Contents 

MARCH 2004 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 20 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 20

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 22 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 23 

FD-2.—Debt Held by the Public ......................................................................................................................................... 24 

FD-2.—Interest-Bearing Public Debt (Historical)............................................................................................................... 25 

FD-3.—Government Account Series................................................................................................................................... 26 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 27 

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

 Private Investors .................................................................................................................................................... 28 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 29 

FD-6.—Debt Subject to Statutory Limitation (Historical) .................................................................................................. 29 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 30

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 32 

TREASURY FINANCING ................................................................................................................................................. 32 

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

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

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

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

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

U.S. SAVINGS BONDS AND NOTES 

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

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

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

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

Contents 

OWNERSHIP OF FEDERAL SECURITIES 

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

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

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

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

MARKET YIELDS 

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

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

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

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, Coin ............................................................................... 52 

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

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

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

 Reported Separately......................................................................................................................................... 75 

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

 in the United States 

CM-IV-1.—Total Liabilities and Claims by Type............................................................................................................... 76 

CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 77 

CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country ...................................................................................... 79 

CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 81 
V

Contents 

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

CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.............................................. 83 

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type................................................. 84 

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ....................................... 85 

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

 and Country, during (fourth quarter)................................................................................................................. 87 

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

 and Country, during (calendar year) ................................................................................................................. 89 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 91 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 92

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 93 

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 106 

ESF-1.—Balance Sheet ..................................................................................................................................................... 106 

ESF-2.—Income and Expense........................................................................................................................................... 107
VI 

Contents 

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Airport and Airway Trust Fund................................................................................................................. 111 

TF-10.—Airport and Airway Trust Fund .......................................................................................................................... 112 

Introduction.—Uranium Enrichment Decontamination and Decommissioning Fund....................................................... 113 

TF-11.—Uranium Enrichment Decontamination and Decommissioning Fund................................................................. 114 

Introduction.—Black Lung Disability Trust Fund............................................................................................................. 115 

TF-12.—Black Lung Disability Trust Fund ...................................................................................................................... 115 

Introduction.—Harbor Maintenance Trust Fund ............................................................................................................... 117 

TF-13.—Harbor Maintenance Trust Fund......................................................................................................................... 117 

Introduction.—Hazardous Substance Superfund Trust Fund ............................................................................................ 119 

TF-14.—Hazardous Substance Superfund......................................................................................................................... 119 

Introduction.—Highway Trust Fund ................................................................................................................................. 121 

TF-15.—Highway Trust Fund ........................................................................................................................................... 122 

Introduction.—Inland Waterways Trust Fund................................................................................................................... 126 

TF-16.—Inland Waterways Trust Fund............................................................................................................................. 126 

Introduction.—Leaking Underground Storage Tank Trust Fund....................................................................................... 127 

TF-17.—Leaking Underground Storage Tank Trust Fund ................................................................................................ 127 

Introduction.—Nuclear Waste Fund.................................................................................................................................. 128 

TF-18.—Nuclear Waste Fund............................................................................................................................................ 128 

Introduction.—Reforestation Trust Fund........................................................................................................................... 129 

TF-19.—Reforestation Trust Fund .................................................................................................................................... 129 

Introduction.—Aquatic Resources Trust Fund .................................................................................................................. 130 

TF-20.—Aquatic Resources Trust Fund............................................................................................................................ 130 

Introduction.—Oil Spill Liability Trust Fund.................................................................................................................... 132 

TF-21.—Oil Spill Liability Trust Fund ............................................................................................................................. 132 

Introduction.—Vaccine Injury Compensation Trust Fund ................................................................................................ 133 

TF-22.—Vaccine Injury Compensation Trust Fund .......................................................................................................... 133 

Introduction.—Wool Research, Development, and Promotion Trust Fund....................................................................... 134 

TF-23.—Wool Research, Development, and Promotion Trust Fund................................................................................. 134

 

RESEARCH PAPER INDEX............................................................................................................................................ 135

GLOSSARY ...................................................................................................................................................................... 136

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

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

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

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

Aquatic Resources Trust Fund.......................................................................... √ 

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

Civil Service Retirement and Disability Fund .................................................. √

Federal Disability Insurance Trust Fund........................................................... √

Federal Hospital Insurance Trust Fund............................................................. √

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

Federal Supplementary Medical Insurance Trust Fund .................................... √

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

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

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

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

Investments of Specified Trust Accounts ......................................................... √

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

National Service Life Insurance Fund............................................................... √

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

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

Railroad Retirement Account............................................................................ √

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

Unemployment Trust Fund............................................................................... √

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

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

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

 
3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product (GDP) 

After rising at an 8.2 percent annual rate in the third 

quarter of 2003, the fastest in almost 20 years, real gross 

domestic product (GDP) continued to increase in the fourth 

quarter, up at a solid 4.0 percent pace. With the exception of 

the third quarter, that was the strongest rate in seven 

quarters. Growth in the fourth quarter was widespread across 

almost all components of real GDP, a favorable condition 

for future growth. 

Real personal consumption expenditures rose at a 2.6 

percent rate, in line with the average gain in the five quarters 

prior to a 6.9 percent surge in the third quarter of 2003. That 

surge was affected by the start in July of lower tax 

withholding rates on individual income and the disbursement 

of advance rebates of an increased child tax credit; these 

provisions were contained in the Jobs and Growth Tax 

Relief Reconciliation Act (JGTRRA). These changes as well 

as provisions to stimulate business capital spending helped 

to spur the economy in the third quarter and raise the 

prospects for growth going forward. Business investment in 

equipment and software rose at a 17.6 percent pace in the 

third quarter and continued to grow at a strong 10 percent 

pace in the fourth quarter. Investment in inventories also 

contributed to real GDP growth in the fourth quarter as 

businesses became more optimistic about the sustainability 

of aggregate demand and began to rebuild depleted stocks. 

Residential investment remained strong in the final 

quarter of the year, growing at a 10.6 percent pace after 

rising 21.9 percent in the third quarter. Favorable mortgage 

interest rates helped lead to near-record levels of new home 

sales and housing starts in 2003, boosting real residential 

investment in the second half of the year. The foreign trade 

sector was also a positive factor in the second half as exports 

grew much faster than imports, resulting in a smaller trade 

deficit. In the fourth quarter, exports rose at a strong 19.1 

percent rate while imports grew at an 11.3 percent pace. The 

rise in exports was almost twice as fast as in the third quarter 

and the largest in 7 years. 

In early December 2003, the Bureau of Economic 

Analysis introduced benchmark revisions to the data in the 

National Income and Product Accounts, in some cases 

extending back many years. In the Profile of the Economy 

section of the Treasury Bulletin, figures affected include 

GDP and all its components, disposable personal income and 

consumer spending, productivity, and net national saving 

and investment. 

Growth of Real GDP

4.4 4.3 4.5 4.7

2.2

0.0

2.8

4.3

0

1

2

3

4

5

6

96 97 98 99 00 01 02 03

(Percent change, fourth quarter to fourth quarter)

Inflation 

Inflation at the consumer level continued at a moderate 

pace in 2003, but there was some acceleration at the 

producer price level. The consumer price index (CPI) rose 

1.9 percent during the year, down by one-half percentage 

point from the 2.4 percent pace recorded during 2002. 

Energy price increases slowed, to 6.9 percent from 10.7 

percent in 2002. The cost of food was up by 3.6 percent last 

year, more the twice the 1.5 percent pace in the previous 

year. “Core” inflation (prices excluding food and energy) 

continued to slow during 2003, decelerating to a very low 

1.1 percent pace from 1.9 percent during 2002. That 

represented the smallest annual increase since 1960. 

At the producer level, finished goods prices rose by 4.0 

percent last year. This followed a modest 1.2 percent 

increase during 2002. Rising energy costs and higher food 

prices contributed to the overall acceleration. Energy prices 

rose by 11.5 percent, close to the 12.3 percent increase 

registered in 2002. Wholesale food costs were up by 

7.7 percent after dipping slightly in the prior year. Core 

prices increased by a modest 1.0 percent but this followed a 

slight decline during 2002. Further back in the production 

chain, the pace of core intermediate materials price increases 
4 PROFILE OF THE ECONOMY 

accelerated modestly from 1.5 percent in 2002 to 2.1 percent 

in 2003. 

There continues to be little or no pressure on prices from 

rising labor costs. Hourly compensation costs (including 

stock options) as calculated in the national income accounts 

for the private nonfarm business sector increased by 3.3 

percent during 2003. This was well below the 5.3 percent 

rise in productivity, yielding a 2.0 percent drop in unit labor 

costs. Unit labor costs fell by 2.4 percent across the 

four quarters of 2002. The employment cost index (ECI) for 

total compensation, a fixed-weighted compensation measure 

that does not account for stock options, increased by 3.8 

percent during 2003, boosted by a surge in benefit costs. 

This was up a little from a 3.4 percent increase in the 

previous year. 

Employment and unemployment 

The improvement in the labor market that began late in 

the summer of 2003 continued into early 2004. The 

unemployment rate has retreated from a 9-year high of 6.3 

percent in June 2003 to 5.6 percent in January 2004. 

Nonfarm payroll employment rose by 112,000 in January 

on top of increases totaling 254,000 in the prior 4 months. 

The 5-month string of job gains was the best since the 

recession began in March 2001. Employment growth 

recorded since the August trough has been concentrated in 

the private service-producing sector, with particularly 

noteworthy advances in professional and business services, 

education, health services, and leisure and hospitality. Hiring 

in the construction industry has also strengthened recently. 

Manufacturing payrolls have continued to shrink and in 

January contracted for a 42nd straight month. The pace of 

decline has slowed sharply, however, suggesting that an end 

to the downtrend in factory payrolls is near. About 3 million 

factory jobs have been lost since July 2000. 

The unemployment rate edged down by 0.1 percentage 

point from December to 5.6 percent in January. The jobless 

rate declined by 0.7 percentage point from its cyclical peak 

of 6.3 percent in June 2003, and in January 2004 was at its 

lowest point in two years. 

The apparent recovery in labor demand has not yet 

translated into stronger wage growth. Over the 12 months 

ended in January, average hourly earnings of nonfarm 

production workers rose just 2.0 percent–among the smallest 

year-over-year increases since 1987. Growth in earnings 

adjusted for inflation slowed to 0.2 percent over the 12 

months ended in December (latest available) from 0.6 

percent in the year-earlier period.

0

1

2

3

4

5

6

7

91 92 93 94 95 96 97 98 99 00 01 02 03

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

91 92 93 94 95 96 97 98 99 00 01 02 03

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)
PROFILE OF THE ECONOMY 5

Real disposable personal income and 

consumer spending 

Personal income in nominal terms grew by 3.7 percent 

across the four quarters of 2003. This followed increases of 

2.4 percent in each of the previous 2 years. Wages and 

salaries, which account for more than half of personal 

income, grew at a 2.6 percent rate, or twice the 1.3 percent 

pace in 2002. Supplements to wages and salaries, which 

consist of employer contributions for pension and insurance 

funds and for government social insurance, grew by 5.7 

percent during 2003 following an increase of 4.5 percent 

during 2002. Personal interest income declined but dividend 

income remained strong during 2003. Personal current 

transfer receipts, which include transfer payments from the 

government, grew by 6.5 percent last year, off a little from 

6.8 percent in the previous year. 

Disposable (after-tax) income adjusted for inflation rose 

by 3.2 percent during 2003 on top of a 3.5 percent gain 

during 2002. Inflation-adjusted disposable income was 

boosted last year by lower marginal tax rates and advance 

payments of the child tax credit legislated in the Jobs and 

Growth Tax Relief Reconciliation Act of 2003, which was 

reflected in an annual rate increase of 6.3 percent in the third 

quarter. 

Real consumer spending picked up last year, increasing 

at a 3.8 percent rate. This followed a 2.8 percent gain during 

2002. The pace accelerated from 2.5 percent at an annual 

rate in the first quarter of 2003 to a strong 6.9 percent in the 

third quarter. The latter benefited from the boost in 

disposable income from the tax package. Growth in the 

fourth quarter slipped back to an annual rate of 2.6 percent. 

Consumer spending last year rose at a faster rate than aftertax income, pushing the personal saving rate down to a very 

low 1.5 percent by the fourth quarter. For the entire year, the 

saving rate stood at 2.0 percent, down from 2.3 percent 

during 2002. 

Industrial production and capacity 

utilization 

Industrial production showed continuing signs of 

strength in the latter part of 2003. Output from factories, 

mines, and utilities rose by a solid 6.2 percent at an annual 

rate in the fourth quarter, the fastest pace since mid-2000. 

Production increased for the fifth time in the past 6 months 

in December, edging up 0.1 percent. Output increased 2.3 

percent in the latest 12 months. 

Manufacturing production, which accounts for more than 

83 percent of all industrial output, increased 0.3 percent in 

December, following a 1.0 percent jump in November. 

Factory output advanced by a strong 6.6 percent at an annual 

rate in the fourth quarter on top of the 3.7 percent gain 

posted in the third quarter. Production of motor vehicles and 

parts increased at a 6.8 percent annual rate in the fourth 

quarter, representing a pullback from the strong 19.3 percent 

increase in the third quarter. Vehicle and part production 

rose 0.6 percent in December. Apart from automobiles, 

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

94 95 96 97 98 99 00 01 02 03 04

(Percent)

Jan. 2004

5.6%

Payroll Employment

278

171

74

112

22

-140

-174

-302

-71

-14

-49 -54 -58

-21

62

112

-1

-400

-300

-200

-100

0

100

200

300

400

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

(Average monthly change in thousands)

*Based on January data

2000 2001 2002 2003 2004
6 PROFILE OF THE ECONOMY 

manufacturing output rose 5.1 percent in the fourth quarter 

following a small 0.4 percent advance in the third quarter. 

Production in the high-technology industries (computers, 

communications equipment, and semiconductors) jumped by 

more than 33 percent at an annual rate in the third and fourth 

quarters, marking the strongest advance for this category in 

3 years. Both the computers and office equipment sector and 

semiconductors accounted for the sharp gains in both 

quarters. Although communications equipment remains the 

least strongest segment of the high-technology group, it 

advanced by 12.3 percent at an annual rate in the fourth 

quarter after falling 6.7 percent in the third quarter. 

Nondurable manufacturing rose by 2.5 percent at an annual 

rate in the fourth quarter, the strongest quarterly gain since 

mid-2000. Chemicals and apparel and leather accounted for 

much of the rise. Production at utilities, which accounts for 

almost 10 percent of total industrial output, rose by a 5.5 

percent annual rate in the fourth quarter after a 6.8 percent 

rise in the third quarter. Output at mines (the remaining 7 

percent of industrial output) rose a solid 3.0 percent at an 

annual rate in the fourth quarter. 

The capacity utilization rate for the industrial sector 

ended 2003 at 75.8 percent, up from June’s two-decade low 

of 74.0 percent but still 5.5 percentage points below the 

long-term average of 81.3 percent. Capacity utilization 

ranged between 82 and 85 percent in the 1994-1999 period. 

Capacity utilization in the manufacturing sector was 74.5 

percent in December, 5.7 percentage points below its longterm average of 80.2 percent. Utilization in the high-tech 

industries has been on the rise lately and increased to 68.9 

percent by the end of 2003, the highest reading since mid2001. That is still well below its long-term average of 79.2 

percent. 

Nonfarm productivity and unit labor costs 

Productivity continues to advance at a very impressive 

pace. Nonfarm business productivity (real output per hour 

worked) rose 2.7 percent at an annual rate in the fourth 

quarter following a blistering 9.5 percent gain in the third 

quarter. Over the most recent four quarters, labor 

productivity rose by 5.3 percent, well above the already 

rapid 3.1 percent annual pace averaged since 1995. This 

provides further evidence of an accelerated “New Economy” 

trend in recent years, compared to the 1973 through 1995 

period, when productivity growth averaged only 1.4 percent 

per year. 

Hourly labor compensation rose by 1.3 percent at an 

annual rate in the fourth quarter and by 3.3 percent during 

the past four quarters. Unit labor costs remain contained due 

to the strong growth in productivity. Unit labor costs fell at a 

1.3 percent rate in the fourth quarter and were down 2.0 

percent over the latest four quarters. The year 2003 marked 

the second year in a row with falling unit labor costs, the 

first back-to-back yearly declines in post-World War II 

history. 

Productivity in manufacturing advanced by a 4.8 percent 

annual rate in the fourth quarter and was up by a strong 5.2 

percent over the most recent four quarters. 

Hourly compensation in manufacturing advanced by 1.5 

percent at an annual rate in the fourth quarter and by 4.3 

percent over the past four quarters. However, continued 

productivity gains have controlled unit labor costs. These 

costs fell at a 3.1 percent pace in the fourth quarter and were 

down 0.9 percent over the latest four quarters. 

International transactions 

The current account measures trade in goods and 

services as well as the flow of investment income and 

unilateral transfers (including government grants and 

pension payments, and private transfers to and from 

foreigners). The current account has been in deficit almost 

continuously since the early 1980s but has fluctuated widely 

over time. Steady growth of the trade deficit since late 2001 

pushed the current account deficit to a record high of $556 

billion at an annual rate (5.2 percent of GDP) in the first half 

of 2003. However, subsequent improvement in the trade 

balance combined with a sharp rise in the surplus on 

investment income and a decline in unilateral transfers 

caused the current account gap to recede in the third quarter 

to $540 billion (4.9 percent of GDP). 

The current account is, by definition, matched by 

offsetting transactions in the capital and financial accounts, 

with any difference in the recorded flows listed as a 

statistical discrepancy. Capital account transactions, which 

mainly consist of debt forgiveness and wealth transfers 

associated with immigration, are typically small and in the 

second quarter fell to $3.2 billion at an annual rate from an 

outsized $6.2 billion in the prior quarter. 

The financial account measures transactions that alter the 

foreign financial assets and liabilities of the United States. 

Net financial inflows slowed sharply in the third quarter to 

$493 billion at an annual rate from $600 billion in the 

second quarter. The pullback was due in part to a steep fall 

in net foreign purchases of assets in the United States to 

$513 billion at an annual rate, about half the prior quarter’s 

$1,051 billion pace and the lowest volume of financial 

inflows since the third quarter of 2001. Foreign holdings of 

non-Treasury securities plunged, reflecting a sell-off of U.S. 

equities and federally-sponsored agency bonds and a decline 

in acquisitions of corporate bonds. Net foreign purchases of 

U.S. Treasuries and foreign direct investment in the United 

States also slowed in the third quarter, but foreign official 

purchases remained strong. U.S. purchases of assets abroad 

also dropped in the third quarter to $20 billion at an annual 

rate from an average annual pace of $428 billion in the first 

half of 2003. A large decline in U.S. banks’ claims on 

foreigners accounted for much of the decline. 
PROFILE OF THE ECONOMY 7

Exchange rate of the dollar 

The dollar’s trend lower from a peak in February 2002 

continued throughout the fall and early winter. In the 23 

months between that peak and January, the nominal 

exchange value of the dollar relative to a broad index 

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

has depreciated by 13.1 percent. This decline follows a 

period of sustained appreciation that saw the dollar’s value 

surge by 12 percent between December 1999 and February 

2002. 

The decline has been a function mainly of dollar 

weakness against the seven currencies of the United States’ 

major trading partners, including the euro area countries, 

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

Switzerland. Since February 2002, the exchange rate of the 

dollar compared to an index of these currencies has fallen by 

24.6 percent. Dollar depreciation against the yen and the 

euro, whose combined weights account for roughly 55 

percent of the major index, has been largely responsible. 

Over the same period, the dollar/euro exchange rate fell by 

31.1 percent and the dollar/yen exchange rate fell by 20.5 

percent, reflecting U.S. current account deficit concerns, 

brighter prospects for growth in Europe, indications that 

U.S. monetary policy would remain very accommodative, 

and despite strong growth in the U.S. economy and strong 

performances in U.S. equity markets. 

The dollar remains relatively strong compared with the 

currencies of many other important trading partners, 

although the pace of its appreciation in the most recent 

months has slowed somewhat. Since February 2002, the 

exchange value of the dollar compared to an index of 

currencies that includes Mexico, China, Brazil, and seven 

other Asian countries has appreciated by 3.4 percent. Since 

December 1999, this index has risen by 10.4 percent. 

Interest rates 

The Federal Reserve’s monetary stance remains 

extremely accommodative. Since 2000, the Federal Open 

Market Committee has reduced the federal funds rate (the 

rate that banks and other financial institutions charge each 

other for overnight loans) 13 times, for a total of 5.5 

percentage points, to 1 percent, its lowest level since 1958. 

In the Treasury market, interest rates of all tenors eased 

substantially between 2000 and spring 2003. From a level 

above 6 percent in late 2000, the 3-month Treasury bill rate 

has declined almost steadily, and has remained below 1 

percent since June 2003 (and in some weeks, has edged 

below 0.9 percent). The 10-year Treasury yield trended 

downward from above 6.5 percent in early 2000 to less than 

3.25 percent in June 2003. Thereafter, rates moved broadly 

higher, reaching slightly above 4.5 percent in early 

September. Since then, the 10-year yield has edged lower, 

fluctuating in a range of 4.0 percent and 4.3 percent as of 

January and early February. 

Mortgage interest rates generally follow movements of 

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

30-year fixed-rate loan fell from a monthly average peak of 

8.5 percent in May 2000 to under 5.25 percent at mid-June 

and an annual average of 5.82 percent for 2003–lows not 

seen since the mid-1960s. Such exceptionally low rates 

boosted mortgage refinancings to record levels and helped 

free additional cash for consumption. The rate rose to an 

average of 6.25 percent in August, but has since edged lower 

in tandem with the general decline in 10-year Treasury 

yields, to an average of 5.74 percent as of January. 

Corporate bond yields reflect movements in long-term 

Treasury yields as well as numerous other factors. Moody’s 

seasoned Baa yield on corporate bonds reached a monthly 

average peak of almost 9 percent in May 2000. Since then, it 

has declined on trend, but has been buffeted by financial 

reporting scandals as well as perceptions of rising corporate 

and economic risks. More recently, the yield has declined on 

evidence of faster growth and rising corporate profits, 

reaching an average 6.47 percent in January. The spread 

between the Baa yield and the 10-year Treasury yield, a 

measure of investor risk appetite, increased to nearly 4 

percentage points in late 2002, but has since narrowed 

sharply, to an average of 2.3 percentage points as of January. 

 
8 PROFILE OF THE ECONOMY 

Housing 

The housing sector turned in an exceptional performance 

in 2003, with several housing indicators rising to their 

highest levels in a generation. Sales of new single-family 

homes eased by 4 percent in the fourth quarter to an 

annualized rate of 1.109 million from a quarterly all-time 

high of 1.155 million in the third quarter. Even so, sales for 

the entire year set a new record of 1.087 million, surging 

nearly 12 percent past the previous high of 972,000 recorded 

in 2002. Resales of existing single-family homes also 

moderated in the final 3 months of 2003 from their thirdquarter peak, but for the entire year rose 9-1/2 percent to a 

new high of 6.099 million. 

The remarkable performance of the housing market is 

due in large part to the low interest rate environment. The 

mortgage rate for a 30-year conventional fixed-rate loan 

crept up from a historically low 5.21 percent in late June to 

an average of 6.26 percent in the month of August, but eased 

back to an average of 5.88 percent in December. Demand for 

new homes was little affected by the modest increase in the 

mortgage rate as housing fundamentals remained favorable, 

including expansion of the home-buying population, the 

relative safety of housing as an investment, and continued 

home price appreciation. Refinancing activity slowed as 

rates rose, but many homeowners will continue to benefit 

from past refinancings through reduced monthly mortgage 

payments and a lower debt burden, factors that will continue 

to support consumer spending and the economy. 

Strong demand for new homes triggered a jump in 

construction in 2003. Housing starts shot up by 37 percent at 

an annual rate in the fourth quarter to 2.040 million (also 

annualized). That helped lift starts for the entire year by 8-

1/2 percent to 1.8 million, making 2003 the best year for 

homebuilding since 1978. Starts of single-family homes in 

2003 totaled 1.499 million, the highest on record. Starts in 

the smaller and more volatile multi-family sector rose to 

350,000, the highest since 1986. 

Federal budget 

The Administration’s Fiscal Year 2005 Budget projects 

that the Federal deficit will reach almost $521 billion in 

fiscal year 2004. That would be about $146 billion higher 

than the $375 billion deficit in fiscal year 2003 and a new 

record in level terms. However, in relation to the more than 

$11 trillion U.S. economy, the fiscal year 2004 deficit would 

be 4.5 percent of GDP, below or the same as shares reached 

in 6 of the past 21 years, including a peak of 6.0 percent in 

fiscal year 1983. The deficit is projected to shrink by $157 

billion in fiscal year 2005 to $364 billion and continue to 

diminish each year through the rest of the forecast horizon, 

which extends to fiscal year 2009. The improvement stems 

from a growing economy and tight controls on outlays, 

particularly discretionary spending unrelated to defense or 

homeland security. 

Receipts are projected to edge up 0.9 percent in fiscal 

year 2004 following a 3-year drop and thereafter grow by an 

average of about 8 percent a year through fiscal year 2009. 

Growth in outlays is projected to be 7.5 percent in fiscal year 

2004, but then slow to less than half that pace in the next 

two fiscal years before rising about 5 percent on average in 

fiscal years 2007 to 2009. The budget calls for increases of 7 

percent in defense spending in fiscal year 2005 and 10 

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003 2004

Short-term Interest Rates

Federal funds

rate target

3-month Treasury bills

(Percent)

`

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003 2004

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)
PROFILE OF THE ECONOMY 9

percent for homeland security while growth in the rest of 

discretionary spending is held to 0.5 percent. 

The economic projections underpinning the budget 

estimates show that real GDP grows 4.4 percent in calendar 

year 2004 on an annual basis compared to the 3.1 percent 

annual increase recorded in 2003. Growth is expected to 

taper over the succeeding years to 3.1 percent by 2009, the 

estimated potential rate of growth of the economy. The 

economic forecast is in line with the consensus of private 

sector analysts. 

Debt held by the public was $3.9 trillion at the end of 

fiscal year 2003 and is projected to rise to $4.4 trillion by the 

end of fiscal year 2004 and to $5.8 trillion by the end of 

fiscal year 2009. As a percent of GDP, debt over the forecast 

horizon rises from 36.1 percent in fiscal year 2003 to 40.2 

percent in fiscal year 2007, then recedes to 39.8 percent in 

fiscal year 2009 as deficits diminish and the economy 

continues to post solid growth. The 40.2 percent share is 

well below the more than 45 percent share that prevailed 

from the late 1980s through most of the 1990s and recent 

peaks of more than 49 percent in the mid-1990s. 

Net national saving and investment 

Net national saving, the source of funds for new 

investment, fell to 1.3 percent of net national product (NNP) 

in the first three quarters of 2003 (latest available data) from 

2.7 percent in 2002 and a recent high of 7.3 percent in 1998. 

(Net national saving and NNP exclude depreciation to 

replace worn-out or obsolete equipment, software and 

structures used in production.) 

The decline in the net national saving rate in 2003 mostly 

stemmed from a widening in the Federal budget deficit from 

2.6 percent of NNP in calendar year 2002 to 4.3 percent in 

the first three quarters of last year. The deficit largely 

reflected the effects of the recession and the need for 

spending on homeland security following the terrorist 

attacks in 2001. State and local government budgets also fell 

into a deficit of 0.1 percent of NNP in the first three quarters 

of 2003. Combined, the total public sector deficit was 

4.5 percent of NNP in the first three quarters of last year and 

2.6 percent of NNP in calendar year 2002. Even so, the 

current deficit is only a little above public sector deficits 

averaging 3.8 percent of NNP from 1982 to 1995. 

In the first three quarters of last year, private saving was 

5.8 percent of NNP, up from the 5.4 percent reached in 2002 

but well above the rate of 3.6 percent in 2001, which was the 

lowest rate since 1938. Personal saving eased to 1.8 percent 

of NNP in the first three quarters of last year from 

2.0 percent in 2002, but remained above the 1.4 percent 

recorded in 2001, which was the lowest in 50 years. 

Retained earnings of corporations rose to 3.9 percent of 

NNP in the first three quarters of last year from 3.4 percent 

in 2002 and 2.2 percent in 2001, reflecting the recovery in 

corporate profits. 

Net domestic investment (by government and private 

industry in structures, equipment, software, and inventory) 

was at 7.0 percent of NNP in the first three quarters of last 

year, the same as in 2002. Net investment averaged over 9-

1/2 percent from 1998 through 2000; nevertheless, the most 

recent rates of investment are higher than rates at 6 percent 

or below in 1991 and 1992. A large part of investment 

during the last decade was financed from abroad. The U.S. 

balance on current account swung from 0.3 percent of NNP 

in 1991 to -5.5 percent in the first three quarters of last year. 

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00

Public

Total

(Saving as a percent of NNP)
10 

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without 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 11

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source 

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

First-Quarter Receipts 

The following capsule analysis of budget receipts, 

by source, for the first quarter of fiscal year 2004 

supplements fiscal data reported in the December 

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

issue’s release, not enough data were available to 

analyze adequately collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $198.7 billion for the first 

quarter of fiscal year 2004. This is an increase of $1.0 billion 

over the comparable prior year quarter. Withheld receipts 

decreased by $1.2 billion and non-withheld receipts 

increased by $1.9 billion during this period. Refunds 

decreased by $0.4 billion over the comparable fiscal year 

2003 quarter. There was an increase of $4.5 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2003. 

Corporate income taxes—Net corporate income tax 

receipts were $43.2 billion for the first quarter of fiscal year 

2004. This is an increase of $10.2 billion compared to the 

prior year first quarter. The $10.2 billion change is 

comprised of an increase of $6.9 billion in estimated and 

final payments, and a decrease of $3.3 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of fiscal 

year 2004 were $155.9 billion, a decrease of $0.7 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance and the Federal 

Disability Insurance trust funds did not change significantly, 

while receipts to the Federal Hospital Insurance trust fund 

decreased by $0.6 billion. There was a -$4.5 billion 

accounting adjustment for prior years employment tax 

liabilities made in the first quarter of fiscal year 2004. 

Unemployment insurance—Unemployment insurance 

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

2004 were $4.8 billion, an increase of $0.6 billion over the 

comparable quarter of fiscal year 2003. Net State taxes 

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

$4.0 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $0.8 billion. 

Contributions for other insurance and retirement— 

Contributions for other retirement were $1.1 billion for the 

first quarter of fiscal year 2004. This was a negligible 

change from the comparable quarter of fiscal year 2003. 
12 FEDERAL FISCAL OPERATIONS 

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source, con.

Excise taxes—Net excise tax receipts for the first quarter 

of fiscal year 2004 were $16.4 billion, an increase of $0.3 

billion over the comparable prior year quarter. Total excise 

tax refunds for the quarter were $0.2 billion, not a significant 

change over the comparable prior year quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.8 billion for the first quarter of fiscal year 2004. 

These receipts represent an increase of $0.2 billion over the 

same quarter in fiscal year 2003.

Customs duties—Customs duties net of refunds were 

$5.1 billion for the first quarter of fiscal year 2004. This is 

an increase of $0.2 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts for 

the first quarter of fiscal year 2004 were $9.8 billion, an 

increase of $1.6 billion over the comparable prior year 

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

Federal Reserve banks increasing by $0.7 billion. 

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

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

 First quarter 

 Oct - Dec. 

Actual fiscal 

year to date 

Total on- and off-budget results: 

Total receipts ................................................................ 440,762 440,762

On-budget receipts ................................................... 322,824 322,824

Off-budget receipts ................................................... 117,938 117,938

Total outlays.................................................................. 569,431 569,431

On-budget outlays..................................................... 501,093 501,093

Off-budget outlays..................................................... 68,339 68,339

Total surplus or deficit (-) .............................................. -128,670 -128,670

On-budget surplus or deficit (-)................................. -178,269 -178,269

Off-budget surplus or deficit (-)................................. 49,600 49,600

Means of financing: 

Borrowing from the public............................................. 118,597 118,597

Reduction of operating cash......................................... 1,778 1,778

Other means ................................................................. 8,295 8,295

Total on- and off-budget financing............................ 128,670 128,670

First-Quarter Net Budget Receipts by Source, Fiscal Year 2004 

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

Source Oct. Nov. Dec. 

Individual income taxes...................................................... 67.6 49.6 81.4 

Corporate income taxes..................................................... 3.7 0.2 39.3 

Employment and general retirement.................................. 49.5 53.5 52.9 

Unemployment insurance .................................................. 1.8 2.6 0.4 

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

Excise taxes ....................................................................... 4.6 5.8 5.9 

Estate and gift taxes .......................................................... 2.2 1.8 1.8 

Customs duties .................................................................. 2.0 1.5 1.6 

Miscellaneous receipts....................................................... 4.0 2.7 3.1

Total budget receipts ..................................................... 135.8 118.2 186.7

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

CHART FFO-A.—

Monthly Receipts and Outlays, 2003-2004

(In billions of dollars) 

-50

0

50

100

150

200

250

J FMAMJ J ASONDJ

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

 

0

50

100

150

200

250

300

350

400

Individual

income taxes

Social

insurance and

retirement

receipts

Corporate

income taxes

Excise taxes Misc. receipts Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year. 

2004

2003 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2003-2004

(In billions of dollars)
14 FEDERAL FISCAL OPERATIONS 

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

 

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

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

2001 ............................ 1,991,044 1,483,525 507,519 r 1,863,644 r 1,517,642 r 346,002 r 127,401 r -34,117 r 161,518 141,902 

2002 ............................ r 1,853,051 r 1,337,730 515,321 r 2,010,874 r -1,655,210 355,663 r -157,823 r -317,481 159,658 428,391 

2003 ............................ r 1,782,115 r 1,258,273 523,842 r 2,156,906 r 1,793,897 r 363,010 r -374,791 r -535,624 160,833 561,811 

 

2004 - Est.................... 1,798,093 1,264,089 534,004 2,318,834 1,938,855 379,979 -520,741 -674,766 154,025 726,721 

 

2002 - Dec................... r 182,787 r 140,670 42,117 r 178,047 r 182,455 -4,408 4,740 -41,785 46,525 64,863 

2003 - Jan ................... r 187,884 r 138,684 49,200 r 177,243 r 142,521 34,722 10,641 -3,837 14,478 -3,037 

Feb .................. r 89,476 r 48,157 41,320 r 186,144 r 148,433 37,712 -96,668 -100,276 3,608 43,991 

Mar .................. r 120,358 r 76,038 44,320 179,288 r 141,141 38,102 r -58,886 r -65,103 6,217 15,044 

Apr................... r 231,160 r 175,752 55,408 r 180,100 r 145,463 34,637 51,060 30,289 20,771 -6 

May.................. r 103,411 r 60,572 42,839 r 192,279 r 153,955 38,324 -88,868 -93,383 4,515 98,564 

June................. r 193,043 r 143,831 49,212 r 171,820 r 171,913 -93 21,223 -28,082 49,305 112,268 

July .................. r 123,551 r 84,007 39,544 r 177,792 r 142,543 35,249 -54,241 -58,535 4,295 79,210 

Aug .................. r 114,243 r 73,765 40,478 r 190,859 r 150,940 39,920 -76,616 -77,175 558 38,838 

Sept................. r 191,640 r 148,093 r 43,547 r 165,868 r 126,248 39,620 r 25,772 r 21,845 3,927 -6,331 

Oct................... 135,825 98,337 37,488 205,370 171,636 33,734 -69,545 -73,299 3,754 88,696 

Nov .................. 118,207 77,738 40,469 161,179 122,990 38,189 -42,972 -45,252 2,280 52,840 

Dec .................. 186,730 146,748 39,981 202,883 206,467 -3,584 -16,153 -59,719 43,566 73,172 

 

Fiscal year 2004 to date ... 440,762 322,824 117,938 569,431 501,093 68,339 -128,670 -178,269 49,600 214,708 

 

Means of financing—net transactions, con. 

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

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of 

Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve position

on the U.S. 

quota in the 

IMF (deduct) 

 (17) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

 

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

2000 ...................................... -832 245,736 -222,807 -3,799 4,033 r 3,185 -6,292 r 12,927 r -4,056 -236,917 

2001 ...................................... -661 231,370 -90,130 -8,440 1,603 r 8,434 4,717 r 21,527 -9,430 r -127,401 

2002 ...................................... 159 -207,708 r 220,842 16,667 790 r 14,216 2,457 r 2,608 r -2,802 r 157,823 

2003 ...................................... -148 187,263 r 374,401 -25,926 353 r -4,253 3,208 r 26,734 506 r 374,791 

 

2004 - Est.............................. -288 219,252 507,181 -40 * * * 13,600 * 520,741 

2002 - Dec............................. 412 65,038 237 2,062 311 r 5,237 1,497 r -4,130 - -4,740 

2003 - Jan ............................. -353 7,508 -10,897 -1,835 -868 r 5,326 -25 r -2,854 - -10,641 

Feb ............................ -520 -1,752 45,222 -22,615 70 r -10,683 -266 r -17,810 142 96,668 

Mar ............................ 478 -13,693 29,215 4,695 24 r -7,759 1,173 r -27,838 -34 r 58,886 

Apr............................. -436 8,239 -8,681 15,195 83 r 20,736 -116 r 6,617 136 -51,060 

May............................ 50 24,842 73,772 -20,949 404 r -43,299 473 r 48,274 -1 88,868 

June........................... 515 71,544 41,239 22,548 -160 r 34,106 r -4 r 5,972 * -21,223 

July ............................ -23 -6,738 85,926 15,063 -75 r 25,953 -471 r -8,607 177 54,241 

Aug ............................ 144 -6,111 45,093 -39,662 -26 r -7,995 r -547 r 16,694 -13 76,616 

Sept........................... -107 r 16,917 r -23,356 29,513 443 r -29,835 1,875 r 519 99 r -25,772 

Oct............................. -197 23,863 64,637 2 17 r 6,193 -476 r -10,644 * 69,545 

Nov ............................ -233 9,360 43,246 -13,565 164 r -48 28 r 13,695 * 42,972 

Dec ............................ -1,097 61,362 10,714 11,785 395 r -8,939 -1,099 r -7,581 * 16,153 

 

Fiscal year 2004 to date........... -1,527 94,585 118,597 -1,778 575 -2,794 -1,547 -4,529 * 128,670 

 

* Less than $500,000. Note.—The estimates are based on the FY 2005 Budget, released by the Office of 

Management and Budget on February 2, 2004. 

Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 15

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 Refunds 

 (10) 

 Net 

 (11) 

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

2000 .............................. 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,750 618,076 1,965 616,111 

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

2002 .............................. 750,754 286,956 179,365 858,345 211,439 63,396 148,044 1,006,389 665,381 1,011 664,370 

2003 .............................. 734,647 252,502 193,451 793,699 194,522 62,745 131,778 925,476 672,727 1,699 671,028 

 

2004 - Est...................... 765,399 - - 765,399 168,741 - 168,741 934,140 684,544 - 684,544 

2002 - Dec..................... 70,693 5,663 1,388 74,968 43,066 3,443 39,623 114,591 55,663 - 55,663 

2003 - Jan ..................... 68,904 43,775 3,853 108,825 4,883 3,690 1,193 110,018 63,235 - 63,235 

Feb .................... 63,030 2,229 40,278 24,981 3,897 5,098 -1,201 23,781 52,147 - 52,147 

Mar .................... 69,540 5,602 34,538 40,604 21,861 10,277 11,585 52,189 54,994 - 54,994 

Apr..................... 56,876 104,074 39,260 121,690 24,765 6,491 18,275 139,965 71,139 - 71,139 

May.................... 56,798 3,243 35,990 24,051 6,695 4,035 2,660 26,711 54,250 - 54,250 

June................... 58,322 31,411 2,952 86,781 35,921 3,889 32,032 118,813 61,988 - 61,988 

July .................... 57,889 4,064 7,796 54,157 6,017 3,387 2,630 56,787 50,514 - 50,514 

Aug .................... 53,638 4,680 12,864 45,454 3,135 1,864 1,270 46,724 51,763 - 51,763 

Sept................... 56,739 37,116 4,366 89,490 34,484 4,139 30,344 119,834 57,150 1,699 55,451 

Oct..................... 62,308 8,000 2,664 67,644 12,652 8,980 3,672 71,316 49,131 - 49,131 

Nov .................... 53,801 2,616 6,773 49,644 3,035 2,837 198 49,843 53,182 - 53,182 

Dec .................... 75,560 7,577 1,723 81,414 44,059 4,756 39,303 120,717 52,592 - 52,592 

 

Fiscal year 2004 

 to date ............................ 191,669 18,193 11,160 198,702 59,746 16,573 43,173 241,875 154,905 - 154,905 

 

Social insurance and retirement receipts, con. 

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

Railroad retirement 

Fiscal year 

or month 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

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

2000 ............................ r 4,345 8 4,337 620,447 27,755 115 27,641 4,693 70 4,763 

2001 ............................ 4,281 9 4,272 661,442 27,939 127 27,812 4,647 66 4,713 

2002 ............................ 4,185 r 8 4,177 668,548 27,746 127 27,620 4,533 61 4,594 

2003 ............................ 3,963 r 9 3,954 674,982 33,481 115 33,366 4,578 53 4,631 

 

2004 - Est.................... 3,885 - 3,885 688,249 39,227 - 39,227 4,690 46 4,736 

2002 - Dec .................. 324 1 323 55,986 299 12 287 354 6 360 

2003 - Jan ................... 364 - 364 63,598 1,364 2 1,362 426 4 431 

Feb.................. 379 - 379 52,526 2,123 - 2,123 326 4 330 

Mar.................. 425 * 424 55,418 327 13 315 383 4 387 

Apr................... 312 * 312 71,452 5,829 21 5,807 385 6 391 

May ................. 353 6 348 54,597 10,325 12 10,313 408 4 412 

June ................ -24 8 -32 61,956 951 71 880 355 5 360 

July.................. 403 * 403 50,917 2,534 14 2,520 349 4 353 

Aug.................. 326 * 326 52,089 3,962 19 3,943 426 4 430 

Sept................. 372 -7 379 55,830 1,789 -57 1,846 379 4 383 

Oct................... 367 * 366 49,497 1,841 11 1,829 403 5 408 

Nov.................. 331 * 331 53,513 2,642 5 2,638 349 4 353 

Dec.................. 315 1 314 52,906 365 6 359 353 5 357 

 

Fiscal year 2004 to date.... 1,013 1 1,012 155,917 4,848 22 4,826 1,105 14 1,118 

 

See footnote at end of table. 
16 FEDERAL FISCAL OPERATIONS 

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

 taxes, 

con.

Net 

excise 

taxes 

(35) 

Gross 

(36) 

Refunds 

(37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 1

(45) 

Off-budget 

(46) 

 

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

2000 .......................... 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,375 42,669 1,544,477 480,583 

2001 .......................... 66,232 29,248 848 28,400 r 20,295 r 927 19,368 26,124 11,541 37,664 1,483,525 507,519 

2002 .......................... 66,989 27,242 734 26,507 19,829 1,227 18,602 23,683 r 10,120 r 33,803 r 1,337,730 515,321 

2003 .......................... 67,522 22,827 868 21,959 21,032 1,170 19,862 21,878 r 12,438 r 34,317 1,258,273 523,842 

2004 - Est.................. 70,776 23,909 - 23,909 22,595 - 22,595 22,880 11,401 34,281 1,264,089 534,004 

2002 - Dec................. 5,480 1,961 76 1,885 1,749 93 1,655 1,879 r 663 r 2,542 140,682 42,117 

2003 - Jan ................. 5,395 2,055 55 2,000 1,743 62 1,681 2,551 r 847 r 3,398 138,697 49,200 

Feb ................ 5,226 1,629 69 1,561 1,604 76 1,527 1,524 r 878 r 2,402 48,176 41,320 

Mar ................ 4,689 1,999 59 1,941 1,659 82 1,577 1,469 r 2,373 r 3,843 76,051 44,320 

Apr................. 6,215 2,810 73 2,737 1,685 72 1,613 2,205 r 776 r 2,981 175,766 55,408 

May ............... 4,782 1,640 65 1,575 1,524 81 1,442 2,458 r 1,122 r 3,580 60,594 42,839 

June .............. 5,583 1,466 60 1,406 1,690 84 1,606 1,401 r 1,038 r 2,440 143,847 49,212 

July................ 6,551 1,845 71 1,773 1,990 67 1,923 1,547 r 1,180 r 2,727 84,045 39,544 

Aug................ 5,601 1,575 85 1,491 1,898 71 1,827 1,160 r 978 r 2,138 73,785 40,478 

Sept............... 7,430 2,015 96 1,919 1,906 86 1,821 1,683 r 894 r 2,577 148,093 43,547 

Oct................. 4,632 2,259 68 2,191 2,024 42 1,982 2,930 r 1,041 r 3,970 98,337 37,488 

Nov................ 5,845 1,843 65 1,777 1,552 57 1,495 1,497 1,245 2,742 77,738 40,469 

Dec................ 5,877 1,899 81 1,818 1,674 77 1,597 2,138 961 3,099 146,748 39,981 

 

Fiscal year 2004 to date. 16,354 6,000 215 5,786 5,250 176 5,074 6,565 3,247 9,811 322,824 117,938 

 

1 Details do not add to totals due to the FY 2005 budget estimate of $20 billion for 

adjustment for revenue uncertainty. 

* Less than $500,000. 

Note.—The estimates are based on the FY 2005 Budget, released by the Office of 

Management and Budget on February 2, 2004. 

Detail may not add to totals due to rounding. 

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

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

Excise taxes 

Airport and Airway Trust Fund Black Lung Disability Trust 

Fund 

Highway Trust Fund Miscellaneous 

Fiscal year or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds 

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

Refunds 

(33) 

 Net 

 (34) 

 

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

2000............................ 652,851 9,784 46 9,739 518 - 518 r 35,988 1,015 r 34,973 r 24,357 721 r 23,636

2001............................ 693,967 9,244 r 53 r 9,191 522 - 522 r 32,465 996 r 31,469 r 26,009 r 960 25,049

2002............................ 700,761 9,090 60 9,030 567 - 567 r 33,682 1,079 r 32,603 r 25,833 1,044 r 24,789

2003............................ 712,979 8,729 r 44 r 8,684 506 - 506 34,756 r 1,032 r 33,724 25,499 r 891 r 24,608

 

2004 - Est ................... 732,392 9,751 - 9,751 542 - 542 35,512 - 35,512 24,971 - 24,971 

2002 - Dec .................. 56,633 589 - 589 37 - 37 2,390 - 2,390 2,546 81 2,465

2003 - Jan................... 65,391 709 - 709 46 - 46 2,839 - 2,839 1,869 70 1,800

Feb.................. 54,979 707 13 694 44 - 44 2,636 271 2,366 1,910 -213 2,123

Mar.................. 56,120 611 - 611 42 - 42 3,093 - 3,093 1,317 375 942

Apr .................. 77,650 726 * 726 45 - 45 2,699 3 2,696 2,823 75 2,748

May ................. 65,321 777 6 771 50 - 50 2,975 303 2,671 1,405 116 1,289

June ................ 63,197 660 * 660 5 - 5 2,292 2 2,290 2,701 73 2,628

July.................. 53,790 747 - 747 48 - 48 2,858 - 2,858 2,981 83 2,898

Aug.................. 56,462 842 16 826 45 - 45 3,263 287 2,976 1,793 39 1,754

Sept................. 58,056 1,370 r 10 r 1,361 80 - 80 5,777 r 165 r 5,612 451 r 74 r 377

Oct .................. 51,734 123 - 123 7 - 7 470 - 470 4,067 34 4,032

Nov.................. 56,504 838 - 838 49 - 49 3,366 - 3,366 1,676 84 1,593

Dec.................. 53,623 794 - 794 43 - 43 3,011 - 3,011 2,126 98 2,029

 

Fiscal year 2004 to date.. 161,860 1,755 - 1,755 99 - 99 6,847 - 6,847 7,869 216 7,654

 
FEDERAL FISCAL OPERATIONS 17

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

Department of 

Education 

(6) 

Department of 

Energy 

(7) 

Department of 

Health 

and 

Human 

Services 

(8) 

Department of 

Homeland 

Security 1 

(9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

Department of 

the 

Interior 

(11) 

Department of

Justice 

(12) 

 Depart-

 ment of

 Labor 

 (13) 

1999 ..................... 2,612 3,793 62,839 5,036 261,379 31,492 16,054 359,700 11,797 32,736 7,814 r 16,311 32,459

2000 ..................... 2,913 4,087 75,658 7,929 281,234 33,309 15,010 382,627 12,364 30,829 8,022 r 17,377 31,355

2001 ..................... 3,030 4,409 68,156 5,017 291,030 35,724 16,420 426,391 14,085 33,937 r 7,876 r 18,868 39,271

2002 ..................... r 3,243 4,824 68,989 5,322 332,116 46,285 17,772 466,104 15,980 31,880 r 9,741 r 20,572 64,252

2003 ..................... r 3,428 5,123 72,467 5,680 388,891 r 57,399 19,385 505,410 31,843 37,470 r 9,204 r 21,529 r 69,173 

2004 - Est............. 4,269 5,306 77,739 6,194 435,674 62,815 20,623 547,898 30,663 46,177 9,965 23,488 59,949

 

2002 - Dec............ 274 399 8,657 525 33,607 4,123 1,156 41,936 r 2,257 3,222 732 r 11,638 5,428

2003 - Jan ............ 291 520 7,753 437 29,762 6,631 1,635 41,675 r 1,649 3,053 338 r 1,678 6,647

Feb ........... 253 404 5,031 408 28,613 5,376 1,153 38,867 r 5,011 2,544 559 r 1,555 5,342

Mar ........... r 309 380 5,591 464 28,889 9,087 1,713 37,742 2,365 2,808 705 r 1,985 6,137

Apr............ 300 424 4,743 362 35,553 1,255 1,299 44,360 1,975 3,134 976 r 1,830 5,859

May........... 281 406 4,884 460 36,236 5,180 674 45,482 4,184 2,907 669 r 1,843 5,658

June.......... 300 417 3,625 443 32,046 5,185 1,884 40,286 2,079 5,082 904 r 1,602 5,547

July ........... 233 408 4,834 428 33,397 2,816 2,773 43,828 1,965 2,735 804 r 1,718 6,390

Aug ........... 270 512 4,676 555 37,418 3,539 1,571 45,246 2,766 2,795 719 r 1,864 5,753

Sept .......... 323 434 5,480 689 33,330 r 6,520 1,384 39,731 3,608 2,555 r 1,233 r 2,330 r 5,284

Oct............ 405 478 11,276 419 37,759 4,570 2,166 48,572 2,381 3,347 428 2,178 5,473

Nov ........... 290 384 7,353 479 29,239 3,881 1,332 35,965 2,094 2,886 662 1,836 4,587

Dec ........... 331 437 8,188 498 40,716 5,134 1,871 50,878 2,144 3,337 835 1,971 6,166

 

Fiscal year 2004 

 to date..................... 1,026 1,299 26,817 1,396 107,714 13,585 5,369 135,415 6,619 9,570 1,925 5,985 16,226

 

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) 

Federal 

Emergency 

Management

Agency 

(23) 

General 

Services 

Administration 

(24) 

International 

Assistance 

Program 

(25) 

1999 ..................... 6,463 r 37,757 352,841 r 31,522 43,169 4,186 32,008 6,752 416 - -46 10,061 

2000 ..................... 6,849 r 41,592 361,998 r 26,574 47,087 4,334 32,861 7,240 r 249 - 25 12,084 

2001 ..................... 7,446 r 49,372 359,508 r 27,416 45,043 4,726 34,161 7,390 r 246 - -8 11,771 

2002 ..................... 9,453 r 56,112 332,537 r 38,857 50,881 4,798 35,159 7,450 r 453 - -271 13,309 

2003 ..................... 9,257 50,808 318,149 r 48,607 56,892 4,749 39,881 8,065 r 388 - 336 r 13,466 

 

2004 - Est............. 11,301 58,010 319,157 49,824 60,318 4,308 40,294 8,129 6,612 - 778 17,365 

 

2002 - Dec ........... 858 4,458 84,989 777 4,495 396 3,222 627 23 - 60 604 

2003 - Jan ............ 426 2,930 13,163 2,059 4,928 385 3,534 683 38 - -43 1,018 

Feb........... 642 1,130 15,835 20,856 4,570 382 3,208 587 22 - -348 1,575 

Mar........... 791 3,313 13,418 10,385 2,973 351 3,566 706 26 - 304 1,824 

Apr............ 943 4,548 14,060 5,942 4,964 341 3,226 749 29 - 301 1,049 

May .......... 806 4,494 20,339 2,424 6,967 426 3,253 638 25 - -4 2,101 

June ......... 546 5,042 82,734 6,649 2,164 324 3,461 642 33 - 266 1,091 

July........... 735 5,098 11,035 r 2,490 4,779 379 3,312 649 30 - -4 1,142 

Aug........... 767 5,139 16,176 977 7,424 338 3,183 734 37 - -213 1,335 

Sept.......... 557 r 6,040 13,170 r 7,357 2,722 414 3,344 802 r 74 - -60 r -462 

Oct............ 1,234 r 4,814 13,312 6,071 7,065 655 3,656 600 37 - 17 1,067 

Nov........... 987 3,759 19,292 1,985 2,514 382 3,265 704 182 - -181 867 

Dec........... 876 4,480 82,436 2,777 7,173 417 3,704 810 108 - 72 225 

 

Fiscal year 2004 

 to date ...................... 3,097 13,053 115,040 10,833 16,751 1,455 10,625 2,115 327 - -91 2,159 

 

See footnote at end of table.
18 FEDERAL FISCAL OPERATIONS 

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics 

and 

Space 

Administration 

(26) 

National

Science 

Foundation 

(27) 

Office of 

Personnel 

Management 

(28) 

Small 

Business 

Administration 

(29) 

Social 

Security 

Administration 

(30) 

Independent 

agencies 

 (31) 

Employer 

share, 

employee 

retirement 

(32) 

Interest 

received 

by trust 

funds 

(33) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(34) 

Other 

(35) 

Onbudget 

(36) 

Offbudget 

(37) 

 

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

2000 .......................... 13,443 3,487 48,660 -422 441,810 r 10,581 -37,851 -129,088 -4,580 -1,502 1,457,378 330,765 

2001 .......................... 14,094 3,691 50,916 -569 461,748 r 13,603 -38,792 r -144,112 -7,194 -1,025 1,517,642 346,002 

2002 .......................... 14,429 4,187 52,512 492 488,694 r 15,865 -42,782 r -153,316 -5,024 -2 r 1,655,210 355,663 

2003 .......................... 14,552 4,735 54,135 1,559 508,160 r 6,659 r -49,351 -156,111 -5,029 * r 1,793,897 r 363,010 

 

2004 - Est.................. 14,604 5,346 57,568 3,978 530,495 11,395 -53,147 -153,674 -4,587 * 1,938,855 379,979 

2002 - Dec ................ 1,207 333 4,553 456 41,613 18 r -3,850 -70,185 -557 - r 182,455 -4,408 

2003 - Jan ................. 1,137 338 4,507 58 41,915 2,311 r -3,905 216 -304 - r 142,521 34,772 

Feb................ 1,030 331 4,203 85 41,846 1,520 r -3,909 -2,126 -412 - r 148,433 37,712 

Mar................ 1,249 339 4,549 32 39,334 2,283 r -3,942 -77 -357 - r 141,141 38,102 

Apr................. 1,323 362 4,777 925 42,147 -2,921 r -4,053 -23 -659 * r 145,463 34,637 

May ............... 1,175 369 4,168 71 45,221 -75 r -4,337 -4,451 -197 * r 153,955 38,324 

June .............. 1,278 439 4,630 52 43,481 -3,009 r -4,339 -72,201 -864 * r 171,913 -93 

July................ 1,166 464 4,993 58 42,285 1,187 r -4,139 179 -387 - r 142,543 35,249 

Aug................ 1,176 544 4,128 40 45,452 2,533 r -4,493 -2,035 -66 - r 150,940 39,920 

Sept............... 1,613 461 4,598 50 40,013 r 2,254 r -4,387 -142 -736 * r 125,248 39,620 

Oct................. 878 410 4,878 59 45,393 430 -4,367 -30 -262 * 171,636 33,734 

Nov................ 1,191 389 4,341 82 39,685 -421 -4,184 -4,462 -185 * 122,990 38,189 

Dec................ 1,378 381 4,907 68 46,021 -755 -4,114 -70,011 -577 - 206,467 -3,584 

 

Fiscal year 2004 

 to date ..................... 3,447 1,181 14,126 209 131,099 -745 12,664 -74,504 -1,025 * 501,093 68,339 

 

 1 The Department of Homeland Security was established on March 1, 2003, pursuant to 

Public Law 107-296, the Homeland Security Act of 2002, which was enacted on November 

25, 2002. Activity previously reported as the Immigration and Naturalization Service, 

Department of Justice; the Transportation Security Administration, Department of 

Transportation; the Coast Guard, Department of Transportation; the Federal Law 

Enforcement Training Center, Department of the Treasury; the United States Customs 

Service, Department of the Treasury; the United States Secret Service, Department of the 

Treasury; and the Federal Emergency Management Agency is now included in the 

Department of Homeland Security. 

* Less than $500,000. 

Note.—The estimates are based on the FY 2005 Budget, released by the Office of 

Management and Budget on February 2, 2004. 

Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 19

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

December 2003 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............................................... 198,701 2 - 198,702 197,663 1 - 197,665

Corporation income taxes........................................... 43,173 - - 43,173 32,989 - - 32,989

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 117,938 117,938 - - 117,975 117,975

Employment and general retirement (on-budget)... - - 37,978 37,978 - - 38,623 38,623

Unemployment insurance ....................................... - - 4,827 4,827 - - 4,256 4,256

Other retirement...................................................... - - 1,118 1,118 - - 1,156 1,156

Excise taxes ................................................................ 7,337 164 8,853 16,354 7,756 150 8,145 16,051

Estate and gift taxes ................................................... 5,786 - - 5,786 5,556 - - 5,556

Customs duties ........................................................... 3,302 1,543 229 5,074 3,089 1,549 207 4,845

Miscellaneous receipts................................................ 7,088 2,412 311 9,811 6,217 1,933 81 8,231

Total receipts....................................................... 265,387 4,120 171,254 440,762 253,271 3,634 170,444 427,348

(On-budget)..................................................... 265,387 4,120 53,316 322,824 253,271 3,634 52,469 309,373

(Off-budget)..................................................... - - 117,938 117,938 - - 117,975 117,975

 

Budget outlays: 

Legislative branch ....................................................... 925 115 -14 1,026 779 84 4 868

Judicial branch ............................................................ 1,033 257 9 1,299 919 291 9 1,218

Department of Agriculture ........................................... 15,566 11,207 44 26,817 14,339 11,497 14 25,850

Department of Commerce........................................... 1,451 -56 * 1,396 1,453 -20 * 1,433

Department of Defense-military .................................. 106,522 1,149 44 107,714 91,376 2,230 39 93,645

Department of Education ............................................ 13,600 -15 * 13,585 11,822 -13 * 11,809

Department of Energy................................................. 5,919 -550 * 5,369 5,764 -467 - 5,297

Department of Health and Human Services ............... 93,137 33 42,245 135,415 82,663 66 45,464 128,193

Department of Homeland Security.............................. 6,665 -81 35 6,619 6,560 -402 84 6,242

Department of Housing and Urban Development....... 9,622 -53 * 9,570 9,559 300 -1 9,857

Department of the Interior........................................... 2,311 -456 69 1,925 2,437 -224 84 2,297

Department of Justice ................................................. 5,516 360 109 5,985 4,972 346 -8 5,310

Department of Labor ................................................... 2,916 226 13,083 16,226 2,898 -68 13,723 16,553

Department of State.................................................... 2,853 122 122 3,097 2,814 110 118 3,043

Department of Transportation..................................... 3,691 200 9,162 13,053 2,369 -102 10,805 13,073

Department of the Treasury: 

Interest on the public debt....................................... 115,040 - - 115,040 118,218 - - 118,218

Other ....................................................................... 11,246 -511 97 10,833 3,546 354 95 3,996

Department of Veterans Affairs .................................. 17,010 -442 183 16,751 15,587 -365 180 15,402

Corps of Engineers ..................................................... 1,237 185 33 1,455 1,058 142 211 1,411

Other defense civil programs...................................... 34,470 -14,647 -9,199 10,625 32,316 -13,416 -9,106 9,794

Environmental Protection Agency............................... 1,733 -17 399 2,115 1,558 17 300 1,874

Executive Office of the President................................ 327 * - 327 74 * - 74

General Services Administration ................................ 41 -132 - -91 42 96 * 137

International Assistance Program............................... 2,409 -156 -95 2,159 3,004 -262 51 2,794

National Aeronautics and Space Administration ........ 3,447 - * 3,447 3,403 - * 3,404

National Science Foundation...................................... 1,167 3 10 1,181 1,077 4 6 1,086

Office of Personnel Management ............................... 1,881 4 12,240 14,126 1,686 38 11,859 13,583

Small Business Administration ................................... 193 16 * 209 204 -15 * 189

Social Security Administration .................................... 15,066 * 116,033 131,099 14,614 - 111,851 126,465

Other independent agencies....................................... 2,513 -4,108 850 -745 2,410 -3,542 1,706 575

Undistributed offsetting receipts: 

Interest .................................................................... - - -74,504 -74,504 - - -75,452 -75,452

Other ....................................................................... -1,025 -2,276 -10,388 -13,689 -1,048 -1,895 -9,740 -12,683

Total outlays........................................................ 478,483 -9,622 100,570 569,431 438,476 -5,217 102,298 535,557

(On-budget)..................................................... 478,483 -6,449 29,059 501,093 438,476 -1,215 33,479 470,740

(Off-budget)..................................................... - -3,173 71,512 68,339 - -4,002 68,818 64,816

Surplus or deficit (-)............................................. -213,096 13,742 70,684 -128,670 -185,205 8,850 68,146 -108,209

(On-budget)..................................................... -213,096 10,569 24,258 -178,269 -185,205 4,848 18,989 -161,367

(Off-budget)..................................................... - 3,173 46,427 49,600 - 4,002 49,157 53,159

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
20 

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 

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 1 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 2 

(3) 

Taxes 3 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

1999 ................................................ 4,893,279 259,019 5,150,608 1,048,120 1,032,230 

2000 ................................................ 4,921,490 253,060 5,172,731 1,189,835 1,195,453 

2001 ................................................ 5,050,444 340,364 5,389,954 1,271,952 1,281,245 

2002 ................................................ 6,160,448 367,327 6,529,692 1,231,160 1,212,577 

2003 ................................................ 6,450,164 426,493 6,877,311 1,148,226 1,173,496 

 

2002 - Dec....................................... 541,311 38,484 580,302 131,025 128,455 

2003 - Jan ....................................... 570,072 29,387 598,370 104,465 107,388 

Feb ...................................... 544,891 26,710 572,842 91,227 112,601 

Mar ...................................... 504,962 39,196 541,680 105,875 103,656 

Apr....................................... 577,427 45,268 618,858 98,281 86,923 

May...................................... 548,204 35,689 587,971 80,163 97,034 

June..................................... 588,029 45,627 633,223 104,004 81,890 

July ...................................... 499,158 37,336 537,077 79,231 63,584 

Aug ...................................... 505,571 33,002 540,340 74,312 112,207 

Sept..................................... 560,606 42,984 600,955 101,488 74,610 

Oct....................................... 577,409 38,507 617,030 84,358 83,242 

Nov ...................................... 469,451 34,485 504,133 76,035 89,403 

Dec ...................................... 574,316 49,324 623,829 123,685 111,711 

 

See footnotes at end of table. 
ACCOUNT OF THE U.S. TREASURY 21

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

and Tax and Loan Note Account Balances, con. 

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

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan 

note accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan 

note accounts 

(13) 

 

1999 ...................................... 6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 

2000 ...................................... 8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 

2001 ...................................... 9,796 34,423 14,460 68,650 3,446 97 5,656 18,420 

2002 ...................................... 7,879 53,007 13,688 61,680 2,593 44 5,552 21,097 

2003 ...................................... 7,224 27,735 10,583 43,432 2,986 39 5,828 11,195 

 

2002 - Dec............................. 4,420 28,585 7,390 29,163 2,986 74 4,891 15,329 

2003 - Jan ............................. 5,509 25,661 7,435 30,223 4,034 39 5,773 13,153 

Feb ............................ 4,268 4,286 7,091 25,661 3,527 510 5,053 5,651 

Mar ............................ 6,746 6,504 7,029 11,773 3,607 131 5,339 4,132 

Apr............................. 10,583 17,862 10,583 17,862 4,978 86 7,533 4,605 

May............................ 6,505 992 8,101 18,374 4,825 69 6,678 5,950 

June........................... 6,939 23,106 9,523 31,215 5,306 683 6,747 12,443 

July ............................ 6,356 38,752 7,056 38,752 5,352 2,784 6,213 13,479 

Aug ............................ 4,589 857 6,533 11,890 4,589 95 5,599 6,423 

Sept........................... 7,224 27,735 7,963 43,432 4,019 857 6,206 18,186 

Oct............................. 6,110 28,852 6,134 30,278 3,072 156 4,934 12,065 

Nov ............................ 5,912 15,484 6,110 28,852 3,980 987 5,143 10,092 

Dec ............................ 5,723 27,458 7,455 39,029 3,590 37 5,257 16,936 

 

 

1

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

than Government account series, and taxes. 

2

 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. 

3 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. 
22 

INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” tables FD-2 and 

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

United States.” Effective June 2001, FMS revised 

procedures and categories in these tables to agree with the 

Bureau of the Public Debt’s publication changes. 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

• Table FD-2 categorizes by type, that is, marketable 

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

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

The difference between interest-bearing and total public debt 

securities reflects outstanding matured Treasury securities—

that is, unredeemed securities that have matured and are no 

longer accruing interest. Because the Federal Financing 

Bank is under the supervision of Treasury, its securities are 

held by a U.S. Government account. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

• In table FD-6, the debt ceiling is compared with the 

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

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

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

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

maturities of Treasury securities on nonbusiness days, which 

can be redeemed on the next business day. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 
FEDERAL DEBT 23

TABLE FD-1.—Summary of Federal Debt

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

 

1999 ............................... 5,684,776 5,656,271 28,505 1,989,308 1,988,674 634 3,695,468 3,667,597 27,871 

2000 ............................... 5,701,851 5,674,179 27,672 2,235,763 r 2,235,763 r - 3,466,088 3,438,467 r 27,672 

2001 ............................... 5,834,475 5,807,464 27,011 2,468,757 2,468,757 - 3,365,718 3,338,707 27,011 

2002 ............................... 6,255,406 6,228,236 27,170 2,675,648 2,675,648 - 3,579,758 3,552,589 27,170 

2003 ............................... 6,810,343 6,783,320 27,023 r 2,859,291 r 2,859,291 - r 3,951,052 r 3,924,029 27,023 

 

2002 - Dec ..................... 6,432,982 6,405,707 27,275 2,758,322 2,758,322 - 3,674,660 3,647,385 27,275 

2003 - Jan ...................... 6,428,300 6,401,377 26,923 2,764,927 2,764,927 - 3,663,373 3,636,450 26,923 

Feb..................... 6,472,192 6,445,790 26,402 2,763,503 2,763,503 - 3,708,689 3,682,287 26,402 

Mar..................... 6,487,656 6,460,776 26,880 2,749,997 2,749,997 - 3,737,659 3,710,779 26,880 

Apr...................... 6,486,825 6,460,381 26,444 2,758,077 2,758,077 - 3,728,748 3,702,304 26,444 

May .................... 6,584,641 6,558,147 26,494 2,782,056 2,782,056 - 3,802,585 3,776,091 26,494 

June ................... 6,697,130 6,670,121 27,009 2,853,842 2,853,842 - 3,843,288 3,816,279 27,009 

July..................... 6,778,181 6,751,195 26,986 2,848,868 2,848,868 - 3,929,313 3,902,327 26,986 

Aug..................... 6,817,171 6,790,041 27,130 2,842,735 2,842,735 - 3,974,436 3,947,306 27,130 

Sept.................... 6,810,343 6,783,320 27,023 r 2,859,291 r 2,859,291 - r 3,951,052 r 3,924,029 27,023 

Oct...................... 6,899,502 6,872,676 26,826 2,883,523 2,883,523 - 4,015,979 3,989,153 26,826 

Nov..................... 6,951,658 6,925,066 26,592 2,893,152 2,893,152 - 4,058,506 4,031,914 26,592 

Dec..................... 7,023,370 6,997,964 25,406 2,954,451 2,954,451 - 4,068,919 4,043,513 25,406 

 

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

End of fiscal 

year or month 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

 

1999 ............................... 5,684,776 79,367 5,605,409 1,989,308 16,148 1,973,160 3,695,468 63,219 3,632,249

2000 ............................... 5,701,851 73,513 5,628,338 2,235,763 16,867 2,218,896 3,466,088 56,646 3,409,442

2001 ............................... 5,834,475 64,897 5,769,579 2,468,757 18,490 2,450,266 3,365,719 46,407 3,319,312

2002 ............................... 6,255,406 57,278 6,198,129 2,675,648 17,673 2,657,974 3,579,758 39,605 3,540,155

2003 ............................... 6,810,343 50,550 6,759,792 r 2,859,291 r 14,054 r 2,845,237 r 3,951,052 r 36,497 r 3,914,555

 

2002 - Dec...................... 6,432,982 51,480 6,381,504 2,758,322 13,840 2,744,482 3,674,660 37,640 3,637,022

2003 - Jan ...................... 6,428,300 50,186 6,378,115 2,764,927 12,937 2,751,989 3,663,373 37,249 3,626,125

Feb ..................... 6,472,192 50,608 6,421,585 2,763,503 13,266 2,750,238 3,708,689 37,342 3,671,347

Mar ..................... 6,487,656 50,550 6,437,106 2,749,997 13,453 2,736,545 3,737,659 37,097 3,700,562

Apr...................... 6,486,825 50,160 6,436,664 2,758,077 13,293 2,744,784 3,728,748 36,867 3,691,881

May..................... 6,584,641 49,362 6,535,278 2,782,056 12,430 2,769,626 3,802,585 36,932 3,765,653

June.................... 6,697,130 49,068 6,648,062 2,853,842 12,672 2,841,170 3,843,288 36,396 3,806,892

July ..................... 6,778,181 50,933 6,727,249 2,848,868 14,437 2,834,431 3,929,313 36,495 3,892,818

Aug ..................... 6,817,171 50,940 6,766,231 2,842,735 14,415 2,828,320 3,974,436 36,525 3,937,911

Sept.................... 6,810,343 50,550 6,759,792 r 2,859,291 r 14,054 r 2,845,237 r 3,951,052 r 36,497 r 3,914,555

Oct...................... 6,899,502 51,211 6,848,292 2,883,523 14,333 2,869,190 4,015,979 36,878 3,979,102

Nov ..................... 6,951,658 50,760 6,900,898 2,893,152 14,692 2,878,460 4,058,506 36,068 4,022,438

Dec ..................... 7,023,370 50,487 6,972,884 2,954,451 14,629 2,939,822 4,068,919 35,858 4,033,062

 
24 FEDERAL DEBT 

 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) 

 

2001 ....................................... 186,464 - 18,269 39,488 146,364 29,995 3,505 

2002 ....................................... 193,312 - 12,519 47,605 144,286 29,995 4,107 

2003 ....................................... 201,561 14,991 11,007 53,463 148,366 29,995 4,377 

 

2002 - Dec.............................. 194,933 - 11,207 49,538 153,398 29,995 3,967 

2003 - Jan .............................. 195,813 - 11,207 50,604 148,574 29,995 3,966 

Feb ............................. 196,424 - 11,607 18,982 149,561 29,995 3,965 

Mar ............................. 196,930 - 12,207 2,720 148,826 29,995 4,030 

Apr.............................. 197,721 - 12,207 12,079 145,741 29,995 4,122 

May............................. 198,463 - 11,757 53,093 140,651 29,995 4,121 

June............................ 199,181 - 11,657 52,559 140,497 29,995 4,237 

July ............................. 200,036 44,701 11,557 52,997 146,673 29,995 4,237 

Aug ............................. 200,773 44,701 11,107 53,365 149,855 29,995 4,251 

Sept............................ 201,561 14,991 11,007 53,463 148,366 29,995 4,377 

Oct.............................. 203,010 20,662 11,007 53,446 149,094 29,995 4,392 

Nov ............................. 203,585 20,662 9,857 53,519 148,346 29,995 4,290 

Dec ............................. 203,862 18,812 9,702 53,569 149,189 29,995 4,241 

 

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

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

TABLE FD-2.—Debt Held by the Public*

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

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

Bills 

(3) 

Notes 

(4) 

Bonds 

(5) 

Inflation-indexed 

notes and bonds 

(6) 

Nonmarketable 

Total 

(7) 

 

2001 .................................. 3,339,310 2,915,225 734,856 1,432,956 612,521 134,891 424,085 

2002 .................................. 3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823 

2003 .................................. 3,924,090 3,460,330 918,196 1,799,424 576,590 166,120 463,760 

 

2002 - Dec......................... 3,647,940 3,204,902 888,741 1,580,860 588,450 146,850 443,038 

2003 - Jan ......................... 3,636,978 3,196,818 869,317 1,586,144 588,446 152,913 440,160 

Feb ........................ 3,683,888 3,273,353 918,767 1,616,553 585,446 152,589 410,535 

Mar ........................ 3,711,312 3,316,603 955,018 1,622,917 585,440 153,228 394,709 

Apr......................... 3,702,845 3,300,979 929,869 1,631,283 585,436 154,391 401,866 

May........................ 3,776,622 3,338,541 910,751 1,690,261 582,201 155,328 438,080 

June....................... 3,816,831 3,378,705 927,754 1,713,723 582,197 155,032 438,126 

July ........................ 3,902,894 3,412,697 937,012 1,727,709 582,194 165,782 490,196 

Aug ........................ 3,947,860 3,453,812 961,642 1,749,631 576,601 165,939 494,047 

Sept....................... 3,924,090 3,460,330 918,196 1,799,424 576,590 166,120 463,760 

Oct......................... 3,990,508 3,518,901 943,890 1,822,640 576,586 175,784 471,607 

Nov ........................ 4,032,905 3,562,650 954,723 1,867,370 564,199 176,358 470,254 

Dec ........................ 4,044,244 3,574,873 928,768 1,905,725 564,186 176,193 469,371 

 
FEDERAL DEBT 25

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

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

Marketable 

End of fiscal 

year or month 

Total interestbearing public 

debt 

(1) 

Total 

(2) 

Treasury 

bills 

(3) 

Treasury 

notes 

(4) 

Treasury 

bonds 

(5) 

Treasury 

inflation-indexed 

notes and bonds 

(6) 

Federal 

Financing 

Bank 

(7) 

Nonmarketable

Total 

(8) 

 

1999................................... 5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242 

2000................................... 5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

 

Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

1999 ...................................... 180,019 30,970 2,005,166 168,091 29,995 1 

2000 ...................................... 177,724 25,431 2,242,900 153,288 29,996 1 

 

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

End of fiscal 

year or month 

Federal Savings

and Loan 

Corporation, 

Resolution Fund

(11) 

Federal 

Supplementary Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

 Unemploy- 

 ment Trust 

 Fund 

 (18) 

Other 

(19) 

 

1999 ..................... 2,304 26,528 28,083 11,954 - 22,347 71 77,357 264,153 

2000 ..................... 2,508 45,075 31,023 11,804 1,086 22,628 62 86,399 266,154 

2001 ..................... 2,650 41,978 24,115 11,639 - 24,983 - 88,638 297,775 

2002 ..................... 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362 

2003 ..................... 2,963 24,849 13,578 11,246 2,651 503 - 48,188 356,349 

 

2002 - Dec ........... 2,897 34,135 18,483 11,632 2,410 11,946 - 61,117 351,731 

2003 - Jan ............ 2,901 33,791 19,379 11,546 1,417 8,918 - 56,735 351,539 

 Feb ........... 2,911 33,424 18,971 11,465 1,728 4,829 - 54,244 323,204 

 Mar ........... 2,913 33,149 16,445 11,371 2,074 744 - 49,271 305,964 

 Apr............ 2,936 32,456 16,409 11,281 3,092 726 - 46,587 314,173 

 May........... 2,944 30,052 16,141 11,206 3,562 615 - 55,816 362,013 

 June.......... 2,946 31,474 15,300 11,508 3,958 507 - 52,854 357,491 

 July ........... 2,956 30,504 15,430 11,425 4,648 471 - 49,348 357,162 

 Aug ........... 2,962 27,622 14,516 11,351 3,499 297 - 50,114 358,827 

 Sept.......... 2,963 24,849 13,578 11,246 2,651 503 - 48,188 356,349 

 Oct............ 2,935 21,952 14,389 11,169 644 760 - 44,908 387,669 

 Nov ........... 2,949 23,071 14,504 11,106 650 653 - 44,742 392,110 

 Dec ........... 2,951 23,711 15,811 11,394 914 669 - 41,519 389,892 

 

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) 

Bank 

Insurance 

Fund 

(3) 

Employees 

Life Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

1999 .............. 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226 

2000 .............. 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519 

2001 .............. 2,492,141 13,660 30,277 23,690 10,014 135,801 538,381 197,137 17,289 1,034,114 

2002 .............. 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759 

2003 .............. 2,912,216 10,518 31,054 26,778 10,502 170,762 613,718 251,307 23,823 1,313,427 

 

2002 - Dec..... 2,806,946 13,433 30,918 25,796 9,753 160,349 595,859 235,326 23,453 1,217,702 

2003 - Jan ..... 2,814,641 13,324 31,044 25,836 10,677 161,968 593,352 237,672 23,685 1,230,857 

 Feb .... 2,780,528 13,953 30,437 26,133 10,596 162,280 590,583 237,618 24,377 1,233,775 

 Mar..... 2,736,824 11,365 30,254 26,110 8,634 162,954 572,873 238,922 24,679 1,239,102 

 Apr..... 2,754,240 11,450 30,167 26,116 10,617 165,273 556,801 244,870 25,078 1,256,208 

 May.... 2,819,235 11,617 30,511 25,349 10,626 165,156 567,689 241,845 23,698 1,260,395 

 June... 2,905,466 11,762 31,021 26,348 10,636 170,676 599,525 252,485 23,460 1,303,515 

 July .... 2,900,910 11,855 30,918 26,475 10,563 170,994 596,712 250,932 23,458 1,307,059 

 Aug .... 2,895,158 11,925 31,103 26,782 10,493 170,821 594,392 248,697 22,666 1,309,091 

 Sept... 2,912,216 10,518 31,054 26,778 10,502 170,762 613,718 251,307 23,823 1,313,427 

 Oct..... 2,935,227 11,255 31,070 26,793 10,511 170,620 610,869 247,786 25,755 1,316,142 

 Nov .... 2,945,370 12,093 31,570 27,132 10,520 170,882 608,559 251,939 24,944 1,317,946 

 Dec .... 3,006,980 13,088 31,335 27,131 10,529 175,222 623,963 256,739 27,001 1,355,111 

 
FEDERAL DEBT 27

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) 

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund 

(2) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(3) 

Farm Credit 

System 

Financial 

Assistance 

Corporation 

(4) 

Other 

independent 

Tennessee 

Valley Authority 

(5) 

Postal 

Service 

(6) 

 Other 

 (7) 

 

1999 ..................................... 28,505 63 114 863 26,378 634 451 

2000 ..................................... 27,672 63 227 775 25,987 51 569 

2001 ..................................... 27,011 63 231 775 25,381 - 561 

2002 ..................................... 27,170 - 298 775 25,557 - 540 

2003 ..................................... 27,023 - 279 415 25,856 - 473 

 

2002 - Dec ........................... 27,275 - 344 775 25,612 - 544 

2003 - Jan ............................ 26,923 - 354 775 25,248 - 545 

 Feb ........................... 26,402 - 152 775 24,937 - 538 

Mar ........................... 26,880 - 166 775 25,402 - 536 

Apr............................ 26,444 - 195 775 24,936 - 537 

May .......................... 26,494 - 218 775 25,017 - 485 

June ......................... 27,009 - 227 775 25,522 - 486 

July........................... 26,986 - 247 775 25,478 - 487 

Aug........................... 27,130 - 261 775 25,619 - 476 

Sept.......................... 27,023 - 279 415 25,856 - 473 

Oct............................ 26,826 - 282 415 25,655 - 474 

Nov........................... 26,592 - 287 415 25,450 - 440 

Dec........................... 25,406 - 290 325 24,350 - 441 

 

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

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 1

(7) 

 

1999 ............................... 2,728,011 915,145 962,644 378,163 149,703 322,356 6 yrs. 0 mos. 

2000 ............................... 2,469,152 858,903 791,540 355,382 167,082 296,246 6 yrs. 2 mos. 

2001 ............................... 2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 

2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 

 

2002 - Dec...................... 2,575,371 981,309 825,882 328,290 209,639 230,251 5 yrs. 4 mos. 

2003 - Jan ...................... 2,567,292 964,715 845,144 317,542 209,639 230,253 5 yrs. 4 mos. 

Feb ..................... 2,636,316 995,366 878,201 322,940 222,785 217,023 5 yrs. 4 mos. 

Mar ..................... 2,675,019 1,031,783 880,646 322,672 222,785 217,132 5 yrs. 2 mos. 

Apr...................... 2,653,534 1,007,588 882,574 323,174 222,785 217,412 5 yrs. 2 mos. 

May..................... 2,666,851 1,020,653 885,966 319,770 222,785 217,678 5 yrs. 3 mos. 

June.................... 2,726,476 1,042,539 923,907 319,643 222,785 217,602 5 yrs. 1 mo. 

July ..................... 2,759,673 1,066,487 922,326 330,539 222,785 217,536 5 yrs. 1 mo. 

Aug ..................... 2,786,706 1,090,480 916,129 339,736 243,835 196,526 5 yrs. 1 mo. 

Sept.................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 

Oct...................... 2,859,992 1,090,086 968,750 360,755 243,755 196,646 5 yrs. 0 mos. 

Nov ..................... 2,877,933 1,127,794 953,987 355,619 243,755 196,778 5 yrs. 0 mos. 

Dec ..................... 2,908,029 1,105,608 994,749 367,197 243,755 196,719 5 yrs. 0 mos. 

 

1

 Beginning September 1976, the maturity distribution and average length were calculated 

on the interest-bearing marketable debt privately held. Published data were changed for 

the end of the fiscal years back through 1967. 

Note.—Detail may not add to totals due to rounding. Quarterly refunding charts can be 

accessed from the Office of Domestic Finance/Debt Management website at 

www.treas.gov/offices/domestic-finance/debt-management/qrc. 
FEDERAL DEBT 29

TABLE FD-6.—Debt Subject to Statutory Limit*

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

Debt subject to limit Securities outstanding subject to limit 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

2001 ................................................ 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 

 

2002 - Dec....................................... 6,400,000 6,359,412 6,359,082 330 6,405,707 330 46,626 

2003 - Jan ....................................... 6,400,000 6,355,812 6,355,696 116 6,401,377 116 45,681 

Feb ...................................... 6,400,000 6,399,975 6,399,840 135 6,445,790 135 45,950 

Mar ...................................... 6,400,000 6,399,975 6,399,825 150 6,460,776 150 60,952 

Apr....................................... 6,400,000 6,399,975 6,399,798 177 6,460,381 177 60,582 

May...................................... 7,384,000 6,498,658 6,498,459 199 6,558,147 199 59,688 

June..................................... 7,384,000 6,625,519 6,625,311 208 6,670,121 208 44,810 

July ...................................... 7,384,000 6,704,814 6,704,585 228 6,751,195 228 46,609 

Aug ...................................... 7,384,000 6,743,775 6,743,528 247 6,790,041 247 46,513 

Sept..................................... 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 

Oct....................................... 7,384,000 6,826,668 6,826,400 268 6,872,676 268 46,277 

Nov ...................................... 7,384,000 6,879,626 6,879,352 274 6,925,065 274 45,713 

Dec ...................................... 7,384,000 6,952,893 6,952,617 276 6,997,964 276 45,347 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. * Effective June 2001, FMS revised procedures and categories in this table to reflect 

the format changes in the “Monthly Statement of the Public Debt of the United 

States.” 

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

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

 

Debt outstanding 

subject to limitation 

Interest-bearing debt 

subject to limitation 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1

(4) 

Public debt 

(5) 

Other debt 

(6) 

Non-interestbearing debt 

subject to 

limitation 

(7) 

 

1999 ................................................ 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972 

2000 ................................................ 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 

1

 Consists of guaranteed debt issued by the Federal Housing Administration. Note.—Detail may not add to totals due to rounding. 
30 FEDERAL DEBT 

TABLE FD-7.—Treasury Holdings of Securities Issued 

 by Government Corporations and Other Agencies

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

Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

1999 ................................................ 182,988 32,625 13,837 8,506 261 761 

2000 ................................................ 191,596 27,323 14,690 9,413 305 729 

2001 ................................................ 203,200 28,817 15,128 10,168 336 970 

2002 ................................................ 213,555 25,074 16,312 10,780 417 906 

2003 ................................................ 224,472 24,858 15,291 11,497 379 1,321 

 

2002 - Dec....................................... 226,347 19,643 16,082 10,780 417 906 

2003 - Jan ....................................... 230,867 22,530 15,677 10,780 417 754 

Feb ...................................... 232,548 23,548 16,208 10,780 437 754 

Mar ...................................... 218,620 22,794 16,561 11,799 437 754 

Apr....................................... 217,442 22,140 16,564 11,799 448 754 

May...................................... 219,665 22,694 16,564 11,799 448 754 

June..................................... 236,329 23,929 16,567 11,799 448 1,266 

July ...................................... 242,365 24,405 16,567 11,799 448 1,266 

Aug ...................................... 244,697 25,359 17,247 11,947 510 1,266 

Sept..................................... 224,472 24,858 15,291 11,497 379 1,321 

Oct....................................... 211,479 11,160 15,291 11,432 379 1,321 

Nov ...................................... 215,264 14,022 15,291 11,432 379 1,321 

Dec ...................................... 222,444 16,430 15,291 11,432 379 1,873 

 

 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) 

 

1999 ................................................ 52,440 2,515 7,996 4,628 28,115 

2000 ................................................ 65,716 2,513 7,155 3,653 27,836 

2001 ................................................ 77,448 2,689 4,544 3,103 27,862 

2002 ................................................ 89,713 2,770 7,553 2,640 24,693 

2003 ................................................ 91,938 2,698 8,794 2,640 36,657 

 

2002 - Dec ...................................... 94,066 2,860 8,053 2,640 37,172 

2003 - Jan ....................................... 101,378 2,800 8,053 2,640 36,147 

 Feb...................................... 101,378 2,800 8,053 2,640 35,948 

Mar...................................... 101,378 2,800 8,053 2,640 20,425 

Apr....................................... 98,656 2,905 8,553 2,640 20,381 

May ..................................... 98,656 2,905 9,353 2,640 20,954 

June .................................... 98,656 2,905 9,353 2,640 37,475 

July...................................... 103,525 3,003 9,353 2,640 37,634 

Aug...................................... 103,525 2,988 9,353 2,640 37,532 

Sept..................................... 91,938 2,698 8,794 2,640 36,657 

Oct....................................... 95,807 2,698 8,794 2,056 33,161 

Nov...................................... 95,805 2,698 8,794 2,056 32,733 

Dec...................................... 99,250 2,698 10,294 2,056 31,454 

 
FEDERAL DEBT 31

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) 

 

1999 ...................................... 6,603 4,848 9,825 10,030 

2000 ...................................... 6,683 r 2,746 10,012 10,694 

2001 ...................................... 7,045 2,884 10,087 12,120 

2002 ...................................... 6,657 2,870 11,036 12,133 

2003 ...................................... 7,281 2,954 6,627 11,536 

 

2002 - Dec............................. 6,657 3,662 11,190 12,216 

2003 - Jan ............................ 6,657 3,943 6,735 12,354 

Feb ............................ 6,657 4,196 6,735 12,411 

Mar ............................ 6,875 4,475 6,735 12,891 

 Apr............................. 7,201 4,754 7,468 13,178 

May............................ 7,201 5,011 7,468 13,218 

June........................... 7,301 2,144 7,468 14,376 

July ............................ 7,301 2,419 7,468 14,534 

Aug ............................ 7,274 2,675 7,618 14,762 

Sept........................... 7,281 2,954 6,627 11,536 

Oct............................. 7,281 3,233 7,133 11,733 

Nov ............................ 7,281 3,478 8,233 11,740 

Dec ............................ 7,281 3,763 8,435 11,810 

 

Note.—Detail may not add to totals due to rounding. 
32 

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United 

States.” The information in this section of the “Treasury 

Bulletin” pertains only to marketable Treasury securities. 

• Table PDO-1 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

• Table PDO-2 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. Issues of cash management bills also are 

presented. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up 

to $1 million for bills and $5 million for notes and bonds in 

each auction of securities. 

• Table PDO-3 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. 

• Table PDO-4 indicates the total amount of 

marketable securities allotted to each class of investor. The 

FRBs tally into investor classes the tenders in each auction 

of marketable securities other than weekly auctions of 4-, 

13-, and 26-week bills. 

TREASURY FINANCING: OCTOBER-DECEMBER 

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

O C T O B E R 

Cash Management Bills 

On October 1, 2003, Treasury announced it would 

auction $20,000 million of 12-day bills. They were issued 

October 3 and matured October 15. The issue was to raise 

new cash. Treasury auctioned the bills on October 2. 

Tenders totaled $54,545 million; Treasury accepted $20,001 

million. The high bank discount rate was 0.920 percent. 

Auction of 5-Year Notes 

On October 6, 2003, Treasury announced it would 

auction $16,000 million of 5-year notes of Series J-2008. 

The issue was to raise new cash. 

The notes of Series J-2008 were dated and issued 

October 15. They are due October 15, 2008, with interest 

payable on April 15 and October 15 until maturity. 

Treasury received tenders for the notes before 12 noon 

eastern daylight savings time (e.d.s.t.) for noncompetitive 

tenders and before 1:00 p.m. e.d.s.t. for competitive tenders 

on October 8. Tenders totaled $35,953 million; Treasury 

accepted $16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 3.139 percent with an equivalent price of $99.936. 

Treasury accepted in full all competitive tenders at yields 

lower than 3.139 percent. Tenders at the high yield were 

allotted 57.75 percent. The median yield was 3.103 percent, 

and the low yield was 3.074 percent. Noncompetitive 

tenders totaled $113 million. Competitive tenders accepted 

from private investors totaled $15,887 million. The 

minimum par amount required for STRIPS of notes of Series 

J-2008 is $1,000. 

Auction of 9-3/4-Year Inflation-Indexed Notes 

On October 6, 2003, Treasury announced it would 

auction $9,000 million of 9-3/4-year inflation-indexed notes 

to raise cash. The 9-3/4 year, 1-7/8 percent inflation-indexed 

notes of Series C-2013 were dated July 15 and issued 

October 15. They are due July 15, 2013, with interest 

payable on January 15 and July 15 until maturity. 

Treasury received tenders for the notes before 12 noon 

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

e.d.s.t. for competitive tenders on October 9. Tenders totaled 

$20,224 million; Treasury accepted $9,000 million at the 

high yield of 2.229 percent with an equivalent adjusted price 

of $97.201. Tenders at the high yield were allotted 80.70 

percent. The median yield was 2.180 percent, and the low 

yield was 2.000 percent. Noncompetitive tenders totaled 

$147 million. Competitive tenders accepted from private 

investors totaled $8,853 million. The unadjusted price of 

$96.910 was adjusted by an index ratio of 1.00300, for the 

period from July 15 through October 15. The minimum par 

amount required for STRIPS of inflation-indexed notes is 

$1,000. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

33

Auction of 2-Year Notes 

On October 27, 2003, Treasury announced it would 

auction $26,000 million of 2-year notes of Series R-2005. 

The issue was to refund $18,780 million of securities 

maturing October 31 and to raise new cash of approximately 

$7,220 million. 

The notes of Series R-2005 were dated and issued on 

October 31. They are due October 31, 2005, with interest 

payable on April 30 and October 31 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 notes before 12 noon 

eastern standard time (e.s.t.) for noncompetitive tenders and 

before 1 p.m. e.s.t. for competitive tenders on October 29. 

Tenders totaled $55,059 million; Treasury accepted $26,000 

million. All noncompetitive and successful competitive 

bidders were allotted securities at the high yield of 1.737 

percent with the equivalent price of $99.781. Tenders at the 

high yield were allotted 64.49 percent. The median yield was 

1.700 percent, and the low yield was 1.600 percent. 

Noncompetitive tenders totaled $705 million. Competitive 

tenders accepted from private investors totaled $25,295 

million. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $6,368 million from 

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

minimum par amount required for STRIPS of notes of Series 

R-2005 is $1,000. 

N O V E M B E R 

November Quarterly Financing 

On November 5, 2003, Treasury announced it would 

auction $24,000 million of 3-year notes of Series J-2006, 

$16,000 million of 5-year notes of Series K-2008 and 

$17,000 million of 10-year notes of Series E-2013 to refund 

$24,765 million of Treasury securities maturing November 

15 and to raise new cash of approximately $32,235 million. 

The 3-year notes of Series J-2006 were dated November 

15. They are due November 15, 2006, with interest payable 

on May 15 and November 15 until maturity. Treasury set an 

interest rate of 2-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on November 10. Tenders totaled 

$50,747 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.625 percent with an 

equivalent price of $100.000. Treasury accepted in full all 

competitive tenders at yields lower than 2.625 percent. 

Tenders at the high yield were allotted 19.92 percent. The 

median yield was 2.583 percent, and the low yield was 2.500 

percent. Noncompetitive tenders totaled $215 million. 

Competitive tenders accepted from private investors totaled 

$23,785 million. 

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

the auction process, Treasury accepted $2,538 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series J-2006 is $1,000. 

The 5-year notes of Series K-2008 were dated November 

15. They are due November 15, 2008, with interest payable 

on May 15 and November 15 until maturity. Treasury set an 

interest rate of 3-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on November 12. Tenders totaled 

$36,369 million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.430 percent with an 

equivalent price of $99.749. Treasury accepted in full all 

competitive tenders at yields lower than 3.430 percent. 

Tenders at the high yield were allotted 65.74 percent. The 

median yield was 3.400 percent, and the low yield was 3.300 

percent. Noncompetitive tenders totaled $184 million. 

Competitive tenders accepted from private investors totaled 

$15,816 million. 

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

the auction process, Treasury accepted $2,178 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series K-2008 is $1,000. 

The 10-year notes of Series E-2013 were dated 

November 15. They are due November 15, 2013, with 

interest payable on May 15 and November 15 until maturity. 

Treasury set an interest rate of 4-1/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for 

competitive tenders on November 13. Tenders totaled 

$32,328 million; Treasury accepted $17,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.360 percent with an 

equivalent price of $99.116. Treasury accepted in full all 

competitive tenders at yields lower than 4.360 percent. 

Tenders at the high yield were allotted 70.60 percent. The 

median yield was 4.330 percent, and the low yield was 4.300 

percent. Noncompetitive tenders totaled $156 million. 

Competitive tenders accepted from private investors totaled 

$16,844 million. 

In addition to the $17,000 million of tenders accepted in 

the auction process, Treasury accepted $1,634 million from 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

34 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2013 is $1,000. 

Auction of 2-Year Notes 

On November 24, 2003, Treasury announced it would 

auction $26,000 million of 2-year notes. The issue was to 

refund $19,970 million of securities maturing November 30 

and to raise new cash of approximately $6,030 million. 

The notes of Series S-2005 were dated November 30 and 

issued December 1. They are due November 30, 2005, with 

interest payable May 31 and November 30 until maturity. 

Treasury set an interest rate of 1-7/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 10:30 a.m. 

e.s.t. for noncompetitive tenders and before 11:00 a.m. e.s.t. 

for competitive tenders on November 26. Tenders totaled 

$45,386 million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.939 percent with an 

equivalent price of $99.875. Treasury accepted in full all 

competitive tenders at yields lower than 1.939 percent. 

Tenders at the high yield were allotted 19.84 percent. The 

median yield was 1.883 percent, and the low yield was 1.850 

percent. Noncompetitive tenders totaled $684 million. 

Competitive tenders accepted from private investors totaled 

$25,316 million. Accrued interest of $0.05123 per $1,000 

must be paid for the period from November 30 to December 1. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $6,201 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series S-2005 is $1,000. 

D E C E M B E R 

Cash Management Bills 

On December 1, 2003, Treasury announced it would 

auction $32,000 million of 12-day bills. They were issued 

December 3 and matured December 15. The issue was to 

raise new cash. Treasury auctioned the bills on December 2. 

Tenders totaled $97,865 million; Treasury accepted $32,001 

million. The high bank discount rate was 0.975 percent. 

Auction of 5-Year Notes 

On December 8, 2003, Treasury announced it would 

auction $16,000 million of 5-year notes of Series L-2008. 

The issue was to raise new cash. 

The notes of Series L-2008 were dated and issued 

December 15. They are due December 15, 2008, with 

interest payable on June 15 and December 15 until maturity. 

Treasury received tenders for the notes before 12 noon 

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

for competitive tenders on December 10. Tenders totaled 

$30,679 million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.375 percent with an 

equivalent price of $100.000. Treasury accepted in full all 

competitive tenders at yields lower than 3.375 percent. 

Tenders at the high yield were allotted 24.61 percent. The 

median yield was 3.334 percent, and the low yield was 3.299 

percent. Noncompetitive tenders totaled $105 million. 

Competitive tenders accepted from private investors totaled 

$15,895 million. The minimum par amount required for 

STRIPS of notes of Series L-2008 is $1,000. 

Auction of 9-Year 11-Month 4-1/4 Percent Notes 

On December 8, 2003, Treasury announced it would 

auction $12,000 million of 9-year 11-month 4-1/4 percent 

notes of Series E-2013. The issue was to raise new cash. 

The notes of Series E-2013 were dated November 15 and 

issued December 15. They are due November 15, 2013, with 

interest payable on May 15 and November 15 until maturity. 

Treasury received tenders for the notes before 12 noon 

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

for competitive tenders on December 11. Tenders totaled 

$21,339 million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.365 percent with an 

equivalent price of $99.076. Treasury accepted in full all 

competitive tenders at yields lower than 4.365 percent. 

Tenders at the high yield were allotted 57.76 percent. The 

median yield was 4.310 percent, and the low yield was 4.260 

percent. Noncompetitive tenders totaled $54 million. 

Competitive tenders accepted from private investors totaled 

$11,946 million. Accrued interest of $3.50275 per $1,000 

must be paid for the period from November 15 to December 

15. The minimum par amount required for STRIPS of notes 

of Series E-2013 is $1,000. 

Auction of 2-Year Notes 

On December 18, 2003, Treasury announced it would 

auction $26,000 million of 2-year notes of Series T-2005. 

The issue was to refund $21,680 million of securities 

maturing December 31 and to raise new cash of 

approximately $4,320 million. 

The notes of Series T-2005 were dated and issued 

December 31. They are due December 31, 2005, with 

interest payable on June 30 and December 31 until maturity. 

Treasury set an interest rate of 1-7/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

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

for competitive tenders on December 23. Tenders totaled 

$55,784 million; Treasury accepted $26,000 million. All 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

35

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.950 percent with an 

equivalent price of $99.854. Treasury accepted in full all 

competitive tenders at yields lower than 1.950 percent. 

Tenders at the high yield were allotted 72.30 percent. The 

median yield was 1.909 percent, and the low yield was 1.870 

percent. Noncompetitive tenders totaled $711 million. 

Competitive tenders accepted from private investors totaled 

$25,289 million. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $7,987 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series T-2005 is $1,000. 
36 PUBLIC DEBT OPERATIONS 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2003 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

Description 

(1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

All other 

investors 

(5) 

 

2004 Jan. 31.......................................................... 1 3%-J note 01/31/02 30,776 6,541 24,234 

Feb. 15 ......................................................... 1 5-7/8%-A note 02/15/94 12,955 1,234 11,721 

Feb. 15 ......................................................... 1 4-3/4%-E note 02/16/99 17,823 2,934 14,889 

Feb. 29 ......................................................... 1 3%-K note 02/28/02 31,746 8,008 23,738 

Mar. 31 ......................................................... 1 3-5/8%-L note 04/01/02 32,874 8,334 24,540 

Apr. 30.......................................................... 1 3-3/8%-M note 04/30/02 32,655 8,333 24,322 

May 15, 04-09 .............................................. 9-1/8% bond 05/15/79 4,606 1,497 3,109 

May 15.......................................................... 12-3/8% bond 04/05/84 3,755 1,125 2,630 

May 15.......................................................... 1 7-1/4%-B note 05/16/94 14,440 3,582 10,858 

May 15.......................................................... 1 5-1/4%-F note 05/17/99 18,925 2,721 16,205 

May 31.......................................................... 1 3-1/4%-N note 05/31/02 33,297 6,298 26,999 

June 30......................................................... 1 2-7/8%-P note 07/31/02 34,050 7,531 26,519 

July 31.......................................................... 1 2-1/4%-Q note 07/31/02 33,250 6,662 26,588 

Aug. 15......................................................... 13-3/4% bond 07/10/84 4,000 1,071 2,930 

Aug. 15......................................................... 1 7-1/4%-C note 08/15/94 13,346 2,362 10,985 

Aug. 15......................................................... 1 6%-G note 08/16/99 18,090 2,582 15,508 

Aug. 31......................................................... 1 2-1/8%-R note 09/03/02 34,541 7,607 26,935 

Sept. 30........................................................ 1 1-7/8%-S note 09/30/02 34,656 7,652 27,003 

Oct. 31.......................................................... 1 2-1/8%-T note 10/31/02 32,440 5,435 27,005 

Nov. 15, 04-09.............................................. 10-3/8% bond 11/15/79 4,201 1,076 3,125 

Nov. 15......................................................... 1 11-5/8% bond 10/30/84 8,302 2,026 6,276 

Nov. 15......................................................... 1 7-7/8%-D note 11/15/94 14,374 3,532 10,841 

Nov. 15......................................................... 1 5-7/8%-H note 11/15/99 32,658 4,888 27,770 

Nov. 30......................................................... 1 2%-U note 12/02/02 32,871 5,879 26,992 

Dec. 31......................................................... 1 1-3/4%-V note 12/31/02 33,203 6,983 26,221 

Total .............................................. 563,835 115,892 447,943 

 2005 Jan. 31.......................................................... 1 1-5/8%-G note 01/31/03 33,837 7,722 26,115 

Feb. 15, 05-10.............................................. 11-3/4% bond 02/15/80 2,315 858 1,457 

Feb. 15 ......................................................... 1 7-1/2%-A note 02/15/95 13,835 3,074 10,761 

Feb. 28 ......................................................... 1 1-1/2%-H note 02/28/03 35,332 8,343 26,989 

Mar. 31 ......................................................... 1 1-5/8%-J note 03/31/03 35,211 8,216 26,995 

Apr. 30.......................................................... 1 1-5/8%-K note 04/30/03 34,295 7,293 27,002 

May 15, 05-10 .............................................. 10% bond 05/15/80 2,987 1,177 1,811 

May 15.......................................................... 1 12% bond 04/02/85 4,261 941 3,319 

May 15.......................................................... 1 6-1/2%-B note 05/15/95 14,740 2,241 12,499 

May 15.......................................................... 1 6-3/4%-E note 05/15/00 28,562 6,566 21,996 

May 31.......................................................... 1 1-1/4%-L note 06/02/03 31,021 6,053 24,968 

June 30......................................................... 1 1-1/8%-M note 06/30/03 31,701 6,998 24,704 

July 31.......................................................... 1 1-1/2%-N note 07/31/03 29,997 5,494 24,503 

Aug. 15......................................................... 1 10-3/4% bond 07/02/85 9,270 2,210 7,060 

Aug. 15......................................................... 1 6-1/2%-C note 08/15/95 15,003 2,229 12,773 

Aug. 31......................................................... 1 2%-P note 09/02/03 30,592 5,590 25,002 

Sept. 30........................................................ 1 1-5/8%-Q note 09/30/03 31,539 6,535 25,004 

Oct. 31.......................................................... 1 1-5/8%-R-note 10/31/03 32,368 6,368 26,001 

Nov. 15, 05-10.............................................. 12-3/4% bond 11/17/80 4,081 1,261 2,821 

Nov. 15......................................................... 1 5-7/8%-D note 11/24/95 15,210 2,133 13,077 

Nov. 15......................................................... 1 5-3/4%-F note 11/15/00 28,063 4,293 23,770 

Nov. 30......................................................... 1 1-7/8%-S-note 12/01/03 32,204 6,201 26,003 

Dec. 31......................................................... 1 1-7/8%-T-note 12/31/03 33,992 7,987 26,004 

Total .............................................. 530,416 109,782 420,634 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 37

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2003, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2006 

Feb. 15 ......................................................... 1 9-3/8% bond 01/15/86 4,756 1,044 3,712 

Feb. 15 ......................................................... 1 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

May 15, 06-11 .............................................. 13-7/8% bond 05/15/81 3,545 1,074 2,471 

May 15.......................................................... 1 6-7/8%-B note 05/15/96 16,015 3,820 12,195 

May 15.......................................................... 1 4-5/8%-E note 05/15/01 27,798 3,798 24,000 

May 15.......................................................... 1 2%-G note 05/15/03 22,392 391 22,001 

July 15.......................................................... 1 7%-C note 07/15/96 22,740 5,114 17,627 

Aug. 15......................................................... 1 2-3/8%-H note 08/15/03 27,909 3,907 24,002 

Oct. 15.......................................................... 1 6-1/2%-D note 10/15/96 22,460 4,858 17,601 

Nov. 15, 06-11.............................................. 14% bond 11/16/81 4,048 975 3,073 

Nov. 15......................................................... 1 3-1/2%-F note 11/15/01 35,380 3,805 31,575 

Nov. 15......................................................... 1 2-5/8%-J note 11/17/03 26,536 2,538 23,998 

Total............................................ 229,093 33,267 195,826 

2007 

Jan. 15.......................................................... 1 3-3/8%-A note 02/06/97 18,401 1,994 16,407 

Feb. 15 ......................................................... 1 6-1/4%-B note 02/18/97 13,104 1,254 11,850 

May 15.......................................................... 1 6-5/8%-C note 05/15/97 13,958 2,754 11,205 

May 15.......................................................... 1 4-3/8%-E note 05/15/02 24,351 2,821 21,531 

Aug. 15......................................................... 1 6-1/8%-D note 08/15/97 25,637 5,082 20,555 

Aug. 15......................................................... 1 3-1/4%-F note 08/15/02 25,411 3,766 21,645 

Nov. 15......................................................... 1 3%-G note 11/15/02 23,311 1,308 22,003 

Nov. 15, 07-12.............................................. 10-3/8% bond 11/15/82 10,126 2,183 7,943 

Total ............................................ 154,299 21,161 133,138 

 

2008 

Jan. 15.......................................................... 1 3-5/8%-A note 01/15/98 19,252 2,101 17,151 

Feb. 15 ......................................................... 1 5-1/2%-B note 02/17/98 13,583 1,890 11,693 

Feb. 15 ......................................................... 1 3%-E note 02/18/03 27,489 3,484 24,005 

May 15.......................................................... 1 5-5/8%-C note 05/15/98 27,191 5,669 21,522 

May 15.......................................................... 1 2-5/8%-F note 05/15/03 33,338 336 33,003 

Aug. 15, 08-13.............................................. 12% bond 08/15/83 11,917 3,041 8,876 

Aug. 15......................................................... 1 3-1/4%-G note 08/15/03 21,357 3,916 17,441 

Sept. 15........................................................ 1 3-1/8%-H note 09/15/03 16,002 397 15,605 

Oct. 15.......................................................... 1 3-1/8%-J note 10/15/03 15,996 - 15,996 

Nov. 15......................................................... 1 4-3/4%-D note 11/16/98 25,083 3,448 21,635 

Nov. 15......................................................... 1 3-3/8%-K note 11/17/03 18,181 2,178 16,003 

Dec. 15......................................................... 1 3-3/8%-L note 12/15/03 16,000 - 16,000 

Total ............................................ 245,391 26,460 218,930 

 

2009 

Jan. 15.......................................................... 1 3-7/8%-A note 01/15/99 17,939 2,237 15,702 

May 15, 09-14............................................... 13-1/4% bond 05/15/84 4,481 869 3,611 

May 15.......................................................... 1 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

Aug. 15, 09-14 .............................................. 12-1/2% bond 08/15/84 4,388 906 3,482 

Aug. 15 ......................................................... 1 6%-C note 08/16/99 27,400 5,064 22,336 

Nov. 15, 09-14 .............................................. 1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Total.............................................. 74,018 12,896 61,122 

 

2010 

Jan. 15.......................................................... 1 4-1/4%-A note 01/18/00 12,449 1,269 11,180 

Feb. 15.......................................................... 1 6-1/2%-B note 02/15/00 23,356 4,281 19,074 

Aug. 15 ......................................................... 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Total.............................................. 58,242 9,145 49,097 

 

See footnote at end of table 
38 PUBLIC DEBT OPERATIONS 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2003, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

 Issue date 

 (2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 2011 

Jan. 15 ........................................................ 1 3-1/2%-A note 01/16/01 11,694 256 11,438 

Feb. 15........................................................ 1 5%-B note 02/15/01 23,436 3,583 19,853 

Aug. 15 ....................................................... 1 5%-C note 08/15/01 26,635 3,206 23,430 

 Total ............................................ 61,766 7,045 54,721 

2012 

Jan. 15.......................................................... 1 3-3/8%-A note 01/15/02 6,256 31 6,225 

Feb. 15.......................................................... 1 4-7/8%-B note 02/15/02 24,780 2,164 22,616 

July 15 .......................................................... 1 3%-C note 07/15/02 23,684 1,592 22,092 

Aug. 15 ......................................................... 1 4-3/8%-D note 08/15/02 19,648 2,082 17,566 

Nov. 15 ......................................................... 1 4%-E note 11/15/02 18,113 236 17,877 

Total............................................ 92,481 6,105 86,376 

 

2013 

Feb. 15.......................................................... 1 3-7/8%-A note 02/18/03 19,498 1,497 18,002

May 15.......................................................... 1 3-5/8%-B note 05/15/03 18,254 252 18,002

July 15 .......................................................... 1 1-7/8%-C note 07/15/03 20,155 285 19,870

Aug. 15 ......................................................... 1 4-1/4%-D note 08/15/03 33,521 2,515 31,006

Nov. 15 ......................................................... 1 4-1/4%-E note 11/17/03 30,637 1,634 29,003 

Total........................................... 122,064 6,182 115,882

 

2015 

Feb. 15.......................................................... 1 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Aug. 15 ......................................................... 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

Nov. 15 ......................................................... 1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

Total........................................... 20,129 4,020 16,109 

 

2016 

Feb. 15.......................................................... 1 9-1/4% bond 02/18/86 5,432 1,037 4,395 

May 15.......................................................... 1 7-1/4% bond 05/15/86 18,824 1,099 17,724 

Nov. 15 ......................................................... 1 7-1/2% bond 11/17/86 18,787 1,831 16,956 

Total........................................... 43,043 3,967 39,076 

 

2017 

May 15.......................................................... 1 8-3/4% bond 05/15/87 15,559 2,755 12,804 

Aug. 15 ......................................................... 1 8-7/8% bond 08/17/87 10,968 2,058 8,910 

Total........................................... 26,528 4,813 21,715 

 

2018 

May 15.......................................................... 1 9-1/8% bond 05/16/88 6,717 1,240 5,478 

Nov. 15 ......................................................... 1 9% bond 11/22/88 7,174 1,053 6,121 

Total........................................... 13,892 2,293 11,599 

 

2019 

Feb. 15.......................................................... 1 8-7/8% bond 02/15/89 13,090 2,373 10,717 

Aug. 15 ......................................................... 1 8-1/8% bond 08/15/89 18,941 2,731 16,210 

Total........................................... 32,031 5,104 26,927 

 

2020 

Feb. 15.......................................................... 1 8-1/2% bond 02/15/90 9,476 1,486 7,990 

May 15.......................................................... 1 8-3/4% bond 05/15/90 7,582 1,502 6,081 

Aug. 15 ......................................................... 1 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total........................................... 34,118 5,617 28,501 

 

2021 

Feb. 15.......................................................... 1 7-7/8% bond 02/15/91 10,076 1,530 8,546 

May 15.......................................................... 1 8-1/8% bond 05/15/91 10,067 1,618 8,449 

Aug. 15 ......................................................... 1 8-1/8% bond 08/15/91 9,506 1,658 7,848 

Nov. 15 ......................................................... 1 8% bond 11/15/91 30,632 4,286 26,346 

Total........................................... 60,281 9,091 51,190 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 39

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2003, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2022 

Aug. 15.......................................................... 1 7-1/4% bond 08/17/92 10,128 1,509 8,619 

Nov. 15.......................................................... 1 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total ............................................... 17,551 3,110 14,442 

 

2023 

Feb. 15 .......................................................... 1 7-1/8% bond 02/16/93 15,782 2,636 13,147 

Aug. 15.......................................................... 1 6-1/4% bond 08/16/93 22,659 1,610 21,050 

Total ............................................... 38,441 4,245 34,196 

 

2024 

Nov. 15.......................................................... 1 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total ............................................... 9,604 1,615 7,989 

 

2025 

Feb. 15 .......................................................... 1 7-5/8% bond 02/15/95 9,509 1,594 7,916 

Aug. 15.......................................................... 1 6-7/8% bond 08/15/95 11,187 1,800 9,388 

Total ............................................... 20,696 3,393 17,303 

 

2026 

Feb. 15 .......................................................... 1 6% bond 02/15/96 12,838 1,164 11,674 

Aug. 15.......................................................... 1 6-3/4% bond 08/15/96 8,810 1,614 7,196 

Nov. 15.......................................................... 1 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total ............................................... 32,509 4,502 28,007 

 

2027 

Feb. 15 .......................................................... 1 6-5/8% bond 02/18/97 9,522 1,485 8,037 

Aug. 15.......................................................... 1 6-3/8% bond 08/15/97 9,197 1,640 7,557 

Nov. 15.......................................................... 1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total ............................................... 40,740 6,473 34,267 

 

2028 

Apr. 15........................................................... 1 3-5/8% bond 04/15/98 19,198 2,857 16,341 

Aug. 15.......................................................... 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15.......................................................... 1 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total ............................................... 41,921 6,240 35,681 

 

2029 

Feb. 15 .......................................................... 1 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15........................................................... 1 3-7/8% bond 04/15/99 21,942 2,791 19,151 

Aug. 15.......................................................... 1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total ............................................... 44,471 6,131 38,340 

 

2030 

May 15........................................................... 1 6-1/4% bond 02/15/00 17,043 1,894 15,149 

Total ............................................... 17,043 1,894 15,149 

 

2031 

Feb. 15 .......................................................... 1 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total ............................................... 16,428 1,423 15,005 

 

2032 

Apr. 15........................................................... 1 3-3/8% bond 10/15/01 5,224 246 4,978 

Total ............................................... 5,224 246 4,978 

 

1

 This security is eligible for stripping. See table V of the “Monthly Statement of the Public 

Debt of the United States.” 
40 PUBLIC DEBT OPERATIONS 

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

 Issue date 

Maturity date 

(1) 

 Number 

 of days to 

 maturity 1

 (2) 

Amount 

 of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

 On 

 competitive 

 basis 

 (5) 

 On non- 

 competitive 

 basis 3 

 (6) 

 High 

 price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate 

 (percent) 4

 (9) 

 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2003 - Oct. 02 .................. 2003 - Oct. 30 28 32,514.0 16,472.2 12,960.0 40.0 99.934 0.845 0.863

 2004 - Jan. 02 92 40,379.2 22,015.4 14,390.8 1,384.5 99.761 0.935 0.953

 Apr. 01 182 35,244.2 21,815.9 14,852.0 913.0 99.492 1.005 1.027

Oct. 09.................. 2003 - Nov. 06 28 37,238.9 18,403.2 14,951.5 48.6 99.934 0.855 0.863

 2004 - Jan. 08 91 44,124.5 22,101.9 14,182.6 1,520.3 99.767 0.920 0.939

 Apr. 08 182 45,590.2 21,730.6 14,798.9 1,056.2 99.497 0.995 1.017

Oct. 16.................. 2003 - Nov. 13 28 41,180.5 18,224.1 14,963.5 37.4 99.932 0.870 0.889

 2004 - Jan. 15 91 40,468.1 22,989.9 15,205.7 1,348.7 99.771 0.905 0.923

 Apr. 15 182 46,329.7 22,984.2 15,982.8 792.8 99.502 0.985 1.006

Oct. 23.................. 2003 - Nov. 20 28 42,735.8 19,998.8 16,968.0 32.4 99.930 0.895 0.916

 2004 - Jan. 22 91 42,127.2 22,941.0 15,241.9 1,353.2 99.767 0.920 0.939

 Apr. 22 182 42,051.5 23,071.7 15,845.6 1,029.5 99.487 1.015 1.037

Oct. 30.................. 2003 - Nov. 28 29 44,356.7 23,864.3 20,960.5 40.1 99.923 0.960 0.973

 2004 - Jan. 29 91 39,957.7 22,960.9 14,872.2 1,471.0 99.762 0.940 0.960

 Apr. 29 182 36,557.3 22,997.4 15,381.8 921.0 99.484 1.020 1.043

Nov. 06................. 2003 - Dec. 04 28 48,550.3 19,577.8 16,958.9 41.3 99.927 0.935 0.955

 2004 - Feb. 05 91 40,641.8 22,766.2 15,451.0 1,451.0 99.762 0.940 0.960

 May 06 182 44,422.6 22,887.2 15,897.1 1,028.6 99.482 1.025 1.047

Nov. 13................. 2003 - Dec. 11 28 42,578.0 16,555.7 13,959.7 40.5 99.931 0.890 0.903

 2004 - Feb. 12 91 44,433.3 21,510.1 14,525.9 1,379.1 99.764 0.935 0.951

 May 13 182 46,803.0 21,598.3 15,038.0 887.2 99.474 1.040 1.063

Nov. 20................. 2003 - Dec. 18 28 44,383.0 21,635.5 18,968.4 31.9 99.928 0.920 0.942

 2004 - Feb. 19 91 45,062.3 22,053.3 14,513.6 1,331.5 99.764 0.935 0.951

 May 20 182 45,211.3 21,893.4 14,902.1 1,023.6 99.489 1.010 1.033

Nov. 28................. 2003 - Dec. 26 28 62,971.1 25,561.4 22,967.1 33.4 99.927 0.940 0.955

 2004 - Feb. 26 90 45,256.2 21,968.5 14,084.7 1,396.5 99.768 0.930 0.946

 May 27 181 40,779.9 21,867.2 14,257.9 992.3 99.492 1.010 1.032

Dec. 04................. Jan. 02 29 49,159.4 23,150.1 19,957.4 42.7 99.925 0.935 0.947

 Mar. 04 91 45,002.1 21,826.0 14,487.9 1,297.4 99.766 0.925 0.943

 June 03 182 38,689.4 21,856.2 14,970.7 979.4 99.479 1.030 1.053

Dec. 11................. Jan. 08 28 48,687.2 18,004.6 14,963.1 37.7 99.930 0.895 0.916

 Mar. 11 91 45,349.0 21,781.7 14,431.9 1,368.3 99.773 0.900 0.915

 June 10 182 38,412.7 21,822.1 15,012.6 887.8 99.494 1.000 1.023

Dec. 18................. Jan. 15 28 32,163.9 13,150.4 8,962.9 37.2 99.935 0.830 0.850

 Mar. 18 91 37,919.4 20,563.1 13,473.3 1,351.7 99.776 0.885 0.903

 June 17 182 33,584.2 19,286.5 12,988.6 1,011.6 99.505 0.980 1.000

Dec. 26................. Jan. 22 27 31,997.6 16,192.8 11,960.6 39.4 99.935 0.870 0.882

 Mar. 25 90 40,869.8 20,735.0 13,548.5 1,303.7 99.783 0.870 0.884

 June 24 181 35,738.3 19,352.8 13,157.9 792.2 99.512 0.970 0.992

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 41

TABLE PDO-3.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

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) 

 

01/08/03 01/15/03 3% note—07/15/12-C 9y 6m 13,300 6,000 2.340 - 106.474 

01/29/03 01/31/03 1-5/8% note—01/31/05-G 2y 46,750 33,834 1.710 - 99.834 

02/11/03 02/18/03 3% note—02/15/08-E 5y 37,646 27,484 3.029 - 99.866 

02/12/03 02/18/03 3-7/8% note—02/15/13-A 10y 34,758 19,497 3.960 - 99.304 

02/26/03 02/28/03 1-1/2% note—02/28/05-H 2y 62,214 35,333 1.575 - 99.853 

02/27/03 03/03/03 1.24% bill—03/17/03 14d 61,265 26,000 

03/26/03 03/31/03 1-5/8% note—03/31/05-J 2y 57,907 35,211 1.692 - 99.869 

04/02/03 04/03/03 1.180% bill—04/15/03 12d 51,734 20,000 

04/08/03 04/09/03 1.200% bill—04/15/03 6d 28,985 8,000 

04/23/03 04/30/03 1-5/8% note—04/30/05-K 2y 65,583 34,293 1.704 - 99.845 

05/06/03 05/15/03 2% note—05/15/06-G 3y 43,560 22,391 2.009 - 99.974 

05/07/03 05/08/03 1.145% bill—05/13/03 5d 38,405 10,000 

05/07/03 05/15/03 2-5/8% note—05/15/08-F 5y 38,014 18,336 2.680 - 99.744 

05/08/03 05/15/03 3-5/8% note—05/15/13-B 10y 22,179 18,252 3.700 - 99.378 

05/12/03 05/13/03 1.175% bill—05/15/03 2d 54,445 15,000 

05/20/03 05/21/03 1.150% bill—05/27/03 6d 20,270 4,000 

05/27/03 05/28/03 1.160% bill—06/13/03 16d 17,830 4,000 

05/29/03 06/02/03 1-1/4% note—05/31/05-L 2y 50,373 31,020 1.305 - 99.892 

06/02/03 06/03/03 1.175% bill—06/5/03 2d 56,470 24,003 

06/04/03 06/05/03 1.170% bill—06/13/03 8d 52,225 18,000 

06/11/03 06/16/03 2-5/8% note—5/15/08-F 4y 11m 27,135 15,000 2.100 - 102.437 

06/25/03 06/30/03 1-1/8% note—06/30/05-M 2y 52,780 31,700 1.179 - 99.894 

07/09/03 07/15/03 1-7/8% note—07/15/13-C 10y 24,013 11,000 1.999 - 98.881 

07/23/03 07/31/03 1-1/2% note—07/31/05-N 2y 49,936 29,996 1.510 - 99.980 

08/05/03 08/15/03 2-3/8% note—08/15/06-H 3y 35,482 27,907 2.422 - 99.865 

08/06/03 08/15/03 3-1/4% note—08/15/08-G 5y 48,065 21,354 3.300 - 99.771 

08/07/03 08/15/03 4-1/4% note—08/15/13-D 10y 38,491 20,515 4.370 - 99.036 

08/27/03 09/02/03 2% note—08/31/05-P 2y 48,731 30,590 2.040 - 99.922 

09/02/03 09/03/03 0.980% bill—09/15/03 12d 57,214 23,000 

09/10/03 09/11/03 0.940% bill—09/15/03 4d 44,389 10,000 

09/10/03 09/15/03 3-1/8% note—09/15/08-H 5y 39,477 16,000 3.230 - 99.519 

09/11/03 09/15/03 4-1/4% note—08/15/13-D 9y 11m 29,002 13,000 4.340 - 99.275 

09/24/03 09/30/03 1-5/8% note—09/30/05-Q 2y 61,488 31,535 1.695 - 99.863 

10/02/03 10/03/03 0.920% bill—10/15/03 12d 54,545 20,001 

10/08/03 10/15/03 3-1/8% note—10/15/08-J 5y 35,953 16,000 3.139 - 99.936 

10/09/03 10/15/03 1-7/8% note—07/15/13-C 9y 9m 20,224 9,000 2.229 - 97.201 

10/29/03 10/31/03 1-5/8% note—10/31/05-R 2y 61,426 32,368 1.737 - 99.781 

11/10/03 11/17/03 2-5/8% note—11/15/06-J 3y 53,285 26,538 2.625 - 100.000 

11/12/03 11/17/03 3-3/8% note—11/15/08-K 5y 38,547 18,179 3.430 - 99.749 

11/13/03 11/17/03 4-1/4% note—11/15/13-E 10y 33,962 18,634 4.360 - 99.116 

11/26/03 12/01/03 1-7/8% note—11/30/05-S 2y 51,586 32,201 1.939 - 99.875 

12/02/03 12/03/03 0.975% bill—12/15/03 12d 97,865 32,001 

12/10/03 12/15/03 3-3/8% note—12/15/08-L 5y 30,679 16,000 3.375 - 100.000 

12/11/03 12/15/03 4-1/4% note—11/15/13-E 9y 11m 21,339 12,000 4.365 - 99.076 

12/23/03 12/31/03 1-7/8% note—12/31/05-T 2y 63,771 33,987 1.950 - 99.854 

 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.— Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
42 PUBLIC DEBT OPERATIONS 

TABLE PDO-4.—Allotments by Investor Class 

for Marketable Public Debt Securities Other than Bills 

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Issue 

Date 

Coupon 

rate 

(1) 

Security 

type 

(2) 

Series 

code 

(3) 

Sequence 

number 

(4) 

Maturity 

date 

(5) 

Total 

issue 

(6) 

Federal 

Reserve 

Banks 

(7) 

Depository 

institutions 1

(8) 

Individuals 2

(9) 

Dealers 

and 

brokers 

(10) 

Private 

pension 

and 

retirement 

funds 

(11) 

Investment 

funds 

(12) 

Insurance 

companies 

(13) 

Foreign 

and 

international 

(14) 

Other 3 

(15) 

 

04/01/02 3-5/8% note L 0 03/31/04 32,874 7,873 175 1,394 17,800 1 1,709 2 3,675 243 

04/30/02 3-3/8% note M 0 04/30/04 32,655 7,648 87 1,283 18,784 3 269 55 4,345 180 

05/15/02 4-3/8% note E 0 05/15/07 24,351 2,341 19 501 15,287 1 1,879 - 2,636 1,688 

05/15/02 4-7/8% note B 1 02/15/12 11,391 391 6 145 8,023 - 1,545 - 579 700 

05/31/02 3-1/4% note N 0 05/31/04 33,297 6,298 83 1,527 19,066 2 2,102 41 4,155 24 

07/01/02 2-7/8% note P 0 06/30/04 34,050 7,046 307 1,114 23,674 1 945 - 709 254 

07/15/02 3% IIS note C 0 07/15/12 10,015 1,010 4 659 5,992 15 2,166 - 40 130 

07/31/02 2-1/4% note Q 0 07/31/04 33,250 6,237 43 1,515 19,019 1 1,885 1 4,531 19 

08/15/02 3-1/4% note F 0 08/15/07 25,411 3,396 14 441 14,239 - 658 2 6,658 4 

08/15/02 4-3/8% note D 0 08/15/12 19,648 1,645 351 192 13,355 3 1,499 - 2,187 416 

09/03/02 2-1/8% note R 0 08/31/04 34,541 7,537 53 1,093 19,014 4 2,225 - 4,590 26 

09/30/02 1-7/8% note S 0 09/30/04 34,656 7,652 51 915 18,437 1 308 - 7,274 16 

10/15/02 3% IIS note C 1 07/15/12 6,999 - 1 221 5,153 16 1,536 - 56 15 

10/31/02 2-1/8% note T 0 10/31/04 32,440 5,435 30 2,225 17,402 1 74 - 6,235 1,037 

11/15/02 3% note G 0 11/15/07 23,311 1,308 11 204 16,499 - 835 - 3,000 1,454 

11/15/02 4% note E 0 11/15/12 18,113 111 755 110 13,443 - 1,590 - 2,103 1 

12/02/02 2% note U 0 11/30/04 32,871 5,864 65 734 20,619 - 222 4 4,558 805 

12/31/02 1-3/4% note V 0 12/31/04 33,203 6,195 176 4,391 16,783 3 451 1 4,215 989 

01/15/03 3% IIS note C 2 07/15/12 6,004 - 5 196 3,221 40 1,638 1 759 143 

01/31/03 1-5/8% note G 0 01/31/05 33,837 6,834 61 835 17,003 1 532 3 7,208 1,361 

02/18/03 3% note E 0 02/15/08 27,489 3,484 113 1,963 16,861 50 799 - 3,603 616 

02/18/03 3-7/8% note A 0 02/15/13 19,498 1,497 2 134 9,864 0.02 5,080 - 2,313 610 

02/28/03 1-1/2% note H 0 02/28/05 35,332 8,333 37 773 18,279 4 551 3 6,670 683 

03/31/03 1-5/8% note J 0 03/31/05 35,211 8,211 35 901 12,675 2 6,603 - 5,430 1,355 

04/30/03 1-5/8% note K 0 04/30/05 34,295 7,293 - 2 12,395 - 6,000 - 7,274 1,332 

05/15/03 2% note G 0 05/15/06 22,392 391 58 796 15,609 1 1,768 0.4 3,261 508 

05/15/03 2-5/8% note F 0 05/15/08 18,339 336 50 163 11,902 1 2,788 1 3,098 1 

05/15/03 3-5/8% note B 0 05/15/13 18,254 252 0.3 141 12,392 - 2,346 - 2,784 339 

06/02/03 1-1/4% note L 0 05/31/05 31,021 6,020 77 845 14,479 2 806 2 7,841 948 

06/16/03 2-5/8% note F 1 05/15/08 15,000 - 46 48 12,881 0.1 1,234 - 542 249 

06/30/03 1-1/8% note M 0 06/30/05 31,701 6,700 100 800 15,414 3 153 1 7,270 1,261 

07/15/03 1-7/8% IIS note C 0 07/15/13 11,007 - 20 542 4,925 201 3,250 3 2,042 23 

07/31/03 1-1/2% note N 0 07/31/05 29,997 4,996 55 677 15,453 7 109 3 7,737 959 

08/15/03 4-1/4% note D 0 08/15/13 20,521 2,515 8 230 12,366 1 1,778 - 3,575 48 

08/15/03 3-1/4% note G 0 08/15/08 21,357 3,354 15 228 12,055 1 1,532 - 4,051 122 

08/15/03 2-3/8% note H 0 08/15/06 27,909 3,907 51 255 19,505 1 806 - 3,010 375 

09/02/03 2% note P 0 08/31/05 30,592 5,590 69 812 17,518 1 742 7 4,293 1,560 

09/15/03 3-1/8% note H 0 09/15/08 16,002 - 6 138 12,137 1 660 1 3,060 - 

09/15/03 4-1/4% note D 1 08/15/13 13,000 - - 76 9,910 - 2,070 - 775 169 

09/30/03 1-5/8% note Q 0 09/30/05 31,539 6,535 47 715 15,458 2 397 6 7,089 1,290 

10/15/03 3-1/8% note J 0 10/15/08 15,996 - 7 94 8,000 - 3,540 - 4,345 10 

10/15/03 1-7/8% IIS note C 1 07/15/13 9,002 - 5 307 5,517 7 3,121 - 34 11 

10/31/03 1-5/8% note R 0 10/31/05 32,368 6,368 55.76 651 13,976 3.17 2,931 5 7,050 1,330 

11/17/03 4-1/4% note E 0 11/15/13 18,636 1,634 2 175 10,539 - 3,075 - 3,200 11 

11/17/03 3-3/8% note K 0 11/15/08 18,181 2,178 15 277 10,962 0.1 596 - 4,140 12 

11/17/03 2-5/8% note J 0 11/15/06 26,536 2,538 26 198 15,071 1 1,221 - 6,503 978 

12/01/03 1-7/8% note S 0 11/30/05 32,204 6,201 54 639 16,961 3 632 5 6,400 1,309 

12/15/03 4-1/4% note E 1 11/15/13 12,001 - 0.1 55 9,181 0.3 1,275 - 1,185 305 

12/15/03 3-3/8% note L 0 12/15/08 16,000 - 6 97 10,402 0.5 607 - 4,250 636 

12/31/03 1-7/8% note T 0 12/31/05 33,996 7,987 63 681 17,766 0.6 211 6 5,400 1,882 

01/15/04 2% IIS note A 0 01/15/14 12,000 - 10 275 7,051 9 4,175 5 453 23 

01/15/04 3-1/4% note D 0 01/15/09 16,003 - 5 358 9,561 251 1,601 - 4,147 80 

1

 Depository institutions include banks. 

2

 Includes partnerships and personal trust accounts. 

3

 Residual. 
43

INTRODUCTION: Savings Bonds and Notes 

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. Series HH bonds are issued in 

exchange for series E and EE savings bonds and savings 

notes. Series A-D were sold from March 1, 1935, through 

April 30, 1941. Series E was on sale from May 1, 1941, 

through December 31, 1979 (through June 1980 to payroll 

savers only). Series F and G were sold from May 1, 1941, 

through April 30, 1952. Series H was sold from June 1, 

1952, through December 31, 1979. Series HH bonds were 

sold for cash from January 1, 1980, through October 31, 

1982. Series J and K were sold from May 1, 1952, through 

April 30, 1957. U.S. savings notes were on sale May 1, 

1967, through June 30, 1970. The notes were eligible for 

purchase by individuals with the simultaneous purchase of 

series E savings bonds. 

The principal terms and conditions for purchase and 

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal 1974. 

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through December 31, 2003 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

 Series 

Sales 1 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued discount 

(3) 

 Redemptions 1 

 (4) 

 Interest- 

 bearing debt 

 (5) 

 Matured 

 non-interest-

 bearing debt

 (6) 

 

Savings bonds: 

Series A-D 2..................................................... 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH................................. 854,926 236,598 1,091,524 392,009 169,511 11,538 

Series I ............................................................ 18,724 1,112 19,836 5,588 22,649 -

Series F and G................................................ 28,396 1,125 29,521 29,517 - 3 

Series J and K................................................. 3,556 198 3,754 3,753 - -

Savings notes.................................................. 862 717 1,579 1,334 - 98 

Total ............................................................ 910,413 240,804 1,151,217 437,203 192,160 11,640 

 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series 

E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J 

bonds for series H bonds beginning January 1960; and (3) U.S. savings notes for series H 

bonds beginning January 1972; however, they exclude exchanges of series E bonds for 

series H and HH bonds. 

2

 Details by series on a cumulative basis and by period of series A-D combined can be 

found in the February 1952 and previous issues of the “Treasury Bulletin.” 
44 U.S. SAVINGS BONDS AND NOTES 

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 1 

(5) 

Accrued 

discount 1 

(6) 

Interestbearing debt 

(7) 

Matured 

non-interestbearing debt

(8) 

Fiscal years: 

1935-00.............................. 398,892 216,845 615,737 410,627 317,217 93,410 177,659 6,544 

2001 ................................... 8,047 8,381 16,428 13,846 6,480 7,366 179,515 6,751 

2002 ................................... 12,542 7,719 20,261 12,494 5,487 7,007 185,495 7,638 

2003 ................................... 13,776 7,276 21,052 12,057 5,401 6,656 192,563 8,832 

 Calendar years: 

1935-99.............................. 403,133 233,253 636,386 438,200 323,106 115,094 179,277 7,005 

2000 ................................... 6,732 8,333 15,065 16,433 7,959 8,474 176,802 7,794 

2001 ................................... 11,557 8,289 19,846 13,509 6,223 7,286 181,416 8,780 

2002 ................................... 9,063 7,009 16,072 11,489 5,013 6,476 186,739 7,527 

 2002 - Dec ......................... 1,038 587 1,625 1,093 511 582 184,698 10,058 

2003 - Jan .......................... 1,603 691 2,294 1,252 553 699 185,863 9,776 

Feb......................... 952 608 1,560 896 406 490 186,604 9,647 

Mar......................... 958 565 1,523 970 395 575 187,271 9,487 

Apr.......................... 1,151 699 1,850 1,012 435 577 188,204 9,346 

May ........................ 1,234 508 1,742 952 422 530 189,062 9,231 

June ....................... 1,215 549 1,764 994 456 538 189,887 9,124 

July......................... 1,361 655 2,016 1,102 509 593 190,849 9,019 

Aug......................... 1,251 593 1,844 1,034 477 557 191,685 8,921 

Sept........................ 1,232 551 1,783 923 420 503 192,563 8,832 

Oct.......................... 1,962 494 2,456 932 406 526 194,100 8,745 

Nov......................... 949 511 1,460 801 365 436 192,900 10,521 

Dec......................... 953 555 1,508 1,142 482 660 192,160 11,538 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated. 

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series E and EE 

Fiscal years: 

1941-00 ............. 353,733 213,100 566,833 360,376 257,388 102,988 23,611 162,749 6,169 

2001 .................. 4,307 8,271 12,578 12,822 5,330 7,492 1,160 161,044 6,710 

2002 .................. 5,689 7,227 12,916 11,187 4,197 6,990 1,470 160,038 7,588 

2003 .................. 5,058 6,673 11,731 10,734 3,986 6,748 1,337 158,536 8,761 

 Calendar years: 

1941-99 ............. 352,457 220,382 572,839 364,898 261,664 103,234 25,019 165,702 6,983 

2000 .................. 4,396 8,262 12,658 12,951 6,631 6,320 663 161,386 7,739 

2001 .................. 4,591 8,064 12,655 12,349 5,012 7,337 1,234 159,365 6,710 

2002 .................. 5,102 6,498 11,600 10,212 2,869 7,343 1,304 160,575 7,440 

 2002 - Dec......... 593 544 1,137 983 403 580 138 158,083 9,948 

2003 - Jan ......... 639 650 1,289 1,228 421 807 216 158,199 9,677 

 Feb ........ 357 573 930 781 293 488 116 158,354 9,555 

 Mar ........ 392 526 918 857 283 574 103 158,466 9,400 

 Apr......... 510 656 1,166 891 316 575 93 158,786 9,264 

 May........ 237 459 696 840 311 529 78 158,676 9,151 

 June....... 336 496 832 873 338 535 87 158,651 9,047 

 July ........ 339 597 936 966 375 591 91 158,632 8,945 

 Aug ........ 289 526 815 911 354 557 79 158,554 8,848 

 Sept....... 296 478 774 806 304 502 74 158,536 8,761 

 Oct......... 612 416 1,028 816 294 522 86 158,747 8,675 

 Nov ........ 180 427 607 704 269 435 72 156,811 10,442 

 Dec ........ 557 464 1,021 1,027 359 668 109 155,722 11,417 

See note at end of table. 
U.S. SAVINGS BONDS AND NOTES 45

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

 Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

 Total 

 (4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series H and HH 

 

Fiscal years: 

1952-00 ........... 13,970 - 13,970 24,739 24,739 - 23,519 12,759 20 

2001 ................ 101 - 101 1,023 1,023 - 1,160 12,815 41 

2002 ................ 47 - 47 921 921 - 1,470 13,361 50 

2003 ................ 33 - 33 946 946 - 1,336 13,765 71 

 Calendar years: 1952-99 ........... 13,654 - 13,654 24,039 24,039 - 23,629 12,869 22 

2000 ................ 106 - 106 2,291 2,291 - 1,052 12,704 56 

2001 ................ 47 - 47 1,053 1,053 - 1,225 12,860 85 

2002 ................ 40 - 40 212 212 - 1,442 13,447 87 

- 2002 - Dec....... 1 - 1 67 67 - 138 13,496 110 

2003 - Jan ....... 5 - 5 88 88 - 216 13,630 99 

 Feb ...... 9 - 9 77 77 - 116 13,667 93 

 Mar ...... 4 - 4 73 73 - 103 13,699 87 

 Apr....... 3 - 3 88 88 - 92 13,718 82 

 May...... 1 - 1 77 77 - 78 13,731 80 

 June..... 1 - 1 87 87 - 87 13,750 77 

 July ...... 1 - 1 91 91 - 91 13,759 74 

 Aug ...... 1 - 1 79 79 - 79 13,759 73 

 Sept..... 1 - 1 74 74 - 74 13,765 71 

 Oct....... 3 - 3 73 73 - 86 13,784 70 

 Nov ...... 4 - 4 60 60 - 72 13,790 79 

 Dec ...... 2 - 2 70 70 - 109 13,789 121 

 

Series I 

 

Fiscal years: 

1999-00 ........... 1,730 41 1,771 49 49 - - 2,152 -

2001 ................ 3,633 195 3,828 131 131 - - 5,656 -

2002 ................ 6,806 490 7,296 366 366 - - 12,096 -

2003 ................ 8,683 590 9,273 518 518 - - 20,262 -

 Calendar years: 1999 ................ 685 1 685 14 14 - - 469 -

2000 ................ 1,898 70 1,968 61 61 - - 2,712 -

2001 ................ 6,543 243 6,786 165 165 - - 9,192 -

2002 ................ 3,920 502 4,422 397 397 - - 12,717 -

 2002 - Dec....... 443 43 486 41 41 - - 13,120 -

2003 - Jan ....... 959 41 1,000 45 45 - - 14,034 -

 Feb ...... 585 35 620 36 36 - - 14,583 -

 Mar ...... 562 39 601 39 39 - - 15,106 -

 Apr....... 639 42 681 45 45 - - 15,700 -

 May...... 997 49 1,046 41 41 - - 16,655 -

 June..... 878 53 931 47 47 - - 17,487 -

 July ...... 1,021 58 1,079 51 51 - - 18,457 -

 Aug ...... 959 67 1,026 44 44 - - 19,373 -

 Sept..... 934 72 1,006 45 45 - - 20,262 -

 Oct....... 1,347 78 1,425 40 40 - - 21,569 -

 Nov ...... 766 84 850 36 36 - - 22,299 -

 Dec ...... 394 90 484 43 43 - - 22,649 -

 

Note.—Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 

1967, through June 30, 1970, to E bond buyers. 
46 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated amount of 

public debt securities held by private investors. Information 

is obtained from sources such as the Federal financial 

institution regulatory agencies. State, local, and foreign 

holdings include special issues of nonmarketable securities 

to municipal entities and foreign official accounts. They also 

include municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 47

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2001 ................................................ 5,834,475 5,807,463 2,468,757 460 2,468,297 559,636 

2002 ................................................ 6,255,406 6,228,236 2,675,648 311 2,675,336 628,414 

2003 ................................................ 6,810,343 1 6,783,320 r 2,859,291 311 2,859,070 r 654,593 

 

2002 - Dec....................................... 6,432,982 6,405,707 2,758,322 311 2,758,011 629,406 

2003 - Jan ....................................... 6,428,300 6,401,377 2,764,927 311 2,764,616 628,154 

Feb ...................................... 6,472,192 6,445,790 2,763,503 311 2,763,192 635,688 

Mar ...................................... 6,487,656 6,460,776 2,749,997 311 2,749,686 640,151 

Apr....................................... 6,486,825 6,460,381 2,758,077 311 2,757,766 645,850 

May...................................... 6,584,641 6,558,147 2,782,056 311 2,781,745 643,590 

June..................................... 6,697,131 6,670,121 2,853,842 311 2,853,531 650,642 

July ...................................... 6,778,181 6,751,195 2,848,868 311 2,848,557 651,450 

Aug ...................................... 6,817,171 6,790,041 2,842,735 311 2,842,424 652,431 

Sept..................................... 6,810,343 1 6,783,320 r 2,859,291 311 2,859,070 654,593 

Oct....................................... 6,899,502 6,872,676 2,883,523 311 2,883,212 657,201 

Nov ...................................... 6,951,658 6,925,066 2,893,152 233 2,892,919 656,775 

Dec ...................................... 7,023,370 6,997,964 2,954,451 233 2,954,218 665,000 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable 

(8) 

Nonmarketable 

(9) 

Total 

outstanding 

(10) 

 Held by 

 private 

 investors 

 (11) 

 

2001 .................................................................... 2,779,070 2,370,630 408,441 27,011 27,011 

2002 .................................................................... 2,924,175 2,507,997 416,178 27,170 27,170 

2003 .................................................................... r 3,269,257 r 2,805,814 463,443 27,023 27,023 

 

2002 - Dec........................................................... 3,017,979 2,575,545 442,435 27,275 27,275 

2003 - Jan ........................................................... 3,008,296 2,568,715 439,581 26,923 26,923 

Feb .......................................................... 3,046,599 2,637,711 408,888 26,402 26,402 

Mar .......................................................... 3,070,628 2,691,501 379,127 26,880 26,880 

Apr........................................................... 3,056,454 2,670,194 386,260 26,444 26,444 

May.......................................................... 3,132,501 2,710,024 422,477 26,494 26,494 

June......................................................... 3,165,637 2,728,136 437,502 27,009 27,009 

July .......................................................... 3,250,877 2,761,325 489,552 26,986 26,986 

Aug .......................................................... 3,294,875 2,801,459 493,416 27,130 27,130 

Sept......................................................... 3,269,257 2,805,814 463,443 27,023 27,023 

Oct........................................................... 3,331,952 2,861,776 470,176 26,826 26,826 

Nov .......................................................... 3,375,138 2,905,952 469,186 26,592 26,592 

Dec .......................................................... 3,378,513 2,909,949 468,564 25,406 25,406 

 

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

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

1 Totals for “Intragovernmental Holdings” and "Total Treasury Securities Outstanding" do 

not agree with the Daily Treasury Statement (DTS) or the Monthly Statement of the Public 

Debt (MSPD) dated September 30, 2003, due to an adjustment of $89 million reported by 

the Bureau of Public Debt after the publication of the DTS and the MSPD. 
48 OWNERSHIP OF FEDERAL SECURITIES 

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

(Historical) 

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

Interest-bearing public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

1999 ................................................ 5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472 

2000 ................................................ 5,701,851 5,622,092 r 2,235,763 461 2,235,249 511,413 

 

 Agency securities 

Interest-bearing public debt securities, con. 

Held by private investors 

End of 

fiscal year 

or month 

 Total 

 (7) 

Marketable 

(8) 

 Non- 

 marketable 

 (9) 

Matured 

public 

debt 

and debt 

bearing no 

interest 

(10) 

 Total 

 outstanding 

 (11) 

Held by 

U.S. Government 

accounts and 

Federal Reserve 

banks 

(12) 

Held by 

private 

investors 

(13) 

 

1999 ...................................... 3,162,094 2,735,403 426,691 9,030 28,505 634 27,871 

2000 ...................................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

 

Note.—Detail may not add to totals due to rounding. 
OWNERSHIP OF FEDERAL SECURITIES 49

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Government 

accounts 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

State and 

local 

governments 3

(10) 

Foreign 

and international 8

(11) 

Other 

investors 9

 (12) 

 

1993 - Mar......... 4,230.6 1,328.6 2,902.0 362.6 163.6 112.3 171.2 208.0 202.0 434.0 585.9 662.5 

 June ....... 4,352.0 1,400.6 2,951.4 360.9 166.5 111.8 176.9 217.8 207.5 441.2 596.8 672.0 

 Sept........ 4,411.5 1,422.2 2,989.3 366.2 169.1 125.3 189.2 229.4 217.6 434.0 619.1 639.4 

 Dec......... 4,535.7 1,476.1 3,059.6 373.0 171.9 119.6 186.6 234.5 227.1 447.8 650.3 648.9 

1994 - Mar......... 4,575.9 1,476.0 3,099.9 397.4 175.0 119.9 195.3 233.4 212.8 443.4 661.1 661.6 

 June ....... 4,645.8 1,547.5 3,098.3 383.8 177.1 129.2 193.4 238.0 204.6 425.2 659.9 687.1 

 Sept........ 4,692.8 1,562.8 3,130.0 364.0 178.6 136.2 191.9 243.7 201.6 398.2 682.0 733.8 

 Dec......... 4,800.2 1,622.6 3,177.6 339.6 179.9 139.9 191.9 240.1 209.4 370.0 667.3 839.5 

1995 - Mar......... 4,864.1 1,619.3 3,244.8 353.0 181.4 141.6 203.1 244.2 210.6 350.5 707.0 853.5 

 June ....... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.5 197.2 245.0 202.5 313.7 762.5 875.5 

 Sept........ 4,974.0 1,688.0 3,286.0 330.8 183.5 141.9 193.0 245.2 211.6 304.3 820.4 855.4 

 Dec......... 4,988.7 1,681.0 3,307.7 315.4 185.0 142.6 191.7 241.5 225.1 289.8 835.2 881.4 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 144.2 198.9 239.4 240.9 283.6 908.1 863.6 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.5 208.2 229.5 230.6 283.3 929.7 823.4 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.1 202.4 226.8 226.8 263.7 993.4 841.3 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 139.9 203.5 214.1 227.4 257.0 1,102.1 803.6 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.4 203.7 181.8 221.9 248.1 1,157.6 793.9 

 June ....... 5,376.2 1,998.9 3,377.3 300.1 186.3 141.9 209.3 183.1 216.8 243.3 1,182.7 713.7 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 142.9 219.7 186.8 221.6 235.2 1,230.5 685.8 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 216.9 176.6 232.4 239.3 1,241.6 677.0 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 136.5 211.9 169.4 234.7 238.1 1,250.5 701.8 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 129.6 214.8 160.6 230.7 258.5 1,256.0 622.2 

 Sept........ 5,526.2 2,213.0 3,313.2 244.4 186.0 121.1 211.2 151.3 231.8 266.4 1,224.2 676.8 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 113.2 217.7 141.7 253.5 269.3 1,278.7 635.9 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 109.5 218.4 137.5 254.0 272.5 1,272.3 629.4 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 111.0 222.5 133.6 227.9 279.1 1,258.8 539.2 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 110.8 215.3 128.0 224.4 271.6 1,281.4 516.5 

 Dec......... 5,776.1 2,542.2 3,233.9 248.6 186.4 110.5 211.2 123.4 228.7 266.8 1,268.7 589.6 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 108.5 247.3 120.0 221.8 260.0 1,106.9 694.9 

 June ....... 5,685.9 2,698.6 2,987.3 222.1 184.6 110.0 246.7 116.5 205.3 262.9 1,082.0 557.6 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 110.3 236.9 113.7 207.0 251.4 1,057.9 553.8 

 Dec......... 5,662.2 2,781.8 2,880.4 201.4 184.8 109.1 231.9 110.2 220.8 247.7 1,034.2 540.3 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 106.7 231.6 109.1 220.7 259.3 1,029.9 562.8 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 106.9 240.6 108.1 217.4 274.5 1,000.5 401.0 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 104.7 223.9 106.8 231.5 289.3 1,005.5 442.5 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 105.8 213.6 105.7 257.5 297.9 1,051.2 416.0 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 192.0 107.9 223.2 114.0 264.9 303.9 1,067.1 388.8 

 June ....... 6,126.5 3,276.7 2,849.8 204.4 192.8 110.5 213.4 122.0 250.0 316.8 1,135.4 304.4 

 Sept........ 6,228.2 3,303.5 2,924.8 210.4 193.3 112.9 210.3 130.4 253.7 316.4 1,200.8 296.5 

 Dec......... 6,405.7 3,387.2 3,018.5 222.8 194.9 116.4 212.5 139.7 279.0 320.0 1,246.8 286.3 

2003 - Mar......... 6,460.8 3,390.9 3,069.8 153.1 196.9 120.3 213.5 144.1 296.4 311.2 1,288.5 346.1 

 June ....... 6,670.1 3,505.4 3,164.7 145.9 199.1 121.7 218.8 147.5 312.4 323.5 1,385.3 310.6 

 Sept........ 6,783.2 3,515.3 3,268.0 147.7 201.6 120.4 213.3 150.6 295.9 325.9 1,459.3 353.3 

 Dec......... 6,998.0 3,620.1 3,377.9 n.a. 203.9 n.a. n.a. n.a. n.a. n.a. 1,538.0 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States.” Face value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve Banks, statement of 

condition, for System Open Market Accounts; and U. S. Treasury for Government 

accounts. Federal Reserve holdings exclude Treasury securities held under 

repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment 

companies. 

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1984 benchmark to December 1989, the 

1989 benchmark to December 1994, and the 1994 benchmark to March 2000. The March 

2000 benchmark was released in 2002. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 

Note.—Ownership data were revised (in June 1999) back to March 1989 in order to update 

ownership categories and to incorporate greater reliance on Flow of Funds data of the 

Federal Reserve Board. 
50 

INTRODUCTION: Market Yields

The table and chart in this section presents yields on 

Treasury marketable securities for maturities ranging from 

1-month to 20-years. 

Table MY-1 lists Treasury market bid yields at constant 

maturities for bills, notes, and bonds. The Treasury yield 

curve in the accompanying chart is based on current market 

bid quotations on the most actively traded Treasury 

securities as of 3:30 p.m. on the last business day of the 

calendar quarter. 

The Treasury uses quotations obtained by the Federal 

Reserve Bank of New York to derive the yield curve, based 

on semiannual interest payments and read at constant 

maturity points to develop a consistent data series. The 

Board of Governors of the Federal Reserve System 

publishes the Treasury constant maturity data series in its 

weekly Statistical Release H.15. 

On July 31, 2001, Treasury expanded its constant 

maturity index to include a 1-month constant maturity yield, 

and Table MY-1 now includes a 1-month maturity beginning 

on that date. On February 18, 2002, Treasury discontinued 

the 30-year constant maturity yield. In lieu of the 30-year 

yield, Table MY-1 will include a 20-year maturity. 

Historical data for the 20-year maturity is available from the 

Board of Governors’ Statistical Release H.15. 

Prior to January 2003, this section also included data on 

long-term Treasury, corporate and municipal yields (Table 

MY-2). Effective January 2003, Table MY-2 and Chart MYB have been discontinued because Treasury no longer issues 

long-term bonds and no longer calculates or estimates longterm corporate rates. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

[In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Period 

1-mo. 

(1) 

3-mo. 

(2) 

6-mo. 

(3) 

1-yr. 

(4) 

2-yr. 

(5) 

3-yr. 

(6) 

 5-yr. 

 (7) 

7-yr. 

(8) 

10-yr. 

(9) 

 20-yr. 

 (10) 

 

Monthly average: 

2003 - Jan....................................... 1.17 1.19 1.22 1.36 1.74 2.18 3.05 3.60 4.05 5.02

Feb..................................... 1.20 1.19 1.20 1.30 1.63 2.05 2.90 3.45 3.90 4.87

Mar..................................... 1.18 1.15 1.16 1.24 1.57 1.98 2.78 3.34 3.81 4.82

Apr ..................................... 1.16 1.15 1.17 1.27 1.62 2.06 2.93 3.47 3.96 4.91

May .................................... 1.08 1.09 1.11 1.18 1.42 1.75 2.52 3.07 3.57 4.52

June ................................... 0.97 0.94 0.94 1.01 1.23 1.51 2.27 2.84 3.33 4.34

July..................................... 0.90 0.92 0.97 1.12 1.47 1.93 2.87 3.45 3.98 4.92

Aug..................................... 0.95 0.97 1.05 1.31 1.86 2.44 3.37 3.96 4.45 5.39

Sept.................................... 0.91 0.96 1.03 1.24 1.71 2.23 3.18 3.74 4.27 5.21

Oct ..................................... 0.91 0.94 1.02 1.25 1.75 2.26 3.19 3.75 4.29 5.21

Nov..................................... 0.94 0.95 1.04 1.34 1.93 2.45 3.29 3.81 4.30 5.17

Dec..................................... 0.89 0.91 1.01 1.31 1.91 2.44 3.27 3.79 4.27 5.11

 

End of month: 

2003 - Jan....................................... 1.17 1.18 1.19 1.31 1.72 2.16 3.02 3.55 4.00 4.93

Feb..................................... 1.21 1.20 1.19 1.24 1.53 1.91 2.69 3.24 3.71 4.70

Mar..................................... 1.16 1.14 1.13 1.19 1.51 1.93 2.78 3.35 3.83 4.84

Apr ..................................... 1.13 1.13 1.15 1.22 1.51 1.95 2.85 3.39 3.89 4.79

May .................................... 1.16 1.11 1.09 1.13 1.33 1.58 2.30 2.87 3.37 4.36

June ................................... 0.81 0.90 0.98 1.09 1.32 1.66 2.46 3.03 3.54 4.52

July..................................... 0.91 0.96 1.02 1.28 1.80 2.33 3.38 3.98 4.49 5.43

Aug..................................... 0.98 0.98 1.06 1.35 1.95 2.51 3.46 4.00 4.45 5.33

Sept.................................... 0.87 0.95 1.01 1.15 1.50 1.95 2.85 3.41 3.96 4.91

Oct ..................................... 0.96 0.96 1.04 1.31 1.85 2.36 3.27 3.80 4.33 5.20

Nov..................................... 0.96 0.93 1.04 1.39 2.06 2.56 3.38 3.89 4.34 5.20

Dec..................................... 0.90 0.95 1.02 1.26 1.84 2.37 3.25 3.77 4.27 5.10

 

* Rates are from the Treasury yields curve. 
MARKET YIELDS 51

CHART MY-A.—Yields of Treasury Securities, 

December 31, 2003* 

Based on closing bid quotations of actively traded issues (in percentages) 

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

0 2 4 6 8 10 12 14 16 18 20

Years to maturity 

* Source: Office of Debt Management 

Note: The yield curve is based on actively traded issues. 
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, December 31, 2003 

[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 .............................. $835,400,506,319 $800,441,456,461 $799,932,306,032 $259,042,866 $250,107,563

Less amounts held by: 

The Treasury....................................... 328,706,785 23,400,785 23,218,974 7,505 174,306

FRBs ................................................... 110,897,457,169 110,175,727,412 110,175,726,597 - 815

Amounts in circulation............................. $724,174,342,365 $690,242,328,264 $689,733,360,461 $259,035,361 $249,932,442

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $34,959,049,858 $3,500,209,008 $31,458,840,850 

Less amounts held by: 

The Treasury....................................... 305,306,000 273,394,001 31,911,999 

FRBs ................................................... 721,729,757 107,248,189 614,481,568 

Amounts in circulation............................. $33,932,014,101 $3,119,566,818 $30,812,447,283 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 53

TABLE USCC-2.—Amounts Outstanding and in Circulation, December 31, 2003 

[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 ...................................................................... $8,244,119,532 $8,098,848,403 $143,503 $145,127,626 

$2 ...................................................................... 1,346,757,587 1,214,461,793 132,283,218 12,576 

$5 ...................................................................... 9,706,012,685 9,567,521,245 109,456,510 29,034,930 

$10 .................................................................... 15,144,350,820 15,122,739,150 6,300 21,605,370 

$20 .................................................................... 107,773,467,840 107,753,359,320 3,840 20,104,680 

$50 .................................................................... 59,942,201,800 59,930,701,150 500 11,500,150 

$100 .................................................................. 487,771,632,400 487,732,507,900 17,130,900 21,993,600 

$500 .................................................................. 142,647,000 142,451,500 5,500 190,000 

$1,000 ............................................................... 165,913,000 165,700,000 5,000 208,000 

$5,000 ............................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ............................................................. 3,460,000 3,360,000 - 100,000 

Fractional notes 4 .............................................. 600 - 90 510 

Total currency ............................................... $690,242,328,264 $689,733,360,461 $259,035,361 $249,932,442 

Comparative totals of currency and coins in circulation—selected dates 

Amounts (in millions) 

(1) 

Per capita 5 

(2) 

 

Dec. 31, 2003................................................................................................... 724,174 $2,477

Nov. 30, 2003................................................................................................... 712,987 2,440 

Oct. 31, 2003.................................................................................................... 702,335 2,404 

Sept. 30, 2000.................................................................................................. 568,614 2,061 

Sept. 30, 1995.................................................................................................. 409,272 1,553 

Sept. 30, 1990.................................................................................................. 278,903 1,105 

Sept. 30, 1985.................................................................................................. 187,337 782 

Sept. 30, 1980.................................................................................................. 129,916 581 

June 30, 1975 .................................................................................................. 81,196 380 

June 30,1970 ................................................................................................... 54,351 265 

June 30, 1965 .................................................................................................. 39,719 204 

June 30, 1960 .................................................................................................. 32,064 177 

June 30, 1955 .................................................................................................. 30,229 183 

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

 5 Based on Bureau of the Census estimates of population. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
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) 

 

1999 ................................................................................... 71,516 11,048 10,336 32,182 17,950 

2000 ................................................................................... 67,647 11,046 10,539 31,238 14,824 

2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 

2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 

 

2003 - Jan .......................................................................... 78,434 11,043 11,298 34,140 21,953 

Feb ......................................................................... 78,579 11,043 11,368 34,482 21,686 

Mar ......................................................................... 80,049 11,043 11,392 34,756 22,858 

Apr.......................................................................... 80,405 11,043 11,476 35,148 22,738 

May......................................................................... 82,287 11,044 11,880 36,149 23,214 

June........................................................................ 81,660 11,044 11,720 35,686 23,210 

July......................................................................... 80,620 11,043 11,646 35,185 22,746 

Aug ......................................................................... 80,422 11,043 11,619 35,297 22,463 

Sept........................................................................ 84,431 11,043 12,062 37,259 24,067 

Oct.......................................................................... 84,150 11,043 12,079 37,433 23,595 

Nov ......................................................................... 85,142 11,043 12,244 38,237 23,618 

Dec ......................................................................... 85,938 11,043 12,638 39,722 22,535 

2004 - Jan .......................................................................... 85,255 11,043 12,598 39,727 21,887 

 

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. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

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

 Includes an SDR $361 million loan to the IMF under the General Arrangements to 

Borrow in July 1998, and an SDR $619 million loan to the IMF under the New 

Arrangements to Borrow in December 1998. 
58 INTERNATIONAL FINANCIAL STATISTICS 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury 

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable 

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2, 6

(10) 

Liabilities 

to nonmonetary 

international and 

regional 

organizations 7

(11) 

 

1999 ....................... 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453 

2000 - Mar. 8........... 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077 

Series Break........... 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482 

2000 ....................... 2,560,801 888,000 297,603 450,832 5,348 134,217 1,049,619 581,309 228,332 352,977 41,873 

2001 ....................... 2,719,151 895,406 282,290 454,306 3,411 155,399 1,125,812 653,374 284,671 368,703 44,559 

2002 - June 8 .......... 2,997,081 953,532 328,090 451,163 3,000 171,279 1,299,551 696,788 296,705 400,083 47,210 

Series Break........... 3,006,298 1,042,606 328,090 559,599 3,000 151,917 1,299,551 642,450 296,705 345,745 21,691 

 

2002 - Dec. r .......... 3,238,149 1,077,938 335,090 569,891 2,769 170,188 1,382,628 750,890 325,764 425,126 26,693 

2003 - Jan. r ........... 3,208,599 1,085,782 335,508 572,281 2,786 175,207 1,337,543 757,016 333,189 423,827 28,258 

Feb. r .......... 3,389,204 1,109,249 348,267 576,943 2,803 181,236 1,398,912 855,158 436,720 418,438 25,885 

Mar. r .......... 3,490,949 1,118,754 356,349 578,627 2,821 180,957 1,443,697 904,024 460,281 443,743 24,474 

Apr. r ........... 3,541,695 1,115,885 350,141 578,787 2,839 184,118 1,467,433 933,679 480,253 453,426 24,698 

May r........... 3,600,428 1,168,060 384,780 593,625 2,857 186,798 1,457,568 950,707 471,311 479,396 24,093 

June r.......... 3,626,274 1,174,944 376,968 610,122 2,876 184,978 1,459,986 964,114 457,085 507,029 27,230 

July r........... 3,734,164 1,181,833 371,192 622,460 2,894 185,287 1,505,536 1,017,753 477,419 540,334 29,042 

Aug............. 3,739,821 1,190,373 379,848 621,497 2,913 186,115 1,467,104 1,056,228 490,203 566,025 26,116 

Sept ............ 3,720,445 1,220,134 398,005 629,573 2,931 189,625 1,415,564 1,055,997 492,275 563,722 28,750 

Oct .............. 3,715,354 1,241,191 395,936 649,024 2,951 193,280 1,356,408 1,090,906 534,294 556,612 26,849 

Nov. p ......... 3,833,668 1,265,890 399,885 667,907 2,640 195,458 1,425,697 1,116,215 545,119 571,096 25,866 

Dec. p ......... 3,873,335 1,285,062 402,630 679,236 2,613 200,583 1,446,813 1,114,030 524,518 589,512 27,430 

 

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; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000 and end-June 2002, respectively, and are comparable to those 

shown for the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 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] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

1998 .............................................................................. 6,074 6,074 1,172 3,991 911 

1999 .............................................................................. 6,111 6,111 1,259 4,313 539 

2000 .............................................................................. 5,348 5,348 1,244 3,520 584 

2001 .............................................................................. 3,411 3,411 977 1,801 633 

 

2002 - Dec..................................................................... 2,769 2,769 715 1,368 686 

2003 - Jan ..................................................................... 2,786 2,786 719 1,377 690 

Feb ................................................................... 2,803 2,803 723 1,385 695 

Mar .................................................................... 2,821 2,821 728 1,394 699 

Apr..................................................................... 2,839 2,839 732 1,403 704 

May.................................................................... 2,857 2,857 736 1,412 709 

June................................................................... 2,876 2,876 741 1,422 713 

July .................................................................... 2,894 2,894 745 1,431 718 

Aug .................................................................... 2,913 2,913 750 1,440 723 

Sept................................................................... 2,931 2,931 754 1,449 728 

Oct..................................................................... 2,951 2,951 759 1,459 733 

Nov .................................................................... 2,640 2,640 763 1,139 738 

Dec .................................................................... 2,613 2,613 768 1,102 743 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $3,060 million. 

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $3,821 million. 

3

 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. 
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, quarterly, and semiannual 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 and to 

some sensitive data aggregates 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. The most recent 

revisions to selected reporting forms and instructions were 

effective February 28, 2003. The major changes are outlined 

under “Description of statistics” below. Copies of the 

reporting forms and instructions may be obtained from the 

Office of Program Services, Office of the Assistant Secretary 

for International Affairs, Treasury, Washington, D.C. 20220; 

the International Finance Division, Board of Governors of the 

Federal Reserve System, Washington, D.C. 20551; or district 

FRBs. Reporting forms and instructions also may be 

downloaded from the TIC website. 

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. The only exception is 

information pertaining to the Bank for International 

Settlements, which is reported opposite “Other Europe.” For 

purposes of publication only, information on the European 

Central Bank also is included in “Other Europe.” 

“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. Notices of these changes and requests for public 

comments on them were published in the Federal Register

last year and some modifications were made in response to 

the comments received. A detailed outline of the changes 

affecting each form may be accessed on the TIC website. 
CAPITAL MOVEMENTS 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. Twice a year, June 30 and December 31, they also 

report the same liabilities and claims items attributed to 

foreigners in countries not shown separately on the monthly 

reports. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies 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. 

Quarterly reports are 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 foreigners. Except as 

noted below under “Description of statistics,” the reportable 

liabilities and claims positions are 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. 

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. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in five 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. 

• 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 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 contains supplementary data on dollar 

liabilities to, and dollar claims on, countries not listed 

separately on the monthly reports submitted by banks, other 

depository institutions, and securities brokers and dealers in 

the United States. The supplementary reports are filed 

semiannually as of the end of June and December. 

• Section IV shows the liabilities to, and claims on, 

unaffiliated foreigners of exporters, importers, industrial and 

commercial concerns, financial institutions (other than 
62 CAPITAL MOVEMENTS 

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 information does not include any 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. These are reported by business 

enterprises to Commerce on its direct investment forms. 

However, effective with reports filed as of March 31, 2003, 

a number of changes were introduced in the coverage and 

reporting formats of nonbanking forms. A major revision is 

the addition of Section B to Form CQ-1 to capture foreign 

affiliate positions (including those with affiliates of the 

respondent’s parent) of insurance underwriting subsidiaries 

and financial intermediaries. Insurance underwriting 

subsidiaries of BHCs/FHCs now include positions vis-à-vis 

all foreign-resident affiliates. From end-March 2003 

forward, financial intermediaries are to report positions visà-vis all foreign-resident affiliated financial intermediaries. 

• 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. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the 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 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] 

2003 

Type of Liability 

 Calendar 

 Year 

 2002 r June r July r Aug. r Sept. Oct. Nov. Dec. p 

Total liabilities to all foreigners............................... 2,066,131 2,316,970 2,379,830 2,359,515 2,331,048 2,310,244 2,393,253 2,398,062 

Payable in dollars............................................... 1,985,588 2,243,448 2,306,308 2,285,993 2,263,617 2,242,813 2,325,822 2,330,631 

Foreign official institutions 1 ........................... 335,090 376,968 371,192 379,848 398,005 395,936 399,885 402,630 

Deposits, excluding negotiable CDs.......... 20,733 24,869 23,633 22,051 22,680 24,510 22,321 24,014 

U.S. Treasury bills and certificates ............ 190,444 210,047 205,897 214,275 207,918 207,871 215,580 212,025 

Other liabilities............................................ 123,913 142,052 141,662 143,522 167,407 163,555 161,984 166,591 

Foreign banks (including own foreign 

 offices) and other foreigners ........................ 1,637,031 1,853,845 1,919,729 1,894,081 1,850,495 1,833,358 1,913,472 1,913,987 

Deposits, excluding negotiable CDs.......... 148,729 839,639 857,923 821,466 816,308 754,747 798,868 832,679 

U.S. Treasury bills and certificates ............ 45,263 42,921 44,747 44,604 43,587 41,769 45,012 44,350 

Other liabilities............................................ 1,443,039 971,285 1,017,059 1,028,011 990,600 1,036,842 1,069,592 1,036,958 

International and regional organizations 2 ..... 13,467 12,635 15,387 12,064 15,117 13,519 12,465 14,014 

Deposits, excluding negotiable CDs.......... 5,769 6,598 5,515 5,367 6,922 6,041 4,978 5,784 

U.S. Treasury bills and certificates ............ 1,089 13 13 11 13 13 60 63 

Other liabilities............................................ 6,609 6,024 9,859 6,686 8,182 7,465 7,427 8,167 

Payable in foreign currencies 3 .......................... 80,543 73,522 73,522 73,522 67,431 67,431 67,431 67,431 

Sector: 

Banks and other foreigners........................ 71,361 63,226 63,226 63,226 57,344 57,344 57,344 57,344 

International and regional organizations 2 ...... 9,182 10,296 10,296 10,296 10,087 10,087 10,087 10,087 

Major currencies: 

Canadian dollars ........................................ 6,636 5,646 5,646 5,646 6,599 6,599 6,599 6,599 

Euro............................................................ 39,393 39,826 39,826 39,826 36,959 36,959 36,959 36,959 

United Kingdom pounds sterling................ 6,998 6,576 6,576 6,576 5,670 5,670 5,670 5,670 

Japanese yen............................................. 20,393 14,965 14,965 14,965 13,290 13,290 13,290 13,290 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars........................................................... 1,363,270 1,565,636 1,642,265 1,612,468 1,624,668 1,594,939 1,671,213 1,669,016 

Liabilities to own foreign offices..................... 941,416 1,061,034 1,120,670 1,089,034 1,091,088 1,036,378 1,099,575 1,120,132 

Liabilities collaterized by repurchase 

 agreements ............................................. 190,134 363,499 409,301 417,367 419,087 450,593 480,495 460,343 

Foreign official institutions 1 ................... 57,097 68,374 73,287 73,390 83,630 77,695 78,770 82,927 

Foreign banks and other foreigners....... 131,025 293,597 332,458 341,936 332,476 369,182 397,472 372,676 

International and regional organizations 2..... 2,012 1,528 3,556 2,041 2,981 3,716 4,253 4,740 

Reported by IBFs ........................................... 407,562 349,190 357,206 331,074 357,658 333,343 357,176 365,594 

Respondents’ own liabilities payable in 

 foreign currencies 3 ...................................... 80,543 72,310 72,310 72,310 67,157 67,157 67,157 67,157 

Reported by IBFs ........................................... 51,788 43,998 43,998 43,998 40,052 40,052 40,052 40,052 

Liabilities held in custody for domestic 

 customers..................................................... 622,318 679,024 665,255 674,737 639,223 648,148 654,883 661,889

Payable in dollars....................................... 622,318 677,812 664,043 673,525 638,949 647,874 654,609 661,615 

Payable in foreign currencies 3 .................. n.a. 1,212 1,212 1,212 274 274 274 274 

 

1

 Includes Bank for International Settlements. 

2

 Principally the International Bank for Reconstruction and Development (World Bank) 

and the Inter-American Development Bank. 

3

 Data may be as of preceding quarter-end for most recent month shown in table. 
64 CAPITAL MOVEMENTS 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2003 

Country 2000 2001 2002 r Aug. r Sept. Oct. Nov. Dec. p 

Europe: 

Austria ............................................... 2,755 3,277 2,862 5,035 5,091 6,346 4,698 5,089

Belgium 1 ........................................... 34,230 6,852 9,641 7,151 8,101 6,206 7,565 10,168

Bulgaria ............................................. 367 267 219 117 107 221 181 223

Czech Republic................................. 626 612 531 2,244 2,730 2,476 2,731 2,358

Denmark............................................ 3,134 3,778 5,115 1,701 1,945 2,955 2,989 3,729

Finland............................................... 1,412 1,446 1,711 3,677 3,566 1,096 5,938 1,814

France ............................................... 41,275 57,924 44,098 51,054 40,895 46,020 46,283 42,112

Germany............................................ 41,416 26,296 42,235 54,487 56,448 53,826 53,833 52,542

Greece............................................... 2,042 2,308 2,996 1,810 1,726 1,655 1,468 1,261

Hungary............................................. 1,127 730 439 694 643 561 700 348

Ireland ............................................... 8,115 16,694 33,146 36,729 33,739 35,708 34,921 31,239

Italy.................................................... 6,755 7,243 6,098 6,769 6,181 6,540 6,261 6,513

Luxembourg 1 .................................... n.a. 17,107 32,943 37,649 32,054 32,069 31,580 34,165

Netherlands....................................... 7,587 12,660 11,419 14,101 13,971 15,666 16,650 15,923

Norway .............................................. 2,310 3,746 18,907 17,893 20,444 22,557 19,545 22,504

Poland ............................................... 3,649 3,695 4,205 3,927 4,458 4,027 4,638 3,724

Portugal............................................. 2,529 4,082 3,676 1,901 1,920 2,141 2,196 1,106

Romania............................................ 850 1,481 1,919 503 472 442 409 575

Russia 2 ............................................. 19,052 20,808 23,158 31,299 30,290 35,917 37,632 41,687

Serbia and Montenegro (formerly 

Yugoslavia) 3 ................................. 282 309 301 182 155 148 182 148

Spain ................................................. 8,236 9,251 14,499 8,994 8,919 12,220 9,943 10,835

Sweden ............................................. 6,506 3,451 4,697 5,231 4,682 4,368 5,512 7,150

Switzerland........................................ 76,307 67,379 133,546 110,038 104,146 89,350 106,194 111,734

Turkey ............................................... 7,636 7,486 12,132 15,610 18,470 14,989 13,357 13,747

United Kingdom................................. 187,145 222,032 203,237 332,932 339,536 346,666 369,681 348,795

Channel Islands and Isle of Man 4 .... n.a. 36,307 47,820 23,444 23,562 21,595 21,263 20,878

Other Europe..................................... 16,518 19,397 25,108 19,522 21,551 17,786 18,756 16,513

Total Europe.................................. 481,861 556,618 686,658 794,694 785,802 783,551 825,106 806,880

Canada.................................................. 36,975 31,529 32,221 37,041 37,685 38,952 40,496 38,930

Latin America: 

Argentina........................................... 19,500 10,786 10,938 9,925 9,554 9,317 9,633 9,896

Brazil ................................................. 11,726 15,219 11,332 23,371 21,711 20,180 22,439 18,282

Chile .................................................. 5,946 4,993 6,194 4,834 4,383 4,769 4,155 4,474

Colombia ........................................... 4,561 4,716 4,174 4,445 4,402 4,347 3,977 4,264

Ecuador............................................. 2,117 2,396 2,307 2,397 2,319 2,571 2,605 2,570

Guatemala......................................... 1,619 1,900 1,396 1,521 1,614 1,593 1,595 1,561

Mexico............................................... 33,041 40,548 37,374 29,973 30,749 32,051 33,865 36,063

Panama............................................. 4,353 3,646 3,903 3,982 3,861 3,702 3,884 4,171

Peru................................................... 1,444 1,368 1,366 1,433 1,347 1,455 1,243 1,395

Uruguay............................................. 3,036 3,222 2,822 3,058 3,053 3,447 3,508 3,713

Venezuela ......................................... 24,984 25,311 22,540 20,107 20,123 21,003 21,419 21,378

Other Latin America 5........................ 10,094 6,311 6,415 5,904 6,100 5,829 6,045 6,104

Total Latin America ....................... 122,421 120,416 110,761 110,950 109,216 110,264 114,368 113,871

Caribbean: 

Bahamas ........................................... 191,061 179,382 164,133 156,887 154,935 146,357 159,907 168,912

Bermuda............................................ 9,763 10,611 25,281 39,419 37,445 40,807 43,766 38,815

British West Indies 6 .......................... 382,868 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 .............................. n.a. 445,040 639,443 777,323 736,549 736,656 746,085 756,317

Cuba.................................................. 90 88 91 94 94 93 93 96

Jamaica............................................. 828 1,222 840 705 846 777 714 717

Netherlands Antilles .......................... 5,454 3,273 5,011 8,207 8,672 7,784 6,974 8,528

Trinidad and Tobago......................... 904 1,281 1,420 1,201 1,298 1,292 1,252 1,258

Other Caribbean 5 ............................. n.a. 12,208 11,757 21,313 22,956 24,598 21,389 24,820

Total Caribbean............................. 590,968 653,105 847,976 1,005,149 962,795 958,364 980,180 999,463

See footnotes at end of table. 
CAPITAL MOVEMENTS 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] 

Calendar year 2003 

Country 2000 2001 2002 r Aug. r Sept. Oct. Nov. Dec. p

 

Asia: 

China: 

Mainland..................................... 16,531 10,498 15,483 20,880 26,444 22,229 20,988 13,168

Taiwan........................................ 17,374 17,657 18,708 21,331 28,135 27,124 23,903 25,933

Hong Kong ..................................... 26,996 26,706 33,365 39,830 35,631 36,843 42,417 49,665

India................................................ 4,530 3,676 7,968 10,792 16,942 11,921 13,581 14,522

Indonesia........................................ 8,514 12,424 14,123 9,647 10,597 12,281 13,822 14,380

Israel............................................... 8,099 7,908 7,505 10,131 10,803 10,103 10,332 12,227

Japan.............................................. 162,449 173,640 176,331 184,617 187,469 174,624 174,430 171,080

Korea.............................................. 7,960 9,035 8,978 12,820 12,808 12,321 14,758 12,626

Lebanon ......................................... 681 563 651 726 719 701 716 678

Malaysia ......................................... 2,335 1,299 1,221 1,616 1,835 1,665 1,463 1,651

Pakistan.......................................... 1,024 1,971 2,093 2,642 2,702 2,222 2,843 2,968

Philippines...................................... 2,320 1,777 1,813 1,494 1,517 1,943 1,544 1,604

Singapore....................................... 28,638 16,872 17,676 13,727 17,758 17,934 18,588 23,480

Syria ............................................... 59 67 35 27 22 23 23 21

Thailand.......................................... 3,212 4,757 7,607 4,575 5,201 5,774 7,121 7,201

Oil-exporting countries 7................. 24,939 19,334 18,893 15,700 17,504 18,789 25,313 24,660

Other Asia ...................................... 5,312 5,785 6,819 7,602 8,145 7,634 7,485 7,677

Total Asia ................................... 320,973 313,969 339,269 358,157 384,232 364,131 379,327 383,541

Africa: 

Congo (formerly Zaire)................... 4 4 2 6 4 3 5 18

Egypt .............................................. 2,621 2,783 2,655 2,968 2,697 2,408 2,540 2,355

Ghana............................................. 188 133 312 416 471 589 559 595

Liberia............................................. 318 229 141 168 185 194 195 194

Morocco.......................................... 148 274 306 305 293 287 333 376

South Africa.................................... 1,011 715 1,118 2,180 2,131 2,844 3,651 3,703

Oil-exporting countries 8................. 4,141 4,461 4,466 3,364 3,201 3,081 3,293 3,509

Other Africa .................................... 2,535 2,734 3,361 3,463 3,103 2,955 2,843 3,102

Total Africa ................................. 10,966 11,333 12,361 12,870 12,085 12,361 13,419 13,852

Other countries: 

Australia ......................................... 10,109 5,072 12,055 14,777 11,726 16,400 14,108 14,111

New Zealand 9................................ n.a. 318 1,918 2,010 1,650 1,937 2,979 2,571

All other .......................................... 1,281 413 263 1,507 653 678 718 742

Total other countries .................. 11,390 5,803 14,236 18,294 14,029 19,015 17,805 17,424

Total foreign countries ........... 1,575,554 1,692,773 2,043,482 2,337,155 2,305,844 2,286,638 2,370,701 2,373,961

International and regional 

organizations: 

International ................................... 12,193 15,508 20,464 20,852 23,521 21,405 20,652 20,200

European regional.......................... 453 689 1,511 638 574 371 566 449

Latin American regional ................. 740 480 507 538 899 805 575 672

Caribbean regional 10 ..................... n.a. 84 67 134 32 53 61 63

Asian regional ................................ 175 213 85 108 160 383 288 2,221

African regional .............................. 74 33 15 90 18 589 410 496

Middle Eastern regional ................. - - - - - - - -

Total international 

and regional ........................... 13,635 17,007 22,649 22,360 25,204 23,606 22,552 24,101

Grand total ............................. 1,589,189 1,709,780 2,066,131 2,359,515 2,331,048 2,310,244 2,393,253 2,398,062

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other.” 

10 Before January 2001, included in “Latin American regional.” 
66 CAPITAL MOVEMENTS 

TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2003, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

Total 

(1) 

 Payable 

 in 

 dollars 

 (2) 

Payable 

in 

foreign 

currencies 1

(3) 

Own 

 liabilities

 (4) 

 Custody 

 liabilities 

 (5) 

Nonnegotiable 

deposits 

and 

brokerage 

balances 2

 (6) 

 Short- 

 term 

 U.S. 

 Treasury 

obligations 3

(7) 

 Other 

 liabilities 

 (8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

 (9) 

Shortterm 

U.S. 

Treasury

obligations 3 

(10) 

 Other 

 liabilities

 (11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable

CDs 

held for 

all foreigners 

(13) 

Europe: 

Austria...................................... 5,089 4,820 269 1,661 3,159 157 337 4,039 182 50 55 13 2,752

Belgium 4 .................................. 10,168 9,354 814 7,972 1,382 3,783 96 4,199 409 230 637 4,206 418

Bulgaria.................................... 223 223 - 157 66 55 65 95 7 1 - 1 -

Czech Republic........................ 2,358 2,347 11 121 2,226 51 510 1,760 25 - 1 33 1

Denmark................................... 3,729 3,629 100 2,737 892 166 574 2,322 232 14 321 121 301

Finland ..................................... 1,814 1,780 34 1,163 617 936 76 636 41 89 2 888 452

France...................................... 42,112 40,736 1,376 27,788 12,948 6,749 9,179 14,177 1,015 112 9,504 11,015 1,037

Germany .................................. 52,542 46,719 5,823 40,224 6,495 12,710 866 24,985 1,759 462 5,937 23,556 2,685

Greece ..................................... 1,261 1,260 1 1,058 202 327 52 276 457 50 98 176 51

Hungary.................................... 348 332 16 123 209 24 166 70 29 43 - - -

Ireland ...................................... 31,239 31,112 127 5,604 25,508 468 160 1,157 1,015 1,086 27,226 233 4,258

Italy........................................... 6,513 5,864 649 4,754 1,110 2,458 115 2,609 551 37 94 1,360 657

Luxembourg 4........................... 34,165 33,750 415 19,712 14,038 8,430 2,648 7,288 272 649 14,463 14,980 1,128

Netherlands.............................. 15,923 15,062 861 12,648 2,414 1,130 244 6,440 2,150 282 4,816 6,194 68

Norway..................................... 22,504 22,499 5 21,794 705 748 17 21,576 59 2 97 688 20

Poland...................................... 3,724 3,704 20 897 2,807 786 1,600 1,260 43 - 15 734 -

Portugal.................................... 1,106 924 182 735 189 319 60 265 214 3 63 60 27

Romania................................... 575 568 7 437 131 36 - 512 17 3 - 10 -

Russia 5 .................................... 41,687 41,672 15 6,352 35,320 1,380 - 39,926 359 2 5 - 5

Serbia and Montenegro 

 (formerly Yugoslavia) 6.......... 148 148 - 148 - 34 - 96 18 - - - -

Spain........................................ 10,835 9,894 941 9,282 612 1,586 379 6,736 1,059 45 89 926 147

Sweden .................................... 7,150 7,077 73 4,999 2,078 178 448 3,248 143 105 2,955 138 1,464

Switzerland............................... 111,734 111,100 634 99,430 11,670 94,052 4,339 7,340 776 3,110 1,483 94,505 1,879

Turkey ...................................... 13,747 13,746 1 1,549 12,197 720 12,091 683 72 4 176 187 34

United Kingdom........................ 348,795 333,104 15,691 318,751 14,353 89,034 3,070 107,362 8,030 4,401 121,207 229,656 2,040

Channel Islands and Isle 

 of Man 7 .................................. 20,878 20,790 88 20,181 609 19,556 92 104 211 363 464 19,317 4

Other Europe .............................. 16,513 16,250 263 9,315 6,935 4,318 6,415 4,889 461 67 100 28 10

Total Europe........................... 806,880 778,464 28,416 619,592 158,872 250,191 43,599 264,050 19,606 11,210 189,808 409,025 19,438

Canada............................................ 38,930 35,845 3,085 20,578 15,267 5,060 3,959 18,145 2,444 462 5,775 12,798 633

Latin America: 

Argentina..................................... 9,896 9,828 68 9,181 647 380 10 897 7,821 229 491 320 225

Brazil ........................................... 18,282 16,281 2,001 15,803 478 8,474 14 2,436 4,539 107 711 1,823 201

Chile ............................................ 4,474 4,409 65 3,695 714 587 35 833 2,598 108 248 281 175

Colombia..................................... 4,264 4,231 33 3,442 789 393 17 1,098 2,541 64 118 12 160

Ecuador....................................... 2,570 2,567 3 2,489 78 376 - 468 1,646 4 73 134 27

Guatemala .................................. 1,561 1,540 21 1,251 289 146 199 258 848 4 85 7 65

Mexico......................................... 36,063 34,945 1,118 20,367 14,578 3,640 6,892 7,458 13,241 488 3,226 990 504

Panama....................................... 4,171 4,145 26 3,435 710 1,073 8 658 1,897 139 370 770 222

Peru............................................. 1,395 1,395 - 1,345 50 338 - 134 871 1 51 59 21

Uruguay ...................................... 3,713 3,706 7 3,236 470 749 143 1,220 1,124 185 285 915 110

Venezuela................................... 21,378 21,240 138 14,634 6,606 2,572 4,719 1,484 11,330 86 1,049 159 172

Other Latin America ................... 6,104 6,054 50 5,181 873 2,040 64 1,035 2,624 98 193 101 418

Total Latin America 113,871 110,341 3,530 84,059 26,282 20,768 12,101 17,979 51,080 1,513 6,900 5,571 2,300

Caribbean: 

Bahamas..................................... 168,912 168,355 557 165,419 2,936 138,221 216 17,611 4,485 830 6,992 141,723 221

Bermuda ..................................... 38,815 38,522 293 21,126 17,396 1,235 285 4,172 3,200 2,323 27,307 2,703 380

Cayman Islands 8 ....................... 756,317 749,502 6,815 539,073 210,429 248,377 167 374,894 8,490 5,433 112,141 461,198 4,674

Cuba............................................ 96 96 - 96 - 12 - 4 70 - 10 - -

Jamaica....................................... 717 670 47 664 6 317 - 165 182 - 6 15 3

Netherlands Antilles ................... 8,528 8,427 101 8,105 322 1,140 43 1,012 853 14 5,365 106 57

Trinidad and Tobago.................. 1,258 1,250 8 1,202 48 757 - 225 154 5 109 204 25

Other Caribbean......................... 24,820 24,731 89 16,761 7,970 3,404 395 1,090 6,463 1,376 12,003 297 2,576

Total Caribbean ................... 999,463 991,553 7,910 752,446 239,107 393,463 1,106 399,173 23,897 9,981 163,933 606,246 7,936

See footnotes at end of table. 
CAPITAL MOVEMENTS 67

TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2003, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 Payable 

 in 

 dollars 

 (2) 

Payable 

 in 

foreign 

currencies 1

(3) 

Own 

liabilities 

(4) 

Custody 

liabilities 

(5) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(6) 

Shortterm 

U.S. 

Treasury 

obligations 3

(7) 

Other 

liabilities 

(8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(9) 

Shortterm 

U.S. 

Treasury 

obligations 3 

(10) 

Other 

liabilities 

(11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable 

CDs 

held for 

all foreigners 

(13) 

Asia: 

China: 

Mainland ...................... 13,168 13,168 - 9,613 3,555 3,588 399 7,934 630 204 413 2,454 55

Taiwan ......................... 25,933 25,917 16 23,310 2,607 4,621 1,937 15,972 2,806 66 515 1,390 362

Hong Kong....................... 49,665 49,330 335 23,897 25,433 14,050 15,771 10,287 2,184 195 6,843 16,599 233

India.................................. 14,522 14,522 - 1,341 13,181 722 10,210 2,461 296 2 831 438 11

Indonesia ......................... 14,380 14,379 1 1,813 12,566 1,018 7,785 5,037 268 - 271 263 14

Israel................................. 12,227 12,219 8 5,110 7,109 482 5,631 3,568 1,510 343 685 801 493

Japan ............................... 171,080 160,318 10,762 49,980 110,338 17,936 103,987 30,672 3,046 344 4,333 34,561 452

Korea................................ 12,626 12,615 11 3,778 8,837 703 1,347 9,793 234 12 526 2,339 12

Lebanon........................... 678 678 - 651 27 220 - 343 89 3 23 12 24

Malaysia........................... 1,651 1,616 35 1,281 335 446 299 801 55 1 14 148 1

Pakistan ........................... 2,968 2,960 8 858 2,102 301 1,984 521 70 1 83 223 29

Philippines........................ 1,604 1,600 4 1,321 279 548 71 431 289 86 175 162 28

Singapore......................... 23,480 22,041 1,439 17,737 4,304 12,762 1,523 4,191 562 902 2,101 14,273 201

Syria ................................. 21 21 - 19 2 2 - - 17 - 2 - 2

Thailand ........................... 7,201 7,194 7 1,488 5,706 347 5,543 760 270 19 255 90 7

Other Asia........................ 32,337 31,106 1,231 19,263 11,843 11,104 8,832 7,891 778 489 2,012 8,386 1,648

Total Asia..................... 383,541 369,684 13,857 161,460 208,224 68,850 165,319 100,662 13,104 2,667 19,082 82,139 3,572

Africa: 

Congo (formerly Zaire).... 18 18 - 18 - 14 - - 4 - - 6 -

Egypt ................................ 2,355 2,350 5 1,005 1,345 603 1,095 351 255 - 46 147 53

Ghana .............................. 595 595 - 416 179 42 179 353 19 - 2 2 -

Liberia............................... 194 192 2 126 66 2 - 1 111 9 69 1 19

Morocco ........................... 376 376 - 373 3 60 - 264 52 - - 1 -

South Africa ..................... 3,703 3,697 6 3,692 5 1,558 - 1,971 162 2 4 3,102 3

Other Africa...................... 6,611 6,601 10 5,559 1,042 2,662 921 2,350 489 12 167 394 7

Total Africa .................. 13,852 13,829 23 11,189 2,640 4,941 2,195 5,290 1,092 23 288 3,653 82

Other countries: 

Australia ........................... 14,111 13,977 134 4,966 9,011 1,410 1,961 9,668 322 176 440 666 3,413

New Zealand ................... 2,571 2,457 114 2,062 395 47 17 1,866 146 72 309 1 4

All other............................ 742 467 275 395 72 117 - 162 155 14 19 33 6

Total other countries ... 17,424 16,901 523 7,423 9,478 1,574 1,978 11,696 623 262 768 700 3,423

Total foreign 

countries.............. 2,373,961 2,316,617 57,344 1,656,747 659,870 744,847 230,257 816,995 111,846 26,118 386,554 1,120,132 37,384

International and 

regional orgs.: 

International..................... 20,200 10,365 9,835 9,119 1,246 - - - 5,010 50 5,305 - -

European regional........... 449 449 - 437 12 - - - 415 12 22 - -

Latin American regional.... 672 420 252 394 26 - - - 332 - 88 - 26

Caribbean regional.......... 63 63 - 63 - - - - 17 - 46 - -

Asian regional.................. 2,221 2,221 - 2,220 1 - - - 8 1 2,212 - -

African regional................ 496 496 - 36 460 - - - 2 - 494 - 30

Middle Eastern regional.... - - - - - - - - - - - - -

Total international 

and regional ............ 24,101 14,014 10,087 12,269 1,745 - - - 5,784 63 8,167 - 56

Grand total............... 2,398,062 2,330,631 67,431 1,669,016 661,615 744,847 230,257 816,995 117,630 26,181 394,721 1,120,132 37,440

1

 These data as of June 30, 2003. 

2

 Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting 

countries in “Other Asia” and “Other Africa” amount to $1,972 million. 4

 Before January 2001, combined data reported for Belgium-Luxembourg. 

5

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

6

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia. 

7

Before January 2001, data included in United Kingdom. 

8

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
68 CAPITAL MOVEMENTS 

0

100

200

300

400

500

600

700

800

900

1000

1100

1999 2000 2001 2002 Dec. 2003 

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 1999 2000 2001 2002 Dec. 2003 

 

United Kingdom............................... 190,706 187,145 222,032 203,237 348,795

All other Europe .............................. 290,632 294,716 334,586 483,421 458,085

Caribbean banking centers 1,2......... 487,601 593,499 641,952 837,771 976,743

Japan............................................... 170,614 162,449 173,640 176,331 171,080

All other Asia ................................... 165,229 158,524 140,329 162,938 212,461 

Subtotal ......................................... 1,304,782 1,396,333 1,512,539 1,863,698 2,167,164 

All other countries ........................... 192,495 192,856 197,241 202,433 230,898 

Grand total..................................... 1,497,277 1,589,189 1,709,780 2,066,131 2,398,062

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

U.S. banking liabilities to 

foreigners, excluding long-term 

securities, were recorded at 

about $2.4 trillion in December 

2003, an increase of about $332 

billion from yearend 2002. 

Much of the increase in 

liabilities to foreigners in 2003 

reflects changes to the reporting 

scope of the TIC reporting 

system effective February 2003. 

Between March and December, 

when data are reported on a 

consistent basis, banking 

liabilities increased about $117 

billion. U.S. banking liabilities 

increased about $356 billion in 

2002, and $121 billion in 2001. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more than 

half of U.S. banking liabilities 

currently is recorded against the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers have recorded 

most of the growth in banking 

liabilities in recent years, and 

also recorded most of the 

reported increase in liabilities in 

2003. Foreigners domiciled in 

the rest of Europe and in Asia 

account for about 35 percent of 

U.S. banking liabilities. 
 CAPITAL MOVEMENTS 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] 

2002 2003 

Type of Claim 

 Calendar 

 Year 

 2001 Sept. Dec. r Mar. r June Sept. p 

Total claims.............................................................. 1,351,599 1,435,553 1,516,742 1,695,198 1,775,253 1,746,653 

Payable in dollars.................................................. 1,259,328 1,332,431 1,409,095 1,590,481 1,661,672 1,644,049 

Own claims on foreigners................................... 1,052,066 1,126,500 1,185,445 1,311,419 1,362,875 1,355,031 

Foreign official institutions............................... n.a. n.a. n.a. 46,849 39,187 45,762 

Foreign public borrowers................................. 45,672 61,732 48,765 n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 844,865 887,104 970,357 968,871 1,009,929 1,022,338 

All other foreigners .......................................... 161,529 177,664 166,323 295,699 313,759 286,931 

Claims of domestic customers.............................. 207,262 205,931 223,650 279,062 298,797 289,018 

Payable in foreign currencies .................................. 92,271 103,122 107,647 104,717 113,581 102,604 

Own claims on foreigners ..................................... 74,640 82,647 71,724 78,191 87,339 78,040 

of which: 

Canadian dollars.............................................. 6,106 7,585 7,614 5,415 10,113 9,440 

Euros................................................................ 42,980 49,176 40,858 42,991 41,865 40,669 

United Kingdom pounds sterling...................... 6,296 10,045 6,809 10,690 11,796 5,900 

Japanese yen................................................... 9,892 9,329 9,008 12,179 13,107 14,640 

Claims of domestic customers.............................. 17,631 20,475 35,923 26,526 26,242 24,564 

of which: 

Canadian dollars.............................................. 935 1,267 9,032 1,499 2,391 1,946 

Euros................................................................ 3,097 7,916 12,019 16,670 15,039 10,749 

United Kingdom pounds sterling...................... 1,133 1,434 2,863 3,017 2,835 3,276 

Japanese yen................................................... 351 2,458 7,362 814 3,406 3,540 

Memoranda: 

Total own claims on foreigners ............................. 1,126,706 1,209,147 1,257,169 1,389,610 1,450,214 1,433,071 

Non-negotiable deposits .................................... n.a. n.a. n.a. 517,247 537,723 533,018 

Short-term negotiable instruments 

 (payable in dollars)........................................... n.a. n.a. n.a. 11,835 13,154 8,295 

Resale agreements ............................................ 137,979 166,568 161,585 287,043 310,317 344,085 

Other................................................................... n.a. n.a. n.a. 573,485 589,020 547,673 

Claims on own foreign offices............................... 744,498 795,221 892,340 945,179 976,971 962,510 

Claims reported by IBFs ....................................... 339,685 331,689 344,333 329,564 344,037 336,856 

Payable in dollars............................................... 306,381 298,127 313,450 301,091 316,432 312,880 

Payable in foreign currencies............................. 33,304 33,562 30,883 28,473 27,605 23,976 

Total claims held for domestic customers ............ 135,294 141,297 171,397 305,588 325,039 313,582 

Non-negotiable deposits .................................... n.a. n.a. n.a. 133,303 148,268 130,888 

Short-term negotiable instruments 

 (payable in dollars)........................................... 114,287 123,013 137,289 132,962 140,272 146,522 

Other ..................................................................... 21,007 18,284 34,108 39,323 36,499 36,172 

 

 
70 CAPITAL MOVEMENTS 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2002 2003 

Country 

Calendar 

year 

2001 Mar. June Sept. Dec. r Mar. r June Sept. p 

 

Europe: 

Austria .................................................... 7,652 4,741 5,223 4,951 3,972 4,880 4,543 5,927

Belgium 1 ................................................ 7,583 8,651 7,831 6,406 8,255 11,137 9,532 10,735

Bulgaria .................................................. 2 - 3 14 10 244 11 110

Czech Republic ...................................... 600 291 172 188 149 441 157 151

Denmark................................................. 3,461 2,961 2,759 4,589 2,228 3,091 4,795 5,549

Finland.................................................... 10,877 14,891 16,780 16,514 9,020 10,487 9,529 7,256

France .................................................... 86,420 85,553 91,466 83,623 76,743 79,385 88,894 86,120

Germany................................................. 57,462 62,344 67,520 50,625 43,348 47,228 43,218 45,350

Greece.................................................... 554 547 514 590 653 483 342 249

Hungary.................................................. 25 134 33 51 211 148 127 155

Ireland..................................................... 9,122 6,840 6,426 3,861 4,990 7,387 7,317 13,699

Italy ......................................................... 8,065 8,011 7,856 7,570 7,750 8,506 8,910 9,155

Luxembourg 1 ......................................... 3,852 6,770 5,820 3,625 4,506 4,192 8,012 6,297

Netherlands ............................................ 22,908 22,918 25,756 27,397 32,757 33,211 32,077 31,270

Norway ................................................... 7,033 8,462 10,671 12,966 14,980 12,636 17,969 13,713

Poland .................................................... 535 615 165 177 179 421 677 1,166

Portugal .................................................. 2,159 2,417 2,200 2,372 2,641 2,503 2,942 3,106

Romania ................................................. 99 109 102 92 107 131 160 138

Russia 2 .................................................. 651 1,673 1,176 818 896 1,145 850 1,029

Serbia and Montenegro (formerly 

Yugoslavia) 3........................................ - - - - 9 - - 3

Spain ...................................................... 4,767 6,874 4,499 6,574 8,696 5,599 6,493 6,575

Sweden................................................... 20,660 20,204 26,505 20,062 22,789 23,051 22,668 24,542

Switzerland............................................. 97,696 125,000 127,652 115,954 138,173 115,402 114,591 103,511

Turkey..................................................... 3,370 5,314 3,968 3,872 3,305 3,556 3,384 3,400

United Kingdom...................................... 300,665 298,442 297,911 300,092 293,642 350,440 379,978 388,641

Channel Islands and Isle of Man 4 ......... 4,513 4,033 4,466 6,361 17,775 35,737 49,440 48,818

Other Europe.......................................... 2,894 3,009 2,364 1,786 1,997 2,387 2,810 2,680

Total Europe ........................................ 663,625 700,804 719,838 681,130 699,781 763,828 819,426 819,345

Canada...................................................... 77,121 80,063 90,875 87,653 94,126 81,943 78,205 83,141

Latin America: 

Argentina ................................................ 11,587 10,825 9,223 8,025 7,053 6,537 6,366 5,551

Brazil....................................................... 20,846 21,352 20,209 18,451 16,070 16,715 17,368 17,602

Chile ....................................................... 5,465 5,555 4,993 5,194 5,322 5,517 5,500 6,114

Colombia ................................................ 3,653 3,738 3,293 3,098 2,633 2,746 2,543 2,541

Ecuador.................................................. 507 491 511 478 469 508 496 422

Guatemala.............................................. 1,536 1,456 924 969 925 1,008 809 824

Mexico .................................................... 16,920 17,571 17,214 16,660 16,249 15,829 15,447 14,286

Panama .................................................. 3,441 3,080 2,926 2,151 2,070 2,041 2,139 2,065

Peru ........................................................ 2,201 2,064 1,845 1,613 1,424 1,414 1,555 1,408

Uruguay.................................................. 459 524 349 369 276 334 344 436

Venezuela .............................................. 3,209 3,626 3,556 3,480 3,404 3,471 3,392 3,197

Other Latin America 5 ............................. 3,404 2,928 2,993 2,893 2,780 2,958 2,488 2,537

Total Latin America.............................. 73,228 73,210 68,036 63,381 58,675 59,078 58,447 56,983

Caribbean: 

Bahamas ................................................ 103,541 98,873 110,791 93,025 96,358 110,720 118,901 107,048

Bermuda................................................. 8,470 8,500 11,850 13,332 10,620 24,441 22,771 14,287

Cayman Islands 6 ................................... 300,422 280,639 351,530 345,310 417,363 492,590 513,725 494,601

Netherlands Antilles ............................... 6,741 7,168 6,923 6,228 6,783 6,930 7,361 7,287

Trinidad and Tobago .............................. 940 971 866 930 889 884 862 788

Other Caribbean 5 .................................. 3,791 3,528 3,803 3,456 3,453 3,583 4,515 3,684

Total Caribbean................................... 424,323 400,176 486,124 462,744 535,787 639,625 668,556 628,095

See footnotes at end of table. 
 CAPITAL MOVEMENTS 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] 

2002 2003 

Country 

 Calendar 

 year 

 2001 Mar. June Sept. Dec. r Mar. r June Sept. p

 

Asia: 

China: 

Mainland .................................... 2,138 4,220 6,107 7,307 1,110 11,098 7,282 9,650

Taiwan ....................................... 4,599 4,693 6,663 8,830 3,939 8,431 5,634 7,601

Hong Kong ................................... 10,405 6,927 6,375 8,886 7,777 5,798 7,589 7,765

India.............................................. 1,477 1,377 1,595 1,340 1,314 1,193 1,530 1,789

Indonesia...................................... 1,795 1,784 1,617 1,476 1,795 1,247 1,308 1,638

Israel............................................. 6,984 5,622 5,858 7,517 6,979 5,602 7,120 5,386

Japan............................................ 40,047 37,218 43,859 51,772 59,792 66,136 72,660 72,741

Korea............................................ 10,786 14,081 15,103 17,495 11,209 13,201 7,138 7,292

Lebanon........................................ 45 42 43 46 48 38 75 78

Malaysia ....................................... 731 931 1,178 844 921 1,226 1,318 1,386

Pakistan........................................ 129 328 488 669 77 364 728 1,006

Philippines .................................... 2,598 2,078 2,008 2,188 2,180 2,699 1,601 1,455

Singapore ..................................... 3,513 3,436 3,419 3,699 4,425 4,146 4,322 6,836

Syria ............................................. 3 2 2 2 2 2 2 2

Thailand........................................ 2,544 1,516 753 1,879 1,443 1,661 1,557 2,122

Oil-exporting countries 7 ............... 9,222 11,176 12,248 11,532 10,487 9,878 8,477 7,965

Other Asia .................................... 357 497 548 726 246 212 206 131

Total Asia................................... 97,373 95,928 107,864 126,208 113,744 132,932 128,547 134,843

Africa: 

Congo (formerly Zaire) ................. - - - - - - - -

Egypt ............................................ 430 371 430 346 500 569 429 362

Ghana........................................... 25 14 6 9 12 13 17 17

Liberia........................................... 377 330 395 350 308 346 289 413

Morocco........................................ 123 104 96 75 71 66 60 52

South Africa.................................. 820 820 719 659 653 611 3,463 3,588

Oil-exporting countries 8 ............... 175 218 241 311 238 266 229 222

Other Africa .................................. 311 346 311 332 295 365 313 289

Total Africa ................................ 2,261 2,203 2,198 2,082 2,077 2,236 4,800 4,943

Other countries: 

Australia........................................ 8,057 7,149 7,727 8,507 7,793 8,175 10,401 11,402

New Zealand ............................... 477 922 782 1,018 881 2,356 1,254 1,263

All other ........................................ 75 13 148 33 69 118 97 82

Total other countries.................. 8,609 8,084 8,657 9,558 8,743 10,649 11,752 12,747

Total foreign countries ............ 1,346,540 1,360,468 1,483,592 1,432,756 1,512,933 1,690,291 1,769,733 1,740,097

International and regional orgs.: 

International.................................. 4,322 5,237 3,863 2,160 3,291 4,235 4,303 5,446

European regional........................ 21 12 44 23 8 1 11 1

Latin American regional ............... 237 213 240 229 179 189 153 248

Caribbean regional ...................... - - - - - - - -

Asian regional............................... 479 188 253 385 331 482 1,053 861

African regional ............................ - - - - - - - -

Middle Eastern regional ............... - - - - - - - -

Total international 

 and regional............................ 5,059 5,650 4,400 2,797 3,809 4,907 5,520 6,556

Grand total .............................. 1,351,599 1,366,118 1,487,992 1,435,553 1,516,742 1,695,198 1,775,253 1,746,653

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 
72 CAPITAL MOVEMENTS 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2003 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total 

(2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

(3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

 (6) 

Total 

(7) 

 Payable in 

 dollars 

 (8) 

 Payable in 

 foreign 

 currencies 

 (9) 

Europe: 

Austria ............................................... 5,927 5,553 2,593 2,867 32 93 374 373 1

Belgium 1 ........................................... 10,735 8,574 7,073 1,199 755 302 2,161 1,793 368

Bulgaria ............................................. 110 109 107 2 - - 1 1 -

Czech Republic ................................. 151 110 62 40 45 8 41 39 2

Denmark............................................ 5,549 1,829 1,390 405 892 34 3,720 3,642 78

Finland............................................... 7,256 6,963 6,833 94 6,630 36 293 3 290

France ............................................... 86,120 74,674 36,607 18,028 38,675 20,039 11,446 7,005 4,441

Germany............................................ 45,350 30,854 18,248 9,607 4,327 2,999 14,496 12,561 1,935

Greece............................................... 249 245 110 124 32 11 4 3 1

Hungary............................................. 155 151 147 3 2 1 4 - 4

Ireland................................................ 13,699 10,486 1,425 8,833 921 228 3,213 3,151 62

Italy .................................................... 9,155 7,743 5,873 349 3,784 1,521 1,412 1,107 305

Luxembourg 1 .................................... 6,297 4,992 3,608 1,325 2,311 59 1,305 761 544

Netherlands ....................................... 31,270 22,454 9,185 10,780 8,208 2,489 8,816 8,233 583

Norway .............................................. 13,713 12,710 12,282 420 - 8 1,003 988 15

Poland ............................................... 1,166 1,162 1,138 9 15 15 4 1 3

Portugal ............................................. 3,106 2,815 1,794 520 412 501 291 31 260

Romania ............................................ 138 138 69 48 - 21 - - -

Russia 2 ............................................. 1,029 1,007 497 496 - 14 22 22 -

Serbia and Montenegro (formerly 

 Yugoslavia) 3 ................................... 3 3 3 - - -- - -

Spain ................................................. 6,575 3,622 1,998 221 989 1,403 2,953 2,922 31

Sweden.............................................. 24,542 17,806 13,415 3,893 10,199 498 6,736 6,621 115

Switzerland........................................ 103,511 96,941 92,573 2,407 90,369 1,961 6,570 6,413 157

Turkey................................................ 3,400 2,980 1,798 1,153 36 29 420 406 14

United Kingdom................................. 388,641 292,565 218,066 58,649 224,542 15,850 96,076 91,084 4,992

Channel Islands and Isle of Man 4.......... 48,818 47,292 43,793 3,480 43,659 19 1,526 1,477 49

Other Europe..................................... 2,680 2,534 1,928 327 - 279 146 57 89

Total Europe ................................... 819,345 656,312 482,615 125,279 436,835 48,418 163,033 148,694 14,339

Canada................................................. 83,141 61,867 45,805 6,793 41,138 9,269 21,274 19,326 1,948

Latin America: 

Argentina ........................................... 5,551 5,074 984 4,058 786 32 477 229 248

Brazil.................................................. 17,602 17,301 10,037 6,753 5,030 511 301 301 -

Chile .................................................. 6,114 5,854 2,286 3,547 315 21 260 260 -

Colombia ........................................... 2,541 2,453 1,140 1,307 103 6 88 88 -

Ecuador............................................. 422 407 113 294 14 - 15 15 -

Guatemala......................................... 824 801 282 510 72 9 23 23 -

Mexico ............................................... 14,286 13,790 1,808 11,807 178 175 496 271 225

Panama ............................................. 2,065 1,900 975 907 345 18 165 165 -

Peru ................................................... 1,408 1,392 425 963 306 4 16 16 -

Uruguay............................................. 436 435 158 268 110 9 1 - 1

Venezuela ......................................... 3,197 3,170 682 2,338 9 150 27 27 -

Other Latin America 5 ........................ 2,537 2,508 1,310 1,198 78 - 29 27 2

Total Latin America......................... 56,983 55,085 20,200 33,950 7,346 935 1,898 1,422 476

Caribbean: Bahamas ........................................... 107,048 84,329 74,742 8,494 76,143 1,093 22,719 22,719 -

Bermuda............................................ 14,287 13,217 559 12,358 1,156 300 1,070 1,070 -

Cayman Islands 6 .............................. 494,601 410,890 345,149 59,684 334,622 6,057 83,711 83,287 424

Cuba.................................................. - - - - - - - - -

Jamaica ............................................. 400 400 78 321 28 1 - - -

Netherlands Antilles .......................... 7,287 7,189 900 6,193 690 96 98 98 -

Trinidad and Tobago ......................... 788 761 242 518 100 1 27 27 -

Other Caribbean 5 ............................. 3,684 3,592 590 2,888 135 114 92 92 -

Total Caribbean.............................. 628,095 520,378 422,260 90,456 412,874 7,662 107,717 107,293 424

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 73

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2003, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

 Total 

 claims 

 (1) 

Total 

 (2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

 (3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

(6) 

 Total 

 (7) 

 Payable in

 dollars 

 (8) 

Payable in 

foreign 

currencies 

(9) 

Asia: 

China: 

Mainland ......................................... 9,650 8,473 7,861 551 473 61 1,177 1,177 - 

Taiwan ............................................ 7,601 7,434 6,530 724 366 180 167 27 140 

Hong Kong ........................................ 7,765 6,829 3,868 2,736 3,043 225 936 889 47 

India................................................... 1,789 1,617 982 626 347 9 172 161 11 

Indonesia........................................... 1,638 873 325 523 4 25 765 762 3 

Israel.................................................. 5,386 3,212 2,769 420 1,603 23 2,174 2,171 3 

Japan................................................. 72,741 67,202 48,033 10,545 42,016 8,624 5,539 2,009 3,530 

Korea................................................. 7,292 7,216 6,076 1,121 2,323 19 76 39 37 

Lebanon............................................. 78 74 66 7 - 1 4 4 - 

Malaysia ............................................ 1,386 1,236 731 495 263 10 150 137 13 

Pakistan............................................. 1,006 1,001 17 984 964 - 5 4 1 

Philippines ......................................... 1,455 1,312 996 299 55 17 143 143 - 

Singapore .......................................... 6,836 6,409 5,619 458 4,536 332 427 363 64 

Syria .................................................. 2 - - - - - 2 2 - 

Thailand............................................. 2,122 2,088 1,793 35 617 260 34 31 3 

Other Asia ......................................... 8,096 7,795 5,885 476 4,995 1,434 301 301 - 

Total Asia........................................ 134,843 122,771 91,551 20,000 61,605 11,220 12,072 8,220 3,852 

Africa: 

Congo (formerly Zaire) ...................... - - - - - - - - - 

Egypt ................................................. 362 352 334 17 175 1 10 8 2 

Ghana................................................ 17 6 3 3 - - 11 11 - 

Liberia................................................ 413 366 1 343 - 22 47 47 - 

Morocco............................................. 52 42 35 - - 7 10 10 - 

South Africa....................................... 3,588 464 317 122 135 25 3,124 7 3,117 

Other Africa ....................................... 511 445 260 185 19 - 66 66 - 

Total Africa ..................................... 4,943 1,675 950 670 329 55 3,268 149 3,119 

Other countries: Australia............................................. 11,402 7,485 4,353 2,828 2,352 304 3,917 3,575 342 

New Zealand .................................... 1,263 943 312 454 31 177 320 258 62 

All other ............................................. 82 79 54 25 - - 3 1 2 

Total other countries....................... 12,747 8,507 4,719 3,307 2,383 481 4,240 3,834 406 

Total foreign countries ................. 1,740,097 1,426,595 1,068,100 280,455 962,510 78,040 313,502 288,938 24,564 

International and regional orgs.: 

International....................................... 5,446 5,446 - 5,446 - - - - - 

European regional............................. 1 - - - - - 1 1 - 

Latin American regional .................... 248 169 - 169 - - 79 79 - 

Caribbean regional ........................... - - - - - - - - - 

Asian regional.................................... 861 861 - 861 - - - - - 

African regional ................................. - - - - - - - - - 

Middle Eastern regional .................... - - - - - - - - - 

Total international and regional...... 6,556 6,476 - 6,476 - - 80 80 - 

Grand total ................................... 1,746,653 1,433,071 1,068,100 286,931 962,510 78,040 313,582 289,018 24,564 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the

former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data 

series. 
74 CAPITAL MOVEMENTS 

 

0

100

200

300

400

500

600

700

 1999 2000 2001 2002 Sept. 2003

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

 [In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 1999 2000 2001 2002 Sept. 2003 

United Kingdom...................... 172,345 223,976 300,665 293,642 388,641

All other Europe ...................... 283,430 324,734 362,960 406,139 430,704

Caribbean banking centers 1,2 340,917 388,987 422,615 533,194 625,288

Japan ...................................... 34,627 39,179 40,047 59,792 72,741

All other Asia........................... 53,267 49,440 57,326 53,952 62,102

Subtotal................................. 884,586 1,026,316 1,183,613 1,346,719 1,579,476

All other countries................... 148,542 150,876 167,986 170,023 167,177

Grand total ............................ 1,033,128 1,177,192 1,351,599 1,516,742 1,746,653

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In September 2003, U.S. 

banking claims, excluding 

long-term securities, amounted 

to nearly $1.8 trillion, an 

increase of about $230 billion 

from yearend 2002. In large 

part, the increase in claims 

reflects changes to the reporting 

scope of the TIC reporting 

system effective February 2003. 

Between March and September, 

when data are reported on a 

consistent basis, banking claims 

increased $51 billion. U.S. 

banking claims increased $165 

billion in 2002, and $174 

billion in 2001. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

About 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers accounted for 

most of the increase in U.S. 

banking claims through 

September of 2003. The share 

of claims against foreigners 

domiciled in Asia has declined 

over the past several years from 

about 20 percent at the end of 

1996 to less than 10 percent 

currently. 
 CAPITAL MOVEMENTS 75

SECTION III.—Supplementary Liabilities and Claims Data 

Reported by Banks in the United States 

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regularly Reported Separately 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Total liabilities Total banks’ own claims 

Calendar year 2003 Calendar year 2003 

Country 2001 2002 June 2001 2002 June 

 

Other Europe: 

Cyprus.............................................................. 181 143 276 28 22 n.a. 

Iceland.............................................................. 56 104 141 n.a. n.a. 39 

Monaco............................................................. 300 239 194 n.a. n.a. 65 

Other Latin America and Caribbean: 

Aruba................................................................ 238 255 281 n.a. 292 n.a. 

Barbados.......................................................... 2,127 1,357 1,735 831 619 256 

Belize................................................................ 147 319 234 n.a. n.a. 26 

Bolivia............................................................... 781 878 844 257 214 239 

Costa Rica........................................................ 1,076 933 1,107 910 708 660 

Dominica .......................................................... 53 45 46 n.a. n.a. 3 

Dominican Republic ......................................... 1,937 1,460 1,444 976 1,085 862 

El Salvador....................................................... 764 652 1,035 1,150 887 780 

French West Indies and French Guiana.......... 21 26 24 n.a. n.a. n.a. 

Haiti .................................................................. 295 257 337 31 24 38 

Honduras.......................................................... 1,768 1,718 1,604 338 362 249 

Nicaragua......................................................... 159 126 149 85 84 n.a. 

Paraguay.......................................................... 825 789 688 84 77 56 

Suriname.......................................................... 315 201 139 n.a. 11 n.a. 

Other Asia: 

Afghanistan ...................................................... 56 45 51 n.a. - - 

Burma............................................................... 8 9 3 - - - 

Jordan .............................................................. n.a. n.a. n.a. 103 82 71 

Macau............................................................... 41 84 72 - - - 

Sri Lanka .......................................................... 196 n.a. 809 11 n.a. 9 

Yemen.............................................................. 393 185 291 2 n.a. n.a. 

Other Africa: 

Angola .............................................................. n.a. n.a. 276 n.a. n.a. n.a. 

Cameroon......................................................... 13 16 15 9 14 19 

Ethiopia ............................................................ 249 n.a. 360 - - - 

Guinea.............................................................. 38 28 22 n.a. n.a. n.a. 

Ivory Coast ....................................................... n.a. n.a. 96 15 n.a. n.a. 

Kenya ............................................................... 147 106 152 n.a. 2 2 

Mauritius........................................................... 88 116 117 4 n.a. n.a. 

Mozambique..................................................... 55 n.a. 139 n.a. - - 

Rwanda ............................................................ 44 91 48 n.a. - n.a. 

Senegal ............................................................ n.a. 30 n.a. n.a. n.a. n.a. 

Somalia ............................................................ 11 9 n.a. - - - 

Sudan............................................................... 7 5 7 - - - 

Tanzania........................................................... 229 279 n.a. 5 n.a. 14 

Tunisia.............................................................. 172 n.a. 67 89 84 74 

Uganda............................................................. 79 202 116 2 n.a. n.a. 

Zambia ............................................................. 70 87 102 - n.a. n.a. 

Zimbabwe......................................................... 81 63 66 - - - 

All other: 

Papua New Guinea.......................................... n.a. n.a. 50 12 n.a. 7 

 

Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

dates for the “Other” geographical categories in the regular monthly/quarterly series on 

U.S. banking liabilities and claims in Capital Movements sections I and II. 
76 CAPITAL MOVEMENTS 

SECTION IV.—Liabilities to, and Claims on, Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2002 2003 

Type of liability or claim 1999 2000 2001 Sept. Dec. Mar. r June Sept. p 

Total liabilities ................................................ 53,020 73,904 66,679 68,225 67,664 85,568 82,176 83,240 

Payable in dollars....................................... 37,605 48,931 42,925 44,534 45,087 55,251 54,176 53,294 

Financial................................................. 13,883 25,246 18,763 18,913 18,844 30,296 28,938 28,390 

Short-term negotiable securities........ n.a. n.a. n.a. n.a. n.a. 3,675 3,088 2,384 

Other .................................................. n.a. n.a. n.a. n.a. n.a. 26,621 25,850 26,006 

Commercial............................................ 23,722 23,685 24,162 25,621 26,243 24,955 25,238 24,904 

Trade payables .................................. 11,720 12,162 10,893 13,102 13,469 12,954 13,683 14,573 

Advance receipts and other............... 12,002 11,523 13,269 12,519 12,774 12,001 11,555 10,331 

Payable in foreign currencies .................... 15,415 24,973 23,754 23,691 22,577 30,317 28,000 29,946 

By major foreign currency: 

Canadian dollars ................................ n.a. n.a. n.a. n.a. n.a. 641 884 1,431 

Euros.................................................. n.a. n.a. n.a. n.a. n.a. 13,411 10,959 14,221 

United Kingdom pounds sterling........ n.a. n.a. n.a. n.a. n.a. 7,870 7,587 8,529 

Japanese yen..................................... n.a. n.a. n.a. n.a. n.a. 3,122 2,899 2,099 

Other .................................................. n.a. n.a. n.a. n.a. n.a. 5,273 5,671 3,666 

By type of liability: 

Financial............................................. 14,097 22,173 22,271 22,398 20,717 26,757 24,741 27,935 

Short-term negotiable securities.... n.a. n.a. n.a. n.a. n.a. 17,753 15,154 15,026 

Other .............................................. n.a. n.a. n.a. n.a. n.a. 9,004 9,587 12,909 

Commercial........................................ 1,318 2,800 1,483 1,293 1,860 3,560 3,259 2,011 

Trade payables .............................. 1,114 2,131 888 717 1,230 2,008 1,743 977 

Advance receipts and other........... 204 669 595 576 630 1,552 1,516 1,034 

Total claims.................................................... 76,642 90,157 113,082 112,784 102,566 124,626 129,967 125,812 

Payable in dollars....................................... 69,170 79,558 103,864 104,748 91,551 107,904 108,086 103,673 

Financial................................................. 34,966 46,157 74,471 79,307 65,070 88,051 85,950 80,657 

Non-negotiable deposits .................... n.a. n.a. n.a. n.a. n.a. 45,055 48,236 44,728 

Negotiable CDs and short-term 

 negotiable instruments..................... n.a. n.a. n.a. n.a. n.a. 3,642 3,033 3,006 

Other .................................................. n.a. n.a. n.a. n.a. n.a. 39,354 34,681 32,923 

Commercial............................................ 34,204 33,401 29,393 25,441 26,481 19,853 22,136 23,016 

Trade receivables .............................. 30,624 30,007 25,828 21,982 22,635 17,010 17,849 19,247 

Advance payments and other............ 3,580 3,394 3,565 3,459 3,846 2,843 4,287 3,769 

Payable in foreign currencies .................... 7,472 10,599 9,218 8,036 11,015 16,722 21,881 22,139 

By major foreign currency: 

Canadian dollars ................................ n.a. n.a. n.a. n.a. n.a. 1,956 1,876 2,633 

Euros.................................................. n.a. n.a. n.a. n.a. n.a. 4,857 4,136 4,893 

United Kingdom pounds sterling........ n.a. n.a. n.a. n.a. n.a. 3,534 4,109 3,827 

Japanese yen..................................... n.a. n.a. n.a. n.a. n.a. 1,425 1,412 1,529 

Other .................................................. n.a. n.a. n.a. n.a. n.a. 4,950 10,348 9,257 

By type of claim: 

Financial............................................. 5,265 6,874 6,816 4,731 6,319 7,079 11,709 14,246 

Non-negotiable deposits ................ n.a. n.a. n.a. n.a. n.a. 1,367 1,697 2,014 

Short-term negotiable securities.... n.a. n.a. n.a. n.a. n.a. 135 174 168 

Other .............................................. n.a. n.a. n.a. n.a. n.a. 5,577 9,838 12,064 

Commercial........................................ 2,207 3,725 2,402 3,305 4,696 9,643 10,172 7,893 

Trade receivables .......................... 1,978 3,097 1,685 2,189 3,750 7,777 8,226 6,151 

Advance payments and other........ 229 628 717 1,116 946 1,866 1,946 1,742 

Memoranda: 

Financial liabilities and claims: 

Positions with unaffiliated entities: 

Financial liabilities .............................. 27,980 47,419 41,034 41,311 39,561 45,455 42,251 45,359 

Financial claims ................................. 40,231 53,031 81,287 84,038 71,389 83,215 83,626 83,450 

Selected positions with affiliated entities: 1 

Financial liabilities.............................. n.a. n.a. n.a. n.a. n.a. 11,598 11,428 10,966 

Financial claims ................................. n.a. n.a. n.a. n.a. n.a. 11,915 14,033 11,453 

 

1

 Beginning March 2003, reporters who are financial intermediaries or insurance 

underwriting subsidiaries of bank/financial holding companies report financial liabilities and 

claims positions with specified affiliated foreign residents. 

 
CAPITAL MOVEMENTS 77

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2002 2003 

Country 1998 1999 2000 2001 Sept. Dec. Mar. r June Sept. p 

Europe: 

Austria.................................. 118 112 111 151 112 64 97 104 71

Belgium 1 .............................. 357 171 440 253 366 285 1,070 187 173

Bulgaria................................ 3 - 2 3 4 4 1 7 2

Czech Republic.................... 105 26 7 10 14 13 17 17 12

Denmark............................... 132 105 149 148 79 522 141 67 99

Finland ................................. 83 48 91 86 36 56 64 66 25

France.................................. 2,017 2,331 2,459 3,575 4,235 6,008 3,655 4,406 3,657

Germany .............................. 3,455 3,105 3,215 3,249 3,720 3,704 4,090 3,612 4,130

Greece ................................. 120 141 400 410 400 403 260 189 209

Hungary................................ 3 9 8 27 27 32 28 34 11

Ireland .................................. 1,307 827 1,216 1,264 828 785 744 598 1,182

Italy....................................... 1,177 749 1,773 1,395 2,014 1,271 1,228 1,479 797

Luxembourg 1....................... n.a. n.a. n.a. n.a. n.a. n.a. 280 420 544

Netherlands.......................... 1,835 2,503 2,316 3,117 2,421 2,415 2,526 3,125 900

Norway................................. 188 266 286 320 361 406 417 399 419

Poland.................................. 11 46 42 43 41 46 49 33 27

Portugal................................ 29 34 16 16 17 17 17 19 5

Romania............................... 149 159 178 17 14 20 25 16 44

Russia 2 ................................ 82 251 91 48 32 38 34 70 51

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 8 11 11 14 9 9 9 10 5

Spain.................................... 546 501 468 423 478 403 428 334 529

Sweden ................................ 171 158 117 97 128 115 127 151 359

Switzerland .......................... 654 773 606 884 653 494 540 632 405

Turkey .................................. 211 384 408 133 74 101 84 125 145

United Kingdom ................... 9,677 19,592 29,209 25,131 26,620 25,180 28,778 26,253 27,584

Channel Islands and 

Isle of Man 4 ..................... n.a. n.a. n.a. n.a. n.a. n.a. 5 4 60

Other Europe ....................... 181 201 182 211 191 201 210 196 167

Total Europe .................... 22,619 32,503 43,801 41,025 42,874 42,592 44,924 42,553 41,612

Canada..................................... 2,083 2,059 2,344 2,577 2,153 2,179 2,287 2,931 3,418

Latin America: 

Argentina.............................. 118 169 146 50 87 62 61 97 113

Brazil .................................... 304 271 262 325 355 318 369 384 375

Chile ..................................... 111 64 52 56 37 55 38 34 55

Colombia.............................. 72 141 131 82 32 50 52 24 18

Ecuador................................ 19 58 32 4 8 5 7 15 17

Guatemala ........................... 12 6 10 13 15 13 17 17 13

Mexico.................................. 406 912 867 935 1,096 1,201 1,120 964 1,305

Panama................................ 16 67 32 49 43 61 62 98 62

Peru...................................... 35 28 24 41 26 21 21 77 20

Uruguay................................ 8 8 27 8 5 6 9 4 2

Venezuela ............................ 204 305 286 168 328 178 142 457 517

Other Latin America 5 ........... 426 379 1,994 284 410 503 77 102 134

Total Latin America.............. 1,731 2,408 3,863 2,015 2,442 2,473 1,975 2,273 2,631

Caribbean: 

Bahamas.............................. 21 23 37 209 14 74 393 12 51

Bermuda.................................... 299 157 2,020 1,551 1,056 1,528 3,571 4,819 3,493

British West Indies 6.................. 967 540 482 1,672 424 401 n.a. n.a. n.a.

Cayman Islands 6 ................. n.a. n.a. n.a. n.a. n.a. n.a. 105 56 2,458

Cuba..................................... 5 27 20 42 23 29 35 7 8

Jamaica................................ 12 13 16 12 16 28 11 13 12

Netherlands Antilles............. 44 19 32 46 8 11 11 8 9

Trinidad and Tobago............ 34 15 36 38 28 33 41 22 18

Other Caribbean 5 ................ n.a. n.a. n.a. n.a. n.a. n.a. 710 532 566

Total Caribbean ............... 1,382 794 2,643 3,570 1,569 2,104 4,877 5,469 6,615

See footnotes at end of table. 
78 CAPITAL MOVEMENTS 

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2002 2003 

Country 1998 1999 2000 2001 Sept. Dec. Mar. r June Sept. p 

Asia: 

China: 

Mainland............................. 708 627 497 735 1,266 1,252 1,989 1,179 1,844

Taiwan................................ 898 1,175 970 819 449 659 751 759 531

Hong Kong ............................. 388 223 640 560 292 495 449 385 473

India........................................ 387 519 309 179 169 160 132 75 115

Indonesia................................ 154 83 81 44 37 100 34 61 66

Israel....................................... 228 160 468 195 1,335 350 802 614 495

Japan...................................... 7,439 5,751 8,973 5,850 6,478 6,124 6,176 5,882 6,381

Korea...................................... 945 543 941 897 541 548 706 709 611

Lebanon ................................. 27 56 53 57 49 53 54 16 10

Malaysia ................................. 141 118 162 393 121 140 179 153 204

Pakistan.................................. 33 37 96 94 85 158 209 216 252

Philippines.............................. 169 169 114 1,100 109 108 113 133 139

Singapore............................... 1,240 917 2,280 1,793 1,701 1,796 1,922 1,961 1,278

Syria ....................................... 15 8 27 6 17 13 50 16 30

Thailand.................................. 362 165 203 105 38 118 123 124 151

Oil-exporting countries 7......... 2,852 2,555 2,844 2,649 3,873 3,993 3,563 3,091 3,002

Other Asia .............................. 141 217 290 83 352 247 235 203 227

Total Asia ........................... 16,127 13,323 18,948 15,559 16,912 16,314 17,487 15,577 15,809

Africa: 

Congo (formerly Zaire)........... - 9 - 1 1 1 1 1 1

Egypt ...................................... 39 86 166 117 124 128 110 39 144

Ghana..................................... 9 1 6 3 4 2 3 5 4

Liberia..................................... 9 2 18 30 - 1 - - -

Morocco.................................. 41 31 11 34 41 42 44 43 43

South Africa............................ 189 138 135 111 138 130 125 96 86

Oil-exporting countries 8......... 393 499 483 441 536 496 514 276 464

Other Africa ............................ 142 212 181 152 160 158 244 250 261

Total Africa ......................... 822 978 1,000 889 1,004 958 1,041 710 1,003

Other countries: 

Australia ................................. 949 634 344 584 818 732 1,149 987 906

New Zealand 9........................ n.a. n.a. n.a. n.a. n.a. n.a. 23 14 18

All other .................................. 852 300 898 430 430 238 178 202 236

Total other countries .......... 1,801 934 1,242 1,014 1,248 970 1,350 1,203 1,160

Total foreign countries ... 46,565 52,975 73,841 66,649 68,202 67,590 73,941 70,716 72,248

International and regional orgs.: 

International ........................... - 1 1 - 22 22 - - -

European regional.................. 5 44 45 30 1 3 25 17 19

Latin American regional ......... - - - - - 46 2 - -

Caribbean regional 10 ............. n.a. n.a. n.a. n.a. n.a. n.a. - - -

Asian regional ........................ - - 9 - - 3 2 15 7

African regional ...................... - - 8 - - - - - -

Middle Eastern regional ......... - - - - - - - - -

Total international 

 and regional ..................... 5 45 63 30 23 74 29 32 26

Grand total ..................... 46,570 53,020 73,904 66,679 68,225 67,664 73,970 70,748 72,274

 

 1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 79

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2002 2003 

Country 1998 1999 2000 2001 Sept. Dec. Mar. r June Sept. p 

Europe: 

Austria....................................... 146 208 498 1,985 1,626 1,770 1,741 1,736 1,841 

Belgium 1 ................................... 899 845 748 893 910 991 665 512 364 

Bulgaria..................................... 11 6 6 13 7 9 20 18 16 

Czech Republic......................... 67 26 67 79 58 62 52 54 54 

Denmark.................................... 81 310 229 138 86 112 220 186 256 

Finland ...................................... 244 261 224 238 893 624 276 252 275 

France....................................... 3,035 3,203 4,301 4,371 6,826 6,411 6,206 7,511 6,633 

Germany ................................... 2,126 2,464 2,830 2,726 5,450 5,447 7,549 5,629 7,257 

Greece ...................................... 316 487 332 339 354 409 287 255 242 

Hungary..................................... 66 54 47 66 57 51 45 55 39 

Ireland ....................................... 244 340 616 821 938 516 1,019 752 403 

Italy............................................ 1,257 1,284 1,114 1,434 2,980 2,963 3,082 3,266 4,635 

Luxembourg 1............................ n.a. n.a. n.a. n.a. n.a. n.a. 1,057 84 69 

Netherlands............................... 1,342 2,658 3,125 2,667 5,113 5,138 5,491 5,036 5,776 

Norway...................................... 165 273 308 257 331 286 256 355 458 

Poland....................................... 111 62 67 77 71 79 72 89 92 

Portugal..................................... 153 91 83 71 214 222 220 201 176 

Romania.................................... 20 11 16 34 18 24 20 20 18 

Russia 2 ..................................... 232 293 373 137 115 93 73 74 88 

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 14 17 15 23 10 10 18 24 10 

Spain......................................... 527 715 860 1,042 945 1,370 1,020 1,082 1,453 

Sweden ..................................... 565 339 360 441 596 417 529 540 567 

Switzerland ............................... 897 1,253 1,462 1,200 1,539 886 1,969 1,733 2,419 

Turkey ....................................... 236 464 700 383 476 503 462 516 636 

United Kingdom ........................ 12,535 13,388 20,402 20,343 14,690 14,390 14,938 17,940 15,315 

Channel Islands and 

Isle of Man 4 .......................... n.a. n.a. n.a. n.a. n.a. n.a. 3 3 - 

Other Europe ............................ 251 360 291 362 516 422 846 789 777 

Total Europe ......................... 25,540 29,412 39,074 40,140 44,819 43,205 48,136 48,712 49,869 

Canada.......................................... 5,120 5,310 8,078 9,011 8,108 7,803 8,207 8,784 7,615 

Latin America: 

Argentina................................... 893 896 1,109 810 559 602 565 562 543 

Brazil ......................................... 1,859 2,381 2,784 3,081 3,088 3,036 3,133 2,940 3,400 

Chile .......................................... 320 263 302 242 209 217 184 220 228 

Colombia................................... 279 349 351 240 261 240 262 248 273 

Ecuador..................................... 103 82 66 62 84 112 89 79 85 

Guatemala ................................ 88 85 106 90 76 79 92 71 83 

Mexico....................................... 2,790 3,476 3,955 4,466 4,055 4,180 2,885 3,040 3,317 

Panama..................................... 173 168 244 105 92 79 88 88 123 

Peru........................................... 183 148 171 79 57 69 83 84 64 

Uruguay..................................... 59 68 35 20 16 30 36 11 13 

Venezuela ................................. 456 487 415 371 411 392 405 416 356 

Other Latin America 5 ................ 1,176 1,325 842 919 1,019 1,102 649 614 546 

Total Latin America................... 8,379 9,728 10,380 10,485 9,927 10,138 8,471 8,373 9,031 

Caribbean: 

Bahamas................................... 427 1,613 1,390 1,018 750 1,069 818 626 437 

Bermuda......................................... 575 401 395 1,287 1,427 1,011 938 1,162 980 

British West Indies 6....................... 24,492 12,280 12,733 33,060 30,849 21,547 n.a. n.a. n.a. 

Cayman Islands 6 ...................... n.a. n.a. n.a. n.a. n.a. n.a. 25,907 30,750 26,986 

Cuba.......................................... - - 1 2 4 - 24 6 5 

Jamaica..................................... 45 52 126 93 76 94 71 85 85 

Netherlands Antilles.................. 37 45 84 70 62 45 12 15 13 

Trinidad and Tobago................. 55 46 59 45 29 54 59 73 81 

Other Caribbean 5 ..................... n.a. n.a. n.a. n.a. n.a. n.a. 1,021 1,023 1,000 

Total Caribbean .................... 25,631 14,437 14,788 35,575 33,197 23,820 28,850 33,740 29,587 

See footnotes at end of table. 
80 CAPITAL MOVEMENTS 

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2002 2003 

Country 1998 1999 2000 2001 Sept. Dec. Mar. r June Sept. p 

 

Asia: 

China: 

Mainland............................. 825 760 1,096 1,052 848 867 3,029 1,238 2,264 

Taiwan................................ 770 1,097 1,299 853 820 696 579 566 655 

Hong Kong ............................. 331 400 593 1,094 703 682 768 698 672 

India ....................................... 348 599 661 638 554 743 599 694 752 

Indonesia................................ 417 408 407 239 202 280 241 263 170 

Israel ...................................... 327 336 458 700 802 453 567 1,019 531 

Japan ..................................... 2,875 5,336 4,427 3,610 3,564 3,618 2,667 2,976 3,228 

Korea...................................... 1,084 1,378 1,745 1,850 1,735 1,738 1,800 1,448 2,003 

Lebanon ................................. 26 14 36 16 19 21 21 17 16 

Malaysia................................. 492 516 743 645 545 521 528 551 517 

Pakistan ................................. 37 23 37 44 24 17 27 37 39 

Philippines.............................. 148 258 106 1,001 897 708 780 189 262 

Singapore............................... 734 1,041 1,065 1,120 836 1,044 936 808 834 

Syria ....................................... 12 5 11 11 35 28 43 2 3 

Thailand ................................. 489 651 344 232 178 237 208 214 277 

Oil-exporting countries 7......... 1,144 1,648 1,104 985 907 897 707 953 1,032 

Other Asia .............................. 160 152 195 189 150 132 135 200 207 

Total Asia ........................... 10,219 14,622 14,327 14,279 12,819 12,682 13,635 11,873 13,462 

Africa: 

Congo (formerly Zaire)........... 1 - - - - 18 - 8 8 

Egypt...................................... 136 186 266 233 182 155 128 100 108 

Ghana .................................... 14 6 5 7 6 9 13 8 8 

Liberia .................................... 11 3 2 28 48 50 54 101 154 

Morocco ................................. 29 35 49 35 43 24 30 24 27 

South Africa ........................... 272 323 266 293 288 273 326 325 268 

Oil-exporting countries 8......... 181 186 237 137 136 120 165 132 170 

Other Africa............................ 226 178 258 326 313 330 278 232 369 

Total Africa......................... 870 917 1,083 1,059 1,016 979 994 930 1,112 

Other countries: 

Australia ................................. 1,398 1,889 2,041 2,150 2,601 3,540 4,039 3,178 3,332 

New Zealand 9........................ n.a. n.a. n.a. n.a. n.a. n.a. 176 174 178 

All other.................................. 286 351 359 383 297 393 92 101 84 

Total other countries .......... 1,684 2,240 2,400 2,533 2,898 3,933 4,307 3,453 3,594 

Total foreign countries ... 77,443 76,639 90,130 113,082 112,784 102,560 112,600 115,865 114,270 

International and regional orgs.: 

International ........................... 15 2 2 - - 2 11 11 13 

European regional.................. 3 - 4 - - 1 43 26 26 

Latin American regional......... - - - - - 1 15 13 18 

Caribbean regional 10 ............. n.a. n.a. n.a. n.a. n.a. n.a. 30 9 24 

Asian regional ........................ - - 12 - - - 9 7 5 

African regional...................... 1 1 2 - - 1 1 - - 

Middle Eastern regional......... - - 7 - - 1 2 3 3 

Total international 

 and regional ..................... 19 3 27 - - 6 111 69 89 

Grand total ..................... 77,462 76,642 90,157 113,082 112,784 102,566 112,711 115,934 114,359 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states by 

the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 

1994 for the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 81

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, September 30, 2003, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

 

Europe: 

Austria ........................................... 71 29 42 1,841 1,784 57 

Belgium 1 ....................................... 173 - 173 364 182 182 

Bulgaria ......................................... 2 - 2 16 - 16 

Czech Republic............................. 12 1 11 54 24 30 

Denmark........................................ 99 36 63 256 184 72 

Finland........................................... 25 16 9 275 1 274 

France ........................................... 3,657 2,878 779 6,633 3,541 3,092 

Germany........................................ 4,130 3,366 764 7,257 6,061 1,196 

Greece........................................... 209 14 195 242 41 201 

Hungary......................................... 11 4 7 39 3 36 

Ireland ........................................... 1,182 859 323 403 241 162 

Italy................................................ 797 360 437 4,635 3,477 1,158 

Luxembourg 1 ................................ 544 540 4 69 44 25 

Netherlands................................... 900 285 615 5,776 4,476 1,300 

Norway .......................................... 419 6 413 458 261 197 

Poland ........................................... 27 - 27 92 3 89 

Portugal......................................... 5 1 4 176 107 69 

Romania........................................ 44 - 44 18 - 18 

Russia 2 ......................................... 51 12 39 88 21 67 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 5 - 5 10 - 10 

Spain ............................................. 529 148 381 1,453 923 530 

Sweden ......................................... 359 241 118 567 310 257 

Switzerland.................................... 405 17 388 2,419 1,767 652 

Turkey ........................................... 145 12 133 636 505 131 

United Kingdom............................. 27,584 24,673 2,911 15,315 11,643 3,672 

Channel Islands and 

Isle of Man 4 .............................. 60 60 - - - - 

Other Europe................................. 167 17 150 777 526 251 

Total Europe.............................. 41,612 33,575 8,037 49,869 36,125 13,744 

Canada.............................................. 3,418 1,386 2,032 7,615 4,942 2,673 

Latin America: 

Argentina....................................... 113 36 77 543 335 208 

Brazil ............................................. 375 155 220 3,400 2,592 808 

Chile .............................................. 55 7 48 228 43 185 

Colombia ....................................... 18 - 18 273 86 187 

Ecuador......................................... 17 - 17 85 28 57 

Guatemala..................................... 13 - 13 83 34 49 

Mexico........................................... 1,305 31 1,274 3,317 2,136 1,181 

Panama......................................... 62 - 62 123 62 61 

Peru............................................... 20 - 20 64 9 55 

Uruguay......................................... 2 - 2 13 2 11 

Venezuela ..................................... 517 - 517 356 123 233 

Other Latin America 5 .................... 134 2 132 546 270 276 

Total Latin America ....................... 2,631 231 2,400 9,031 5,720 3,311 

Caribbean: 

Bahamas ....................................... 51 26 25 437 412 25 

Bermuda............................................. 3,493 2,862 631 980 533 447 

Cayman Islands 6............................. 2,458 2,426 32 26,986 26,936 50 

Cuba.............................................. 8 - 8 5 - 5 

Jamaica......................................... 12 6 6 85 61 24 

Netherlands Antilles ...................... 9 - 9 13 - 13 

Trinidad and Tobago..................... 18 5 13 81 42 39 

Other Caribbean 5 ......................... 566 23 543 1,000 101 899 

Total Caribbean......................... 6,615 5,348 1,267 29,587 28,085 1,502 

 

See footnotes at end of table. 
82 CAPITAL MOVEMENTS 

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, September 30, 2003, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

Asia: 

China: 

Mainland.................................... 1,844 1,327 517 2,264 1,554 710 

Taiwan....................................... 531 10 521 655 113 542 

Hong Kong .................................... 473 156 317 672 330 342 

India............................................... 115 17 98 752 520 232 

Indonesia....................................... 66 19 47 170 101 69 

Israel.............................................. 495 135 360 531 237 294 

Japan............................................. 6,381 2,210 4,171 3,228 1,496 1,732 

Korea............................................. 611 69 542 2,003 1,524 479 

Lebanon ........................................ 10 3 7 16 - 16 

Malaysia ........................................ 204 3 201 517 375 142 

Pakistan......................................... 252 - 252 39 - 39 

Philippines..................................... 139 5 134 262 161 101 

Singapore...................................... 1,278 65 1,213 834 101 733 

Syria .............................................. 30 - 30 3 - 3 

Thailand......................................... 151 4 147 277 162 115 

Other Asia ..................................... 3,229 88 3,141 1,239 343 896 

Total Asia .................................... 15,809 4,111 11,698 13,462 7,017 6,445 

Africa: 

Congo (formerly Zaire).................. 1 - 1 8 2 6 

Egypt ............................................. 144 1 143 108 5 103 

Ghana............................................ 4 - 4 8 - 8 

Liberia............................................ - - - 154 154 - 

Morocco......................................... 43 1 42 27 14 13 

South Africa................................... 86 15 71 268 194 74 

Other Africa ................................... 725 102 623 539 196 343 

Total Africa ................................ 1,003 119 884 1,112 565 547 

Other countries: 

Australia ........................................ 906 574 332 3,332 943 2,389 

New Zealand 7............................... 18 1 17 178 42 136 

All other ......................................... 236 1 235 84 1 83 

Total other countries ................. 1,160 576 584 3,594 986 2,608 

Total foreign countries .......... 72,248 45,346 26,902 114,270 83,440 30,830 

International and regional orgs.: 

International .................................. - - - 13 - 13 

European regional......................... 19 13 6 26 - 26 

Latin American regional ................ - - - 18 - 18 

Caribbean regional 8 ..................... - - - 24 10 14 

Asian regional ............................... 7 - 7 5 - 5 

African regional ............................. - - - - - - 

Middle Eastern regional ................ - - - 3 - 3 

Total international 

 and regional ............................ 26 13 13 89 10 79 

Grand total ............................ 72,274 45,359 26,915 114,359 83,450 30,909 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia. 

4

Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Before January 2001, data included in “All other countries.” 

8

 Before January 2001, included in “Latin American regional.” 
 CAPITAL MOVEMENTS 83

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchase 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International 

and regional 

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign 

 purchases 

 (8) 

Gross foreign 

sales 

(9) 

1999 ......................................... -9,953 -9,861 -657 565 4,288,138 4,298,091 92,200 486,000 393,800 

2000 ......................................... -54,032 -6,302 -47,270 -460 3,870,511 3,924,543 152,842 728,930 576,088 

2001 ......................................... 18,514 3,474 15,726 -686 5,267,730 5,249,216 163,990 1,201,649 1,037,659 

2002 r ....................................... 119,921 7,149 110,761 2,011 7,264,450 7,144,529 195,145 1,727,972 1,532,827 

2003 - Jan. - Dec. p.................. 273,016 109,345 164,386 -715 9,244,485 8,971,469 162,883 2,325,592 2,162,709 

 

2002 - Dec. r ............................ 13,479 6,252 6,898 329 487,979 474,500 15,802 144,537 128,735 

2003 - Jan. r ............................. 1,474 2,390 -1,299 383 560,106 558,632 23,990 151,532 127,542 

Feb. r............................ -971 4,662 -5,389 -244 592,086 593,057 8,746 138,978 130,232 

Mar. r............................ 26,938 1,684 25,305 -51 715,673 688,735 16,357 219,998 203,641 

Apr. r............................. 9,791 160 9,683 -52 597,559 587,768 19,877 227,227 207,350 

May r ............................ 41,124 14,838 25,970 316 939,622 898,498 32,024 285,526 253,502 

June r ........................... 44,033 16,497 27,633 -97 872,970 828,937 7,038 253,221 246,183 

July r............................. 44,703 12,338 33,305 -940 917,217 872,514 11,817 232,405 220,588 

Aug............................... 25,125 -963 25,691 397 964,852 939,727 8,916 219,072 210,156 

Sept.............................. 5,563 8,076 -2,303 -210 843,219 837,656 -3,242 165,875 169,117 

Oct................................ 12,038 19,451 -7,110 -303 876,910 864,872 9,416 156,916 147,500 

Nov. p........................... 33,438 18,883 14,484 71 679,454 646,016 10,600 135,608 125,008 

Dec. p........................... 29,760 11,329 18,416 15 684,817 655,057 17,344 139,234 121,890 

Corporate and other securities 

Bonds 1 Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

 

1999 .............................................................................. 160,392 368,692 208,300 107,522 2,340,659 2,233,137

2000 .............................................................................. 184,128 479,456 295,328 174,890 3,605,196 3,430,306

2001 .............................................................................. 221,955 741,041 519,086 116,390 3,051,332 2,934,942

2002 .............................................................................. 182,310 820,747 638,437 50,189 3,209,760 3,159,571

2003 - Jan. - Dec. p....................................................... 271,053 1,040,606 769,553 37,531 3,115,244 3,077,713

 

2002 - Dec..................................................................... 13,178 62,822 49,644 3,185 223,227 220,042

2003 - Jan. r .................................................................. 23,447 76,299 52,852 -2,799 216,732 219,531

Feb. r................................................................. 13,896 67,588 53,692 -2,074 201,415 203,489

Mar. r ................................................................. 27,563 86,851 59,288 2,849 236,686 233,837

Apr. r.................................................................. 21,889 78,825 56,936 4,361 233,279 228,918

May r ................................................................. 27,433 96,391 68,958 6,599 273,269 266,670

June r ................................................................ 22,850 98,745 75,895 10,309 311,962 301,653

July r.................................................................. 26,430 91,528 65,098 -7,857 267,042 274,899

Aug ................................................................... 16,857 77,714 60,857 11,552 252,368 240,816

Sept................................................................... 19,754 91,029 71,275 -6,274 262,829 269,103

Oct..................................................................... 20,930 96,237 75,307 -1,244 308,307 309,551

Nov. p................................................................ 29,622 93,554 63,932 8,779 262,481 253,702

Dec. p................................................................ 20,382 85,845 65,463 13,330 288,874 275,544

 

 

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and 

municipalities. 
84 CAPITAL MOVEMENTS 

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S 

(1) 

Net foreign 

purchases from 

U.S. 

(2) 

Gross foreign 

purchases from 

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign 

purchases from 

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

1999 ..................................................... 9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663 

2000 ..................................................... -17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273 

2001 ..................................................... -19,611 30,502 1,160,102 1,129,600 -50,113 1,397,664 1,447,777 

2002 r ................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 

2003 - Jan. - Dec. p.............................. -36,619 25,655 2,153,123 2,127,468 -62,274 1,382,774 1,445,048 

 

2002 - Dec. r ....................................... -7,603 -4,981 116,255 121,236 -2,622 89,226 91,848 

2003 - Jan. r ........................................ -8,794 -1,940 136,027 137,967 -6,854 94,630 101,484 

Feb. r ....................................... -293 4,315 118,774 114,459 -4,608 83,637 88,245 

Mar. r ........................................ 1,996 7,441 162,295 154,854 -5,445 91,070 96,515 

Apr. r......................................... -279 -2,417 136,209 138,626 2,138 100,117 97,979 

May r ........................................ 3,186 13,989 230,498 216,509 -10,803 99,849 110,652 

June r ....................................... 6,523 11,693 210,049 198,356 -5,170 117,084 122,254 

July r......................................... -1,579 3,124 207,886 204,762 -4,703 129,562 134,265 

Aug ........................................... -12,519 1,038 159,290 158,252 -13,557 112,478 126,035 

Sept.......................................... -11,546 -2,694 211,329 214,023 -8,852 134,348 143,200 

Oct............................................ -13,314 -5,131 211,550 216,681 -8,183 157,620 165,803 

Nov. p....................................... 5,092 -3,692 182,732 186,424 8,784 138,749 129,965 

Dec. p....................................... -5,092 -71 186,484 186,555 -5,021 123,630 128,651 

 
 CAPITAL MOVEMENTS 85

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2003 2003 2003 2003 

Country 

 Calendar 

 year 

 2002 r 

 (1) 

Jan. 

through 

Dec. 

(2) 

Oct. 

through 

Dec. p 

(3) 

Calendar 

year 

2002 r 

(4) 

Jan. 

through 

Dec. 

(5) 

 Oct. 

 through 

 Dec. p 

 (6) 

Calendar 

year 

2002 r 

(7) 

Jan. 

through 

Dec. 

(8) 

Oct. 

through 

Dec. p 

(9) 

Calendar

year 

2002 r 

(10) 

Jan. 

through 

Dec. 

(11) 

Oct. 

through 

Dec. p 

(12) 

Europe: 

Austria ............................ -683 -848 -401 104 657 208 378 423 197 -39 -175 18

Belgium 1 ........................ 2,046 1,736 182 -226 657 -2,342 3,733 2,439 619 1,715 164 688

Bulgaria .......................... -185 47 58 51 14 - 23 18 -12 18 -2 12

Czech Republic............... 546 281 980 1 2,097 770 46 72 - -13 26 17

Denmark ......................... 54 2,414 242 -154 1,560 199 662 1,209 178 -180 695 182

Finland............................ 106 -430 -9 -20 113 21 35 -111 -166 166 292 -4

France ............................ -323 -6,752 -1,461 1,178 946 997 2,584 3,573 967 2,127 6,239 3,612

Germany......................... -3,931 7,885 -1,392 3,175 -1,065 - 1,950 3,790 2,326 -129 -934 -190

Greece............................ 263 736 13 291 -102 -1 -85 38 21 33 -49 -75

Hungary.......................... -188 44 101 4 2 -40 37 12 -10 -7 -6 4

Ireland............................. 572 3,787 -682 613 4,065 2,325 5,116 9,476 2,125 2,119 7,790 1,789

Italy................................. -284 -2,535 -3,339 -202 389 63 225 2,074 440 1,539 570 369

Luxembourg 1 ................. -1,609 913 -747 3,875 2,617 201 -109 5,240 789 1,468 2,052 889

Netherlands .................... -17,020 153 -1,843 -1,952 -106 191 1,531 1,274 229 4,307 69 -159

Norway ........................... -9,536 8,296 265 1,907 1,576 561 2,868 5,782 1,999 1,922 5,022 1,052

Poland ............................ -278 859 352 422 406 388 9 25 13 -4 -5 -

Portugal .......................... 1,518 740 517 44 144 3 133 -30 13 122 121 65

Romania ......................... 507 915 -132 122 -39 10 13 69 - -2 - -

Russia 2 .......................... 3,182 -129 110 8,154 3,216 1,924 -2 113 21 36 - 12

Serbia and Montenegro 

(formerly Yugoslavia) 3.... 2 15 -2 - - - - 9 10 3 2 -1

Spain .............................. 407 -5,134 -2,209 795 -4,028 -2 374 669 181 -895 402 81

Sweden........................... 2,923 432 -1,413 436 -70 63 211 294 -2 790 3,428 844

Switzerland ..................... -448 4,900 -132 3,683 1,582 379 4,938 6,116 400 2,787 -2,123 1,013

Turkey............................. 2,193 -1,602 538 8 7 -1 -18 -344 -350 12 23 -32

United Kingdom .............. 61,606 30,540 5,170 33,105 25,173 2,031 76,808 107,966 31,942 15,172 676 3,414

Channel Islands and 

Isle of Man 4................ 724 1,555 -288 1,011 1,821 130 10,162 18,042 371 -255 97 33

Other Europe .................. 1,514 -1,896 -1,085 7 199 -136 -886 584 202 97 -19 104

Total Europe............... 43,678 46,922 -6,607 56,432 41,831 7,942 110,736 168,822 42,503 32,909 24,355 13,737

Canada ............................... -5,197 10,783 1,631 -1,454 -1,410 569 414 6,851 2,294 8,207 11,723 7,092

Latin America: 

Argentina ........................ 819 1,536 -253 -40 -354 75 255 789 131 199 -221 61

Brazil............................... 1,873 2,910 874 -501 -487 523 198 819 272 -82 -24 42

Chile ............................... -229 -237 -312 680 291 296 289 90 -46 341 74 92

Colombia ........................ -1,426 -573 209 216 280 -263 8 188 -161 -19 -9 12

Ecuador .......................... -1 64 - 57 415 48 66 63 -4 -6 26 -1

Guatemala ...................... 7 3 -16 104 62 6 13 8 - -9 -37 -1

Mexico ............................ 4,019 5,359 -1,215 4,971 3,584 1,377 2,169 3,293 676 484 -306 -179

Panama .......................... -12 -173 -90 1,092 1,475 336 684 331 81 -82 -31 44

Peru................................ 236 591 99 1,020 971 224 155 222 72 224 91 -2

Uruguay .......................... -375 802 66 695 464 163 147 429 79 90 251 21

Venezuela....................... -59 321 35 712 628 141 601 421 116 32 319 -81

Other Latin America........ 164 386 -102 226 1,204 190 464 700 54 -146 -25 -9

Total Latin America..... 5,016 10,989 -705 9,232 8,533 3,116 5,049 7,353 1,270 1,026 108 -1

Caribbean: 

Bahamas ........................ 15,347 -5,994 -2,415 1,518 4,847 1,053 663 2,142 317 86 95 527

Bermuda ......................... 1,583 25,386 12,542 5,154 8,391 1,711 11,202 14,300 3,820 -9,131 -4,039 -1,680

Cayman Islands.............. 8,784 -10,387 11,027 22,763 12,580 3,692 23,086 32,859 8,602 -7,818 1,904 27

Cuba............................... n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a. -2 n.a.

Jamaica .......................... 8 -1 -18 527 468 281 97 124 7 12 17 2

Netherlands Antilles........ -780 6,841 2,507 1,867 -987 -7 675 699 312 -537 759 1,356

Trinidad and Tobago....... 34 64 53 98 277 53 59 61 23 -6 11 2

Other Caribbean ............. -9,969 -2,590 -1,639 907 3,638 1,155 105 4,679 1,236 949 233 568

Total Caribbean .......... 15,007 13,319 3 32,834 29,214 7,938 35,887 54,864 14,317 -16,445 -1,022 802

See footnotes at end of table. 
86 CAPITAL MOVEMENTS 

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2003 2003 2003 2003 

Country 

Calendar

year 

2002 r 

(1) 

Jan. 

through 

Dec. 

(2) 

Oct. 

through 

Dec. p 

(3) 

Calendar

year 

2002 r 

(4) 

Jan. 

through 

Dec. 

(5) 

Oct. 

through 

Dec. p 

(6) 

Calendar 

year 

2002 r 

(7) 

Jan. 

through 

Dec. 

(8) 

Oct. 

 through 

Dec. p 

 (9) 

Calendar 

year 

2002 r 

(10) 

Jan. 

through 

Dec. 

(11) 

Oct. 

through 

Dec. p 

(12) 

Asia: 

China: 

Mainland................................ 24,077 30,504 11,363 29,264 29,629 5,359 5,962 4,626 1,092 161 -77 11

Taiwan................................... -597 9,030 3,727 10,758 9,497 1,733 1,382 1,598 311 261 300 17

Hong Kong................................. -9,059 6,048 4,304 12,589 11,912 3,791 3,748 4,475 765 1,795 887 202

India........................................... -855 485 -90 11 -18 1 35 19 - -44 -72 -27

Indonesia................................... 770 620 -494 455 498 213 59 49 -2 -4 67 7

Israel.......................................... 5,132 -2,326 34 -48 714 115 583 542 187 -148 -20 71

Japan......................................... 30,498 148,932 66,518 37,655 22,396 5,451 10,923 12,170 5,275 12,336 -2,236 -116

Korea......................................... 12,935 5,195 1,424 668 8,344 120 1,483 781 225 112 -20 -5

Lebanon..................................... 1 18 -4 15 7 6 -13 8 3 22 -33 -1

Malaysia .................................... 861 -253 376 1,323 -1,176 302 69 7 -4 -35 -27 -25

Pakistan..................................... - - - 39 28 - 173 80 77 6 -5 -

Philippines ................................. 179 471 -124 253 47 48 144 89 43 -40 -40 -11

Singapore .................................. -2,591 -1,333 -2,830 2,162 676 -268 1,326 3,348 1,211 8,236 3,393 -2,513

Syria .......................................... 4 -1 n.a. - -2 n.a. 2 -1 n.a. -4 2 n.a.

Thailand..................................... -1,917 -5,988 -5,575 99 162 -6 167 399 83 4 -7 4

Oil-exporting countries 5............. -3,880 -6,910 467 1,959 1,636 291 304 2,107 592 -1,309 494 693

Other Asia.................................. 98 149 -180 58 4 -58 96 86 8 18 15 -22

Total Asia .............................. 55,656 184,641 78,916 97,260 84,354 17,098 26,443 30,383 9,866 21,367 2,621 -1,715

Africa: 

Congo (formerly Zaire)............... - 7 7 - - - - - - 1 -9 -

Egypt ......................................... -321 48 7 72 86 20 37 97 34 -5 -55 -5

Ghana........................................ 506 - - 1 - - - 1 - - 1 1

Liberia........................................ 1 -23 -23 29 710 61 13 202 16 -26 23 14

Morocco..................................... -11 -49 50 1 1 - -4 -1 - -17 187 102

South Africa ............................... 112 -114 - -39 32 -7 5 -39 -19 24 7 11

Oil-exporting countries 6............. 29 52 - 355 859 300 30 -8 - -2 -13 -2

Other Africa ............................... 525 134 -41 314 274 -156 46 142 50 -47 129 41

Total Africa ............................ 841 55 - 733 1,962 218 127 394 81 -72 270 162

Other countries: 

Australia..................................... 3,326 6,705 2,644 373 -788 221 3,038 413 319 2,988 -622 559

New Zealand.............................. -696 -431 -232 -6 -161 -68 -9 87 -128 328 206 242

All other countries ...................... 279 748 -197 -2 412 167 105 1,107 -108 -55 -75 -26

Total other countries.............. 2,909 7,022 2,215 365 -537 320 3,134 1,607 83 3,261 -491 775

Total foreign countries ....... 117,910 273,731 75,453 195,402 163,947 37,201 181,790 270,274 70,414 50,253 37,564 20,852

International and regional orgs.: 

International............................... 1,642 -435 -76 -389 -930 -226 510 630 436 -12 -51 -17

European regional ..................... 325 114 115 52 - - -50 -3 -1 - - -

Latin American regional ............. -3 -38 10 -9 -31 48 57 139 83 -56 -7 -2

Caribbean regional .................... - -15 - - 37 - - - - - -1 -

Asian regional............................ 86 -351 -266 76 -126 328 2 2 - 7 -5 -1

African regional.......................... -34 10 - 12 -14 9 1 11 2 - - -

Middle Eastern regional ............. -5 - - 1 - - - - - -3 31 33

Total international and regional.. 2,011 -715 -217 -257 -1,064 159 520 779 520 -64 -33 13

Grand total......................... 119,921 273,016 75,236 195,145 162,883 37,360 182,310 271,053 70,934 50,189 37,531 20,865

1 Before January 2001, combined data reported for Belgium-Luxembourg. 

2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former 

Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: 

Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial 

States). 

6 Includes Algeria, Gabon, Libya, and Nigeria. 
 CAPITAL MOVEMENTS 87

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2003, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

 Total 

 pur- 

 chases

 (1) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financ- 

 ing Bank

 bonds 

 and 

 notes 

 (2) 

 Bonds 

 of U.S. 

 Gov’t 

 corps 

and 

federally-

 spon- 

 sored 

agencies

 (3) 

 Bonds 

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

 (7) 

 Total 

 sales 

 (8) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and

federallysponsored 

agencies 

 (10) 

 Bonds

 (11) 

 Stocks

 (12) 

 Bonds 

 (13) 

 Stocks

 (14) 

Europe: 

Austria ........................................ 5,210 2,660 626 290 785 523 326 5,080 3,061 418 93 767 346 395 

Belgium 1 .................................... 20,217 7,221 4,126 1,326 4,633 1,502 1,409 21,017 7,039 6,468 707 3,945 1,920 938 

Bulgaria ...................................... 198 125 - 31 19 1 22 151 67 - 43 7 16 18 

Czech Republic........................... 17,010 15,853 823 1 282 - 51 15,245 14,873 53 1 265 1 52 

Denmark ..................................... 9,076 3,770 1,285 642 1,514 1,000 865 7,768 3,528 1,086 464 1,332 790 568 

Finland........................................ 2,765 1,549 169 108 331 180 428 3,319 1,558 148 274 335 55 949 

France ........................................ 230,137 118,659 2,217 5,263 88,389 2,932 12,677 224,957 120,120 1,220 4,296 84,777 3,231 11,313 

Germany..................................... 73,284 27,053 1,729 6,901 9,923 17,392 10,286 68,016 28,445 1,729 4,575 10,113 17,277 5,877 

Greece........................................ 1,676 1,150 23 28 203 58 214 1,912 1,137 24 7 278 133 333 

Hungary ...................................... 479 334 - 16 23 3 103 410 233 40 26 19 4 88 

Ireland......................................... 108,721 73,649 6,239 6,015 15,432 3,575 3,811 101,491 74,331 3,914 3,890 13,643 2,210 3,503 

Italy............................................. 25,290 9,587 865 726 8,843 2,290 2,979 30,108 12,926 802 286 8,474 4,688 2,932 

Luxembourg 1.............................. 20,833 3,412 5,024 3,034 5,749 1,881 1,733 18,228 4,159 4,823 2,245 4,860 808 1,333 

Netherlands ................................ 52,516 27,416 7,101 2,172 8,181 2,807 4,839 54,625 29,259 6,910 1,943 8,340 3,594 4,579

Norway ....................................... 124,662 111,931 3,187 2,367 4,323 1,928 926 120,545 111,666 2,626 368 3,271 1,641 973

Poland ........................................ 1,860 1,213 488 17 21 70 51 1,152 861 100 4 21 111 55

Portugal ...................................... 6,292 5,205 226 23 366 152 320 5,772 4,688 223 10 301 176 374

Romania ..................................... 831 706 10 - 26 88 1 912 838 - - 26 47 1

Russia 2 ...................................... 7,288 846 5,470 58 158 56 700 5,275 736 3,546 37 146 218 592

Serbia and Montenegro (formerly

Yugoslavia) 3 .......................... 94 60 - 14 1 7 12 86 62 - 4 2 - 18

Spain .......................................... 9,744 3,497 247 355 1,616 2,322 1,707 11,834 5,706 249 174 1,535 2,560 1,610

Sweden....................................... 19,721 6,944 1,215 374 5,869 34 5,285 20,719 8,357 1,152 376 5,025 148 5,661

Switzerland ................................. 43,833 12,792 1,749 1,927 17,493 3,101 6,771 40,602 12,924 1,370 1,527 16,480 2,149 6,152

Turkey......................................... 2,804 2,467 1 10 48 102 176 2,643 1,929 2 360 80 88 184

United Kingdom .......................... 1,634,208 782,607 48,559 104,623 206,475 339,384 152,560 1,588,384 777,437 46,528 72,681 203,061 340,636 148,041

Channel Islands and Isle of Man 4 ...... 9,583 1,009 1,823 2,457 3,090 602 602 9,459 1,297 1,693 2,086 3,057 672 654

Other Europe .............................. 11,064 3,947 811 511 1,218 1,023 3,554 11,821 5,032 947 309 1,114 977 3,442

Total Europe........................... 2,439,396 1,225,662 94,013 139,289 385,011 383,013 212,408 2,371,531 1,232,269 86,071 96,786 371,274 384,496 200,635

Canada............................................ 190,909 97,469 3,422 6,320 40,976 24,051 18,671 180,443 95,838 2,853 4,026 33,884 25,017 18,825

Latin America: 

Argentina .................................... 2,945 256 187 219 1,136 797 350 2,677 509 112 88 1,075 482 411

Brazil........................................... 17,768 7,380 548 380 803 7,107 1,550 17,432 6,506 25 108 761 7,603 2,429

Chile ........................................... 3,283 870 399 232 531 892 359 3,189 1,182 103 278 439 855 332

Colombia..................................... 3,297 1,131 607 194 296 1,020 49 3,008 922 870 355 284 545 32

Ecuador ...................................... 624 78 67 11 354 53 61 537 78 19 15 355 13 57

Guatemala .................................. 96 2 10 8 19 56 1 121 18 4 8 20 70 1

Mexico ........................................ 19,323 5,787 3,162 1,535 1,784 5,226 1,829 18,679 7,002 1,785 859 1,963 5,085 1,985

Panama ...................................... 3,198 374 841 267 856 541 319 2,650 464 505 186 812 431 252

Peru............................................ 1,041 179 256 115 164 270 57 1,114 80 32 43 166 668 125

Uruguay ...................................... 3,206 727 217 189 401 1,451 221 2,806 661 54 110 380 1,471 130

Venezuela................................... 3,155 230 496 288 637 1,367 137 3,281 195 355 172 718 1,640 201

Other Latin America 5.................. 7,064 5,501 287 160 219 865 32 6,773 5,603 97 106 228 719 20

Total Latin America................. 65,000 22,515 7,077 3,598 7,200 19,645 4,965 62,267 23,220 3,961 2,328 7,201 19,582 5,975

Caribbean: 

Bahamas..................................... 119,180 65,781 6,001 7,422 22,434 12,260 5,282 119,130 68,196 4,948 7,105 21,907 11,549 5,425

Bermuda ..................................... 303,582 140,291 21,529 14,107 76,806 40,543 10,306 285,625 127,749 19,818 10,287 78,486 39,140 10,145

Cayman Islands 6........................ 854,720 264,696 235,026 73,766 186,544 60,003 34,685 851,861 275,723 231,334 65,164 186,517 59,565 33,558

Cuba ........................................... - -- - - - - - -- - - - -

Jamaica ...................................... 595 71 367 28 76 27 26 346 89 86 21 74 47 29

Netherlands Antilles.................... 63,494 38,470 687 979 19,287 1,864 2,207 59,379 35,963 694 667 17,931 1,861 2,263

Trinidad and Tobago................... 315 81 61 30 49 88 6 181 28 8 7 47 85 6

Other Caribbean 5 ....................... 142,673 29,016 4,271 8,634 85,840 2,836 12,076 140,519 30,655 3,116 7,398 85,272 2,350 11,728

Total Caribbean...................... 1,484,559 538,406 267,942 104,966 391,036 117,621 64,588 1,457,041 538,403 260,004 90,649 390,234 114,597 63,154

 

See footnotes at end of table. 
88 CAPITAL MOVEMENTS 

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2003, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

 Total pur- 

 chases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(2) 

 Bonds 

 of U.S. 

 Gov’t 

corps and

federally- 

 spon- 

 sored 

 agencies 

 (3) 

 Bonds 

 (4) 

Stocks 

 (5) 

Bonds 

(6) 

 Stocks 

 (7) 

 Total 

 sales 

 (8) 

Marketable 

Treasury 

and 

Federal 

 Financ- 

 ing Bank 

 bonds 

 and 

 notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federally- 

 spon- 

 sored 

 agencies 

 (10) 

Bonds 

(11) 

Stocks 

(12) 

 Bonds

 (13) 

 Stocks

 (14) 

Asia: 

China: 

Mainland...................... 87,625 68,024 16,154 1,363 655 1,078 351 70,719 56,661 10,795 271 644 2,005 343

Taiwan......................... 35,025 6,876 3,567 524 1,610 896 21,552 31,652 3,149 1,834 213 1,593 234 24,629

Hong Kong ...................... 70,355 35,384 6,529 1,694 2,412 5,573 18,763 65,465 31,080 2,738 929 2,210 9,845 18,663

India ................................ 1,772 939 1 - 50 72 710 2,072 1,029 - - 77 2 964

Indonesia......................... 1,804 861 300 2 76 324 241 1,796 1,355 87 4 69 62 219

Israel ............................... 7,184 4,000 208 400 1,425 160 991 6,521 3,966 93 213 1,354 38 857

Japan .............................. 292,469 180,600 19,101 10,116 11,082 19,637 51,933 235,506 114,082 13,650 4,841 11,198 25,322 66,413

Korea............................... 17,979 10,737 2,869 353 140 646 3,234 15,818 9,313 2,749 128 145 507 2,976

Lebanon .......................... 151 3 8 4 103 30 3 139 7 2 1 104 11 14

Malaysia .......................... 2,883 1,674 333 1 95 140 640 2,364 1,298 31 5 120 135 775

Pakistan........................... 191 - - 77 108 - 6 113 - - - 108 - 5

Philippines....................... 1,527 662 308 69 111 250 127 1,487 786 260 26 122 189 104

Singapore........................ 37,588 17,199 1,927 3,424 5,821 2,845 6,372 41,823 20,029 2,195 2,213 8,334 2,993 6,059

Syria ................................ 12 - - - 12 - - 12 - - - 12 - -

Thailand........................... 1,544 527 340 126 71 22 458 7,047 6,102 346 43 67 22 467

Other Asia ....................... 18,943 6,051 3,800 1,156 5,600 611 1,725 15,925 5,764 3,567 556 4,929 436 673

Total Asia .................... 577,052 333,537 55,445 19,309 29,371 32,284 107,106 498,459 254,621 38,347 9,443 31,086 41,801 123,161

Africa: 

Congo (formerly Zaire)..... 8 7 - - - -1 2 - - - - 1 1

Egypt ............................... 194 13 22 41 78 9 31 146 6 2 7 83 7 41

Ghana ............................. 3 -- - 3 -- 2 - - - 2 - -

Liberia ............................. 379 36 63 127 96 21 36 353 59 2 111 82 52 47

Morocco........................... 308 100 - - 204 1 3 214 50 - - 102 50 12

South Africa..................... 1,381 424 - 158 143 263 393 1,315 424 7 177 132 248 327

Other Africa ..................... 1,414 323 344 54 418 81 194 1,118 364 200 4 379 64 107

Total Africa .................. 3,687 903 429 380 942 375 658 3,150 903 211 299 780 422 535

Other countries: 

Australia .......................... 38,653 18,471 1,548 991 4,167 2,746 10,730 35,078 15,827 1,327 672 3,608 2,436 11,208

New Zealand ................... 1,340 176 85 35 477 245 322 1,419 408 153 163 235 137 323

All other countries............ 1,442 724 304 49 215 91 59 1,565 921 137 157 241 36 73

Total other countries.... 41,435 19,371 1,937 1,075 4,859 3,082 11,111 38,062 17,156 1,617 992 4,084 2,609 11,604

Total foreign countries.. 4,802,038 2,237,863 430,265 274,937 859,395 580,071 419,507 4,610,953 2,162,410 393,064 204,523 838,543 588,524 423,889

International and 

 regional orgs.: 

International..................... 4,028 2,236 666 495 140 490 1 4,383 2,312 892 59 157 962 1

European regional ........... 784 141 - 3 - 152 488 718 26 - 4 - 164 524

Latin American regional... 384 34 51 198 63 38 - 213 24 3 115 65 6 -

Caribbean regional .......... - -- - - -- - - - - - - -

Asian regional.................. 1,705 907 767 1 24 3 3 1,647 1,173 439 1 25 4 5

African regional................ 23 - 9 2 - 12 - - - - - - - -

Middle Eastern regional... 40 - - - 40 - - 7 - - - 7 - -

Total international 

 and regional............. 6,964 3,318 1,493 699 267 695 492 6,968 3,535 1,334 179 254 1,136 530

Grand total .............. 4,809,002 2,241,181 431,758 275,636 859,662 580,766 419,999 4,617,921 2,165,945 394,398 204,702 838,797 589,660 424,419

1 Before January 2001, combined data reported for Belgium-Luxembourg.

2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as 

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 

1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin 

America and Caribbean.”

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
 CAPITAL MOVEMENTS 89

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2003 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other 

Foreign 

securities 

Country

 Total pur- 

 chases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds

 (4) 

 Stocks 

 (5) 

Bonds 

(6) 

Stocks 

(7) 

Total 

sales 

(8) 

 Market- 

 able 

 Treasury 

 and 

 Federal 

 Financ- 

 ing Bank 

 bonds 

 and 

 notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

(13) 

Stocks

(14) 

Europe: 

Austria ....................................... 22,685 12,772 2,785 890 2,802 2,316 1,120 22,546 13,620 2,128 467 2,977 2,110 1,244

Belgium 1 ................................... 91,412 32,061 25,524 6,865 19,386 3,056 4,520 86,112 30,325 24,867 4,426 19,222 3,356 3,916

Bulgaria ..................................... 432 243 27 72 55 7 28 385 196 13 54 57 38 27

Czech Republic.......................... 38,130 34,038 2,733 171 1,011 18 159 35,734 33,757 636 99 985 24 233

Denmark .................................... 35,334 17,500 4,083 2,682 5,072 3,607 2,390 27,794 15,086 2,523 1,473 4,377 2,312 2,023

Finland....................................... 10,821 5,208 585 340 1,454 472 2,762 11,863 5,638 472 451 1,162 1,484 2,656

France ....................................... 839,079 498,566 6,638 17,247 258,732 15,754 42,142 838,233 505,318 5,692 13,674 252,493 17,792 43,264

Germany.................................... 332,802 153,356 10,436 17,198 43,628 84,445 23,739 318,761 145,471 11,501 13,408 44,562 82,400 21,419

Greece....................................... 8,793 6,054 348 131 873 688 699 8,351 5,318 450 93 922 784 784

Hungary ..................................... 1,606 838 112 38 148 178 292 1,464 794 110 26 154 120 260

Ireland........................................ 401,853 264,729 21,434 24,572 65,043 13,193 12,882 371,604 260,942 17,369 15,096 57,253 8,313 12,631

Italy............................................ 108,803 46,243 4,023 3,426 33,217 10,423 11,471 110,311 48,778 3,634 1,352 32,647 12,625 11,275

Luxembourg 1 ............................ 80,626 14,397 21,947 11,045 21,347 6,820 5,070 66,019 13,484 19,330 5,805 19,295 3,536 4,569

Netherlands ............................... 234,888 139,544 24,437 7,174 35,503 9,676 18,554 232,829 139,391 24,543 5,900 35,434 9,815 17,746

Norway ...................................... 428,213 377,779 14,367 6,773 14,021 12,757 2,516 410,234 369,483 12,791 991 8,999 15,209 2,761

Poland ....................................... 7,288 4,475 808 30 59 1,739 177 5,869 3,616 402 5 64 1,670 112

Portugal ..................................... 21,126 16,073 1,452 91 1,499 572 1,439 19,858 15,333 1,308 121 1,378 396 1,322

Romania .................................... 4,867 4,332 257 70 26 179 3 3,963 3,417 296 1 26 210 13

Russia 2 ..................................... 38,363 6,741 26,941 318 728 797 2,838 34,501 6,870 23,725 205 728 878 2,095

Serbia and Montenegro 

(formerly Yugoslavia) 3 .......... 183 145 - 14 4 8 12 159 130 - 5 2 4 18

Spain ......................................... 52,282 23,990 4,803 1,020 5,917 8,974 7,578 60,092 29,124 8,831 351 5,515 9,535 6,736

Sweden...................................... 92,060 43,562 9,614 1,647 23,339 975 12,923 89,076 43,130 9,684 1,353 19,911 760 14,238

Switzerland ................................ 180,589 61,557 13,003 11,854 57,947 13,862 22,366 166,584 56,657 11,421 5,738 60,070 9,591 23,107

Turkey........................................ 10,842 8,546 14 40 229 711 1,302 15,074 10,148 7 384 206 1,899 2,430

United Kingdom......................... 6,179,065 3,286,278 181,577 400,252 630,483 1,150,682 529,793 6,017,216 3,255,738 156,404 292,286 629,807 1,146,151 536,830

Channel Islands and Isle 

 of Man 4......................................... 66,192 9,130 11,193 29,435 10,358 4,205 1,871 43,552 7,575 9,372 11,393 10,261 3,112 1,839

Other Europe ............................. 47,179 25,043 4,480 1,701 3,765 3,862 8,328 48,473 26,939 4,281 1,117 3,784 3,543 8,809

Total Europe.......................... 9,335,513 5,093,200 393,621 545,096 1,236,646 1,349,976 716,974 9,046,657 5,046,278 351,790 376,274 1,212,291 1,337,667 722,357

Canada .......................................... 838,406 457,211 21,806 22,933 167,314 106,535 62,607 803,028 446,428 23,216 16,082 155,591 96,466 65,245

Latin America: 

Argentina ................................... 14,659 3,016 1,205 1,286 4,208 3,519 1,425 11,815 1,480 1,559 497 4,429 2,397 1,453

Brazil.......................................... 71,560 32,786 2,583 1,314 2,467 26,992 5,418 70,316 29,876 3,070 495 2,491 27,083 7,301

Chile .......................................... 17,064 6,690 1,472 1,620 2,175 4,073 1,034 18,528 6,927 1,181 1,530 2,101 5,763 1,026

Colombia ................................... 12,806 3,284 2,789 1,043 960 4,543 187 12,889 3,857 2,509 855 969 4,582 117

Ecuador ..................................... 2,364 241 531 88 1,157 100 247 1,756 177 116 25 1,131 55 252

Guatemala ................................. 611 46 119 72 90 260 24 557 43 57 64 127 245 21

Mexico ....................................... 74,908 30,605 8,900 5,935 5,781 16,285 7,402 64,218 25,246 5,316 2,642 6,087 17,875 7,052

Panama ..................................... 13,032 1,269 3,633 1,679 2,827 2,696 928 10,450 1,442 2,158 1,348 2,858 1,831 813

Peru........................................... 4,333 944 1,167 447 538 929 308 2,669 353 196 225 447 1,078 370

Uruguay ..................................... 11,213 2,104 896 878 1,726 4,972 637 8,621 1,302 432 449 1,475 4,503 460

Venezuela.................................. 10,896 817 1,510 777 3,375 3,925 492 9,799 496 882 356 3,056 4,483 526

Other Latin America 5................. 39,353 29,742 1,478 1,225 2,025 4,701 182 36,598 29,356 274 525 2,050 4,258 135

Total Latin America ............... 272,799 111,544 26,283 16,364 27,329 72,995 18,284 248,216 100,555 17,750 9,011 27,221 74,153 19,526

Caribbean: 

Bahamas ................................... 440,467 234,648 39,857 27,172 80,404 39,791 18,595 438,584 240,642 35,010 25,030 80,309 38,734 18,859

Bermuda .................................... 1,512,659 694,203 188,571 56,484 389,290 139,715 44,396 1,469,593 668,817 180,180 42,184 393,329 140,608 44,475

Cayman Islands 6....................... 3,672,673 1,107,412 1,264,317 256,204 677,646 244,262 122,832 3,644,196 1,117,799 1,251,737 223,345 675,742 254,953 120,620

Cuba.......................................... - - - - - - -2 - - -2 - -

Jamaica ..................................... 2,422 123 1,689 181 119 284 26 1,748 124 1,221 57 102 215 29

Netherlands Antilles................... 290,783 153,104 51,040 4,114 67,041 6,489 8,995 283,504 146,263 52,027 3,415 66,282 6,493 9,024

Trinidad and Tobago.................. 1,228 237 290 106 125 449 21 721 173 13 45 114 350 26

Other Caribbean 5 ...................... 493,483 77,733 12,298 32,874 319,332 11,223 40,023 485,600 80,323 8,660 28,195 319,099 9,895 39,428

Total Caribbean..................... 6,413,715 2,267,460 1,558,062 377,135 1,533,957 442,213 234,888 6,323,948 2,254,141 1,528,848 322,271 1,534,979 451,248 232,461

See footnotes at end of table. 
90 CAPITAL MOVEMENTS 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2003, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other 

Foreign 

securities 

Country

 Total 

 pur- 

 chases 

 (1) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financing Bank 

 bonds 

 and 

 notes 

 (2) 

 Bonds 

 of U.S. 

 Gov’t 

 corps and

 federally-

 spon- 

 sored 

 agencies 

 (3) 

 Bonds

 (4) 

 Stocks 

 (5) 

 Bonds

 (6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds 

 (11) 

 Stocks 

 (12) 

 Bonds 

 (13)

 Stocks

 (14) 

Asia: 

China: 

Mainland................... 386,771 267,544 102,865 7,130 2,210 6,187 835 319,629 237,040 73,236 2,504 2,287 3,717 845

Taiwan...................... 111,449 31,775 16,212 2,369 6,746 5,352 48,995 100,614 22,745 6,715 771 6,446 1,466 62,471

Hong Kong ................... 257,329 127,110 28,707 8,317 10,052 21,909 61,234 237,938 121,062 16,795 3,842 9,165 23,097 63,977

India ............................. 7,669 5,392 17 57 208 145 1,850 7,958 4,907 35 38 280 14 2,684

Indonesia...................... 9,395 6,112 1,442 100 368 708 665 7,687 5,492 944 51 301 231 668

Israel ............................ 26,054 15,409 1,266 1,431 4,940 588 2,420 26,951 17,735 552 889 4,960 303 2,512

Japan ........................... 1,034,857 582,037 100,559 30,565 49,020 107,489 165,187 885,445 433,105 78,163 18,395 51,256 102,002 202,524

Korea............................ 97,348 51,338 31,313 1,519 567 4,558 8,053 84,896 46,143 22,969 738 587 4,540 9,919

Lebanon ....................... 605 79 23 23 308 113 59 634 61 16 15 341 152 49

Malaysia ....................... 12,705 8,031 1,342 101 357 1,237 1,637 14,045 8,284 2,518 94 384 657 2,108

Pakistan........................ 381 - 30 80 233 - 38 265 - 2 - 238 11 14

Philippines.................... 7,389 3,453 1,558 286 352 1,354 386 7,187 2,982 1,511 197 392 1,760 345

Singapore..................... 178,501 84,297 13,411 13,364 36,283 12,241 18,905 170,569 85,630 12,735 10,016 32,890 11,472 17,826

Syria ............................. 80 26 - - 23 - 31 62 27 2 1 21 - 11

Thailand........................ 18,122 15,030 973 515 292 225 1,087 23,592 21,018 811 116 299 212 1,136

Other Asia .................... 65,722 23,863 12,132 5,104 18,861 2,415 3,347 66,112 30,624 10,492 2,911 18,352 1,832 1,901

Total Asia ................. 2,214,377 1,221,496 311,850 70,961 130,820 164,521 314,729 1,953,584 1,036,855 227,496 40,578 128,199 151,466 368,990

Africa: 

Congo (formerly Zaire).... 240 7 - - 230 1 2 255 - - - 239 2 14

Egypt ............................ 843 98 92 114 434 64 41 696 50 6 17 489 44 90

Ghana .......................... 20 - - 1 13 - 6 15 - - - 12 - 3

Liberia .......................... 2,037 116 845 473 314 88 201 1,131 139 135 271 291 91 204

Morocco........................ 534 200 1 - 303 18 12 448 249 - 1 116 50 32

South Africa.................. 3,994 611 56 864 510 615 1,338 4,285 725 24 903 503 637 1,493

Other Africa .................. 5,971 1,681 1,656 209 1,224 766 435 3,947 1,495 523 75 1,108 305 441

Total Africa ............... 13,639 2,713 2,650 1,661 3,028 1,552 2,035 10,777 2,658 688 1,267 2,758 1,129 2,277

Other countries: 

Australia ....................... 135,798 69,724 6,020 3,636 13,870 11,891 30,657 131,159 63,019 6,808 3,223 14,492 12,187 31,430

New Zealand ................ 4,621 940 350 310 815 1,091 1,115 4,451 1,371 511 223 609 605 1,132

All other countries......... 7,898 4,304 891 1,294 652 558 199 5,488 3,556 479 187 727 258 281

Total other countries. 148,317 74,968 7,261 5,240 15,337 13,540 31,971 141,098 67,946 7,798 3,633 15,828 13,050 32,843

Total foreign countries 19,236,766 9,228,592 2,321,533 1,039,390 3,114,431 2,151,332 1,381,488 18,527,308 8,954,861 2,157,586 769,116 3,076,867 2,125,179 1,443,699

International and 

 regional orgs.: 

International ..................... 16,073 11,966 1,577 902 442 1,160 26 17,447 12,401 2,507 272 493 1,665 109

European regional ............ 1,965 177 - 5 - 530 1,253 1,800 63 - 8 - 494 1,235

Latin American regional...... 986 235 127 295 274 55 - 954 273 158 156 281 86 -

Caribbean regional ........... 40 - 40 - - - - 19 15 3 - 1 - -

Asian regional................... 5,876 3,505 2,293 3 40 31 4 6,360 3,856 2,419 1 45 34 5

African regional................. 59 10 22 11 - 15 1 46 - 36 - - 10 -

Middle Eastern regional .... 59 - - - 57 - 2 26 - - - 26 - -

 Total international 

 and regional............ 25,058 15,893 4,059 1,216 813 1,791 1,286 26,652 16,608 5,123 437 846 2,289 1,349

 Grand total.............. 19,261,824 9,244,485 2,325,592 1,040,606 3,115,244 2,153,123 1,382,774 18,553,960 8,971,469 2,162,709 769,553 3,077,713 2,127,468 1,445,048

1 Before January 2001, combined data reported for Belgium-Luxembourg. 

2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former 

Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: 

Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

Latin America and Caribbean.” 

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
 CAPITAL MOVEMENTS 91

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries 

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2000 2001 2002 

 2003 

 Jan.- Dec.

 2003 

 Oct. - Dec. 

United Kingdom ................................... 166,290 183,986 186,691 164,355 42,557 

All other Europe ................................... 128,577 78,921 57,064 117,575 15,018 

Caribbean banking centers 1,2.............. 19,883 57,817 76,144 90,998 21,708 

Japan ................................................... 52,006 56,589 91,412 181,262 77,128 

All other Asia........................................ 52,151 110,995 109,314 120,737 27,037 

Subtotal............................................ 418,907 488,308 520,625 674,927 183,448 

All other countries ................................ 38,921 32,541 26,940 69,556 20,947 

Grand total ....................................... 457,828 520,849 547,565 744,483 204,395

1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

The data on this page represent 

foreign investors’ purchases and 

sales of long-term U.S. securities 

(that is, U.S. Treasury and 

Government agency bonds and 

notes, and U.S. corporate bonds 

and stocks) as reported to the TIC 

reporting system. Foreign 

investors also acquired U.S. 

equities through mergers that 

involve stock swaps. Net foreign 

acquisitions of U.S. equities 

through stock swaps amounted to 

$21 billion in 2000, $7 billion in 

both 2001 and 2002, and zero in 

2003. (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 now 

available on the TIC web site. 

The data present aggregate net 

purchases for 2000 through 2003. 

The figures show that foreigners’ 

annual net purchases (gross 

purchases minus gross sales) of 

U.S. securities have maintained an 

extremely high level since 2000. 

Annual net foreign purchases of 

U.S. securities first surpassed 

$100 billion in 1993. In 2002, net 

acquisitions (including stock 

swaps) of U.S. securities totaled a 

record $554 billion. In 2003, net 

foreign acquisitions of U.S. 

securities accelerated to a record 

$744 billion. 

0

50

100

150

200

250

300

350

2000 2001 2002 2003

Jan. - Dec.

2003

Oct. - Dec.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net purchases 

during 2003 with those in prior years, the chart 

depicts data for all periods at an annualized rate.
92 CAPITAL MOVEMENTS 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

-100

-50

0

50

100

150

 1999 2000 2001 2002 2003

Jan. - Dec.

2003

Oct. -Dec.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2003

with those in prior years, the chart depicts data for all periods

at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 1999 2000 2001 2002 

 2003 

 Jan. -Dec. 

2003 

Oct. - Dec. 

Foreign bonds ..... 5,676 4,054 -30,502 -28,492 -25,655 8,894

Foreign stocks..... -15,640 13,088 50,113 1,493 62,274 4,420

Total .................. -9,964 17,142 19,611 -26,999 36,619 13,314

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 

The data on this page represent 

U.S. investors’ purchases and 

sales of long-term foreign 

securities as reported to the TIC 

reporting system. However, in the 

past several years, U.S. investors 

also have acquired a substantial 

amount of foreign stocks, mostly 

European, through mergers that 

involve stock swaps. Net 

acquisitions through stock swaps 

amounted to $80 billion in 2000, 

$45 billion in 2001, only $3 

billion in 2002, and $15 billion in 

2003. (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 now 

available on the TIC web site. 

Including the stock swaps, annual 

U.S. net purchases of long-term 

foreign securities averaged about 

$100 billion from the mid-1990s 

through 2000, without much 

variation from year to year. U.S. 

investors’ acquisitions of foreign 

securities (including stock swaps) 

fell to $65 billion in 2001. In 

2002, on net U.S. investors sold 

$24 billion in foreign securities. 

In 2003, strong U.S. demand for 

foreign equities offset net sales of 

foreign bonds; on net (including 

stock swaps), U.S. investors 

acquired $52 billion in foreign 

securities in the year. 
93

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury and Federal 

Financial Institutions Examination Council (FFIEC) 035 

reports. Tables I-3 through VI-3 present quarterly 

consolidated currency data reported by large market 

participants and FFIEC reporters that do not file weekly 

reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
94 FOREIGN CURRENCY POSITIONS 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

 

07/09/03 .................................................................... 417,271 421,139 -614 1.3751 

07/16/03 .................................................................... 414,730 417,823 -1,340 1.3871 

07/23/03 .................................................................... 430,131 430,024 -1,580 1.3983 

07/30/03 .................................................................... 432,190 433,847 -1,427 1.4010 

 

08/06/03 .................................................................... 407,534 413,810 -1,391 1.4035 

08/13/03 .................................................................... 400,158 406,453 -754 1.3799 

08/20/03 .................................................................... 403,320 411,711 -57 1.4044 

08/27/03 .................................................................... 405,254 412,530 345 1.4026 

 

09/03/03 .................................................................... 408,635 417,060 319 1.3803 

09/10/03 .................................................................... 414,100 432,975 298 1.3675 

09/17/03 .................................................................... 386,841 393,172 907 1.3661 

09/24/03 .................................................................... 372,014 374,890 -539 1.3497 

 

10/01/03 .................................................................... 371,280 372,812 -969 1.3455 

10/08/03 .................................................................... 364,490 367,545 127 1.3338 

10/15/03 .................................................................... 371,591 375,839 -1,838 1.3267 

10/22/03 .................................................................... 376,363 387,702 -2,069 1.3045 

10/29/03 .................................................................... 380,630 391,611 -2,426 1.3117 

 

11/05/03 .................................................................... 391,357 401,237 -2,133 1.3330 

11/12/03 .................................................................... 389,502 397,175 -2,510 1.3044 

11/19/03 .................................................................... 401,618 414,380 -1,840 1.3052 

11/26/03 .................................................................... 397,150 416,035 -2,150 1.3043 

 

12/03/03 .................................................................... 405,096 418,563 -2,669 1.2998 

12/10/03 .................................................................... 417,823 433,580 -3,163 1.3079 

12/17/03 .................................................................... 390,021 402,273 -4,565 1.3260 

12/24/03 .................................................................... 368,890 379,578 -3,047 1.3085 

12/31/03 .................................................................... 368,941 380,583 -2,695 1.2972 

 
FOREIGN CURRENCY POSITIONS 95

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2000 - Dec................... 367,705 350,994 73,277 69,548 19,300 20,492 18,100 19,909 1,286 1.4997 

2001 - Dec................... 269,352 273,354 80,030 76,966 25,527 27,709 27,788 28,719 -601 1.5921 

2002 - Dec................... 313,637 309,627 85,780 86,978 38,202 44,315 39,474 33,245 -2,240 1.5729 

2003 - Jan ................... 355,077 350,986 87,604 81,868 54,557 58,979 53,794 50,310 -2,263 1.5219 

Feb .................. 379,626 375,825 95,348 88,046 63,412 70,204 65,980 55,896 -2,132 1.4844 

Mar .................. 356,883 356,553 86,915 86,432 74,015 81,600 71,059 61,867 -1,053 1.4680 

Apr................... 375,820 373,693 89,453 87,589 83,407 88,869 75,608 72,442 -2,222 1.4339 

May.................. 433,676 430,456 91,668 89,345 94,149 96,693 85,814 88,526 -1,678 1.3687 

June................. 391,776 387,739 90,460 88,956 89,504 93,614 81,128 81,180 -336 1.3478 

July .................. 413,500 414,638 93,102 90,573 96,856 101,492 89,289 87,788 -1,800 1.4053 

Aug .................. 392,198 377,684 92,275 92,262 88,839 88,958 89,732 72,197 239 1.3857 

Sept................. 363,822 364,278 97,851 96,743 115,801 102,702 96,830 109,118 -1,092 1.3499 

Oct................... 379,415 388,592 93,239 93,537 102,781 97,040 88,000 96,274 -2,539 1.3191 

Nov .................. 377,945 397,298 97,273 95,951 98,787 90,607 82,899 91,831 -2,144 1.2991 

Dec .................. 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 

 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

 

 Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

 Assets 

 (3) 

Liabilities 

(4) 

 Bought

 (5) 

 Written 

 (6) 

 Bought 

 (7) 

 Written 

 (8) 

Net delta 

equivalent 

 (9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2000 - Dec................... 27,747 34,920 47,126 45,544 279 n.a. 316 366 36 1.4997 

2001 - Mar................... 21,626 30,472 46,819 43,788 n.a. n.a. 479 446 71 1.5768 

June................. 30,328 32,561 48,162 42,722 491 417 550 639 n.a. 1.5145 

Sept................. 28,889 31,714 50,363 45,664 646 334 670 659 -95 1.5797 

Dec .................. 30,315 36,513 47,131 43,649 1,151 570 421 224 188 1.5921 

2002 - Mar................... 26,125 29,277 45,237 n.a. n.a. n.a. 595 547 167 1.5932 

June................. 28,748 33,623 45,714 n.a. n.a. 521 930 593 n.a. 1.5166 

Sept................. 39,369 40,753 56,399 38,941 1,449 326 759 351 308 1.5875 

Dec.................. 38,048 41,529 57,695 69,378 868 474 1,433 615 -253 1.5729 

2003 - Mar................... 45,680 50,185 52,267 40,973 750 1,069 1,461 1,491 -2 1.4680 

June.................. 28,175 34,321 58,229 47,465 1,011 1,440 1,478 1,792 68 1.3478 

Sept .................. 28,190 38,076 55,811 n.a. n.a. 556 1,251 726 12 1.3499 

 
96 FOREIGN CURRENCY POSITIONS 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

(4) 

 

07/09/03 .................................................................. 172,392 177,987 108 117.80 

07/16/03 .................................................................. 170,281 175,568 97 118.24 

07/23/03 .................................................................. 167,053 172,564 44 118.93 

07/30/03 .................................................................. 169,554 174,439 -20 120.31 

 

08/06/03 .................................................................. 167,159 172,192 -15 120.22 

08/13/03 .................................................................. 167,425 172,320 95 119.13 

08/20/03 .................................................................. 169,554 174,668 247 118.19 

08/27/03 .................................................................. 171,082 176,652 317 117.48 

 

09/03/03 .................................................................. 174,772 180,734 276 116.01 

09/10/03 .................................................................. 178,309 184,108 113 117.14 

09/17/03 .................................................................. 171,929 178,045 -89 116.20 

09/24/03 .................................................................. 179,991 185,136 49 111.47 

 

10/01/03 .................................................................. 176,397 180,777 268 110.65 

10/08/03 .................................................................. 173,321 178,305 403 109.61 

10/15/03 .................................................................. 172,778 177,811 341 109.57 

10/22/03 .................................................................. 168,688 172,260 477 108.99 

10/29/03 .................................................................. 166,459 169,877 429 108.29 

 

11/05/03 .................................................................. 172,156 175,332 399 109.97 

11/12/03 .................................................................. 165,739 169,000 378 108.81 

11/19/03 .................................................................. 166,805 169,478 232 109.31 

11/26/03 .................................................................. 161,577 164,662 363 109.00 

 

12/03/03 .................................................................. 169,295 173,122 253 108.21 

12/10/03 .................................................................. 177,501 181,148 204 108.30 

12/17/03 .................................................................. 164,961 170,453 511 107.44 

12/24/03 .................................................................. 152,987 157,640 460 107.38 

12/31/03 .................................................................. 164,431 169,014 403 107.40 

 
FOREIGN CURRENCY POSITIONS 97

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2000 - Dec................... 155,896 161,619 25,262 24,120 19,454 18,782 47,367 48,779 1,143 114.42 

2001 - Dec................... 150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68 

2002 - Dec................... 172,436 174,874 35,743 36,564 26,486 24,120 31,305 32,826 623 118.81 

2003 - Jan ................... 173,773 176,695 40,344 40,638 27,375 23,931 31,172 32,360 290 119.92 

Feb .................. 173,077 176,331 40,265 40,020 26,885 24,780 31,668 31,724 242 118.16 

Mar .................. 164,064 166,629 39,520 38,869 26,829 25,118 30,419 30,420 198 118.01 

Apr................... 173,151 176,982 40,159 39,101 27,772 25,116 29,768 32,071 327 118.92 

May.................. 182,527 187,021 40,948 40,080 30,410 29,653 32,058 36,532 -186 119.38 

June................. 178,999 183,110 43,175 41,705 28,216 27,996 35,145 34,606 -21 119.75 

July .................. 176,558 181,479 41,087 40,313 28,944 28,662 32,554 31,970 -18 120.61 

Aug .................. 166,890 171,681 40,105 38,391 28,651 29,068 31,931 31,046 134 116.89 

Sept................. 183,032 187,673 43,968 43,868 33,086 34,433 33,847 32,817 85 111.50 

Oct................... 179,383 183,629 45,291 44,157 33,619 35,561 34,942 34,392 211 109.97 

Nov .................. 171,531 175,608 41,150 40,401 33,219 34,883 37,524 37,031 274 109.64 

Dec .................. 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 

 

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2000 - Dec................... 7,538 8,215 6,392 5,286 455 663 727 409 16 114.42 

2001 - Mar................... 11,408 11,719 6,538 6,018 473 667 1,174 512 -84 125.54 

June................. 12,129 11,499 5,988 7,498 515 n.a. n.a. 1,049 28 124.77 

Sept................. 11,638 11,483 7,101 7,181 484 n.a. n.a. 450 -119 119.23 

Dec .................. 11,633 12,154 5,917 6,337 510 661 1,319 669 -221 131.68 

2002 - Mar................... 11,992 11,000 5,696 5,693 n.a. n.a. n.a. n.a. -17 132.73 

June................. 12,703 12,179 5,127 5,006 n.a. n.a. n.a. n.a. -73 119.62 

Sept................. 13,370 13,262 5,606 5,113 n.a. n.a. n.a. n.a. 479 121.81 

Dec .................. 10,390 11,039 4,406 4,550 n.a. n.a. n.a. n.a. -210 118.81 

2003 - Mar................... 11,996 12,514 4,419 3,828 n.a. n.a. n.a. n.a. -462 118.01 

June.................. 11,595 13,077 4,926 3,557 n.a. n.a. n.a. n.a. -633 119.75 

Sept.................. 11,579 12,306 4,868 3,118 662 776 1,249 725 52 111.50 

 
98 FOREIGN CURRENCY POSITIONS 

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

(4) 

 

07/09/03 .................................................................. 366,967 372,912 2,803 1.3608 

07/16/03 .................................................................. 367,726 372,859 2,287 1.3765 

07/23/03 .................................................................. 351,247 359,771 3,020 1.3471 

07/30/03 .................................................................. 347,027 356,320 3,414 1.3660 

 

08/06/03 .................................................................. 340,290 349,056 3,687 1.3528 

08/13/03 .................................................................. 335,783 342,567 3,553 1.3667 

08/20/03 .................................................................. 338,300 346,292 2,218 1.3882 

08/27/03 .................................................................. 367,001 372,087 2,157 1.4147 

 

09/03/03 .................................................................. 361,224 371,648 2,199 1.4157 

09/10/03 .................................................................. 389,334 401,579 3,673 1.3836 

09/17/03 .................................................................. 310,828 317,241 3,555 1.3797 

09/24/03 .................................................................. 315,169 320,895 3,946 1.3507 

 

10/01/03 .................................................................. 349,370 356,868 3,995 1.3132 

10/08/03 .................................................................. 330,352 335,838 2,064 1.3128 

10/15/03 .................................................................. 346,297 352,284 1,448 1.3315 

10/22/03 .................................................................. 323,331 329,253 1,685 1.3133 

10/29/03 .................................................................. 336,318 341,757 1,815 1.3306 

 

11/05/03 .................................................................. 351,557 354,994 449 1.3696 

11/12/03 .................................................................. 357,351 362,163 -773 1.3512 

11/19/03 .................................................................. 381,064 390,230 814 1.3075 

11/26/03 .................................................................. 341,898 352,921 1,011 1.2927 

 

12/03/03 .................................................................. 369,811 378,910 -226 1.2872 

12/10/03 .................................................................. 418,213 428,253 907 1.2677 

12/17/03 .................................................................. 309,889 320,395 1,017 1.2546 

12/24/03 .................................................................. 302,152 311,047 96 1.2480 

12/31/03 .................................................................. 294,150 303,836 276 1.2407 

 
FOREIGN CURRENCY POSITIONS 99

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2000 - Dec................... 384,097 394,184 67,268 70,627 59,915 58,196 55,747 52,701 -1,458 1.6132 

2001 - Dec................... 272,369 275,786 46,430 55,320 39,079 36,389 40,849 39,248 -818 1.6579 

2002 - Dec................... 279,171 282,007 50,539 55,470 53,399 45,776 45,632 44,198 1,190 1.3818 

2003 - Jan ................... 315,135 313,879 55,272 60,594 66,238 57,658 56,105 57,183 1,879 1.3641 

Feb .................. 351,088 345,478 56,864 62,353 62,100 53,973 53,107 55,043 1,621 1.3530 

Mar .................. 325,180 321,365 51,481 58,833 63,863 55,484 56,822 62,303 1,322 1.3506 

Apr................... 344,961 345,051 58,382 65,308 59,889 49,829 71,580 77,275 3,166 1.3550 

May.................. 402,291 403,954 50,415 58,380 58,486 50,292 78,951 76,736 2,085 1.3004 

June................. 422,967 426,326 45,768 53,405 66,684 50,684 89,393 95,537 3,630 1.3515 

July .................. 375,694 379,868 49,023 54,214 63,583 49,400 94,567 95,880 3,560 1.3700 

Aug .................. 344,044 347,810 49,440 55,224 63,810 48,911 85,518 86,455 2,277 1.3997 

Sept................. 376,554 384,407 51,966 57,240 66,724 52,170 95,476 96,343 4,829 1.3179 

Oct................... 399,969 404,956 51,878 55,821 64,867 51,100 92,026 89,305 1,123 1.3410 

Nov .................. 373,653 383,569 53,267 56,510 115,489 64,741 92,802 132,667 560 1.2914 

Dec .................. 335,009 347,189 52,350 54,773 60,600 54,918 78,846 77,646 278 1.2407 

 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2000 - Dec................... 24,618 24,262 22,570 12,256 1,254 n.a. n.a. 1,801 n.a. 1.6132 

2001 - Mar................... 23,288 28,769 25,139 13,346 n.a. n.a. n.a. n.a. n.a. 1.7360 

June................. 28,972 36,271 24,529 11,406 755 n.a. n.a. 1,694 n.a. 1.7940 

Sept................. 19,564 27,598 27,084 11,057 n.a. n.a. n.a. n.a. n.a. 1.6188 

Dec .................. 22,988 31,166 23,417 11,992 n.a. n.a. n.a. 1,278 n.a. 1.6579 

2002 - Mar................... 22,611 28,965 33,250 18,477 n.a. n.a. n.a. n.a. n.a. 1.6826 

June................. 27,717 34,175 32,500 19,410 n.a. n.a. n.a. n.a. 785 1.4826 

Sept................. 27,500 32,490 23,980 9,526 n.a. n.a. 3,850 n.a. 630 1.4767 

Dec .................. 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818 

2003 - Mar................... 27,047 36,026 25,121 9,865 n.a. n.a. 4,229 3,551 -193 1.3506 

June.................. 26,534 37,545 25,342 10,194 n.a. n.a. 8,087 3,751 -1,174 1.3515 

Sept.................. 23,694 35,302 26,108 8,680 n.a. n.a. 3,873 1,906 90 1.3179 

 
100 FOREIGN CURRENCY POSITIONS 

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

07/09/03 .................................................................. 519,497 528,339 -1,311 1.6375 

07/16/03 .................................................................. 516,593 523,489 -1,631 1.5954 

07/23/03 .................................................................. 500,801 507,403 -1,453 1.6080 

07/30/03 .................................................................. 520,685 530,515 -1,118 1.6157 

 

08/06/03 .................................................................. 515,541 521,331 -1,422 1.6094 

08/13/03 .................................................................. 521,534 525,829 -1,069 1.6067 

08/20/03 .................................................................. 525,326 527,966 -591 1.5941 

08/27/03 .................................................................. 517,093 521,904 -1,013 1.5721 

 

09/03/03 .................................................................. 497,937 505,906 -1,099 1.5705 

09/10/03 .................................................................. 520,346 527,352 -1,121 1.5911 

09/17/03 .................................................................. 492,315 497,735 -1,137 1.6094 

09/24/03 .................................................................. 508,922 515,664 -1,144 1.6600 

 

10/01/03 .................................................................. 531,006 535,872 -1,243 1.6689 

10/08/03 .................................................................. 546,025 549,468 -1,363 1.6649 

10/15/03 .................................................................. 555,710 561,140 -1,650 1.6671 

10/22/03 .................................................................. 529,666 532,218 -1,470 1.6931 

10/29/03 .................................................................. 540,071 539,761 -1,566 1.6988 

 

11/05/03 .................................................................. 549,227 551,098 -849 1.6732 

11/12/03 .................................................................. 532,539 531,257 -895 1.6733 

11/19/03 .................................................................. 562,442 564,190 -533 1.6976 

11/26/03 .................................................................. 542,437 540,826 -605 1.7117 

 

12/03/03 .................................................................. 548,479 547,116 -622 1.7273 

12/10/03 .................................................................. 602,175 604,587 -316 1.7428 

12/17/03 .................................................................. 553,880 546,954 -483 1.7656 

12/24/03 .................................................................. 512,158 511,556 -387 1.7741 

12/31/03 .................................................................. 532,097 534,029 -584 1.7856 

 
FOREIGN CURRENCY POSITIONS 101

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2000 - Dec................... 479,669 474,813 132,953 130,552 52,002 49,853 34,026 35,250 1,692 1.4922 

2001 - Dec................... 347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556 

2002 - Dec................... 424,513 428,433 196,385 182,170 26,278 22,651 27,928 26,744 -396 1.6094 

2003 - Jan ................... 458,246 457,915 203,294 195,988 28,418 26,310 32,982 32,136 -315 1.6468 

Feb .................. 487,981 484,042 190,988 180,320 28,630 26,456 32,589 31,074 -20 1.5737 

Mar .................. 466,300 465,286 191,679 175,300 27,596 25,077 30,617 30,060 -461 1.5830 

Apr................... 491,683 490,320 195,482 194,548 33,382 28,740 33,464 31,581 -83 1.6001 

May.................. 498,321 502,807 202,730 202,360 31,840 28,611 37,418 35,992 204 1.6354 

June................. 502,896 507,241 211,462 208,868 31,667 32,063 37,818 35,800 -1,206 1.6552 

July .................. 516,799 525,368 199,592 194,450 33,169 32,275 30,698 28,435 -981 1.6095 

Aug .................. 475,064 489,582 189,906 183,034 26,486 27,111 27,035 24,374 -2,580 1.5758 

Sept................. 519,405 528,586 225,961 223,062 31,776 31,734 31,100 29,538 -1,309 1.6639 

Oct................... 565,192 567,601 235,120 270,246 31,292 31,800 32,267 31,459 -788 1.6941 

Nov .................. 527,446 531,441 215,233 222,469 46,894 31,583 29,913 27,518 -528 1.7212 

Dec .................. 562,877 563,000 213,813 215,361 30,379 31,415 27,185 27,154 -568 1.7856 

 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2000 - Dec................... 26,463 30,649 70,752 33,294 2,244 1,887 2,912 1,809 144 1.4922 

2001 - Mar................... 33,159 37,997 69,553 31,759 4,097 3,564 3,511 3,251 412 1.4155 

June................. 37,364 35,327 43,277 33,576 4,081 3,648 4,204 3,596 314 1.4140 

Sept................. 34,899 35,116 110,591 34,786 4,262 3,651 3,907 4,763 357 1.4691 

Dec .................. 32,966 32,833 38,240 31,388 2,224 2,152 2,177 2,373 396 1.4556 

2002 - Mar................... 30,190 31,380 30,000 21,404 n.a. n.a. n.a. 3,633 512 1.4243 

June................. 30,530 30,126 28,877 22,290 n.a. n.a. 4,050 3,974 303 1.5313 

Sept................. 31,096 31,837 38,781 26,991 2,197 n.a. 2,705 2,948 260 1.5683 

Dec .................. 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094 

2003 - Mar................... 31,872 34,496 41,345 29,493 1,006 956 3,265 3,327 -105 1.5830 

June.................. 31,395 35,463 43,716 28,341 1,245 2,076 4,107 3,675 n.a. 1.6552 

Sept.................. 36,488 38,961 43,172 27,381 950 1,374 3,461 2,835 375 1.6639 

 
102 FOREIGN CURRENCY POSITIONS 

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

07/09/03 ................................................................ 5,679,009 5,625,907 240 n.a. 

07/16/03 ................................................................ 5,637,937 5,578,825 1,824 n.a. 

07/23/03 ................................................................ 5,587,752 5,528,751 -1,826 n.a. 

07/30/03 ................................................................ 5,678,098 5,622,029 580 n.a. 

 

08/06/03 ................................................................ 5,621,572 5,561,673 -1,051 n.a. 

08/13/03 ................................................................ 5,577,978 5,537,800 -238 n.a. 

08/20/03 ................................................................ 5,594,625 5,545,474 -2,995 n.a. 

08/27/03 ................................................................ 5,630,917 5,568,028 -1,953 n.a. 

 

09/03/03 ................................................................ 5,521,493 5,458,876 -904 n.a. 

09/10/03 ................................................................ 5,715,457 5,656,967 -1,337 n.a. 

09/17/03 ................................................................ 5,386,266 5,315,139 -618 n.a. 

09/24/03 ................................................................ 5,615,025 5,549,350 -423 n.a. 

 

10/01/03 ................................................................ 5,723,201 5,658,454 -1,575 n.a. 

10/08/03 ................................................................ 5,713,891 5,629,354 1,728 n.a. 

10/15/03 ................................................................ 5,751,555 5,674,390 4,975 n.a. 

10/22/03 ................................................................ 5,582,129 5,530,598 5,290 n.a. 

10/29/03 ................................................................ 5,595,720 5,554,647 8,468 n.a. 

 

11/05/03 ................................................................ 5,695,016 5,652,435 10,955 n.a. 

11/12/03 ................................................................ 5,617,931 5,585,076 12,129 n.a. 

11/19/03 ................................................................ 5,827,551 5,790,759 8,522 n.a. 

11/26/03 ................................................................ 5,631,476 5,580,982 9,179 n.a. 

 

12/03/03 ................................................................ 5,884,122 5,824,143 7,275 n.a. 

12/10/03 ................................................................ 6,288,287 6,218,371 7,188 n.a. 

12/17/03 ................................................................ 5,830,552 5,757,817 3,990 n.a. 

12/24/03 ................................................................ 5,511,684 5,447,401 7,762 n.a. 

12/31/03 ................................................................ 5,659,516 5,590,059 6,318 n.a. 

 
FOREIGN CURRENCY POSITIONS 103

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2000 - Dec................... 4,880,774 4,897,055 - - 695,166 664,229 547,462 520,982 5,725 n.a. 

2001 - Dec................... 4,142,797 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a. 

2002 - Dec................... 4,828,993 4,789,483 - - 627,016 570,259 593,640 573,324 -988 n.a. 

2003 - Jan ................... 5,169,458 5,114,592 - - 679,339 622,138 666,091 634,314 2,133 n.a. 

Feb .................. 5,376,253 5,334,681 - - 679,779 627,155 664,270 651,579 3,999 n.a. 

Mar .................. 5,033,093 4,990,362 - - 702,916 657,220 687,702 695,486 5,092 n.a. 

Apr................... 5,241,193 5,200,692 - - 747,975 688,209 810,036 831,556 3,388 n.a. 

May.................. 5,828,921 5,774,414 - - 769,305 737,908 887,444 888,996 221 n.a. 

June................. 5,782,487 5,739,111 - - 730,574 768,955 834,438 838,502 2,849 n.a. 

July .................. 5,697,250 5,666,367 - - 756,665 731,062 834,671 828,254 1,204 n.a. 

Aug .................. 5,276,387 5,250,070 - - 736,077 714,386 794,646 804,034 -3,032 n.a. 

Sept................. 5,788,887 5,753,074 - - 795,256 790,721 886,861 884,871 -435 n.a. 

Oct................... 6,038,060 6,009,364 - - 825,558 807,016 928,535 945,850 14,599 n.a. 

Nov .................. 5,775,259 5,729,718 - - 850,150 835,086 929,682 951,992 9,609 n.a. 

Dec .................. 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 

 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2000 - Dec................... 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. 

2001 - Mar................... 358,652 401,829 - - 28,326 n.a. n.a. 17,413 n.a. n.a. 

June................. 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 

Sept................. 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 

Dec .................. 337,179 384,159 - - 24,444 18,033 26,605 30,170 3,308 n.a. 

2002 - Mar................... 322,910 358,655 - - n.a. n.a. 36,249 34,420 5,171 n.a. 

June................. 366,689 397,199 - - n.a. n.a. 62,208 59,259 6,161 n.a. 

Sept................. 388,218 410,714 - - n.a. n.a. 55,531 56,058 5,146 n.a. 

Dec .................. 356,423 381,746 - - n.a. n.a. 71,715 n.a. 1,272 n.a. 

2003 - Mar................... 415,840 463,387 - - n.a. n.a. n.a. n.a. 1,117 n.a. 

June.................. 465,191 453,942 - - n.a. n.a. n.a. n.a. 4,747 n.a. 

Sept .................. 460,669 464,236 - - 52,557 44,020 n.a. n.a. 4,230 n.a. 

 
104 FOREIGN CURRENCY POSITIONS 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar) 

(4) 

 

07/09/03 .................................................................. 1,858,174 1,901,828 -3,428 0.8814 

07/16/03 .................................................................. 1,861,063 1,899,995 -3,328 0.8921 

07/23/03 .................................................................. 1,817,425 1,853,792 -697 0.8713 

07/30/03 .................................................................. 1,846,647 1,879,900 -1,818 0.8818 

 

08/06/03 .................................................................. 1,827,053 1,861,819 -793 0.8814 

08/13/03 .................................................................. 1,801,913 1,838,267 -2,388 0.8837 

08/20/03 .................................................................. 1,816,499 1,853,031 -1,626 0.8996 

08/27/03 .................................................................. 1,832,162 1,863,895 -3,392 0.9195 

 

09/03/03 .................................................................. 1,757,571 1,793,512 -4,433 0.9228 

09/10/03 .................................................................. 1,805,970 1,836,801 -2,196 0.8920 

09/17/03 .................................................................. 1,696,971 1,724,672 -3,736 0.8865 

09/24/03 .................................................................. 1,754,347 1,791,978 -2,321 0.8699 

 

10/01/03 .................................................................. 1,811,259 1,841,197 -1,686 0.8529 

10/08/03 .................................................................. 1,763,177 1,795,329 -767 0.8467 

10/15/03 .................................................................. 1,766,946 1,805,758 -1,878 0.8597 

10/22/03 .................................................................. 1,704,667 1,725,085 -1,785 0.8467 

10/29/03 .................................................................. 1,728,757 1,748,830 -3,405 0.8572 

 

11/05/03 .................................................................. 1,740,138 1,790,198 -4,625 0.8744 

11/12/03 .................................................................. 1,745,422 1,787,772 -4,649 0.8593 

11/19/03 .................................................................. 1,822,612 1,850,053 -4,659 0.8416 

11/26/03 .................................................................. 1,751,432 1,795,698 -7,158 0.8377 

 

12/03/03 .................................................................. 1,789,712 1,825,525 -4,543 0.8257 

12/10/03 .................................................................. 1,864,429 1,907,615 -6,278 0.8188 

12/17/03 .................................................................. 1,728,484 1,773,741 -7,376 0.8063 

12/24/03 .................................................................. 1,652,237 1,685,561 -9,546 0.8033 

12/31/03 .................................................................. 1,671,657 1,702,363 -7,357 0.7952 

 
FOREIGN CURRENCY POSITIONS 105

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2000 - Dec................... 1,950,622 1,943,752 657,186 619,882 261,374 248,948 256,884 277,614 -10,431 1.0618 

2001 - Dec................... 1,464,662 1,516,730 821,624 761,351 213,086 197,235 211,261 231,581 -3,133 1.1217 

2002 - Dec................... 1,625,180 1,696,157 1,040,749 995,578 267,591 247,397 203,958 236,553 -2,361 0.9527 

2003 - Jan ................... 1,711,609 1,778,629 1,126,397 1,067,073 319,095 294,525 262,811 287,048 -3,975 0.9289 

Feb .................. 1,870,771 1,923,139 1,153,196 1,087,443 314,683 291,418 263,837 275,901 -8,459 0.9261 

Mar .................. 1,768,738 1,824,181 1,137,479 1,073,533 324,992 308,101 268,573 284,804 -7,463 0.9153 

Apr................... 1,789,483 1,839,884 1,189,969 1,140,182 342,837 327,959 288,370 303,812 -7,365 0.8948 

May.................. 1,975,722 2,012,777 1,245,701 1,190,570 387,429 365,088 270,564 298,278 -2,323 0.8497 

June................. 1,921,351 1,962,008 1,154,188 1,122,206 363,616 339,895 276,205 297,784 -5,230 0.8687 

July .................. 1,839,623 1,876,409 1,113,203 1,066,278 330,991 298,960 289,149 313,417 -3,601 0.8895 

Aug .................. 1,683,068 1,724,811 1,042,409 1,000,087 308,732 287,965 279,065 299,826 -3,310 0.9102 

Sept................. 1,848,026 1,868,197 1,113,221 1,072,226 347,440 322,426 294,697 315,887 -2,977 0.8574 

Oct................... 1,863,151 1,916,295 1,114,492 1,078,262 342,348 342,944 293,320 319,239 -5,379 0.8635 

Nov .................. 1,755,327 1,798,108 1,004,678 974,451 337,259 321,529 295,004 311,954 -7,649 0.8342 

Dec .................. 1,770,094 1,801,409 1,061,881 1,035,884 293,589 286,226 260,869 277,574 -8,427 0.7952 

 

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

[In billions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2000 - Dec................... 129,716 136,375 n.a. 96,884 10,791 9,851 13,261 10,361 1,483 1.0618 

2001 - Mar................... 158,727 155,397 n.a. 131,437 10,594 9,998 11,681 13,315 1,285 1.1371 

June................. 167,044 167,048 187,306 140,910 16,275 n.a. n.a. 11,562 n.a. 1.1773 

Sept................. 161,577 152,442 n.a. 160,493 12,168 n.a. n.a. 10,563 n.a. 1.0990 

Dec .................. 171,056 162,581 217,151 150,815 17,066 16,953 16,865 14,370 -58 1.1217 

2002 - Mar................... 139,640 143,570 201,735 123,114 n.a. n.a. 15,392 13,788 547 1.1468 

June................. 165,752 165,199 201,526 141,469 n.a. n.a. 16,231 15,209 1,044 1.0099 

Sept................. 169,381 167,479 197,713 140,707 n.a. n.a. 29,747 29,540 487 1.0130 

Dec .................. 162,235 151,909 154,166 134,844 n.a. n.a. 16,812 13,985 -86 0.9527 

2003 - Mar................... 174,780 166,025 179,391 146,012 n.a. n.a. 21,449 15,577 -2,428 0.9153 

June.................. 178,659 171,054 197,086 169,715 n.a. n.a. 26,352 17,778 3,663 0.8687 

Sept.................. 180,866 166,592 172,050 141,979 n.a. n.a. 18,761 9,813 -2,614 0.8574 

 
106

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of June 30, 2003, and Sept. 30, 2003 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital June 30, 2003 

July 1, 2003, 

through 

Sept. 30, 2003 Sept. 30, 2003 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 10,636,307 -133,892 10,502,415

Special drawing rights 1 ........................................................... 11,720,212 342,255 12,062,467

Foreign exchange and securities: 

European euro ..................................................................... 9,885,636 190,318 10,075,954

Japanese yen....................................................................... 7,878,618 596,920 8,475,538

Accounts receivable................................................................. 104,707 -2,140 102,567

Total assets.......................................................................... 40,225,480 993,461 41,218,941

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 101,001 -82,820 18,181

Total current liabilities ...................................................... 101,001 -82,820 18,181

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000

SDR allocations ................................................................... 6,863,556 141,743 7,005,299

Total other liabilities ......................................................... 9,063,556 141,743 9,205,299

Capital: 

Capital account .................................................................... 200,000 - 200,000

Net income (+) or loss (-) (see table ESF-2) ....................... 30,860,923 934,538 31,795,461

Total capital...................................................................... 31,060,923 934,538 31,995,461

Total liabilities and capital............................................ 40,225,480 993,461 41,218,941

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 107

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

July 1, 2003, 

through 

Sept. 30, 2003 

Fiscal year to date 

Oct. 1, 2002, 

through 

Sept. 30, 2003 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange .............................................................................. 726,811 2,236,334

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ..................................................... 103,176 395,799

Interest (+) or net charges (-) on: 

SDRs.................................................................................................. 18,614 87,725

U.S. Government securities............................................................... 26,505 123,655

Foreign exchange .............................................................................. 59,432 265,845

Commissions ......................................................................................... - -

Income from operations..................................................................... 934,538 3,109,358

Net income (+) or loss (-)............................................................... 934,538 3,109,358

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 years1934 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 111

INTRODUCTION: Airport and Airway Trust Fund 

The Airport and Airway Trust Fund was established on 

the books of Treasury in fiscal year 1971, according to 

provisions of the Airport and Airway Revenue Act of 1970 

[49 United States Code 1742(a), repealed]. The Tax Equity 

and Fiscal Responsibility Act of 1982 (Public Law 97-248, 

dated September 3, 1982) reestablished the trust fund in the 

Internal Revenue Code (26 United States Code 9502) 

effective September 1, 1982. 

Treasury transfers from the general fund to the trust 

fund amounts equivalent to the taxes received from 

transportation of persons and property by air, gasoline and 

jet fuel used in commercial and noncommercial aircraft, 

and an international arrival and departure tax. The Omnibus 

Budget Reconciliation Act of 1990 (Public Law 101-508, 

dated November 5, 1990) increased rates for the excise 

taxes transferred to the fund. 

Treasury bases these transfers on estimates made by the 

Secretary of the Treasury. These are subject to adjustments 

in later transfers in the amount of actual tax receipts. 

The Taxpayers Relief Act of 1997 (Public Law 105-35), 

effective October 1, 1997, extended the aviation excise 

taxes for 10 years. The Act included other provisions that: 

• Retained the existing freight waybill and general 

aviation fuel/gas taxes. It also retained a special rule applied 

to flights between the continental United States and Alaska 

or Hawaii. The $6 departure tax is indexed to the Consumer 

Price Index. Effective fiscal year 2003, the tax is $6.70. 

• Converted the 10 percent ad valorem tax on 

domestic passenger tickets to a combination of ad 

valorem/flight segment tax over 3 years, beginning October 

1, 1997. Beginning October 1999 through September 30, 

2007, the tax is 7.5 percent, plus in 2003, a $3.00 tax per 

segment. 

• Imposed a new 7.5 percent tax on payments to 

airlines for frequent flyer and similar awards by banks and 

credit card companies, merchants and frequent flyer 

program partners, such as other airlines, hotels and rental 

car companies, and other businesses. 

• Increased the current $6 international departure tax 

to $12 per passenger and added a $12 international arrival 

tax, indexed to the Consumer Price Index. Effective 2003, 

the tax is $13.40. 

• Lowered tax rates on flights to certain rural airports 

to 7.5 percent without a flight segment component. 

• Transferred revenues from the 4.3 cents-per-gallon 

aviation fuel tax dedicated to reducing the national deficit 

from the general fund to the Airport and Airway Trust 

Fund. 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the fund exceed outlay 

requirements, Treasury invests excess amounts in public 

debt securities and credits the interest to the fund. 

Additional sums from the general fund also are credited as 

authorized and made available, by law, if they are needed to 

meet outlay requirements. 

Treasury makes available to the Federal Aviation 

Administration (FAA), Department of Transportation 

(DOT), amounts required for outlays to carry out the 

Airport and Airway program. The Secretary of the Treasury 

makes other charges to the trust fund to transfer certain 

refunds of taxes and certain outfits, under section 34 of the 

Internal Revenue Code (IRC). 

Annual reports to Congress, required by 26 U.S.C. 9602 

(a), are submitted by the Secretary of the Treasury, after 

consultation with the Secretary of Transportation. These 

reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year 

and those expected during the next 5 fiscal years. 
112 TRUST FUNDS 

TABLE TF-10.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2003 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2002 ................................................................................................................................................................................................ $12,641,453,114

Receipts: 

Excise taxes (transferred from general fund): 

Liquid fuel other than gasoline.............................................................. 4041.............................................................................................. 334,453,000

Gasoline................................................................................................ 4081.............................................................................................. 517,006,000

Transportation by airseats, berths, etc ................................................. 4261 (a) (b)................................................................................... 5,995,722,000

Use of international travel facilities....................................................... 4261 (c) ........................................................................................ 1,484,410,000

Transportation of property, cargo ......................................................... 4271.............................................................................................. 397,137,000

Gross excise taxes ....................................................................................................................................................................................... 8,728,728,000

Less refunds of taxes (reimbursed to general fund): 

Liquid fuel other than gasoline.................................................................. 4041.............................................................................................. 6,172,000

Gasoline................................................................................................................................................................................................................ 38,148,000

Total refunds of taxes ....................................................................................................................................................................................... 44,320,000

Net taxes........................................................................................................................................................................................................... 8,684,408,000

Interest on investments......................................................................................................................................................................................... 590,560,812

Total receipts .................................................................................................................................................................................................... 9,274,968,812

Offsetting collections................................................................................................................................................................................................. 97,470,346

Expenses: 

Operations ............................................................................................................................................................................................................ 3,876,111,070

Grants in aid.......................................................................................................................................................................................................... 2,680,902,436

Facilities and equipment....................................................................................................................................................................................... 2,719,368,688

Research, engineering, and development............................................................................................................................................................ 175,126,516

Air carriers............................................................................................................................................................................................................. 68,869,105

Total expenses.................................................................................................................................................................................................. 9,520,377,815

Offsetting collections................................................................................................................................................................................................. 97,470,346

Balance Sept. 30, 2003 ............................................................................................................................................................................................ $12,396,044,111

 

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2004-2008 

[In millions of dollars. Source: DOT] 

2004 2005 2006 2007 2008 

Balance Oct. 1 ............................................................................ 12,396 11,382 9,956 9,764 10,258

Receipts: 

Excise taxes, net of refunds.................................................... 9,751 10,677 11,332 11,944 12,595

Interest on investments........................................................... 620 412 386 427 486

Offsetting collections............................................................... 152 152 152 152 152

Total receipts ...................................................................... 10,523 11,241 11,870 12,523 13,233

Expenses: 

Outlays.................................................................................... 11,386 12,515 11,910 11,877 12,050

Offsetting collections............................................................... 152 152 152 152 152

Balance Sept. 30......................................................................... 11,382 9,956 9,764 10,258 11,289
TRUST FUNDS 113

INTRODUCTION: Uranium Enrichment 

Decontamination and Decommissioning Fund 

The Uranium Enrichment Decontamination and 

Decommissioning Fund was established on the books of the 

Treasury in fiscal year 1993, according to provisions of the 

Energy Policy Act of 1992 (42 United States Code 2297g). 

Receipts represent (1) fees collected from domestic public 

utilities based on their pro rata share of purchases of 

separative work units from the Department of Energy (DOE) 

and (2) appropriations toward the Government contribution 

based on the balance of separative work unit purchases. 

Expenditures from the fund are for the purpose of (1) 

decontamination and decommissioning of the three gaseous 

diffusion plants, (2) remedial actions and related 

environmental restoration costs at the gaseous diffusion 

plants, and (3) reimbursement to uranium/thorium producers 

for the costs of decontamination, decommissioning, 

reclamation, and remedial action of uranium/thorium sites 

that are incident to sales to the U.S. Government. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities 

congruent with the needs of the fund and (2) bearing interest 

at rates determined appropriate, taking into consideration the 

current average market yield on outstanding marketable 

obligations of the United States with remaining periods to 

maturity comparable to these investments. 

The Secretary of the Treasury is required by 42 United 

States Code 2297g(b)(1) to provide an annual report to 

Congress, after consultation with the Secretary of Energy. 

This report must present the financial condition and the 

results of operations of the fund during the preceding fiscal 

year. 

The Energy Policy Act of 1992 (42 United States Code 

2297g-1, as amended) authorizes funding to ensure annual 

deposits to the fund of $518.2 million before adjustments for 

inflation. The Act stipulates that the Government deposit 

$369.6 million, adjusted for inflation, annually. The Act also 

calls for deposits of $150 million from domestic public 

utility assessments. Between the fiscal years of 1993 and 

2003, the total Government contribution amount authorized 

by the Act was $4,262.5 million. During that time span, the 

Government contributed only $3,555.5 million to the fund. 

The resulting shortfall in authorized Government 

contributions is, therefore, $707.0 million. 
114 TRUST FUNDS 

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

Results of Operations, Fiscal Year 2003 

[Source: DOE] 

Balance Oct. 1, 2002 ................................................................................................................................................................................. $959 

Receipts: 

Fees collected........................................................................................................................................................................................ 621,668,496 

Penalties collected ................................................................................................................................................................................. 359 

Interest on investments.......................................................................................................................................................................... 131,703,776 

Total receipts...................................................................................................................................................................................... 753,372,631 

Outlays: 

DOE, decontamination and decommissioning activities........................................................................................................................ 327,172,000 

Cost of investments................................................................................................................................................................................ 426,200,682 

Total outlays....................................................................................................................................................................................... 753,372,682 

Balance Sept. 30, 2003.............................................................................................................................................................................. $908 

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2004-2008 

[In thousands of dollars. Source: DOE] 

 2004 2005 2006 2007 2008

Balance Oct. 1 ......................................................................... 1 1 1 1 1

Receipts: 

Fees collected...................................................................... 645,062 649,966 654,994 660,150 665,437

Interest collected.................................................................. 136,132 152,175 166,991 182,365 200,282

Total receipts ................................................................... 781,194 802,141 821,985 842,515 865,719

Outlays: 

DOE, decontamination and decommissioning fund ............ 418,939 358,281 412,071 417,164 370,020

Costs of investments ........................................................... 362,255 443,860 409,914 425,351 495,699

Total outlays..................................................................... 781,194 802,141 821,985 842,515 865,719

Balance Sept. 30...................................................................... 1 1 1 1 1
TRUST FUNDS 115

INTRODUCTION: Black Lung Disability Trust Fund 

The Black Lung Disability Trust Fund was established 

on the books of the Treasury in fiscal year 1978 according to 

the Black Lung Benefits Revenue Act of 1977 (Public Law 

95-227). The Black Lung Benefits Revenue Act of 1981 

(Public Law 97-119) reestablished the fund in the Internal 

Revenue Code (IRC), 26 United States Code 9501. 

The Consolidated Omnibus Budget Reconciliation Act of 

1985 (Public Law 99-272), enacted April 7, 1986, provided 

for an increase in the coal tax rates effective April 1, 1986, 

through December 31, 1995, and a 5-year forgiveness of 

interest retroactive to October 1, 1985. The 5-year 

moratorium on interest payments ended on September 30, 

1990. Payment of interest on advances resumed in fiscal 

year 1991. The Omnibus Budget Reconciliation Act of 1987 

(Public Law 100-203, title X, section 10503), signed 

December 22, 1987, extends the temporary increase in the 

coal tax through December 31, 2013. 

The Code designates the following receipts to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund: excise taxes on coal sold; taxable 

expenditures of self-dealing by, and excess contributions to, 

private black lung benefit trusts; reimbursements by 

responsible mine operators; and related fines, penalties and 

interest charges. 

Estimates made by the Secretary of the Treasury 

determine monthly transfers of amounts for excise taxes to 

the trust fund subject to adjustments in later transfers to 

actual tax receipts. 

After retirement of the current indebtedness, amounts 

available in the fund exceeding current expenditure 

requirements will be invested by the Secretary of the 

Treasury in interest-bearing public debt securities. Any 

interest earned will be credited to the fund. Also credited, if 

necessary, will be repayable advances from the general fund 

to meet outlay requirements exceeding available revenues. 

To carry out the program, amounts are made available to 

the Department of Labor (DOL). Also charged to the fund 

are administrative expenses incurred by the Department of 

Health and Human Services (HHS) and the Treasury, 

repayments of advances from the general fund and interest 

on advances. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress after consultation with 

the Secretary of Labor and the Secretary of HHS [26 United 

States Code 9602(a)]. The report must present the financial 

condition and results of operations of the fund during the 

past fiscal year and the expected condition and operations of 

the fund during the next 5 fiscal years. 

TABLE TF-12.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2003 

[Source: DOL] 

Balance Oct. 1, 2002 ........................................................................................................................................................................................... $38,827,672 

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 136,803,000 

$0.55 tax on surface coal............................................................................................................................................................................. 131,613,000 

4.4 percent tax on underground coal........................................................................................................................................................... 126,597,000 

4.4 percent tax on surface coal.................................................................................................................................................................... 111,068,000 

Fines, penalties, and interest....................................................................................................................................................................... 1,194,320 

Collection—responsible mine operators...................................................................................................................................................... 5,632,333 

Recovery of prior year funds........................................................................................................................................................................ - 

Repayable advances from the general fund................................................................................................................................................ 525,000,000 

Total receipts............................................................................................................................................................................................ 1,037,907,652 

Net receipts .............................................................................................................................................................................................. 1,037,907,652 

Outlays: 

Treasury administrative expenses................................................................................................................................................................... 58,644 

Salaries and expenses—DOL—departmental management .......................................................................................................................... 22,952,000 

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 334,000 

Salaries and expenses—DOL—Employment Standards Administration........................................................................................................ 31,987,000 

Total outlays................................................................................................................................................................................................. 55,331,644 

Expenses: 

Program expenses—DOL................................................................................................................................................................................ 370,388,949 

Interest on repayable advances....................................................................................................................................................................... 620,582,431 

Total expenses............................................................................................................................................................................................. 990,971,380 

Balance Sept. 30, 2003 ........................................................................................................................................................................................ 30,432,300 

Cumulative debt, end of year ............................................................................................................................................................................... $8,243,556,899 
116 TRUST FUNDS 

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2004-2008* 

[In thousands of dollars. Source: DOL] 

 2004 2005 2006 2007 2008 

Balance Oct. 1 ........................................................................................ 30,432 - - - -

Receipts: 

Excise taxes....................................................................................... 542,000 540,000 552,000 572,000 594,000

Advances from the general fund........................................................ 480,568 517,000 517,000 512,000 506,000

Fines, penalties, and interest............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 1,024,568 1,059,000 1,071,000 1,086,000 1,102,000

Outlays: 

Benefit payments ............................................................................... 349,901 329,951 315,275 300,316 286,236

Administrative expenses.................................................................... 56,099 57,049 58,725 60,684 62,764

Interest on repayable advances ........................................................ 649,000 672,000 697,000 725,000 753,000

Total outlays................................................................................... 1,055,000 1,059,000 1,071,000 1,086,000 1,102,000

Balance Sept. 30.................................................................................... - - - - -

Cumulative debt, end of year................................................................. 8,724,125 9,241,125 9,758,125 10,270,125 10,776,125

 

Note.—Detail may not add to totals due to rounding. * These numbers do not include the administration’s legislative proposal to restructure the 

trust fund’s debt, thus enabling the debt to be retired in fiscal year 2040. 
TRUST FUNDS 117

INTRODUCTION: Harbor Maintenance Trust Fund 

The Harbor Maintenance Trust Fund was established on 

the books of the Treasury on April 1, 1987, according to the 

Water Resources Development Act of 1986 (Public Law 99-

662, November 17, 1986) (26 United States Code 9505). 

Amounts in the Harbor Maintenance Trust Fund are 

available as provided by appropriation acts for making 

expenditures to carry out section 210(a) of the Water 

Resources Development Act of 1986. The appropriations act 

for the Department of Transportation (DOT) for fiscal year 

1995 (Public Law 103-331, September 28, 1994), section 

339, waived collection of charges or tolls on the Saint 

Lawrence Seaway in accordance with section 13(b) of the 

Act of May 13, 1954 (as in effect on April 1, 1987). 

Legislation was passed in the North American Free Trade 

Agreement Implementation Act (Public Law 103-182, 

section 683), which amends paragraph (3) of section 9505(c) 

of the IRC of 1986, to authorize payment of up to $5 million 

annually to Treasury for all expenses of administration 

incurred by the Treasury, the U.S. Army Corps of Engineers 

and the Department of Commerce (Commerce) related to the 

administration of subchapter A of chapter 36 (relating to 

harbor maintenance tax). Section 201 of the Water 

Resources Development Act of 1996 (Public Law 104-303) 

authorizes use of the Harbor Maintenance Trust Fund for 

construction of dredged material disposal facilities 

associated with the operation and maintenance of Federal 

navigation projects for commercial navigation. 

A summary judgment issued October 25, 1995, by the 

United States Court of International Trade in the case United 

States Shoe Corp. v. United States (Court No. 94-11-00668) 

found the Harbor Maintenance fee unconstitutional under the 

Export Clause of the Constitution (Article I, section 9, clause 

5) and enjoined the Customs Service from collecting the fee. 

The decision was affirmed by the Supreme Court on 

March 31, 1998 (118 Supreme Court 1290). With the tax on 

exports no longer collected, revenues have been reduced by 

approximately 30 percent. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress [26 United States Code 

9602(a)]. The report must present the financial condition and 

results of operations of the fund during the past fiscal year 

and the expected condition and operations of the fund during 

the next 5 fiscal years. 

TABLE TF-13.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2003 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2002 ............................................................................................................................................................................................................ $1,873,416,747 

Receipts: 

Excise taxes: 

Imports .......................................................................................................................................................................................................................... 624,436,147 

Exports.......................................................................................................................................................................................................................... 272,066 

Domestic ....................................................................................................................................................................................................................... 40,646,699 

Passengers ................................................................................................................................................................................................................... 5,295,034 

Foreign trade................................................................................................................................................................................................................. 87,343,579 

Interest on investments................................................................................................................................................................................................. 46,524,287 

Total receipts ............................................................................................................................................................................................................ 804,517,812 

Expenses: 

Corps of Engineers ........................................................................................................................................................................................................... 568,900,000 

Saint Lawrence Seaway Development Corporation/DOT................................................................................................................................................ 13,974,441 

Administrative expenses, Department of Homeland Security (Customs) ........................................................................................................................ 2,980,500 

Operating expenses, miscellaneous returns .................................................................................................................................................................... - 

Total expenses.............................................................................................................................................................................................................. 585,854,941 

Balance Sept. 30, 2003 ........................................................................................................................................................................................................ $2,092,079,618 *

* The source for fiscal 2003 beginning and ending balance is from the Bureau of Public Debt, 

Office of Public Debt Accounting, Division of Federal Investments, Trust Fund Management 

Branch. 
118 TRUST FUNDS 

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2004-2008* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2004 2005 2006 2007 2008 

Balance Oct. 1 ..................................................................................................... 2,092.0 2,370.0 2,747.0 3,249.0 3,858.0

Receipts: 

 

Harbor maintenance fee .................................................................................. 812.0 886.0 965.0 1,036.0 1,051.0

Interest on investments.................................................................................... 95.0 120.0 150.0 186.0 227.0

Total receipts ............................................................................................... 907.0 1,006.0 1,115.0 1,222.0 1,278.0

Outlays: 

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo..................................................................................... -----

Corps of Engineers operation, maintenance 

and administrative expenses ....................................................................... 600.0 600.0 585.0 585.0 587.0

Corps of Engineers construction ..................................................................... 12.0 10.0 10.0 10.0 11.0

Saint Lawrence Seaway Development Corporation/DOT............................... 14.0 16.0 15.0 15.0 15.0

Administrative expenses, Department of Homeland Security (Customs)................. 3.0 3.0 3.0 3.0 3.0

Total outlays................................................................................................. 629.0 629.0 613.0 613.0 616.0

Balance Sept. 30.................................................................................................. 2,370.0 2,747.0 3,249.0 3,858.0 4,520.0

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenditures. 
TRUST FUNDS 119

INTRODUCTION: Hazardous Substance Superfund 

The Hazardous Substance Response Trust Fund was 

established on the books of the Treasury in fiscal year 1981, 

in accordance with section 221 of the Hazardous Substance 

Response Revenue Act of 1980 [42 United States Code 

9631(a), repealed]. The trust fund was renamed the 

Hazardous Substance Superfund (Superfund) and relocated 

in accordance with section 517 of the Superfund 

Amendments and Reauthorization Act of 1986 [Public Law 

99-499, dated October 17, 1986 (26 United States Code 

9507)]. 

The authority to collect excise taxes on petroleum and 

chemicals, and an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 

million, expired in 1995. To implement the Superfund 

program, amounts are appropriated from the Superfund to 

the Environmental Protection Agency (EPA) for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the 

Superfund and the results of operation for the past fiscal 

year, and its expected condition during the next 5 fiscal 

years. 

TABLE TF-14.—Hazardous Substance Superfund 

Results of Operations, Fiscal Year 2003 

[Source: EPA] 

Balance Oct. 1, 2002 ...................................................................................................................................................................................... $563,900,000 

Receipts: 

Crude and petroleum .................................................................................................................................................................................. - 

Certain chemicals........................................................................................................................................................................................ - 

Corporate environmental ............................................................................................................................................................................ -99,355,078 

General fund appropriation ......................................................................................................................................................................... 632,307,114 

Cost recoveries ........................................................................................................................................................................................... 146,502,181 

Fines and penalties..................................................................................................................................................................................... 2,872,935 

Interest on investments............................................................................................................................................................................... 119,000,000 

Offsetting collections................................................................................................................................................................................... - 

Agency for Toxic Substance and Disease Registry offsetting collections.................................................................................................. - 

Total receipts........................................................................................................................................................................................... 801,327,152 

Expenses: 

EPA expense .............................................................................................................................................................................................. 1,273,000,000 

National Oceanic and Atmospheric Administration expense...................................................................................................................... - 

Federal Emergency Management Administration expense........................................................................................................................ - 

Agency for Toxic Substance and Disease Registry and National Institute of Environmental Health Sciences expense.......................... 82,000,000 

Department of Interior expense .................................................................................................................................................................. - 

Occupational Safety and Health Administration ......................................................................................................................................... - 

Department of Justice expense .................................................................................................................................................................. - 

U.S. Coast Guard expense......................................................................................................................................................................... - 

Centers for Disease Control and Prevention expense ............................................................................................................................... - 

Total expenses........................................................................................................................................................................................ 1,355,000,000 

Appropriation temporarily unavailable ........................................................................................................................................................ 141,000,000 

Prior year special account interest.............................................................................................................................................................. -139,000,000 

Appropriation temporarily reduced.............................................................................................................................................................. 8,000,000 

ATSDR appropriation temporarily reduced................................................................................................................................................. 1,000,000 

Fiscal year 03-05 special account interest ................................................................................................................................................. -21,000,000 

Balance Sept. 30, 2003................................................................................................................................................................................... $227,152 
120 TRUST FUNDS 

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2004-2008 

[In millions of dollars. Source: EPA] 

2004 2005 2006 2007 2008

Balance Oct. 1 ................................................................................................. - 29 163 226 329

Receipts: 

Interest on investments................................................................................ 62 52 32 41 45

Recoveries, fines, and penalties.................................................................. 128 128 128 128 128

Taxes ........................................................................................................... - - - - -

Offsetting collections.................................................................................... - - - - -

General revenues ........................................................................................ 1,258 1,355 1,272 1,305 1,331

Total receipts ........................................................................................... 1,448 1,535 1,432 1,474 1,504

Appropriations.................................................................................................. 1,265 1,381 1,349 1,351 1,351

Appropriations temporarily unavailable ....................................................... -141 - - - - 

Prior year special account interest .............................................................. - - - - - 

Appropriation temporarily reduced .............................................................. 7 - - - - 

Fiscal years 03-05 special account interest ................................................ -20 -20 -20 -20 -20

Balance Sept. 30.............................................................................................. 29 163 226 329 462
TRUST FUNDS 121

INTRODUCTION: Highway Trust Fund 

The Highway Trust Fund was established on the books 

of the Treasury in fiscal year 1957, according to provisions 

of the Highway Revenue Act of 1956 (Act of June 29, 1956, 

chapter 462, section 209). It has been amended and extended 

by various highway, surface transportation and other acts 

since 1959. Section 9002 of the Transportation Equity Act 

for the 21st Century (TEA-21) (Public Law 105-178) 

extended the Highway Trust Fund through September 30, 

2003, and has been extended for 5 months under the Surface 

Transportation Extension Act of 2005. 

Amounts equivalent to taxes on gasoline, diesel fuel, 

special motor fuels, certain tires, heavy trucks and trailers, 

and heavy vehicle use are designated by the Act to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund. These transfers are made twice 

monthly based on estimates by the Secretary of the Treasury, 

subject to later adjustments to reflect the amount of actual 

tax receipts. Amounts available in the fund exceeding outlay 

requirements are invested in non-interest-bearing public debt 

securities. 

Within the fund is a mass transit account, funded by a 

portion of the excise tax collections under sections 4041 and 

4081 of the IRC (title 26 United States Code). The funds 

from this account are used for expenditures in accordance 

with section 5338 of title 49 United States Code, the 

Intermodal Surface Transportation Efficiency Act of 1991 

(Public Law 102-240), or the TEA-21. The remaining excise 

taxes are included in a separate account within the trust fund 

commonly referred to as the highway account. Expenditures 

from this account are made according to the provisions of 

various transportation acts. 

Amounts required for outlays to carry out the eligible 

surface transportation programs are made available to the 

responsible operating administrations within the Department 

of Transportation. Other charges to the trust fund are made 

by the Secretary of the Treasury for transfer of certain taxes 

to the Land and Water Conservation Fund and the Aquatic 

Resources Trust Fund. Funds also are transferred to the 

general fund of the Treasury for the payment of tax refunds. 

The Secretary of the Treasury, in consultation with the 

Secretary of Transportation, is required to submit annual 

reports to Congress by section 9602(a) of title 26 United 

States Code. These reports cover the financial condition and 

results of operations of the fund for the past fiscal year and 

expected condition and operations during the next 5 fiscal 

years. 
122 TRUST FUNDS 

TABLE TF-15.—Highway Trust Fund 

Results of Operations, Fiscal Year 2003 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

 

Balance Oct. 1, 2002 ......................................................................................................................................................................................... $22,233,010,141 

Receipts: 

Excise taxes (transferred from general fund): 

Gasohol.............................................................................................................6427 .................................................................................... 2,034,708,000 

Gas manufacture gasohol.................................................................................4041 .................................................................................... - 

Trucks, buses, trailers.......................................................................................4061 (a) (1) ........................................................................ - 

Diesel and special motor fuels..........................................................................4041 (a) (b) ........................................................................ 7,531,281,000 

Trucks................................................................................................................4051 (a).............................................................................. 3,053,139,000 

Gasoline ............................................................................................................4081 .................................................................................... 17,565,086,000 

Tires used on highway vehicles........................................................................4071 (a) (1) ........................................................................ - 

Cash Management Improvement Act Interest..................................................4071 .................................................................................... 2,643,564 

Use of certain vehicles......................................................................................4481 .................................................................................... - 

Fines and penalties........................................................................................................................................................................................ 15,682,617 

Total taxes.................................................................................................................................................................................................. 30,202,540,181 

Less: Transfer to land and water conservation fund ........................................4081 .................................................................................... 844,000 

Transfer to aquatic reserve...........................................................................4041 .................................................................................... 255,040,000 

Transfer to general fund............................................................................................................................................................................. 104,387,000 

Gross taxes ................................................................................................................................................................................................ 29,842,269,181 

Less refunds of taxes (reimbursed to general fund): 

Diesel-powered vehicle.................................................................................39 & 6420............................................................................ - 

Gasoline ........................................................................................................6421 .................................................................................... 256,909,000 

Gasohol.............................................................................................................6427 .................................................................................... 17,448,000 

Diesel ................................................................................................................4081 .................................................................................... 550,075,000 

Special motor fuel .............................................................................................4081 .................................................................................... 766,000 

Gasoline ............................................................................................................6412 .................................................................................... - 

Gas to make gasohol ........................................................................................4041 .................................................................................... 22,309,000 

Diesel fuel, bus use...........................................................................................4041 .................................................................................... 30,430,000 

Diesel ................................................................................................................4081 .................................................................................... - 

Exempt use .................................................................................................................................................................................................... - 

Total refunds of taxes ................................................................................................................................................................................ 877,937,000 

Net taxes .................................................................................................................................................................................................... 28,964,332,181 

Investment income: 

Interest on investments.............................................................................................................................................................................. - 

Accrued interest income ............................................................................................................................................................................ - 

Total investment income ........................................................................................................................................................................ - 

Net receipts ........................................................................................................................................................................................ $28,964,332,181 
TRUST FUNDS 123

TABLE TF-15.—Highway Trust Fund 

Results of Operations, Fiscal Year 2003, con. 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Expenses: 

Federal aid to highways................................................................................................................................................................................... $30,167,811,428 

Right-of-way revolving fund ............................................................................................................................................................................. 40,373 

National Highway Traffic Safety Administration............................................................................................................................................... 259,482,741 

National Highway Traffic Safety Administration, National Driver Register...................................................................................................... 2,059,014 

Baltimore-Washington Parkway....................................................................................................................................................................... 236,926 

Highway safety research and development..................................................................................................................................................... 62,767 

Mount St. Helen’s (Agriculture)........................................................................................................................................................................ - 

Highway-related safety grants ......................................................................................................................................................................... 13,419 

Alabama highway bypass demonstration ........................................................................................................................................................ 29,829 

Urban airport access safety demonstration ..................................................................................................................................................... - 

Intermodal urban demonstration...................................................................................................................................................................... 8,547 

Border enforcement ......................................................................................................................................................................................... 9,307,292 

Carpool and vanpool grants............................................................................................................................................................................. -1 

Metropolitan planning project........................................................................................................................................................................... 2,279 

National Park Service construction.................................................................................................................................................................. 142,615 

Motor carrier safety grants/administration ....................................................................................................................................................... 256,111,896 

Mass transit...................................................................................................................................................................................................... 7,102,824,960 

Safety improvement project ............................................................................................................................................................................. - 

Safety economic development demonstration project..................................................................................................................................... 637,894 

Railroad administration .................................................................................................................................................................................... - 

Vehicular and pedestrian safety demonstration .............................................................................................................................................. 38,536 

Highway demonstration ................................................................................................................................................................................... 5,299,988 

Corridor safety improvement............................................................................................................................................................................ 710,646 

Bridge capacity improvement........................................................................................................................................................................... - 

Highway railroad grade crossing ..................................................................................................................................................................... 201,195 

Urban highway/corridor bicycle transportation demonstration ........................................................................................................................ 42,864 

Nuclear waste transportation safety ................................................................................................................................................................ 19,596 

Kentucky bridge demonstration program......................................................................................................................................................... - 

Pennsylvania reconstruction demonstration project ....................................................................................................................................... 43,949 

Mineola grade crossing.................................................................................................................................................................................... 10,083 

Transit program................................................................................................................................................................................................ - 

Appalachian development projects.................................................................................................................................................................. 92,846,534 

Miscellaneous highway projects, fiscal year 2000 plus................................................................................................................................... 246,469,767 

Study of improvements (Highway 8)................................................................................................................................................................ - 

Climbing lane and highway safety demonstration projects ............................................................................................................................. - 

Highway demonstration ................................................................................................................................................................................... - 

Total expenses............................................................................................................................................................................................. 38,144,455,137 

Outlays: 

Outlays to Cash Management Improvement Act............................................................................................................................................. 331,800 

Balances expired or permanently cancelled........................................................................................................................................................ - 

Balance Sept. 30, 2003........................................................................................................................................................................................ $13,052,555,385 
124 TRUST FUNDS 

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2004-2008 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

 2004 2005 2006 2007 2008

Balance Oct. 1 ............................................................... 17.7 15.2 16.7 17.3 17.5

Receipts: 

Excise taxes, net of refunds....................................... 35.5 36.6 37.9 38.9 39.8

Interest, net ................................................................ - - - - -

Total receipts ......................................................... 35.5 36.6 37.9 38.9 39.8

Outlays........................................................................... 37.9 35.1 37.3 38.8 40

Balance Sept. 30............................................................ 15.2 16.7 17.3 17.5 17.2

 

Mass Transit Account 

 2004 2005 2006 2007 2008

 

Balance Oct. 1 .................................................................... 4.7 3.4 7.4 10 11.5

Receipts: 

Excise taxes, net of refunds............................................ 4.8 5 5.1 5.2 5.4

Interest, net ..................................................................... - - - - -

Total receipts .............................................................. 4.8 5 5.1 5.2 5.4

Outlays................................................................................ 6 1 2.5 3.8 4.7

Balance Sept. 30................................................................. 3.4 7.4 10 11.5 12.1

 

Highway Account 

 2004 2005 2006 2007 2008

 

Balance Oct. 1 ......................................................................... 13 11.8 9.3 7.3 6

Receipts: 

Excise taxes, net of refunds................................................. 30.7 31.6 32.8 33.7 34.4

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... 30.7 31.6 32.8 33.7 34.4

Outlays..................................................................................... 31.9 34.1 34.8 35 35.3

Balance Sept. 30...................................................................... 11.8 9.3 7.3 6 5.1

Unfunded authorizations (EOY)............................................... 62.3 65.8 68.1 69.6 70.6

24-month revenue estimate..................................................... 64.4 66.5 68.1 69.7 71.3

 

Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 125

TABLE TF-15A.—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 2005. 

The 24-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 2005. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2005) .............................................................................................................. 75.01 

less: 

 

Cash balance (fiscal year 2005) ......................................................................................................................................................................................... 9.25 

Unfunded authorizations (fiscal year 2005)........................................................................................................................................................................ 65.76 

24-month revenue estimate (fiscal years 2006 and 2007)................................................................................................................................................. 66.47 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2005) .............................................................................................................. 5.14 

less: 

Cash balance (fiscal year 2005) ......................................................................................................................................................................................... 7.46 

Unfunded authorizations (fiscal year 2005)........................................................................................................................................................................ -2.32 

24-month revenue estimate (fiscal years 2006 and 2007)................................................................................................................................................. 10.36 
126 TRUST FUNDS 

INTRODUCTION: Inland Waterways Trust Fund 

The Inland Waterways Trust Fund was established by the 

Treasury in fiscal year 1984, pursuant to section 203 of the 

Inland Waterways Revenue Act of 1978 (Public Law 95-

502) and continued pursuant to section 1405 of the Water 

Resources Development Act of 1986 (Public Law 99-662, 

codified at 26 United States Code 9506). Under 26 United 

States Code 9506(b), amounts from taxes on fuel used in 

commercial transportation on inland waterways, as 

determined by the Secretary of the Treasury, are 

appropriated to the trust fund. 

The Technical and Miscellaneous Revenue Act of 1988 

(Public Law 100-647, approved November 10, 1988) 

increased the tax each year, 1990 through 1995. These 

amounts are transferred quarterly from the general fund 

based on estimates made by the Secretary, subject to 

adjustments in later transfers to the amounts of actual tax 

receipts. 

The Secretary of the Treasury invests in interest-bearing 

obligations of the United States that portion of the trust fund, 

in his judgment, not required to meet current withdrawals. 

The interest on, and proceeds from, the sale or redemption of 

any obligation held in the trust fund is credited to the trust 

fund. The Inland Waterways Revenue Act of 1978 (Public 

Law 95-502) provides that amounts in the trust fund shall be 

available as provided, by appropriations acts, for 

construction and rehabilitation expenditures for navigation 

on the inland and intracoastal waterways of the United States 

described in 33 United States Code 1804. Expenditures must 

be otherwise authorized by law. 

Annual reports to Congress are required by 26 United 

States Code 9602(a) to be submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and the results of operations of the fund during the 

past fiscal year and its expected condition and operations 

during the next 5 fiscal years. 

TABLE TF-16.—Inland Waterways Trust Fund 

Results of Operations, Fiscal Year 2003 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2002........................................................................................................................................................................................... $412,635,176

Receipts: 

Fuel taxes/revenues......................................................................................................................................................................................... 89,520,000

Interest on investments.................................................................................................................................................................................... 9,522,415

Total receipts................................................................................................................................................................................................ 99,042,415

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 112,663,061

Balance Sept. 30, 2003........................................................................................................................................................................................ $399,014,529

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2004-2008* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2004 2005 2006 2007 2008 

 

Balance Oct. 1....................................................................................................... 399 408 410 411 408 

Receipts: 

Fuel taxes.......................................................................................................... 94 95 96 96 97 

Interest on investments..................................................................................... 21 22 23 24 24 

Total receipts................................................................................................. 115 117 119 120 121 

Transfers: 

Corps of Engineers ........................................................................................... 106 115 118 123 129 

Balance Sept. 30................................................................................................... 408 410 411 408 400 

 

* Outyear projections are based on economic conditions and agencies’ best projections of 

revenues and expenditures. 
TRUST FUNDS 127

INTRODUCTION: Leaking Underground Storage Tank Trust Fund 

The Leaking Underground Storage Tank (LUST) Trust 

Fund was established in fiscal year 1981 according to 

provisions of the Comprehensive Environmental Response, 

Compensation and Liability Act of 1980 (Public Law 96-

510, codified at 26 United States Code 9508), as amended 

by the Superfund Amendments and Re-authorization Act of 

1986 (Public Law 99-499, dated October 17, 1986), sections 

13163(c) and 13242(d)(42) of the Omnibus Budget 

Reconciliation Act of 1993 (Public Law 103-66, dated 

August 10, 1993), and section 1032(e)(13) of the Taxpayer 

Relief Act of 1987 (Public Law 105-34, dated August 5, 

1997). 

The LUST Trust Fund is financed by taxes collected on 

gasoline, diesel fuels, special motor fuels, aviation fuels and 

fuels used in commercial transportation on inland 

waterways. Amounts available in the LUST Trust Fund, 

exceeding current expenditure requirements, are invested by 

the Secretary of the Treasury in interest-bearing Government 

securities (e.g., Treasury bills). All interest earned is credited 

directly to the LUST Trust Fund. 

To carry out the LUST program, amounts are 

appropriated for the LUST Trust Fund to the EPA for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of the 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the LUST 

Trust Fund and results of operations for the past fiscal year 

and its expected condition and operations during the next 5 

fiscal years. 

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

Results of Operations, Fiscal Year 2003 

[Source: EPA] 

Balance Oct. 1, 2002...................................................................................................................................................................................... $1,822,100,000 

Receipts: 

Taxes.......................................................................................................................................................................................................... 184,000,000 

Interest........................................................................................................................................................................................................ 45,020,000 

Gross tax receipts .................................................................................................................................................................................. 229,020,000 

Undisbursed balances: 

Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... - 

Total undisbursed balances ................................................................................................................................................................... - 

Expenses: 

Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. 72,000,000 

Total expenses....................................................................................................................................................................................... 72,000,000 

Balance Sept. 30, 2003.................................................................................................................................................................................. $1,979,120,000 

Leaking Underground Storage Tank Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2004-2008 

[In millions of dollars. Source: EPA] 

 2004 2005 2006 2007 2008 

 

Balance Oct. 1................................................................................................................. 1,979.1 2,158.6 2,372.1 2,609.1 2,868.1 

Receipts: 

Taxes........................................................................................................................... 188.0 197.0 202.0 208.0 211.0 

Interest ........................................................................................................................ 67.0 89.0 109.0 126.0 140.0 

Total receipts........................................................................................................... 255.0 286.0 311.0 334.0 351.0 

Appropriations ................................................................................................................. 75.5 72.5 74.0 75.0 77.0 

Balance Sept. 30............................................................................................................. 2,158.6 2,372.1 2,609.1 2,868.1 3,142.1 

 
128 TRUST FUNDS 

INTRODUCTION: Nuclear Waste Fund 

The Nuclear Waste Fund was established on the books of 

the Treasury in fiscal year 1983, according to section 302 of 

the Nuclear Waste Policy Act of 1982 [Public Law 97-425, 

codified at 42 United States Code 10222(c)]. Receipts 

represent fees collected from public utilities based on 

electricity generated by nuclear power reactors and spent 

nuclear fuel. Expenditures from the fund are for purposes of 

radioactive waste disposal activities. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities in 

tandem with the needs of the waste fund and (2) bearing 

interest at rates determined appropriate, taking into 

consideration the current average market yield on 

outstanding marketable obligations of the United States with 

remaining periods to maturity comparable to the maturities 

of such investments, except that the interest rate on such 

investments shall not exceed the average interest rate 

applicable to existing borrowings. 

An annual report to Congress by the Secretary of the 

Treasury, after consultation with the Secretary of the 

Department of Energy (DOE), is required by 42 United 

States Code 10222(e)(1). This report must present the 

financial condition and the results of operations of the waste 

fund during the preceding fiscal year. 

TABLE TF-18.—Nuclear Waste Fund 

Results of Operations, Fiscal Year 2003 

[Source: DOE] 

Balance Oct. 1, 2002 ........................................................................................................................................................................................... $843,708 

Receipts: 

Fees collected.................................................................................................................................................................................................. 725,450,014 

Penalties and interest on fee payments........................................................................................................................................................... 329,313 

Interest on investments.................................................................................................................................................................................... 445,649,514 

Total receipts................................................................................................................................................................................................ 1,171,428,841 

Nonexpenditure transfers: 

SF-1151 transfers in (+)................................................................................................................................................................................... - 

SF-1151 transfers out (-).................................................................................................................................................................................. - 

Net nonexpenditure transfers....................................................................................................................................................................... - 

Outlays: 

DOE radioactive waste disposal activities ....................................................................................................................................................... 124,653,751 

Cost of investments.......................................................................................................................................................................................... 1,046,855,797 

Total outlays................................................................................................................................................................................................. 1,171,509,548 

Balance Sept. 30, 2003........................................................................................................................................................................................ $763,001 

 
TRUST FUNDS 129

INTRODUCTION: Reforestation Trust Fund 

The Reforestation Trust Fund was established on the 

books of the Treasury in fiscal year 1981 to continue 

through September 30, 1985, according to provisions of 

Title III—Reforestation, of the Recreational Boating Safety 

and Facilities Improvement Act of 1980 [Public Law 96-

451, codified at 16 United States Code 1606a(a)]. 

The act provides that the Secretary of the Treasury shall 

transfer to the trust fund tariffs, limited to not more than $30 

million for any fiscal year, received in the Treasury from 

October 1, 1979, through September 30, 1985, on (1) rough 

and primary wood products and wood waste; (2) lumber, 

flooring and moldings; and (3) wood veneers, plywood, 

other wood-veneer assemblies and building boards. Public 

Law 99-190, title II, 99 Statutes at Large 1245, extended the 

receipts for the trust fund. Amounts available in the 

reforestation trust fund exceeding current withdrawals are 

invested in interest-bearing obligations of the United States 

or in obligations guaranteed as to both principal and interest 

by the United States. The interest on, and the proceeds from 

the sale or redemption of, any obligations are credited to the 

trust fund. 

The Secretary of the Department of Agriculture is 

authorized to obligate available sums in the trust fund 

(including any amounts not obligated in previous years) for 

(1) reforestation and timber stand improvement and (2) 

administrative costs of the Government for these activities. 

Annual reports are required by 16 United States Code 

1606a(c) (1) to be submitted by the Secretary of the 

Treasury, after consultation with the Secretary of 

Agriculture, on the financial condition and the results of the 

operations of the trust fund during the past fiscal year and on 

its expected condition and operations during the next fiscal 

year. 

TABLE TF-19.—Reforestation Trust Fund 

Results of Operations, Fiscal Year 2003 

[Source: Department of Agriculture] 

Balance Oct. 1, 2002 ........................................................................................................................................................................................... $28,021,478 

Receipts: 

Excise taxes (tariffs)......................................................................................................................................................................................... 30,000,000 

Redemption of investment ............................................................................................................................................................................... - 

Total receipts................................................................................................................................................................................................ 30,000,000 

Expenses: 

Expenditure ...................................................................................................................................................................................................... 30,361,234 

Total expenses............................................................................................................................................................................................. 30,361,234 

Adjustment ........................................................................................................................................................................................................... - 

Balance Sept. 30, 2003........................................................................................................................................................................................ $27,660,244 

 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2004 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1..................................................................................................................................................................................................... 27,660 

Receipts: 

Excise taxes (tariffs)........................................................................................................................................................................................ 30,000 

Redemption of investment .............................................................................................................................................................................. - 

Total receipts............................................................................................................................................................................................... 30,000 

Outlays ................................................................................................................................................................................................................ 31,000 

Balance Sept. 30................................................................................................................................................................................................. 26,660 
130 TRUST FUNDS 

INTRODUCTION: Aquatic Resources Trust Fund 

The Aquatic Resources Trust Fund was established on 

the books of the Treasury pursuant to the Deficit Reduction 

Act of 1984 [Public Law 98-369, division A, title X, section 

1016(a), approved July 18, 1984]. The fund consists of two 

accounts: the Sport Fish Restoration Account and Boat 

Safety Account. 

Amounts equivalent to the excise taxes received on sport 

fishing equipment and import duties on fishing tackle, 

yachts, and pleasure craft are appropriated into the Sport 

Fish Restoration Account. Motorboat fuel taxes are 

transferred from the Highway Trust Fund to the Boat Safety 

Account. The amount transferred during any fiscal year 

cannot exceed $70 million. No amount is transferred if the 

transfer would result in increasing the balance in the Boat 

Safety Account to more than $70 million. 

Any amounts in excess of $70 million for motorboat fuel 

taxes are transferred from the Highway Trust Fund to the 

Sport Fish Restoration Account. Authority for such transfers 

expires on October 1, 2005. Transfers of motorboat fuel 

taxes from the Highway Trust Fund to the Land and Water 

Conservation Fund are limited to $1 million per fiscal year. 

In addition, pursuant to the Omnibus Budget Reconciliation 

Act of 1990 [Public Law 101-508, title XI, section 

11211(i)(2) and (3)], small engine gasoline taxes are 

transferred to the Sport Fish Restoration Account. 

Amounts in the Sport Fish Restoration Account are used, 

as provided by appropriations acts, for the purposes of 

carrying out “An Act to provide that the United States shall 

aid the States in fish restoration and management projects, 

and for other purposes,” approved August 9, 1950 (as in 

effect on the date of enactment of the Transportation Equity 

Act for the 21st Century (TEA-21) Restoration Act), the 

purposes of section 7404(d) of the Transportation Equity for 

the 21st Century (as in effect on the date of enactment of the 

TEA-21 Restoration Act), and the Coastal Wetlands 

Planning, Protection and Restoration Act (as in effect on the 

date of enactment of the TEA-21 Restoration Act). 

Amounts in the Boat Safety Account, as provided by 

appropriations acts, are available to carry out the purposes of 

section 13106 of title 46, United States Code (as in effect on 

the date of enactment of the TEA-21 Restoration Act). 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the two accounts exceeding 

outlay requirements are invested in public debt securities 

with the interest credited to the respective accounts. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next 5 fiscal 

years.

TABLE TF-20.—Aquatic Resources Trust Fund, Sport Fish Restoration 

Results of Operations, Fiscal Year 2003 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2002 ............................................................................................................................................................................................ $455,311,052

Revenue: 

Tax revenue: 

Gas, motorboat ............................................................................................................................................................................................. 219,682,000

Fish equipment.............................................................................................................................................................................................. 99,546,000

Electric trolling sonar..................................................................................................................................................................................... 2,436,000

Customs/import duties .................................................................................................................................................................................. 34,712,077

Gas, small engines........................................................................................................................................................................................ 70,000,000

Total, tax revenue ..................................................................................................................................................................................... 426,376,077

Investment revenue: 

Interest on investments................................................................................................................................................................................. 38,640,079

Loss on sale of securities.............................................................................................................................................................................. -

Total, investment revenue......................................................................................................................................................................... 38,640,079

Total revenue ............................................................................................................................................................................................ 465,016,156

Nonexpenditure transfers: 

Transfer to Interior......................................................................................................................................................................................... 329,951,563

Transfer to U.S. Coast Guard ....................................................................................................................................................................... 65,000,000

Transfer to Corps of Engineers..................................................................................................................................................................... 56,938,097

Total nonexpenditure transfers ................................................................................................................................................................. 451,889,660

Balance Sept. 30, 2003......................................................................................................................................................................................... $468,437,548

Note: The March 2003 issue of the Treasury Bulletin reported the consolidated amounts for 

Sport Fish and Boat Safety. 
TRUST FUNDS 131

Aquatic Resources Trust Fund, Sport Fish Restoration 

Expected Condition and Results of Operations, Fiscal Years 2004-2008 

[In thousands of dollars. Source: Department of the Interior] 

2004 2005 2006 2007 2008 

Balance Oct. 1 ....................................................................................... 468,438 496,402 512,960 528,319 544,483

Receipts: 

Taxes ............................................................................................ 452,000 466,000 480,000 495,000 511,000

Interest .......................................................................................... 44,402 46,960 48,319 49,482 50,403

Transfers....................................................................................... - - - - -

Total receipts ............................................................................ 496,402 512,960 528,319 544,482 561,403

Expenses: 

Expenses ...................................................................................... 345,415 369,855 384,327 397,750 411,878

Transfers....................................................................................... 123,023 126,547 128,633 130,568 132,605

Total expenses.......................................................................... 468,438 496,402 512,960 528,318 544,483

Balance Sept. 30............................................................................... 496,402 512,960 528,319 544,483 561,403

Aquatic Resources Trust Fund, Boat Safety 

Results of Operations, Fiscal Year 2003 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2002........................................................................................................................................................................................... $83,668,171 

Revenue: 

Investment revenue: 

Interest on investments ................................................................................................................................................................................... 2,309,379 

Loss on sale of securities................................................................................................................................................................................ - 

Total investment revenue................................................................................................................................................................................ 2,309,379 

Total revenue .............................................................................................................................................................................................. 2,309,379 

Nonexpenditure transfers: 

U.S. Coast Guard............................................................................................................................................................................................ - 

Total nonexpenditure transfers ................................................................................................................................................................... - 

Balance Sept. 30, 2003....................................................................................................................................................................................... $85,977,550 

Aquatic Resources Trust Fund, Boat Safety 

Expected Condition and Results of Operations, Fiscal Years 2004-2008 

[In thousands of dollars. Source: Department of Homeland Security] 

2004 2005 2006 2007 2008 

Balance Oct. 1 ............................................................................. 86,061 88,478 90,978 93,578 96,278

Receipts: 

Taxes ....................................................................................... - - - - -

Interest ..................................................................................... 2,500 2,500 2,600 2,700 2,800

Transfers.................................................................................. - - - - -

Total receipts ....................................................................... 2,500 2,500 2,600 2,700 2,800

Expenses: 

Expenses ................................................................................. - - - - -

Transfers.................................................................................. 83 - - - -

Total expenses..................................................................... 83 - - - -

Balance Sept. 30.......................................................................... 88,478 90,978 93,578 96,278 99,078

Note.—The October 1, 2003, balance includes $83 thousand in liabilities that will be 

transferred out in 2004. 

Estimates for fiscal years 2004-2008 are subject to change by appropriation and/or 

legislation to reauthorize transfer of motorboat fuel taxes to the Boat Safety Account. 
132 TRUST FUNDS 

INTRODUCTION: Oil Spill Liability Trust Fund 

The Oil Spill Liability Trust Fund was established on the 

books of the Treasury by section 8033 of the Omnibus 

Budget Reconciliation Act of 1986 (Public Law 99-509). It 

was made effective on January 1, 1990, by section 

7811(m)(3) of the Omnibus Budget Reconciliation Act of 

1989 (Public Law 101-239) and amended by section 9001of 

the Oil Pollution Act of 1990 (Public Law 101-380). 

Amounts equivalent to the taxes received from the 

environmental tax on petroleum, but only to the extent of the 

Oil Spill Liability Trust Fund rate, are appropriated to the 

fund. The tax is not applied during any calendar quarter if 

the Secretary of the Treasury estimates that, as of the close 

of the preceding calendar quarter, the unobligated balance in 

the fund exceeds $1 billion. 

Certain amounts were transferred from other funds and 

were appropriated to the Oil Spill Liability Trust Fund as 

provided by 26 United States Code 9509(b). Certain paid 

penalties and amounts recovered for damages are also 

appropriated to the fund. 

Amounts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by 

appropriations acts or section 6002(b) of the Oil Pollution 

Act of 1990 (Public Law 101-380). 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities. Interest is 

credited to the fund. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the Treasury. 

These reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year and 

those expected during the next 5 fiscal years. 

TABLE TF-21.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2003 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2002 ..................................................................................................................................................................................................... $852,685,023 

Revenue: 

Tax on crude oil/petroleum products ......................................................................................................................................................................... - 

Other income.............................................................................................................................................................................................................. - 

Trans-Alaska Pipeline liability fund deposit ............................................................................................................................................................... - 

Cost recoveries .......................................................................................................................................................................................................... 6,728,935 

Fines and penalties.................................................................................................................................................................................................... 44,276,943 

Net revenue before interest ................................................................................................................................................................................... 51,005,878 

Investment Income: 

Interest on investments.............................................................................................................................................................................................. 16,590,701 

Realized gain ............................................................................................................................................................................................................. - 

Total investment income ........................................................................................................................................................................................ 16,590,701 

Total revenue ......................................................................................................................................................................................................... 67,596,579 

Expenditures: 

Treasury administrative expense – BPD ................................................................................................................................................................... 40,000 

Nonexpenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. 2,486,876 

Transfer to Interior...................................................................................................................................................................................................... 6,065,318 

Transfer to EPA.......................................................................................................................................................................................................... 15,479,700 

Transfer to DOT-Research and Special Programs Administration ........................................................................................................................... 7,423,432 

Transfer to U.S. Coast Guard .................................................................................................................................................................................... 90,370,098 

Transfer to North Pacific ............................................................................................................................................................................................ - 

Total nonexpenditures transfers ............................................................................................................................................................................ 121,825,424 

Total expenditure/nonexpenditure transfers .......................................................................................................................................................... 121,825,424 

Balance Sept. 30, 2003.................................................................................................................................................................................................. $798,416,179 

Oil Spill Liability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2004-2008 

[In millions of dollars. Source: Department of Transportation] 

2004 2005 2006 2007 2008

 Balance Oct. 1 .................................................................................................... 969 843 732 612 508

 Estimated receipts .............................................................................................. 59 56 53 50 48

 Estimated expenses ........................................................................................... 185 167 173 154 180

 Balance Sept. 30 ................................................................................................ 843 732 612 508 376

Note.—The October 1, 2004 balance differs from the equity balance by $171 million in 

liabilities. Those liabilities are contingent and are reflected in the forecast expenses. 
TRUST FUNDS 133

INTRODUCTION: Vaccine Injury Compensation Trust Fund 

The Vaccine Injury Compensation Trust Fund was 

created on the books of the Treasury by section 9202 of the 

Revenue Act of 1987 (Public Law 100-203, approved 

December 22, 1987). Excise taxes on diphtheria, pertussis, 

tetanus, measles, mumps, rubella, polio, hepatitis B, 

haemophilus influenza type b, varicella, rotavirus and 

pneumococcal conjugate vaccines (26 United States Code 

4131) are appropriated into the trust fund, which is the 

source of funds to pay compensation awards for a vaccinerelated injury or death occurring after October 1, 1988, as 

well as program administrative expenses. 

Annual reports to Congress, required by 26 United 

States Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next 5 fiscal 

years. 

TABLE TF-22.—Vaccine Injury Compensation Trust Fund 

Results of Operations, Fiscal Year 2003 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2002 ........................................................................................................................................................................................... $1,819,597,420 

Receipts: 

Excise tax receipts ........................................................................................................................................................................................... 138,166,250 

Interest on investments.................................................................................................................................................................................... 73,692,009 

Total receipts................................................................................................................................................................................................ 211,858,259 

Outlays: 

U.S. Court of Federal Claims expenses .......................................................................................................................................................... 2,043,555 

U.S. Department of Justice expenses ............................................................................................................................................................. 4,352,860 

Total outlays................................................................................................................................................................................................. 6,396,415 

Nonexpenditure transfers: 

Transfer to health resources............................................................................................................................................................................ 78,697,252 

Total outlays/transfers.................................................................................................................................................................................. 85,093,667 

Balance Sept. 30, 2003........................................................................................................................................................................................ $1,946,362,012 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2004-2008 

[In thousands of dollars. Source: Department of Health and Human Services ] 

2004 2005 2006 2007 2008 

Balance Oct. 1 ........................................................................................................... 1,946,362 2,088,243 2,234,599 2,385,567 2,541,283

Receipts ..................................................................................................................... 142,311 146,580 150,978 155,507 160,172

Interest on investments.......................................................................................... 87,949 90,587 93,305 96,104 98,987

Total receipts ..................................................................................................... 230,260 237,167 244,283 251,611 259,159

Outlays: 

U.S. Court of Federal Claims expenses ................................................................ 3,293 3,293 3,293 3,293 3,293

U.S. Department of Justice expenses ................................................................... 4,028 4,028 4,028 4,028 4,028

Total outlays....................................................................................................... 7,321 7,321 7,321 7,321 7,321

Nonexpenditure transfers: 

Transfers to health resources................................................................................ 81,058 83,490 85,994 88,574 91,231

Total outlays/transfers ....................................................................................... 88,379 90,811 93,315 95,895 98,552

Balance Sept. 30........................................................................................................ 2,088,243 2,234,599 2,385,567 2,541,283 2,701,890

Note.—Detail may not add to totals due to rounding. 
134 TRUST FUNDS 

INTRODUCTION: Wool Research, Development, 

and Promotion Trust Fund 

The Wool Research, Development, and Promotion Trust 

Fund was established in fiscal year 2000 with a sunset 

provision effective January, 1, 2004, according to provisions 

of the Trade and Development Act of 2000 (Public Law 

106-200, signed May 18, 2000). The Trade Act of 2002 

(Public Law 107-210, signed August 6, 2002) extended the 

sunset provision to January 1, 2006. 

The Act provides that the Secretary of the Treasury shall 

transfer to the trust fund out of the general fund of the U.S. 

Treasury amounts determined to be equivalent to the duty 

received on articles under chapters 51 and 52 of the 

Harmonized Tariff Schedule of the United States. The 

amount to be transferred is limited to $2,500,000 in any 

fiscal year and may be invested in U.S. Treasury securities. 

The Secretary of Agriculture is authorized to provide 

grants to a nationally recognized council established for the 

development of the United States wool market for the 

development of the United States wool market for the 

following purposes: 

• Assist United States wool producers in improving 

the quality of wool and wool production methods for wool 

produced in the United States. 

• Disseminate information on improvements to United 

States wool producers. 

• Assist United States wool producers in developing 

and promoting the wool market. 

Annual reports to Congress are required on the financial 

condition and the results of the operations of the trust fund 

during the past fiscal year and on its expected condition and 

operations during the next fiscal year. 

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

Results of Operations, Fiscal Year 2003 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2002................................................................................................................................................................................................ - 

Receipts: 

Harmonized tariff.................................................................................................................................................................................................. 2,250 

Total receipts.................................................................................................................................................................................................... 2,250 

Expenses: 

Expenditure .......................................................................................................................................................................................................... 2,250 

Total expenses................................................................................................................................................................................................. 2,250 

Balance Sept. 30, 2003............................................................................................................................................................................................ - 

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2004 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1.......................................................................................................................................................................................................... - 

Receipts: 

Harmonized tariff.................................................................................................................................................................................................. 2,250 

Total receipts.................................................................................................................................................................................................... 2,250 

Expenses: 

Expenditure .......................................................................................................................................................................................................... 2,250 

Total expenses................................................................................................................................................................................................. 2,250 

Balance Sept. 30...................................................................................................................................................................................................... - 
TECHNICAL PAPERS 135

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. 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 

Washington, DC 20220 

Telephone (202) 622-1519, or fax (202) 622-1294
136

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I, and J are discount or accrual type 

bonds—meaning principal and interest are paid when bonds 

are redeemed. Series G, H, HH, and K are current-income 

bonds, and the semiannual interest paid to their holders is not 

included in accrued discount. 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-2, -3)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-2)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Coupon issue—The issue of bonds or notes (public debt). 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Current income bonds (“U.S. Savings Bonds and Notes”)—

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of December 2003, the 

debt limit was $7,384,000 million; the limit may change from 

year to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-2)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 
GLOSSARY 137

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by 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. 

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have 

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J, and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), and savings notes issued between May 1967 

and October 1970 have a final maturity of 30 years. Series HH 

bonds (issued since January 1980) mature after 20 years. 

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury 

securities at the price equivalent to the weighted average 

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 
138 GLOSSARY 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-3, -4)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (FD-2)—(SLUGs) 

Special nonmarketable certificates, notes, and bonds offered 

to State and local governments as a means to invest proceeds 

from their own tax-exempt financing. Interest rates and 

maturities comply with IRS arbitrage provisions. SLUGs are 

offered in both time deposit and demand deposit forms. Time 

deposit certificates have maturities of up to 1 year. Notes 

mature in 1 to 10 years and bonds mature in more than 10 

years. Demand deposit securities are 1-day certificates rolled 

over with a rate adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-1, -3)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), 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).