121 10,744 5,850 553 -966 894 28 -63 2,575

May ............ 2,199 r 6,186 30,507 5,468 10,772 730 4,023 881 47 356 r 2,110

June ........... r 2,032 6,801 103,887 -563 14,592 581 8,783 878 32 64 r 2,220

July............. 2,934 6,636 -52,817 3,945 5,646 631 26,798 874 30 148 1,372

Aug............. 1,628 5,782 20,045 3,550 16,750 607 8,967 3,318 45 457 306

Sept............ 3,724 8,203 16,700 -30,129 5,928 554 1,202 955 32 120 1 Fiscal year 2012 

 to date...................... 26,948 75,148 359,240 105,456 124,127 7,777 77,316 12,794 405 1,754 20,060 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

December 2012 

17

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

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

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget

 (36) 

 

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

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

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

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

2012 .................. 17,190 7,255 79,456 2,937 821,145 34,007 -83,938 -127,142 -6,606 -12,993 3,030,856 507,589

 

2012 - Est.......... 17,815 7,821 87,975 3,157 822,407 43,413 -86,492 -177,701 -7,967 -3,960 3,147,285 505,311

2013 - Est.......... 17,651 7,988 92,827 1,382 873,357 5,342 -83,969 -168,593 -6,787 -2,818 3,122,304 631,865

 

2011 - Sept ....... 1,747 702 6,121 98 69,546 2,438 -5,427 -319 -568 -323 250,124 51,575

Oct......... 1,168 610 6,972 113 61,488 7,851 -21,363 -3,615 -370 - 214,770 46,768

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

Dec........ 1,735 569 5,964 95 70,359 5,097 -6,635 -80,226 3 - 328,868 -2,939

2012 - Jan ......... 974 564 6,946 101 64,416 3,239 -5,420 -1,058 -1,178 - 217,653 44,073

Feb ........ 1,277 513 6,524 82 68,347 2,631 -5,398 157 -630 - 281,056 54,034

Mar........ 1,349 574 6,474 1,888 73,332 2,684 -5,703 -1,214 -176 -2,041 315,494 53,878

Apr......... 1,227 524 7,272 116 65,102 2,504 -5,646 -4,412 -1,109 - 215,365 44,325

May ....... 1,338 552 6,381 72 69,270 2,784 -5,754 -2,706 -401 -1,956 251,615 53,733

June ...... 1,468 668 6,168 83 78,205 -409 -5,661 -81,137 -153 - 317,698 2,221

July........ 1,995 698 7,078 89 65,384 1,704 -5,439 47,928 -1,076 - 205,566 48,624

Aug........ 1,477 815 6,326 107 100,439 3,189 -5,650 -770 -396 -1,956 286,947 82,446

Sept....... 1,659 631 7,310 87 39,304 3,206 -5,750 422 -484 -7,040 157,539 29,007

 Fiscal year 2012 

to date ................ 17,190 7,255 79,456 2,937 821,145 34,007 -83,938 -127,142 -6,606 -12,993 3,030,856 507,589 

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

released by the Office of Management and Budget on February 13, 2012. 

* Less than $500,000. 

- No transactions. 

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

December 2012 

18 

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

September 2012 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 1,132,168 37 - 1,132,206 1,091,433 40 - 1,091,473

Corporation income taxes........................................... 242,289 - * 242,289 181,085 - * 181,085

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 569,501 569,501 - - 565,787 565,787

Employment and general retirement (on-budget)... - - 203,661 205,426 - - 192,728 192,728

Unemployment insurance ....................................... - - 66,647 66,647 - - 56,241 56,241

Other retirement...................................................... - - 3,739 3,739 - - 4,036 4,036

Excise taxes ................................................................ 21,367 997 56,697 79,061 18,011 893 53,477 72,381

Estate and gift taxes ................................................... 13,973 - - 13,973 7,399 - - 7,399

Customs duties ........................................................... 19,464 9,232 1,611 30,307 18,221 9,760 1,537 29,519

Miscellaneous receipts................................................ 85,075 29,175 2,537 105,943 85,747 15,269 830 101,846

Total receipts....................................................... 1,514,337 39,441 904,394 2,449,093 1,401,897 25,962 874,635 2,302,495

(On-budget)..................................................... 1,514,337 39,441 334,893 1,879,592 1,401,897 25,962 308,848 1,736,708

(Off-budget)..................................................... - - 569,501 569,501 - - 565,787 565,787

 

Budget outlays: 

Legislative branch ....................................................... 4,536 -99 * 4,437 4,626 -39 -4 4,583

Judicial branch ............................................................ 6,907 353 -32 7,228 7,025 282 -12 7,295

Department of Agriculture ........................................... 128,024 10,609 1,081 139,714 124,449 14,012 937 139,399

Department of Commerce........................................... 10,115 157 -1 10,271 9,644 285 1 9,930

Department of Defense-military .................................. 645,673 5,012 185 650,869 676,253 1,685 136 678,073

Department of Education ............................................ 56,913 336 1 57,249 65,089 396 1 65,486

Department of Energy................................................. 34,051 -1,567 * 32,485 32,954 -1,582 * 31,372

Department of Health and Human Services ............... 607,717 -236 240,572 848,054 647,570 -75 243,749 891,244

Department of Homeland Security.............................. 49,679 -2,754 499 47,423 48,956 -3,479 267 45,744

Department of Housing and Urban Development....... 50,704 -1,113 1 49,592 58,252 -1,240 -7 57,005

Department of the Interior........................................... 12,773 -325 441 12,889 13,198 -140 470 13,529

Department of Justice ................................................. 27,836 3,323 1 31,159 28,370 2,163 -15 30,518

Department of Labor................................................... 59,312 -289 45,719 104,743 64,416 -1,085 68,642 131,973

Department of State.................................................... 26,485 -79 540 26,946 23,980 -100 475 24,355

Department of Transportation..................................... 16,946 -221 58,423 75,148 22,032 -112 55,382 77,302

Department of the Treasury: 

Interest on the public debt....................................... 359,241 - - 359,241 454,015 - - 454,015

Other ....................................................................... 104,943 693 -179 105,456 84,624 136 -73 84,687

Department of Veterans Affairs .................................. 125,855 -2,762 1,033 124,126 128,724 -2,864 1,058 126,917

Corps of Engineers ..................................................... 6,825 -135 1,088 7,778 9,274 16 848 10,138

Other defense civil programs...................................... 71,624 21,389 -15,699 77,314 71,309 -10,204 -6,330 54,775

Environmental Protection Agency............................... 9,946 -25 2,875 12,796 10,367 -13 416 10,770

Executive Office of the President................................ 403 * * 403 484 * * 484

General Services Administration ................................ 31 1,723 - 1,754 195 1,695 * 1,889

International Assistance Program............................... 21,391 -881 -450 20,060 22,367 -823 -964 20,580

National Aeronautics and Space Administration ........ 17,275 -86 2 17,190 17,612 4 2 17,617

National Science Foundation...................................... 7,143 109 4 7,256 7,050 115 -18 7,146

Office of Personnel Management ............................... 43,927 -1,785 37,314 79,456 41,519 -1,605 34,177 74,091

Small Business Administration ................................... 2,954 -18 * 2,936 6,173 -11 * 6,162

Social Security Administration .................................... 188,232 9 632,904 821,144 155,305 10 628,879 784,194

Other independent agencies....................................... 10,929 18,307 4,771 34,006 10,680 1,010 2,806 14,496

Undistributed offsetting receipts: 

Interest .................................................................... - - -127,142 -127,142 - - -188,017 -188,017

Other ....................................................................... -18,549 -12,192 -72,794 -103,535 -7,730 -12,373 -68,366 -88,468

Total outlays........................................................ 2,689,839 37,450 811,156 3,538,446 2,838,781 -13,934 774,439 3,599,285

(On-budget)..................................................... 2,689,583 35,036 306,236 3,030,856 2,838,522 -14,485 276,639 3,100,677

(Off-budget)..................................................... 256 2,415 504,920 507,590 259 550 497,799 498,609

Surplus or deficit (-)............................................. -1,175,503 1,991 93,238 -1,089,353 -1,436,883 39,896 100,197 -1,296,791

(On-budget)..................................................... -1,175,247 4,405 28,656 -1,151,264 -1,436,625 40,446 32,209 -1,363,969

(Off-budget)..................................................... -256 -2,415 64,581 61,911 -259 -550 67,988 67,179

- No transactions. 

* Less than $500,000. 

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

December 2012 

19

TABLE FFO-5.—Internal Revenue Receipts by State, 2012 

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

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1 

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

United States, total 5 ................... 2,524,320,134 281,461,580 2,172,233,368 1,766,707,459 377,159,655

Alabama ........................................ 20,882,949 1,102,865 19,500,672 15,935,745 3,421,392

Alaska ............................................ 4,898,780 191,060 4,640,174 3,627,784 973,966

Arizona .......................................... 34,850,436 3,408,925 29,968,613 24,120,520 5,591,095

Arkansas ....................................... 25,299,832 6,304,626 18,266,603 15,850,140 2,220,259

California ....................................... 292,563,574 37,181,407 249,275,399 193,489,939 53,847,867

Colorado ........................................ 41,252,701 3,968,517 36,113,422 28,746,005 7,133,914

Connecticut ................................... 47,262,702 5,431,458 40,875,490 31,136,220 8,605,180

Delaware ....................................... 21,835,412 7,087,549 14,602,084 11,843,079 814,550

District of Columbia ....................... 20,747,652 392,793 20,139,227 18,071,586 1,593,094

Florida ........................................... 122,249,635 6,609,351 113,188,889 84,625,661 26,693,831

Georgia .......................................... 65,498,308 8,417,016 53,987,301 45,451,090 8,086,767

Hawaii ............................................ 6,511,578 398,720 5,922,132 4,589,302 1,277,012

Idaho ............................................. 7,622,490 367,921 7,169,783 5,809,947 1,319,463

Illinois ............................................ 124,431,227 17,337,038 103,654,375 85,477,425 16,230,568

Indiana ........................................... 51,238,512 3,228,361 47,141,859 41,729,217 5,067,980

Iowa ............................................... 18,753,596 1,315,070 17,210,796 13,910,218 3,187,146

Kansas .......................................... 21,904,615 1,980,014 18,510,512 14,674,643 3,418,050

Kentucky........................................ 25,085,813 1,764,142 22,986,776 20,052,678 2,784,643

Louisiana ....................................... 34,811,072 1,102,737 33,187,181 28,255,085 4,763,369

Maine ............................................. 6,229,189 509,393 5,542,557 4,483,737 1,016,109

Maryland........................................ 48,107,002 2,626,431 45,186,159 37,173,605 7,554,523

Massachusetts .............................. 79,826,976 5,278,522 73,152,183 59,987,166 12,534,384

Michigan ........................................ 59,210,158 3,841,440 54,959,506 46,517,501 7,897,906

Minnesota ...................................... 78,685,402 16,121,685 61,712,466 54,919,714 6,331,399

Mississippi ..................................... 10,458,549 609,194 9,693,914 7,810,953 1,823,016

Missouri ......................................... 48,413,247 6,082,671 40,997,767 35,175,623 5,345,670

Montana ........................................ 4,383,727 156,415 4,147,270 3,017,178 1,083,764

Nebraska ....................................... 19,795,254 6,149,516 13,470,845 10,247,833 2,099,807

Nevada .......................................... 13,727,425 757,762 12,737,643 8,957,421 3,453,760

New Hampshire ............................. 8,807,691 205,260 8,370,452 6,580,896 1,584,502

New Jersey ................................... 111,377,490 17,459,934 92,020,482 77,462,391 13,683,777

New Mexico ................................... 7,866,206 150,549 7,494,229 5,866,861 1,553,294

New York ....................................... 201,167,954 21,269,375 176,938,759 139,488,647 35,251,354

North Carolina ............................... 61,600,064 6,411,802 54,747,979 47,172,144 7,226,996

North Dakota ................................. 5,664,860 301,698 5,268,271 3,636,571 1,602,465

Ohio ............................................... 111,094,276 11,604,143 95,611,009 85,125,967 9,664,811

Oklahoma ...................................... 27,087,264 3,982,694 19,789,170 15,019,010 4,234,107

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2012 

20 

TABLE FFO-5.—Internal Revenue Receipts by State, 2012, con. 

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

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

Oregon .......................................... 22,716,602 1,229,807 21,131,294 17,382,843 3,588,784

Pennsylvania ................................. 108,961,515 11,222,657 94,747,441 80,518,489 13,149,361

Rhode Island ................................. 10,992,338 2,327,315 8,607,614 7,411,206 1,080,681

South Carolina .............................. 18,557,166 1,211,525 17,064,717 13,797,123 3,148,055

South Dakota ................................ 5,136,249 235,097 4,840,542 3,129,577 1,288,439

Tennessee .................................... 47,010,303 3,903,991 41,867,521 36,338,757 5,225,000

Texas ............................................. 219,459,878 27,984,282 171,880,172 132,087,011 36,705,817

Utah ............................................... 15,642,129 1,809,517 13,227,408 10,857,887 2,277,488

Vermont ......................................... 3,524,887 255,605 3,236,379 2,530,510 678,201

Virginia .......................................... 64,297,400 9,994,059 53,807,056 43,277,580 9,712,988

Washington ................................... 52,443,862 3,793,982 47,600,345 38,528,725 8,755,981

West Virginia ................................. 6,498,502 315,740 6,082,100 4,807,532 1,233,001

Wisconsin ...................................... 41,498,033 4,641,696 35,757,347 29,932,868 5,380,812

Wyoming ....................................... 3,828,379 175,685 3,495,933 2,197,419 1,202,491

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico ............................... 576,910 1,924 572,069 446,893 122,174

Puerto Rico ................................... 3,067,234 107,880 2,958,142 2,609,051 318,089

International .................................. 8,432,694 1,194,954 6,839,828 3,723,937 3,102,952

Undistributed 6 ............................... 472,435 -52,190 335,511 1,090,549 -782,449

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2012 

21

TABLE FFO-5.—Internal Revenue Receipts by State, 2012, con. 

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

 Individual income and employment taxes-continued

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate

and trust 

income 

taxes 

(8) 

Estate 

taxes 4

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 

(11) 

United States, total 5 ........................ 7,158,984 4,773,045 16,434,225 12,340,655 2,109,594 56,174,937 

Alabama ............................................. 63,566 2,581 77,388 87,910 4,260 187,242 

Alaska ................................................. 12,374 1,605 24,445 16,171 50 51,325 

Arizona ............................................... 111,389 1,425 144,184 126,169 12,195 1,334,534 

Arkansas ............................................ 146,125 2,644 47,435 59,501 22,348 646,754 

California ............................................ 836,886 9,149 1,091,558 2,590,966 288,017 3,227,785 

Colorado ............................................. 92,870 12,522 128,111 109,494 61,114 1,000,154 

Connecticut ........................................ 88,856 4,540 1,040,694 183,075 82,101 690,578 

Delaware ............................................ 33,191 185 1,911,079 74,235 4,988 66,556 

District of Columbia ............................ 14,703 428,574 31,270 175,515 16,678 23,439 

Florida ................................................ 446,057 708,670 714,670 1,328,691 216,113 906,591 

Georgia ............................................... 249,359 1,745 198,340 302,396 35,593 2,756,002 

Hawaii ................................................. 17,187 - 38,631 29,547 9,057 152,122 

Idaho .................................................. 24,307 901 15,165 45,154 4,624 35,008 

Illinois ................................................. 348,382 199,896 1,398,104 629,052 49,208 2,761,554 

Indiana ................................................ 164,716 30,117 149,829 88,916 10,218 769,158 

Iowa .................................................... 49,411 5,128 58,893 53,897 3,537 170,296 

Kansas ............................................... 63,959 282,766 71,094 54,430 7,443 1,352,216 

Kentucky............................................. 87,766 10,091 51,598 82,498 11,470 240,927 

Louisiana ............................................ 67,142 3,924 97,661 143,915 10,435 366,804 

Maine .................................................. 17,205 2,532 22,974 33,137 3,505 140,597 

Maryland............................................. 102,486 12,914 342,631 161,783 72,073 60,556 

Massachusetts ................................... 159,330 57,442 413,861 252,550 69,310 1,074,411 

Michigan ............................................. 313,303 57,912 172,884 178,349 41,323 189,540 

Minnesota ........................................... 213,815 91,354 156,184 148,381 29,765 673,105 

Mississippi .......................................... 30,889 1,020 28,036 30,926 2,542 121,973 

Missouri .............................................. 157,726 70,306 248,442 202,455 60,308 1,070,046 

Montana ............................................. 13,463 17,946 14,919 21,630 608 57,804 

Nebraska ............................................ 33,141 1,050,719 39,345 62,375 8,777 103,741 

Nevada ............................................... 56,429 85 269,948 81,601 20,496 129,923 

New Hampshire .................................. 21,335 89 183,630 25,291 424 206,264 

New Jersey ........................................ 247,852 126,863 499,599 268,027 69,545 1,559,502 

New Mexico ........................................ 22,504 167 51,403 40,700 6,307 174,421 

New York ............................................ 441,438 310,280 1,447,040 1,366,905 246,247 1,346,668 

North Carolina .................................... 214,228 5,717 128,894 148,714 11,664 279,905 

North Dakota ...................................... 13,378 4,883 10,974 41,437 3,528 49,926 

Ohio .................................................... 323,932 20,802 475,497 359,780 82,730 3,436,614 

Oklahoma ........................................... 63,749 2,241 470,063 92,162 8,403 3,214,835 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2012 

22 

TABLE FFO-5.—Internal Revenue Receipts by State, 2012, con. 

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

 Individual income and employment taxes-continued

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate

and trust 

income 

taxes 

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 

(11) 

Oregon ............................................... 62,875 568 96,224 81,962 17,957 255,582

Pennsylvania ...................................... 331,699 54,268 693,624 385,782 94,034 2,511,601

Rhode Island ...................................... 33,758 8 81,961 40,149 4,933 12,327

South Carolina ................................... 56,146 1,139 62,254 74,159 3,354 203,411

South Dakota ..................................... 12,108 303 410,115 15,662 6,921 38,027

Tennessee ......................................... 162,622 2,136 139,006 88,472 7,874 1,142,445

Texas .................................................. 492,922 686,324 1,908,098 796,227 180,060 18,619,137

Utah .................................................... 48,141 3,923 39,969 44,532 9,724 550,948

Vermont .............................................. 8,825 2,178 16,665 9,449 365 23,089

Virginia ............................................... 184,563 466,496 165,429 258,326 29,370 208,589

Washington ........................................ 147,180 8,275 160,184 116,240 108,833 824,462

West Virginia ...................................... 17,691 397 23,479 25,478 6,304 68,880

Wisconsin ........................................... 161,732 5,516 276,419 521,079 25,949 551,962

Wyoming ............................................ 7,894 628 87,501 76,186 9,013 71,562

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico .................................... 2,117 5 880 - 9 2,908

Puerto Rico ....................................... 30,761 1 240 771 8 433

International ...................................... 6,109 1,122 5,708 43,483 6,960 347,469

Undistributed 3 ................................... 27,392 23 (4) 64,963 10,922 113,229

1 Excludes excise taxes paid to the U.S. Customs Border Protection and the Alcohol and 

Tobacco Tax and Trade Bureau. 

2 Includes taxes on corporation income (Form 1120 series) and unrelated business income 

from tax-exempt organizations (Form 990–T). 

3

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

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

the Federal Insurance Contributions Act or FICA) and taxes on self-employment income 

(under the Self-Employment Insurance Contributions Act or SECA). 

4

 The estate tax was temporarily repealed for decedents who died in Calendar Year 2010. 

However, estate tax returns were filed in Fiscal Year 2010 for decedents who died prior to 

Calendar Year 2010. Legislation enacted in December 2010 clarified the filing requirements 

for the estates of 2010 decedents, creating two options that affect statistics reported for 

Fiscal Year 2011. 

5

 Excludes adjustments and credits to taxpayer accounts. 

6 Includes tax and excess withholding payments not classified by State as of the end of the 

fiscal year because they had not been applied to taxpayer accounts. 

Notes: Partnership and S corporation data are not shown in this table since these entities 

generally do not have a tax liability. Instead, they pass through any profits or losses to the 

underlying owners who include these profits or losses on their income tax returns. 

Collection and refund data may not be comparable for a given fiscal year, 

because payments made in prior years may be refunded in the current fiscal 

year. Adjustments to prior-year refunds made in Fiscal Year 2011 may result in 

negative amounts when such adjustments exceed current-year collections. 

Classification by State is based on the individual's address (or, in the case of 

businesses, the location of the principal office or place of business). However, 

some individuals may use the address of a tax attorney or accountant. Sole 

proprietors, partners in a partnership, or shareholders in an S corporation may 

use their business addresses. Such addresses could have been located in a 

State other than the State in which the individual resided. Similarly, taxes 

withheld reported by employers located near a State boundary might include 

substantial amounts withheld from salaries of employees who reside in a 

neighboring State. Also, while taxes of corporations may be paid from the 

principal office, the operations of these corporations may be located in one or 

more other State(s). 

Detail may not add to totals because of rounding 
FEDERAL FISCAL OPERATIONS 

December 2012

23

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

by Districts and Ports 

[Source: U. S. Customs and Border Protection]

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2012

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2012

 

Headquarters: 

Revenue Division ......................................................... $2,981,939,622.55

 

Portland, Maine: 

Portland, ME .................................. 10101................. 48,357,635.34

Bangor, ME .................................... 10102................. 234,427.01

Eastport, ME .................................. 10103................. 77,163.58

Jackman, ME ................................. 10104................. 589,491.40

Vanceboro, ME .............................. 10105................. 5,295,795.13

Houlton, ME ................................... 10106................. 2,805,513.39

Fort Fairfield, ME............................ 10107................. 29,757.23

Van Buren, ME............................... 10108................. 75,967.75

Madawaska, ME............................. 10109................. 54,666.06

Fort Kent, ME................................. 10110................. 13,337.85

Calais, ME...................................... 10115................. 3,462,629.40

Limestone, ME ............................... 10118................. 7,553.28

Bridgewater, ME............................. 10127................. 16,636.61

Portsmouth, NH.............................. 10131................. 942,017.70

Belfast, ME..................................... 10132................. 1,291,484.11

Searsport, ME ................................ 10152................. 187.50

Manchester Airport, NH ................... 10182................. 218,356.41

Total District ........................................................... 63,472,619.75

 

St. Albans, Vermont: 

St. Albans, VT..................................... 10201................. 875,387.37

Richford, VT ........................................ 10203................. 19,475.78

Beecher Falls, VT ............................... 10206................. 11,147.72

Burlington, VT ..................................... 10207................. 33,502.52

Derby Line, VT.................................... 10209................. 5,234,267.86

Norton, VT........................................... 10211................. 1,011,477.12

Highgate Springs/Alburg, VT ............. 10212................. 43,223,799.40

Total District ........................................................... 50,409,057.77

 

Boston, Massachusetts: 

Boston, MA..................................... 10401................. 238,444,632.01

Springfield, MA............................... 10402................. 14,918.91

Worchester, MA ............................. 10403................. 20,203,021.65

Glouchester, MA ............................ 10404................. 6,276.48

New Bedford, MA........................... 10405................. 8,107,986.12

Salem, MA...................................... 10408................. 8,554,075.48

Bridgeport, CT................................ 10410................. 2,178,759.28

Hartford, CT ................................... 10411................. 7,975,241.87

New Haven, CT.............................. 10412................. 6,914,921.98

New London, CT ............................ 10413................. 155,095.73

Lawrence, MA ................................ 10416................. 38,377.63

Logan Airport, MA .......................... 10417................. 76,399,359.25

Hanscom User Fee Airport, MA..... 10481................. 288,811.51

Total District ........................................................... 369,281,477.90

 

Providence, Rhode Island: 

Newport, RI .................................... 10501................. 25,499.14

Providence, RI................................ 10502................. 126,602,355.34

Total District ........................................................... 126,627,854.48

 

 

Ogdensburg, New York: 

Ogdensburg, NY ............................ 10701................. 8,463,394.53

Massena, NY.................................. 10704................. 3,002,819.51

Alexandria Bay, NY........................ 10708................. 22,478,054.32

Champlain-Rouses Point, NY ........ 10712................. 111,455,016.72

Trout River, NY .............................. 10715................. 48,240.26

Total District ........................................................... 145,447,525.34

 

Buffalo, New York:

Buffalo-Niagara Falls, NY .............. 10901................. 312,959,810.53

Rochester, NY................................ 10903................. 5,128,673.01

Oswego, NY................................... 10904................. 213,713.40

Syracuse, NY ................................. 10906................. 2,936,914.11

Binghamton Regional Airport, NY.... 10981................. 135,952.52

Total District ........................................................... 321,375,063.57

 

New York, New York:

New York, NY................................. 21001................. 722,019,233.08

Albany, NY ..................................... 21002................. 7,642,976.21

New York/ Newark Area, NJ .......... 24601................. 4,468,135,579.45

Perth Amboy, NJ ............................ 24602................. 5,720,328.52

UPS, Newark, NJ ........................... 24670................. 23,922,287.35

Federal Express ECCF, NJ............ 24671................. 50,756,212.12

Morristown Airport, NJ ................... 24681................. 206,076.25

John F. Kennedy Airport, NY ......... 24701................. 966,896,291.33

NYACC, NY.................................... 24771................. 2,051,791.76

DHL Airways, NY ........................... 24772................. 9,917,914.55

Emery Worldwide, NY.................... 24773................. 394,706.88

TNT Skypak., NY ........................... 24778................. 5,283,801.41

JFK International Airport, NY ......... 24779................. 73.81

Total District ........................................................... 6,262,947,272.72

 

Philadelphia, Pennsylvania:

Philadelphia, PA............................. 11101................. 208,194,342.32

Chester, PA.................................... 11102................. 71,927,070.35

Wilmington, DE .............................. 11103................. 14,630,085.45

Pittsburgh, PA ................................ 11104................. 49,768,665.63

Wilkes-Barre/Scranton, PA ............ 11106................. 2,984,544.66

Philadelphia International

 Airport, PA ................................... 11108 ................. 35,453,599.03

Harrisburg, PA................................ 11109................. 31,157,089.58

Allentown, PA................................. 11119................. 9,951,156.10

Atlantic City Airport, NJ .................. 11182................. 132,347.02

Trenton/Mercer CTY Airport, PA.... 11183................. 157,461.04

UPS HUB, Philadelphia, PA........... 11195................. 43,316,633.20

Total District ........................................................... 467,672,994.38

 

Baltimore, Maryland:

Baltimore, MD ................................ 11303................. 646,286,788.77

BWI Airport, MD ............................. 11305................. 15,119,072.00

Total District ........................................................... 661,405,860.77

 

 

 

 

 

 

 

 

 

 
FEDERAL FISCAL OPERATION 

December 2012

24 

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

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2012

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2012

 

Norfolk, Virginia: 

Norfolk, VA ..................................... 41401...................... 714,100,453.13

Newport News, VA......................... 41402...................... 446,056.62

Norfolk Subport, VA ....................... 41403...................... 520.54

Richmond-Petersburg, VA ............. 41404...................... 6,783,026.89

Charleston, WV.............................. 41409...................... 10,583,455.85

New River Valley Airport, VA ......... 41412...................... 5,973,912.62

Total District ................................................................ 737,887,425.65

 

Charlotte, North Carolina: 

Wilmington, NC .............................. 41501...................... 139,060,848.31

Winston Salem, NC........................ 41502...................... 13,342,139.06

Durham, NC ................................... 41503...................... 14,393,611.98

Beaufort-Morehead City, NC.......... 41511...................... 1,364,180.61

Charlotte, NC ................................. 41512...................... 102,656,763.38

Total District ................................................................ 270,817,543.34

 

Charleston, South Carolina: 

Charleston, SC............................... 41601...................... 1,000,627,882.19

Georgetown, SC............................. 41602...................... 19,638.91

Greenville-Spartanburg, SC ............ 41603...................... 182,596,970.81

Columbia, SC................................. 41604...................... 1,562,117.88

Myrtle Beach Int’l Airport, SC........... 41681...................... 136,032.70

Total District ................................................................ 1,184,942,642.49

 

Savannah, Georgia: 

Brunswick, GA................................ 41701...................... 271,838,809.89

Savannah, GA................................ 41703...................... 1,283,165,709.51

Atlanta, GA..................................... 41704...................... 505,959,576.28

Total District ................................................................ 2,060,964,095.68

 

Tampa, Florida: 

Tampa, FL...................................... 41801...................... 72,721,996.61

Jacksonville, FL.............................. 41803...................... 316,979,126.31

Fernandina Beach, FL ................... 41805...................... 446,045.09

Orlando, FL .................................... 41808...................... 13,982,687.76

Orlando Sanford Airport, FL........... 41809...................... 203,524.23

St. Petersburg, FL.......................... 41814...................... 27,506.65

Port Canaveral, FL......................... 41816...................... 12,011,800.25

Panama City, FL ............................ 41818...................... 70,136,949.39

Pensacola, FL ................................ 41819...................... 187,981.05

Port Manatee, FL ........................... 41821...................... 13,087,860.30

Ft. Myers, FL .................................. 41822...................... 390,789.91

Naples Municipal Airport, FL.......... 41880...................... 263,672.45

Sarasota Bradenton Airport, FL ..... 41883...................... 160,726.41

Daytona Beach, Int’l Airport, FL..... 41884...................... 147,424.43

Melbourne Airport, FL .................... 41885...................... 185,476.42

Leesburg Regional Airport, FL....... 41887...................... 133,398.54

Orlando Executive Airport, FL........ 41888...................... 144,926.34

St. Augustine Airport UFA, FL........ 41889...................... 131,457.86

Total District ................................................................ 501,343,350.00

 

Mobile, Alabama: 

Mobile, AL ...................................... 51901...................... 54,581,280.71

Gulfport, MS................................... 51902...................... 19,838,257.98

Pascagoula, MS............................. 51903...................... 2,995,552.82

Birmingham, AL.............................. 51904...................... 43,842,169.39

Huntsville, AL ................................. 51910...................... 63,892,469.05

Total District ................................................................ 185,149,729.95

 

New Orleans, Louisiana:

Morgan City, LA ............................. 52001...................... 7,637,609.44

New Orleans, LA............................ 52002...................... 206,425,975.74

Little Rock, AR ............................... 52003...................... 1,659,869.41

Baton Rouge, LA............................ 52004...................... 21,806,951.24

Memphis, TN.................................. 52006...................... 541,508,429.63

Nashville, TN.................................. 52007...................... 88,067,617.60

Chattanooga, TN............................ 52008...................... 306,672.43

Gramercy, LA................................. 52010...................... 28,802,871.93

Vicksburg, MS................................ 52015...................... 6,641,570.57

Knoxville, TN.................................. 52016...................... 52,717,534.68

Lake Charles, LA............................ 52017...................... 4,392,630.70

Shrevesport/Bossler City, LA......... 52018...................... 240,717.81

Port of Tri-Cities, TN........................... 52027...................... 4,622,188.67

Tri-City User Fee Airport, TN ......... 52082...................... 50.00

Rogers Municipal Airport, AR......... 52084...................... 134,503.82

FEDEX Courier, Memphis, TN .......... 52095...................... 340,358,564.93

Memphis, TN Cartage-CNTL............. 52098...................... 1,176.23

Total District ................................................................ 1,305,324,934.83

Port Arthur, Texas:

Port Arthur, TX ............................... 62101...................... 18,079,590.78

Sabine, TX ..................................... 62102...................... 15.00

Beaumont, TX ................................ 62104...................... 2,857,478.35

Border Patrol Sector HQ, 

 Yuma, AZ .................................... 62150 ...................... 2,284.91

Blythe CA Border Patrol................. 62151...................... 250.00

Yuma AZ Border Patrol.................. 62152...................... 2,896.67

Wellton AZ Border Patrol ............... 62153...................... 1,000.00

Total District ................................................................ 20,943,515.71

Laredo Border Patrol:

Border Patrol Sector HQ, TX ......... 62250...................... 30,503.94

Total District ................................................................ 30,503.94

Laredo, Texas:

Brownsville, TX .............................. 62301...................... 22,472,369.90

Del Rio, TX..................................... 62302...................... 3,593,457.36

Eagle Pass, TX .............................. 62303...................... 164,071,037.73

Laredo, TX ..................................... 62304...................... 424,105,229.24

Hidalgo, TX .................................... 62305...................... 61,195,623.04

Rio Grande City, TX....................... 62307...................... 281,627.03

Progresso, TX ................................ 62309...................... 1,924,135.26

Roma, TX ....................................... 62310...................... 325,532.76

Border Patrol Sector HQ, TX ......... 62350...................... 1,353.58

Comstock TX Border Patrol ........... 62351...................... 137.69

Carrizo Springs TX Border 

 Patrol ........................................... 62352 ...................... 30,498.46

Del Rio TX Border Patrol ............... 62353...................... 8,279.31

Eagle Pass TX Border Patrol......... 62354...................... 3,500.00

Brackettville TX Border Patrol........ 62355...................... 2,350.00

Uvalde TX Border Patrol ................ 62356...................... 19,400.00

Llano TX Border Patrol .................. 62358...................... 200.00

Border Patrol Sector HQ, TX ......... 62361...................... 1,350.00

Valley Int'l Airport UFA, TX ............ 62383...................... 180,672.19

Total District ................................................................ 678,216,753.55
FEDERAL FISCAL OPERATIONS 

December 2012

25

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

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2012

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2012

 

El Paso, Texas: 

El Paso, TX .................................... 62402................... 141,342,847.50

Presidio, TX.................................... 62403................... 835,944.57

Fabens, TX..................................... 62404................... 29,299.00

Columbus, NM ............................... 62406................... 213,349.37

Albuquerque, NM........................... 62407................... 710,984.14

Santa Teresa, NM.......................... 62408................... 13,487,666.06

Total District ............................................................. 156,620,090.64

 

Nogales, Arizona: 

Douglas, AZ ................................... 62601................... 2,622,329.66

Lukeville, AZ................................... 62602................... 182,515.57

Naco, AZ ........................................ 62603................... 185,399.01

Nogales, AZ ................................... 62604................... 74,444,598.82

Phoenix, AZ.................................... 62605................... 21,309,395.70

Sasabe, AZ .................................... 62606................... 14,447.25

San Luis, AZ................................... 62608................... 4,763,218.90

Tucson, AZ..................................... 62609................... 904,395.28

Border Patrol Sector HQ, AZ ......... 62650................... 117,589.23

Casa Grande AZ Border Patrol...... 62651................... 5,630.29

Tucson AZ Border Patrol ............... 62652................... 13,818.20

Nogales AZ Border Patrol.............. 62653................... 10,574.47

Willcox AZ Border Patrol................ 62654................... 2,150.00

Douglas AZ Border Patrol.............. 62655................... 392.28

Ajo AZ Border Patrol ...................... 62656................... 1,770.00

Naco AZ Border Patrol................... 62657................... 4,142.27

Scottsdale User Fee Airport, AZ .... 62681................... 134,944.44

Williams Gateway Airport, AZ ........ 62682................... 160,592.79

Total District ......................................................... 104,877,904.16

 

San Diego, California:

San Diego, CA ............................... 72501................... 126,415,116.70

Andrade, CA................................... 72502................... 161,562.76

Calexico, CA .................................. 72503................... 963,037.10

San Ysidro, CA............................... 72504................... 4,732,462.81

Tecate, CA ..................................... 72505................... 5,976,242.32

Otay Mesa, CA............................... 72506................... 102,344,708.99

Calexico-East, CA.......................... 72507................... 21,171,156.03

McClellan-Palomar Airport, CA ..... 72581................... 271,553.13

Total District ............................................................. 262,035,839.84

 

Los Angeles, California: 

Los Angeles, CA ............................ 72704 ................... 9,585,327,116.78

Long Beach, CA ............................. 72709 ................... 113,568.47

Port Hueneme, CA ......................... 72713 ................... 55,524,283.78

Los Angeles Int’l Airport, CA ............. 72720 ................... 583,939,982.93

Ontario Int’l Airport, CA ..................... 72721 ................... 2.00

Las Vegas, NV ............................... 72722 ................... 5,711,374.98

DHL (inactive), CA ......................... 72770 ................... -1,074.29

TNT Express Worldwide, CA ......... 72775 ................... 220,090.86

Int'l Bonded Couriers, CA .............. 72776 ................... 1,706,376.51

Micom, CA...................................... 72777................... 24,393.85

Palm Springs User Fee, CA........... 72781................... 168,511.76

San Bernardino U.F. Airport, CA ... 72782................... 13,949,412.64

So. California Logistics Airport, CA.... 72783................... 1,824,953.62

Meadows Field Airport ................... 72786................... 1,613,081.44

Los Angeles, CA ............................ 72787................... 91,700.52

DHL HUB, CA ................................ 72791................... 16,412,682.38

UPS Ontario, Los Angeles, CA...... 72795................... 22,375,246.97

Total District ............................................................. 10,289,001,705.20

San Francisco, California:

San Francisco Int'l Airport, CA....... 72801................... 118,938,586.65

Eureka, CA..................................... 72802................... 8,072.54

Fresno, CA..................................... 72803................... 59,917,058.15

Monterey, CA ................................. 72805................... 178.78

San Francisco, CA ......................... 72809................... 1,183,688,468.13

Oakland, CA................................... 72811................... 3,332.15

Reno, NV........................................ 72833................... 3,069,938.21

San Jose Int’l Airport, CA............... 72834................... 73,379.59

Sacramento Int'l Airport, CA .......... 72835................... 12,961,031.66

DHL Worldwide Express, CA......... 72870................... 2,865,911.32

TNT Skypak, CA ............................ 72872................... 0.00

IBC Pacific, Inc, CA........................ 72873................... 0.00

Sacramento UFA (inactv), CA........ 72881................... 0.00

Fresno Yosemite Airport, CA ......... 72882................... 832,491.26

FEDEX Courier Facility, CA........... 72895................... 25,437,050.72

Total District ............................................................. 1,407,795,499.16

 

Great Falls, Montana:

Raymond, MT................................. 33301................... 1,014,598.95

Eastport, ID .................................... 33302................... 8,471,100.19

Salt Lake City, UT .......................... 33303................... 52,639,753.28

Great Falls, MT .............................. 33304................... 1,175,279.23

Butte, MT........................................ 33305................... 291.00

Turner, MT ..................................... 33306................... 29,418.75

Denver, CO .................................... 33307................... 93,432,201.69

Porthill, ID....................................... 33308................... 1,264,225.67

Scoby, MT ...................................... 33309................... 7,873.27

Sweetgrass, MT ............................. 33310................... 21,746,988.96

Whitetail, MT .................................. 33312................... 864.50

Piegan, MT..................................... 33316................... 80,329.68

Opheim, MT ................................... 33317................... 5,732.25

Roosville, MT ................................. 33318................... 97,582.66

Morgan, MT.................................... 33319................... 268,273.20

Whitlash, MT .................................. 33321................... 392.80

Del Bonita, MT ............................... 33322................... 16,794.42

Wildhorse, MT................................ 33323................... 19,988.77

Willow Creek, MT........................... 33325................... 931.25

Natrona County Int’l Airport, WY.... 33382................... 485.00

JEFFCO User Fee Airport, CO..... 33383................... 144,570.57

Centennial Airport, CO................... 33384................... 204,378.66

Eagle County Regional

 Airport, CO .................................. 33385 ................... 148,387.64

Bozeman Yellowstone, MT ............ 33386................... 35,218.50

Total District ............................................................. 180,805,660.89

 

Pembina, North Dakota:

Pembina, ND.................................. 33401................... 19,814,773.06

Portal, ND....................................... 33403................... 10,222,095.11

Neche, ND...................................... 33404................... 23,975.05

St. John, ND................................... 33405................... 3,543.00

Northgate, ND ................................ 33406................... 23,066.43

Walhalla, ND .................................. 33407................... 40,875.50

Hannah, ND ................................... 33408................... 1,010.75

Sarles, ND...................................... 33409................... 2,691.95

Ambrose, ND.................................. 33410................... 180.00

Fargo In’tl Airport, ND .................... 33411................... 91,733.91

Antler, ND....................................... 33413................... 1,787.25

Sherwood, ND................................ 33414................... 277,737.33

Hansboro, ND ................................ 33415................... 5,032.91
FEDERAL FISCAL OPERATION 

December 2012

26 

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

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2012

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2012

 

Pembina, North Dakota, con.: 

Maida, ND ...................................... 33416........................ 9,788.50

Fortuna, ND.................................... 33417........................ 13,733.05

Westhope, ND................................ 33419........................ 8,143.70

Noonan, ND ................................... 33420........................ 17,247.69

Carbury, ND ................................... 33421........................ 6,902.00

Dunseith, ND.................................. 33422........................ 486,463.18

Warroad, MN.................................. 33423........................ 50,000.36

Baudette, MN ................................. 33424........................ 49,595.00

Pinecreek, MN................................ 33425........................ 1,905.75

Roseau, MN ................................... 33426........................ 229,175.31

Grand Forks Airport, ND ................ 33427........................ 2,511.54

Winnipeg Int’l Airport, CN................... 33428........................ 0.00

Lancaster, MN................................ 33430........................ 213,310.34

Total District .................................................................. 31,597,278.67

 

Minneapolis, Minnesota: 

Minneapolis-St. Paul, MN .............. 33501........................ 188,493,434.81

Sioux Falls, SD............................... 33502........................ 18,830.61

Duluth, MN ..................................... 33510........................ 6,620,711.56

Omaha, NE ................................... 33512........................ 61,023,360.73

Des Moines, IA............................... 33513........................ 2,146,868.34

Rochester, MN ............................... 33581........................ 147,876.69

Total District .................................................................. 258,451,082.74

 

International Falls, Minnesota: 

International Falls, MN................... 33604........................ 7,498,717.72

Grand Portage, MN........................ 33613........................ 1,870,261.35

Total District .................................................................. 9,368,979.07

 

Milwaukee, Wisconsin: 

Milwaukee, WI................................ 33701........................ 30,952,996.48

Marinette, WI.................................. 33702........................ 12,944.38

Green Bay, WI................................ 33703........................ 163,872.46

Racine, WI...................................... 33708........................ 246,269.25

Total District .................................................................. 31,376,082.57

 

Portland, Oregon: 

Astoria, OR..................................... 72901........................ 704,536.62

Newport, OR .................................. 72902........................ 1,592.24

Coos Bay, OR ................................ 72903........................ 95,639.07

Portland, OR .................................. 72904........................ 365,599,141.56

Longview, WA ................................ 72905........................ 1,054,317.44

Boise, ID......................................... 72907........................ 1,059,293.47

Vancouver, WA .............................. 72908........................ 71.84

Kalama, WA ................................... 72909........................ 119.36

Portland Int'l Airport, OR................ 72910........................ 4,800.79

Hillsboro Airport, OR...................... 72983........................ 141,472.46

Total District .................................................................. 368,660,984.85

 

Detroit, Michigan: 

Detroit, MI....................................... 33801........................ 483,707,870.25

Port Huron, MI................................ 33802........................ 83,901,090.52

Sault St. Marie, MI.......................... 33803........................ 943,678.21

Saginaw/Bay City, MI..................... 33804........................ 112,776.94

Battle Creek, MI ............................. 33805........................ 6,512,389.56

Grand Rapids, MI........................... 33806........................ 37,845,202.57

Detroit Metropolitan Airport, MI...... 33807........................ 67,018,610.76

Escanaba, MI ................................. 33808........................ 5,304.00

Algonac, MI .................................... 33814........................ 4,610.25

Oakland County Int’l Airport, MI......... 33881........................ 303,441.76

Detroit Michigan, con.:

Willow Run Airport, MI ................... 33882........................ 377,920.97

Capital Region Int’l Airport, MI ....... 33883........................ 544,940.29

Total District .............................................................. 681,277,836.08

Chicago, Illinois:

Chicago, IL ..................................... 33901........................ 1,970,496,842.44

Peoria, IL........................................ 33902........................ 10,426,408.59

Omaha, NE (inactive)..................... 33903........................ 25,000.00

Des Moines, IA (inactive)............... 33907........................ 76.50

Davenport-Rock Island, IL................ 33908........................ 2,593,630.31

Rockford Airport, IL ........................ 33909........................ 36,002,745.84

Midway Int'l Airport, IL.................... 33910........................ 156,396.03

TNT ECCF Chicago, IL .................. 33971........................ 16,413.08

Waukegan Airport, IL ..................... 33981........................ 150,843.53

Chicago Executive Airport, IL......... 33983........................ 171,534.84

Dupage Airport Auth, IL ................. 33984........................ 138,017.67

Decatur Airport, IL.......................... 33985........................ 130,088.86

Total District .................................................................. 2,020,307,997.69

Cleveland, Ohio:

Cleveland, OH................................ 34101........................ 184,627,443.22

Cincinnati, OH................................... 34102........................ 183,766,915.64

Columbus, OH................................ 34103........................ 741,906,863.33

Dayton, OH .................................... 34104........................ 2,665,285.84

Toledo, OH..................................... 34105........................ 2,210,973.26

Erie, PA .......................................... 34106........................ 113,144.56

Indianapolis, IN .............................. 34110........................ 125,800,165.76

Louisville, KY.................................. 34115........................ 185,795,155.32

Owensboro-Evansville, IN.............. 34116........................ 24,671,167.94

Ashtabula/Conneaut, OH............... 34122........................ 258,333.26

Fort Wayne Airport, IN ................... 34183........................ 166,576.32

Blue Grass Airport, KY................... 34184........................ 234,248.15

Burlington Air Express, OH............ 34192........................ 31,328.51

DHL Express, OH........................... 34194........................ 634,728.85

Emery Courier, OH......................... 34195........................ 31.61

UPS Courier Louisville, KY ............ 34196........................ 258,551,879.91

DHL Courier, OH............................ 34197........................ 84,892,040.92

Federal Express Hub, IN................ 34198........................ 16,453,150.10

Total District .................................................................. 1,812,779,432.50

St. Louis, Missouri:

Kansas City, MO............................ 34501........................ 187,111,786.60

St. Louis, MO ................................. 34503........................ 156,754,994.88

Wichita, KS..................................... 34504........................ 88,348,897.78

Springfield, MO .............................. 34505........................ 1,868,331.99

MidAmerica Airport, MO................. 34581........................ 123,558.96

Total District .................................................................. 434,207,570.21

Preclearance, Washington, DC:

USCBP Vancouver Preclearance

 Washington, DC ........................... 37922 ........................ 911,734.32

USCBP Calgary, Preclearance

 Washington, DC .......................... 37923 ........................ 1,435,736.71

USCBP Edmondton,

 Preclearance Washington, DC .... 37924 ........................ 630,523.69

USCBP Montreal, Preclearance

 Washington, DC .......................... 37925 ........................ 734,389.51

USCBP Toronto, Preclearance

 Washington, DC .......................... 37926 ........................ 2,661,214.56
FEDERAL FISCAL OPERATIONS 

December 2012

27

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

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2012

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2012

 

Preclearance, Washington, DC, con.: 

USCBP Winnipeg, Preclearance 

 Washington, DC ............................ 37928 ........................ 271,781.74

USCBP Ottawa, Preclearance 

 Washington, DC ............................ 37929 ........................ 215,295.53

USCBP Victoria, Preclearance 

 Washington, DC ............................ 37930 ........................ 94,275.00

USCBP Halifax NS, Preclearance 

 Washington, DC ............................ 37931 ........................ 92,610.00

USCBP St. Thomas 

 Preclearance, VI ............................ 47401 ........................ 386,153.18

USCBP St. Croix 

 Preclearance VI ............................. 47404 ........................ 4,628.18

USCBP Bermuda Preclearance 

 Washington, DC ............................ 47421 ........................ 22,766.00

USCBP Freeport Preclearance 

 Washington, DC ............................ 47422 ........................ 922.50

USCBP Nassau Preclearance 

 Washington, DC ............................ 47423 ........................ 70,924.11

USCBP Aruba Preclearance 

 Washington, DC ............................ 47424 ........................ 66,593.52

Dublin, IE Preclearance 

 Washington, DC ............................ 57541 ........................ 126,316.10

Shannon, IE Preclearance, 

 Washington, DC ............................ 57542 ........................ 13,756.42

Total District..................................................................... 7,739,621.07

 

San Juan, Puerto Rico: 

Aguadilla, PR.................................... 44901........................ 424,024.03

Fajardo, PR....................................... 44904........................ 2,908,172.18

Mayaguez, PR.................................. 44907........................ 742,244.16

Ponce, PR......................................... 44908........................ 5,838,767.03

San Juan, PR.................................... 44909........................ 100,958,325.18

San Juan Int'l Airport, PR ................. 44913........................ 20,262,889.28

Total District..................................................................... 131,134,421.86

 

Virgin Islands of the United States: 

Charlotte Amalie, VI.......................... 45101........................ 7,802,590.23

Cruz Bay, VI...................................... 45102........................ 138,327.11

Christiansted, VI ............................... 45104........................ 4,722,130.47

Total District..................................................................... 12,663,047.81

 

Miami, Florida: 

Miami, FL .......................................... 45201........................ 510,874,727.40

Key West, FL .................................... 45202........................ 76,397.55

Port Everglades, FL.......................... 45203........................ 175,873,114.71

West Palm Beach, FL....................... 45204........................ 4,173,981.69

Fort Pierce, FL.................................. 45205........................ 78,114.11

Miami Int'l Airport, FL........................ 45206........................ 107,743,988.17

St. Croix VI (inactive)........................ 45207........................ 131.23

Fort Lauderdale Int'l Airport, FL........ 45210........................ 645,125.81

DHL Worldwide Express, FL ............ 45271........................ 6,945.24

UPS Miami Int'l Airport, FL ............... 45295........................ 106,205.75

DHL Worldwide Express, FL ............ 45296........................ 1,206,113.47

FEDEX Courier Hub Miami, FL ........ 45297........................ 1,103,274.43

IBC Courier Hub Miami, FL .............. 45298........................ 181,077.91

Miami Seaport ALT, FL..................... 45299........................ 2,340,645.22

Total District..................................................................... 804,409,842.69

Washington, DC:

Washington, DC ............................... 45401 ........................ 33,716,064.08 

Total District..................................................................... 33,716,064.08

Houston, Texas:

Houston, TX...................................... 65301........................ 996,720,931.15

Houston George Bush

 Intercontinental Airport, TX ............ 65309 ........................ 74,475,713.09

Galveston, TX................................... 65310........................ 19,481,579.23

Freeport, TX...................................... 65311........................ 7,664,837.14

Corpus Christi, TX ............................ 65312........................ 23,021,372.27

Port Lavaca, TX................................ 65313........................ 580,330.27

Border Patrol Sector HQ, TX............ 65350........................ 20,826.56

Mercedes (Weslaco) TX Border

 Patrol ............................................. 65351 ........................ 45,197.59

Falfurrias TX Border Patrol............... 65352........................ 173,771.08

Rio Grande City TX Border Patrol.... 65353........................ 69,545.00

McAllen TX Border Patrol................. 65354........................ 43,983.42

Brownsville TX Border Patrol ........... 65355........................ 14,650.00

Harlingen TX Border Patrol ............. 65356........................ 22,800.00

Kingsville TX Border Patrol .............. 65357........................ 99,186.00

Ft. Brown TX Border Patrol ............. 65358........................ 3,240.00

Corpus Christi TX Border Patrol...... 65359........................ 1,633.00

Sugar Land Regional AP, TX ........... 65381........................ 152,741.65

Total District..................................................................... 1,122,592,337.45

Dallas-Ft. Worth, Texas:

Dallas/Ft. Worth, TX ......................... 65501........................ 539,339,074.98

Amarillo, TX ...................................... 65502........................ 26,761.12

Lubbock, TX...................................... 65503........................ 166,368.76

Oklahoma City, OK........................... 65504........................ 1,194,358.57

Tulsa, OK.......................................... 65505........................ 10,189,770.28

Austin, TX ......................................... 65506........................ 2,334,723.63

San Antonio, TX ............................... 65507........................ 24,772,455.82

Border Patrol Sector HQ, TX............ 65550........................ 1,424.12

Lubbock TX Border Patrol ................ 65551........................ 5,238.75

Amarillo TX Border Patrol................. 65552........................ 2,000.00

Presidio TX Border Patrol................. 65553........................ 1,304.01

Marfa TX Border Patrol..................... 65554........................ 9,827.50

Pecos TX Border Patrol.................... 65555........................ 2,487.50

Ft. Stockton TX Border Patrol .......... 65556........................ 1,410.00

Sanderson TX Border Patrol ............ 65557........................ 1,247.50

Alpine TX Border Patrol.................... 65558........................ 1,113.75

Sierra Blanca TX Border Patrol........ 65560........................ 8,014.30

Van Horn TX Border Patrol .............. 65561........................ 1,060.00

Midland TX Border Patrol ................. 65562........................ 1,572.50

Midland TX Int’l Airport ..................... 65582........................ 139,551.66

Fort Worth Alliance Airport, TX......... 65583........................ 139,596.26

Addison Airport, TX .......................... 65584........................ 167,926.23

Collin County Regional Airport, TX..... 65585........................ 127,837.61

Kelly Field Annex, TX............................ 65587........................ 123,438.00

Dallas Love Field (DAL), TX ................. 65588........................ 228,292.21

Total District..................................................................... 578,986,855.06

 
FEDERAL FISCAL OPERATION 

December 2012

28 

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

by Districts and Ports, con. 

[Source: U. S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2012

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2012

 

Seattle, Washington: 

Seattle, WA....................................... 73001................... 716,171,504.50

Tacoma, WA..................................... 73002................... 527,740,467.39

Aberdeen, WA .................................. 73003................... 879,752.53

Blaine, WA........................................ 73004................... 37,664,620.37

Bellingham, WA ................................ 73005................... 2,953,112.38

Everett, WA....................................... 73006................... 1,910,129.97

Port Angeles, WA ............................. 73007................... 105,680.90

Port Townsend, WA.......................... 73008................... 2,338.67

Sumas, WA....................................... 73009................... 3,806,763.99

Anacortes, WA.................................. 73010................... 3,006,370.07

Nighthawk, WA................................. 73011................... 685.50

Danville, WA ..................................... 73012................... 8,785.60

Ferry, WA.......................................... 73013................... 1,918.75

Friday Harbor, WA............................ 73014................... 66,944.49

Boundary, WA................................... 73015................... 21,034.64

Laurier, WA....................................... 73016................... 11,516.12

Point Roberts, WA............................ 73017................... 191,191.19

Oroville, WA...................................... 73019................... 1,561,651.28

Frontier, WA...................................... 73020................... 34,996.18

South Bend-Raymond, WA .............. 72021................... 336.00

Spokane, WA.................................... 73022................... 341,797.91

Lynden, WA ...................................... 73023................... 326,936.56

Metaline Falls, WA............................ 73025................... 15,766.98

Olympia, WA..................................... 73026................... 33,912.26

Seattle-Tacoma Int’l Airport, WA...... 73029................... 54,998,596.33

UPS, Seattle, WA ............................. 73071................... 2,588,249.99

Grant County Airport, Moses 

 Lake, WA ....................................... 73082 ................... 158,455.67

Total District................................................................ 1,354,603,516.22

 

 

Anchorage, Alaska:

Juneau, AK ....................................... 73101................... 93,781.42

Ketchikan, AK ................................... 73102................... 265,658.54

Skagway, AK .................................... 73103................... 45,542.84

Alcan, AK.......................................... 73104................... 451,236.84

Wrangell, AK..................................... 73105................... 7,470.60

Dalton Cache, AK............................. 73106................... 7,092.66

Valdez, AK........................................ 73107................... 530.60

Fairbanks, AK................................... 73111................... 23,517.34

Sitka, AK........................................... 73115................... 27,785.54

Anchorage, AK.................................. 73126................... 17,927,587.15

Kodiak, AK........................................ 73127................... 22,722.58

Federal Express Courier, AK............ 73195................... 106,872,364.44

UPS Courier Hub, AK....................... 73196................... 272,139.69

Total District................................................................ 126,017,430.24

 

Honolulu, Hawaii: 

Honolulu, HI...................................... 73201................... 29,875,961.78

Hilo, HI .............................................. 73202................... 90,094.20

Kahului, HI ........................................ 73203................... 531,402.38

Honolulu Airport, HI .......................... 73205................... 7,241,186.62

Kona, HI............................................ 73206................... 126,344.00

Guam Preclearance San

 Francisco, CA ................................ 73207 ................... 290.14

Total District................................................................ 37,865,279.12

 

San Clemente Border Patrol: 

San Clemente (Area I) CA Border

 Patrol ............................................. 75651 ................... 200.00

Total District................................................................ 200.00

 

Total Customs and Border Protection Collections for 

fiscal year 2012 ............................................................ $40,655,092,404.24 
December 2012 

29

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals

 Federal Reserve accounts

 Credits 2 Tax and loan note accounts

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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

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

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

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

2012 ................................................ 9,656,367 1,357,452 10,984,657 700,687 702,492 

 2011 - Sept...................................... 953,587 55,536 995,320 123,221 123,423 

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

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

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

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

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

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

Apr....................................... 918,386 204,018 999,265 - -

May...................................... 814,030 147,807 1,016,087 - -

June..................................... 591,720 197,986 810,655 - -

July ...................................... 737,555 151,800 890,289 - -

Aug ...................................... 871,456 148,361 1,080,181 - -

Sept..................................... 682,488 194,354 821,517 - -

 

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

December 2012 

30 

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

and Tax and Loan Note Account Balances, con. 1

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

Balances

 During period

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6) 

SFP 

(7) 

Tax and 

loan 

note 

accounts 

(8) 

Federal 

Reserve

(9) 

SFP 

(10) 

Tax and 

loan 

note 

accounts

(11) 

Federal 

Reserve 

(12) 

SFP 

(13) 

Tax and 

loan 

note 

accounts 

(14) 

Federal 

Reserve 

(15) 

SFP 

(16) 

Tax and 

loan 

note 

accounts 

(17) 

 

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

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

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

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

2012 ....................... 85,446 - - 166,619 - - 13,680 - - 64,904 - -

 

2011 - Sept............. 56,284 - 1,805 79,414 - 2,437 10,572 - 1,805 39,351 - 2,007 

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

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

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

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

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

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

Apr.............. 166,619 - - 166,619 - - 23,565 - - 68,344 - -

May............. 112,369 - - 136,746 - - 66,205 - - 96,066 - -

June............ 91,419 - - 139,880 - - 36,248 - - 86,946 - -

July ............. 90,485 - - 124,415 - - 29,308 - - 65,083 - -

Aug ............. 30,121 - - 58,993 - - 13,680 - - 29,339 - -

Sept............ 85,446 - - 85,446 - - 26,561 - - 58,635 - -

 

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

2

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

other than Government account series, and taxes. 

3

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

redemptions of securities other than Government account series, and investment (transfer) 

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

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

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

and employees under the Federal Insurance Contributions Act beginning January 1950 

and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act 

taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 
December 2012 

31

INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” tables FD-2 and 

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

United States.” 

 Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

 Table FD-2 categorizes by type, that is, marketable 

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

 Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

 In table FD-6, the debt ceiling is compared with the 

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

December 2012

32 

TABLE FD-1.—Summary of Federal Debt

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

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency

securities 

(3) 

Total 

(4) 

Public debt

securities 

(5) 

Agency

securities

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency

securities

(9) 

 

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

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

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

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

2012............................... 16,090,640 16,066,241 24,399 4,791,850 4,791,845 5 11,298,790 11,274,396 24,394

 

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

Oct ..................... 15,018,350 14,993,709 24,642 4,732,703 4,732,697 6 10,285,647 10,261,012 24,636

Nov..................... 15,135,588 15,110,499 25,090 4,715,598 4,715,592 6 10,419,990 10,394,907 25,084

Dec..................... 15,248,213 15,222,940 25,274 4,770,443 4,770,437 6 10,477,770 10,452,503 25,268

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

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

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

Apr ..................... 15,717,395 15,692,367 25,028 4,771,128 4,771,122 6 10,946,267 10,921,245 25,022

May .................... 15,795,183 15,770,684 24,499 4,759,124 4,759,118 6 11,036,059 11,011,566 24,493

June ................... 15,879,511 15,855,037 24,474 4,806,826 4,806,820 6 11,072,685 11,048,217 24,468

July..................... 15,957,681 15,933,234 24,447 4,806,602 4,806,596 6 11,151,079 11,126,638 24,441

Aug..................... 16,039,870 16,015,769 24,101 4,738,468 4,738,462 6 11,301,402 11,277,307 24,095

Sept.................... 16,090,640 16,066,241 24,399 4,791,850 4,791,845 5 11,298,790 11,274,396 24,394

 

End of fiscal 

year or month 

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

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount

(17) 

Accrual

amount

(18) 

 

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

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

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

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

2012 ............................... 16,090,640 42,529 16,048,111 4,791,850 23,592 4,768,258 11,298,790 18,937 11,279,854

 

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

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

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

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

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

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

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

Apr...................... 15,717,395 47,244 15,670,151 4,771,128 23,036 4,748,092 10,946,267 24,208 10,922,059

May .................... 15,795,183 47,315 15,747,868 4,759,124 22,936 4,736,188 11,036,059 24,379 11,011,680

June ................... 15,879,511 45,447 15,834,064 4,806,826 22,843 4,783,983 11,072,685 22,604 11,050,081

July..................... 15,957,680 43,908 15,913,773 4,806,602 23,813 4,782,789 11,151,078 20,095 11,130,983

Aug..................... 16,039,870 43,354 15,996,517 4,738,468 23,681 4,714,787 11,301,402 19,673 11,281,730

Sept.................... 16,090,640 42,529 16,048,111 4,791,850 23,592 4,768,258 11,298,790 18,937 11,279,854

 
FEDERAL DEBT 

December 2012 

33

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Depositary

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

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

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

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

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

2012 ....................................... 183,661 - 2,986 162,880 158,514 29,995 1,380

 

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

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

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

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

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

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

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

Apr.............................. 184,913 - 3,386 157,707 159,742 29,995 1,311

May ............................ 184,670 - 3,186 159,012 163,153 29,995 1,323

June ........................... 184,433 - 2,986 161,425 162,015 29,995 1,323

July............................. 184,212 - 2,986 161,378 154,019 29,995 1,330

Aug............................. 183,850 - 2,986 162,144 154,589 29,995 1,361

Sept............................ 183,661 - 2,986 162,880 158,514 29,995 1,380

 

TABLE FD-2.—Debt Held by the Public

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

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Marketable

Nonmarketable 

Total 

(7) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

 

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

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

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

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

2012 .................................. 11,269,586 10,730,170 1,613,026 7,114,960 1,194,715 807,469 539,415

 

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

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

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

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

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

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

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

Apr......................... 10,916,071 10,379,016 1,611,353 6,877,080 1,121,252 769,330 537,055

May ....................... 11,006,251 10,464,912 1,603,257 6,935,159 1,138,297 788,199 541,340

June ...................... 11,044,185 10,502,007 1,594,427 6,957,009 1,152,800 797,772 542,177

July........................ 11,122,282 10,588,362 1,578,693 7,061,335 1,165,650 782,684 533,919

Aug........................ 11,272,626 10,737,701 1,659,984 7,100,325 1,181,748 795,645 534,924

Sept....................... 11,269,586 10,730,170 1,613,026 7,114,960 1,194,715 807,469 539,415
FEDERAL DEBT 

December 2012

34 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

 

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

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

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

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

2012 ..................... 2,586,697 3,424 69,324 9,970 6,912 1,533 704 20,673 931,045

 

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

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

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

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

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

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

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

Apr............ 2,551,077 3,422 78,901 15,820 7,152 1,057 441 11,275 934,592

May .......... 2,546,280 3,422 75,717 16,259 7,066 1,057 447 20,813 936,623

June ......... 2,598,606 3,422 68,407 13,256 7,164 1,057 468 18,199 934,182

July........... 2,596,371 3,424 74,461 12,099 7,083 - 475 18,811 934,325

Aug........... 2,589,714 3,424 71,208 11,929 6,999 - 663 21,564 908,813

Sept.......... 2,586,697 3,424 69,324 9,970 6,912 1,533 704 20,673 931,045

 

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

 

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

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

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

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

2012 .................. 4,939,455 10,245 35,248 41,250 22,680 132,345 836,336 228,292 2,777

 

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

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

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

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

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

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

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

Apr......... 4,912,450 9,380 34,342 40,609 22,692 145,412 803,751 245,447 7,080

May ....... 4,901,692 9,533 33,617 40,965 22,684 141,950 800,306 237,301 7,652

June ...... 4,953,138 9,598 33,130 41,003 22,685 142,587 815,036 235,085 9,253

July........ 4,952,852 9,907 37,083 41,041 22,686 139,145 810,761 234,250 10,930

Aug........ 4,885,472 10,138 36,940 41,230 22,679 130,236 807,144 220,638 2,153

Sept....... 4,939,455 10,245 35,248 41,250 22,680 132,345 836,336 228,292 2,777

 
FEDERAL DEBT 

December 2012 

35

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

 

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

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

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

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

2012 ............................ 24,399 19 128 24,103 151 *

 

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

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

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

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

2012 - Jan ................... 24,605 29 137 24,273 166 *

Feb .................. 24,627 29 130 24,310 158 *

Mar.................. 24,439 29 130 24,122 158 *

Apr................... 25,028 29 131 24,710 158 *

May ................. 24,498 29 132 24,179 158 *

June ................ 24,474 29 133 24,154 158 *

July.................. 24,447 29 134 24,126 158 *

Aug.................. 24,101 19 127 23,806 151 *

Sept................. 24,399 19 128 24,103 151 *

 

 

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

December 2012

36 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within 

1 year 

(2) 

1-5

years 

(3) 

5-10

years 

(4) 

 10-20

 years 

 (5) 

 20 years 

 or more 

 (6) 

Average length

(months) 

(7) 

2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 49

2009 ............................... 6,228,565 2,604,676 2,074,723 994,688 350,550 203,928 49

2010 ............................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57

2011 ............................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60

2012 ............................... 9,039,954 2,896,780 3,851,873 1,487,726 270,921 532,654 55

 

2011 - Sept..................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60

Oct...................... 8,074,439 2,546,549 3,164,655 1,539,649 307,001 516,584 60

Nov ..................... 8,196,987 2,615,920 3,234,816 1,535,457 292,136 518,658 59

Dec ..................... 8,205,749 2,641,533 3,251,453 1,505,074 289,711 517,978 59

2012 - Jan ...................... 8,399,585 2,652,591 3,412,176 1,527,281 287,847 519,690 58

Feb ..................... 8,551,311 2,743,327 3,479,479 1,513,140 285,554 529,809 58

Mar ..................... 8,608,508 2,820,573 3,477,460 1,498,189 283,948 528,338 57

Apr...................... 8,729,683 2,776,665 3,614,220 1,528,759 288,053 521,987 57

May..................... 8,815,377 2,795,764 3,682,506 1,524,989 287,006 525,113 57

June.................... 8,792,599 2,808,138 3,667,577 1,501,719 285,192 529,973 56

July ..................... 8,950,594 2,818,970 3,790,401 1,528,840 282,782 529,601 56

Aug ..................... 9,102,348 2,934,717 3,855,400 1,507,576 273,162 531,493 55

Sept.................... 9,039,954 2,896,780 3,851,873 1,487,726 270,921 532,654 55

 

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

December 2012 

37

TABLE FD-6.—Debt Subject to Statutory Limit

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

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities

 not subject

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 

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

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

2010 ................................................ 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794

2011 ................................................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797

2012 ................................................ 16,394,000 16,027,021 16,027,021 - 16,066,241 - 39,221

 

2011 - Sept...................................... 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797

Oct....................................... 15,194,000 14,948,905 14,948,895 10 14,993,709 10 44,814

Nov ...................................... 15,194,000 15,067,516 15,067,506 10 15,110,499 10 42,993

Dec ...................................... 15,194,000 15,180,337 15,180,327 10 15,222,940 10 42,613

2012 - Jan ....................................... 16,394,000 15,313,699 15,313,689 10 15,356,140 10 42,452

Feb ...................................... 16,394,000 15,446,261 15,446,251 10 15,488,891 10 42,640

Mar ...................................... 16,394,000 15,538,685 15,538,675 10 15,582,079 10 43,404

Apr....................................... 16,394,000 15,649,863 15,649,853 10 15,692,368 10 42,515

May...................................... 16,394,000 15,729,949 15,729,939 10 15,770,685 10 40,745

June..................................... 16,394,000 15,815,885 15,815,875 10 15,855,037 10 39,162

July ...................................... 16,394,000 15,894,576 15,894,576 - 15,933,235 - 38,658

Aug ...................................... 16,394,000 15,976,711 15,976,711 - 16,015,770 - 39,059

Sept..................................... 16,394,000 16,027,021 16,027,021 - 16,066,241 - 39,221

 

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

December 2012

38 

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

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

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

2010 ................................................ 881,890 11,284 25,098 18,534 522 1,160

2011 ................................................ 937,923 9,349 24,883 19,438 523 1,163

2012 ................................................ 979,021 9,009 24,759 20,523 495 1,001

 

2011 - Sept ..................................... 937,923 9,349 24,883 19,438 523 1,163

Oct....................................... 1,031,529 14,382 25,022 19,587 528 1,163

Nov...................................... 1,013,643 16,194 25,181 19,743 533 1,163

Dec...................................... 1,057,133 17,886 25,376 19,891 534 1,163

2012 - Jan ....................................... 1,050,711 10,657 25,510 20,023 538 1,163

Feb ...................................... 1,059,186 10,657 25,634 20,153 540 1,163

Mar...................................... 1,082,103 10,657 25,444 20,108 479 1,163

Apr....................................... 1,086,064 9,354 25,579 20,122 481 1,163

May ..................................... 968,791 9,336 25,865 20,301 484 1,163

June .................................... 982,523 9,130 26,736 20,678 530 1,163

July...................................... 988,389 9,153 26,736 20,678 531 1,163

Aug...................................... 971,499 8,855 24,686 20,486 493 1,011

Sept..................................... 979,021 9,009 24,759 20,523 495 1,001

 

 Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

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

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

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

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

2012 ................................................ 714,368 3,421 11,527 40 57,134

 

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

Oct ...................................... 631,403 3,043 6,032 58 46,135

Nov...................................... 630,048 3,043 6,032 58 45,992

Dec...................................... 668,600 3,078 6,032 58 47,854

2012 - Jan....................................... 675,934 3,153 6,032 58 47,472

Feb...................................... 682,103 3,208 6,032 58 47,848

Mar...................................... 695,180 3,253 6,032 58 50,293

Apr ...................................... 695,181 3,253 6,032 41 51,112

May ..................................... 696,531 3,418 6,032 40 51,503

June .................................... 711,020 3,543 6,032 40 52,558

July...................................... 715,687 3,478 6,032 40 53,240

Aug...................................... 710,868 3,485 6,032 40 55,039

Sept..................................... 714,368 3,421 11,527 40 57,134

 
FEDERAL DEBT 

December 2012 

39

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

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

2009 ...................................... 3,805 3,359 10,873 385,323

2010 ...................................... 7,254 3,481 11,752 374,997

2011 ...................................... 8,279 3,484 11,190 259,006

2012 ...................................... 11,301 3,402 7,920 114,117

 

2011 - Sept ........................... 8,279 3,484 11,190 259,003

Oct............................. 8,773 3,816 11,189 260,398

Nov............................ 9,563 4,089 11,189 240,815

Dec............................ 10,100 4,426 11,189 240,946

2012 - Jan ............................. 10,581 4,765 11,190 233,635

Feb ............................ 11,373 5,003 11,546 233,868

Mar............................ 11,807 5,312 11,189 241,128

Apr............................. 11,941 5,644 7,985 248,176

May ........................... 12,013 5,879 7,985 128,241

June .......................... 12,220 2,404 8,205 128,264

July............................ 12,312 2,755 8,205 128,379

Aug............................ 12,476 3,053 7,920 117,052

Sept........................... 11,301 3,402 7,920 114,117

 

Note.—For the Department of Housing and Urban Development, other HUD Housing 

Programs were reclassified from “Other” to “Other Housing Programs” for fiscal year 2009 

through the current fiscal year to date. 

Note.—Detail may not add to totals due to rounding. 
40 

December 2012 

INTRODUCTION: Public Debt Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

Table PDO-1 presents the results of weekly auctions of 

4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 26-

week bills. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million for bills and $5 million for notes and bonds in each 

auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: Cash management bills identified below are issued 

as part of the Supplementary Financing Program (SFP). For 

more details about the SFP, visit www.treasury.gov/ 

press/releases/hp1144.htm or call 202-622-2960. 

Note: On February 4, 2009, Treasury announced the 

reintroduction of the 7-year note. The first auction of this 

security took place on February 26, 2009. 

TREASURY FINANCING: JULY-SEPTEMBER 

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

J U L Y 

Auction of 2-Year Notes 

On June 21, 2012, Treasury announced it would auction 

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

$56,084 million of securities maturing June 30 and to raise 

new cash of approximately $42,916 million. 

The 2-year notes of Series AN-2014 were dated June 30 

and issued July 2. They are due June 30, 2014, with interest 

payable on December 31 and June 30 until maturity. 

Treasury set an interest rate of 0-1/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon eastern time (e.t.) for noncompetitive tenders and 

before 1:00 p.m. e.t. for competitive tenders on June 26. 

Tenders totaled $126,584 million; Treasury accepted 

$35,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 0.313 percent with an equivalent price of $99.874829. 

Treasury accepted in full all competitive tenders at yields 

lower than 0.313 percent. Tenders at the high yield were 

allotted 90.32 percent. The median yield was 0.300 percent, 

and the low yield was 0.242 percent. Noncompetitive 

tenders totaled $176 million. Competitive tenders accepted 

from private investors totaled $34,724 million. Accrued 

interest of $0.01359 per $1,000 must be paid for the period 

from June 30 to July 2. 

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

the auction process, Treasury accepted $357 million from 

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

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of 

notes of Series AN-2014 is $100. 

Auction of 5-Year Notes 

On June 21, 2012, Treasury announced it would auction 

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

$56,084 million of securities maturing June 30, and to raise 

new cash of approximately $42,916 million. 

The 5-year notes of Series AA-2017 were dated June 30 

and issued July 2. They are due June 30, 2017, with interest 

payable on December 31 and June 30 until maturity. 

Treasury set an interest rate of 0-3/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the note before 12:00 

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

e.t. for competitive tenders on June 27. Tenders totaled 

$91,246 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.752 percent with an 

equivalent price of $99.990199. Treasury accepted in full all 

competitive tenders at yields lower than 0.752 percent. 

Tenders at the high yield were allotted 38.63 percent. The 

median yield was 0.699 percent, and the low yield was 0.620 

percent. Noncompetitive tenders totaled $25 million. 

Competitive tenders accepted from private investors totaled 

$34,950 million. Accrued interest of $0.04076 per $1,000 

must be paid for the period from June 30 to July 2. 

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

the auction process, Treasury accepted $357 million from 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2012 

41

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AA-2017 is $100. 

Auction of 7-Year Notes 

On June 21, 2012, Treasury announced it would auction 

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

$56,084 million of securities maturing June 30 and to raise 

new cash of approximately $42,916 million. 

The 7-year notes of Series M-2019 were dated June 30 

and issued July 2. They are due June 30, 2019, with interest 

payable on December 31 and June 30 until maturity. 

Treasury set an interest rate of 1 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the note before 12:00 

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

e.t. for competitive tenders on June 28. Tenders totaled 

$76,505 million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.075 percent with an 

equivalent price of $99.495918. Treasury accepted in full all 

competitive tenders at yields lower than 1.075 percent. 

Tenders at the high yield were allotted 54.05 percent. The 

median yield was 1.019 percent, and the low yield was 0.950 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$28,967 million. Accrued interest of $0.05435 per $1,000 

must be paid for the period from June 30 to July 2. 

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

the auction process, Treasury accepted $296 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series M-2019 is $100. 

Auction of 3-Year Notes 

On July 5, 2012, Treasury announced it would auction 

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

$64,837 million of securities maturing July 15 and to raise 

new cash of approximately $1,163 million. 

The 3-year notes of Series AB-2015 were dated July 15 

and issued July 16. They are due July 15, 2015, with interest 

payable on January 15 and July 15 until maturity. Treasury 

set an interest rate of 0-1/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

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

e.t. for competitive tenders on July 10. Tenders totaled 

$112,608 million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.366 percent with the 

equivalent price of $99.654528. Treasury accepted in full all 

competitive tenders at yields lower than 0.366 percent. 

Tenders at the high yield were allotted 98.85 percent. The 

median yield was 0.349 percent, and the low yield was 0.277 

percent. Noncompetitive tenders totaled $26 million. 

Competitive tenders accepted from private investors totaled 

$31,874 million. Accrued interest of $0.00679 per $1,000 

must be paid for the period from July 15 to July 16. The 

minimum par amount required for STRIPS of notes of Series 

AB-2015 is $100. 

Auction of 9-Year 10-Month 1-3/4 Percent Notes 

On July 5, 2012, Treasury announced it would auction 

$21,000 million of 9-year 10-month 1-3/4 percent notes. The 

issue was to refund $64,837 million of securities maturing 

July 15 and to raise new cash of approximately $1,163 

million. 

The 9-year 10-month notes of Series C-2022 were dated 

May 15 and issued July 16. They are due May 15, 2022, 

with interest payable on November 15 and May 15 until 

maturity. Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on July 11. Tenders totaled 

$75,883 million; Treasury accepted $21,001 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.459 percent with an 

equivalent price of $102.654933. Treasury accepted in full 

all competitive tenders at yields lower than 1.459 percent. 

Tenders at the high yield were allotted 51.68 percent. The 

median yield was 1.440 percent, and the low yield was 1.360 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$20,993 million. Accrued interest of $2.94837 per $1,000 

must be paid for the period from May 15 to July 16. The 

minimum par amount required for STRIPS of notes of Series 

C-2022 is $100. 

Auction of 29-Year 10-Month 3 Percent Bonds 

On July 5, 2012, Treasury announced it would auction 

$13,000 million of 29-year 10-month 3 percent bonds. The 

issue was to refund $64,837 million of securities maturing 

July 15 and to raise new cash of approximately $1,163 

million. 

The 29-year 10-month bonds of May 2042 were dated 

May 15 and issued July 16. They are due May 15, 2042, 

with interest payable on November 15 and May 15 until 

maturity. 

Treasury received tenders for the bonds before 12:00 

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

e.t. for competitive tenders on July 12. Tenders totaled 

$35,063 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.580 percent with an 

equivalent price of $108.697683. Treasury accepted in full 

all competitive tenders at yields lower than 2.580 percent. 

Tenders at the high yield were allotted 40.64 percent. The 

median yield was 2.549 percent, and the low yield was 2.436 

percent. Noncompetitive tenders totaled $10 million. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2012 

42 

Competitive tenders accepted from private investors totaled 

$12,990 million. Accrued interest of $5.05435 per $1,000 

must be paid for the period from May 15 to July 16. The 

minimum par amount required for STRIPS of bonds of May 

2042 is $100. 

52-Week Bills 

On July 19, 2012, Treasury announced it would auction 

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

July 26, and will mature July 25, 2013. The issue was to 

refund $107,003 million of all maturing bills and raise new 

cash of approximately $4,997 million. Treasury auctioned 

the bills on July 24. Tenders totaled $117,793 million; 

Treasury accepted $25,000 million. That included $139 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.175 percent. 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On July 12, 2012, Treasury announced it would auction 

$15,000 million of 10-year TIPS. The issue was to refund 

approximately $53,413 million of securities maturing July 

31 and to raise new cash of approximately $ 60,587 million. 

The 10-year TIPS of Series D-2022 were dated July 15 

and issued July 31. They are due July 15, 2022, with interest 

payable on January 15 and July 15 until maturity. Treasury 

set an interest rate of 0-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 

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

e.t. for competitive tenders on July 19. Tenders totaled 

$39,313 million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -0.637 percent with an 

equivalent adjusted price of $107.779708. Treasury accepted 

in full all competitive tenders at yields lower than -0.637. 

Tenders at the high yield were allotted 27.74 percent. The 

median yield was -0.710 percent, and the low yield was 

-0.836 percent. Noncompetitive tenders totaled $67 million. 

Competitive tenders accepted from private investors totaled 

$14,873 million. Adjusted accrued interest of $0.05432 per 

$1,000 must be paid for the period from July 15 to July 31. 

Both the unadjusted price of $107.845494 and the 

unadjusted accrued interest of $0.05435 were adjusted by an 

index ratio of 0.99939, for the period from July 15 to July 

31. The minimum par amount required for STRIPS of TIPS 

of Series D-2022 is $100. 

Auction of 2-Year Notes 

On July 19, 2012, Treasury announced it would auction 

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

$53,413 million of securities maturing July 31 and to raise 

new cash of approximately $60,587 million. 

The 2-year notes of Series AP-2014 were dated and 

issued July 31. They are due July 31, 2014, with interest 

payable on January 31 and July 31 until maturity. Treasury 

set an interest rate of 0-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

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

e.t. for competitive tenders on July 24. Tenders totaled 

$140,117 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.220 percent with an 

equivalent price of $99.810521. Treasury accepted in full all 

competitive tenders at yields lower than 0.220 percent. 

Tenders at the high yield were allotted 77.80 percent. The 

median yield was 0.212 percent, and the low yield was 0.167 

percent. Noncompetitive tenders totaled $206 million. 

Competitive tenders accepted from private investors totaled 

$34,694 million. The minimum par amount required for 

STRIPS of notes of Series AP-2014 is $100. 

Auction of 5-Year Notes 

On July 19, 2012, Treasury announced it would auction 

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

$53,413 million of securities maturing July 31 and to raise 

new cash of approximately $60,587 million. 

The 5-year notes of Series AB-2017 were dated and 

issued July 31. They are due July 31, 2017, with interest 

payable on January 31 and July 31 until maturity. Treasury 

set an interest rate of 0-1/2 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

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

e.t. for competitive tenders on July 25. Tenders totaled 

$94,763 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.584 percent with an 

equivalent price of $99.586667. Treasury accepted in full all 

competitive tenders at yields lower than 0.584 percent. 

Tenders at the high yield were allotted 12.20 percent. The 

median yield was 0.542 percent, and the low yield was 0.470 

percent. Noncompetitive tenders totaled $26 million. 

Competitive tenders accepted from private investors totaled 

$34,975 million. The minimum par amount required for 

STRIPS of notes of Series AB-2017 is $100. 

Auction of 7-Year Notes 

On July 19, 2012, Treasury announced it would auction 

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

$53,413 million of securities maturing July 31 and to raise 

new cash of approximately $60,587 million. 

The 7-year notes of Series N-2019 were dated and 

issued July 31. They are due July 31, 2019, with interest 

payable on January 31 and July 31 until maturity. Treasury 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2012 

43

set an interest rate of 0-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

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

e.t. for competitive tenders on July 26. Tenders totaled 

$76,423 million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.954 percent with an 

equivalent price of $99.466290. Treasury accepted in full all 

competitive tenders at yields lower than 0.954 percent. 

Tenders at the high yield were allotted 96.12 percent. The 

median yield was 0.910 percent, and the low yield was 0.840 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$28,992 million. The minimum par amount required for 

STRIPS of notes of Series N-2019 is $100. 

A U G U S T 

Cash Management Bills 

On August 9, 2012, Treasury announced it would 

auction $25,000 million of 15-day bills. They were issued 

August 15 and matured August 30. The issue was to raise 

new cash. Treasury auctioned the bills on August 14. 

Tenders totaled $119,305 million; Treasury accepted 

$25,001 million. The high bank discount rate was 0.110 

percent. 

On August 20, Treasury announced it would auction 

$10,000 million of 14-day bills. They were issued August 23 

and matured September 6. The issue was to raise new cash. 

Treasury auctioned the bills on August 22. Tenders totaled 

$58,371 million; Treasury accepted $10,000 million. The 

high bank discount rate was 0.100 percent. 

On August 27, Treasury announced it would auction 

$35,000 million of 18-day bills. They were issued August 30 

and matured September 17. The issue was to raise new cash. 

Treasury auctioned the bills on August 29. Tenders totaled 

$139,415 million; Treasury accepted $35,001 million. The 

high bank discount rate was 0.125 percent. 

August Quarterly Financing 

On August 1, 2012, Treasury announced it would 

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

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

refund $54,157 million of securities maturing on August 15 

and to raise new cash of approximately $17,843 million. 

The 3-year notes of Series AC-2015 were dated and 

issued August 15. They are due August 15, 2015, with 

interest payable on February 15 and August 15 until 

maturity. Treasury set an interest rate of 0-1/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the note before 12:00 

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

e.t. for competitive tenders on August 7. Tenders totaled 

$112,317 million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.370 percent with an 

equivalent price of $99.642320. Treasury accepted in full all 

competitive tenders at yields lower than 0.370. Tenders at 

the high yield were allotted 22.25 percent. The median yield 

was 0.354 percent, and the low yield was 0.274 percent. 

Noncompetitive tenders totaled $46 million. Competitive 

tenders accepted from private investors totaled $31,854 

million. The minimum par amount required for STRIPS of 

notes of Series AC-2015 is $100. 

The 10-year notes of Series E-2022 were dated and 

issued August 15. They are due August 15, 2022, with 

interest payable on February 15 and August 15 until 

maturity. Treasury set an interest rate of 1-5/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the note before 12:00 

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

e.t. for competitive tenders on August 08. Tenders totaled 

$59,791 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.680 percent with an 

equivalent price of $99.495660. Treasury accepted in full all 

competitive tenders at yields lower than 1.680. Tenders at 

the high yield were allotted 72.94 percent. The median yield 

was 1.630 percent, and the low yield was 1.550 percent. 

Noncompetitive tenders totaled $31 million. Competitive 

tenders accepted from private investors totaled $23,919 

million. The minimum par amount required for STRIPS of 

notes of Series E-2022 is $100. 

The 30-year bonds of August 2042 were dated and 

issued August 15. They are due August 15, 2042, with 

interest payable on February 15 and August 15 until 

maturity. Treasury set an interest rate of 2-3/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the bonds before 12:00 

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

e.t. for competitive tenders on August 09. Tenders totaled 

$38,501 million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.825 percent with an 

equivalent price of $98.489469. Treasury accepted in full all 

competitive tenders at yields lower than 2.825. Tenders at 

the high yield were allotted 91.84 percent. The median yield 

was 2.765 percent, and the low yield was 2.700 percent. 

Noncompetitive tenders totaled $19 million. Competitive 

tenders accepted from private investors totaled $15,981 

million. The minimum par amount required for STRIPS of 

bonds of August 2042 is $100. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2012 

44 

52-Week Bills 

On August 16, 2012, Treasury announced it would 

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

were issued August 23, and will mature August 22, 2013. 

The issue was to refund $116,005 million of all maturing 

bills and raise new cash of approximately $18,995 million. 

Treasury auctioned the bills on August 21. Tenders totaled 

$113,814 million; Treasury accepted $25,001 million. That 

included $163 million of noncompetitive tenders from the 

public. The high bank discount rate was 0.195 percent. 

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

On August 16, 2012, Treasury announced it would 

auction $14,000 million of 4-year 8-month 0-1/8 percent 

TIPS. The issue was to refund $50,441 million of securities 

maturing August 31 and to raise new cash of approximately 

$62,559 million. 

The 4-year 8-month TIPS of Series X-2017 were dated 

April 15 and issued August 31. They are due April 15, 2017, 

with interest payable on October 15 and April 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 

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

e.t. for competitive tenders on August 23. Tenders totaled 

$43,522 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -1.286 percent with an 

equivalent adjusted price of $107.850753. Treasury accepted 

in full all competitive tenders at yields lower than -1.286. 

Tenders at the high yield were allotted 70.23 percent. The 

median yield was -1.330 percent, and the low yield was 

-1.410 percent. Noncompetitive tenders totaled $52 million. 

Competitive tenders accepted from private investors totaled 

$13,948 million. Adjusted accrued interest of $0.47620 per 

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

31. Both the unadjusted price of 106.742763 and the 

unadjusted accrued interest of 0.47131 were adjusted by an 

index ratio of 1.01038 from the period of April 15 to August 

31. The minimum par amount required for STRIPS of TIPS 

of Series X-2017 is $100. 

Auction of 2-Year Notes 

On August 23, 2012, Treasury announced it would 

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

refund $50,441 million of securities maturing August 31 and 

to raise new cash of approximately $62,559 million. 

The 2-year notes of Series AQ-2014 were dated and 

issued August 31. They are due August 31, 2014, with 

interest payable on the last calendar day of February and 

August 31 until maturity. Treasury set an interest rate of 0-

1/4 percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

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

e.t. for competitive tenders on August 28. Tenders totaled 

$137,973 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.273 percent with an 

equivalent price of $99.954157. Treasury accepted in full all 

competitive tenders at yields lower than 0.273 percent. 

Tenders at the high yield were allotted 9.01 percent. The 

median yield was 0.265 percent, and the low yield was 0.200 

percent. Noncompetitive tenders totaled $205 million. 

Competitive tenders accepted from private investors totaled 

$34,696 million. The minimum par amount required for 

STRIPS of notes of Series AQ-2014 is $100. 

Auction of 5-Year Notes 

On August 23, 2012, Treasury announced it would 

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

refund $50,441 million of securities maturing August 31 and 

to raise new cash of approximately $62,559 million. 

The 5-year notes of Series AC-2017 were dated and 

issued August 31. They are due August 31, 2017, with 

interest payable on the last calendar day of February and 

August 31 until maturity. Treasury set an interest rate of 0-

5/8 percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

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

e.t. for competitive tenders on August 29. Tenders totaled 

$102,184 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.708 percent with an 

equivalent price of $99.592967. Treasury accepted in full all 

competitive tenders at yields lower than 0.708 percent. 

Tenders at the high yield were allotted 88.61 percent. The 

median yield was 0.675 percent, and the low yield was 0.615 

percent. Noncompetitive tenders totaled $32 million. 

Competitive tenders accepted from private investors totaled 

$34,943 million. The minimum par amount required for 

STRIPS of notes of Series AC-2017 is $100. 

Auction of 7-Year Notes 

On August 23, 2012, Treasury announced it would 

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

refund $50,441 million of securities maturing August 31 and 

to raise new cash of approximately $62,559 million. 

The 7-year notes of Series P-2019 were dated and 

issued August 31. They are due August 31, 2019, with 

interest payable on the last calendar day of February and 

August 31 until maturity. Treasury set an interest rate of 1 

percent after determining which tenders were accepted on a 

yield auction basis. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2012 

45

Treasury received tenders for the notes before 12:00 

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

e.t. for competitive tenders on August 30. Tenders totaled 

$81,338 million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.081 percent with an 

equivalent price of $99.455337. Treasury accepted in full all 

competitive tenders at yields lower than 1.081 percent. 

Tenders at the high yield were allotted 33.82 percent. The 

median yield was 1.050 percent, and the low yield was 0.985 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$28,992 million. The minimum par amount required for 

STRIPS of notes of Series P-2019 is $100. 

S E P T E M B E R 

Cash Management Bills 

On September 4, 2012, Treasury announced it would 

auction $35,000 million of 11-day bills. They were issued 

September 6 and matured September 17. The issue was to 

raise new cash. Treasury auctioned the bills on September 5. 

Tenders totaled $139,291 million; Treasury accepted 

$35,000 million. The high bank discount rate was 0.145 

percent. 

Auction of 3-Year Notes 

On September 6, 2012, Treasury announced it would 

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

refund $38,082 million of securities maturing September 15 

and to raise new cash of approximately $27,918 million. 

The 3-year note of Series AD-2015 were dated 

September 15 and issued September 17. They are due 

September 15, 2015, with interest payable on March 15 and 

September 15 until maturity. Treasury set an interest rate of 

0-1/4 percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the note before 12:00 

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

e.t. for competitive tenders on September 11. Tenders totaled 

$125,953 million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.337 percent with an 

equivalent price of $99.741005. Treasury accepted in full all 

competitive tenders at yields lower than 0.337 percent. 

Tenders at the high yield were allotted 5.19 percent. The 

median yield was 0.320 percent, and the low yield was 0.256 

percent. Noncompetitive tenders totaled $30 million. 

Competitive tenders accepted from private investors totaled 

$31,870 million. Accrued interest of $0.01381 per $1,000 

must be paid for the period from September 15 to September 

17. The minimum par amount required for STRIPS of notes 

of Series AD-2015 is $100. 

Auction of 9-Year 11-Month 1-5/8 Notes 

On September 6, 2012, Treasury announced it would 

auction $21,000 million of 9-year 11-month 1-5/8 notes. The 

issue was to refund $38,082 million of securities maturing 

September 15 and to raise new cash of approximately 

$27,918 million. 

The 9-year 11-month 1-5/8 notes of Series E-2022 were 

dated August 15 and issued September 17. They are due 

August 15, 2022, with interest payable on February 15 and 

August 15 until maturity. 

Treasury received tenders for the notes before 12:00 

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

e.t. for competitive tenders on September 12. Tenders totaled 

$59,922 million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.764 percent with an 

equivalent price of $98.740142. Treasury accepted in full all 

competitive tenders at yields lower than 1.764 percent. 

Tenders at the high yield were allotted 4.46 percent. The 

median yield was 1.720 percent, and the low yield was 1.644 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled 

$20,985 million. Accrued interest of $1.45720 per $1,000 

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

The minimum par amount required for STRIPS of notes of 

Series E-2022 is $100. 

Auction of 29-Year 11-Month 2-3/4 Percent Bonds 

On September 6, 2012, Treasury announced it would 

auction $13,000 million of 29-year 11-month 2-3/4 percent 

bonds. The issue was to refund $38,082 million of securities 

maturing September 15 and to raise new cash of 

approximately $27,918 million. 

The 29-year 11-month bonds of August 2042 were 

dated August 15 and issued September 17. They are due 

August 15, 2042, with interest payable on February 15 and 

August 15 until maturity. 

Treasury received tenders for the bonds before 11:00 

a.m. for noncompetitive tenders and before 11:30 a.m. e.t. 

for competitive tenders on September 13. Tenders totaled 

$34,885 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.896 percent with an 

equivalent price of $97.088998. Treasury accepted in full all 

competitive tenders at yields lower than 2.896 percent. 

Tenders at the high yield were allotted 70.84 percent. The 

median yield was 2.860 percent, and the low yield was 2.800 

percent. Noncompetitive tenders totaled $10 million. 

Competitive tenders accepted from private investors totaled 

$12,990 million. Accrued interest of $2.46603 per $1,000 

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

The minimum par amount required for STRIPS of bonds of 

August 2042 is $100. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2012 

46 

52-Week Bills 

On September 13, 2012, Treasury announced it would 

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

were issued September 20, and will mature September 19, 

2013. The issue was to refund $126,003 million of securities 

maturing September 20 and to pay down approximately 

$1,003 million. Treasury auctioned the bills on September 

18. Tenders totaled $122,933 million; Treasury accepted 

$25,001 million. That included $127 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.175 percent. 

Auction of 9-Year 10-Month 0-1/8 Percent TIPS 

On September 13, 2012, Treasury announced it would 

auction $13,000 million of 9-year 10-month 0-1/8 percent 

TIPS. The issue was to raise new cash of approximately 

$13,000 million. 

The 9-year 10-month TIPS of Series D-2022 were dated 

July 15 and issued September 28. They are due July 15, 

2022, with interest payable on January 15 and July 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 

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

e.t. for competitive tenders on September 20. Tenders totaled 

$30,636 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -0.750 percent with an 

equivalent adjusted price of $108.522783. Treasury accepted 

in full all competitive tenders at yields lower than -0.750. 

Tenders at the high yield were allotted 99.47 percent. The 

median yield was -0.855 percent, and the low yield was 

-0.960 percent. Noncompetitive tenders totaled $28 million. 

Competitive tenders accepted from private investors totaled 

$12,972 million. Adjusted accrued interest of $0.25385 per 

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

September 28. Both the unadjusted price of $108.911597 

and the unadjusted accrued interest of 0.25476 were adjusted 

by an index ratio of 0.99643 from the period of July 15 to 

September 28. The minimum par amount required for 

STRIPS of TIPS of Series D-2022 is $100. 
PUBLIC DEBT OPERATIONS 

December 2012 

47

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount

of bids 

tendered 

(3) 

Total 

amount 2

(4) 

On

competitive

basis 

(5) 

On noncompetitive 

basis 3 

(6) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

2012 - July 05................... 2012 - Aug. 02 28 139,562.1 30,001.1 29,441.5 234.6 99.994167 0.075 0.076

 Oct. 04 91 140,435.5 30,000.4 28,354.4 746.0 99.974722 0.100 0.101

 2013 - Jan. 03 182 130,180.5 27,000.8 25,378.8 622.1 99.924167 0.150 0.152

July 12 ................. 2012 - Aug. 09 28 140,329.8 30,000.2 29,736.5 263.7 99.994556 0.070 0.071

 Oct. 11 91 137,480.6 30,000.2 29,097.6 652.6 99.977250 0.090 0.091

 2013 - Jan. 10 182 130,356.5 27,000.7 25,625.9 674.8 99.926694 0.145 0.147

July 19 ................. 2012 - Aug. 16 28 135,862.2 30,000.7 29,719.9 280.8 99.994167 0.075 0.076

 Oct. 18 91 127,500.0 30,000.7 29,062.4 731.3 99.975986 0.095 0.096

 2013 - Jan. 17 182 134,601.3 27,000.4 25,837.0 663.3 99.931750 0.135 0.137

July 26 ................. 2012 - Aug. 23 28 134,949.4 30,000.9 29,214.8 244.5 99.993778 0.080 0.081

 Oct. 25 91 133,849.9 30,000.3 28,486.1 754.3 99.975986 0.095 0.096

 2013 - Jan. 24 182 139,683.8 27,001.8 25,390.4 711.4 99.929222 0.140 0.142

Aug. 02 ................ 2012 - Aug. 30 28 153,701.0 35,000.0 34,764.2 235.8 99.994167 0.075 0.076

 Nov. 01 91 145,196.4 32,001.1 30,942.5 658.7 99.972194 0.110 0.112

 2013 - Jan. 31 182 143,209.6 28,001.5 26,977.1 624.3 99.926694 0.145 0.147

Aug. 09 ................ 2012 - Sept. 06 28 169,184.3 40,001.2 39,733.6 267.6 99.993389 0.085 0.086

 Nov. 08 91 145,798.9 32,001.0 31,036.0 765.0 99.974722 0.100 0.101

 2013 - Feb. 07 182 140,036.4 28,000.3 26,653.3 647.0 99.931750 0.135 0.137

Aug. 16 ................ 2012 - Sept. 13 28 166,301.0 40,000.5 39,721.2 279.3 99.991444 0.110 0.112

 Nov. 15 91 150,127.9 32,000.6 31,121.0 729.6 99.972194 0.110 0.112

 2013 - Feb. 14 182 134,810.1 28,000.9 26,746.0 654.9 99.926694 0.145 0.147

Aug. 23 ................ 2012 - Sept. 20 28 162,372.6 40,000.0 39,720.9 279.2 99.991444 0.110 0.112

 Nov. 23 92 141,662.9 32,001.5 31,166.1 685.4 99.973167 0.105 0.106

 2013 - Feb. 21 182 137,054.7 28,000.6 26,903.9 616.7 99.926694 0.145 0.147

Aug. 30 ................ 2012 - Sept. 27 28 163,898.9 40,000.3 39,013.4 213.2 99.990667 0.120 0.122

 Nov. 29 91 139,316.2 32,000.2 30,493.0 713.1 99.973458 0.105 0.106

 2013 - Feb. 28 182 129,179.1 28,001.1 26,497.0 604.1 99.929222 0.140 0.142

Sept. 06 ............... 2012 - Oct. 04 28 173,808.8 40,000.8 39,744.6 256.2 99.991833 0.105 0.106

 Dec. 06 91 148,583.4 32,000.1 30,941.7 658.4 99.974722 0.100 0.101

 2013 - Mar. 07 182 138,228.0 28,001.4 26,998.1 603.3 99.931750 0.135 0.137

Sept. 13 ............... 2012 - Oct. 11 28 170,382.5 40,000.2 39,725.2 275.0 99.993000 0.090 0.091

 Dec. 13 91 149,139.2 32,000.5 31,078.3 722.2 99.974722 0.100 0.101

 2013 - Mar. 14 182 143,262.2 28,000.2 27,128.0 572.2 99.934278 0.130 0.132

Sept. 20 ............... 2012 - Oct. 18 28 165,206.1 40,001.1 39,741.2 209.9 99.993778 0.080 0.081

 Dec. 20 91 146,884.1 32,000.6 31,192.4 608.3 99.973458 0.105 0.106

 2013 - Mar. 21 182 137,714.6 28,000.8 27,148.3 552.4 99.934278 0.130 0.132

Sept. 27 ............... 2012 - Oct. 25 28 157,835.7 40,001.0 38,904.3 269.7 99.995722 0.055 0.056

 Dec. 27 91 139,328.5 32,000.4 30,361.4 670.7 99.972194 0.110 0.112

 2013 - Mar. 28 182 134,139.9 28,000.8 26,453.8 581.3 99.929222 0.140 0.142

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

December 2012 

48 

TABLE PDO-2.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and

equivalent price 

for notes and 

bonds 

(6) 

 

06/26/12 07/02/12 0.250% note—06/30/14-AN 2y 126,941 35,357 0.313 - 99.874829

06/27/12 07/02/12 0.750% note—06/30/17-AA 5y 91,603 35,357 0.752 - 99.990199

06/28/12 07/02/12 1.000% note—06/30/19-M 7y 76,801 29,296 1.075 - 99.495918

07/10/12 07/16/12 0.250% note—07/15/15-AB 3y 112,608 32,000 0.366 - 99.654528

07/11/12 07/16/12 1.750% note—05/15/22-C 9y 10m 75,883 21,001 1.459 - 102.654933

07/12/12 07/16/12 3.000% bond—05/15/42 29y 10m 35,063 13,000 2.580 - 108.697683

07/19/12 07/31/12 0.125% TIPS—07/15/22-D 10y 39,313 15,000 -0.637 - 107.779708

07/24/12 07/26/12 0.175% bill—07/25/13 364d 117,793 25,000 

07/24/12 07/31/12 0.125% note—07/31/14-AP 2y 140,117 35,000 0.220 - 99.810521

07/25/12 07/31/12 0.500% note—07/31/17-AB 5y 94,763 35,000 0.584 - 99.586667

07/26/12 07/31/12 0.875% note—07/31/19-N 7y 76,423 29,000 0.954 - 99.466290

08/07/12 08/15/12 0.250% note—08/15/15-AC 3y 112,317 32,000 0.370 - 99.642320

08/08/12 08/15/12 1.625% note—08/15/22-E 10y 59,791 24,000 1.680 - 99.495660

08/09/12 08/15/12 2.750% bond—08/15/42 30y 38,501 16,000 2.825 - 98.489469

08/14/12 08/15/12 0.110% bill—08/30/12 15d 119,305 25,001 

08/21/12 08/23/12 0.195% bill—08/22/13 364d 113,814 25,001 

08/22/12 08/23/12 0.100% bill—09/06/12 14d 58,371 10,000 

08/23/12 08/31/12 0.125% TIPS—04/15/17-X 4y 8m 43,522 14,000 -1.286 - 107.850753

08/28/12 08/31/12 0.250% note—08/31/14-AQ 2y 137,973 35,000 0.273 - 99.954157

08/29/12 08/30/12 0.125% bill—09/17/12 18d 139,415 35,001 

08/29/12 08/31/12 0.625% note—08/31/17-AC 5y 102,184 35,000 0.708 - 99.592967

08/30/12 08/31/12 1.000% note—08/31/19-P 7y 81,338 29,000 1.081 - 99.455337

09/05/12 09/06/12 0.145% bill—09/17/12 11d 139,291 35,000 

09/11/12 09/17/12 0.250% note—09/15/15-AD 3y 125,953 32,000 0.337 - 99.741005

09/12/12 09/17/12 1.625% note—08/15/22-E 9y 11m 59,922 21,000 1.764 - 98.740142

09/13/12 09/17/12 2.750% bond—08/15/42 29y 11m 34,885 13,000 2.896 - 97.088998

09/18/12 09/20/12 0.175% bill—09/19/13 364d 122,933 25,001 

09/20/12 09/28/12 0.125% TIPS—07/15/22-D 9y 10m 30,636 13,000 -0.750 - 108.522783

 

 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
December 2012 

49

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

 Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

December 2012 

50 

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

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

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues

held by Federal

Reserve banks

(6) 

 Total

 outstanding

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

 

2008 ................................................ 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486

2009 ................................................ 11,933,031 11,909,828 4,355,292 - 4,355,292 827,126

2010 ................................................ 13,585,596 13,561,622 4,534,014 - 4,534,014 909,910

2011 ................................................ 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

2012 ................................................ 16,090,640 16,066,241 4,791,850 4,791,850 1,744,275

 

2011 - Sept...................................... 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

Oct....................................... 15,018,350 14,993,709 4,732,703 - 4,732,703 1,740,637

Nov ...................................... 15,135,588 15,110,499 4,715,598 - 4,715,598 1,739,914

Dec ...................................... 15,248,213 15,222,940 4,770,443 - 4,770,443 1,741,045

2012 - Jan ....................................... 15,380,745 15,356,140 4,778,855 - 4,778,855 1,738,133

Feb ...................................... 15,513,518 15,488,891 4,760,759 - 4,760,759 1,740,812

Mar ...................................... 15,606,518 15,582,079 4,730,124 - 4,730,124 1,744,108

Apr....................................... 15,717,395 15,692,367 4,771,128 - 4,771,128 1,750,319

May...................................... 15,795,183 15,770,684 4,759,124 - 4,759,124 1,752,572

June..................................... 15,879,511 15,855,037 4,806,826 - 4,806,826 1,754,570

July ...................................... 15,957,681 15,933,235 4,806,602 - 4,806,602 1,741,735

Aug ...................................... 16,039,870 16,015,770 4,738,468 - 4,738,468 1,740,753

Sept..................................... 16,090,640 16,066,241 4,791,850 - 4,791,850 1,744,275

 

 Public debt securities, con. Agency securities 1

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2008 .................................................................... 5,329,748 4,751,490 578,258 23,104 23,098 6

2009 .................................................................... 6,727,410 6,182,607 544,804 23,203 23,202 1

2010 .................................................................... 8,117,698 7,588,415 529,284 23,974 23,971 3

2011 .................................................................... 8,442,847 7,935,360 507,488 24,988 24,982 6

2012 .................................................................... 9,530,116 9,005,483 524,634 24,399 24,394 5

 

2011 - Sept.......................................................... 8,442,847 7,935,360 507,488 24,988 24,982 6

Oct........................................................... 8,520,369 8,005,895 514,474 24,642 24,636 6

Nov .......................................................... 8,654,987 8,138,402 516,584 25,090 25,084 6

Dec .......................................................... 8,711,452 8,195,837 515,615 25,274 25,268 6

2012 - Jan ........................................................... 8,839,152 8,330,777 508,376 24,605 24,599 6

Feb .......................................................... 8,987,320 8,481,485 505,835 24,627 24,621 6

Mar .......................................................... 9,107,847 8,594,178 513,669 24,439 24,433 6

Apr........................................................... 9,170,921 8,649,758 521,163 25,028 25,022 6

May.......................................................... 9,258,989 8,733,600 525,389 24,499 24,493 6

June......................................................... 9,293,641 8,766,085 527,557 24,474 24,468 6

July .......................................................... 9,384,898 8,865,612 519,285 24,447 24,441 6

Aug .......................................................... 9,536,549 9,016,272 520,277 24,101 24,095 6

Sept......................................................... 9,530,116 9,005,483 524,634 24,399 24,394 5

 

 1

 Table has been revised to show separate amounts for Agency Securities to include 

Held by Private Investors and Held by Government Accounts. 

Note. – Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, 

and the Federal Home Loan Bank System.
OWNERSHIP OF FEDERAL SECURITIES 

December 2012 

51

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Federal 

Reserve and 

Intragovernmental 

Holdings 2

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S.

savings

bonds 5

(5) 

 Private 6

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign

 and inter-

 national 8

 (11) 

 Other 

 investors 9

 (12) 

 

2012 - Sept........ 16,066.2 6,446.8 9,619.4 n.a. 183.8 n.a. n.a n.a n.a n.a n.a n.a

 June ....... 15,855.5 6,475.8 9,379.7 305.2 184.7 605.2 189.6 259.1 864.9 519.5 5,311.0 1,140.5

 Mar......... 15,582.3 6,397.2 9,185.1 320.2 184.8 596.4 189.3 260.5 881.9 515.4 5,147.5 1,089.0

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 583.9 188.9 260.7 827.9 525.8 5,004.2 927.0

 Sept........ 14,790.3 6,328.0 8,462.4 293.7 185.1 569.0 189.0 253.4 719.5 539.3 4,908.3 805.1

 June ....... 14,343.1 6,220.4 8,122.7 279.3 186.0 542.5 186.9 250.6 653.0 560.5 4,690.6 773.2

 Mar......... 14,270.0 5,958.9 8,311.1 321.2 186.7 532.5 187.9 251.4 641.0 575.9 4,481.4 1,133.2

2010 - Dec......... 14,025.2 5,656.2 8,368.9 319.1 187.9 520.8 185.6 248.4 638.0 587.7 4,435.6 1,245.9

 Sept........ 13,561.6 5,350.5 8,211.1 322.9 188.7 502.1 185.5 240.6 607.4 579.3 4,324.2 1,260.5

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 485.2 182.0 231.8 632.1 583.6 4,070.0 1,216.3

 Mar......... 12,773.1 5,259.8 7,513.3 269.4 190.2 462.8 179.1 225.7 646.4 579.3 3,877.9 1,082.5

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.4 191.3 430.5 174.5 222.0 666.3 581.3 3,685.1 881.0

 Sept........ 11,909.8 5,127.1 6,782.7 198.1 192.5 398.8 167.3 210.2 644.9 577.1 3,570.6 823.2

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 354.0 159.9 200.0 695.6 580.2 3,460.8 733.6

 Mar......... 11,126.9 4,785.2 6,341.7 125.6 194.0 331.3 150.2 191.0 716.0 580.6 3,265.7 787.4

2008 - Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 297.3 146.4 171.4 768.8 551.0 3,077.2 582.3

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 292.3 143.9 163.4 656.1 568.1 2,802.4 381.5

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 276.7 141.8 159.4 477.2 574.3 2,587.4 281.7

 Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 270.3 142.0 152.1 484.4 582.4 2,506.3 285.0

2007 - Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 257.2 141.6 141.9 362.9 588.1 2,353.2 224.5

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 246.1 138.9 155.1 306.3 586.0 2,235.3 285.1

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 232.0 159.3 168.9 267.7 608.9 2,192.0 214.7

 Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 221.3 158.3 185.4 264.5 582.0 2,194.8 346.8

2006 - Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 207.2 156.2 197.9 250.7 551.7 2,103.1 338.1

 Sept........ 8,507.0 4,432.8 4,074.2 113.6 203.7 201.7 154.7 196.8 235.7 526.2 2,025.3 416.5

 June ....... 8,420.0 4,389.2 4,030.8 119.5 205.2 191.6 150.9 196.1 244.2 524.9 1,977.8 420.5

 Mar......... 8,371.2 4,257.2 4,114.0 113.0 206.0 186.7 153.0 200.3 248.7 473.3 2,082.1 450.9

2005 - Dec......... 8,170.4 4,199.8 3,970.6 117.1 205.2 184.9 153.8 202.3 251.3 475.0 2,033.9 347.0

 Sept........ 7,932.7 4,067.8 3,864.9 125.3 203.6 184.2 164.8 200.7 244.7 463.7 1,929.6 348.2

 June ....... 7,836.5 4,033.5 3,803.0 126.9 204.2 181.0 171.3 195.0 248.7 444.0 1,877.5 354.4

 Mar......... 7,776.9 3,921.6 3,855.3 141.8 204.2 177.3 158.0 193.3 261.1 412.0 1,952.2 355.5

2004 - Dec......... 7,596.1 3,905.6 3,690.5 125.0 204.5 173.7 151.0 188.5 254.1 389.1 1,849.3 355.4

 Sept........ 7,379.1 3,772.0 3,607.1 138.5 204.2 174.0 140.8 182.9 255.0 381.7 1,794.5 335.5

 June ....... 7,274.3 3,742.8 3,531.5 158.6 204.6 173.3 134.9 174.6 258.7 381.2 1,735.4 310.1

 Mar......... 7,131.1 3,628.3 3,502.8 162.8 204.5 169.8 143.6 172.4 280.8 374.1 1,670.0 324.8

2003 - Dec......... 6,998.0 3,620.1 3,377.9 153.1 203.9 172.2 148.6 136.5 280.9 364.2 1,523.1 395.4

 Sept........ 6,783.2 3,515.3 3,267.9 146.8 201.6 167.7 155.5 137.4 287.1 357.7 1,443.3 371.0

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.2 170.2 161.3 138.7 302.3 347.9 1,371.9 327.8

 Mar......... 6,460.8 3,390.8 3,070.0 153.6 196.9 165.8 162.1 139.5 296.6 350.0 1,275.2 330.2

2002 - Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 153.8 158.9 139.7 281.0 354.7 1,235.6 277.4

 Sept........ 6,228.2 3,303.5 2,924.7 209.3 193.3 154.5 156.3 130.4 256.8 338.6 1,188.6 296.9

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.8 152.1 153.9 122.0 253.8 333.6 1,123.1 313.7

 Mar......... 6,006.0 3,156.8 2,849.2 187.6 192.0 152.7 163.3 114.0 266.1 327.6 1,057.2 388.8

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes U.S. chartered depository institutions, foreign banking offices in the U.S., 

banks in U.S. affiliated areas, credit unions and bank holding companies. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/ticsec2.aspx#ussecs 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
December 2012 

52 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, September 30, 2012 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,352,523,811,262 $1,308,370,839,317 $1,307,888,636,500 $240,413,966 $241,788,851

Less amounts held by: 

The Treasury....................................... 146,004,001 40,521,567 40,295,434 7,505 218,628

FRBs ................................................... 223,992,261,395 221,802,460,105 221,802,459,084 - 1,021

Amounts in circulation............................. $1,128,385,545,866 $1,086,527,857,645 $1,086,045,881,982 $240,406,461 $241,569,202

Coins 2

Total 

(1) 

Dollars 2, 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $44,152,971,945 $6,411,823,010 $37,741,148,935 

Less amounts held by: 

The Treasury....................................... 105,482,434 53,423,039 52,059,395

FRBs ................................................... 2,189,801,290 1,439,874,427 749,926,863 

Amounts in circulation............................. $41,857,688,221 $4,918,525,544 $36,939,162,677 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

December 2012 

53

TABLE USCC-2.—Amounts Outstanding and in Circulation, September 30, 2012 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no

longer issued 

(4) 

$1 ................................................................................ $10,002,906,784 $9,861,218,440 $143,503 $141,544,841

$2 ................................................................................ 1,926,053,876 1,794,111,982 131,929,318 12,576

$5 ................................................................................ 11,637,516,025 11,503,829,390 108,312,410 25,374,225

$10 .............................................................................. 16,735,336,990 16,714,801,950 6,300 20,528,740

$20 .............................................................................. 139,344,130,920 139,324,031,520 3,840 20,095,560

$50 .............................................................................. 68,977,861,350 68,966,367,400 500 11,493,450

$100 ............................................................................ 837,591,305,600 837,569,334,800 - 5 21,970,800

$500 ............................................................................ 142,093,500 141,899,500 5,500 188,500

$1,000 ......................................................................... 165,427,000 165,217,000 5,000 205,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,460,000 3,360,000 - 100,000

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $1,086,527,857,645 $1,086,045,881,982 $240,406,461 $241,569,202 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

Sept. 30, 2012...................................................................................... 1,128,386 3,586

Aug. 31, 2012....................................................................................... 1,127,950 3,587

July 31, 2012........................................................................................ 1,113,816 3,544

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30,1970 ....................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

June 30, 1960 ...................................................................................... 32,064 177

June 30, 1955 ...................................................................................... 30,299 183

1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents current FRB adjustment. 

5 Represents value of certain partial denominations not presented for redemption. 

6 Based on Bureau of the Census’ estimates of population.
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
December 2012 

57

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

 Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

 Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

 Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary

Fund 1, 5, 6

(5) 

2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244

2008 ................................................................................... 77,648 11,041 9,340 49,584 7,683

2009 ................................................................................... 130,760 11,041 57,814 50,520 11,385

2010 ................................................................................... 132,433 11,041 56,824 52,075 12,492

 

2011 - Oct .......................................................................... 150,695 11,041 56,744 53,583 29,327 

Nov ......................................................................... 148,028 11,041 55,538 52,684 28,765 

Dec ......................................................................... 147,953 11,041 54,955 51,878 30,080 

2012 - Jan .......................................................................... 149,280 11,041 55,521 52,279 30,438 

Feb ......................................................................... 148,882 11,041 55,709 51,532 30,600 

Mar ......................................................................... 149,078 11,041 55,460 51,141 31,436 

Apr.......................................................................... 152,463 11,041 55,512 51,675 34,234 

May......................................................................... 148,865 11,041 54,079 50,295 33,449 

June........................................................................ 149,830 11,041 54,341 50,519 33,930 

July ......................................................................... 149,384 11,041 54,011 50,293 34,039 

Aug ......................................................................... 151,501 11,041 54,510 50,819 35,131 

Sept........................................................................ 153,075 11,041 55,232 51,554 35,248 

Oct.......................................................................... 152,228 11,041 55,175 51,192 34,821 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for 

valuing the special drawing right (SDR) based on a weighted average of exchange rates for 

the currencies of selected member countries. The U.S. SDR holdings and reserve position 

in the IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate 

against all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. Recent allocations are as follows: August 2009—$43,069 million and 

September 2009—$4,529 million. 

4

 Includes holdings of Treasury and Federal Reserve System; consistent with the Quarterly 

Report on Treasury and Federal Reserve Foreign Exchange Operations, foreign currency 

dominated assets are shown not at market value but rather at amortized cost revalued at 

current foreign currency market exchange rates in order to report these assets in U.S. 

dollars. Excludes outstanding reciprocal currency swaps with foreign central banks. As of 

end-October 2012, swaps outstanding were $12.90 billion with the European Central Bank. 5

 The United States has the right to purchase foreign currencies equivalent to its reserve 

position in the IMF automatically if needed. Under appropriate conditions, the United States 

could purchase additional amounts related to the U.S. quota. 

6

 IMF data include the reserve tranche position and, as of May 2011, New Arrangements to 

Borrow. 

Note.—Detail may not add to totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

December 2012 

58 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries

Liabilities

to nonmonetary

international and 

regional 

organizations 7

(11)

 Official institutions 1

End of 

calendar 

year or 

month 

Total 

(1)

Total 

(2)

Liabilities

reported 

by 

banks in 

United 

States 

(3)

Marketable

U.S. 

Treasury 

bonds 

and 

notes 2

(4)

Nonmarketable

U.S. 

Treasury

bonds 

and 

notes 3

(5)

Other 

readily 

marketable

liabilities 2, 4

(6)

Liabilities 

to 

banks 5

(7)

Liabilities to other foreigners

Total 

(8)

Liabilities

reported 

by banks

in the 

United 

States 

(9)

Marketable

U.S. 

Treasury

bonds 

and 

notes 2, 6

(10) 

2000 ............................ 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926

2001............................. 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612

2002 - June 8 ............... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263

Series Break................ 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690

2002............................. 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692

2003 - June 8 ............... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864

Series Break................ 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677

2003............................. 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081

2004 - June 8 .............. 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631

Series Break................ 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324

2004 ............................ 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178

2005 - June 8 ............... 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502

Series Break................ 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905

2005 ............................ 5,371,673 2,012,633 498,510 1,102,333 948 410,842 1,895,904 1,415,705 769,564 646,141 47,431

2006 - June 8 ............... 6,067,930 2,070,222 493,689 1,112,617 986 462,930 2,189,218 1,747,557 1,041,558 705,999 60,933

Series Break................ 6,056,640 2,275,684 493,689 1,211,819 986 569,190 2,189,218 1,537,251 1,041,558 495,693 54,487

2006 ............................ 6,500,815 2,372,319 461,829 1,271,174 1,026 638,290 2,415,205 1,663,099 1,102,189 560,910 50,192

2007 - June 8 ............... 7,098,730 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,926,307 1,261,391 664,916 50,129

Series Break................ 7,210,387 2,795,998 495,176 1,450,593 1,067 849,161 2,607,127 1,759,699 1,261,391 498,308 47,563

2007 ............................ 7,676,097 2,960,682 596,660 1,443,691 1,111 919,220 2,769,850 1,901,789 1,311,466 590,323 43,776

2008 - June 8 ............... 8,078,003 3,108,890 583,829 1,523,888 1,155 1,000,017 2,612,236 2,314,685 1,598,663 716,022 42,192

Series Break................ 8,103,582 3,340,105 583,829 1,683,160 1,155 1,071,960 2,612,236 2,107,622 1,598,663 508,959 43,619

2008 ............................ 8,220,414 3,386,589 711,622 1,679,181 1,203 994,583 2,799,649 1,980,221 1,357,856 622,365 53,955

2009 - June 8 ............... 8,036,897 3,473,629 779,889 1,722,168 1,251 970,321 2,565,058 1,961,550 1,173,725 787,825 36,659

Series Break................ 8,044,916 3,734,843 779,889 2,052,329 1,251 901,375 2,565,058 1,697,792 1,173,725 524,067 47,223

2009 ............................ 8,295,001 3,766,445 713,990 2,170,748 1,302 880,406 2,607,210 1,877,701 1,142,188 735,513 43,645

2010 - June 8 .............. 8,667,907 3,752,827 630,061 2,232,904 1,354 888,509 2,661,737 2,200,406 1,187,414 1,012,992 52,937

Series Break................ 8,664,958 4,065,513 630,061 2,615,683 1,354 818,416 2,661,737 1,870,438 1,187,414 683,024 67,270

2010 ............................ 9,089,635 4,140,756 640,802 2,725,592 1,409 772,953 2,774,797 2,112,366 1,175,392 936,974 61,716

2011 - June 8 ............... 9,521,089 4,220,155 601,197 2,829,418 1,466 788,075 2,942,320 2,275,266 1,261,581 1,013,685 83,348

Series Break................ 9,628,433 4,443,157 601,197 3,101,991 1,466 738,503 2,942,320 2,144,508 1,261,581 882,927 98,448 

2011 - Sept. r ........... 9,892,293 4,470,788 585,321 3,144,903 1,495 739,068 3,008,492 2,321,459 1,303,347 1,018,112 91,554

Oct. r ............ 9,843,889 4,440,128 559,605 3,138,931 1,505 740,087 3,018,134 2,286,448 1,243,523 1,042,925 99,178

Nov. r............ 9,908,086 4,470,721 570,519 3,162,597 1,515 736,090 2,994,402 2,333,761 1,255,969 1,077,792 109,202

Dec. r............ 9,965,733 4,452,951 563,583 3,142,320 1,525 745,523 2,999,717 2,399,338 1,316,255 1,083,083 113,726

2012 - Jan. r............. 9,911,693 4,467,639 545,416 3,175,211 1,536 745,476 2,920,467 2,410,452 1,271,300 1,139,152 113,135

Feb. r............ 10,028,709 4,497,442 556,390 3,186,102 1,545 753,405 2,963,837 2,452,970 1,303,554 1,149,416 114,459

Mar. r............ 9,928,017 4,515,907 547,565 3,219,229 1,556 747,557 2,854,777 2,440,174 1,309,105 1,131,069 117,159

Apr. r ............ 9,975,462 4,526,502 547,107 3,235,967 1,566 741,862 2,758,166 2,574,842 1,420,563 1,154,279 115,952

May .............. 9,866,791 4,575,352 565,778 3,257,087 1,576 750,911 2,663,210 2,519,473 1,336,913 1,182,560 108,755

June ............. 9,806,709 4,567,986 554,361 3,278,354 1,587 733,684 2,631,714 2,499,069 1,306,101 1,192,968 107,940

July............... 9,897,193 4,588,790 554,158 3,307,031 1,597 726,004 2,687,090 2,518,067 1,301,147 1,216,920 103,245

Aug. p........... 9,987,153 4,638,185 573,759 3,326,182 1,608 736,636 2,688,967 2,556,514 1,315,178 1,241,336 103,487

Sept. p.......... 9,985,291 4,660,916 582,808 3,327,101 1,619 749,388 2,652,865 2,560,609 1,341,250 1,219,359 110,901

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: 

Mexico, beginning March 1990, 30-year maturity issue (Note: this bond was paid off in full in 

January 2004); Venezuela, beginning December 1990, 30-year maturity issue; Argentina, 

beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies, and 

private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the Inter-American 

Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to the 

figures for earlier dates; figures on the second line (“Series Break”) are based in part on 

benchmark surveys as of end-June 2002, end-June 2003, end-June 2004, end-June 2005, endJune 2006, end-June 2007, end-June 2008, end-June 2009, end-June 2010, end-June 2011, 

respectively, and are comparable to the figures shown for the subsequent dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other 

depository institutions, and brokers in the United States. Data generally correspond to statistics 

following in this section and in the “Capital Movements” section. Table excludes International 

Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and 

nonnegotiable noninterest-bearing special U.S. notes held by international and regional 

organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

December 2012 

59

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Payable in dollars 

Grand total

(1) 

Total

(2) 

Argentina 1

(3) 

Venezuela 2

(4) 

2007 .............................................................................. 1,111 1,111 88 1022

2008 .............................................................................. 1,203 1,203 95 1108

2009 .............................................................................. 1,302 1,302 102 1200

2010 .............................................................................. 1,409 1,409 110 1299

 

2011 - Sept.................................................................... 1,495 1,495 116 1,380

Oct..................................................................... 1,505 1,505 116 1,389

Nov .................................................................... 1,515 1,515 117 1,398

Dec .................................................................... 1,525 1,525 118 1,407

2012 - Jan ..................................................................... 1,536 1,536 119 1,417

Feb .................................................................... 1,545 1,545 119 1,426

Mar .................................................................... 1,556 1,556 120 1,436

Apr..................................................................... 1,566 1,566 121 1,445

May.................................................................... 1,576 1,576 121 1,455

June................................................................... 1,587 1,587 122 1,464

July .................................................................... 1,597 1,597 123 1,474

Aug. p................................................................ 1,608 1,608 124 1,485

Sept. p............................................................... 1,619 1,619 124 1,494

1

 Beginning April 1993, indicates current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. 

Remaining face value of issue is $264 million. 

2

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

December 2012 

60 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe.” 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. 
CAPITAL MOVEMENTS 

December 2012 

61

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007, 

with data on holdings beginning from end-December 2005, 

and data on net settlements beginning from the first quarter 

of 2006. 

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Effective with the December 2009 Treasury Bulletin, a 

number of data reporters were reclassified in the TIC system 

as bank holding companies, beginning with the reports as of 

the fourth quarter of 2008. These data reporters are now 

included in the monthly bank-reported statistics and are no 

longer reporting as nonbanks. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

 Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

 Section II presents claims on foreigners reported 

by banks, other depository institutions, and securities 

brokers and dealers in the United States. BHCs/FHCs also 

report for their domestic nonbank and non-securities firm 

affiliates, other than their insurance affiliates, which report 
CAPITAL MOVEMENTS 

December 2012 

62 

separately on the C-series forms. Data on respondents’ own 

dollar claims are collected monthly on Form BC. 

Information on claims held for domestic customers as well 

as on claims denominated in foreign currencies is collected 

on a quarterly basis only on Forms BQ-1 and BQ-2, 

respectively. Effective with reports filed as of February 28, 

2003, reporting coverage was expanded as outlined in 

Section I. Additionally, columns were added for separate 

reporting of negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

 Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

 Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

Table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

 Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the 

reporter. The fair (market) value is generally defined as the 

amount for which a derivative contract could be exchanged 

in a current transaction between willing parties, other than in 

a forced or liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the 

terms of derivatives contracts such as the periodic settlement 

under a swap agreement and the daily settlement of an 

exchange-traded contract. In calculating net settlements, 

U.S. receipts of cash from foreign persons are positive 

amounts (+), and U.S. payments of cash to foreign persons 

are negative amounts (-). Items excluded from net 

settlements are: (a) collateral including initial and 

maintenance margins, whether or not in the form of cash; 

and (b) purchases of underlying commodities, securities, or 

other noncash assets. (e.g., the purchase/sale by foreigners of 

a long-term security is reported on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative 

and by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

December 2012 

63

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Liability 

Calendar 

Year 

2011 r 

2012 

Mar. r Apr. r May r June July Aug. Sept. p 

Total liabilities to all foreigners............................... 4,925,045 4,754,486 4,768,935 4,605,273 4,531,128 4,579,758 4,616,173 4,618,890 

Payable in dollars............................................... 4,661,832 4,500,223 4,514,672 4,351,010 4,275,199 4,323,829 4,360,244 4,362,961 

Foreign official institutions.............................. 563,583 547,565 547,107 565,778 554,361 554,158 573,759 582,808 

Deposits, excluding negotiable CDs............. 56,962 48,306 48,912 51,257 51,134 55,704 53,219 54,096 

U.S. Treasury bills and certificates ............... 357,610 355,959 345,681 359,764 362,205 354,975 372,971 383,757 

Other short-term negotiable securities,

negotiable CDs, and other custody 

liabilities .......................................................

 

13,578 

 

14,436 

 

13,704 

 

13,080 

 

10,827 

 

13,256 

 

12,149 

 

11,374 

Other liabilities............................................ 135,433 128,864 138,810 141,677 130,195 130,223 135,420 133,581 

Foreign banks (including own foreign 

offices) and other foreigners ....................... 

4,060,924 

 

3,914,761 

 

3,929,608 

 

3,751,002 

 

3,687,342 

 

3,737,764 

 

3,753,672 

 

3,743,642 

Deposits, excluding negotiable CDs.......... 2,105,417 1,976,892 1,876,323 1,819,964 1,785,317 1,851,552 1,817,724 1,846,109 

U.S. Treasury bills and certificates ............ 281,091 271,831 265,107 259,410 260,713 253,512 273,015 286,190 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ...................................................

 

349,825 

 

374,483 

 

387,072 

 

380,639 

 

378,016 

 

379,356 

 

389,530 

 

383,104 

Other liabilities............................................ 1,324,591 1,291,555 1,401,106 1,290,989 1,263,296 1,253,344 1,273,403 1,228,239 

International and regional organizations 1 ..... 37,325 37,897 37,957 34,230 33,496 31,907 32,813 36,511 

Deposits, excluding negotiable CDs.......... 14,553 14,529 14,861 14,990 14,665 16,250 13,733 15,679 

U.S. Treasury bills and certificates ............ 9,542 7,062 7,856 7,772 5,784 7,708 9,296 8,906 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities ...................................................

 

3,219 

 

1,873 

 

2,760 

 

2,768 

 

3,543 

 

3,722 

 

3,714 

 

4,350 

Other liabilities............................................ 10,011 14,433 12,480 8,700 9,504 4,227 6,070 7,576 

Payable in foreign currencies 2 .......................... 263,213 254,263 254,263 254,263 255,929 255,929 255,929 255,929 

Sector: 

Banks and other foreigners........................ 255,048 249,121 249,121 249,121 250,473 250,473 250,473 250,473 

International and regional organizations 1 ...... 8,165 5,142 5,142 5,142 5,456 5,456 5,456 5,456 

Major currencies: 

Canadian dollars ........................................ 24,579 26,504 26,504 26,504 24,694 24,694 24,694 24,694 

Euro............................................................ 124,323 112,280 112,280 112,280 112,261 112,261 112,261 112,261 

United Kingdom pounds sterling................ 24,241 27,211 27,211 27,211 28,679 28,679 28,679 28,679 

Japanese yen............................................. 49,131 41,177 41,177 41,177 40,149 40,149 40,149 40,149 

Memoranda: 

Respondents’ own liabilities payable in 

dollars ........................................................ 

3,646,967 

 

3,474,579 

 

3,492,492 

 

3,327,577 

 

3,254,111 

 

3,311,300 

 

3,299,569 

 

3,285,280 

Liabilities to own foreign offices..................... 2,356,269 2,156,867 2,086,766 1,979,803 1,922,013 1,975,292 1,991,952 1,934,070 

Liabilities collaterized by repurchase 

agreements ............................................ 

763,137 

 

732,946 

 

841,834 

 

718,534 

 

703,118 

 

694,347 

 

704,499 

 

710,452 

Foreign official institutions...................... 121,626 114,379 125,685 128,656 120,288 120,312 125,999 123,417 

Foreign banks and other foreigners....... 633,002 605,972 705,894 583,310 575,252 571,575 574,160 580,992 

International and regional organizations 1..... 8,509 12,595 10,255 6,568 7,578 2,460 4,340 6,043 

Reported by IBFs ................................... 744,682 620,418 505,892 501,749 489,487 534,563 514,260 499,494 

Respondents’ own liabilities payable in 

foreign currencies 2 ...................................... 

256,874 

 

246,569 

 

246,569 

 

246,569 

 

247,403 

 

247,403 

 

247,403 

 

247,403 

Reported by IBFs ................................... 64,583 46,094 46,094 46,094 66,371 66,371 66,371 66,371 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 

1,021,204 

 

1,033,338 

 

1,029,874 

 

1,031,127 

 

1,029,614 

 

1,021,055 

 

1,069,201 

 

1,086,207 

Payable in dollars....................................... 1,014,865 1,025,644 1,022,180 1,023,433 1,021,088 1,012,529 1,060,675 1,077,681 

of which: other short-term negotiable 

securities and negotiable CDs ............ 

184,418 

 

183,434 188,143 

 

178,682 

 

173,415 

 

179,471 

 

185,213 

 

176,128 

 of which: short-term U.S. Government 

agency securities ................................ 

31,876 

 

25,794 

 

25,442 

 

23,413 

 

28,633 

 

28,380 

 

30,071 

 

24,885 

 of which: negotiable CDs ...................... 56,372 53,699 59,821 56,446 56,347 58,514 57,265 57,596 

Payable in foreign currencies 2 .................. 6,339 7,694 7,694 7,694 8,526 8,526 8,526 8,526 

1

 Principally the Bank for International Settlements, the International Bank for Reconstruction 

and Development (World Bank), and the Inter-American Development Bank. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

December 2012 

64 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country

Calendar year 2012 

2009 2010 2011 r May r June July Aug. Sept. p

Europe: Austria ............................................... 1,954 2,426 3,493 3,022 2,630 2,745 3,040 2,549

Belgium ............................................ 14,676 18,355 19,438 20,195 20,830 21,123 24,279 31,806

Bulgaria ............................................. 148 130 140 582 148 165 172 196

Cyprus............................................... 1,780 968 770 758 1,096 878 976 1,014

Czech Republic ................................. 881 504 171 168 155 166 182 251

Denmark............................................ 3,339 5,168 6,011 5,933 6,033 5,919 5,916 6,018

Finland............................................... 1,127 900 3,586 1,834 7,098 20,789 14,341 9,363

France ............................................... 60,904 58,463 159,334 131,424 118,451 125,598 124,447 115,564

Germany............................................ 112,143 104,054 122,547 124,074 106,111 104,613 108,686 108,489

Greece............................................... 1,071 1,272 4,409 2,981 2,571 2,851 2,757 2,722

Hungary............................................. 575 671 1,292 1,662 1,845 1,608 1,362 1,375

Iceland .............................................. 815 795 1,757 2,247 1,929 1,954 909 1,092

Ireland ............................................... 147,936 128,409 146,285 143,699 131,264 133,185 137,888 144,832

Italy.................................................... 8,695 6,359 14,191 13,102 13,628 13,210 12,511 12,739

Kazakhstan ....................................... 10,425 13,051 22,537 26,376 25,651 24,199 23,260 23,311

Luxembourg ..................................... 101,534 86,461 113,573 112,249 112,959 116,099 116,605 125,226

Monaco.............................................. 177 186 809 664 689 668 633 652

Netherlands....................................... 17,924 15,784 18,827 24,711 23,536 22,675 25,455 25,167

Norway .............................................. 2,438 2,999 3,521 3,600 4,617 3,947 5,026 6,121

Poland ............................................... 4,786 6,037 5,647 4,389 4,143 3,515 3,217 3,395

Portugal............................................. 1,790 2,710 1,968 1,777 1,509 1,807 1,651 2,226

Romania............................................ 590 3,468 343 1,586 936 1,301 699 536

Russia .............................................. 74,671 50,963 12,823 12,306 13,834 14,352 12,133 13,612

Serbia and Montenegro .................... 300 457 1,320 633 541 497 533 437

Spain ................................................. 14,369 12,612 13,879 12,728 16,914 16,211 15,678 18,046

Sweden ............................................. 5,917 5,295 7,264 6,018 8,214 5,853 6,477 5,904

Switzerland........................................ 47,786 44,600 87,919 63,430 73,021 77,536 76,737 83,733

Turkey ............................................... 22,377 24,177 21,379 18,339 20,057 21,375 30,668 34,676

Ukraine.............................................. 3,167 4,278 3,380 5,362 5,915 4,350 4,313 4,073

United Kingdom................................. 784,529 996,991 1,097,187 903,697 858,847 884,820 916,767 886,148

Channel Islands ................................ 14,953 18,226 13,479 11,415 13,387 12,283 13,398 27,075

All other Europe ................................ 9,182 8,828 13,533 16,649 14,755 15,267 15,170 13,850

Total Europe.................................. 1,472,960 1,625,597 1,922,812 1,677,610 1,613,314 1,661,561 1,705,887 1,712,199

Memo: Euro Area 1........................ 486,405 439,347 622,933 593,454 559,616 582,477 589,590 600,639

Memo: European Union 2.............. 1,287,981 1,458,271 1,741,399 1,517,736 1,440,210 1,486,169 1,525,146 1,504,805

Canada.................................................. 93,981 109,604 139,938 140,883 136,570 128,198 133,574 151,655

Latin America: 

Argentina........................................... 12,653 12,342 11,242 11,529 11,594 11,671 12,085 12,876

Belize................................................. 329 308 510 625 646 640 632 624

Bolivia................................................ 2,955 1,711 2,359 2,867 2,675 2,845 2,898 2,969

Brazil ................................................. 62,357 41,018 24,965 32,339 32,807 32,230 33,772 31,163

Chile .................................................. 11,710 16,281 21,639 24,005 23,993 26,120 24,617 27,044

Colombia ........................................... 17,640 21,024 12,060 9,328 9,171 9,925 10,109 9,276

Costa Rica......................................... 1,957 1,431 1,536 2,562 2,018 2,356 2,326 3,002

Ecuador............................................. 3,919 3,840 3,864 3,842 3,882 3,702 3,659 3,597

El Salvador........................................ 2,826 1,873 1,515 1,605 1,442 1,358 1,291 1,234

Guatemala......................................... 2,153 2,170 1,862 2,316 1,895 1,938 1,791 1,667

Guyana.............................................. 204 270 223 217 270 301 359 312

Honduras........................................... 1,420 1,558 1,745 1,745 1,760 1,767 1,883 1,589

Mexico............................................... 51,643 62,664 71,052 71,395 76,967 82,464 81,089 81,608

Nicaragua.......................................... 491 773 810 846 831 794 762 679

Panama............................................. 9,852 8,051 7,902 8,199 8,521 8,889 8,629 8,648

Paraguay........................................... 716 902 830 825 758 771 787 748

Peru................................................... 4,894 7,740 9,077 10,740 11,473 11,384 12,474 9,223

Suriname........................................... 278 269 520 459 402 539 541 559

Uruguay............................................. 8,768 7,745 8,082 10,812 10,565 10,950 11,057 9,520

Venezuela ......................................... 25,245 23,079 26,922 23,101 23,655 23,622 23,393 23,886

All other Latin America...................... 59 50 35 30 33 29 31 32

Total Latin America ....................... 222,069 215,099 208,750 219,387 225,358 234,295 234,185 230,256

Caribbean: 

Anguilla.............................................. 11,520 10,914 12,317 13,414 13,521 13,802 13,276 13,937

Antigua and Barbuda ........................ 118 69 100 88 93 93 104 94

Aruba................................................. 589 373 335 326 315 296 363 556

Bahamas ........................................... 290,354 264,406 237,897 198,842 205,349 220,748 205,266 217,067

Barbados........................................... 10,407 11,213 14,857 14,978 13,193 12,554 12,816 12,956

Bermuda............................................ 40,291 42,009 48,188 46,718 45,146 43,457 45,049 44,637

British Virgin Islands ......................... 34,856 44,188 41,281 42,076 40,257 38,063 39,195 40,382

Cayman Islands ................................ 1,480,624 1,528,616 1,420,525 1,370,707 1,346,247 1,363,917 1,362,082 1,330,415

Cuba.................................................. 83 77 46 46 47 46 90 65

Dominican Republic .......................... 3,286 3,548 3,247 3,791 3,350 3,494 3,624 3,363

French West Indies ........................... 36 35 37 34 36 31 31 31

Haiti ................................................... 679 1,279 928 1,023 1,078 1,086 1,116 1,148

Jamaica............................................. 989 877 974 969 875 1,057 1,079 839

Netherlands Antilles .......................... 6,944 7,694 6,603 11,520 6,176 8,070 8,113 5,962

See footnotes at end of table.
CAPITAL MOVEMENTS 

December 2012 

65

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2012 

2009 2010 2011 r May r June July Aug. Sept. p

Caribbean, con. 

St. Kitts and Nevis............................. 144 159 214 284 312 381 396 434

Trinidad and Tobago......................... 3,988 3,474 4,897 4,734 4,688 4,554 4,369 4,686

Turks and Caicos Islands.................. 107 100 68 142 114 135 188 158

All other Caribbean ........................... 127 161 293 227 193 223 203 226

Total Caribbean............................. 1,885,142 1,919,193 1,792,807 1,709,919 1,680,990 1,712,006 1,697,360 1,676,956

Asia: 

Bangladesh ....................................... 4,506 3,837 2,841 3,028 3,684 3,834 4,356 3,851

China, Mainland ................................ 106,078 47,449 56,691 110,404 119,749 99,875 88,821 85,106

Hong Kong ........................................ 129,918 105,350 93,556 82,488 77,118 83,107 84,248 82,397

India................................................... 26,421 23,137 19,603 20,898 21,353 20,624 20,493 19,465

Indonesia........................................... 21,671 22,546 19,485 15,894 11,861 15,268 13,866 11,966

Israel.................................................. 16,816 18,498 21,219 26,023 23,107 20,664 22,396 24,344

Japan................................................. 185,546 162,291 216,793 178,452 192,112 185,658 189,997 183,107

Jordan ............................................... 2,527 2,752 2,059 1,739 2,074 2,122 1,853 2,421

Korea, South ..................................... 12,458 11,182 19,041 16,274 19,007 17,523 16,653 17,695

Laos................................................... 74 103 97 40 64 43 29 82

Lebanon ............................................ 1,421 1,620 1,245 4,791 5,206 4,335 4,543 3,998

Malaysia ............................................ 2,297 4,276 4,146 4,795 5,456 5,448 6,457 5,029

Pakistan............................................. 3,805 5,253 4,332 4,313 3,558 3,352 4,423 4,791

Philippines......................................... 5,365 6,189 11,292 6,812 7,386 8,732 10,124 12,101

Singapore.......................................... 28,378 40,918 38,013 36,517 37,345 34,043 32,094 36,556

Syria .................................................. 34 39 40 44 47 48 92 52

Taiwan............................................... 29,938 31,360 31,249 29,274 26,937 25,568 25,931 27,856

Thailand............................................. 17,028 31,724 35,310 37,620 37,399 37,221 42,545 49,400

Yemen............................................... 336 247 275 421 367 402 332 775

Oil exporting countries 3 .................... 105,728 100,888 136,513 133,341 135,468 132,506 135,864 133,458

All other Asia ..................................... 7,563 6,498 9,393 9,909 10,269 12,059 10,915 11,039

Total Asia ...................................... 707,908 626,157 723,193 723,077 739,567 712,432 716,032 715,489

Africa: 

Botswana........................................... 307 232 319 261 240 378 292 389

Egypt ................................................. 17,481 26,550 7,101 6,080 5,603 8,849 8,609 9,161

Ghana................................................ 284 641 858 685 551 592 724 668

Kenya ................................................ 476 400 515 571 997 1,211 766 718

Liberia................................................ 626 664 556 571 681 703 650 583

Mauritius............................................ 1,669 2,145 1,972 5,306 2,310 4,019 2,972 3,253

Morocco............................................. 339 784 230 307 235 462 362 312

Mozambique...................................... 232 283 555 332 441 332 332 535

South Africa....................................... 3,005 1,384 2,455 2,702 2,794 3,048 2,367 2,788

Tanzania............................................ 482 483 697 353 528 511 559 511

Uganda.............................................. 441 468 597 446 771 572 499 494

Zambia .............................................. 235 425 369 444 333 423 260 338

Zimbabwe.......................................... 276 321 213 338 336 325 236 235

Oil exporting countries 4 .................... 7,108 5,605 6,668 8,334 6,844 6,853 7,241 6,951

All other Africa................................... 8,239 6,938 7,418 7,777 7,160 6,964 7,539 6,701

Total Africa .................................... 41,200 47,323 30,523 34,507 29,824 35,242 33,408 33,637

Other countries: 

Australia ............................................ 27,056 32,702 48,754 46,144 51,339 43,701 42,685 41,356

New Zealand ..................................... 5,480 3,926 4,800 5,226 5,274 4,954 4,674 5,351

French Polynesia .............................. 164 142 131 124 133 129 138 158

All other ............................................. 7,428 11,248 7,847 9,024 9,807 9,877 9,961 9,866

Total other .................................... 40,128 48,018 61,532 60,518 66,553 58,661 57,458 56,731

All countries........................................... 4,463,388 4,590,991 4,879,555 4,565,901 4,492,176 4,542,395 4,577,904 4,576,923

International and regional orgs: 

International organizations............... 13,453 14,667 37,456 31,870 30,091 28,137 29,859 32,411

Regional organizations 5 .................. 3,126 5,462 8,034 7,502 8,861 9,226 8,410 9,556

Total international and 

 regional organizations................ 16,579 20,129 45,490 39,372 38,952 37,363 38,269 41,967

Grand total ................................ 4,479,967 4,611,120 4,925,045 4,605,273 4,531,128 4,579,758 4,616,173 4,618,890

 

1

 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For data as of 

January 2009, also includes Slovakia. For data as of January 2011, also includes Estonia. 

2 As of January 2007, the European (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the 

Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, 

Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, 

Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning 

June 2006. 

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2012 

66 

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2012, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Liabilities payable in dollars 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Non-negotiable deposits 

and brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous liabilities 2

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

Europe: Austria ............................ 2,549 1,768 1,266 503 388 596 332 20 4 404 25 781

Belgium .......................... 31,806 31,062 16,093 14,970 7,201 956 13,954 824 182 7,930 15 744

Cyprus............................ 1,014 1,008 1,008 0 537 332 0 - - 2 137 6

Czech Republic .............. 251 240 231 9 117 88 9 - - 25 1 11

Denmark......................... 6,018 6,007 1,809 4,198 394 806 4,089 42 5 639 32 11

Finland............................ 9,363 9,254 8,381 873 8,094 116 121 41 711 140 31 109

France ............................ 115,564 89,263 76,140 13,123 47,598 3,066 8,908 2,858 916 18,435 7,482 26,301

Germany......................... 108,489 88,257 81,941 6,316 22,796 3,935 4,997 536 337 54,421 1,235 20,232

Greece............................ 2,722 2,716 1,136 1,580 362 715 1,573 1 5 35 25 6

Hungary.......................... 1,375 1,356 215 1,141 62 95 1,132 - 9 57 1 19

Ireland ............................ 144,832 143,795 45,953 97,842 3,346 13,320 29,258 43,266 21,744 5,922 26,939 1,037

Italy................................. 12,739 11,474 11,061 413 9,083 1,152 279 13 37 805 106 1,265

Kazakhstan .................... 23,311 22,629 2,211 20,418 1,551 135 20,418 - - 509 16 682

Luxembourg ................... 125,226 114,171 33,530 80,640 6,140 17,495 44,703 21,504 12,855 521 10,952 11,055

Monaco........................... 652 649 519 130 16 502 130 - - 1 - 3

Netherlands.................... 25,167 23,889 19,215 4,675 6,298 10,448 3,103 689 53 1,711 1,588 1,278

Norway ........................... 6,121 6,089 5,771 318 569 183 302 - 16 4,979 40 32

Poland ............................ 3,395 3,363 1,208 2,155 155 249 1,533 622 - 801 3 32

Portugal.......................... 2,226 2,216 2,208 8 1,533 645 3 - 1 28 6 10

Romania......................... 536 535 530 5 40 83 5 - - 401 6 1

Russia ............................ 13,612 13,556 9,254 4,302 6,821 1,550 4,300 - 2 803 80 56

Spain .............................. 18,046 17,433 14,453 2,980 4,737 3,972 2,783 4 21 5,722 194 613

Sweden........................... 5,904 5,856 3,565 2,291 199 1,046 1,110 636 422 1,725 718 48

Switzerland..................... 83,733 81,548 57,612 23,936 44,342 4,549 20,030 3,339 499 7,765 1,024 2,185

Turkey............................. 34,676 34,647 3,704 30,943 1,302 282 30,931 9 2 2,112 9 29

Ukraine ........................... 4,073 4,059 4,045 14 3,574 198 14 - - 270 3 14

United Kingdom.............. 886,148 823,074 800,482 22,592 219,238 30,924 17,227 1,248 1,985 299,279 253,173 63,074

Channel Islands ............. 27,075 26,770 22,400 4,370 3,522 3,714 3,611 535 8 14,112 1,268 305

All other Europe............... 15,575 15,119 11,792 3,326 2,261 1,179 2,326 615 383 8,111 243 456

Total Europe ................ 1,712,199 1,581,804 1,237,733 344,071 402,277 102,331 217,181 76,802 40,197 437,664 305,352 130,395

Memo: Euro Area 4...... 600,639 537,100 313,070 224,030 118,256 57,084 110,083 69,790 36,868 96,194 48,825 63,539

Canada................................. 151,655 145,476 123,736 21,740 57,345 11,774 13,743 5,186 1,392 41,546 14,490 6,179

Latin America: 

Argentina.......................... 12,876 12,746 12,196 550 1,655 10,033 233 144 165 295 221 130

Belize................................ 624 624 594 30 294 233 - - 30 66 1 -

Bolivia............................... 2,969 2,445 1,736 709 559 1,139 104 73 532 20 18 524

Brazil................................. 31,163 29,807 20,061 9,746 6,947 6,774 8,673 74 954 3,401 2,984 1,356

Chile ................................. 27,044 26,536 13,125 13,411 5,398 4,212 11,603 486 1,321 3,497 19 508

Colombia .......................... 9,276 9,175 8,298 877 2,362 5,350 654 65 144 556 44 101

Costa Rica........................ 3,002 2,983 2,865 118 435 804 88 13 16 1,618 9 19

Ecuador............................ 3,597 3,581 3,478 103 699 2,450 30 32 13 296 61 16

El Salvador....................... 1,234 1,228 1,129 99 222 618 1 81 17 269 20 6

Guatemala........................ 1,667 1,622 1,592 30 190 1,208 17 1 11 182 13 45

Honduras.......................... 1,589 1,586 1,524 62 534 789 8 - 47 201 7 3

Mexico .............................. 81,608 63,159 49,513 13,646 21,178 22,522 9,737 691 3,188 4,788 1,055 18,449

Panama............................ 8,648 8,538 8,115 423 3,685 3,758 190 85 145 526 149 110

Paraguay.......................... 748 747 716 31 252 447 - 31 - 9 8 1

Peru .................................. 9,223 7,756 7,393 363 5,320 1,889 10 330 19 148 40 1,467

Uruguay............................ 9,520 9,434 8,490 944 1,943 3,114 314 533 97 3,295 138 86

Venezuela ........................ 23,886 23,768 23,309 459 3,128 19,867 37 191 225 225 95 118

All other Latin America .... 1,582 1,567 1,443 124 392 594 7 97 20 456 1 15

Total Latin America ..... 230,256 207,302 165,577 41,725 55,193 85,801 31,706 2,927 6,944 19,848 4,883 22,954

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2012 

67

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2012, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Liabilities payable in dollars 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

 Liabilities 2

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs) 

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

Caribbean: 

Aruba........................................ 556 556 532 24 118 197 3 8 13 206 11 -

Bahamas.................................. 217,067 216,513 213,946 2,567 150,180 6,171 1,772 687 83 55,080 2,540 554

Barbados.................................. 12,956 12,928 9,260 3,668 681 555 2,644 787 228 5,736 2,297 28

Bermuda .................................. 44,637 41,851 16,558 25,293 797 12,255 20,635 3,257 586 185 4,136 2,786

British Virgin Islands ................ 40,382 38,708 26,911 11,797 116 24,544 8,840 1,675 987 - 2,546 1,674

Cayman Islands ....................... 1,330,415 1,295,167 996,821 298,346 509,343 220,432 75,599 13,676 1,687 356,318 118,112 35,248

Dominican Republic................. 3,363 3,341 3,319 22 624 2,450 8 - 14 216 29 22

Haiti .......................................... 1,148 1,148 1,129 19 428 385 1 - 15 319 - -

Jamaica.................................... 839 819 807 12 190 331 10 - 2 281 5 20

Netherlands Antilles................. 5,962 5,864 4,761 1,103 2,097 2,325 404 658 40 260 80 98

Trinidad and Tobago................ 4,686 4,439 2,662 1,777 1,576 400 1,735 9 5 632 82 247

All other Caribbean .................. 14,945 13,239 12,293 946 207 11,416 890 26 30 2 668 1,706

Total Caribbean.................. 1,676,956 1,634,573 1,288,999 345,574 666,357 281,461 112,541 20,783 3,690 419,235 130,506 42,383

Asia: China, Mainland....................... 85,106 84,858 78,943 5,915 43,310 5,954 5,527 121 41 29,172 733 248

Hong Kong............................... 82,397 79,931 39,582 40,349 20,190 3,508 39,715 481 60 12,579 3,398 2,466

India ......................................... 19,465 19,407 8,899 10,508 2,550 2,924 10,360 - 50 3,003 520 58

Indonesia ................................. 11,966 11,902 7,516 4,386 4,717 670 4,004 299 82 2,077 53 64

Israel ........................................ 24,344 24,230 8,250 15,980 1,023 2,236 15,757 137 80 4,971 26 114

Japan ....................................... 183,107 154,865 90,140 64,725 28,883 9,591 60,838 2,674 51 50,274 2,554 28,242

Jordan ...................................... 2,421 2,421 2,311 110 1,691 78 - - 110 537 5 -

Korea, South............................ 17,695 17,310 10,886 6,424 5,277 1,236 5,231 523 445 4,446 152 385

Malaysia................................... 5,029 4,973 4,793 180 3,513 646 162 16 2 614 20 56

Pakistan ................................... 4,791 4,791 3,909 882 743 305 856 - 2 2,857 28 -

Philippines................................ 12,101 12,076 11,363 713 4,787 681 687 1 25 5,786 109 25

Singapore................................. 36,556 35,814 28,719 7,095 21,085 2,855 5,692 995 305 2,922 1,960 742

Taiwan...................................... 27,856 27,558 24,480 3,078 8,854 6,733 2,847 18 199 8,600 307 298

Thailand ................................... 49,400 49,379 3,938 45,441 1,777 457 45,319 - 117 1,694 15 21

All other Asia............................ 153,255 152,991 63,339 89,652 18,724 3,973 84,472 4,015 1,133 39,946 728 264

Total Asia............................. 715,489 682,506 387,068 295,438 167,124 41,847 281,467 9,280 2,702 169,478 10,608 32,983

Africa: Egypt........................................ 9,161 9,160 4,646 4,514 1,783 307 4,473 - 41 2,554 2 1

Ghana ...................................... 668 668 667 1 295 131 - - 1 240 1 -

Kenya....................................... 718 713 713 - 480 87 - - - 145 1 5

Liberia ...................................... 583 578 551 27 20 381 5 17 5 150 - 5

Morocco ................................... 312 312 312 - 240 61 - - - 11 - -

South Africa ............................. 2,788 2,710 2,501 209 1,911 395 208 - 1 122 73 78

All other Africa.......................... 19,407 18,850 17,716 1,134 10,343 2,322 1,093 40 1 4,012 1,039 557

Total Africa........................... 33,637 32,991 27,106 5,885 15,072 3,684 5,779 57 49 7,234 1,116 646

Other countries: 

Australia ................................... 41,356 35,012 26,653 8,359 6,101 2,360 5,968 621 1,080 13,379 5,503 6,344

New Zealand............................ 5,351 5,315 3,859 1,456 209 352 1,433 15 7 3,224 75 36

All other.................................... 10,024 1,471 1,294 177 236 681 129 30 16 369 10 8,553

Total other........................... 56,731 41,798 31,806 9,992 6,546 3,393 7,530 666 1,103 16,972 5,588 14,933

All countries.................................. 4,576,923 4,326,450 3,262,025 1,064,425 1,369,914 530,291 669,947 115,701 56,077 1,111,977 472,543 250,473

International and regional orgs: International organizations....... 32,411 27,344 18,360 8,984 - 12,286 8,585 117 282 - 6,074 5,067

Regional organizations 5.......... 9,556 9,167 4,895 4,272 - 3,393 321 2,714 1,237 - 1,502 389

Total International and 

 regional organizations ........ 41,967 36,511 23,255 13,256 - 15,679 8,906 2,831 1,519 - 7,576 5,456

Grand total ...................... 4,618,890 4,362,961 3,285,280 1,077,681 1,369,914 545,970 678,853 118,532 57,596 1,111,977 480,119 255,929

1

 Excludes negotiable certificates of deposit. 

2

 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in 

the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 

3

 Foreign currency data are as of the previous quarter-end. 

4

 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, 

Slovenia, and Spain.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

December 2012 

68 

U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.6 trillion in September 2012, a 

decrease of $306 billion from yearend 2011. U.S. banking liabilities include foreign holdings of U.S. shortterm securities but exclude foreign holdings of U.S. long-term securities. U.S. banking liabilities decreased 

about $427 billion in 2009, but increased about $131 billion in 2010 and $314 billion in 2011. 

U.S. banking liabilities are concentrated in international financial centers. The data on this page show that 

about 55 percent of U.S. banking liabilities is currently recorded against the United Kingdom and banking 

centers in the Caribbean. Overall, banking liabilities rebounded in 2010 and 2011 from earlier declines, with 

the exception of Caribbean banking centers. In the first three quarters of 2012, liabilities to Caribbean banking 

centers continued to fall and liabilities to other international financial centers and Japan turned down. 

However, liabilities to “all other countries” have continued to grow at a steady pace in the post crisis years. 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years

2008 2009 2010 2011 Sept. 2012 

United Kingdom ..................... 784,793 784,529 996,991 1,097,187 886,148 

All other Europe ..................... 845,375 688,431 628,606 825,625 826,051 

Caribbean banking centers 1 .... 1,998,786 1,862,921 1,894,964 1,762,396 1,647,111 

Japan ..................................... 251,993 185,546 162,291 216,793 183,107 

All other Asia ......................... 603,611 522,362 463,866 506,400 532,382 

Subtotal ............................... 4,484,558 4,043,789 4,146,718 4,408,401 4,074,799 

All other countries .................. 422,098 436,178 464,402 516,644 544,091 

Grand total ........................... 4,906,656 4,479,967 4,611,120 4,925,045 4,618,890 

 

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British 

Virgin Islands. 
 CAPITAL MOVEMENTS 

December 2012 

69

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

TABLE CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Claim 

Calendar 

Year 

2010 

2011 2012 

June r Sept. r Dec. r Mar. June p

 

Total claims .............................................................. 4,531,017 4,390,432 4,337,195 4,254,880 4,012,951 3,753,364

Payable in dollars .................................................. 4,107,155 3,998,400 3,951,228 3,822,689 3,635,019 3,330,673

Own claims on foreigners ................................... 3,251,999 3,193,432 3,249,896 3,177,086 3,064,890 2,774,367

Foreign official institutions ............................... 49,431 40,356 39,036 28,866 33,821 34,555

Foreign banks, including own foreign 

offices ........................................................... 2,473,969 2,331,268 2,370,692 2,323,791 2,197,934 1,909,215 

All other foreigners .......................................... 724,705 821,808 840,168 824,429 833,135 830,597

Claims of domestic customers .............................. 855,156 804,968 701,332 645,603 570,129 556,306

Payable in foreign currencies .................................. 423,862 392,032 385,967 432,191 377,932 422,691

Own claims on foreigners ..................................... 341,739 317,270 312,798 360,878 332,546 365,741

of which: 

Canadian dollars .............................................. 41,582 49,529 39,162 41,458 45,129 45,097

Euros ................................................................ 169,895 136,073 134,129 146,944 130,775 134,269

United Kingdom pounds sterling ...................... 30,007 41,558 41,860 45,150 51,253 53,676

Japanese yen ................................................... 50,926 34,086 38,485 63,437 38,582 59,692

Claims of domestic customers .............................. 82,123 74,762 73,169 71,313 45,386 56,950

of which: 

Canadian dollars .............................................. 15,436 5,677 7,765 12,705 11,698 11,352

Euros ................................................................ 32,940 13,964 10,718 6,777 6,713 4,927

United Kingdom pounds sterling ...................... 2,822 3,528 2,317 2,178 2,502 1,751

Japanese yen ................................................... 18,149 35,881 36,407 36,070 8,759 22,270

Memoranda: 

Total own claims on foreigners ............................. 3,593,738 3,510,702 3,562,694 3,537,964 3,397,436 3,140,108

Non-negotiable deposits .................................... 1,669,557 1,501,561 1,543,384 1,476,138 1,335,873 1,062,975

Short-term negotiable instruments 

 (payable in dollars) ........................................... 16,633 16,079 12,317 12,377 10,395 9,828 

Resale agreements ............................................ 731,849 791,467 791,934 808,014 816,147 820,679

Other ................................................................... 1,175,699 1,201,595 1,215,059 1,241,435 1,235,021 1,246,626

Claims on own foreign offices ............................... 2,298,505 2,281,850 2,270,221 2,270,247 2,106,921 1,849,394

Claims reported by IBFs ....................................... 669,315 670,271 648,123 656,935 577,213 432,673

Payable in dollars ............................................... 615,435 623,224 609,022 592,270 541,863 371,523

Payable in foreign currencies ............................. 53,880 47,047 39,101 64,665 35,350 61,150

Total claims held for domestic customers ............ 937,279 879,730 774,501 716,916 615,515 613,256

Non-negotiable deposits .................................... 429,393 375,342 379,530 355,618 270,042 258,436

Short-term negotiable instruments 

 (payable in dollars) ........................................... 424,957 407,353 312,919 286,985 292,432 295,674 

Other................................................................... 82,929 97,035 82,052 74,313 53,041 59,146

 
CAPITAL MOVEMENTS 

December 2012 

70 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar 

year 

2009 

2010 2011 2012 

Dec. Mar. r June r Sept. r Dec. r Mar. June p

Europe: 

Austria ................................................... 3,299 3,470 2,866 2,383 3,081 3,105 3,329 3,957

Belgium.................................................. 14,056 20,991 18,795 15,304 10,020 9,912 7,816 9,096

Bulgaria ................................................. 23 19 10 9 10 11 6 10

Czech Republic ..................................... 514 51 27 26 24 81 20 108

Denmark................................................ 6,054 4,004 3,072 2,486 2,551 3,574 3,505 797

Finland................................................... 43,722 45,772 41,267 40,039 38,849 37,664 29,555 27,982

France ................................................... 195,456 206,754 239,318 253,592 157,471 104,759 96,670 102,065

Germany................................................ 86,934 87,489 78,389 72,290 68,387 56,754 66,441 65,109

Greece................................................... 970 700 207 219 184 147 140 137

Hungary................................................. 1,395 556 180 179 338 353 390 323

Ireland.................................................... 76,082 29,276 32,181 30,645 33,099 26,612 24,071 23,007

Italy ........................................................ 51,033 32,855 25,855 23,969 7,704 6,160 6,072 4,850

Kazakhstan ........................................... 377 270 277 339 87 141 169 82

Luxembourg .......................................... 31,406 23,688 35,223 39,747 30,305 26,992 28,084 27,844

Netherlands ........................................... 66,921 48,277 55,351 64,991 56,734 55,440 51,867 51,538

Norway .................................................. 21,433 17,456 21,853 18,187 17,525 15,953 14,329 15,130

Poland ................................................... 495 391 917 197 442 621 680 1,614

Portugal ................................................. 2,357 1,415 845 901 798 796 905 632

Romania ................................................ 183 112 178 226 502 406 315 108

Russia.................................................... 1,822 1,353 1,068 1,068 1,750 1,427 1,166 1,152

Spain ..................................................... 46,988 15,506 10,683 13,412 8,315 5,861 7,697 7,002

Sweden.................................................. 15,715 41,082 52,624 41,179 37,428 38,081 39,642 32,083

Switzerland............................................ 79,447 57,846 69,891 69,598 98,523 75,182 60,254 48,163

Turkey.................................................... 4,170 5,519 4,937 5,040 5,710 5,231 5,900 6,210

United Kingdom..................................... 1,155,891 1,325,525 1,333,932 1,249,178 1,230,474 1,269,952 1,204,818 1,143,447

Channel Islands..................................... 19,616 15,538 16,275 14,645 12,873 9,975 8,493 8,427

All other Europe .................................... 5,227 4,901 5,413 5,550 4,758 4,075 3,617 3,429

Total Europe ....................................... 1,931,585 1,990,817 2,051,636 1,965,399 1,827,942 1,759,265 1,665,951 1,584,304

Memo: Euro Area 1 ............................. 623,092 518,230 542,746 559,328 415,814 335,148 323,846 324,258

Memo: European Union 2 ................... 1,803,374 1,889,977 1,933,692 1,852,823 1,687,699 1,648,243 1,573,233 1,502,775

Canada ..................................................... 170,119 221,144 213,007 221,255 207,461 222,320 220,420 224,979

Latin America: 

Argentina ............................................... 3,585 4,444 4,483 4,888 7,220 5,403 5,709 5,804

Bolivia ................................................... 516 154 137 158 163 140 145 150

Brazil...................................................... 32,953 56,667 62,782 69,728 76,500 83,091 82,215 81,963

Chile ...................................................... 14,461 14,986 16,074 17,691 15,540 17,142 17,024 19,736

Colombia ............................................... 3,553 7,442 8,552 7,986 8,493 8,520 8,109 7,429

Costa Rica ............................................ 1,017 1,226 1,199 1,599 1,941 1,974 1,981 2,048

Ecuador................................................. 503 491 452 433 439 475 537 549

El Salvador ........................................... 558 386 395 551 496 560 554 573

Guatemala............................................. 1,103 1,249 1,298 1,983 2,219 2,345 2,327 2,461

Honduras .............................................. 391 372 398 435 394 477 536 623

Mexico ................................................... 24,658 31,826 36,478 38,229 37,986 36,208 36,494 40,763

Nicaragua .............................................. 73 97 89 105 104 85 98 111

Panama ................................................. 3,229 3,768 3,867 4,413 4,796 4,668 4,544 5,053

Paraguay .............................................. 137 488 289 349 346 447 417 416

Peru ....................................................... 3,118 4,434 5,183 6,001 5,651 5,085 6,620 7,268

Uruguay................................................. 715 2,446 504 550 897 675 1,872 3,092

Venezuela ............................................. 1,742 1,573 1,697 2,025 1,770 1,683 1,885 1,918

All other Latin America ......................... 35 72 42 71 197 195 184 189

Total Latin America............................. 92,347 132,121 143,919 157,195 165,152 169,173 171,251 180,146

Caribbean: 

Anguilla ................................................. 10,715 10,826 13,233 13,120 13,285 13,968 14,718 13,615

Bahamas ............................................... 268,057 380,494 404,566 374,184 480,613 470,556 358,909 204,455

Barbados .............................................. 489 504 547 627 633 493 859 816

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2012 

71

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar 

year 

2009 

2010 2011 2012 

Dec. Mar. r June r Sept. r Dec. r Mar. June p

Caribbean, con. 

Bermuda..................................... 11,202 12,256 12,744 14,355 16,490 14,250 17,166 17,092

British Virgin Islands................... 7,007 12,552 13,466 13,931 13,457 13,760 15,036 12,719

Cayman Islands.......................... 1,073,339 1,176,720 1,150,554 996,509 956,743 901,163 893,411 800,484

Dominican Republic ................... 780 891 897 1,101 1,094 1,270 1,137 1,038

Haiti ............................................ 48 38 40 33 30 40 31 39

Jamaica ...................................... 452 379 355 466 585 631 668 413

Netherlands Antilles ................... 7,210 6,080 6,987 6,533 2,563 2,826 2,125 1,686

Trinidad and Tobago .................. 540 546 636 726 530 689 728 565

All other Caribbean..................... 796 645 473 488 538 481 667 699

Total Caribbean ....................... 1,380,635 1,601,931 1,604,498 1,422,073 1,486,561 1,420,127 1,305,455 1,053,621

Asia: 

China, Mainland. ........................ 4,252 18,003 23,929 24,719 21,481 19,903 22,089 23,388

Hong Kong ................................. 21,504 39,832 49,196 61,336 65,103 56,146 42,468 60,329

India............................................ 7,624 13,760 15,156 16,580 19,068 19,867 19,245 21,051

Indonesia.................................... 813 1,018 1,242 1,668 2,118 2,620 2,290 2,618

Israel........................................... 3,382 5,828 5,607 6,160 5,670 5,411 4,982 3,558

Japan.......................................... 185,928 289,439 279,613 300,980 314,753 362,403 336,943 386,734

Jordan ........................................ 17 77 72 80 73 71 82 82

Korea, South .............................. 15,658 19,623 18,197 19,349 23,825 22,604 22,889 24,495

Lebanon...................................... 67 56 111 105 96 62 75 79

Malaysia ..................................... 354 2,391 3,424 5,351 6,108 4,884 5,952 5,649

Pakistan...................................... 22 11 71 47 58 181 44 28

Philippines .................................. 905 1,739 1,956 1,909 2,662 1,545 1,508 1,458

Singapore ................................... 16,281 19,915 21,295 18,419 24,478 26,235 33,201 35,498

Taiwan........................................ 3,019 5,451 5,836 5,269 6,837 6,260 3,681 2,714

Thailand...................................... 236 842 1,386 874 441 339 463 420

Asian oil exporters 3 ................... 22,712 16,066 19,108 16,156 16,704 15,593 19,601 15,403

All other Asia .............................. 602 1,289 1,738 3,092 3,369 2,959 3,430 3,083

Total Asia ................................. 283,376 435,340 447,937 482,094 512,844 547,083 518,943 586,587

Africa: 

Cameroon................................... 8 5 75 3 3 5 4

Egypt .......................................... 646 7,772 2,524 4,222 1,675 1,064 786 750

Ghana......................................... 186 104 153 204 116 117 249 239

Liberia......................................... 449 951 1,005 986 1,061 1,095 1,221 1,117

Morocco...................................... 12 232 175 311 139 361 339 456

South Africa................................ 1,508 1,193 1,425 936 678 631 1,281 1,393

African oil exporters 4 ................. 291 308 277 342 336 339 763 1,041

All other Africa ............................ 5,691 6,147 5,894 5,724 5,062 5,419 5,322 5,175

Total Africa .............................. 8,791 16,712 11,460 12,730 9,070 9,029 9,966 10,175

Other countries: 

Australia...................................... 84,446 97,247 98,922 107,206 107,303 107,620 101,899 95,952

New Zealand .............................. 10,658 10,437 8,745 7,698 7,524 6,758 6,169 6,635

All other ...................................... 573 4,683 1,064 1,171 1,715 1,850 2,026 2,239

Total other countries ................ 95,677 112,367 108,731 116,075 116,542 116,228 110,094 104,826

Total foreign countries .......... 3,962,530 4,510,432 4,581,188 4,376,821 4,325,572 4,243,225 4,002,080 3,744,638

International and regional orgs: 

International organizations......... 12,704 10,901 7,497 9,144 7,456 8,544 7,297 5,400

Regional organizations 5 ............ 1,451 9,684 4,244 4,467 4,167 3,111 3,574 3,326

Total international 

 and regional organizations ........ 14,155 20,585 11,741 13,611 11,623 11,655 10,871 8,726

 Grand total ........................... 3,976,685 4,531,017 4,592,929 4,390,432 4,337,195 4,254,880 4,012,951 3,753,364

1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, 

and Spain. For data as of January 2011, also includes Estonia. 

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria. 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

December 2012 

72 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2012 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Country 

Total 

claims 

(1) 

Total 

own 

claims

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Claims of domestic customers 

Total 

customer 

claims 

(7) 

Payable

in 

dollars 

(8) 

Payable in

foreign

currencies

(9) 

Europe: 

Austria ............................................... 3,957 3,530 3,368 99 3,269 162 427 406 21

Belgium.............................................. 9,096 8,731 7,469 6,878 591 1,262 366 158 208

Czech Republic ................................. 108 105 9 1 8 96 3 - 3

Denmark............................................ 797 457 376 80 296 81 340 323 17

Finland............................................... 27,982 26,269 26,196 26,127 69 74 1,713 1,700 13

France ............................................... 102,065 89,391 69,337 40,835 28,502 20,054 12,674 12,079 595

Germany............................................ 65,109 43,718 29,996 27,019 2,977 13,722 21,392 20,925 467

Greece............................................... 137 117 41 4 37 76 20 - 20

Hungary............................................. 323 120 96 9 87 24 203 - 203

Ireland................................................ 23,007 22,660 18,062 5,443 12,619 4,598 347 307 40

Italy .................................................... 4,850 4,511 2,552 2,161 391 1,959 339 62 277

Kazakhstan........................................ 82 82 80 39 41 2 - - -

Luxembourg ...................................... 27,844 25,654 17,758 3,361 14,397 7,895 2,191 2,181 10

Netherlands ....................................... 51,538 39,425 32,987 7,262 25,725 6,438 12,113 11,845 268

Norway .............................................. 15,130 3,368 3,136 2,161 975 232 11,762 11,131 631

Poland ............................................... 1,614 1,610 1,567 1,560 7 43 4 - 4

Portugal ............................................. 632 614 584 77 507 31 18 - 18

Romania ............................................ 108 82 72 47 25 10 26 - 26

Russia................................................ 1,152 1,152 1,114 897 217 38 - - -

Spain ................................................. 7,002 6,845 3,719 2,918 801 3,126 157 35 122

Sweden.............................................. 32,083 11,641 4,736 3,903 833 6,905 20,442 20,304 138

Switzerland........................................ 48,163 42,799 37,523 33,624 3,899 5,276 5,364 5,211 153

Turkey................................................ 6,210 6,192 5,297 4,498 799 895 18 3 15

United Kingdom................................. 1,143,447 1,065,151 926,617 637,906 288,711 138,534 78,296 73,646 4,650

Channel Islands .................................. 8,427 7,142 6,714 1,564 5,150 428 1,285 1,274 11

All other Europe ................................ 3,439 2,801 2,204 401 1,803 597 638 366 272

Total Europe ................................... 1,584,304 1,414,167 1,201,610 808,874 392,736 212,557 170,137 161,956 8,181

Memo: Euro Area 1 ......................... 324,258 272,112 212,349 122,311 90,038 59,763 52,146 49,972 2,174

Canada ................................................. 224,979 173,053 139,954 111,423 28,531 33,099 51,926 41,349 10,577

Latin America: 

Argentina ........................................... 5,804 5,789 5,637 1,069 4,568 152 15 13 2

Bolivia................................................ 150 150 141 7 134 9 - - -

Brazil.................................................. 81,963 81,406 77,663 47,842 29,821 3,743 557 469 88

Chile .................................................. 19,736 19,586 18,961 11,368 7,593 625 150 147 3

Colombia ........................................... 7,429 7,416 6,017 3,420 2,597 1,399 13 - 13

Costa Rica ........................................ 2,048 2,048 1,720 803 917 328 - - -

Ecuador............................................. 549 549 546 34 512 3 - - -

El Salvador ....................................... 573 573 572 365 207 1 - - -

Guatemala......................................... 2,461 2,461 2,237 1,462 775 224 - - -

Honduras .......................................... 623 623 622 417 205 1 - - -

Mexico ............................................... 40,763 39,307 31,728 9,899 21,829 7,579 1,456 22 1,434

Panama ............................................. 5,053 4,993 4,822 2,879 1,943 171 60 60 -

Peru ................................................... 7,268 7,234 7,219 2,962 4,257 15 34 34 -

Uruguay............................................. 3,092 3,021 3,017 118 2,899 4 71 1 70

Venezuela ......................................... 1,918 1,913 1,805 259 1,546 108 5 5 -

All other Latin America ..................... 716 713 703 239 464 10 3 3 -

Total Latin America......................... 180,146 177,782 163,410 83,143 80,267 14,372 2,364 754 1,610

 

See footnotes at end of table.
 CAPITAL MOVEMENTS 

December 2012 

73

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2012, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Country 

Total 

claims 

(1) 

Total 

own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners

(5) 

Payable in 

foreign 

currencies 

(6) 

Claims of domestic customers 

Total 

customer 

claims 

(7) 

Payable

in 

dollars

(8) 

Payable in

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 204,455 161,695 160,718 156,739 3,979 977 42,760 42,754 6

Bermuda............................................ 17,092 14,796 13,570 57 13,513 1,226 2,296 2,296 -

British Virgin Islands.......................... 12,719 12,719 9,685 146 9,539 3,034 - - -

Cayman Islands................................. 800,484 591,382 549,405 380,895 168,510 41,977 209,102 206,177 2,925

Dominican Republic .......................... 1,038 1,038 1,032 180 852 6 - - -

Jamaica ............................................. 413 413 412 149 263 1 - - -

Netherlands Antilles .......................... 1,686 1,683 1,557 571 986 126 3 - 3

Trinidad and Tobago ......................... 565 565 562 1 561 3 - - -

All other Caribbean ........................... 15,169 15,166 13,073 134 12,939 2,093 3 - 3 

Total Caribbean .............................. 1,053,621 799,457 750,014 538,872 211,142 49,443 254,164 251,227 2,937 

Asia: 

China, Mainland ................................ 23,388 21,908 19,864 14,847 5,017 2,044 1,480 1,428 52

Hong Kong ........................................ 60,329 58,498 54,804 48,333 6,471 3,694 1,831 1,004 827 

India................................................... 21,051 19,639 18,608 13,482 5,126 1,031 1,412 1,380 32

Indonesia........................................... 2,618 2,547 2,451 2,163 288 96 71 24 47

Israel.................................................. 3,558 2,653 2,596 1,859 737 57 905 282 623 

Japan................................................. 386,734 333,555 296,357 226,746 69,611 37,198 53,179 31,459 21,720

Korea, South ..................................... 24,495 22,277 19,373 17,535 1,838 2,904 2,218 187 2,031

Malaysia ............................................ 5,649 687 525 365 160 162 4,962 2 4,960 

Pakistan............................................. 28 27 27 23 4 - 1 1 -

Philippines ......................................... 1,458 1,133 1,078 1,000 78 55 325 3 322

Singapore .......................................... 35,498 28,561 27,771 23,203 4,568 790 6,937 5,354 1,583 

Taiwan............................................... 2,714 2,552 2,292 1,848 444 260 162 65 97

Thailand............................................. 420 340 154 130 24 186 80 10 70

All other Asia ..................................... 18,647 17,889 17,493 13,257 4,236 396 758 496 262 

Total Asia ........................................ 586,587 512,266 463,393 364,791 98,602 48,873 74,321 41,695 32,626 

Africa: 

Egypt ................................................. 750 721 704 588 116 17 29 9 20

Ghana................................................ 239 238 238 189 49 - 1 1 - 

Liberia................................................ 1,117 1,117 1,032 2 1,030 85 - - -

Morocco............................................. 456 456 415 411 4 41 - - -

South Africa....................................... 1,393 1,159 1,057 926 131 102 234 51 183 

All other Africa ................................... 6,220 5,568 5,286 758 4,528 282 652 194 458 

Total Africa ..................................... 10,175 9,259 8,732 2,874 5,858 527 916 255 661 

Other countries: 

Australia............................................. 95,952 42,581 37,813 33,019 4,794 4,768 53,371 53,047 324 

New Zealand ..................................... 6,635 3,118 1,217 767 450 1,901 3,517 3,504 13

All other ............................................. 2,239 2,239 2,081 7 2,074 158 - - - 

Total other countries ....................... 104,826 47,938 41,111 33,793 7,318 6,827 56,888 56,551 337 

Total foreign countries ................. 3,744,638 3,133,922 2,768,224 1,943,770 824,454 365,698 610,716 553,787 56,929 

International and regional orgs: 

International organizations................ 5,400 3,846 3,842 - 3,842 4 1,554 1,544 10

Regional organizations 2 .................... 3,326 2,340 2,301 - 2,301 39 986 975 11 

Total international and regional 

 organizations ................................ 8,726 6,186 6,143 - 6,143 43 2,540 2,519 21 

 Grand total .................................. 3,753,364 3,140,108 2,774,367 1,943,770 830,597 365,741 613,256 556,306 56,950 

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, 

Slovakia, Slovenia, and Spain. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

December 2012 

74 

In June 2012, U.S. claims on foreigners reported by U.S. banks amounted to $3.8 trillion, a decrease of $502 

billion from that recorded at yearend 2011. U.S. banking claims include holdings of foreign short-term securities 

but exclude holdings of foreign long-term securities. U.S. banking claims increased $257 billion in 2009 and 

$554 billion in 2010. However, they decreased $276 billion in 2011. 

As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial 

centers. Nearly 60 percent of these claims are reported opposite the United Kingdom and banking centers in the 

Caribbean. In the post crisis years, there has been a steady fall in claims on all other Europe, and claims on the 

U.K. turned down in the first half of 2012. In contrast, claims on Asia have consistently risen since 2008. 

Although the lion’s share of banking claims against the U.S. is held by the international financial centers, this 

share has fallen while Asia’s share has grown from under 5 percent in 2008 to over 15 percent in the second 

quarter of 2012. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years 

2008 2009 2010 2011 June 2012 

United Kingdom ........................... 1,016,448 1,155,891 1,325,525 1,269,952 1,143,447

All other Europe ........................... 816,342 775,694 665,292 489,313 440,857

Caribbean banking centers 1 ....... 1,390,009 1,370,044 1,591,870 1,407,223 1,041,489

Japan ........................................... 101,218 185,928 289,439 362,403 386,734

All other Asia ................................ 66,572 97,448 145,901 184,680 199,853

Subtotal ...................................... 3,390,589 3,585,005 4,018,027 3,713,571 3,212,380

All other countries ........................ 328,604 391,680 512,990 541,309 540,984

Grand total ................................. 3,719,193 3,976,685 4,531,017 4,254,880 3,753,364

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British 

Virgin Islands. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 
CAPITAL MOVEMENTS 

December 2012 

75

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Type of liability or claim 

Calendar year 2011 2012 

2008 2009 2010 June Sept. r Dec. r Mar. June p

Total liabilities ................................................... 87,630 79,272 78,876 79,149 88,412 83,864 84,895 83,327 

Payable in dollars .......................................... 69,124 58,595 63,764 64,886 76,443 72,009 72,046 71,795 

Financial .................................................... 18,650 12,986 12,225 14,323 15,156 12,279 11,712 11,600 

Short-term negotiable securities ........... 2,740 1,300 902 1,715 831 936 1,430 870 

Other ..................................................... 15,910 11,686 11,323 12,608 14,325 11,343 10,282 10,730 

Commercial ............................................... 50,474 45,609 51,539 50,563 61,287 59,730 60,334 60,195 

Trade payables ..................................... 18,811 21,000 27,087 26,213 32,684 30,552 29,045 27,395 

Advance receipts and other .................. 31,663 24,609 24,452 24,350 28,603 29,178 31,289 32,800 

Payable in foreign currencies ....................... 18,506 20,677 15,112 14,263 11,969 11,855 12,849 11,532 

By major foreign currency: 

Canadian dollars ................................... 2,235 3,709 3,456 4,318 2,980 2,831 2,957 2,431 

Euros ..................................................... 6,487 5,276 4,742 4,485 4,263 3,754 4,182 3,870 

United Kingdom pounds sterling ........... 1,361 1,431 1,241 1,387 1,177 1,133 1,105 976 

Japanese yen ........................................ 962 926 1,645 1,307 1,242 1,124 1,127 1,301 

Other ..................................................... 7,461 9,335 4,028 2,766 2,307 3,013 3,478 2,954 

By type of liability: 

Financial ................................................ 15,632 16,914 9,966 9,016 7,028 6,757 7,321 7,583 

Short-term negotiable securities ....... 2,108 1,264 633 318 335 453 504 484 

Other ................................................. 13,524 15,650 9,333 8,698 6,693 6,304 6,817 7,099 

Commercial ........................................... 2,874 3,763 5,146 5,247 4,941 5,098 5,528 3,949 

Trade payables ................................. 1,334 1,318 1,889 1,998 2,178 1,943 2,423 2,250 

Advance receipts and other .............. 1,540 2,445 3,257 3,249 2,763 3,155 3,105 1,699 

Total claims ....................................................... 107,476 102,138 104,801 92,637 94,112 96,629 90,216 103,743 

Payable in dollars .......................................... 83,810 77,184 79,433 71,715 77,890 79,543 72,662 78,111 

Financial .................................................... 43,223 35,654 31,947 29,678 27,607 28,828 24,722 29,522 

Non-negotiable deposits ....................... 12,539 9,042 10,684 8,109 8,780 8,521 6,648 8,812 

Negotiable CDs and short-term 

negotiable instruments .......................... 1,133 7,082 6,525 3,098 1,090 2,095 1,357 971 

Other ..................................................... 29,551 19,530 14,738 18,471 17,737 18,212 16,717 19,739 

Commercial ............................................... 40,587 41,530 47,486 42,037 50,283 50,715 47,940 48,589 

Trade receivables ................................. 31,161 29,196 35,109 31,943 39,214 40,299 36,941 36,652 

Advance payments and other ............... 9,426 12,334 12,377 10,094 11,069 10,416 10,999 11,937 

Payable in foreign currencies ....................... 23,666 24,954 25,368 20,922 16,222 17,086 17,554 25,632 

By major foreign currency: 

Canadian dollars ................................... 2,409 2,519 3,661 3,683 3,179 2,981 3,058 2,781 

Euros ..................................................... 5,140 8,838 8,825 4,303 4,050 3,313 4,048 3,854 

United Kingdom pounds sterling ........... 1,922 1,738 3,088 2,518 2,338 2,488 3,194 3,036 

Japanese yen ........................................ 451 1,795 3,279 4,684 1,094 2,101 1,532 10,924 

Other ..................................................... 13,744 10,064 6,515 5,734 5,561 6,203 5,722 5,037 

By type of claim: 

Financial ................................................ 19,851 21,405 21,776 16,961 12,178 12,703 13,084 23,056 

Non-negotiable deposits ................... 1,968 2,139 1,377 1,891 1,655 1,580 1,691 2,242 

Short-term negotiable securities ....... 86 7,462 10,475 4,939 1,045 1,489 872 10,686 

Other ................................................. 17,797 11,804 9,924 10,131 9,478 9,634 10,521 10,128 

Commercial ........................................... 3,815 3,549 3,592 3,961 4,044 4,383 4,470 2,576 

Trade receivables ............................. 3,595 3,334 3,268 3,310 3,515 3,964 3,900 2,263 

Advance payments and other ........... 220 215 324 651 529 419 570 313 
CAPITAL MOVEMENTS 

December 2012 

76 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2011 2012 

2007 2008 2009 2010 June Sept. Dec. r Mar. June p

Europe: 

Austria ................................ 230 95 78 113 114 77 76 72 82

Belgium .............................. 492 427 201 258 240 262 309 326 335

Bulgaria .............................. 36 1 - - - 1 - 3 1

Czech Republic .................. 25 45 44 32 33 31 32 59 39

Denmark ............................. 937 161 140 177 105 165 204 90 180

Finland ............................... 63 79 521 105 111 104 122 101 138

France ................................ 3,165 4,801 3,004 2,968 2,523 2,894 2,903 2,725 2,462

Germany ............................ 4,977 3,746 5,428 4,563 3,881 4,727 4,594 4,690 4,941

Greece ............................... 187 241 232 273 267 248 229 246 216

Hungary .............................. 46 30 16 58 66 82 86 51 40

Ireland ................................ 1,569 2,067 2,725 1,532 1,505 1,364 1,718 1,345 1,185

Italy ..................................... 1,196 509 509 463 440 573 799 491 609

Luxembourg ....................... 235 837 503 373 336 303 402 278 229

Netherlands ........................ 1,194 1,728 882 731 882 1,346 1,765 1,097 828

Norway ............................... 721 385 472 870 659 906 1,015 1,167 1,540

Poland ................................ 385 269 201 151 125 128 123 144 163

Portugal .............................. 205 35 25 26 26 19 16 35 17

Romania ............................. 6 71 11 15 8 16 11 19 12

Russia ................................ 306 524 297 714 565 932 847 1,125 1,180

Serbia and Montenegro 

(formerly Yugoslavia) ..... 3 6 - 2 5 3 4 4 3

Spain .................................. 533 816 502 363 483 389 364 456 353

Sweden .............................. 438 274 446 1,345 1,369 1,344 1,237 1,210 1,065

Switzerland ........................ 1,705 2,333 2,444 2,357 2,017 1,888 2,378 2,349 2,001

Turkey ................................ 754 709 1,619 1,358 773 789 748 795 668

United Kingdom ................. 23,350 14,916 10,428 10,150 10,949 14,971 11,125 10,687 9,565

Channel Islands and 

Isle of Man ..................... 208 95 84 70 60 126 124 122 146

Other Europe ..................... 539 435 524 484 573 788 638 813 780

Total Europe .................. 43,505 35,635 31,336 29,551 28,115 34,476 31,869 30,500 28,778

Canada ................................... 7,767 5,960 6,199 8,800 10,313 11,914 9,899 10,504 10,081

Latin America: 

Argentina ............................ 156 89 68 110 75 94 76 61 69

Brazil .................................. 940 626 587 734 987 1,111 1,077 1,088 1,337

Chile ................................... 546 353 318 553 690 604 548 639 638

Colombia ............................ 356 332 385 550 393 518 453 472 438

Ecuador .............................. 33 30 13 28 28 119 23 60 152

Guatemala ......................... 10 8 6 5 9 10 12 16 13

Mexico ................................ 2,848 1,579 2,088 3,121 3,452 3,176 2,928 2,836 2,932

Panama .............................. 85 166 330 221 239 267 332 305 199

Peru .................................... 36 34 32 99 114 33 63 57 63

Uruguay .............................. 20 12 13 55 59 19 12 6 30

Venezuela .......................... 575 413 190 726 660 930 450 640 675

Other Latin America ........... 106 50 74 34 64 98 113 91 63

Total Latin America ........... 5,711 3,692 4,104 6,236 6,770 6,979 6,087 6,271 6,609

Caribbean: 

Bahamas ............................ 89 52 85 103 15 100 50 90 77

Bermuda ................................. 707 723 1,706 1,069 847 700 764 539 716

Cayman Islands ................. 15,969 10,354 8,348 2,175 1,750 864 668 778 853

Cuba ................................... - - 8 1 - - - - -

Jamaica .............................. 18 37 15 13 14 21 10 11 22

Netherlands Antilles ........... 4 6 3 8 6 92 2 2 3

Trinidad and Tobago .......... 74 60 45 19 70 72 57 60 17

Other Caribbean ................ 803 444 362 1,057 730 1,788 1,717 1,063 981

Total Caribbean ............. 17,664 11,676 10,572 4,445 3,432 3,637 3,268 2,543 2,669

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2012 

77

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2011 2012 

2007 2008 2009 2010 June Sept. Dec. r Mar.. June p

Asia: 

China, Mainland. ...................... 857 4,769 3,956 4,346 4,577 6,028 5,853 6,791 7,057

Hong Kong ............................... 981 593 689 1,147 1,225 1,380 806 1,371 1,349

India .......................................... 1,447 1,082 761 818 829 805 682 731 631

Indonesia .................................. 172 366 381 424 544 554 521 468 453

Israel ......................................... 293 292 336 205 147 151 96 149 195

Japan ........................................ 6,888 6,190 6,072 6,544 6,046 6,562 6,526 6,924 6,491

Korea, South ............................ 1,213 1,314 919 1,169 1,303 1,276 1,391 1,360 1,310

Lebanon ................................... 9 15 8 7 7 10 5 7 8

Malaysia ................................... 562 363 311 347 451 468 469 695 662

Pakistan .................................... 172 28 25 67 47 25 50 37 39

Philippines ................................ 89 107 86 100 162 188 210 267 215

Singapore ................................. 4,255 3,767 1,872 1,447 1,356 1,270 1,476 2,250 1,991

Syria ......................................... 8 3 1 - 6 1 1 1 1

Taiwan ...................................... 1,019 722 483 360 435 491 370 414 476

Thailand .................................... 380 295 432 403 394 363 278 515 403

Oil-exporting countries 1 ........... 7,158 6,378 6,700 8,567 8,889 8,254 10,688 9,221 10,174

Other Asia ................................ 377 460 305 423 538 580 612 696 517

Total Asia ............................. 25,880 26,744 23,337 26,374 26,956 28,406 30,034 31,897 31,972

Africa: 

Congo (formerly Zaire) ............. - - 8 - - - - - -

Egypt ........................................ 280 293 192 111 71 115 106 128 96

Ghana ....................................... 12 5 3 2 6 6 3 5 10

Liberia ....................................... 6 64 61 52 52 46 57 48 13

Morocco .................................... 190 112 118 89 89 117 161 153 125

South Africa .............................. 52 256 283 67 145 78 134 241 234

Oil-exporting countries 2 ........... 655 764 984 799 780 647 430 769 699

Other Africa .............................. 294 341 541 693 894 609 591 572 632

Total Africa ........................... 1,489 1,835 2,190 1,813 2,037 1,618 1,482 1,916 1,809

Other countries: 

Australia ................................... 1,658 1,925 1,228 1,241 1,165 1,027 961 1,017 1,164

New Zealand ............................ 91 92 179 279 201 186 114 72 72

All other .................................... 25 30 25 23 15 24 9 30 12

Total other countries ............ 1,774 2,047 1,432 1,543 1,381 1,237 1,084 1,119 1,248

Total foreign countries ..... 103,790 87,589 79,170 78,762 79,004 88,267 83,723 84,750 83,166

International and regional orgs: 

International organizations ....... 2 7 71 109 130 141 137 141 143

Regional organizations 3 .......... 43 34 31 5 15 4 4 4 18

Total international and 

regional organizations ...... 45 41 102 114 145 145 141 145 161

Grand total ....................... 103,835 87,630 79,272 78,876 79,149 88,412 83,864 84,895 83,327

1

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

Emirates (Trucial States). 

2

 Includes Algeria, Gabon, Libya, and Nigeria. 

3

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2012 

78 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2011 2012 

2007 2008 2009 2010 June Sept. Dec. r Mar. June p

Europe: 

Austria .......................................... 2,039 1,951 1,832 1,789 1,616 1,632 1,602 1,568 1,588

Belgium ........................................ 807 393 365 503 449 386 402 403 324

Bulgaria ........................................ 6 6 7 16 12 21 16 18 11

Czech Republic ............................ 134 85 107 131 123 90 63 130 114

Denmark ....................................... 184 74 272 210 129 128 190 137 146

Finland ......................................... 805 541 1,801 1,469 41 41 62 80 63

France .......................................... 6,061 2,736 3,184 2,496 2,989 3,182 3,086 3,288 4,021

Germany ...................................... 4,926 8,621 4,151 5,073 4,719 5,750 5,298 4,113 5,172

Greece ......................................... 250 192 193 223 164 202 182 176 189

Hungary ........................................ 153 95 197 83 150 264 380 335 70

Ireland .......................................... 968 1,814 1,252 791 817 801 910 590 563

Italy ............................................... 2,515 1,195 1,981 1,778 1,404 1,459 1,279 1,535 1,533

Luxembourg ................................. 919 183 188 177 201 201 178 192 167

Netherlands .................................. 3,989 2,092 2,783 2,304 2,436 2,621 2,495 2,307 2,528

Norway ......................................... 325 271 257 185 274 247 250 182 202

Poland .......................................... 153 132 239 277 284 237 255 286 287

Portugal ........................................ 89 76 67 53 49 37 35 67 50

Romania ....................................... 60 54 96 132 117 118 113 103 80

Russia .......................................... 1,326 694 547 506 559 534 1,483 440 561

Serbia and Montenegro 

(formerly Yugoslavia) ............... 15 14 17 13 10 11 7 8 8

Spain ............................................ 1,625 1,072 967 712 1,174 1,288 1,298 855 1,180

Sweden ........................................ 689 450 311 516 476 492 523 547 515

Switzerland .................................. 2,143 1,788 1,723 1,726 1,400 1,147 1,370 1,722 1,397

Turkey .......................................... 732 593 667 677 599 530 815 530 806

United Kingdom ........................... 23,662 17,983 25,389 20,162 20,498 18,573 17,007 15,316 19,801

Channel Islands and 

Isle of Man ............................... 109 419 541 100 147 438 424 319 377

Other Europe ............................... 1,465 1,107 433 422 480 1,107 1,115 1,226 1,164

Total Europe ............................ 56,149 44,631 49,567 42,524 41,318 41,538 40,839 36,474 42,918

Canada ............................................. 16,418 10,551 10,474 14,233 10,389 11,534 12,378 12,477 12,424

Latin America: 

Argentina ...................................... 463 473 513 581 485 438 452 383 359

Brazil ............................................ 2,682 2,365 2,003 2,424 2,236 2,154 2,251 2,256 2,181

Chile ............................................. 404 540 362 454 584 570 523 601 564

Colombia ...................................... 449 429 411 455 542 477 343 658 589

Ecuador ........................................ 160 173 146 173 165 143 129 86 88

Guatemala ................................... 200 180 134 115 115 84 99 78 93

Mexico .......................................... 3,505 3,089 3,082 4,830 4,801 4,714 4,475 5,015 4,565

Panama ........................................ 323 408 340 330 388 357 344 424 463

Peru .............................................. 196 270 194 319 264 327 236 352 397

Uruguay ........................................ 33 106 68 148 176 120 72 165 42

Venezuela .................................... 669 657 479 412 411 517 461 723 558

Other Latin America ..................... 431 435 336 319 339 359 397 334 269

Total Latin America ...................... 9,515 9,125 8,068 10,560 10,506 10,260 9,782 11,075 10,168

Caribbean: 

Bahamas ...................................... 2,200 353 302 164 139 357 545 305 256

Bermuda ............................................ 1,704 1,722 3,567 1,449 1,433 1,359 1,287 1,069 1,366

Cayman Islands ........................... 16,987 19,513 6,908 8,416 5,226 4,253 5,319 2,898 2,991

Cuba ............................................. 10 - - 2 - - - - -

Jamaica ........................................ 106 79 64 58 30 39 48 25 47

Netherlands Antilles ..................... 118 112 52 178 30 72 66 82 69

Trinidad and Tobago .................... 172 111 83 42 67 99 46 63 284

Other Caribbean .......................... 1,518 1,013 1,188 1,061 715 1,713 1,508 1,107 1,122

Total Caribbean ....................... 22,815 22,903 12,164 11,370 7,640 7,892 8,819 5,549 6,135

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2012 

79

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar year 2011 2012 

2007 2008 2009 2010 June Sept. Dec. r Mar. June p

Asia: 

China, Mainland. ....................... 1,913 1,455 1,737 2,278 2,463 2,225 2,468 2,549 2,317

Hong Kong ................................ 8,762 809 943 1,491 1,152 1,213 1,090 1,523 2,871

India .......................................... 812 695 779 997 1,396 1,785 1,703 1,674 1,679

Indonesia................................... 206 273 354 362 414 414 332 292 282

Israel ......................................... 601 635 456 284 296 315 232 304 317

Japan ........................................ 5,518 4,578 2,513 4,372 2,940 2,531 4,920 3,526 10,610

Korea, South ............................. 1,272 980 2,312 1,986 2,189 2,316 1,850 1,513 1,235

Lebanon .................................... 19 44 19 29 13 11 14 14 9

Malaysia .................................... 362 275 215 245 190 179 188 295 206

Pakistan .................................... 115 33 38 33 33 106 75 35 52

Philippines ................................. 109 63 81 126 117 115 121 129 140

Singapore .................................. 2,809 1,448 2,991 3,532 2,909 2,955 3,100 3,391 2,274

Syria .......................................... 1 12 11 15 50 18 34 34 31

Taiwan ....................................... 1,240 976 966 1,025 1,067 1,126 1,021 1,552 1,633

Thailand .................................... 416 330 336 250 258 204 179 215 209

Oil-exporting countries 1 ............ 2,552 3,392 2,601 4,035 3,102 3,000 2,969 3,487 3,632

Other Asia ................................. 513 179 230 307 321 298 292 287 197

Total Asia .............................. 27,220 16,177 16,582 21,367 18,910 18,811 20,588 20,820 27,694

Africa: 

Congo (formerly Zaire) .............. 6 5 15 2 - 1 - - 1

Egypt ......................................... 296 362 228 219 174 169 242 146 184

Ghana ....................................... 8 7 6 14 13 9 12 7 41

Liberia ....................................... 54 54 55 37 3 3 2 - -

Morocco .................................... 21 24 10 15 28 24 31 20 24

South Africa .............................. 254 356 374 403 356 331 373 380 184

Oil-exporting countries 2 ............ 350 300 260 270 342 195 305 281 289

Other Africa ............................... 400 495 498 383 331 342 541 280 488

Total Africa ............................ 1,389 1,603 1,446 1,343 1,247 1,074 1,506 1,114 1,211

Other countries: 

Australia .................................... 2,467 2,194 3,655 3,246 2,471 2,712 2,482 2,507 2,881

New Zealand ............................. 145 72 100 90 91 102 65 65 78

All other ..................................... 37 13 7 24 14 20 33 23 71

Total other countries ............. 2,649 2,279 3,762 3,360 2,576 2,834 2,580 2,595 3,030

Total foreign countries ...... 136,155 107,269 102,063 104,757 92,586 93,943 96,492 90,104 103,580

International and regional orgs: 

International organizations ........ 150 21 49 37 39 39 35 37 32

Regional organizations 3 ........... 111 186 26 7 12 130 102 75 131

Total international and 

regional organizations ........... 261 207 75 44 51 169 137 112 163

Grand total .................... 136,416 107,476 102,138 104,801 92,637 94,112 96,629 90,216 103,743

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2012 

80 

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

Country, June 30, 2012, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Liabilities Claims 

Total liabilities

(1) 

Financial

(2) 

Commercial

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

 (6) 

 

Europe: 

Austria ............................................... 82 57 25 1,588 1,534 54 

Belgium ............................................ 335 66 269 324 166 158 

Bulgaria ............................................ 1 - 1 11 - 11 

Czech Republic ................................ 39 - 39 114 5 109 

Denmark ........................................... 180 6 174 146 56 90 

Finland .............................................. 138 14 124 63 37 26 

France .............................................. 2,462 1,782 680 4,021 2,577 1,444 

Germany........................................... 4,941 3,112 1,829 5,172 2,646 2,526 

Greece .............................................. 216 11 205 189 81 108 

Hungary ............................................ 40 1 39 70 1 69 

Ireland .............................................. 1,185 173 1,012 563 290 273 

Italy ................................................... 609 49 560 1,533 577 956 

Luxembourg ..................................... 229 2 227 167 68 99 

Netherlands ...................................... 828 44 784 2,528 1,383 1,145 

Norway ............................................. 1,540 194 1,346 202 35 167 

Poland .............................................. 163 3 160 287 52 235 

Portugal ............................................ 17 5 12 50 - 50 

Romania ........................................... 12 1 11 80 20 60 

Russia .............................................. 1,180 25 1,155 561 341 220 

Serbia and Montenegro 

(formerly Yugoslavia) ................... 3 2 1 8 - 8 

Spain ................................................ 353 80 273 1,180 691 489 

Sweden ............................................ 1,065 810 255 515 298 217 

Switzerland ....................................... 2,001 89 1,912 1,397 332 1,065 

Turkey .............................................. 668 28 640 806 650 156 

United Kingdom ................................ 9,565 5,670 3,895 19,801 13,653 6,148 

Channel Islands and 

Isle of Man .................................... 146 130 16 377 339 38 

Other Europe .................................... 780 110 670 1,164 936 228 

Total Europe ................................. 28,778 12,464 16,314 42,918 26,769 16,149 

Canada ................................................. 10,081 3,172 6,909 12,424 6,312 6,112 

Latin America: 

Argentina .......................................... 69 9 60 359 72 287 

Brazil ................................................ 1,337 43 1,294 2,181 1,031 1,150 

Chile ................................................. 638 21 617 564 115 449 

Colombia .......................................... 438 3 435 589 16 573 

Ecuador ............................................ 152 5 147 88 23 65 

Guatemala ........................................ 13 - 13 93 37 56 

Mexico .............................................. 2,932 47 2,885 4,565 1,665 2,900 

Panama ............................................ 199 17 182 463 187 276 

Peru .................................................. 63 - 63 397 9 388 

Uruguay ............................................ 30 - 30 42 2 40 

Venezuela ........................................ 675 48 627 558 78 480 

Other Latin America ......................... 63 26 37 269 63 206 

Total Latin America .......................... 6,609 219 6,390 10,168 3,298 6,870 

Caribbean: 

Bahamas .......................................... 77 15 62 256 96 160 

Bermuda................................................ 716 91 625 1,366 276 1,090 

Cayman Islands .................................. 853 534 319 2,991 2,526 465 

Cuba ................................................. - - - - - - 

Jamaica ............................................ 22 2 20 47 2 45 

Netherlands Antilles ......................... 3 2 1 69 16 53 

Trinidad and Tobago ........................ 17 9 8 284 3 281 

Other Caribbean ............................... 981 76 905 1,122 104 1,018 

Total Caribbean ............................ 2,669 729 1,940 6,135 3,023 3,112 

See footnote at end of table. 
CAPITAL MOVEMENTS 

December 2012 

81

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

Country, June 30, 2012, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Liabilities Claims 

Total liabilities

(1) 

Financial

(2) 

Commercial

(3) 

Total claims

(4) 

Financial 

 (5) 

Commercial

 (6) 

Asia: 

China, Mainland ................................ 7,057 125 6,932 2,317 84 2,233 

Hong Kong ........................................ 1,349 36 1,313 2,871 1,283 1,588 

India ................................................... 631 3 628 1,679 120 1,559 

Indonesia ........................................... 453 30 423 282 110 172 

Israel .................................................. 195 3 192 317 17 300 

Japan ................................................. 6,491 1,771 4,720 10,610 8,204 2,406 

Korea, South ..................................... 1,310 28 1,282 1,235 236 999 

Lebanon ............................................ 8 2 6 9 2 7 

Malaysia ............................................ 662 2 660 206 9 197 

Pakistan ............................................. 39 4 35 52 6 46 

Philippines ......................................... 215 8 207 140 15 125 

Singapore .......................................... 1,991 76 1,915 2,274 43 2,231 

Syria .................................................. 1 - 1 31 8 23 

Taiwan ............................................... 476 19 457 1,633 10 1,623 

Thailand ............................................. 403 18 385 209 14 195 

Other Asia ......................................... 517 48 469 197 44 153 

Total Asia ........................................ 31,972 2,300 29,672 27,694 10,471 17,223 

Africa: 

Congo (formerly Zaire) ...................... - - - 1 - 1 

Egypt ................................................. 96 4 92 184 4 180 

Ghana ................................................ 10 5 5 41 9 32 

Liberia ................................................ 13 5 8 - - - 

Morocco ............................................. 125 7 118 24 - 24 

South Africa ....................................... 234 8 226 184 73 111 

Other Africa ....................................... 632 49 583 488 332 156 

Total Africa .................................... 1,809 87 1,722 1,211 457 754 

Other countries: 

Australia ............................................ 1,164 199 965 2,881 2,156 725 

New Zealand ..................................... 72 10 62 78 12 66 

All other ............................................. 12 3 9 71 - 71 

Total other countries ..................... 1,248 212 1,036 3,030 2,168 862 

Total foreign countries .............. 83,166 19,183 63,983 103,580 52,498 51,082 

International and regional orgs: 

International organizations ................ 143 - 143 32 - 32 

 Regional organizations 1 .................. 18 - 18 131 80 51 

Total international and 

regional organizations ............... 161 - 161 163 80 83 

Grand total ................................ 83,327 19,183 64,144 103,743 52,578 51,165 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

December 2012 

82

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Calendar 

year or month

Marketable Treasury bonds and notes 

U.S. Government corporations and 

federally-sponsored agencies

Net foreign purchases 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Foreign countries 

 Total 

 (1) 

Official 

institutions 

(2) 

Other

foreigners 

(3) 

International

and regional

(4) 

Net foreign 

purchases 

(7) 

 Gross foreign

 purchases 

 (8) 

Gross foreign

sales 

(9) 

2008 ......................................... 314,880 76,218 239,105 -443 14,629,213 14,314,333 -38,664 2,590,262 2,628,926 

2009 ......................................... 538,388 161,406 376,906 76 11,593,203 11,054,815 -11,491 1,043,178 1,054,669 

2010 ......................................... 703,682 172,065 531,429 188 16,189,912 15,486,230 108,019 1,108,653 1,000,634 

2011 ......................................... 432,571 144,155 276,867 11,549 17,969,880 17,537,309 80,904 1,132,565 1,051,661 

2012 - Jan. - Sept. p ................ 321,755 184,781 136,276 698 11,565,512 11,243,757 57,229 1,161,512 1,104,283 

2011 - Sept. ............................. 94,369 38,425 57,152 -1,208 1,523,075 1,428,706 6,439 121,204 114,765

Oct. .............................. 21,531 -5,972 24,813 2,690 1,375,852 1,354,321 4,710 101,249 96,539

Nov. ............................. 60,789 23,666 34,867 2,256 1,364,802 1,304,013 6,168 108,975 102,807

Dec............................... -13,113 -20,277 5,291 1,873 961,287 974,400 27,215 104,558 77,343

2012 - Jan. r............................. 91,457 32,891 56,069 2,497 1,338,407 1,246,950 9,529 103,581 94,052

Feb.r............................. 19,711 10,891 10,264 -1,444 1,452,226 1,432,515 9,993 97,258 87,265

Mar. r............................ 19,611 33,127 -18,347 4,831 1,381,770 1,362,159 -6,605 103,918 110,523

Apr. r............................. 38,681 16,738 23,210 -1,267 1,390,098 1,351,417 -8,457 120,259 128,716

May r ............................ 45,931 21,120 28,281 -3,470 1,357,658 1,311,727 12,409 141,707 129,298

June r ........................... 31,280 21,267 10,408 -395 1,192,552 1,161,272 -604 145,220 145,824

July............................... 49,523 28,677 23,952 -3,106 1,148,657 1,099,134 4,477 133,842 129,365

Aug. p........................... 42,903 19,151 24,416 -664 1,184,755 1,141,852 18,643 157,385 138,742

Sept. p.......................... -17,342 919 -21,977 3,716 1,119,389 1,136,731 17,844 158,342 140,498

Calendar 

year or month 

Corporate and other securities 

Bonds * Stocks 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

2008 .............................................................................. 93,877 1,467,469 1,373,592 44,796 12,037,928 11,993,132 

2009 .............................................................................. -40,774 1,189,391 1,230,165 152,734 6,653,957 6,501,223 

2010 .............................................................................. -13,154 971,246 984,400 109,741 6,747,218 6,637,477 

2011 .............................................................................. -45,175 996,101 1,041,276 25,075 7,720,283 7,695,208 

2012 - Jan. - Sept. p ..................................................... -42,824 703,204 746,028 53,368 5,286,478 5,233,110 

 

2011 - Sept.................................................................... -4,936 63,763 68,699 -19,398 635,626 655,024

Oct..................................................................... -10,577 60,752 71,329 2,752 634,396 631,644

Nov.................................................................... 4,835 72,086 67,251 -7,144 575,840 582,984

Dec.................................................................... -20,714 54,533 75,247 -10,968 531,589 542,557

2012 - Jan. r.................................................................. -1,654 78,628 80,282 3,397 542,042 538,645

Feb. r................................................................. -8,147 90,555 98,702 7,898 584,411 576,513

Mar. r................................................................. -3,019 93,089 96,108 7,039 631,804 624,765

Apr.r................................................................... -4,145 64,710 68,855 1,827 563,228 561,401

May r ................................................................. -8,232 80,450 88,682 831 651,421 650,590

June r ................................................................ -22,076 63,643 85,719 -4,312 569,598 573,910

July.................................................................... 120 63,391 63,271 6,649 562,146 555,497

Aug. p................................................................ 10,754 86,988 76,234 6,221 583,114 576,893

Sept. p............................................................... -6,425 81,750 88,175 23,818 598,714 574,896

* Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities. 
 CAPITAL MOVEMENTS 

December 2012 

83

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Foreign bonds Foreign stocks 

Net foreign

purchases from

U.S. 

(2) 

Gross foreign

purchases from

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign

purchases from

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2008 ...................................................... 74,188 53,942 2,271,636 2,217,694 20,246 5,443,267 5,423,021

2009 ...................................................... -186,834 -127,474 1,951,939 2,079,413 -59,360 3,169,501 3,228,861

2010 ...................................................... -115,259 -54,644 3,650,150 3,704,794 -60,615 3,673,648 3,734,263

2011 ...................................................... -124,327 -52,625 3,530,814 3,583,439 -71,702 3,968,484 4,040,186

2012 - Jan. - Sept. p ............................. 19,628 48,338 2,813,461 2,765,123 -28,710 2,562,697 2,591,407 

 

2011 - Sept ........................................... -36 -2,028 260,216 262,244 1,992 315,014 313,022 

Oct............................................. -4,108 -1,918 264,710 266,628 -2,190 309,463 311,653 

Nov............................................ 3,321 1,969 299,820 297,851 1,352 288,295 286,943 

Dec............................................ 38,488 28,168 256,131 227,963 10,320 287,238 276,918 

2012 - Jan. r.......................................... 6,700 11,098 296,788 285,690 -4,398 276,357 280,755 

Feb. r......................................... -14,611 -8,700 310,597 319,297 -5,911 317,961 323,872 

Mar. r......................................... 14,103 16,962 363,286 346,324 -2,859 336,338 339,197 

Apr............................................. -716 2,470 300,119 297,649 -3,186 296,637 299,823 

May r ......................................... 5,774 15,199 328,716 313,517 -9,425 297,735 307,160 

June r ........................................ 3,803 10,518 320,884 310,366 -6,715 265,304 272,019 

July............................................ 7,447 8,263 283,078 274,815 -816 262,516 263,332 

Aug p........................................ 11,731 14,098 267,510 253,412 -2,367 243,229 245,596 

Sept. p...................................... -14,603 -21,570 342,483 364,053 6,967 266,620 259,653

 
CAPITAL MOVEMENTS 

December 2012 

84

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks

 Calendar 

 year 

 2011 

 (1) 

2012 

Calendar

year 

2011 

(4) 

2012

 Calendar

 year 

 2011 

 (7) 

2012

Calendar 

year 

2011 

(10) 

2012

 Jan. 

 through 

 Sept. 

(2) 

 July

 through 

 Sept. p 

 (3) 

Jan.

 through

Sept. 

 (5) 

July

 through

 Sept. p 

 (6) 

Jan.

 through

Sept. 

 (8) 

 July

 through 

 Sept. p 

 (9) 

Jan.

 through

Sept. 

(11) 

July

through

Sept. p

 (12) 

Europe: 

Austria ............................. 71 344 133 130 42 17 1 181 76 -8 -173 -6

Belgium ........................... -533 -4,204 -2,024 -329 -92 -90 -17,867 -15,297 -3,852 -3,973 -544 -322

Bulgaria ........................... 209 44 -12 - - - -4 - - -31 -16 -17

Cyprus ............................ -153 23 12 -25 5 0 -23 -28 -14 20 953 -35

Czech Republic ............... 48 316 175 - - - 26 -20 - -391 -144 4

Denmark ......................... 587 -3,431 -1,757 6 40 7 -433 -162 -317 736 688 527

Finland ............................ 25 308 -16 87 -56 10 -135 -270 63 658 -66 -22

France ............................. 84,481 56,203 15,596 8,284 308 -473 -9,133 -4,232 -389 -26,557 9,434 5,914

Germany ......................... 4,304 7,215 -722 205 -351 284 -3,833 -3,421 -236 2,118 -729 3,267

Greece ............................ -108 356 309 -65 -2 -1 33 -8 -4 -122 -111 -9

Hungary .......................... 43 204 85 -77 30 10 62 -10 33 -97 -128 -19

Ireland ............................. -11,611 -15,213 -3,972 -4,656 -7,630 -1,427 -1,612 -768 737 79 6,231 290

Italy ................................. 881 1,192 181 -334 -2 7 -169 -304 -213 1,718 -1,843 -133

Kazakhstan ..................... 1,874 932 552 -44 - - -55 18 3 2 -43 16

Luxembourg .................... -10,313 -31,675 -2,602 -15,723 8,121 2,798 -1,388 -333 -258 -1,570 -1,429 -667

Monaco ........................... 135 46 171 -11 -69 - -116 63 36 -269 429 173

Netherlands .................... 174 -560 -110 460 -263 -24 -2,828 -370 132 -2,155 -2,754 -526

Norway ............................ 5,190 9,634 6,655 -1,868 -889 -177 -4,562 988 1,413 3,247 1,732 1,003

Poland ............................. 1,847 210 1,468 735 892 -50 338 324 100 -117 -21 42

Portugal .......................... -2 210 -163 -5 -15 -1 -18 -32 -5 -854 -101 -20

Romania ......................... 332 -3,815 -1,789 - - - - -- -9 -17 -10

Russia ............................. -26,321 -22,500 -9,585 78 112 - 129 45 5 18 -80 -19

Serbia and Montenegro ..... -173 -119 7 -10 - - - -- -1 - -

Spain............................... 5,596 2,575 1,907 -19 -170 -25 -597 -203 -76 -828 -871 -101

Sweden ........................... 3,750 -3,702 -484 -556 -208 -9 -3,037 -2,089 -78 -3,640 883 939

Switzerland ..................... 6,224 52,686 33,654 292 497 221 325 1,635 1,341 -4,271 6,171 3,735

Turkey ............................. 4,874 -3,091 -324 - -1 - 70 -9 - -42 -15 1

Ukraine ........................... -652 555 279 -55 1 - -86 -10 2 -8 113 1

United Kingdom .............. 156,940 89,094 13,134 -3,012 5,246 10,474 -23,670 -29,014 1,213 3,037 29,204 14,126

Channel Islands .............. 1,648 -2,123 -918 190 -377 61 -2,737 -693 -143 863 -384 2

All other Europe .............. 196 -661 -359 695 -109 32 222 -57 -20 47 322 113

Total Europe ............... 229,563 131,053 49,480 -15,628 5,058 11,644 -71,096 -54,076 -451 -32,400 46,691 28,247

Memo: Euro Area 1 ..... 72,702 16,521 8,361 -12,002 -104 1,076 -37,638 -25,105 -4,037 -31,506 8,338 7,698

Memo: European 

 Union 2 ..................... 236,453 95,473 19,191 -14,911 5,899 11,528 -64,420 -56,119 -3,069 -32,055 38,792 23,284

Canada ............................... 17,668 32,960 6,583 3,543 -7,476 -5,676 -1,427 1,203 3,481 14,065 6,492 1,116

Latin America: 

Argentina ........................ -74 20 33 15 14 6 -40 216 16 -100 -179 -97

Brazil ............................... 47,408 4,482 231 1,289 4,404 1,930 345 -553 -350 -88 580 82

Chile ............................... 12,823 -1,195 56 256 52 6 579 -151 -289 -981 -277 206

Colombia ......................... 8,837 7,040 3,234 176 -200 -230 -325 -125 86 -45 -173 40

Ecuador .......................... -59 158 189 124 -31 51 -2 21 - -3 -75 -18

Costa Rica ...................... 968 1,472 772 116 5 -186 -20 38 28 42 17 32

Guatemala ...................... 221 87 -109 -17 -3 -2 -11 24 8 -4 -22 -9

Mexico ............................ -4,524 18,156 3,010 10,418 -2,585 -2,403 530 -1,318 -204 1,554 1,579 274

Panama .......................... -188 -30 20 486 233 61 -57 -283 -127 361 -289 -122

Peru ................................ -33 2,951 565 650 892 384 216 164 413 349 13 -93

Uruguay .......................... 1,688 1,694 160 -366 466 190 123 168 41 61 -131 -62

Venezuela ....................... -56 -469 -9 63 177 137 531 448 -20 325 -47 -110

All other Latin America ..... -133 124 12 732 357 -8 417 231 129 1 -64 -33

Total Latin America ..... 66,878 34,490 8,164 13,942 3,781 -64 2,286 -1,120 -269 1,472 932 90

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2012 

85

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Country 

Marketable Treasury 

bonds and notes 

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

Calendar 

year 

2011 

(1) 

2012 

Calendar

year 

2011 

(4) 

2012

Calendar 

year 

2011 

(7) 

2012 

Calendar 

year 

2011 

(10) 

2012

 Jan. 

 through 

 Sept. 

(2) 

July

 through

 Sept. p 

 (3) 

Jan.

 through

Sept. 

 (5) 

 July

 through

 Sept. p 

 (6) 

Jan.

 through

Sept.

 (8) 

July 

 through 

Sept. p 

 (9) 

Jan.

 through

Sept. 

(11) 

July

through

 Sept. p

 (12) 

Caribbean: 

Anguilla...................................... 478 -412 145 29 -167 -92 -126 -758 2 -1,795 -1,114 -605

Bahamas.................................... 11,778 -764 446 406 3,228 2,212 -382 877 494 -421 -212 622

Barbados ................................... 139 2,621 -379 165 402 56 971 1,181 144 -109 136 -19

Bermuda .................................... 5,107 3,113 699 1,970 3,491 1,337 1,869 279 -503 1,482 1,117 -217

British Virgin Islands................... 5,135 4,624 383 -153 223 52 1,581 677 214 3,144 1,457 4,500

Cayman Islands ......................... -19,515 -25,180 -18,534 10,444 -2,705 3,023 9,543 -416 -2,109 28,863 3,694 7,996

Cuba .......................................... - - - - - - -1 - - -79 -43 -

Jamaica ..................................... -1 -2 - -36 -236 -96 22 23 -4 11 3 -1

Netherlands Antilles ................... -6,786 -619 -163 284 168 -104 2,749 1,074 -249 690 312 106

Trinidad and Tobago.................. -809 -37 -92 -100 64 157 30 -4 9 68 -7 -16

All other Caribbean .................... -57 25 22 317 397 300 411 190 7 -65 -335 -194

Total Caribbean ..................... -4,531 -16,631 -17,473 13,326 4,865 6,845 16,667 3,123 -1,995 31,789 5,008 12,172

Asia: 

China, Mainland. ........................ -46,952 47,263 9,709 17,790 6,830 11,283 3,065 3,139 1,463 360 -265 -1,870

Hong Kong................................. 9,669 2,146 -2,862 1,008 -1,911 -997 -822 -292 726 6,460 -363 -739

India........................................... -1,840 3,559 -779 - 107 -1 -39 -8 2 -568 -530 -110

Indonesia ................................... 3,071 -448 -1,504 501 1,605 151 132 74 -4 126 -44 -24

Israel.......................................... -3,009 2,133 1,591 -439 116 55 81 253 165 -409 -380 -133

Japan......................................... 148,498 81,263 19,214 36,463 20,109 7,128 9,505 2,149 -806 3,400 -7,914 -757

Korea, South.............................. -4,646 -1,552 -1,845 8,539 11,424 2,719 -3,195 -75 329 -140 -207 -164

Lebanon..................................... 53 205 11 1 1 - -97 36 -12 66 -12 -30

Malaysia..................................... 4,059 -743 -1,228 -1,372 2,234 1,063 -12 258 45 252 1,610 109

Pakistan..................................... - - - -2 - - -1 3 3 -21 -18 -2

Philippines ................................. 5,563 2,684 1,393 -2,775 347 150 409 141 69 -57 -17 -10

Singapore .................................. 2,428 2,219 5,343 -918 762 286 3,244 3,401 1,646 -6,720 -2,887 -2,129

Syria .......................................... - - - - - - -3 - - -2 -1 -1

Taiwan ....................................... -5,750 3,488 2,084 5,891 4,612 3,423 2,875 3,272 1,366 -485 691 433

Thailand..................................... -651 793 58 197 511 102 136 17 3 -66 -9 -38

Oil exporting countries 3 ............. -3,133 -6,834 -2,584 1,699 3,344 2,427 -737 925 321 6,286 4,274 575

All other Asia.............................. 785 -733 -163 -60 -179 -136 -105 46 99 49 44 40

Total Asia ............................... 108,145 135,443 28,438 66,523 49,912 27,653 14,436 13,339 5,415 8,531 -6,028 -4,850

Africa: 

Egypt.......................................... 123 -466 -445 -3 -5 -2 -6 -2 1 -27 -24 -9

Liberia........................................ 7 -5 2 6 -2 -1 83 14 -1 -85 -40 -36

Morocco ..................................... 183 -183 -199 7 37 26 -8 2 4 -6 -4 -

South Africa ............................... -851 -1,316 -2,020 -10 46 19 -71 -89 -14 -42 222 119

Oil exporting countries 4 ............. 2,048 1,338 235 -3 501 501 147 80 -1 1 2 3

All other Africa............................ 486 138 151 165 -25 2 24 50 10 1,021 69 -103

Total Africa............................. 1,996 -494 -2,276 162 552 545 169 55 -1 862 225 -26

Other countries: 

Australia..................................... 1,517 3,997 2,217 -21 706 460 -3,511 -3,485 -983 314 -614 -266

New Zealand.............................. -199 242 15 -5 58 85 -40 -213 -129 99 -250 -107

All other countries ...................... -15 -3 -10 28 -10 27 -98 -147 -7 -7 33 10

Total other countries .............. 1,303 4,236 2,222 2 754 572 -3,649 -3,845 -1,119 406 -831 -363

Total foreign countries ....... 421,022 321,057 75,138 81,870 57,446 41,519 -42,614 -41,321 5,061 24,725 52,489 36,386

International and regional orgs: 

International organizations ......... 11,259 107 -117 -401 134 -42 -1,862 -1,312 -532 344 901 323

Regional organizations 5 ............ 290 591 63 -565 -351 -513 -699 -191 -80 6 -22 -21

Total international and 

 regional organizations .............. 11,549 698 -54 -966 -217 -555 -2,561 -1,503 -612 350 879 302

Grand total......................... 432,571 321,755 75,084 80,904 57,229 40,964 -45,175 -42,824 4,449 25,075 53,368 36,688

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, 

Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and 

Spain. 

2

 As of January 2007, the European Union (E.U.) , includes Austria, Belgium, Bulgaria, Cyprus, the 

Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. 

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2012 

86

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2012, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country 

Total 

 purchases 

 (1) 

Domestic securities

 Foreign securities 

Total

 sales

 (8) 

Domestic securities 

 Foreign securities 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

Corporate and 

other 

Marketable

Treasury 

 and 

 Federal 

 Financing 

Bank 

bonds 

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

 other 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

Bonds 

 (11) 

Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria .................................... 3,931 724 202 202 636 1,936 231 1,994 591 185 126 642 226 224

Belgium................................... 9,826 626 277 388 2,017 5,460 1,057 24,412 2,651 367 4,240 2,339 14,142 673

Bulgaria .................................. 167 73 - - 83 9 2 189 85 - - 100 4 -

Cyprus .................................... 93,697 28 0 9 83,662 250 9,748 93,847 16 0 23 83,697 331 9,780

Czech Republic ...................... 981 390 - - 198 224 169 726 215 - - 194 242 75

Denmark................................. 11,495 1,405 152 1,167 5,865 1,801 1,105 12,737 3,162 145 1,484 5,338 1,534 1,074

Finland.................................... 3,647 885 452 212 384 1,542 173 3,157 901 442 149 406 1,075 184

France .................................... 917,563 683,706 5,810 3,405 185,097 19,957 19,588 890,988 668,110 6,283 3,794 179,183 12,855 20,763

Germany................................. 78,395 22,233 1,534 2,061 24,077 22,511 5,979 66,229 22,955 1,250 2,297 20,810 13,324 5,593

Greece.................................... 1,263 817 1 10 309 51 75 967 508 2 14 318 61 65

Hungary.................................. 930 440 10 33 229 192 26 988 355 - - 248 364 21

Ireland..................................... 111,868 44,991 29,998 5,681 6,113 7,513 17,573 120,425 48,963 31,425 4,944 5,823 11,187 18,083

Italy ......................................... 16,540 3,559 81 218 6,399 4,749 1,534 15,866 3,378 74 431 6,532 3,864 1,588

Kazakhstan............................. 2,775 2,477 - 3 20 227 48 2,091 1,925 - - 4 145 17

Luxembourg ........................... 82,183 16,140 27,665 9,555 9,370 6,449 13,004 96,522 18,742 24,867 9,813 10,037 20,199 12,864

Monaco................................... 1,255 176 - 67 792 97 123 867 5 - 31 619 45 167

Netherlands ............................ 30,638 4,114 883 1,860 9,606 8,644 5,531 30,062 4,223 907 1,728 10,132 6,204 6,868

Norway ................................... 32,955 22,137 111 2,448 3,370 3,076 1,813 26,618 15,482 288 1,035 2,367 5,699 1,747

Poland .................................... 9,698 6,616 - 102 142 2,752 86 8,514 5,148 50 2 100 3,137 77

Portugal .................................. 2,247 590 0 5 1,090 152 410 2,568 753 1 10 1,110 313 382

Romania ................................. 296 248 - - 12 2 34 2,075 2,037 - - 22 5 11

Russia..................................... 12,307 11,163 - 6 149 708 281 22,665 20,748 - 1 168 1,579 169

Serbia and Montenegro.......... 408 117 - - 5 286 - 144 110 - - 5 29 -

Spain ...................................... 15,143 4,893 10 324 2,162 5,852 1,901 14,257 2,986 35 400 2,263 6,768 1,805

Sweden................................... 22,057 8,329 - 123 4,476 6,708 2,421 18,267 8,813 9 201 3,537 3,260 2,447

Switzerland............................. 90,734 44,202 1,027 6,712 25,645 5,122 8,026 52,218 10,548 806 5,371 21,910 6,087 7,496

Turkey..................................... 2,259 1,318 - - 173 537 231 2,293 1,642 - - 172 261 218

Ukraine ................................... 493 453 - 2 2 35 1 214 174 - - 1 35 4

United Kingdom...................... 2,345,695 1,422,814 74,521 89,811 270,684 236,666 251,199 2,333,838 1,409,680 64,047 88,598 256,558 266,109 248,846

Channel Islands...................... 15,733 2,979 596 543 7,569 884 3,162 15,701 3,897 535 686 7,567 480 2,536

All other Europe...................... 2,893 806 327 100 982 395 283 3,492 1,165 295 120 869 619 424

Total Europe....................... 3,920,071 2,309,448 143,658 125,047 651,318 344,787 345,813 3,864,932 2,259,968 132,014 125,498 623,071 380,183 344,198

Memo: Euro Area 1 ............. 1,368,012 783,561 66,934 23,939 331,585 85,118 76,875 1,362,690 775,200 65,858 27,976 323,887 90,811 78,958

Canada....................................... 425,580 129,366 10,011 15,975 131,685 86,169 52,374 410,329 122,783 15,687 12,494 130,569 76,900 51,896

Latin America: 

Argentina ................................ 8,850 139 16 240 1,408 6,126 921 3,584 106 10 224 1,505 1,076 663

Brazil....................................... 65,521 36,406 2,605 528 2,209 10,153 13,620 62,092 36,175 675 878 2,127 10,491 11,746

Chile ....................................... 17,103 7,853 1,370 277 2,678 3,295 1,630 17,992 7,797 1,364 566 2,472 3,850 1,943

Colombia ................................ 15,028 9,279 497 256 1,360 2,463 1,173 11,624 6,045 727 170 1,320 2,466 896

Costa Rica.............................. 774 441 51 17 174 53 38 560 252 - 17 192 67 32

Ecuador.................................. 1,457 798 20 69 356 133 81 738 26 206 41 324 65 76

Guatemala.............................. 634 360 - 13 157 88 16 956 469 2 5 166 295 19

Mexico .................................... 37,814 8,860 6,452 902 6,069 6,378 9,153 40,383 5,850 8,855 1,106 5,795 9,856 8,921

Panama .................................. 7,385 532 402 928 1,341 2,431 1,751 7,116 512 341 1,055 1,463 2,176 1,569

Peru ........................................ 7,433 2,339 1,108 597 1,003 1,724 662 7,002 1,774 724 184 1,096 2,306 918

Uruguay.................................. 6,658 2,149 564 295 894 2,220 536 6,009 1,989 374 254 956 2,061 375

Venezuela .............................. 3,235 101 178 305 1,379 887 385 3,285 110 41 325 1,489 1,010 310

All other Latin America ........... 1,298 400 156 226 138 278 100 1,641 388 164 97 171 750 71

Total Latin America ............ 173,190 69,657 13,419 4,653 19,166 36,229 30,066 162,982 61,493 13,483 4,922 19,076 36,469 27,539

Caribbean: 

Anguilla................................... 188,600 1,199 8 51 165,463 57 21,822 189,350 1,054 100 49 166,068 60 22,019

Bahamas ................................ 56,712 20,086 3,313 3,738 20,248 3,189 6,138 51,457 19,640 1,101 3,244 19,626 2,272 5,574

Barbados ................................ 2,843 133 197 397 771 750 595 3,062 512 141 253 790 807 559

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2012 

87

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2012, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country 

Domestic securities 

Foreign securities Total

 sales

(8) 

Domestic securities 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Corporate and 

other 

Marketable

Treasury 

and 

Federal 

 Financing

Bank bonds

 and notes

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

Bonds

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks

(7) 

 Bonds 

 (11) 

 Stocks

 (12) 

Bonds

 (13) 

Stocks

 (14) 

Caribbean, con. 

Bermuda ................................ 166,034 17,123 8,466 6,562 81,118 35,054 17,711 165,739 16,424 7,129 7,065 81,335 35,719 18,067

British Virgin Islands .............. 136,027 19,067 279 3,905 74,186 20,402 18,188 130,568 18,684 227 3,691 69,686 19,932 18,348

Cayman Islands ..................... 1,488,918 423,308 73,669 46,319 524,019 288,503 133,100 1,486,099 441,842 70,646 48,428 516,023 279,979 129,181

Cuba ...................................... --------------

Jamaica ................................. 185 20 58 55 26 19 7 295 20 154 59 27 27 8

Netherlands Antilles ............... 11,002 4,886 190 111 3,602 593 1,620 10,973 5,049 294 360 3,496 315 1,459

Trinidad and Tobago ............. 2,574 673 1,517 98 129 128 29 2,556 765 1,360 89 145 150 47

All other Caribbean ................ 3,002 122 349 128 1,747 324 332 2,720 100 49 121 1,941 282 227

Total Caribbean ................. 2,055,897 486,617 88,046 61,364 871,309 349,019 199,542 2,042,819 504,090 81,201 63,359 859,137 339,543 195,489

Asia: 

China, Mainland. ................... 99,597 33,735 52,810 2,640 6,293 2,011 2,108 77,501 24,026 41,527 1,177 8,163 683 1,925

Hong Kong ............................ 110,367 27,941 5,956 2,285 8,958 5,882 59,345 114,484 30,803 6,953 1,559 9,697 3,984 61,488

India ...................................... 17,265 13,549 63 4 228 435 2,986 18,381 14,328 64 2 338 368 3,281

Indonesia ............................... 13,061 5,003 6,110 2 114 622 1,210 15,257 6,507 5,959 6 138 725 1,922

Israel ..................................... 88,057 79,190 1,363 552 3,736 905 2,311 85,793 77,599 1,308 387 3,869 556 2,074

Japan .................................... 333,149 183,802 77,254 7,060 14,327 20,175 30,531 303,104 164,588 70,126 7,866 15,084 13,524 31,916

Korea, South ......................... 47,600 11,377 18,533 2,583 1,679 5,356 8,072 45,946 13,222 15,814 2,254 1,843 4,505 8,308

Lebanon ................................ 544 43 - 93 339 21 48 574 32 - 105 369 10 58

Malaysia ................................ 10,197 634 3,322 309 737 3,669 1,526 8,408 1,862 2,259 264 628 1,593 1,802

Pakistan ................................ 24 - - 4 3 8 9 15 - - 1 5 - 9

Philippines ............................. 7,655 6,118 170 112 498 436 321 6,197 4,725 20 43 508 597 304

Singapore .............................. 66,790 36,699 2,046 3,489 10,254 3,828 10,474 61,917 31,356 1,760 1,843 12,383 3,099 11,476

Syria ...................................... 53 - - - 8 1 44 18 - - - 9 2 7

Taiwan ................................... 30,160 9,691 5,135 2,379 5,348 2,368 5,239 21,875 7,607 1,712 1,013 4,915 1,394 5,234

Thailand ................................ 5,091 1,818 130 10 284 1,220 1,629 5,131 1,760 28 7 322 790 2,224

All other Asia ......................... 45,161 16,911 13,509 1,364 7,798 2,907 2,672 44,855 19,658 11,218 944 7,183 3,849 2,003

Total Asia .......................... 874,771 426,511 186,401 22,886 60,604 49,844 128,525 809,456 398,073 158,748 17,471 65,454 35,679 134,031

Africa: 

Egypt ..................................... 476 53 10 6 191 113 103 847 498 12 5 200 46 86

Liberia ................................... 154 9 - 69 43 6 27 190 7 1 70 79 7 26

Morocco ................................ 83 49 26 5 - - 3 254 248 - 1 - - 5

South Africa ........................... 6,009 3,439 323 23 408 1,133 683 8,122 5,459 304 37 289 1,181 852

All other Africa ....................... 3,841 1,839 575 37 320 220 850 3,109 1,453 72 28 420 418 718

Total Africa ........................ 10,563 5,389 934 140 962 1,472 1,666 12,522 7,665 389 141 988 1,652 1,687

Other countries: 

Australia ................................ 50,798 10,065 4,976 1,836 7,993 12,020 13,908 51,069 7,848 4,516 2,819 8,259 15,034 12,593

New Zealand ......................... 1,798 257 447 45 453 273 323 1,997 242 362 174 560 295 364

All other ................................. 240 16 41 15 67 28 73 1,642 26 14 22 57 827 696

Total other countries .......... 52,836 10,338 5,464 1,896 8,513 12,321 14,304 54,708 8,116 4,892 3,015 8,876 16,156 13,653

Total foreign countries ... 7,512,908 3,437,326 447,933 231,961 1,743,557 879,841 772,290 7,357,748 3,362,188 406,414 226,900 1,707,171 886,582 768,493

International and regional orgs: 

International organizations ..... 22,496 15,124 1,576 160 411 5,150 75 22,576 15,241 1,618 692 88 4,852 85

Regional organizations 2 ........ 8,505 351 60 8 6 8,080 - 1,825 288 573 88 27 846 3

Total international and 

 regional organizations .... 31,001 15,475 1,636 168 417 13,230 75 24,401 15,529 2,191 780 115 5,698 88

Grand total .................... 7,543,909 3,452,801 449,569 232,129 1,743,974 893,071 772,365 7,382,149 3,377,717 408,605 227,680 1,707,286 892,280 768,581

1

 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, 

Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. 

2 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 
CAPITAL MOVEMENTS 

December 2012 

88

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2011 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country

Domestic securities Domestic securities 

 Total 

 purchases

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

Corporate and 

other 

 Marketable

 Treasury

 and 

 Federal

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

Foreign securities other Foreign securities Total

 sales

 (8) 

 Bonds

 (4) 

Stocks

 (5) 

Bonds

 (6) 

 Stocks

 (7) 

 Bonds

 (11) 

 Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria................................ 18,177 2,462 1,252 657 2,442 9,507 1,857 9,805 2,392 1,123 656 2,450 1,597 1,589

Belgium .............................. 29,825 2,934 657 1,554 13,223 6,921 4,536 117,122 3,466 986 19,421 17,196 70,805 5,247

Bulgaria .............................. 1,703 858 - 3 665 - 177 1,561 649 - 7 696 39 170

Cyprus................................ 140,162 602 42 30 124,249 834 14,404 140,516 756 68 54 124,229 748 14,662

Czech Republic .................. 4,670 1,190 - 26 1,338 925 1,191 3,906 1,142 - - 1,729 330 705

Denmark............................. 47,507 10,891 304 2,242 16,642 11,999 5,429 43,975 10,304 298 2,675 15,906 8,485 6,307

Finland ............................... 12,375 1,556 1,472 515 4,207 1,870 2,755 14,270 1,531 1,386 650 3,549 4,293 2,862

France................................ 4,785,896 3,794,846 43,273 16,366 772,345 65,302 93,764 4,724,366 3,710,365 34,989 25,499 798,902 56,598 98,014

Germany ............................ 355,465 113,068 4,905 7,730 95,271 94,888 39,603 307,149 108,764 4,700 11,563 93,153 49,785 39,185

Greece ............................... 3,751 813 6 80 1,713 513 626 3,675 922 72 47 1,835 175 625

Hungary.............................. 3,773 986 121 255 1,195 646 570 9,664 943 198 193 1,292 6,598 440

Ireland ................................ 340,759 157,236 52,551 17,232 36,617 21,513 55,610 387,294 168,847 57,207 18,843 36,538 47,702 58,157

Italy..................................... 105,406 14,253 542 1,279 53,276 20,799 15,256 87,255 13,372 876 1,448 51,558 4,091 15,910

Kazakhstan......................... 9,446 6,927 167 114 91 2,055 92 7,267 5,053 211 169 89 1,638 107

Luxembourg ....................... 208,628 37,378 30,170 24,242 49,074 23,307 44,456 285,458 47,691 45,894 25,630 50,644 69,300 46,299

Monaco .............................. 3,368 202 43 200 2,280 156 487 3,796 67 54 316 2,549 317 493

Netherlands........................ 174,355 43,262 3,339 8,095 47,146 37,424 35,089 168,691 43,087 2,879 10,923 49,301 24,762 37,738

Norway ............................... 181,896 87,886 16,849 15,856 23,014 24,565 13,726 172,513 82,696 18,717 20,418 19,767 18,889 12,026

Poland................................ 36,999 33,237 835 360 639 1,219 709 40,586 31,390 100 22 756 7,176 1,142

Portugal.............................. 9,854 1,372 3 64 6,127 833 1,455 10,511 1,374 8 82 6,981 673 1,393

Romania............................. 4,502 4,297 - - 131 57 17 4,301 3,965 - - 140 52 144

Russia ................................ 34,602 29,435 153 647 1,205 1,298 1,864 61,624 55,756 75 518 1,187 2,575 1,513

Serbia and Montenegro ...... 458 439 15 - 4 - - 645 612 25 - 5 3 -

Spain.................................. 60,836 17,608 552 1,547 9,979 15,590 15,560 48,106 12,012 571 2,145 10,807 7,332 15,239

Sweden .............................. 84,290 22,543 473 2,827 17,719 17,647 23,081 80,642 18,793 1,029 5,864 21,359 11,199 22,398

Switzerland......................... 262,263 66,995 3,801 18,941 102,124 17,035 53,367 255,775 60,771 3,509 18,616 106,395 16,725 49,759

Turkey ................................ 15,737 9,858 - 75 657 3,347 1,800 9,224 4,984 - 5 699 1,549 1,987

Ukraine............................... 3,638 3,180 - 3 50 336 69 4,324 3,832 55 89 58 171 119

United Kingdom.................. 11,606,782 7,462,227 238,700 367,139 1,297,997 966,210 1,274,509 11,524,339 7,305,287 241,712 390,809 1,294,960 1,014,090 1,277,481

Channel Islands.................. 143,318 13,160 3,042 3,675 93,935 11,062 18,444 143,316 11,512 2,852 6,412 93,072 10,819 18,649

All other Europe .................. 14,985 2,400 1,834 872 6,495 1,984 1,401 16,353 2,204 1,139 650 6,448 3,883 2,029

Total Europe ...................

18,705,427 11,944,101 405,103 492,626 2,781,850 1,359,843 1,721,904 18,688,029 11,714,538 420,731 563,722 2,814,250 1,442,399 1,732,389

Memo: Euro Area 1 ......... 6,250,411 4,187,815 138,768 79,471 1,219,174 299,652 325,531 6,310,112 4,115,113 150,770 117,109 1,250,680 338,910 337,530

Canada ................................... 2,126,252 838,255 30,746 51,820 494,252 421,227 289,952 2,127,312 820,587 27,203 53,247 480,187 454,700 291,388

Latin America: 

Argentina............................ 18,112 654 122 861 8,028 5,012 3,435 21,513 728 107 901 8,128 6,082 5,567

Brazil .................................. 334,933 218,301 5,698 3,970 16,303 42,610 48,051 288,799 170,893 4,409 3,625 16,391 37,083 56,398

Chile................................... 65,044 29,494 748 1,300 14,320 10,205 8,977 54,496 16,671 492 721 15,301 11,918 9,393

Colombia ............................ 45,332 20,481 1,548 703 12,488 6,198 3,914 38,280 11,644 1,372 1,028 12,533 8,122 3,581

Costa Rica.......................... 6,652 4,419 126 96 1,338 491 182 6,668 4,478 2 98 1,341 577 172

Ecuador.............................. 5,637 1,156 2,761 207 471 570 472 4,158 188 2,645 227 429 162 507

Guatemala.......................... 3,162 2,015 3 61 605 409 69 3,353 1,794 20 72 609 792 66

Mexico................................ 167,756 47,325 19,271 8,229 36,808 20,996 35,127 174,330 51,849 8,853 7,699 35,254 38,823 31,852

Panama.............................. 26,406 1,919 1,311 2,907 8,016 9,333 2,920 24,332 2,107 825 2,964 7,655 7,892 2,889

Peru.................................... 25,555 8,158 2,328 839 5,088 3,999 5,143 23,520 8,191 1,678 623 4,739 3,923 4,366

Uruguay.............................. 22,919 5,483 238 1,052 5,834 8,180 2,132 21,455 3,795 604 929 5,773 8,370 1,984

Venezuela .......................... 14,264 424 183 1,380 4,658 6,288 1,331 14,125 480 120 849 4,333 7,322 1,021

All other Latin America ....... 6,026 1,556 1,063 626 929 1,487 365 5,242 1,689 331 209 928 1,790 295

Total Latin America ........ 741,798 341,385 35,400 22,231 114,886 115,778 112,118 680,271 274,507 21,458 19,945 113,414 132,856 118,091

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2012 

89

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2011, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Country

Domestic securities Domestic securities 

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

Corporate and 

other Foreign securities Total

sales

(8) 

Marketable

Treasury

and 

Federal 

Financing 

Bank bonds

and notes

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

 Bonds 

(4) 

Stocks

(5) 

Bonds

(6) 

Stocks

 (7) 

Bonds 

(11) 

Stocks

(12) 

Bonds

 (13) 

 Stocks

 (14) 

Caribbean: 

Anguilla ................................. 696,295 19,117 127 424 562,275 853 113,499 699,113 18,639 98 550 564,070 990 114,766

Bahamas ............................... 391,176 166,631 3,628 28,230 131,421 22,011 39,255 381,183 154,853 3,222 28,612 131,842 22,410 40,244

Barbados ............................... 10,458 3,393 654 1,440 1,089 1,753 2,129 8,777 3,254 489 469 1,198 1,578 1,789

Bermuda ................................ 977,005 106,452 34,087 31,083 445,716 257,862 101,805 964,750 101,345 32,117 29,214 444,234 256,066 101,774

British Virgin Islands .............. 583,435 144,906 1,910 16,876 274,516 46,150 99,077 570,625 139,771 2,063 15,295 271,372 42,248 99,876

Cayman Islands ..................... 6,980,584 2,267,100 234,507 217,916 2,553,425 1,020,489 687,147 6,966,026 2,286,615 224,063 208,373 2,524,562 1,006,219 716,194

Cuba ..................................... 165 - - - 138 6 21 241 - - 1 217 4 19

Jamaica ................................. 1,712 293 498 124 147 636 14 2,018 294 534 102 136 938 14

Netherlands Antilles .............. 95,440 35,141 3,529 3,612 31,838 6,275 15,045 101,103 41,927 3,245 863 31,148 5,925 17,995

Trinidad and Tobago ............. 8,554 4,805 2,145 349 647 441 167 9,254 5,614 2,245 319 579 345 152

All other Caribbean ................ 8,767 842 837 775 4,101 1,495 718 8,880 899 520 364 4,166 1,990 941

Total Caribbean ................ 9,753,592 2,748,680 281,922 300,829 4,005,313 1,357,971 1,058,877 9,711,970 2,753,211 268,596 284,162 3,973,524 1,338,713 1,093,764

Asia: 

China, Mainland................ 378,589 287,040 45,496 11,184 17,191 7,824 9,854 405,118 333,992 27,706 8,119 16,831 3,194 15,276

Hong Kong ........................ 531,734 97,155 21,996 11,027 47,975 34,587 318,994 507,204 87,486 20,988 11,849 41,515 26,174 319,192

India................................... 30,864 10,486 - 20 1,241 713 18,404 36,719 12,326 - 59 1,809 1,403 21,122

Indonesia........................... 39,058 27,240 2,036 673 661 2,294 6,154 36,279 24,169 1,535 541 535 2,327 7,172

Israel.................................. 393,578 360,435 2,325 2,045 15,316 4,187 9,270 396,447 363,444 2,764 1,964 15,725 4,732 7,818

Japan................................. 1,359,346 786,419 183,347 51,251 84,738 56,193 197,398 1,158,793 637,921 146,884 41,746 81,338 57,636 193,268

Korea, South...................... 174,758 56,971 51,200 6,032 4,130 19,557 36,868 176,525 61,617 42,661 9,227 4,270 13,121 45,629

Lebanon ............................ 4,695 282 1 599 2,733 689 391 3,999 229 - 696 2,667 31 376

Malaysia ............................ 39,328 10,009 8,497 1,702 1,902 11,311 5,907 35,716 5,950 9,869 1,714 1,650 9,366 7,167

Pakistan............................. 261 - 5 23 61 50 122 238 - 7 24 82 43 82

Philippines ......................... 34,061 26,323 89 833 1,467 4,055 1,294 31,539 20,760 2,864 424 1,524 4,425 1,542

Singapore .......................... 354,168 216,258 11,433 13,578 42,525 19,207 51,167 352,867 213,830 12,351 10,334 49,245 13,697 53,410

Syria .................................. 70 - - - 34 - 36 89 - - 3 36 - 50

Taiwan............................... 100,582 18,272 16,018 8,361 22,682 6,889 28,360 95,411 24,022 10,127 5,486 23,167 3,822 28,787

Thailand............................. 24,897 12,109 482 411 1,185 2,743 7,967 24,729 12,760 285 275 1,251 2,091 8,067

All other Asia ..................... 162,025 85,214 15,552 3,630 36,951 11,011 9,667 156,854 87,562 13,913 4,472 30,616 11,802 8,489

Total Asia ...................... 3,628,014 1,994,213 358,477 111,369 280,792 181,310 701,853 3,418,527 1,886,068 291,954 96,933 272,261 153,864 717,447

Africa: 

Egypt ................................. 3,548 1,058 49 20 1,153 527 741 3,431 935 52 26 1,180 738 500

Liberia................................ 1,916 96 7 308 934 334 237 1,606 89 1 225 1,019 35 237

Morocco............................. 470 358 10 3 6 35 58 248 175 3 11 12 15 32

South Africa....................... 19,845 11,998 738 256 1,262 1,509 4,082 21,866 12,849 748 327 1,304 2,579 4,059

All other Africa ................... 21,800 9,714 445 328 3,823 1,232 6,258 20,558 7,180 283 157 2,801 2,277 7,860

Total Africa .................... 47,579 23,224 1,249 915 7,178 3,637 11,376 47,709 21,228 1,087 746 6,316 5,644 12,688

Other countries: 

Australia ............................ 206,134 39,419 10,993 14,730 32,404 40,857 67,731 208,970 37,902 11,014 18,241 32,090 42,242 67,481

New Zealand ..................... 7,349 889 577 222 2,112 2,199 1,350 6,316 1,088 582 262 2,013 1,250 1,121

All other ............................. 961 135 57 94 264 214 197 1,567 150 29 192 271 167 758

Total other countries...... 214,444 40,443 11,627 15,046 34,780 43,270 69,278 216,853 39,140 11,625 18,695 34,374 43,659 69,360

Total foreign 

 countries................ 35,217,106 17,930,301 1,124,524 994,836 7,719,051 3,483,036 3,965,358 34,890,671 17,509,279 1,042,654 1,037,450 7,694,326 3,571,835 4,035,127

International and regional orgs: 

International organizations ... 58,188 38,342 6,406 995 1,191 10,733 521 48,032 27,083 6,807 2,857 847 9,649 789

Regional organizations 2 ..... 42,833 1,237 1,635 270 41 37,045 2,605 10,376 947 2,200 969 35 1,955 4,270

Total international and 

 regional organizations ....... 101,021 39,579 8,041 1,265 1,232 47,778 3,126 58,408 28,030 9,007 3,826 882 11,604 5,059

Grand total..................... 35,318,127 17,969,880 1,132,565 996,101 7,720,283 3,530,814 3,968,484 34,949,079 17,537,309 1,051,661 1,041,276 7,695,208 3,583,439 4,040,186

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, 

Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. 

2 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
90 CAPITAL MOVEMENTS

December 2012 

The data on this page represent foreign investors’ purchases and sales of long-term U.S. securities (that is, U.S. Treasury and Government agency 

bonds and notes, and U.S. corporate bonds and stocks) as reported in the Treasury International Capital (TIC) reporting system. Foreign investors 

have also acquired U.S. equities through mergers and reincorporations that involve stock swaps, but these acquisitions have been relatively small 

in recent years. Stock swap acquisitions were less than $1 billion in 2009, picked up to over $8 billion in 2010, but again slowed during 2011 to 

$1.3 billion. Stock swaps rose in the first three quarters of 2012 to $5.5 billion. (Stock swaps data for the most recent quarter are Federal Reserve 

Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are 

available on the TIC Website, which also provides estimates from the Federal Reserve Bank of New York on principal repayment flows of 

foreign holdings of U.S. government agency and corporate asset-backed securities (ABS). These repayments are estimated to have reduced 

foreign net purchases of U.S. securities by $204 billion in 2009, $231 billion in 2010, $164 billion in 2011, and $168 billion in the first three 

quarters of 2012. 

After including stock swaps and accounting for ABS repayment flows, net foreign purchases totaled $436 billion in 2009. The pace of 

acquisition picked up in 2010, when foreign net purchases were recorded at $685 billion. The pace of acquisitions slowed considerably in both 

2011 and again in 2012, with net foreign purchases recorded at $331 billion in 2011, and only $227 billion in the first three quarters of 2012. 

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

Calendar years

 2009 2010 2011 

 2012 

Jan.- Sept.

 2012

July-Sept. 

United Kingdom .......................... 212,743 376,505 133,295 94,530 38,947 

All other Europe .......................... 33,534 744 -22,856 34,196 49,973 

Caribbean banking centers 1 ...... 23,959 69,439 58,390 -5,931 37 

Japan .......................................... 128,219 200,839 197,866 95,607 24,779 

All other Asia ............................... 187,661 130,519 -231 97,059 31,877 

Subtotal ................................... 586,116 778,046 366,464 315,461 145,613 

All other countries ....................... 52,741 130,242 126,911 74,067 11,572 

Grand total .............................. 638,857 908,288 493,375 389,528 157,185 

1 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. 
 CAPITAL MOVEMENTS 

December 2012 

91

The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to the 

TIC reporting system. U.S. investors also have acquired foreign stocks through mergers that involve stock swaps. 

Net acquisitions through stock swaps amounted to $7 billion in 2008, $2 billion in 2009, $12 billion in 2010, and 

$10 billion in 2011. As of the first three quarters of 2012, there are no reported stock swaps. (Stock swaps data for 

the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These 

stock swaps are not reported under the TIC reporting system, but are available on the TIC Website. 

Including acquisitions through stock swaps, U.S. net sales of long-term foreign securities amounted to $67 billion in 

2008, but U.S. investors switched to net purchases of foreign securities in 2009 with acquisitions of $189 billion. 

Net purchases slowed in 2010 to $127 billion, but picked up slightly in 2011 to $135 billion. As of the first three 

quarters of 2012, U.S. investors again reverted to net sales of $20 billion in foreign securities. 

CHART CM-D.—Net Purchases of Long-Term 

Foreign Securities by U.S. Investors* 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Type 

Calendar years

2008 2009 2010 2011

 2012 

 Jan. - Sept. 

 2012 

 July - Sept. 

Foreign bonds ................................. -53,942 127,474 54,644 52,625 -48,338 -791

Foreign stocks ................................. -20,246 59,360 60,615 71,702 28,710 -3,784

Total .............................................. -74,188 186,834 115,259 124,327 -19,628 -4,575

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

December 2012 

92 

SECTION V.—Holdings of, and Transactions in, Financial Derivatives 

Contracts with Foreigners Reported by Businesses in the United States 

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, 

by Type of Contract 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2010 2011 2012 

Dec. June r Sept. r Dec. r Mar. June p

Gross total of holdings with negative fair values ........................... 3,541,931 3,351,835 5,083,214 4,598,649 3,865,813 4,071,470

Total over-the-counter (OTC) contracts..................................... 3,512,342 3,322,711 5,022,768 4,549,365 3,803,160 4,013,034

Single-currency interest rate contracts.................................. 2,787,529 2,637,431 4,094,713 3,799,908 3,141,181 3,360,472

Forwards ............................................................................ 6,684 5,372 6,486 5,232 4,927 4,523

Swaps ................................................................................ 2,557,293 2,416,268 3,773,906 3,486,937 2,858,968 3,059,377

Options............................................................................... 223,552 215,791 314,321 307,739 277,286 296,572

Foreign exchange contracts .................................................. 304,088 289,147 400,462 297,887 296,852 287,465

Forwards ............................................................................ 110,520 104,296 165,686 103,950 119,120 143,087

Swaps ................................................................................ 153,063 143,941 189,384 159,633 148,131 116,227

Options............................................................................... 40,505 40,910 45,392 34,304 29,601 28,151

Other contracts ...................................................................... 420,725 396,133 527,593 451,570 365,127 365,097

Equity ................................................................................. 40,073 43,335 55,526 48,201 50,871 51,866

Credit.................................................................................. 290,208 274,199 397,212 336,024 250,651 258,268

All other .............................................................................. 90,444 78,599 74,855 67,345 63,605 54,963

Total exchange-traded contracts ............................................... 29,589 29,124 60,446 49,284 62,653 58,436

Own contracts on foreign exchanges .................................... 674 663 1,456 3,395 4,299 6,919

U.S. customers’ contracts on foreign exchanges.................. 3,847 4,724 5,110 6,974 8,830 10,697

Foreign counterparty contracts on U.S. exchanges .............. 25,068 23,737 53,880 38,915 49,524 40,820

Memorandum items: 

Contracts with own foreign office........................................... 853,851 805,883 1,191,638 1,120,978 1,010,913 1,052,889

Contracts with foreign official institutions .............................. 15,975 14,363 17,403 19,036 18,693 16,721

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.

Gross total of holdings with positive fair values............................. 3,652,313 3,466,515 5,207,502 4,710,643 3,942,897 4,140,513

Total over-the-counter (OTC) contracts..................................... 3,621,801 3,435,668 5,144,782 4,662,592 3,882,492 4,081,795

Single-currency interest rate contracts.................................. 2,844,526 2,697,001 4,151,035 3,861,070 3,207,360 3,421,071

Forwards ............................................................................ 6,541 4,663 6,057 5,095 4,754 4,236

Swaps ................................................................................ 2,596,870 2,456,012 3,801,422 3,520,335 2,906,077 3,099,369

Options............................................................................... 241,115 236,326 343,556 335,640 296,529 317,466

Foreign exchange contracts .................................................. 330,298 316,470 423,471 317,766 280,446 268,834

Forwards ............................................................................ 113,369 109,051 175,293 110,422 92,561 124,134

Swaps ................................................................................ 170,886 163,468 195,812 167,091 154,779 112,754

Options............................................................................... 46,043 43,951 52,366 40,253 33,106 31,946

Other contracts ...................................................................... 446,977 422,197 570,276 483,756 394,686 391,890

Equity ................................................................................. 44,936 50,678 65,899 59,317 65,456 65,523

Credit.................................................................................. 318,710 296,644 427,210 359,826 269,784 272,453

All other .............................................................................. 83,331 74,875 77,167 64,613 59,446 53,914

Total exchange-traded contracts ............................................... 30,512 30,847 62,720 48,051 60,405 58,718

Own contracts on foreign exchanges .................................... 878 787 1,052 3,284 3,698 5,376

Customers’ contracts on foreign exchanges ......................... 3,226 3,920 4,701 4,908 6,494 9,240

Foreign counterparty contracts on U.S. exchanges .............. 26,408 26,140 56,967 39,859 50,213 44,102

Memorandum items: 

Contracts with own foreign office........................................... 874,301 830,816 1,213,117 1,138,468 1,024,882 1,068,208

Contracts with foreign official institutions .............................. 13,451 13,362 15,027 14,696 14,481 12,076

Contracts of U.S. depository institutions with foreigners....... n.a. n.a. n.a. n.a. n.a. n.a.
 CAPITAL MOVEMENTS 

December 2012 

93

TABLE CM-V-2.—Gross Totals of Holdings with Negative Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 2010 2011 2012 

 Dec. June r Sept. r Dec. r Mar. June p

Europe: 

Belgium.......................................................................... 10,244 9,267 13,566 12,544 11,162 11,204

France............................................................................ 156,930 145,428 225,938 213,072 191,973 208,708

Germany ........................................................................ 209,014 193,261 297,657 274,134 246,046 267,054

Ireland ............................................................................ 251,881 248,282 357,092 322,165 280,586 249,457

Italy................................................................................. 6,893 5,254 8,000 7,904 7,591 8,088

Netherlands.................................................................... 12,907 11,772 17,317 16,843 16,085 17,154

Switzerland .................................................................... 81,315 67,769 91,191 65,690 55,673 54,340

United Kingdom ............................................................. 2,468,669 2,344,553 3,621,553 3,294,856 2,698,560 2,879,058

All other Europe ............................................................. 42,746 38,793 60,563 56,031 55,553 53,869

Total Europe .............................................................. 3,240,599 3,064,379 4,692,877 4,263,239 3,563,229 3,748,932

Memo: Euro Area 1 ........................................................ 676,357 638,602 957,890 882,527 789,427 794,743

Memo: European Union 2............................................... 3,154,262 2,992,350 4,596,928 4,193,518 3,503,998 3,690,647

Canada............................................................................... 45,276 45,049 66,732 62,269 58,533 64,664

Total Latin America............................................................ 9,327 7,690 11,207 8,214 7,621 8,182

Caribbean: 

Cayman Islands ............................................................. 48,930 36,582 53,076 37,016 34,495 37,161

All other Caribbean ........................................................ 14,925 12,662 23,166 14,245 13,697 14,910

Total Caribbean ......................................................... 63,855 49,244 76,242 51,261 48,192 52,071

Asia: 

Japan ............................................................................. 106,590 114,860 136,578 129,083 110,458 115,602

All other Asia.................................................................. 31,901 26,089 36,379 29,304 27,657 27,318

Total Asia ................................................................... 138,491 140,949 172,957 158,387 138,115 142,920

Total Africa......................................................................... 20,527 20,277 28,796 28,158 25,520 27,475

Other countries: 

Australia ......................................................................... 14,480 14,952 23,727 18,390 16,802 19,410

All other.......................................................................... 995 1,107 1,295 1,076 1,094 1,030

Total other countries .................................................. 15,475 16,059 25,022 19,466 17,896 20,440

Total foreign countries ........................................... 3,533,550 3,343,647 5,073,833 4,590,994 3,859,106 4,064,684

Total international and regional organizations................... 8,379 8,186 9,381 7,655 6,704 6,781

Grand total ................................................................. 3,541,931 3,351,835 5,083,214 4,598,649 3,865,813 4,071,470

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, 

Slovenia, and Spain. 

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

December 2012 

94 

TABLE CM-V-3.—Gross Totals of Holdings with Positive Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 2010 2011 2012 

 Dec. June r Sept. r Dec. r Mar. June p

Europe: 

Belgium .................................................................... 13,449 12,271 17,361 16,260 14,501 14,900

France ...................................................................... 180,511 168,667 257,089 243,030 218,756 236,001

Germany................................................................... 220,547 206,070 314,849 291,465 259,809 281,088

Ireland ...................................................................... 268,319 264,454 376,667 338,016 293,578 263,077

Italy ........................................................................... 8,392 7,353 10,233 9,617 9,307 9,733

Netherlands .............................................................. 15,457 14,348 19,158 18,055 18,391 18,439

Switzerland ............................................................... 87,746 75,279 100,791 72,400 58,220 58,211

United Kingdom ........................................................ 2,503,208 2,384,431 3,668,210 3,321,253 2,705,264 2,889,041

All other Europe ....................................................... 37,176 34,892 55,044 52,322 50,205 47,585

Total Europe ......................................................... 3,334,805 3,167,765 4,819,402 4,362,418 3,628,031 3,818,075

Memo: Euro Area 1 ................................................... 731,174 695,463 1,032,928 952,812 849,614 855,848

Memo: European Union 2 ......................................... 3,242,593 3,089,053 4,714,537 4,286,733 3,567,340 3,757,358

Canada ......................................................................... 46,349 46,459 67,638 63,819 58,637 60,018

Total Latin America ...................................................... 11,961 10,302 13,859 10,515 10,287 10,203

Caribbean: 

Cayman Islands ....................................................... 60,329 45,193 63,421 47,638 42,136 40,094

All other Caribbean .................................................. 14,472 12,907 16,543 14,510 13,435 14,631

Total Caribbean .................................................... 74,801 58,100 79,964 62,148 55,571 54,725

Asia: 

Japan ........................................................................ 104,198 110,030 132,552 125,913 110,389 112,906

All other Asia ............................................................ 35,925 30,095 39,384 32,072 28,795 28,703

Total Asia ............................................................. 140,123 140,125 171,936 157,985 139,184 141,609

Total Africa ................................................................... 20,988 20,526 28,584 31,482 30,717 32,154

Other countries: 

Australia ................................................................... 18,704 18,765 21,156 17,986 17,175 20,122

All other .................................................................... 1,049 1,125 1,400 1,225 1,145 1,231

Total other countries ............................................ 19,753 19,890 22,556 19,211 18,320 21,353

Total foreign countries ..................................... 3,648,780 3,463,167 5,203,939 4,707,578 3,940,747 4,138,137

Total international and regional organizations ............. 3,532 3,348 3,563 3,065 2,150 2,377

Grand total ........................................................... 3,652,313 3,466,515 5,207,502 4,710,643 3,942,897 4,140,513

1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, 

Slovenia, and Spain. 

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, 

Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, 

Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, 

Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

December 2012 

95

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Type of Contract 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Type of Derivatives Contract 

 2010 2011 2011 2012 

 Total Total r Apr.-June r July-Sept. r Oct.-Dec. r Jan.-Mar. Apr.-June. p

Total over-the-counter (OTC) contracts......................................... 14,531 33,957 7,442 1,489 24,058 -1,867 1,674

Single-currency interest rate contracts ...................................... 9,423 570 -820 -4,812 6,242 -703 -3,081

Foreign exchange contracts....................................................... -12,798 24,229 4,724 1,534 18,900 3,395 6,327

Other contracts........................................................................... 17,906 9,158 3,538 4,767 -1,084 -4,559 -1,572

Total exchange-traded contracts ................................................... -455 6,270 1,010 -2,794 6,070 471 -1,210

Own contracts on foreign exchanges ........................................ 6,225 13,007 2,526 1,964 5,626 266 -531

U.S. customers’ contracts on foreign exchanges ...................... 5,637 -1,948 -584 -2,669 172 2,531 -2,728

Foreign counterparty contacts on U.S. exchanges ................... -12,317 -4,789 -932 -2,089 272 -2,326 2,049

Total net cash settlements from foreigners ................................... 14,076 40,227 8,452 -1,305 30,128 -1,396 464

Memorandum items: 

Contracts with foreign official institutions............................... -1,816 501 -216 -624 -840 -242 -441

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

December 2012 

96 

TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Country 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Country 

 2010 2011 2011 2012 

 Total Total r Apr.-June r July-Sept. r Oct.-Dec. r Jan.-Mar. Apr.-June p 

Europe: 

Belgium..................................................................... 3,046 -81 -128 108 -208 -62 81

France....................................................................... 887 -10,252 703 -2,229 -5,012 2,019 -350

Germany................................................................... 6,911 2,765 203 -1,891 4,676 1,751 202

Ireland....................................................................... -2,314 5,661 -505 2,398 3,901 -8,662 738

Italy ........................................................................... -802 -1,988 -476 -743 -166 300 -102

Netherlands .............................................................. 1,436 1,824 567 443 892 -182 -404

Switzerland ............................................................... 4,863 -1,483 73 -252 -1,594 1,268 -252

United Kingdom........................................................ 6,047 26,733 1,799 -3,154 21,104 -5,753 -2,261

All other Europe........................................................ 1,742 -108 -751 1,286 344 930 34

Total Europe ......................................................... 21,816 23,071 1,485 -4,034 23,937 -8,391 -2,314

Memo: Euro area 1 ................................................... 9,825 -2,358 -206 -1,542 4,917 -4,112 1,082

Memo: European Union 2 ......................................... 14,819 23,432 1,365 -4,255 25,204 -10,639 -1,370

Canada ......................................................................... -5,060 2,701 1,275 -263 2,956 -130 3,705

Total Latin America....................................................... -1,957 4,766 1,076 2,406 1,617 247 593

Caribbean: 

Cayman Islands........................................................ 5,801 812 2,776 -2,528 228 3,851 -2,029

All other Caribbean................................................... 40 5,638 1,792 109 914 2,458 1,174

Total Caribbean.................................................... 5,841 6,450 4,568 -2,419 1,142 6,309 -855

Asia: 

Japan........................................................................ -7,829 -7,479 -1,656 483 -5,309 496 -49

All other Asia ............................................................ 3,748 9,426 152 2,065 6,558 600 2,530

Total Asia.............................................................. -4,081 1,947 -1,504 2,548 1,249 1,096 2,481

Total Africa ................................................................... 119 2,595 667 588 1,143 332 -86

Other countries: 

Australia.................................................................... -2,117 -175 935 270 -1,512 -1,005 -2,706

All other..................................................................... 255 -154 121 -86 -130 426 -23

Total other countries............................................. -1,862 -329 1,056 184 -1,642 -579 -2,729

Total foreign countries...................................... 14,816 41,201 8,623 -990 30,402 -1,116 795

Total international and regional organizations ............. -739 -976 -172 -315 -275 -280 -328

Grand total............................................................ 14,076 40,227 8,452 -1,305 30,128 -1,396 464

1

 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, 

Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, 

Slovakia, Slovenia, and Spain. 

2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, 

Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, 

Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, 

the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, 

and the United Kingdom. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the United 

States. 
December 2012 

97

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

December 2012 

98 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

Purchased

(1) 

Sold

(2) 

05/02/2012 ............................................................. 838,327 837,520 1,765 0.9890

05/09/2012 ............................................................. 844,370 845,183 2,004 1.0014

05/16/2012 ............................................................. 832,084 830,134 1,361 1.0099

05/23/2012 ............................................................. 847,826 851,298 2,151 1.0274

05/30/2012 ............................................................. 847,006 847,671 1,322 1.0289

06/06/2012 ............................................................. 872,336 869,552 3,053 1.0298

06/13/2012 ............................................................. 885,502 880,964 2,310 1.0270

06/20/2012 ............................................................. 810,081 805,103 2,995 1.0193

06/27/2012 ............................................................. 798,197 791,575 3,046 1.0258

07/04/2012 ............................................................. 791,375 787,567 n.a. 1.0123

07/11/2012 ............................................................. 783,326 782,625 2,019 1.0195

07/18/2012 ............................................................. 786,893 789,209 1,151 1.0112

07/25/2012 ............................................................. 803,669 806,588 539 1.0181

08/01/2012 ............................................................. 783,665 783,486 576 1.0017

08/08/2012 ............................................................. 806,474 805,832 1,205 0.9946

08/15/2012 ............................................................. 822,381 821,951 1,122 0.9890

08/22/2012 ............................................................. 871,929 869,155 1,030 0.9928

08/29/2012 ............................................................. 841,727 841,657 1,001 0.9873

09/05/2012 ............................................................. 886,136 881,481 789 0.9901

09/12/2012 ............................................................. 931,684 926,788 475 0.9756

09/19/2012 ............................................................. 878,700 875,788 451 0.9747

09/26/2012 ............................................................. 862,709 865,089 518 0.9845

10/03/2012 ............................................................. 859,514 863,421 742 0.9870

10/10/2012 ............................................................. 840,587 847,475 412 0.9786

10/17/2012 ............................................................. 886,753 889,192 731 0.9795

10/24/2012 ............................................................. 902,535 905,302 n.a. 0.9945

10/31/2012 ............................................................. 951,195 955,938 n.a. 0.9994
FOREIGN CURRENCY POSITIONS 

December 2012 

99

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 648,180 654,762 137,411 123,434 34,825 35,049 39,374 39,028 80 1.0461

2010 - Dec................... 767,345 772,953 166,550 143,383 39,280 39,410 42,383 35,399 n.a. 0.9948

2011 - Oct ................... 884,168 892,879 174,311 160,432 45,215 47,048 52,693 46,377 405 0.9932

Nov .................. 887,296 889,589 169,972 157,015 41,042 46,747 50,719 42,976 n.a. 1.0199

Dec .................. 782,263 788,863 163,515 149,859 33,077 35,638 40,751 36,810 -72 1.0168

2012 - Jan ................... 835,030 838,682 161,462 152,696 39,001 41,591 50,688 42,562 -125 1.0050

Feb .................. 887,533 890,880 156,810 149,308 42,474 46,747 53,257 44,834 n.a. 0.9866

Mar .................. 809,506 811,139 158,058 149,893 41,204 55,762 50,811 67,427 n.a. 0.9990

Apr................... 836,347 833,841 159,929 150,769 48,126 49,179 54,830 43,584 n.a. 0.9886

May.................. 870,865 874,853 157,688 149,512 49,554 57,037 71,900 53,319 2,432 1.0349

June................. 826,083 825,877 150,454 149,400 42,260 54,531 69,852 58,016 3,006 1.0190

July .................. 803,360 810,177 166,292 156,756 46,089 51,702 66,885 55,308 580 1.0014

Aug .................. 865,802 868,036 166,107 164,694 43,079 53,474 62,224 55,545 960 0.9862

Sept................. 858,400 863,607 174,460 167,770 43,816 52,699 61,147 56,415 n.a. 0.9837

 

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

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2009 - Dec................... 18,006 20,677 68,743 37,845 n.a. 191 n.a. 384 n.a. 1.0461

2010 - Mar................... 23,334 23,789 80,369 44,359 2,063 n.a. n.a. n.a. 322 1.0156

June ................. 15,386 23,016 79,466 45,200 n.a. n.a. 789 n.a. 59 1.0606

Sept.................. 15,842 26,139 82,418 46,599 378 163 941 n.a. 2 1.0293

Dec................... 13,412 26,103 92,168 50,946 n.a. n.a. n.a. n.a. n.a. 0.9948

2011 - Mar................... 26,910 38,843 100,865 57,266 n.a. 112 n.a. n.a. n.a. 0.9717

June ................. 20,248 34,127 81,226 45,781 1,222 1,129 1,194 869 137 0.9642

Sept.................. 16,785 31,287 87,268 41,908 375 404 n.a. 471 118 1.0389

Dec................... 18,977 33,319 77,674 38,291 695 544 n.a. n.a. n.a. 1.0168

2012 - Mar................... 16,450 30,333 90,621 44,773 534 565 1,408 465 n.a. 0.9990

June.................. 22,308 34,176 85,428 45,946 n.a. 474 1,753 1,833 n.a. 1.0190

 
FOREIGN CURRENCY POSITIONS 

December 2012 

100

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

05/02/2012 .............................................................. 340,475 353,413 90 80.19

05/09/2012 .............................................................. 339,766 352,289 73 79.64

05/16/2012 .............................................................. 343,854 358,134 87 80.32

05/23/2012 .............................................................. 352,994 368,332 75 79.33

05/30/2012 .............................................................. 348,539 364,105 -24 78.93

06/06/2012 .............................................................. 353,756 369,068 126 79.11

06/13/2012 .............................................................. 359,355 374,959 75 79.35

06/20/2012 .............................................................. 349,931 365,989 n.a. 79.54

06/27/2012 .............................................................. 350,705 367,723 236 79.83

07/04/2012 .............................................................. 346,296 361,435 293 79.77

07/11/2012 .............................................................. 351,015 368,873 306 79.70

07/18/2012 .............................................................. 347,826 365,479 n.a. 78.79

07/25/2012 .............................................................. 353,534 373,810 178 78.21

08/01/2012 .............................................................. 362,743 382,471 n.a. 78.19

08/08/2012 .............................................................. 364,569 386,089 n.a. 78.44

08/15/2012 .............................................................. 364,513 386,215 411 78.89

08/22/2012 .............................................................. 391,751 412,324 304 79.19

08/29/2012 .............................................................. 390,105 409,423 n.a. 78.72

09/05/2012 .............................................................. 396,076 415,458 n.a. 78.34

09/12/2012 .............................................................. 442,125 461,570 160 77.86

09/19/2012 .............................................................. 405,759 432,657 173 78.40

09/26/2012 .............................................................. 405,995 432,508 122 77.78

10/03/2012 .............................................................. 394,703 425,668 185 78.57

10/10/2012 .............................................................. 397,684 434,088 177 78.26

10/17/2012 .............................................................. 406,063 441,437 193 78.74

10/24/2012 .............................................................. 405,281 441,744 209 79.82

10/31/2012 .............................................................. 387,466 425,889 354 79.94
FOREIGN CURRENCY POSITIONS 

December 2012 

101

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2009 - Dec.................. 317,699 320,782 47,339 46,598 43,504 41,972 69,372 70,737 166 93.08

2010 - Dec.................. 339,781 344,997 56,007 49,309 38,873 37,582 62,471 64,126 n.a. 81.11

2011 - Oct .................. 403,827 407,957 56,816 50,698 38,206 38,088 59,995 61,063 n.a. 77.97

Nov ................. 390,303 394,615 58,880 51,370 37,379 37,404 58,236 60,183 n.a. 77.58

Dec ................. 367,595 372,433 60,901 53,768 35,198 35,193 56,040 57,701 n.a. 76.98

2012 - Jan .................. 369,138 372,431 63,576 58,939 36,578 37,099 59,608 61,538 481 76.34

Feb ................. 370,106 377,757 59,620 54,591 37,994 38,538 63,148 64,932 394 81.10

Mar ................. 352,791 359,750 57,170 51,876 38,446 39,894 64,568 66,508 3 82.41

Apr.................. 353,048 365,165 61,273 56,858 37,431 38,832 64,216 66,046 293 79.81

May................. 359,662 374,705 63,412 60,023 36,972 37,502 60,894 63,219 80 78.29

June................ 355,791 372,188 58,142 56,488 35,668 35,681 59,634 61,561 287 79.81

July ................. 368,097 387,808 60,929 59,812 34,999 33,664 59,992 60,315 192 78.10

Aug ................. 389,598 408,885 55,264 51,729 34,241 32,281 58,723 59,032 n.a. 78.30

Sept................ 405,961 435,768 56,670 52,823 33,567 31,909 57,880 57,651 n.a. 77.92

 

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

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

 Written 

 (8) 

 

2009 - Dec................... 2,980 4,598 5,640 2,192 84 288 475 170 -9 93.08

2010 - Mar................... 3,023 5,651 6,454 2,294 142 285 961 417 -66 93.40

June ................. 3,442 4,142 5,657 2,687 135 292 919 594 50 88.49

Sept.................. 2,937 3,644 5,897 2,804 54 253 558 274 n.a. 83.53

Dec................... 2,732 3,685 5,483 2,843 n.a. 206 329 n.a. -8 81.11

2011 - Mar................... 2,855 3,816 6,500 3,476 77 238 820 276 -28 82.76

June ................. 2,767 3,392 5,139 2,569 233 327 837 422 -28 80.64

Sept.................. 2,899 3,480 4,698 2,446 n.a. 299 538 334 n.a. 77.04

Dec ................... 2,937 4,203 5,090 2,553 n.a. 314 447 129 12 76.98

2012 - Mar................... 3,466 4,683 7,764 2,811 180 325 1,274 982 16 82.41

June.................. 4,081 5,603 6,045 2,285 47 276 749 499 17 79.81

 
FOREIGN CURRENCY POSITIONS 

December 2012 

102

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

05/02/2012 .............................................................. 783,957 805,112 -900 0.9135

05/09/2012 .............................................................. 799,480 822,059 -618 0.9272

05/16/2012 .............................................................. 776,691 798,878 -389 0.9435

05/23/2012 .............................................................. 783,345 808,004 471 0.9555

05/30/2012 .............................................................. 840,491 864,827 590 0.9682

06/06/2012 .............................................................. 820,664 843,420 -337 0.9579

06/13/2012 .............................................................. 862,221 888,569 -1,049 0.9533

06/20/2012 .............................................................. 779,320 804,871 -631 0.9453

06/27/2012 .............................................................. 810,051 837,904 -791 0.9642

07/04/2012 .............................................................. 751,759 779,463 -584 0.9517

07/11/2012 .............................................................. 790,921 819,933 -1,936 0.9808

07/18/2012 .............................................................. 768,195 798,172 -1,410 0.9795

07/25/2012 .............................................................. 794,110 826,366 -1,571 0.9899

08/01/2012 .............................................................. 811,642 847,922 -1,352 0.9767

08/08/2012 .............................................................. 824,289 858,219 -1,145 0.9714

08/15/2012 .............................................................. 824,057 856,619 -313 0.9774

08/22/2012 .............................................................. 836,693 867,328 -304 0.9628

08/29/2012 .............................................................. 822,573 861,480 -113 0.9578

09/05/2012 .............................................................. 846,082 882,414 n.a. 0.9548

09/12/2012 .............................................................. 864,068 895,927 248 0.9376

09/19/2012 .............................................................. 814,561 849,466 340 0.9266

09/26/2012 .............................................................. 835,538 865,622 431 0.9401

10/03/2012 .............................................................. 773,360 805,246 590 0.9382

10/10/2012 .............................................................. 773,163 806,137 n.a. 0.9392

10/17/2012 .............................................................. 765,529 804,616 84 0.9217

10/24/2012 .............................................................. 790,897 795,446 -410 0.9342

10/31/2012 .............................................................. 771,523 826,673 -1,131 0.9311
FOREIGN CURRENCY POSITIONS 

December 2012 

103

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 740,722 741,622 65,758 62,901 91,492 93,507 108,091 102,644 1,914 1.0358

2010 - Dec................... 942,502 936,617 74,952 67,265 140,789 129,566 137,755 152,444 721 0.9341

2011 - Oct ................... 958,579 981,344 148,792 110,490 153,945 158,690 185,198 172,528 -1,192 0.8706

Nov .................. 966,583 995,690 155,758 112,695 145,216 163,435 183,431 169,889 -284 0.9106

Dec .................. 884,081 913,811 127,681 93,533 135,380 133,882 160,846 153,679 -41 0.9374

2012 - Jan ................... 1,004,744 1,014,643 100,869 82,748 147,752 135,291 167,645 159,847 -1,480 0.9220

Feb .................. 887,385 906,717 124,124 101,349 145,613 143,943 167,771 165,616 -645 0.9023

Mar .................. 799,865 827,940 142,614 105,387 128,901 137,999 162,642 166,947 -303 0.9026

Apr................... 764,285 782,742 126,087 97,055 117,417 127,181 158,478 162,232 -912 0.9081

May.................. 831,848 853,214 126,177 99,449 121,297 126,936 154,386 157,725 -140 0.9713

June................. 802,605 828,440 121,586 103,367 113,445 120,594 145,530 146,025 -528 0.9485

July .................. 783,546 817,734 127,821 101,358 109,912 107,724 140,141 135,476 -1,340 0.9753

Aug .................. 794,085 834,135 128,030 84,433 98,092 94,720 124,703 122,101 70 0.9546

Sept................. 792,181 821,806 154,069 89,332 101,094 102,889 132,965 126,048 45 0.9400

 

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

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 11,702 18,533 44,073 8,570 n.a. 208 212 n.a. n.a. 1.0358

2010 - Mar................... 8,065 15,848 44,441 8,074 n.a. n.a. 539 n.a. n.a. 1.0528

June ................. 8,291 14,611 50,611 6,919 n.a. n.a. 545 n.a. -56 1.0774

Sept.................. 9,471 14,753 51,571 7,029 428 280 241 n.a. -24 0.9808

Dec................... 9,513 14,149 52,189 10,966 233 n.a. 256 n.a. -27 0.9341

2011 - Mar................... 10,382 15,792 49,574 8,475 47 n.a. 1,796 n.a. n.a. 0.9157

June ................. 9,726 15,257 50,996 7,859 n.a. n.a. n.a. n.a. n.a. 0.8413

Sept.................. 11,861 15,339 51,004 7,441 n.a. n.a. n.a. n.a. n.a. 0.9048

Dec ................... 12,282 19,706 48,877 8,420 n.a. n.a. n.a. n.a. n.a. 0.9374

2012 - Mar................... 11,411 18,791 58,909 9,829 n.a. 1,872 4,637 4,153 n.a. 0.9026

June.................. 13,949 14,899 48,392 9,618 1,289 1,531 n.a. n.a. 4 0.9485

 
FOREIGN CURRENCY POSITIONS 

December 2012 

104

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

05/02/2012 .............................................................. 1,440,990 1,486,272 n.a. 1.6193

05/09/2012 .............................................................. 1,454,779 1,496,412 n.a. 1.6130

05/16/2012 .............................................................. 1,495,166 1,537,320 n.a. 1.5933

05/23/2012 .............................................................. 1,505,409 1,544,093 -2,115 1.5691

05/30/2012 .............................................................. 1,583,307 1,617,432 n.a. 1.5532

06/06/2012 .............................................................. 1,615,366 1,647,162 n.a. 1.5475

06/13/2012 .............................................................. 1,557,919 1,585,664 n.a. 1.5557

06/20/2012 .............................................................. 1,471,667 1,497,441 n.a. 1.5750

06/27/2012 .............................................................. 1,526,496 1,552,634 n.a. 1.5549

07/04/2012 .............................................................. 1,501,479 1,533,929 n.a. 1.5702

07/11/2012 .............................................................. 1,504,606 1,530,900 -947 1.5532

07/18/2012 .............................................................. 1,527,852 1,554,327 -507 1.5636

07/25/2012 .............................................................. 1,530,794 1,562,043 n.a. 1.5479

08/01/2012 .............................................................. 1,571,664 1,599,221 n.a. 1.5596

08/08/2012 .............................................................. 1,569,376 1,599,531 n.a. 1.5659

08/15/2012 .............................................................. 1,574,288 1,595,679 n.a. 1.5686

08/22/2012 .............................................................. 1,582,451 1,601,368 n.a. 1.5800

08/29/2012 .............................................................. 1,644,603 1,664,810 n.a. 1.5839

09/05/2012 .............................................................. 1,646,321 1,666,736 -498 1.5907

09/12/2012 .............................................................. 1,698,692 1,778,210 -1,362 1.6111

09/19/2012 .............................................................. 1,672,105 1,689,466 -349 1.6219

09/26/2012 .............................................................. 1,684,746 1,705,270 -330 1.6145

10/03/2012 .............................................................. 1,619,997 1,640,930 n.a. 1.6077

10/10/2012 .............................................................. 1,576,001 1,601,139 n.a. 1.6007

10/17/2012 .............................................................. 1,584,613 1,604,344 n.a. 1.6165

10/24/2012 .............................................................. 1,621,791 1,635,689 n.a. 1.6015

10/31/2012 .............................................................. 1,608,769 1,636,062 -1,403 1.6111
FOREIGN CURRENCY POSITIONS 

December 2012 

105

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 986,296 1,001,159 387,924 314,233 46,626 40,857 45,641 50,928 1,394 1.6167

2010 - Dec................... 1,209,032 1,241,403 480,853 366,026 61,324 61,186 68,692 69,611 n.a. 1.5598

2011 - Oct ................... 1,478,071 1,512,561 620,870 495,874 59,919 66,053 72,563 71,785 -468 1.6141

Nov .................. 1,515,496 1,549,427 612,191 501,632 60,932 64,001 74,484 70,960 n.a. 1.5705

Dec .................. 1,372,844 1,430,284 603,807 492,225 53,956 52,416 60,517 60,664 n.a. 1.5537

2012 - Jan ................... 1,471,391 1,513,922 616,382 507,870 55,307 54,193 65,409 64,069 n.a. 1.5754

Feb .................. 1,522,947 1,565,025 608,944 513,820 57,089 57,222 69,596 65,179 n.a. 1.5951

Mar .................. 1,468,131 1,518,830 621,761 516,453 54,228 52,681 56,915 54,857 n.a. 1.5985

Apr................... 1,451,058 1,495,353 613,437 506,365 57,195 56,438 58,548 58,141 n.a. 1.6225

May.................. 1,571,938 1,613,166 637,972 538,262 60,802 59,940 68,968 65,141 n.a. 1.5405

June................. 1,516,846 1,545,680 598,613 509,695 59,610 56,369 62,085 65,259 n.a. 1.5686

July .................. 1,527,930 1,561,923 662,761 562,138 59,069 61,788 67,222 66,239 n.a. 1.5686

Aug .................. 1,555,193 1,586,815 592,354 491,647 53,498 55,703 55,443 56,809 -363 1.5864

Sept................. 1,643,577 1,679,123 620,695 520,172 60,860 62,298 73,794 70,880 n.a. 1.6132

 

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

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 16,192 22,107 63,937 33,351 n.a. n.a. 791 n.a. -289 1.6167

2010 - Mar................... 7,995 11,820 92,208 39,848 418 570 1,202 427 n.a. 1.5186

June ................. 9,265 12,251 90,043 41,445 1,277 n.a. 1,391 388 70 1.4947

Sept.................. 12,267 17,703 75,127 36,290 695 n.a. 2,659 n.a. n.a. 1.5731

Dec................... 8,984 13,361 113,538 43,007 n.a. n.a. n.a. n.a. n.a. 1.5598

2011 - Mar................... 14,298 16,138 118,729 43,723 n.a. n.a. n.a. n.a. -106 1.6048

June ................. 10,468 12,578 115,514 38,337 n.a. n.a. n.a. 371 n.a. 1.6067

Sept.................. 15,005 14,989 131,501 44,370 n.a. n.a. 2,711 715 -178 1.5624

Dec ................... 11,774 12,622 127,285 29,650 n.a. n.a. n.a. 657 74 1.5537

2012 - Mar................... 14,740 12,296 127,456 32,805 705 347 2,298 623 5 1.5985

June.................. 11,790 11,560 165,914 47,081 668 429 2,271 570 16 1.5686

 
FOREIGN CURRENCY POSITIONS 

December 2012 

106

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased

(1) 

Sold

(2) 

05/02/2012 ............................................................ 20,552,580 20,310,736 -4,365 n.a.

05/09/2012 ............................................................ 20,612,294 20,353,245 -2,884 n.a.

05/16/2012 ............................................................ 20,872,503 20,594,422 -2,479 n.a.

05/23/2012 ............................................................ 20,986,734 20,705,420 -11,693 n.a.

05/30/2012 ............................................................ 21,253,291 20,977,396 -12,576 n.a.

06/06/2012 ............................................................ 20,982,874 20,734,662 -9,430 n.a.

06/13/2012 ............................................................ 21,364,517 21,119,274 -10,409 n.a.

06/20/2012 ............................................................ 20,258,365 20,017,514 -12,756 n.a.

06/27/2012 ............................................................ 20,438,101 20,175,221 -12,693 n.a.

07/04/2012 ............................................................ 19,779,470 19,524,957 -13,238 n.a.

07/11/2012 ............................................................ 20,183,377 19,885,097 -10,642 n.a.

07/18/2012 ............................................................ 20,136,132 19,872,424 -9,084 n.a.

07/25/2012 ............................................................ 20,438,724 20,137,431 -8,865 n.a.

08/01/2012 ............................................................ 20,867,107 20,555,995 -10,241 n.a.

08/08/2012 ............................................................ 20,640,261 20,311,665 -9,020 n.a.

08/15/2012 ............................................................ 20,597,768 20,273,744 -9,508 n.a.

08/22/2012 ............................................................ 21,021,696 20,705,884 -7,759 n.a.

08/29/2012 ............................................................ 21,326,600 20,774,931 -8,789 n.a.

09/05/2012 ............................................................ 21,521,369 21,173,934 -9,645 n.a.

09/12/2012 ............................................................ 22,332,160 21,999,797 -11,177 n.a.

09/19/2012 ............................................................ 21,779,439 21,444,634 -16,745 n.a.

09/26/2012 ............................................................ 22,106,400 21,774,055 -12,896 n.a.

10/03/2012 ............................................................ 21,396,366 21,243,867 -7,411 n.a.

10/10/2012 ............................................................ 21,418,236 20,923,325 -11,064 n.a.

10/17/2012 ............................................................ 21,534,163 21,067,184 -10,833 n.a.

10/24/2012 ............................................................ 21,595,650 21,106,106 -13,433 n.a.

10/31/2012 ............................................................ 21,557,628 21,025,877 -8,710 n.a.
FOREIGN CURRENCY POSITIONS 

December 2012 

107

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec.............. 14,948,153 15,027,056 - - 2,051,936 2,045,710 2,082,460 2,176,010 -8,965 n.a.

2010 - Dec.............. 18,086,298 18,224,239 - - 1,852,707 1,883,560 1,950,486 1,985,879 33,277 n.a.

2011 - Oct .............. 21,948,236 21,540,550 - - 2,226,019 2,190,085 2,337,588 2,275,752 3,992 n.a.

Nov ............. 22,359,300 22,092,405 - - 2,222,985 2,071,598 2,287,710 2,244,419 3,031 n.a.

Dec ............. 19,824,454 19,659,998 - - 1,960,401 1,864,790 2,067,617 1,995,663 -4,242 n.a.

2012 - Jan .............. 21,412,690 21,336,519 - - 2,049,544 1,985,627 2,136,958 2,194,632 -8,573 n.a.

Feb ............. 21,293,525 21,261,597 - - 2,111,434 2,062,123 2,201,174 2,205,667 3,852 n.a.

Mar ............. 20,446,342 20,283,770 - - 2,066,418 2,552,542 2,116,790 2,711,494 -3,517 n.a.

Apr.............. 20,505,352 20,264,420 - - 2,032,034 2,529,401 2,082,550 2,644,955 -14,221 n.a.

May............. 21,620,761 21,317,824 - - 2,156,015 2,530,502 2,157,140 2,694,630 -10,598 n.a.

June............ 20,626,969 20,389,009 - - 2,101,434 2,539,459 2,146,503 2,610,665 -13,205 n.a.

July ............. 20,848,032 20,552,420 - - 2,162,699 2,658,754 2,153,827 2,751,626 -10,977 n.a.

Aug ............. 21,086,362 20,726,699 - - 2,022,562 2,368,299 2,169,585 2,526,251 -7,874 n.a.

Sept............ 21,924,503 21,517,772 - - 1,998,111 2,362,994 2,120,193 2,464,032 -7,219 n.a.

 

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

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

 Bought

 (7) 

Written 

(8) 

 

2009 - Dec................... 242,369 200,350 - - 18,084 9,575 8,305 9,191 1,150 n.a.

2010 - Mar................... 266,851 214,778 - - 26,305 15,869 12,439 11,812 1,690 n.a.

June ................. 288,216 218,072 - - 23,353 20,732 11,872 12,702 -361 n.a.

Sept.................. 262,899 236,595 - - 20,297 17,238 17,441 15,217 -1,748 n.a.

Dec................... 270,278 247,274 - - 14,838 14,605 11,007 9,394 -901 n.a.

2011 - Mar................... 308,306 268,728 - - 23,859 13,314 19,004 14,882 -1,380 n.a.

June ................. 303,785 266,617 - - 28,158 15,066 30,490 26,443 -2,250 n.a.

Sept.................. 307,505 258,447 - - 25,246 16,710 41,329 26,316 -598 n.a.

Dec ................... 280,638 237,104 - - 29,815 11,500 18,618 19,252 -1,380 n.a.

2012 - Mar................... 288,754 266,557 - - 30,838 21,200 24,943 21,699 210 n.a.

June.................. 302,534 263,951 - - 36,184 22,751 13,751 15,998 n.a. n.a.

 
FOREIGN CURRENCY POSITIONS 

December 2012 

108

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased

(1) 

Sold

(2) 

05/02/2012 ......................................................................... 6,079,728 6,127,758 n.a. 0.7602

05/09/2012 ......................................................................... 6,168,816 6,229,257 -6,641 0.7720

05/16/2012 ......................................................................... 6,347,767 6,407,493 -10,145 0.7856

05/23/2012 ......................................................................... 6,320,633 6,371,867 -7,195 0.7956

05/30/2012 ......................................................................... 6,448,491 6,496,428 -6,332 0.8061

06/06/2012 ......................................................................... 6,308,902 6,343,978 -6,906 0.7978

06/13/2012 ......................................................................... 6,498,628 6,532,724 -4,883 0.7939

06/20/2012 ......................................................................... 6,129,672 6,153,579 -3,597 0.7872

06/27/2012 ......................................................................... 6,163,144 6,185,990 -5,208 0.8028

07/04/2012 ......................................................................... 5,973,488 5,988,791 -4,625 0.7924

07/11/2012 ......................................................................... 6,185,611 6,228,151 -5,982 0.8167

07/18/2012 ......................................................................... 6,121,357 6,159,156 -5,120 0.8156

07/25/2012 ......................................................................... 6,227,544 6,262,064 -4,722 0.8243

08/01/2012 ......................................................................... 6,295,423 6,339,478 -4,866 0.8131

08/08/2012 ......................................................................... 6,164,286 6,205,897 -2,860 0.8088

08/15/2012 ......................................................................... 6,124,561 6,170,830 -4,636 0.8138

08/22/2012 ......................................................................... 6,143,475 6,193,388 n.a. 0.8018

08/29/2012 ......................................................................... 6,198,357 6,245,671 n.a. 0.7976

09/05/2012 ......................................................................... 6,254,733 6,305,597 -4,127 0.7935

09/12/2012 ......................................................................... 6,438,192 6,488,275 -3,866 0.7756

09/19/2012 ......................................................................... 6,223,317 6,263,359 n.a. 0.7654

09/26/2012 ......................................................................... 6,313,101 6,348,215 -2,981 0.7781

10/03/2012 ......................................................................... 6,091,579 6,123,744 -2,447 0.7746

10/10/2012 ......................................................................... 6,044,453 6,088,952 -4,116 0.7759

10/17/2012 ......................................................................... 5,995,520 6,028,569 -5,046 0.7614

10/24/2012 ......................................................................... 5,984,277 6,012,596 -5,183 0.7724

10/31/2012 ......................................................................... 6,061,860 6,093,130 n.a. 0.7717
FOREIGN CURRENCY POSITIONS 

December 2012 

109

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 3,927,051 3,825,779 1,553,009 1,537,447 303,073 343,638 362,861 362,206 3,486 0.6977

2010 - Dec................... 4,973,621 4,907,778 1,803,684 1,735,403 355,926 407,702 497,762 454,056 n.a. 0.7467

2011 - Oct ................... 5,937,294 5,961,858 2,262,983 2,126,490 424,122 525,463 616,830 574,892 -4,437 0.7170

Nov .................. 6,214,820 6,237,226 2,242,748 2,102,286 427,269 510,874 678,262 602,623 n.a. 0.7433

Dec .................. 5,557,886 5,594,727 2,212,049 2,098,286 380,524 430,827 565,230 521,678 -8,026 0.7708

2012 - Jan ................... 6,071,286 6,098,534 2,210,794 2,140,863 403,165 454,457 582,827 532,596 -4,264 0.7661

Feb .................. 6,105,412 6,147,511 2,279,471 2,208,515 426,902 489,119 598,348 530,879 n.a. 0.7486

Mar .................. 5,896,239 5,939,319 2,278,375 2,212,581 388,481 436,030 531,743 464,718 n.a. 0.7500

Apr................... 5,888,370 5,943,412 2,363,193 2,290,845 391,091 428,612 511,057 464,321 n.a. 0.7559

May.................. 6,461,032 6,520,396 2,484,618 2,435,543 414,032 506,459 636,889 550,769 -4,828 0.8088

June................. 6,241,346 6,251,218 2,291,989 2,262,631 411,928 450,260 612,413 568,849 -6,106 0.7894

July .................. 6,240,620 6,279,171 2,397,415 2,357,741 429,680 470,839 610,869 569,359 -4,488 0.8120

Aug .................. 6,090,425 6,138,024 2,087,901 2,059,927 417,177 455,349 547,980 503,833 n.a. 0.7950

Sept................. 6,227,947 6,262,668 2,091,658 2,071,146 445,669 465,274 531,229 507,290 -3,174 0.7778

 

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

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2009 - Dec................... 56,682 71,813 186,442 84,509 4,315 5,441 6,307 1,914 -1,070 0.6977

2010 - Mar................... 51,802 76,415 234,770 120,877 5,079 3,219 11,669 6,053 -2,245 0.7393

June ................. 62,540 98,644 250,029 129,267 6,650 2,309 11,961 10,324 -875 0.8136

Sept.................. 65,135 69,731 235,094 123,160 11,214 4,215 5,996 7,070 931 0.7352

Dec................... 59,618 69,885 239,412 119,562 9,683 2,980 7,674 7,871 -115 0.7467

2011 - Mar................... 68,004 77,932 261,631 131,370 10,426 3,469 6,505 6,628 534 0.7051

June ................. 64,976 75,325 277,916 140,625 11,741 6,946 13,773 8,825 -624 0.6886

Sept.................. 67,032 80,620 273,218 122,781 11,708 7,866 13,578 10,704 -1,065 0.7436

Dec ................... 68,457 76,675 275,793 110,758 8,485 4,847 6,131 8,070 -909 0.7708

2012 - Mar................... 78,078 82,647 318,663 135,064 10,420 4,907 9,969 11,105 70 0.7500

June.................. 73,202 69,492 494,312 209,043 15,867 7,315 13,923 12,535 n.a. 0.7894

 
December 2012 

110

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of March 31, 2012, and June 30, 2012 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital March 31, 2012 

April 1, 2012, 

through 

June 30, 2012 June 30, 2012 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,691,197 -6,434 22,684,763 

Government Sponsored Enterprises (GSE) Securities ... - - -

Special drawing rights 1 ........................................................... 55,460,463 -1,119,813 54,340,650 

Foreign exchange and securities: 

European euro ..................................................................... 14,343,243 -681,335 13,661,908 

Japanese yen....................................................................... 11,285,834 376,469 11,662,303 

Accounts receivable................................................................. 113,624 -14,675 98,949 

Total assets.......................................................................... 103,894,361 -1,445,788 102,448,573 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 13,481 -2,074 11,407 

Total current liabilities ...................................................... 13,481 -2,074 11,407 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 54,707,168 -1,113,857 53,593,311 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 59,907,168 -1,113,857 58,793,311 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... -816,816 -329,857 -1,146,673

Total capital...................................................................... 43,973,712 -329,857 43,643,855 

Total liabilities and capital............................................ 103,894,361 -1,445,788 102,448,573 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

December 2012 

111

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter

April 1, 2012, 

through 

June 30, 2012 

Fiscal year to date

Oct. 1, 2011, 

through 

June 30, 2012 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -353,796 -1,263,955

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -15,542 -21,909

Interest (+) or net charges (-) on: 

SDRs............................................................................................ -75 590 

U.S. Government securities......................................................... 3,517 6,611 

GSE Securities............................................................................. - -

Foreign exchange ........................................................................ 36,039 131,990 

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations ............................................................... -329,857 -1,146,673

Net income (+) or loss (-)............................................................. -329,857 -1,146,673

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note. — Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

December 2012 

115

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2013. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2013. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2013) .............................................................................................................. 97

less: 

Cash balance (fiscal year 2013) ......................................................................................................................................................................................... 5

Unfunded authorizations (fiscal year 2013)........................................................................................................................................................................ 92

48-month revenue estimate (fiscal years 2014, 2015, 2016, and 2017)........................................................................................................................... 141

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2013) .............................................................................................................. 22

less: 

Cash balance (fiscal year 2013) ......................................................................................................................................................................................... 2

Unfunded authorizations (fiscal year 2013)........................................................................................................................................................................ 20

48-month revenue estimate (fiscal years 2014, 2015, 2016, and 2017)........................................................................................................................... 20

Note.—Detail may not add due to rounding. 
December 2012 

116

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

December 2012 

117

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
December 2012 

118

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of September 2012, the 

debt limit was $16,394,000 million; the limit may change 

from year to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 
GLOSSARY 

December 2012 

119

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 
GLOSSARY 

December 2012 

120

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
Personal name (Please type or print)

Company name

Street address

City, State, Zip code

Daytime phone including area code

❑ Check payable to Superintendent of Documents

❑ SOD Deposit Account

❑ Vis  ❑ MasterCar  ❑ Discover/NOVUS ❑ American Expre

(expiration date)

AUTHORIZING SIGNATURE 10/07

Thank you for your order!

Check Method of Payment:

Order Processing Code: 3509 Easy Secure Internet:

bookstore.gpo.gov

Toll Free: 866 512–1800

DC Area: 202 512–1800

Fax: 202 512–2104

Mail: U.S. Government Printing Office

PO Box 979050

St. Louis, MO 63197–9000

PUBLICATION AND SUBSCRIPTION

ORDER FORM

Qty Stock Number Publication Title Price Total Price

Qty List ID Title Price Total Price

Prices include regular domestic postage and handling and are subject to change.

International customers please add 40%

Publications

Subscription

Total for Publications

Total for Publications

Total Cost of Order

Please return order form with payment

Thank you for your interest in U.S. Government Information. ALL SALES ARE FINAL.

Fax or e-mail