DE CEM BER 2000

FI NAN CIAL OP ER A TIONS

PRO FILE OF THE ECON OMY

Anal y sis.—Sum mary of eco nomic in di ca tors ............................................................... 3

FED ERAL FIS CAL OP ER A TIONS

In tro duc tion.—Fed eral fis cal op er a tions ................................................................... 9

Anal y sis.—Bud get re sults and fi nanc ing of the U.S. Gov ern ment and fourth-quar ter re ceipts by source ................10

FFO-A.—Chart: Monthly re ceipts and out lays ............................................................. 12

FFO-B.—Chart: Bud get re ceipts by source................................................................12

FFO-1.—Sum mary of fis cal op er a tions ................................................................... 13

FFO-2.—On-budget and off-budget re ceipts by source....................................................... 14

FFO-3.—On-budget and off-budget out lays by agency....................................................... 16

FFO-4.—Sum mary of U.S. Gov ern ment re ceipts by source and out lays by agency, Sep tem ber 2000 a nd other periods .... 18

FFO-5.—In ter nal rev e nue re ceipts by re gions and dis tricts....................................................19

AC COUNT OF THE U.S. TREA SURY

In tro duc tion.—Source and avail abil ity of the bal ance in the ac count of the U.S. Trea sury ........................... 20

UST-1.—El e ments of changes in Fed eral Re serve and tax and loan note ac count bal ances........................... 20

FED ERAL DEBT

In tro duc tion.—Fed eral debt............................................................................ 22

FD-1.—Sum mary of Fed eral debt ....................................................................... 23

FD-2.—In ter est-bearing pub lic debt ..................................................................... 24

FD-3.—Gov ern ment ac count se ries......................................................................25

FD-4.—In ter est-bearing se cu ri ties is sued by Gov ern ment agen cies ............................................. 26

FD-5.—Ma tu rity dis tri bu tion and av er age length of mar ket able in ter est-bearing pub lic debt held by pri vate in ves tors ..... 27

FD-6.—Debt sub ject to stat u tory lim i ta tion................................................................27

FD-7.—Trea sury hold ings of se cu ri ties is sued by Gov ern ment cor po ra tions and other agen cies....................... 28

FD-A.—Chart: Av er age length of pri vately held mar ket able debt ..............................................30

PUB LIC DEBT OP ER A TIONS

In tro duc tion.—Pub lic debt op er a tions....................................................................31

TREA SURY FI NANCING ............................................................................ 31

PDO-1.—Ma tu rity sched ules of in ter est-bearing mar ket able pub lic debt se cu ri ties other than reg u lar weekly 

 and 52-week Trea sury bills out stand ing ........................................................... 36

PDO-2.—Of fer ings of bills ............................................................................ 41

PDO-3.—Pub lic of fer ings of mar ket able se cu ri ties other than reg u lar weekly Trea sury bills ......................... 42

PDO-4A.—Al lot ments by in ves tor class for mar ket able pub lic debt se cu ri ties other than bills........................44

PDO-4B.—Al lot ments by in ves tor class of mar ket able pub lic debt se cu ri ties, 52-week bills ......................... 46

 Al lot ments by in ves tor class for mar ket able pub lic debt se cu ri ties for bills other than reg u lar weekly 

 se ries (his tor i cal) ........................................................................... 46

U.S. SAV INGS BONDS AND NOTES

In tro duc tion.—Sav ings bonds and notes ..................................................................47

SBN-1.—Sales and re demp tions by se ries, cu mu la tive ....................................................... 47

SBN-2.—Sales and re demp tions by pe riod, all se ries of sav ings bonds and notes com bined..........................48

SBN-3.—Sales and re demp tions by pe riod, se ries E, EE, H, HH and I........................................... 48

OWN ER SHIP OF FED ERAL SE CU RITIES

In tro duc tion.—Own er ship of Fed eral se cu ri ties ............................................................50

OFS-1.—Dis tri bu tion of Fed eral se cu ri ties by class of in ves tors and type of is sues................................. 51

OFS-2.—Es ti mated own er ship of U.S. se cu ri ties ........................................................... 52

MARKET YIELDS

In tro duc tion.—Mar ket yields ........................................................................... 53

MY-1.—Trea sury mar ket bid yields at con stant ma tu ri ties: bills, notes, and bonds ................................. 53

MY-A.—Chart: Yields of Trea sury se cu ri ties ..............................................................54

MY-2.—Av er age yields of long-term Trea sury, cor po rate, and mu nic i pal bonds ................................... 55

MY-B.—Chart: Av er age yields of long-term Trea sury, cor po rate, and mu nic i pal bonds ............................. 58

U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION

In tro duc tion.—U.S. currency and coin out stand ing and in cir cu la tion ........................................... 59

Con tents
USCC-1.—Amounts out stand ing and in cir cu la tion; cur rency, coin ............................................. 59

USCC-2.—Amounts out stand ing and in cir cu la tion; by de nom i na tion, per ca pita com par a tive to tals................... 60

IN TER NA TIONAL STA TIS TICS

IN TER NA TIONAL FI NAN CIAL STA TIS TICS

In tro duc tion.—In ter na tional fi nan cial sta tis tics ............................................................. 63

IFS-1.—U.S. Re serve as sets............................................................................ 63

IFS-2.—Se lected U.S. li a bil i ties to for eign ers..............................................................64

IFS-3.—Non mar ket able U.S. Trea sury bonds and notes is sued to of fi cial in sti tu tions

 and other res i dents of for eign coun tries ............................................................65

CAP I TAL MOVE MENTS

In tro duc tion.—Cap i tal move ments ......................................................................66

SEC TION I.—LI A BIL ITIES TO FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES

CM-I-1.—To tal li a bil i ties by type of holder ............................................................... 67

CM-I-2.—To tal li a bil i ties by type, pay able in dol lars ........................................................68

CM-I-3.—To tal li a bil i ties by coun try ..................................................................... 69

CM-I-4.—To tal li a bil i ties by type and coun try ............................................................. 71

CM-A.—Chart: U.S. li a bil i ties to for eign ers re ported by U.S. banks, bro kers and deal ers with re spect to

 se lected coun tries............................................................................. 73

SEC TION II.—CLAIMS ON FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES

CM-II-1.—To tal claims by type ......................................................................... 74

CM-II-2.—To tal claims by coun try......................................................................75

CM-II-3.—To tal claims on for eign ers by type and coun try ................................................... 77

CM-B.—Chart: U.S. claims on for eign ers re ported by U.S. banks, bro kers and deal ers with re spect to 

 se lected coun tries............................................................................. 79

SEC TION III.—SUP PLE MEN TARY LI A BIL ITIES AND CLAIMS DATA RE PORTED BY BANKS IN THE UNITED

 STATES

CM-III-1.—Dol lar li a bil i ties to, and dol lar claims on, for eign ers in coun tries and ar eas not reg u larly re ported sep a rately . . 80

SEC TION IV.—LI A BIL ITIES TO, AND CLAIMS ON, FOR EIGNERS RE PORTED BY NONBANKING BUSI NESS

 EN TER PRISES IN THE UNITED STATES

CM-IV-1.—To tal li a bil i ties and claims by type ............................................................. 81

CM-IV-2.—To tal li a bil i ties by coun try ................................................................... 82

CM-IV-3.—To tal li a bil i ties by type and coun try ............................................................84

CM-IV-4.—To tal claims by coun try......................................................................86

CM-IV-5.—To tal claims by type and coun try ..............................................................88

CM-C.—Chart: Net pur chases of long-term do mes tic se cu ri ties by for eign ers, se lected coun tries ..................... 90

SEC TION V.—U.S. IN TER NA TIONAL TRANS AC TIONS IN LONG-TERM SE CU RITIES

CM-V-1.—U.S. trans ac tions with for eign ers in long-term do mes tic se cu ri ties by type ..............................91

CM-V-2.—U.S. trans ac tions with for eign ers in long-term for eign se cu ri ties by type................................91

CM-V-3.—Net for eign trans ac tions in long-term do mes tic se cu ri ties by type and coun try ........................... 92

CM-V-4.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties, by type and coun try, 

 dur ing third quar ter 2000, preliminary ..........................................................94

CM-V-5.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties, by type and coun try,

 dur ing cal en dar year 1999 ....................................................................96

CM-D.—Chart: Net pur chases of long-term for eign se cu ri ties by U.S. in ves tors................................... 98

FOR EIGN CUR RENCY PO SI TIONS

In tro duc tion.—For eign cur rency po si tions ................................................................99

SEC TION I.—CA NA DIAN DOL LAR PO SI TIONS

FCP-I-1.—Weekly re port of ma jor mar ket par tic i pants ...................................................... 100

FCP-I-2.—Monthly re port of ma jor mar ket par tic i pants ..................................................... 101

FCP-I-3.—Quar terly re port of large mar ket par tic i pants ..................................................... 101

SEC TION II.—GER MAN MARK PO SI TIONS

FCP-II-1.—Weekly re port of ma jor mar ket par tic i pants ..................................................... 102

FCP-II-2.—Monthly re port of ma jor mar ket par tic i pants .................................................... 103

IV

Con tents
FCP-II-3.—Quar terly re port of large mar ket par tic i pants .................................................... 103

SEC TION III.—JAP A NESE YEN PO SI TIONS

FCP-III-1.—Weekly re port of ma jor mar ket par tic i pants .................................................... 104

FCP-III-2.—Monthly re port of ma jor mar ket par tic i pants.................................................... 105

FCP-III-3.—Quar terly re port of large mar ket par tic i pants ................................................... 105

SEC TION IV.—SWISS FRANC PO SI TIONS

FCP-IV-1.—Weekly re port of ma jor mar ket par tic i pants .................................................... 106

FCP-IV-2.—Monthly re port of ma jor mar ket par tic i pants.................................................... 107

FCP-IV-3.—Quar terly re port of large mar ket par tic i pants.................................................... 107

SEC TION V.—STER LING PO SI TIONS

FCP-V-1.—Weekly re port of ma jor mar ket par tic i pants ..................................................... 108

FCP-V-2.—Monthly re port of ma jor mar ket par tic i pants .................................................... 109

FCP-V-3.—Quar terly re port of large mar ket par tic i pants .................................................... 109

SEC TION VI.—U.S. DOL LAR PO SI TIONS

FCP-VI-1.—Weekly re port of ma jor mar ket par tic i pants .................................................... 110

FCP-VI-2.—Monthly re port of ma jor mar ket par tic i pants....................................................111

FCP-VI-3.—Quar terly re port of large mar ket par tic i pants ................................................... 111

SEC TION VII.—EURO PO SI TIONS

FCP-VII-1.—Weekly re port of ma jor mar ket par tic i pants.................................................... 112

FCP-VII-2.—Monthly re port of ma jor mar ket par tic i pants................................................... 113

FCP-VII-3.—Quar terly re port of large mar ket par tic i pants................................................... 113

EX CHANGE STA BI LI ZA TION FUND

In tro duc tion.—Ex change Sta bi li za tion Fund .............................................................. 114

ESF-1.—Bal ance sheet............................................................................... 114

ESF-2.—In come and ex pense ......................................................................... 115

SPE CIAL RE PORTS

TRUST FUNDS

In tro duc tion.—Trust funds ............................................................................ 119

TF-A.—Chart: Ma jor trust funds, to tal net in crease or de crease in as sets........................................ 119

TF-B.—Chart: To tal re ceipts of ma jor trust funds ..........................................................120

TF-C.—Chart: To tal ex pen di tures of ma jor trust funds ...................................................... 121

TF-1.—Civil Ser vice Re tire ment and Dis abil ity Fund....................................................... 122

TF-2.—Fed eral Hos pi tal In sur ance Trust Fund ............................................................123

TF-3.—Fed eral Dis abil ity In sur ance Trust Fund ........................................................... 124

TF-4.—Fed eral Old-Age and Sur vi vors In sur ance Trust Fund ................................................ 125

TF-5.—Fed eral Sup ple men tary Med i cal In sur ance Trust Fund................................................ 126

TF-6.—Na tional Ser vice Life In sur ance Fund ............................................................. 127

TF-7.—Rail road Re tire ment Ac count ................................................................... 128

TF-8.—Un em ploy ment Trust Fund..................................................................... 129

TF-9.—In vest ments of spec i fied trust ac counts in pub lic debt se cu ri ties by is sue ................................. 131

In tro duc tion.—High way Trust Fund ....................................................................132

TF-15A.—High way Trust Fund, high way ac count ......................................................... 132

RE SEARCH PAPER IN DEX..........................................................................133

GLOS SARY....................................................................................... 134

ORDER FORM FOR TREA SURY PUB LI CA TIONS ........................................... In side back cover

NOTES: Def i ni tions for words shown in ital ics can be found in the glos sary; Fig ures may not add to to tals be cause of

round ing; p= Pre lim i nary; n.a.= Not avail able; r= Re vised.

V

Con tents
3

Profile of the Economy

[Source: Of fice of Mac ro eco nomic Anal y sis]

Real gross domestic product (GDP)

Growth in real GDP slowed in the third quar ter of 2000,

partly due to the un wind ing of some tem po rary fac tors that

boosted growth in the sec ond quar ter. Real GDP in creased at a

2.7 per cent an nual rate in the third quar ter, ac cord ing to the ad -

vance es ti mate, com pared with a 5.6 per cent rise in the sec ond

quar ter.

One of the fac tors hold ing growth down was a flat ten ing out

in in ven to ries. In ven tories in creased sharply in the sec ond

quar ter and added 1.7 per cent age points to the GDP growth

rate. How ever, they were vir tu ally flat in the third quar ter and

added lit tle to growth. A swing in Fed eral con sump tion and

in vest ment ex pen di tures from a 17.2 per cent in crease in the

sec ond quar ter to a 10.1 per cent de cline in the third also con -

trib uted to the slow down.

Other com po nents of de mand were strong in the third quar -

ter. Per sonal con sump tion ex pen di tures ac cel er ated to a 4.5

per cent an nual rate af ter a slug gish sec ond quar ter, led by a re -

bound in mo tor ve hi cle pur chases. The for eign trade sec tor

was a much smaller drag on growth than in the pre vi ous quar -

ter. Ex port growth speeded up while im port growth slowed.

Busi ness in vest ment in equip ment and soft ware, how ever,

slowed in the third quar ter fol low ing very large gains in the

first half of 2000. 

The na tional ac counts mea sures of in fla tion showed that

price growth con tin ued to be sub dued in the third quar ter. The

GDP price in dex in creased at a mod est 2.0 per cent an nual rate, 

less than the in crease in the sec ond quar ter. The gross

do mes tic pur chases in dex grew at a faster 2.4 per cent pace,

mainly be cause it in cludes im ports and ex cludes ex ports, thus

re flect ing ris ing oil prices. Ex clud ing food and en ergy, the

gross do mes tic pur chases in dex rose at a 1.9 per cent an nual

rate in the third quar ter.

Growth o f Real GDP

0.9

4.0

2.5

4.1

2.2

4.1

4.3

4.6

5.0

4.4

0

1

2

3

4

5

6

7

91 92 93 94 95 96 97 98 99 00*

(Percent change, fourth quarter to fourth quarter)

*Bas ed on first three quarters

Inflation

In fla tion picked up in 2000. En ergy price in creases ex ceed

last year’s dou ble digit pace. Core in fla tion, ex clud ing food

and en ergy, and food prices are ris ing at a faster rate than last

year but in creases still re main rel a tively mod er ate. Strong pro -

duc tiv ity growth con tin ues to keep la bor costs in check.

Con sumer prices in creased at a 3.8 per cent an nual rate dur ing 

the first three quar ters of 2000, an ac cel er a tion of 1.1 per cent -

age points from last year. En ergy prices were up at an 18-1/2

per cent rate af ter in creas ing by 13-1/2 per cent in 1999. Core 

in fla tion picked up to a 2.8 per cent pace from 1.9 per cent last

year. That was the small est yearly in crease since 1965. Food

prices rose at a 2.7 per cent rate over the first three quar ters of

2000.

At the pro ducer level, the pat tern for fin ished goods prices

has gen er ally mir rored de vel op ments at the con sumer level.

Fin ished goods prices in creased at a 4.1 per cent an nual rate in

the first 10 months of 2000, up from 2.9 per cent last year. Core

in fla tion was mod er ate, in creas ing at a 1.1 per cent an nual rate.

This is lit tle change from a 0.9 per cent rise in 1999. The in -

crease in en ergy prices ac cel er ated from a lit tle more than

18 per cent in 1999 to a rate of just over 21 per cent in 2000. Fur -

ther back in the pro duc tion chain, core prices for crude goods

have been fall ing this year while core in ter me di ate goods

prices con tinue to rise at close to the same pace as last year.

Pro duc tiv ity in the nonfarm busi ness sec tor rose by a very

strong 5.0 per cent over the four quar ters end ing with the third

quar ter of 2000. This just about off set an in crease of 5.1 per cent 

in hourly com pen sa tion. As a re sult, unit la bor costs moved up

by a frac tional 0.1 per cent. The em ploy ment cost in dex for to tal 

com pen sa tion, a sep a rate com pen sa tion mea sure that also is

closely watched, in creased by 4.3 per cent for the 12-month pe -

riod end ing in June. This was a lit tle less than the in crease in

com pen sa tion in the pro duc tiv ity se ries.
4 PRO FILE OF THE ECON OMY

0. 0

2. 0

4. 0

6. 0

8. 0

89 90 91 92 93 94 95 96 97 98 99 00

Exc ludin g food an d ene rgy

Tota l

Cons ume r Price s

(Pe rc ent cha nge from a ye a r e a rlie r)

-4 .0

-2 .0

0 .0

2 .0

4 .0

6 .0

8 .0

10 .0

89 90 91 9 2 93 94 95 96 97 98 9 9 00

Ex c luding food and en e rgy

Tota l

Produce r Pric es - Finis hed Go o ds

(Pe rc ent chang e from a ye a r ea rlie r)

Employment and unemployment

A no tice able slow ing de vel oped in la bor mar kets in re cent

months, con sis tent with a more mod er ate pace of eco nomic

growth. La bor mar kets none the less re mained tight, with the

un em ploy ment rate hold ing steady at a 30-year low and the

em ploy ment-population ra tio at a high level. Even so, growth

of earn ings of pro duc tion and other nonsupervisory work ers

re mained tame, with lit tle ev i dence of wage pres sure. 

Nonfarm pay roll em ploy ment growth through out much of

the first three quar ters of 2000 was vol a tile, partly be cause of

the hir ing and sub se quent lay off of tem po rary work ers hired

to con duct the de cen nial cen sus. Ex clud ing these work ers and

ad just ing for the sum mer strike of 85,000 tele com mu ni ca tions

work ers, job gains ta pered to an av er age of 141,000 in Sep tem -

ber and Oc to ber. This was down from 195,000 a month in the

first 8 months of the year and 229,000 dur ing all of 1999. Most

no ta ble among the weak spots was man u fac tur ing, which lost

130,000 jobs be tween June and Oc to ber. Growth in the pri vate

ser vice-producing sec tor also has slowed mark edly to a

monthly av er age of 143,000 dur ing the past 4 months. This is

down from av er age in creases of 163,000 in the prior months of

2000 and a monthly av er age of 195,000 dur ing all of 1999. On

the other hand, em ploy ment growth picked up in re cent months 

Un emp lo yme nt R ate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

94 95 96 9 7 9 8 99 00

(Perc en t)

Establis hm ent Emplo yment

222

271

240

2 72

25 6

192

212

25 8

324

213

25

13 7

0

10 0

20 0

30 0

40 0

98-I II III IV 99-I II II IV 00-I II II IV*

(Aver age monthly cha nge in thous a nds)

*Ba s ed on Octobe r data
PRO FILE OF THE ECON OMY 5

Real disposable personal income

and consumer spending

Growth of per sonal in come in nom i nal terms slowed in the

third quar ter, al though dur ing the first three quar ters of 2000 it

was stron ger than dur ing 1999. Fol low ing in creases at nearly a 

7 per cent an nual rate in the first two quar ters of 2000, in come

rose at a more mod er ate 5.5 per cent pace in the third quar ter.

Smaller em ploy ment gains tem pered the in crease in wage and

sal ary pay ments. In ter est pay ments also were lower, re flect ing

re cent de clines in in ter est rates. Even so, growth in nom i nal in -

come av er aged a 6.4 per cent an nual rate dur ing the first three

quar ters of 2000, up from 5.6 per cent dur ing all of 1999. 

On a real af ter-tax ba sis, how ever, per sonal in come rose at a

2.7 per cent an nual rate dur ing the first three quar ters of 2000.

This was slightly less than the 3.1 per cent in 1999. The slow -

down re flected faster growth of tax pay ments, as well as some -

what higher in fla tion gen er ated in part by higher oil prices.

Real con sumer spend ing rose at a 4.5 per cent an nual rate in

the third quar ter of 2000, up from a 3.1 per cent pace of ad vance 

in the sec ond quar ter. Dur ing the first three quar ters of the year, 

growth of per sonal con sump tion av er aged a 5.0 per cent an nual 

rate. This is still very strong, al though about one-half per cent -

age point less than dur ing all of 1999. Growth of spend ing on

dis cre tion ary items such as mo tor ve hi cles, fur ni ture and ap -

pli ances, and other du ra ble goods slowed from 11 per cent dur -

ing 1999 to a still vi brant 8 per cent an nual rate dur ing the first

three quar ters of 2000. 

The greater in crease in spend ing than in dis pos able in come

so far dur ing 2000 pulled the per sonal sav ing rate down to -0.2

per cent by the third quar ter from 1.5 per cent in the fourth quar -

ter of 1999. The lat est fig ure is the low est since 1933. The sav -

ing rate has de clined steadily from a re cent high of 8.7 per cent

in 1992. This de cline is pri mar ily the re sult of the grow ing

“wealth ef fect” caused by the rise in the stock mar ket. In -

creases in as set val ues are not counted as in come in the na -

tional in come and prod uct ac counts, from which sav ing is

cal cu lated, but none the less con trib ute to the will ing ness of

con sum ers to spend. 

Industrial production 

and capacity utilization

Out put in the in dus trial sec tor slowed sharply in the third

quar ter of 2000. It rose by only 2.8 per cent at an an nual rate af -

ter jump ing by 8.2 per cent in the sec ond quar ter. This was the

larg est quar terly gain in 4 years. The de cel er a tion re flected

wide spread soft ness, par tic u larly in the man u fac tur ing sec tor.

Due to large gains ear lier in 2000, in dus trial out put has risen by 

5.6 per cent at an an nual rate so far. This rate was up from a

strong 4.7 per cent ad vance in 1999 and a vast im prove ment

over the tepid 2.5 per cent in crease re corded in 1998. 

Man u fac turing pro duc tion, which ac counts for just over 88

per cent of all in dus trial out put, rose by only 3.2 per cent at an

an nual rate in the third quar ter af ter three quar ters of gains of 7

per cent or more. De spite the soft third quar ter re sult, so far this

year there has been a 5.7 per cent an nual rate in crease in man u -

fac tur ing pro duc tion com pared to a 5.1 per cent an nual in -

crease in 1999. 

Much of the un der ly ing strength in man u fac tur ing has been

cen tered in the high-tech sec tor, which in cludes com put ers,

com mu ni ca tions equip ment and semi con duc tors. These three

in dus tries com bined ex pe ri enced pro duc tion growth of 48.4

per cent at an an nual rate in the July-to-September pe riod.

While only about two-thirds as fast as the sec ond quar ter’s

70.9 per cent pace, it still gave fac tory out put a sig nif i cant

boost in the lat est quar ter. Ex clud ing high-tech, man u fac tur ing 

pro duc tion ac tu ally de clined by 2.1 per cent at an an nual rate in

the third quar ter. This de cline ex tended a down ward trend that

be gan ear lier this year. The third-quarter drop in man u fac tur -

ing other than high-tech is slightly larger than the 1.9 per cent

de cline re corded in the first quar ter of 1995, when the econ -

omy was slow ing, and the 1.7 per cent dip posted in the third

quar ter of 1998, dur ing the Asian cri sis. 

The rate of in dus trial ca pac ity uti li za tion stood at 82.2 per -

cent for the sec ond con sec u tive month in Sep tem ber, up from

7-year lows av er ag ing 80.5 per cent in the first half of 1999.

This rate has been slightly above its long-term av er age of 82.0

per cent since May, but it is still 2.2 per cent age points be low the 

ex pan sion high of 84.4 per cent reached in early 1995.

for con struc tion and fi nance, in sur ance, and real es tate, prob a -

bly boosted by the de cline in mort gage in ter est rates since

spring. 

The econ omy con tin ues to op er ate at a very high rate of la -

bor uti li za tion. The un em ploy ment rate de clined from 4.1 per -

cent in Au gust to 3.9 per cent in both Sep tem ber and Oc to ber.

The lat est fig ure matches the three-decade low first reached in

April. The share of the work ing-age pop u la tion em ployed was 

at 64.4 per cent in Oc to ber. This was only slightly be low the

64.5 per cent av er age for the first 10 months of 2000, an

all-time re cord if sus tained through the re main ing months of

the year.

Wage gains, as mea sured in the pay roll em ploy ment sur vey,

have re mained sur pris ingly low given re cent la bor mar ket con -

di tions. Av er age hourly earn ings of pro duc tion and other

nonsupervisory work ers grew by 3.8 per cent over the 12

months ended in Oc to ber. Earn ings growth has re mained fairly

sta ble at about that pace for ap prox i mately 2 years. How ever, 

other more com pre hen sive mea sures of hourly com pen sa tion

show an ac cel er a tion to the 5 per cent range re cently. In real

terms, av er age hourly earn ings were es sen tially un changed

over the 12 months ended in Sep tem ber (the lat est month for

which these data are avail able).
6 PRO FILE OF THE ECON OMY

Nonfarm productivity and unit labor costs

De spite the re cord length of the cur rent ex pan sion, U.S. pro -

duc tiv ity growth has ac cel er ated, not slowed as is typ i cal in

the late stages of an ex pan sion. Nonfarm busi ness pro duc tiv -

ity (real out put per hour worked) rose by 3.8 per cent at an an -

nual rate in the third quar ter of 2000, bring ing the rise over the

last four quar ters to an im pres sive 5.0 per cent. Over the past 5

years, nonfarm pro duc tiv ity has risen at a 3.0 per cent an nual

rate, the fast est rate of growth for any such pe riod since 1968.

This ex cep tional per for mance has been widely at trib uted to

in no va tions and in vest ment in in for ma tion tech nol ogy. It sup -

ports the view that pro duc tiv ity growth has moved to a higher

trend rate in re cent years. 

Hourly com pen sa tion costs in the nonfarm busi ness sec tor

shot up at a 6.4 per cent an nual rate in the third quar ter. That

was the larg est quar terly gain since early 1992 and fol lowed a

siz able 5.9 per cent an nual rate in crease in the pre vi ous quar -

ter. Ro bust pro duc tiv ity growth largely off set these costs,

how ever, keep ing growth of la bor costs per unit of out put to a

2.5 per cent an nual rate in the third quar ter and 1.3 per cent at an 

an nual rate so far this year. Sub dued growth of unit la bor costs

has played a key role in help ing con tain in fla tion. 

Pro duc tiv ity in the man u fac tur ing sec tor con tin ues to grow

at a rapid pace. In the third quar ter of 2000, fac tory out put per

hour rose at a 6.4 per cent an nual rate, bring ing the in crease

over the lat est four quar ters to a re cord 7.5 per cent. Over the

past 5 years, man u fac tur ing pro duc tiv ity has in creased by 5.4

per cent an nu ally—strength un prec e dented in the post World

War II era. Growth of hourly com pen sa tion costs ac cel er ated

to a 6.7 per cent an nual rate in the third quar ter, out strip ping the 

gain in pro duc tiv ity for the first time in a year. As a re sult, unit

la bor costs edged up by 0.3 per cent at an an nual rate. Fac tory

unit la bor costs have been fall ing for nearly 7 years and are

now al most 10 per cent be low the high reached in late 1993.

Current account balance

The cur rent ac count mea sures trade in goods and ser vices as

well as the flow of in vest ment in come and uni lat eral trans fers.

The cur rent ac count has been in def i cit al most con tin u ously

since the early 1980s. In the sec ond quar ter of 2000, the cur -

rent ac count def i cit swelled to $424.6 bil lion at an an nual rate.

This rep re sents a re cord high 4.3 per cent share of nom i nal

GDP.

The def i cit has wid ened sub stan tially over the past de cade

pri mar ily be cause of a de te ri o ra tion in the mer chan dise trade

bal ance. Growth in U.S. do mes tic de mand has re cently out -

paced that of our ma jor trad ing part ners, caus ing im ports to

grow much more rap idly than ex ports. The ap pre ci a tion of the

dol lar from 1995 and higher prices for im ported oil over the

past 2 years also have con trib uted to the grow ing trade gap. As

a re sult, the def i cit on mer chan dise trade has more than

dou bled since the mid-1990s, reach ing a new high of $440.9

bil lion at an an nual rate in the sec ond quar ter. It con tin ued to

rise in the third quar ter. 

Other ma jor com po nents of the cur rent ac count also have 

fu eled the grow ing def i cit. The sur plus on trade in ser vices has 

nar rowed since 1997. More over, what had been a pos i tive bal -

ance on in vest ment in come turned neg a tive in 1998, as weak

for eign growth de pressed in ter est earn ings on U.S. in vest -

ments abroad and U.S. growth sup ported strong in ter est in -

come on for eign in vest ments in the United States. The bal ance 

on in vest ment in come is likely to re main neg a tive in the fu -

ture, since the ac cu mu la tion of cur rent ac count def i cits has re -

sulted in an in crease in net for eign hold ings of U.S. as sets and

a net neg a tive in ter na tional in vest ment po si tion.

The cur rent ac count def i cit is, by def i ni tion, matched by off -

set ting trans ac tions in the fi nan cial and cap i tal ac counts, with

any dif fer ence in the re corded flows listed as a sta tis ti cal dis -

crep ancy. In the sec ond quar ter of 2000, the fi nan cial ac count

re corded in flows for for eign as sets in the United States that

ex ceeded out flows for U.S. as sets abroad by a stun ning $596.4 

bil lion at an an nual rate. This was more than dou ble the $230.4 

bil lion net fi nan cial in flow re corded in the first quar ter. A sub -

stan tial in crease in for eign di rect in vest ment in the United

States ac counted for much of the jump.

Exchange rate of the dollar

The ex change rate of the dol lar against a broad in dex of 26

cur ren cies of im por tant U.S. trad ing part ners in creased mark -

edly through the first 10 months of 2000. This fol lowed a

2-year pe riod dur ing which the ex change rate flat tened out af -

ter a sharp rise in 1996 and 1997. From De cem ber 1999 to Oc -

to ber 2000, the ex change rate of the dol lar against the broad

in dex of cur ren cies rose by 6.6 per cent.

All of the ap pre ci a tion this year re flected im prove ment of

the dol lar against the ma jor cur ren cies of the most im por tant

U.S. trad ing part ners. These part ners in clude the euro-area

coun tries plus Can ada, Ja pan, the United King dom, Aus tra lia,

Swe den and Swit zer land. Since the end of 1999, the dol lar has

in creased by 9.8 per cent against that ag gre gate in dex of ma jor

cur ren cies, and by 18.6 per cent against the euro alone.

Compared to the Jap a nese yen, the ex change value of the dol -

lar rose by 5.6 per cent be tween De cem ber and May and has

fluc tu ated within a nar row band since.

The ap pre ci a tion of the dol lar to re cord highs against the

euro re flected a num ber of fac tors, in clud ing the faster rate of

eco nomic growth in the United States than in the euro area.

The per cep tion that U.S. as set mar kets would con tinue to

pres ent gen er ally at trac tive in vest ment op por tu ni ties de spite

in creased vol a til ity con trib uted to the stron ger per for mance of 

the dol lar as well. Other fac tors such as dif fer ing cen tral bank

pol i cies, con cerns over for eign ex change pol icy in the euro

area, un cer tainty over the course of struc tural re forms, and

changes in euro-area po lit i cal de vel op ments also may have in -

flu enced the ex change rate.
4.0

4.5

5.0

5.5

6.0

6.5

7.0

Lo ng -term Intere st Rate s

30-ye a r bond

10-ye a r note

(Pe rcent)

 1998 1999 2000 3. 5

4. 0

4. 5

5. 0

5. 5

6. 0

6. 5

7. 0

Sho rt-te rm In te res t Rate s

Dis co unt ra te

Fed e ra l fund s ra te

3-mo nth Trea s ury bills

(Pe rc ent)

 1998 1999 2000 

PRO FILE OF THE ECONOMY 7

Housing

Housing sales strength ened in the third quar ter af ter slow ing

through 1999 and ear lier in 2000. The firm ing re flected a de -

cline in mort gage in ter est rates from a re cent peak in May.

Sales of new sin gle-family homes av er aged an an nual rate of 

910,000 in the third quar ter on a sea son ally ad justed ba sis.

That was up from a lull in the sec ond quar ter when sales av er -

aged just 856,000 at an an nual rate. Through the first three

quar ters of 2000, new home sales reg is tered an 897,000 av er -

age pace, in line with the re cord-setting per for mance of 1999

when 907,000 new sin gle fam ily homes were sold. Sales of ex -

ist ing sin gle-family homes also reached a re cord last year of

5.1 mil lion, and through three quar ters of this year main tained

a 5.0 mil lion an nual pace.

A high level of sales of both new and ex ist ing homes over

the past sev eral years has led to a dra matic in crease in

homeownership. Since the be gin ning of 1993, the num ber of

new home own ers grew by more than 9 mil lion. In the third

quar ter of 2000, the homeownership rate rose to 67.7 per cent,

an all-time re cord. Ex pan sion in homeownership has been par -

tic u larly no ta ble for mi nor i ties. 

Con struc tion of new hous ing units lagged be hind new home

sales in the third quar ter, lead ing to a re duc tion in the in ven tory 

of new houses for sale and a de cline in res i den tial in vest ment.

To tal hous ing starts through the first 9 months of the year av er -

aged an an nual rate of 1.57 mil lion units, down from a re cord

1.67 mil lion starts last year. The value of res i den tial in vest -

ment in real terms fell at a 9.2 per cent an nual rate in the third

quar ter and was 1.2 per cent lower than a year ear lier. How ever, 

the re cent in creases in new home sales and a pickup in per mit

au tho ri za tions for fu ture build ing may im prove hous ing con -

struc tion in the fourth quar ter.

Interest rates

The Fed eral Re serve Board has left mon e tary pol icy un -

changed af ter rais ing short-term in ter est rates from June 1999

through May 2000. The tight en ing moves were made in re -

sponse to con cern that faster growth in de mand than in po ten -

tial sup ply could re sult in in fla tion. The Fed eral Re serve raised

short-term in ter est rates three times in 1999 by a to tal of 75 ba -

sis points, which re versed the eas ing moves of 1998 dur ing the

pe riod of global fi nan cial tur moil. The Fed eral Re serve in -

creased rates three more times in 2000 by a to tal of 100 ba sis

points (1 per cent age point). The six in creases raised the key

fed eral funds tar get rate (the rate that banks charge each other

for over night loans) from 4.75 per cent to 6.50 per cent. The dis -

count rate (the rate the Fed eral Re serve charges banks for

short-term funds) was raised from 4.50 per cent to 6.0 per cent.

The mar ket in ter est rate for the 3-month Trea sury bill, which

usu ally cen ters around the level of the dis count rate, was about

6.2 per cent at the end of Oc to ber.

Rates on long-term Trea sury se cu ri ties since the be gin ning

of 2000 have de clined as the price of the se cu ri ties rose. The

higher prices largely re flect a shrink ing sup ply of Trea sury se -

cu ri ties be cause of buy backs and re duced new long-term debt

is su ance by the Trea sury due to grow ing bud get sur pluses.

Long-term yields in creased through 1999 as eco nomic growth

ex panded at a rapid pace.

Mort gage in ter est rates gen er ally fol low the pat tern of the

10-year Trea sury note. The in ter est rate on a con ven tional

30-year fixed rate loan rose from a 30-year low of 6.7 per cent

in Oc to ber 1998 to a re cent high of 8.5 per cent in May 2000.

The rise in mort gage in ter est rates damp ened hous ing ac tiv ity

in 1999 and through the first half of 2000. Since this past May,

how ever, the mort gage in ter est rate de clined by about 70 ba sis

points to 7.8 per cent in Oc to ber, prompt ing some re newed

strength in hous ing de mand. 
8 PRO FILE OF THE ECON OMY

Net national saving and investment

Net na tional sav ing av er aged 6.7 per cent of net na tional

prod uct (NNP) in the first half of 2000. This was lit tle changed

from the 6.8 per cent for all of 1999 but down from 7.5 per cent

in 1998. (Net sav ing and NNP ex clude de pre ci a tion to re place

wornout or ob so lete equip ment, soft ware and struc tures used

in pro duc tion.) Re cent fig ures none the less re mained con sid er -

ably above the 3.9 per cent of 1993, the low est for any year

since the 1930s. 

The swing in the Fed eral

bud get from large def i cits

into sur plus has more than

ac counted for the im prove -

ment in na tional sav ing since

1993. As a re sult, the pub lic

sec tor moved from dissaving

equiv a lent to 4.7 per cent of

NNP in 1993 (and an even

larger 5.4 per cent in 1992) to

sav ing of 3.4 per cent in the

first half of 2000. De spite the 

prog ress, net sav ing still re -

mains well be low the

11.6 per cent of NNP av er -

aged in the 1950s and 1960s. 

Pri vate sav ing de clined from a re cent high of 9.4 per cent of

NNP in 1992 to 3.3 per cent in the first half of 2000. A sharp fall

in sav ing by house holds more than off set a gain in cor po rate

sav ing. In creased wealth gen er ated by a surg ing stock mar ket

is an im por tant fac tor in the re duced de sire of house holds to

save out of cur rent in come. In the first half of 2000, per sonal

sav ing was equiv a lent to only 0.2 per cent of NNP, down from

7.4 per cent in 1992. On the other hand, growth of cor po rate

prof its lifted net cor po rate sav -

ing from 2.2 per cent of NNP in

1992 to 3.1 per cent in the first

half of 2000. 

Net do mes tic in vest ment (by

gov ern ment and pri vate in dus try 

in struc tures, equip ment, soft -

ware, and in ven tory) in creased

from a very low 5.2 per cent of

NNP in 1991 to 10.5 per cent in

the first half of 2000. A large

por tion of this in vest ment has

been fi nanced from abroad, as

U.S. net for eign in vest ment

swung from 0.3 per cent of NNP

in 1991 to -4.7 per cent in the first 

half of 2000. 

Ne t 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)

*Bas ed on first half

 Federal budget

The Fed eral bud get posted a uni fied sur plus of $237 bil lion

in fis cal 2000, or 2.4 per cent in re la tion to GDP. That was the

larg est sur plus ever in dol lar terms and the larg est rel a tive to

GDP since fis cal 1948. The sur plus in fis cal 2000 was the third

in a row. It marked the eighth con sec u tive year of im prove ment 

in the Fed eral bud get po si tion af ter the def i cit peaked at a re -

cord $290 bil lion in fis cal 1992. The bud get im prove ment re -

sulted from a pol icy of fis cal dis ci pline since 1992 and

con trib uted to the strong eco nomic ex pan sion of the past 8

years. This freed up money for pri vate sec tor in vest ment.

In fis cal 2000, re ceipts jumped by 10.8 per cent, the fast est

rate of growth of any year of the cur rent ex pan sion and the larg -

est in crease since 1987. The strong growth re flected large

gains in the in come and wealth of in di vid u als as well as a

marked im prove ment in cor po rate prof its fol low ing weak ness

in the past sev eral years.

Out lays of the Fed eral Gov ern ment in creased by 5.0 per cent

in fis cal 2000, much less than growth in re ceipts and less than

growth of the econ omy. Out lays de clined to 18.2 per cent rel a -

tive to GDP, the low est since 1966. Among ma jor spend ing

cat e go ries, out lays in fis cal 2000 ac cel er ated for such func -

tions as de fense, Medicaid, So cial Se cu rity, and farm price

sup port, among oth ers. Out lays for Medicare, which did not in -

crease at all from 1997 to 1999, be gan to grow again in 2000.

Net in ter est ex penses de clined for the third con sec u tive year as

debt owed to the pub lic was re duced. 

The bud get sur plus in fis cal 2000 re sulted in a $223 bil lion

re duc tion in debt held by the pub lic that year. Over the past 3

years, pub licly held debt has been cut by $363 bil lion, or 9.6

per cent. At the end of fis cal 2000, debt held by the pub lic rep -

re sented 34.7 per cent of GDP, down from nearly 50 per cent 7

years ago and the small est ra tio since 1984.
9

INTRODUCTION: Fed eral Fis cal Op er a tions

Bud get au thor ity usu ally takes the form of ap pro pri a tions

that al low ob li ga tions to be in curred and pay ments to be made.

Reappropriations are Con gres sio nal ac tions that ex tend the

avail abil ity of unobligated amounts that have ex pired or would

oth er wise ex pire. These are counted as new bud get au thor ity in

the fis cal year of the leg is la tion in which the reappropriation act

is in cluded, re gard less of when the amounts were orig i nally ap -

pro pri ated or when they would oth er wise lapse.

Ob li ga tions gen er ally are liq ui dated by the is su ance of

checks or the dis burse ment of cash—out lays. Ob li ga tions may 

also be liq ui dated (and out lays re corded) by the ac crual of in -

ter est on pub lic is sues of Trea sury debt se cu ri ties (in clud ing an 

in crease in re demp tion value of bonds out stand ing); or by the

is su ance of bonds, de ben tures, notes, mon e tary cred its, or

elec tronic pay ments.

Re funds of col lec tions gen er ally are treated as re duc tions

of col lec tions, whereas pay ments for earned-income tax cred -

its in ex cess of tax li a bil i ties are treated as out lays. Out lays

dur ing a fis cal year may be for pay ment of ob li ga tions in curred 

in prior years or in the same year. Out lays, there fore, flow in

part from un ex pended bal ances of prior year bud get au thor ity

and from bud get au thor ity pro vided for the year in which the

money is spent. To tal out lays in clude both bud get and

off-budget out lays and are stated net of off set ting col lec tions.

Re ceipts are re ported in the ta bles as ei ther bud get re -

ceipts or off set ting col lec tions. They are col lec tions from the

pub lic, ex clud ing re ceipts off set against out lays. These, also

called gov ern men tal re ceipts, con sist mainly of tax re ceipts

(in clud ing so cial in sur ance taxes), re ceipts from court fines,

cer tain li censes, and de pos its of earn ings by the Fed eral Re -

serve sys tem. Re funds of re ceipts are treated as de duc tions

from gross re ceipts. To tal Gov ern ment re ceipts are com pared

with to tal out lays in cal cu lat ing the bud get sur plus or def i cit.

Off setting col lec tions from other Gov ern ment ac counts

or the pub lic are of a busi ness-type or mar ket-oriented na ture.

They are clas si fied as ei ther col lec tions cred ited to ap pro pri a -

tions or fund ac counts, or off set ting re ceipts (i.e., amounts de -

pos ited in re ceipt ac counts). The for mer nor mally can be used

with out ap pro pri a tion act by Con gress. These oc cur in two in -

stances: (1) when au tho rized by law, amounts col lected for

ma te ri als or ser vices are treated as re im burse ments to ap pro -

pri a tions. For ac count ing pur poses, earned re im burse ments

are also known as rev e nues. These off set ting col lec tions are

net ted against gross out lays in de ter min ing net out lays from

such ap pro pri a tions; and (2) in the three types of re volv ing

funds (pub lic en ter prise, intragovernmental and trust); off set -

ting col lec tions are net ted against spend ing, and out lays are re -

ported as the net amount.

Off setting re ceipts in re ceipt ac counts can not be used

with out ap pro pri a tion. They are sub di vided into three cat e go -

ries: (1) pro pri etary re ceipts, or col lec tions from the pub lic,

off set against out lays by agency and by func tion; (2)

intragovernmental trans ac tions, or pay ments into re ceipt ac -

counts from gov ern men tal ap pro pri a tion or fund ac counts.

They fi nance op er a tions within and be tween Gov ern ment

agen cies and are cred ited with col lec tions from other Gov ern -

ment ac counts; and (3) off set ting gov ern men tal re ceipts

which in clude for eign cash con tri bu tions.

Intrabudgetary trans ac tions are sub di vided into three

cat e go ries: (1) interfund trans ac tions—pay ments are from

one fund group (ei ther Fed eral funds or trust funds) to a re ceipt 

ac count in the other fund group; (2) Fed eral intrafund trans ac -

tions—pay ments and re ceipts both oc cur within the Fed eral

fund group; and (3) trust intrafund trans ac tions—pay ments

and re ceipts both oc cur within the trust fund group.

Off setting re ceipts are gen er ally de ducted from bud get au -

thor ity and out lays by func tion, subfunction, or agency. There

are four types of re ceipts, how ever, that are de ducted from bud -

get to tals as un dis trib uted off set ting re ceipts. They are: (1)

agen cies’ pay ments (in clud ing pay ments by off-budget Fed eral 

en ti ties) as em ploy ers into em ploy ees’ re tire ment funds; (2) in -

ter est re ceived by trust funds; (3) rents and roy al ties on the

Outer Con ti nen tal Shelf lands; and (4) other in ter est (i.e., that

col lected on Outer Con ti nen tal Shelf money in de posit funds

when such money is trans ferred into the bud get).

The Gov ern ment has used the uni fied bud get con cept set

forth in the “ Re port of the Pres i dent’s Com mis sion on Bud get

Con cepts” as a foun da tion for its bud get ary anal y sis and pre -

sen ta tion since 1969. The con cept calls for the bud get to in clude 

all of the Gov ern ment’s fis cal trans ac tions with the pub lic.

Since 1971, how ever, var i ous laws have been en acted re mov ing 

sev eral Fed eral en ti ties from (or cre at ing them out side of) the

bud get. Other laws have moved cer tain off-budget Fed eral en ti -

ties onto the bud get. Un der cur rent law, the off-budget Fed eral

en ti ties con sist of the two So cial Se cu rity trust funds, Fed eral

Old-Age and Sur vi vors In sur ance and the Fed eral Dis abil ity In -

sur ance Trust Fund, and the Postal Ser vice.

Al though an off-budget Fed eral en tity’s re ceipts, out lays,

and sur plus or def i cit or di narily are not sub ject to tar gets set by

the Con gres sio nal res o lu tion, the Bal anced Bud get and Emer -

gency Def i cit Con trol Act of 1985 [com monly known as the

Gramm-Rudman-Hollings Act as amended by the Bud get En -

force ment Act of 1990 (2 United States Code 900-922)] in cluded

off-budget sur plus or def i cit in cal cu lat ing def i cit tar gets un der

that act and in cal cu lat ing ex cess def i cit. Partly for this rea son, at -

ten tion has fo cused on both on- and off-budget re ceipts, out lays

and def i cit of the Gov ern ment.

Ta bles FFO-1, FFO-2 and FFO-3 are pub lished quar terly

and cover 5 years of data, es ti mates for 2 years, de tail for 13

months, and fis cal year-to-date data. They pro vide a sum mary of

data re lat ing to Fed eral fis cal op er a tions re ported by Fed eral en tities and dis burs ing of fi cers, and daily re ports from the FRBs.

They also de tail ac count ing trans ac tions af fect ing re ceipts and

out lays of the Gov ern ment and off-budget Fed eral en ti ties and

their re lated ef fect on as sets and li a bil i ties of the Gov ern ment.

Data are de rived from the “Monthly Trea sury State ment of Re -

ceipts and Out lays of the United States Gov ern ment.”
10 FED ERAL FIS CAL OP ER A TIONS

• Ta ble FFO-1 sum ma rizes the amount of to tal re ceipts,

out lays, and sur plus or def i cit, as well as trans ac tions in Fed -

eral se cu ri ties, mon e tary as sets and bal ances in Trea sury op er -

at ing cash.

• Ta ble FFO-2 in cludes on- and off-budget re ceipts by

source. Amounts rep re sent in come taxes, so cial in sur ance

taxes, net con tri bu tions for other in sur ance and re tire ment, ex -

cise taxes, es tate and gift taxes, cus toms du ties and net mis cella neous re ceipts.

• Ta ble FFO-3 de tails on- and off-budget out lays by

agency.

• Ta ble FFO-4 sum ma rizes on- and off-budget re ceipts

by source and out lays by func tion as re ported to each ma jor

fund group clas si fi ca tion for the cur rent fis cal year to date and

prior fis cal year to date. 

• Ta ble FFO-5 sum ma rizes in ter nal rev e nue re ceipts by

re gions and dis tricts and by type of tax. Amounts re ported are

col lec tions made in a fis cal year. They span sev eral tax li a bil -

ity years be cause they con sist of pre pay ments (es ti mated tax

pay ments and taxes with held by em ploy ers for in di vid ual in -

come and So cial Se cu rity taxes), pay ments made with tax re -

turns and sub se quent pay ments made af ter tax re turns are due

or are filed (that is, pay ments with de lin quent re turns or on de -

lin quent ac counts). 

 Amounts are re ported based on the pri mary fil ing ad dress 

pro vided by each tax payer or re port ing en tity. For multistate

cor po ra tions, the ad dress may re flect only the district where

such a cor po ra tion re ported its taxes from a prin ci pal of fice

rather than other districts where in come was earned or where

in di vid ual in come and So cial Se cu rity taxes were with held. In

ad di tion, an in di vid ual may re side in one dis trict and work in

an other.

Bud get Re sults and Fi nancing of the U.S. Gov ern ment 

and Fourth-Quar ter Re ceipts by Source

[Source: Of fice of Tax Anal y sis, Of fice of Tax Pol icy]

Fourth-Quarter Re ceipts

The fol low ing cap sule anal y sis of bud get re ceipts,

by source, for the fourth quar ter of fis cal 2000 sup -

ple ments fis cal data re ported in the September is sue 

of the “Trea sury Bul le tin.” At the time of that is sue’s

re lease, not enough data were avail able to an a lyze

ad e quately col lec tions for the quar ter.

In di vid ual in come taxes—In di vid ual in come tax re ceipts,

net of re funds, were $238.7 bil lion for the fourth quar ter of fis -

cal 2000. This is an in crease of $28.8 bil lion over the com pa ra -

ble prior year quar ter. With held re ceipts in creased by $19.9

bil lion and non-withheld re ceipts in creased by $8.6 bil lion dur -

ing this pe riod. Re funds de creased by $0.3 bil lion over the

com pa ra ble fis cal 1999 quar ter. There was an in crease of $2.6

bil lion in ac count ing ad just ments be tween in di vid ual in come

tax re ceipts and the So cial Se cu rity and Medicare trust funds

over the com pa ra ble quar ter in fis cal 1999.

Cor po ra tion in come taxes—Net cor po rate in come tax re -

ceipts were $53.1 bil lion for the fourth quar ter of fis cal 2000. 

This is an in crease of $5.8 bil lion com pared to the prior year

fourth quar ter. The $5.8 bil lion change is com prised of an in -

crease of $6.4 bil lion in es ti mated and fi nal pay ments, and an

in crease of $0.6 bil lion in cor po rate re funds.

Em ploy ment taxes and con tri bu tions—Em ploy ment

taxes and con tri bu tions re ceipts for the fourth quar ter of fis cal

2000 were $150.9 bil lion, an in crease of $6.8 bil lion over the

com pa ra ble prior year quar ter. Re ceipts to the Fed eral

Old-Age and Sur vi vors In sur ance, Fed eral Dis abil ity In surance, and Fed eral Hos pi tal In sur ance trust funds changed by

$6.4 bil lion, $2.1 bil lion, and -$1.3 bil lion re spec tively. There

was a $2.1 bil lion ac count ing ad just ment for prior years em -

ploy ment tax li a bil i ties made in the fourth quar ter of fis cal

2000, while there was a $4.6 bil lion ad just ment in the fourth

quar ter of fis cal 1999.

Un em ploy ment in sur ance—Un em ploy ment in sur ance

re ceipts, net of re funds, for the fourth quar ter of fis cal 2000

were $5.9 bil lion, a de crease of $0.1 bil lion over the com pa -

ra ble quar ter of fis cal 1999. Net State taxes de pos ited in the

U.S. Trea sury de creased by $0.1 bil lion to $4.6 bil lion. Net

Fed eral Un em ploy ment Tax Act (FUTA) taxes did not

change sig nif i cantly from $1.3 bil lion.

Con tri bu tions for other in sur ance and re tire ment—

Con tri bu tions for other re tire ment were $1.2 bil lion for the

fourth quar ter of fis cal 2000. There was a neg li gi ble in -

crease over re ceipts from the com pa ra ble quar ter of fis cal

1999. The growth in con tri bu tions will re main rel a tively flat 

over the next few years as the num ber of em ploy ees cov ered

by the Fed eral Employees’ Retirement System (FERS)

grows slowly rel a tive to those cov ered un der the Civil

Service Retirement System (CSRS).

Ex cise taxes—Net ex cise tax re ceipts for the fourth quar -

ter of fis cal 2000 were $19.4 bil lion, an in crease of $1.1 bil -

lion over the com pa ra ble prior year quar ter. To tal ex cise tax

re funds for the quar ter were $0.7 bil lion, not a sig nif i cant

change over the com pa ra ble prior year quar ter.

Es tate and gift taxes—Net es tate and gift tax re ceipts

were $6.3 bil lion for the fourth quar ter of fis cal 2000. These

re ceipts rep re sent a de crease of $0.1 bil lion over the same

quar ter in fis cal 1999.

Cus toms du ties— Cus toms du ties net of re funds were

$5.7 bil lion for the fourth quar ter of fis cal 2000. This is an

in crease of $0.4 bil lion over the com pa ra ble prior year quar -

ter.

Mis cel la neous re ceipts—Net mis cel la neous re ceipts for

the fourth quar ter of fis cal 2000 were $10.4 bil lion, an in -

crease of $0.3 bil lion over the com pa ra ble prior year quar ter. 

This change is due in part to de pos its of earn ings by Fed eral

Re serve Banks in creas ing by $0.3 bil lion.
FED ERAL FIS CAL OP ER A TIONS 11

Bud get Re sults and Fi nancing of the U.S. Gov ern ment 

and Fourth-Quar ter Re ceipts by Source, con.

To tal On- and Off-Budget Re sults and Fi nancing of the U.S. Gov ern ment

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Fourth quar ter July - Sept. Fis cal 2000 

To tal on- and off-budget re sults:

To tal re ceipts ................................................. 491,673 2,025,038

On-budget re ceipts........................................... 375,802 1,544,455

Off-budget re ceipts........................................... 115,871 480,583

To tal out lays.................................................. 431,521 1,788,045

On-budget out lays ............................................ 329,996 1,457,280

Off-budget out lays ............................................ 101,526 330,765

To tal sur plus or def i cit (-) ........................................ 60,152 236,993

On-budget sur plus or def i cit (-) .................................. 45,807 87,175

Off-budget sur plus or def i cit (-) .................................. 14,345 149,818

Means of fi nanc ing:

Bor rowing from the pub lic ....................................... -53,646 -222,671

Re duc tion of op er at ing cash ..................................... 4,779 3,799

Other means ................................................. -11,284 -18,121

To tal on- and off-budget fi nanc ing ...............................

-60,152 -236,993

Fourth-Quarter Net Bud get Re ceipts by Source, Fis cal 2000

[In bil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Source July Aug. Sept.

In di vid ual in come taxes......................................... 66.3 68.0 104.4

Cor po rate in come taxes......................................... 5.0 4.7 43.4

Em ploy ment taxes and con tri bu tions............................... 47.1 48.1 55.7

Un em ploy ment in sur ance ....................................... 2.1 3.6 0.2

Con tri bu tions for other in sur ance and re tire ment...................... 0.4 0.4 0.4

Ex cise taxes .................................................. 6.0 5.6 7.8

Es tate and gift taxes............................................ 1.9 2.3 2.2

Cus toms du ties ............................................... 1.8 2.1 1.8

Mis cel la neous re ceipts.......................................... 3.4 3.4 3.6

To tal bud get re ceipts .........................................

134.1 138.1 219.5

 Note: De tail may not sum to to tals due to in de pend ent round ing.
12 FED ERAL FIS CAL OP ER A TIONS

CHART FFO-B.—

Budget Receipts

by Source, Fiscal

Year to Date,

2000-2001

0

25

50

75

100

Individu al

income

tax e s

Soc ia l

insuranc e

t axe s

Ex c is e

taxe s

Es ta te /gift

taxe s

Customs

duti e s

Co rpora te

income

t axe s

Mis c.

re c ei pts **

(In billions of dol a rs )

2001

2000 *

* Prior-year data are for the com pa ra ble pe riod.

** Re ceipts have been in creased and out lays cor re spond ingly in creased by $1 mil lion in

Sep tem ber 2000 to re flect ad di tional re port ing by the Agency for In ter na tional De vel op ment.

CHART FFO-A.—

Monthly Receipts and Outlays, 2000-2001

-50

0

50

100

150

200

250

300

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

(In billions of d ollars)

On -b udget

re ce ipts

Off-b ud get

re ce ipts

On -b udget

ou tla ys

Off-b ud get

ou tla ys
FED ERAL FIS CAL OP ER A TIONS 13

TA BLE FFO-1.—Sum mary of Fis cal Op er a tions

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Means of fi nanc ing

 -net trans ac tions

 Bor rowing from

 To tal on-budget and off-budget re sults the pub lic—

To tal On-budget Off-budget Fed eral

sur plus sur plus sur plus se cu ri ties

or or or Pub lic

To tal On-budget Off-budget To tal On-budget Off-budget def i cit def i cit def i cit debt

Fis cal year re ceipts re ceipts re ceipts out lays out lays out lays (-) (-) (-) se cu ri ties

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

1996 1 ............. 8,088 131,266 129,713 6,276 -408 -4,626 746 -21,009 615 107,331

1997 1 ............. -1,857 149,606 38,171 -603 338 -3,034 -1,383 -20,711 472 22,618

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

1999 .............. -449 216,070 -88,288 17,580 2,178 783 -1,173 -17,715 1,009 -124,366

2000 .............. -832 245,600 -222,671 -3,799 4,033 908 -6,292 -16,259 -3,213 -236,993

2000 - Est........... -354 235,216 -184,308 -6,458 * * * -33,637 * -211,487

1999 - Sept ......... 283 31,300 -47,683 20,069 488 -1,616 94 8,163 500 -58,055

Oct .......... -277 16,865 5,754 -8,891 -52 951 -404 r 12,176 - r 26,326

Nov.......... 2,125 9,538 6,132 -41,488 93 831 -867 -20,532 - 27,031

Dec.......... -1,840 44,812 35,749 77,248 1,010 -141 -760 8,526 - -33,081

2000 - Jan .......... -348 19,428 -83,985 -20,592 -136 -387 -228 490 - -62,152

Feb .......... -87 6,206 17,131 -40,773 76 -124 -143 -16,362 1 41,734

Mar .......... 75 -43 39,746 22,808 60 -191 296 18,680 -73 35,380

Apr .......... -213 25,239 -112,667 47,787 788 61 -2,464 -227 -431 -159,497

May.......... -280 15,523 -53,755 -69,470 187 -321 -32 -11,294 -976 3,611

June ......... 618 62,966 -23,131 34,350 1,135 -726 51 r 2,729 -676 r -55,888

July .......... -554 6,989 -31,307 -23,384 -187 -51 -342 2,750 -468 -5,061

Aug .......... -82 8,550 9,995 -20,874 93 79 -1,283 -20,917 -636 10,427

Sept ......... 31 29,527 -32,334 39,479 966 927 -114 7,724 46 -65,822

Fis cal 2000.......... -832 245,600 -222,671 -3,799 4,033 908 -6,292 -16,259 -3,213 -236,993

Means of fi nanc ing—net transactions, con.

Bor rowing from the pub lic— Cash and mon e tary assets (de duct)

Fed eral se cu ri ties, con. Re serve

In vest- po si tion Trans ac tions

ments of U.S. on the U.S. not ap plied

Agency Gov ern- Trea sury Spe cial quota in to year’s

securi- ment To tal op er at ing draw ing the IMF sur plus or To tal

Fis cal year ties ac counts 10+11-12 cash rights Other (de duct) Other def i cit fi nanc ing

or month (11) (12) (13) (14) (15) (16) (17) (18) (19) (20)

* Less than $500,000.

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

 Note.—These fig ures are based on the “Mid-Session Re view” of the fis cal 2001 bud get, re -

leased by the Of fice of Man age ment and Bud get on June 26, 2000. The es ti mates would be

mod i fied by the Ad min is tra tion’s pro posal to place the Medicare Hos pi tal In sur ance Trust Fund 

off-budget. This would shift that fund’s to tals of $110.6 bil lion in out lays, $134.4 bil lion in re -

ceipts, and a sur plus of $23.8 bil lion, es ti mated for fis cal 2000; and $87.0 bil lion in out l ays,

$146.6 bil lion in re ceipts, and a sur plus of $59.5 bil lion, es ti mated for fis cal 2001, from

on-budget to off-budget. 

1996 1 ............ 1,452,763 1,085,271 367,492 1,560,094 1,259,638 300,455 -107,331 -174,367 67,036 252,891

1997 1 ............ 1,578,977 1,186,987 391,989 1,601,595 1,290,594 311,000 -22,618 -103,607 80,989 189,634

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

1999 ............. 1,827,285 1,382,817 444,468 1,702,920 1,382,142 320,778 124,366 675 123,691 128,230

2000 ............. 2,025,038 1,544,455 480,583 1,788,045 1,457,280 330,765 236,993 87,175 149,818 23,761

2000 - Est ......... 2,013,105 1,534,878 478,227 1,801,618 1,471,592 330,026 211,487 63,286 148,201 51,262

1999 - Sept ........ 200,396 161,304 39,093 142,340 107,221 35,120 58,055 54,083 3,973 -16,665

Oct ......... 121,035 89,009 32,026 r 147,361 r 119,165 28,196 r -26,326 r -30,157 3,830 22,896

Nov ......... 121,375 86,909 34,466 148,406 116,386 32,020 -27,031 -29,477 2,446 13,545

Dec ......... 201,196 162,772 38,424 168,114 165,503 2,611 33,081 -2,732 35,813 82,402

2000 - Jan ......... 189,478 143,838 45,640 127,326 97,451 29,874 62,152 46,387 15,765 -64,209

Feb ......... 108,675 71,090 37,585 150,409 118,340 32,069 -41,734 -47,250 5,516 23,425

Mar ......... 135,582 94,587 40,996 170,962 137,864 33,098 -35,380 -43,278 7,897 39,628

Apr ......... 295,148 244,662 50,486 135,651 105,742 29,909 159,497 138,920 20,577 -87,214

May ........ 146,002 107,469 38,533 149,612 114,829 34,783 -3,611 -7,360 3,750 -37,953

June........ 214,875 168,318 46,556 r 158,986 r 152,307 6,679 r 55,888 r 16,012 39,877 39,216

July ......... 134,074 97,681 36,393 129,013 99,404 29,609 5,061 -1,723 6,784 -23,764

Aug ......... 138,128 101,429 36,699 148,555 115,540 33,016 -10,427 -14,110 3,683 18,627

Sept ........ 219,471 176,692 42,779 153,649 114,748 38,901 65,822 61,944 3,878 -2,839

Fis cal 2000 ........ 2,025,038 1,544,455 480,583 1,788,045 1,457,280 330,765 236,993 87,175 149,818 23,761
14 FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

 So cial insurance

and re tire ment re ceipts 

 Em ploy ment and gen eral re tire ment 

In come taxes Old-age, dis abil ity, and

Fis cal year In di vid ual Cor po ra tion Net in come hos pi tal in sur ance

or month With held Other Re funds Net Gross Re funds Net taxes Gross Re funds Net

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

1996 1 ............. 3,966 93 3,872 476,362 28,687 103 28,584 4,389 80 4,469

1997 1 ............. 4,063 12 4,052 506,750 28,307 105 28,202 4,344 74 4,418

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

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

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

2000 - Est .......... 4,260 - 4,260 616,846 27,188 - 27,188 4,592 74 4,666

1999 - Sept ......... 340 2 339 54,794 335 3 332 348 8 356

Oct .......... 356 * 356 42,412 1,052 3 1,049 415 3 418

Nov.......... 365 * 364 45,759 2,870 2 2,868 378 8 386

Dec.......... 389 * 389 47,742 268 2 266 407 5 412

2000 - Jan .......... 415 * 414 58,819 1,323 4 1,319 339 6 346

Feb .......... 388 * 388 47,859 2,280 * 2,280 371 5 376

Mar .......... 452 4 447 52,565 336 19 317 441 6 447

Apr .......... 353 * 352 65,095 2,578 22 2,557 364 7 370

May.......... 466 3 464 49,212 10,789 11 10,778 398 5 403

June......... r -44 * -44 60,034 323 12 311 420 7 426

July .......... 465 6 459 47,136 2,161 17 2,145 365 4 369

Aug .......... 394 * 394 48,132 3,600 16 3,584 359 7 366

Sept ......... 347 -7 354 55,682 175 7 168 437 7 443

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

 So cial in sur ance and re tire ment re ceipts, con. 

 Em ploy ment and gen eral re tire ment, con. Net for other

Net Un em ploy ment in sur ance in sur ance and re tire ment

em ploy ment Net Fed eral

Fis cal year Rail road re tire ment and gen eral un em ploy ment em ploy ees Other

or month Gross Re funds Net re tire ment Gross Re funds in sur ance re tire ment re tire ment To tal

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

See foot note at end of ta ble.

1996 1.............. 533,080 212,234 88,897 656,417 189,055 17,231 171,824 828,241 474,134 1,644 472,490

1997 1.............. 580,207 250,819 93,560 737,466 204,492 22,199 182,294 919,760 503,749 1,051 502,698

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

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

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

2000 - Est ........... 998,867 - - 998,867 202,692 - 202,692 1,201,559 612,586 - 612,586

1999 - Sept.......... 49,244 43,078 3,072 89,250 42,571 2,336 40,235 129,485 55,962 1,508 54,455

Oct........... 57,596 7,130 1,221 63,505 7,175 4,995 2,180 65,685 42,056 - 42,056

Nov .......... 59,668 2,299 4,490 57,477 3,461 1,809 1,653 59,130 45,394 - 45,394

Dec .......... 88,311 7,373 1,149 94,535 46,486 1,540 44,946 139,481 47,353 - 47,353

2000 - Jan........... 65,922 46,557 1,173 111,306 7,135 1,800 5,335 116,641 58,405 - 58,405

Feb .......... 65,868 3,738 23,875 45,731 4,903 3,126 1,777 47,508 47,471 - 47,471

Mar .......... 75,161 7,867 38,239 44,789 27,546 3,273 24,272 69,061 52,117 - 52,117

Apr ........... 56,113 155,467 27,343 184,237 30,256 2,562 27,694 211,931 64,743 - 64,743

May.......... 65,946 23,359 25,619 63,687 7,427 1,654 5,773 69,460 48,750 - 48,750

June.......... 59,516 44,169 3,228 100,458 41,899 1,366 40,534 140,992 60,078 - 60,078

July .......... 64,474 4,068 2,241 66,301 6,605 1,592 5,013 71,314 46,677 - 46,677

Aug .......... 62,057 7,851 1,874 68,033 6,579 1,903 4,674 72,707 49,704 1,965 47,739

Sept.......... 59,766 48,230 3,593 104,402 46,183 2,746 43,437 147,839 55,328 - 55,328

Fis cal 2000.......... 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,749 618,075 1,965 616,110
FED ERAL FIS CAL OP ER A TIONS 15

TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source, con.

[In mil lions of dol lars. Source: “Monthly State ment of Re ceipts and Out lays of the United States Gov ern ment”]

So cial in sur ance

 and re tire ment 

re ceipts,

con.

Net so cial insur- Ex cise taxes

 Fis cal year ance and Air port and Air way Trust Fund Black Lung Dis abil ity Trust Fund High way Trust Fund Mis cel la neous

or month re tire ment receipts Gross Re funds Net Gross Re funds Net Gross Re funds Net Gross Re funds Net

(22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34)

 Ex cise taxes, Net mis cel la neous re ceipts

con. De posits Uni ver sal ser-

 Net of earn ings vice fund To tal re ceipts

 Fis cal year ex cise Es tate and gift taxes Cus toms du ties by Fed eral and all On- Offor month taxes Gross Re funds Net Gross Re funds Net Re serve Banks other To tal bud get bud get

(35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46)

1996 1 ............. 54,015 17,592 403 17,189 19,788 1,117 18,671 20,477 4,755 25,232 1,085,271 367,492

1997 1............. 56,926 20,356 511 19,845 19,872 1,945 17,927 19,636 5,513 25,149 1,186,987 391,989

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

1999 .............. 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,860 34,777 1,382,817 444,468

2000 .............. 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,354 42,647 1,544,455 480,583

2000 - Est.......... 70,055 30,081 - 30,081 19,621 - 19,621 32,899 10,190 43,089 1,534,878 478,227

1999 - Sept ......... 7,167 2,348 54 2,294 1,788 61 1,727 2,789 1,453 4,242 161,304 39,093

Oct ......... 4,181 2,633 79 2,554 1,856 68 1,788 2,277 670 2,948 89,009 32,026

Nov ......... 6,072 2,536 71 2,465 1,714 94 1,621 2,225 850 3,075 86,909 34,466

Dec ......... 5,709 2,641 66 2,575 1,685 73 1,612 2,701 697 3,398 162,772 38,424

2000 - Jan.......... 5,316 2,146 30 2,116 1,543 85 1,457 2,481 983 3,464 143,838 45,640

Feb ......... 5,076 1,837 69 1,768 1,588 377 1,212 1,573 1,023 2,597 71,090 37,585

Mar ......... 5,722 2,438 59 2,379 1,799 119 1,681 2,482 930 3,412 94,587 40,996

Apr ......... 5,934 4,291 49 4,243 1,561 58 1,503 2,797 718 3,515 244,662 50,486

May ......... 5,391 2,546 67 2,480 1,682 83 1,598 5,949 729 6,678 107,469 38,533

June ........ 6,093 2,139 52 2,087 1,850 83 1,767 2,447 718 3,165 168,318 46,556

July ......... 6,022 1,919 47 1,872 1,858 77 1,781 2,584 851 3,435 97,681 36,393

Aug ......... 5,580 2,371 67 2,304 2,130 59 2,071 2,471 912 3,383 101,429 36,699

Sept......... 7,769 2,224 56 2,168 1,873 49 1,823 2,304 1,276 3,579 176,692 42,779

Fis cal 2000 ........ 68,866 29,722 711 29,010 21,139 1,224 19,913 32,293 10,354 42,647 1,544,455 480,583

1996 1.............. 509,415 2,405 21 2,384 614 - 614 25,309 329 24,980 27,698 1,662 26,036

1997 1 .............. 539,371 4,044 37 4,007 614 - 614 24,665 798 23,867 29,368 931 28,437

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

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

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

2000 - Est ........... 648,700 9,222 - 9,222 577 - 577 34,311 - 34,311 25,945 - 25,945

1999 - Sept .......... 55,481 1,162 6 1,156 48 - 48 4,702 448 4,254 1,475 -234 1,710

Oct ........... 43,879 448 - 448 34 - 34 1,462 - 1,462 2,302 64 2,238

Nov ........... 49,013 787 * 787 56 - 56 3,446 * 3,445 1,845 61 1,784

Dec ........... 48,421 737 - 737 30 - 30 2,523 - 2,523 2,465 46 2,420

2000 - Jan ........... 60,484 664 - 664 52 - 52 2,842 - 2,842 1,804 45 1,759

Feb ........... 50,514 736 13 724 48 - 48 2,644 291 2,353 2,024 73 1,951

Mar ........... 53,329 685 * 685 23 - 23 2,092 2 2,090 3,034 110 2,924

Apr ........... 68,022 775 - 775 47 - 47 2,617 - 2,617 2,548 53 2,495

May .......... 60,394 849 13 836 52 - 52 3,475 229 3,246 1,277 20 1,257

June .......... 60,771 952 - 952 24 - 24 3,799 - 3,799 1,409 91 1,318

July ........... 49,650 789 - 789 53 - 53 3,511 - 3,511 1,715 45 1,669

Aug ........... 52,082 864 9 855 49 - 49 3,465 278 3,187 1,545 57 1,488

Sept .......... 56,293 1,497 11 1,487 51 - 51 4,640 216 4,424 1,863 56 1,807

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

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

 Note.—These fig ures are based on the “Mid-Session Re view” of the fis cal 2001 bud get, re -

leased by the Of fice of Man age ment and Bud get on June 26, 2000. The es ti mates would be

mod i fied by the Ad min is tra tion’s pro posal to place the Medicare Hos pi tal In sur ance Trust Fund 

off-budget. This would shift that fund’s to tals of $110.6 bil lion in out lays, $134.4 bil lion in re -

ceipts, and a sur plus of $23.8 bil lion, es ti mated for fis cal 2000; and $87.0 bil lion in out l ays,

$146.6 bil lion in re ceipts, and a sur plus of $59.5 bil lion, es ti mated for fis cal 2001, from

on-budget to off-budget. 
16 FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

De part- De part ment De part ment

Legis- De part- De part- ment of De part- De part- of Health of Housing De part- De part- De part-

 Fis cal year lative Ju di cial ment of ment of De fense, ment of ment of and Hu man and Ur ban ment of ment of ment of

or month branch branch Ag ri cul ture Com merce mil i tary Ed u ca tion En ergy Ser vices De vel op ment the In te rior Jus tice La bor

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

1996 1.............. 2,272 3,061 54,338 3,703 253,258 29,900 16,199 319,803 25,512 6,720 11,951 32,496

1997 1.............. 2,361 3,259 52,558 3,780 258,330 30,013 14,470 339,492 27,833 6,724 14,291 30,461

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

1999 ............... 2,621 3,793 62,838 5,036 261,379 32,435 16,079 359,700 32,736 7,787 18,318 32,459

2000 ............... 2,913 4,087 75,728 7,931 281,233 33,308 15,010 382,627 30,830 8,036 19,561 31,354

2000 - Est ........... 3,197 4,378 75,338 8,095 277,476 35,026 15,275 390,050 32,177 8,385 19,935 33,207

1999 - Sept.......... 201 317 4,352 460 22,951 2,406 1,551 31,187 4,776 820 1,661 2,656

Oct........... 499 396 9,576 447 22,593 3,097 1,328 29,997 2,844 r 692 1,459 2,236

Nov .......... 238 322 10,989 531 21,529 2,309 1,219 30,486 2,635 618 1,930 2,378

Dec .......... 233 316 7,805 511 29,953 3,037 1,583 36,632 4,263 926 1,532 3,300

2000 - Jan........... 229 304 7,580 380 16,557 2,756 837 25,951 630 572 1,572 3,032

Feb .......... 192 315 4,814 503 21,178 3,185 1,029 30,813 2,292 706 1,567 2,572

Mar .......... 237 408 4,183 729 28,278 4,293 1,136 38,100 3,667 565 1,876 2,350

Apr ........... 209 306 4,467 731 20,425 2,534 1,080 27,601 1,924 597 1,438 2,589

May.......... 271 319 3,841 1,406 22,708 2,997 1,222 32,255 2,732 491 1,894 2,401

June.......... 219 323 4,470 983 28,523 2,689 1,384 36,311 3,573 783 1,604 2,621

July .......... 201 322 3,462 594 18,665 1,415 1,097 27,909 1,546 516 1,406 2,620

Aug .......... 187 346 4,421 631 23,683 3,513 1,121 34,894 2,456 573 1,687 2,752

Sept.......... 197 411 10,118 485 27,141 1,483 1,973 31,676 2,267 997 1,595 2,504

Fis cal 2000.......... 2,913 4,087 75,728 7,931 281,233 33,308 15,010 382,627 30,830 8,036 19,561 31,354

1996 1 .............. 4,953 38,777 343,955 21,375 36,915 - 32,535 6,046 202 - 625 9,716

1997 1 .............. 5,237 39,838 355,796 23,585 39,279 - 33,833 6,167 219 - 1,083 10,191

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

1999 ............... 6,464 41,819 353,511 33,195 43,169 4,186 32,008 6,752 416 4,040 -46 10,059

2000 ............... 6,849 46,031 362,118 28,694 47,087 4,334 32,861 7,236 284 3,168 25 12,084

2000 - Est ........... 8,402 45,981 362,067 30,793 46,705 4,491 33,008 7,040 267 3,373 521 10,515

1999 - Sept.......... 497 4,518 19,785 -2,680 3,633 490 2,662 609 21 151 -69 761

Oct........... 466 3,990 19,373 407 3,689 254 2,648 536 22 423 -23 710

Nov .......... 553 4,150 25,690 -170 3,782 381 2,704 566 19 460 530 1,038

Dec .......... 1,280 3,814 73,268 1,492 5,309 505 2,700 617 20 366 -305 2,491

2000 - Jan........... 517 3,198 19,690 1,548 1,982 273 2,749 518 20 266 -52 849

Feb .......... 545 2,938 20,779 13,230 3,743 353 2,752 532 48 281 -9 987

Mar .......... 481 3,743 20,889 8,076 5,857 332 2,771 691 25 233 137 369

Apr ........... 483 3,180 19,879 3,016 2,174 327 2,779 553 21 208 45 1,457

May.......... 486 3,900 26,802 2,312 4,015 330 2,765 637 23 216 101 499

June.......... 478 4,228 75,884 r 1,494 5,279 423 2,742 629 20 279 46 528

July .......... 536 3,787 19,333 1,453 1,921 355 2,743 544 21 120 -108 1,344

Aug .......... 458 4,856 22,301 471 3,419 403 2,755 646 22 140 -107 852

Sept.......... 566 4,246 18,231 -4,634 5,619 399 2,751 768 21 175 -230 958

Fis cal 2000.......... 6,849 46,031 362,118 28,694 47,087 4,334 32,861 7,236 284 3,168 25 12,084

 De part ment of 

 De part- the Trea sury, De part- De part- Other En vi ron- Fed eral Gen eral InterDe part- ment of in ter est ment of the ment of Corps De fense, men tal Ex ec u tive Emer gency Ser vices na tional

Fis cal year ment Transpor- on the Trea sury, Vet erans o f civil Pro tec tion Of fice of the Man age ment Admin- As sis tance

or month of State tation Pub lic Debt other Af fairs Engineers pro grams Agency Pres i dent Agency istration Pro gram

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

See foot note at end of ta ble.
FED ERAL FIS CAL OP ER A TIONS 17

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency, con.

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Na tional Un dis trib uted off set ting re ceipts 

 Aero nau tics Rents and

and Na tional Of fice of Small So cial Em ployer In ter est roy al ties Al lowSpace Sci ence Per son nel Busi ness Se cu rity Indepen- share, re ceived on the Outer ances To tal outays

Fis cal year Adminis- Foun- Man age- Adminis- Admin- dent em ployee by trust Con ti nen tal and On- Offor month tration dation ment tration istration agen cies re tire ment funds Shelf lands other bud get bud get

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

1996 1.............. 13,882 - 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 1,259,638 300,455

1997 1 .............. 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000

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

1999 ............... 13,664 3,285 47,515 58 419,790 6,929 -35,594 -118,634 -3,098 -1,754 1,382,142 320,778

2000 ............... 13,442 3,487 48,660 -422 441,810 10,526 -37,851 -128,911 -4,580 -1,503 1,457,280 330,765

2000 - Est ........... 13,447 3,596 49,352 -408 442,259 10,870 -38,525 -129,601 -4,065 -1,009 1,471,592 330,026

1999 - Sept .......... 1,261 299 4,363 249 35,020 5,646 -6,076 -1,052 -311 -777 107,221 35,120

Oct........... 983 256 3,959 11 35,149 2,359 -2,864 -121 -31 * r 119,165 28,196

Nov .......... 1,205 278 3,734 77 35,041 2,153 -2,790 -5,528 -651 * 116,386 32,020

Dec .......... 1,305 294 4,175 43 37,719 528 -2,857 -54,561 -183 * 165,503 2,611

2000 - Jan........... 818 222 4,207 49 33,485 -139 -2,704 -145 -424 - 97,451 29,874

Feb .......... 1,030 315 3,768 -962 35,956 -491 -2,767 -1,523 -263 * 118,340 32,069

Mar .......... 1,214 281 4,081 166 38,488 1,691 -2,963 -1,119 -307 * 137,864 33,098

Apr ........... 1,065 252 4,360 213 33,759 929 -2,755 -100 -93 * 105,742 29,909

May .......... 1,183 258 3,820 37 38,100 960 -2,918 -5,674 -779 * 114,829 34,783

June.......... 1,276 318 4,082 51 43,109 -4,083 -2,936 -57,907 -435 * r 152,307 6,679

July .......... 972 316 4,303 23 34,301 2,552 -2,831 -86 -837 -1,502 99,404 29,609

Aug .......... 1,197 379 4,050 -430 36,994 -1,414 -2,827 -1,727 -448 * 115,540 33,016

Sept .......... 1,196 317 4,118 298 39,709 5,483 -6,638 -420 -127 * 114,748 38,901

Fis cal 2000 .......... 13,442 3,487 48,660 -422 441,810 10,526 -37,851 -128,911 -4,580 -1,503 1,457,280 330,765

* Less than $500,000.

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

 Note.—These fig ures are based on the “Mid-Session Re view” of the fis cal 2001 bud get, re -

leased by the Of fice of Man age ment and Bud get on June 26, 2000. The es ti mates would be

mod i fied by the Ad min is tra tion’s pro posal to place the Medicare Hos pi tal In sur ance Trust Fund 

off-budget. This would shift that fund’s to tals of $110.6 bil lion in out lays, $134.4 bil lion in re -

ceipts, and a sur plus of $23.8 bil lion, es ti mated for fis cal 2000; and $87.0 bil lion in out l ays,

$146.6 bil lion in re ceipts, and a sur plus of $59.5 bil lion, es ti mated for fis cal 2001, from

on-budget to off-budget. 
18 FED ERAL FIS CAL OP ER A TIONS

Bud get re ceipts:

Individual income taxes....................... 1,004,401 61 - 1,004,461 879,419 61 - 879,480

Corporation income taxes..................... 207,286 - 3 207,288 184,670 - 10 184,680

So cial in sur ance and re tire ment re ceipts:

 Employment and

 general retirement (off-budget) ............ - - 480,583 480,583 - - 444,468 444,468

 Employment and

 general retirement (on-budget) ............ - - 139,865 139,865 - - 136,411 136,411

 Unemployment insurance .................. - - 27,641 27,641 - - 26,480 26,480

 Other retirement.......................... - - 4,763 4,763 - - 4,472 4,472

Excise taxes ............................... 21,652 513 46,701 68,866 18,849 443 51,120 70,412

Estate and gift taxes ......................... 29,010 - - 29,010 27,782 - - 27,782

Customs duties............................. 13,013 6,159 741 19,913 12,007 5,720 609 18,336

Miscellaneous receipts ....................... 34,927 7,105 614 42,647 27,614 6,736 431 34,781

 Total receipts...........................

1,310,289 13,838 700,910 2,025,037 1,150,339 12,961 664,002 1,827,302

 (On-budget)...........................

1,310,289 13,838 220,328 1,544,455 1,150,339 12,961 219,534 1,382,834

 (Off-budget)...........................

- - 480,583 480,583 - - 444,468 444,468

Bud get out lays:

Legislative branch........................... 2,603 285 24 2,913 2,462 133 17 2,612

Judicial branch ............................. 3,677 236 174 4,087 3,642 120 31 3,793

Department of Agriculture..................... 44,439 31,220 -1 75,658 43,887 18,973 -21 62,839

Department of Commerce..................... 7,903 28 * 7,931 5,059 -34 11 5,036

Department of Defense-military ................ 277,811 3,208 214 281,234 260,354 864 161 261,379

Department of Education ..................... 33,347 -40 * 33,308 32,469 -34 * 32,435

Department of Energy ........................ 17,101 -2,092 * 15,010 17,257 -1,205 2 16,054

Department of Health and Human Services....... 260,518 -120 122,229 382,627 238,597 40 121,063 359,700

Department of Housing and Urban Development... 34,179 -3,350 - 30,829 37,236 -4,500 * 32,736

Department of the Interior..................... 7,767 -94 347 8,020 7,322 319 173 7,814

Department of Justice ........................ 12,821 792 5,948 19,561 12,375 938 5,005 18,318

Department of Labor......................... 7,587 -1,133 24,901 31,355 7,515 -660 25,604 32,459

Department of State ......................... 6,570 -57 336 6,849 6,228 -44 279 6,463

Department of Transportation.................. 4,047 -133 42,052 45,965 4,786 -54 37,104 41,836

De part ment of theTreasury:

 Interest on the public debt.................. 362,118 - - 362,118 353,511 - - 353,511

 Other .................................. 30,510 -1,462 78 29,125 33,681 -580 90 33,191

Department of Veterans Affairs ................. 46,944 -903 1,046 47,087 43,127 -968 1,010 43,169

Corps of Engineers.......................... 3,543 -12 803 4,334 3,988 -97 295 4,186

Other defense civil programs .................. 15,361 -2 17,502 32,861 15,314 2 16,692 32,008

Environmental Protection Agency............... 6,523 -23 739 7,240 5,731 * 1,021 6,752

Executive Office of the President ............... 284 * * 284 416 * * 416

Federal Emergency Management Agency ........ 3,261 -118 * 3,143 4,116 -76 * 4,040

General Services Administration................ 188 -163 * 25 175 -222 * -46

International Assistance Program ............... 13,991 -1,630 -277 12,084 11,092 -1,565 534 10,061

National Aeronautics and Space Administration .... 13,442 - * 13,442 13,664 - 1 13,665

National Science Foundation .................. 3,450 * 36 3,487 3,244 * 42 3,285

Office of Personnel Management ............... 26,692 11 21,958 48,660 25,982 -11 21,544 47,515

Small Business Administration ................. 54 -477 * -422 529 -471 * 58

Social Security Administration.................. 45,644 -3 396,169 441,810 40,579 -2 379,212 419,790

Other independent agencies................... 4,275 1,461 4,624 10,361 8,012 -1,938 870 6,943

Un dis trib uted off set ting re ceipts:

 Interest................................. - - -128,911 -128,911 - - -118,634 -118,634

 Other ..................................

-4,143 -1,939 -37,851 -43,933 -3,854 -997 -35,594 -40,446

 Total outlays...........................

1,292,507 23,491 472,142 1,788,140 1,238,497 7,931 456,514 1,702,942

 (On-budget)...........................

1,292,507 21,462 143,406 1,457,375 1,238,497 6,910 136,758 1,382,164

 (Off-budget)...........................

- 2,029 328,736 330,765 - 1,021 319,757 320,778

 Surplus (+) or deficit (-) ...................

17,782 -9,653 228,768 236,897 -88,157 5,030 207,488 124,360

 (On-budget)...........................

17,782 -7,624 76,922 87,079 -88,157 6,051 82,776 670

 (Off-budget)...........................

- -2,029 151,846 149,818 - -1,021 124,712 123,691

- No trans ac tions.

* Less than $500,000.

TA BLE FFO-4.—Sum mary of U.S. Gov ern ment Re ceipts by Source and Out lays by Agency, 

September 2000 and Other Pe riods

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

This fis cal year to date Prior fis cal year to date

Clas si fi ca tion 

Gen eral funds

(1)

Man age ment,

 con sol i dated,

 re volv ing and

 spe cial funds

 (2)

 Trust funds

 (3)

To tal funds

(4) 

Gen eral funds

 (5)

Man age ment,

 con sol i dated,

 re volv ing and

 spe cial funds

(6)

Trust 

funds

 (7)

 To tal funds

(8)
TA BLE FFO-5.—In ter nal Rev e nue Re ceipts by Re gions and Dis tricts

[In thou sands of dol lars. Source: In ter nal Revenue Ser vice]

To tal in di vid ual

in come and

em ploy ment

taxes

(2)

In di vid ual in come and em ploy ment taxes

In ter nal Rev e nue Re gions and

 Dis tricts

Grand to tal

(1)

In come tax

not with held

and SECA 1,2

(3)

In come tax

with held and

FICA 1

(4)

Rail road

re tire ment

(5)

Un em ploy -

ment in sur -

ance

(6)

Cor po ra tion

in come

taxes 3

(7)

Es tate and

gift tax

(8)

Ex cise tax

(9)

FED ERAL FIS CAL OP ER A TIONS 19

1

 Col lec tions of in di vid ual in come tax (with held and not with held) in clude old-age, sur vi vor’s,

dis abil ity and hos pi tal in sur ance taxes on sal a ries and wages (FICA) and self-employment income (SECA). 

2 In cludes fi du ciary in come tax col lec tions of $16.8 bil lion.

3 In cludes taxes of $553.6 mil lion on un re lated busi ness in come of ex empt or ga ni za tions

(Forms 990T).

4 Des ig na tions by tax pay ers of a por tion of their taxes to the Pres i den tial Elec tion Cam paign

Fund also are in cluded even though they are notcol lec tions, as such, be cause they do not af fect 

tax payer li a bil ity. Trans fer of amounts to this fund was made on a na tional ba sis only and h ad no

ef fect on re gional and/or dis trict of fice col lec tion data.

5

 In cludes tax pay ments made to banks un der the Fed eral Tax De posit (FTD) sys tem that had

not been clas si fied by IRS dis trict/re gion as of the end of the fis cal year be cause they had not yet 

been ap plied to tax pay ers ac counts. Also, in cludes cred its al low able on in come tax re turns for

cer tain gas o line, die sel fuel, and spe cial mo tor fuel tax pay ments and for ex cess pay ments un -

der the Fed eral In sur ance Con tri bu tions Act or FICA.

Note.—De tails may not add to to tals due to round ing. Amounts re flect ad just ments made to

data re ported in prior years. Neg a tive fig ures are dis played when prior year ad just ments ex -

ceed cur rent year re ceipts.

Northeast Region ............ 669,712,992 571,051,019 115,332,035 453,189,977 603,800 1,925,208 79,404,309 9,674,695 9,582,969

Brooklyn .................. 36,300,268 32,991,496 9,560,402 23,176,235 132,671 122,188 2,373,909 602,063 332,800

Connecticut-Rhode Island .... 48,598,871 39,576,250 9,790,352 29,674,227 -213 111,884 8,088,614 819,230 114,778

Manhattan................. 116,098,077 93,262,622 19,839,057 73,100,854 128,932 193,779 19,791,713 2,177,830 865,913

Michigan .................. 75,669,914 67,513,392 10,351,306 56,847,792 32,376 281,918 7,117,092 820,697 218,732

New England .............. 81,278,631 72,456,672 18,043,790 54,137,791 30,111 244,980 6,803,765 1,365,045 653,148

New Jersey ................ 95,859,321 79,979,833 14,913,829 64,695,322 111,988 258,693 12,747,469 1,147,161 1,984,857

Ohio ..................... 88,639,023 75,227,582 11,987,088 62,926,629 24,324 289,541 9,132,485 938,191 3,340,765

Pennsylvania .............. 88,346,813 75,611,812 15,067,239 60,114,037 130,228 300,309 9,527,062 1,365,786 1,842,153

Upstate New York........... 38,922,074 34,431,360 5,778,972 28,517,091 13,381 121,916 3,822,200 438,691 229,823

Southeast Region ............ 478,029,516 413,136,162 89,664,341 319,633,231 2,071,272 1,767,317 50,077,430 7,383,855 7,432,070

Delaware-Maryland.......... 69,821,264 58,147,755 10,015,781 47,513,095 465,364 153,515 9,628,537 828,863 1,216,109

Georgia................... 61,019,137 47,174,893 8,820,978 38,119,145 3,929 230,841 10,843,419 619,074 2,381,751

Gulf Coast................. 44,827,747 40,092,044 9,128,604 30,747,007 8,862 207,570 3,542,385 647,573 545,745

Indiana ................... 33,891,031 31,258,336 5,860,492 25,028,002 246,201 123,641 1,761,126 458,762 412,806

Kentucky-Tennessee ........ 54,649,643 47,672,986 8,592,864 38,626,701 236,081 217,340 5,582,664 548,854 845,138

North Florida ............... 47,990,782 43,462,545 9,900,627 32,663,231 716,200 182,488 3,594,060 651,208 282,969

North-South Carolina ........ 61,399,258 53,351,574 10,950,360 42,116,945 5,207 279,061 6,793,189 831,143 423,352

South Florida .............. 49,328,192 44,053,365 16,425,258 27,445,442 1,409 181,256 2,845,350 2,070,067 359,411

Virginia-West Virginia ........ 82,468,993 47,922,663 9,969,377 37,373,662 388,019 191,605 5,486,699 728,311 964,789

Midstates Region ............ 488,421,845 395,864,036 79,670,453 312,480,373 2,005,910 1,707,300 58,712,962 5,513,527 28,331,320

Arkansas-Oklahoma ......... 36,856,164 26,414,605 4,992,004 21,233,769 5,364 183,467 4,907,602 452,679 5,081,279

Houston .................. 53,580,948 35,540,214 7,234,044 28,151,526 7,912 146,731 8,775,807 370,725 8,894,202

Illinois .................... 115,103,697 97,236,920 20,266,012 76,403,806 206,596 360,506 12,655,418 1,554,977 3,656,381

Kansas-Missouri............ 58,467,435 48,579,559 8,972,929 38,753,109 634,710 218,811 6,235,856 841,364 2,810,656

Midwest................... 63,197,183 53,943,036 10,999,757 41,859,489 834,585 249,206 7,947,037 806,163 500,947

North Central .............. 62,224,527 53,604,752 8,586,062 44,732,261 81,111 205,318 6,656,380 412,956 1,550,439

North Texas ............... 63,594,804 51,108,190 11,624,961 39,013,482 217,030 252,716 7,641,209 665,620 4,179,786

South Texas ............... 35,397,086 29,436,760 6,994,685 22,332,929 18,603 90,544 3,893,654 409,043 1,657,629

Western Region ............. 439,694,961 382,392,880 102,214,947 278,657,007 58,311 1,462,615 41,747,533 6,571,301 8,983,247

Central California ........... 58,664,463 50,697,497 13,484,035 37,056,399 2,708 154,354 7,136,136 650,743 180,087

Los Angeles ............... 57,736,881 50,032,875 12,429,797 37,401,284 229 201,565 5,389,361 1,122,216 1,192,428

Northern California .......... 87,041,989 73,481,317 21,763,762 51,489,061 3,225 225,268 9,571,917 1,502,504 2,486,251

Pacific Northwest ........... 77,120,315 69,848,365 17,127,490 52,465,408 6,267 249,200 5,346,701 789,088 1,136,161

Rocky Mountain ............ 60,752,611 52,484,723 12,638,748 39,574,633 44,038 227,304 5,832,231 823,027 1,612,631

Southern California.......... 55,119,080 48,312,962 14,016,350 34,074,609 299 221,703 5,390,031 1,005,103 410,985

Southwest................. 43,259,621 37,535,141 10,754,764 26,595,612 1,544 183,221 3,081,157 678,619 1,964,704

I nternational ................ 15,727,827 10,463,199 3,726,622 6,663,916 21,223 51,437 4,941,058 88,595 234,975

Puerto Rico ................ 4,685,726 3,072,109 235,564 2,795,195 -1 41,352 1,604,374 8,921 322

Other..................... 11,042,101 7,391,090 3,491,059 3,868,721 21,225 10,085 3,336,684 79,674 234,653

Col lec tions Not Clas si fied by

 Re gions and Dis tricts:

Presidential Election

 Campaign Fund 4.......... 60,722 60,722 - 60,722 - - - - -

Other, including Federal

 tax deposits 5 ............. 5,329,784 3,822,220 545,999 3,202,175 1,783 72,263 771,602 489,648 246,314

Total, Internal Revenue

 receipts ..................

2,096,916,925 1,776,729,516 391,154,397 1,373,826,680 4,762,299 6,986,140 235,654,894 29,721,620 54,810,895
20

IN TRO DUC TION: Source and Avail abil ity of the

 Bal ance in the Ac count of the U.S. Trea sury

The De part ment of Trea sury’s (Trea sury) op er at ing cash

is main tained in ac counts with the Fed eral Re serve Banks

(FRBs) and branches, as well as in tax and loan ac counts in

other fi nan cial in sti tu tions. Ma jor in for ma tion sources in clude

the Daily Bal ance Wire re ceived from the FRBs and branches,

and elec tronic trans fers through the Let ter of Credit Pay ment,

Fedline Pay ment and Fedwire De posit Sys tems. As the FRB

ac counts are de pleted, funds are called in (with drawn) from

thou sands of tax and loan ac counts at fi nan cial in sti tu tions

through out the coun try.

Un der au thor ity of Pub lic Law 95-147 (cod i fied at 31

United States Code 323), Trea sury im ple mented a pro gram on

No vem ber 2, 1978, to in vest a por tion of its op er at ing cash in

ob li ga tions of depositaries main tain ing tax and loan ac counts.

Un der the Trea sury tax and loan in vest ment pro gram, de pos i -

tary fi nan cial in sti tu tions se lect the man ner in which they will

par tic i pate. Fi nan cial in sti tu tions wish ing to re tain funds de -

pos ited into their tax and loan ac counts in in ter est-bearing ob li -

ga tions par tic i pate un der the Note Op tion. T he pro gram

per mits Trea sury to col lect funds through fi nan cial in sti tu tions

and to leave the funds in Note Op tion depositaries and in the fi -

nan cial com mu ni ties in which they arise un til Trea sury needs

the funds for its op er a tions. In this way, Trea sury is able to neu -

tral ize the ef fect of its fluc tu at ing op er a tions on Note Op tion fi -

nan cial in sti tu tion re serves and on the econ omy. Like wise,

those in sti tu tions wish ing to re mit the funds to the Trea sury ac -

count at FRBs do so un der the Re mit tance Op tion.

De posits to tax and loan ac counts oc cur as cus tom ers of fi -

nan cial in sti tu tions de posit tax pay ments, which the fi nan cial

in sti tu tions use to pur chase Gov ern ment se cu ri ties. In most

cases, this in volves a trans fer of funds from a cus tomer’s ac -

count to the tax and loan ac count in the same fi nan cial in sti tu -

tion. Also, Trea sury can di rect the FRBs to in vest ex cess funds

in tax and loan ac counts di rectly from the Trea sury ac count at

the FRBs.

TA BLE UST-1.—El e ments of Change in Fed eral Re serve

and Tax and Loan Note Ac count Bal ances

[In mil lions of dol lars. Source: Fi nan cial Man age ment Service]

See foot notes at end of ta ble.

1996 ............... 4,366,413 194,156 4,561,495 629,083 621,887 

1997 ............... 4,263,210 191,134 4,454,345 775,799 776,394 

1998 ............... 4,238,957 259,197 4,500,895 969,668 971,671 

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 

1999 - Sept .......... 436,562 21,880 457,360 107,408 88,422 

Oct........... 323,814 17,937 343,865 79,089 85,867 

Nov .......... 419,956 18,046 437,504 80,857 122,843 

Dec .......... 459,798 29,680 466,101 134,558 80,688 

2000 - Jan ........... 417,210 19,554 459,047 95,482 93,793 

Feb .......... 429,393 18,612 449,120 87,679 127,337 

Mar .......... 498,369 22,969 521,985 114,557 91,103 

Apr ........... 484,630 21,079 494,199 103,024 66,748 

May .......... 443,369 19,902 473,694 90,790 149,837 

June.......... 400,829 24,136 424,203 114,290 80,702 

July .......... 300,458 19,529 320,803 88,465 111,033 

Aug .......... 385,320 20,049 404,800 86,804 108,247 

Sept .......... 358,343 21,567 377,412 114,239 77,258 

Credits and with draw als

Fed eral Re serve ac counts

Credits 1 Tax and loan note ac counts

Fis cal year

or month Re ceived di rectly

Re ceived through Re mit -

tance Op tion tax and

loan depositaries With drawals 2 Taxes 3

With drawals

(trans fers to Fed eral

Re serve ac counts)

(1) (2) (3) (4) (5)
AC COUNT OF THE U.S. TREA SURY 21

1

 Rep re sents trans fers from tax and loan note ac counts, pro ceeds from sales of se cu ri ties

other than Gov ern ment ac count se ries and taxes.

2

 Rep re sents checks paid, wire trans fer pay ments, drawdowns on let ters of credit, re demp tions 

of se cu ri ties other than Gov ern ment ac count se ries and in vest ment (trans fer) of ex cess funds

out of this ac count to the tax and loan note ac counts.

3

 Taxes el i gi ble for credit con sist of those de pos ited by tax pay ers in the tax and loan

depositaries as fol lows: With held in come taxes be gin ning March 1948; taxes on em ploy ers

and em ploy ees un der the Fed eral In sur ance Con tri bu tions Act be gin ning Jan u ary 1950 and

un der the Rail road Re tire ment Tax Act be gin ning July 1951; a num ber of ex cise taxes be gin -

ning July 1953; es ti mated cor po ra tion in come taxes be gin ning April 1967; all cor po ra tion in -

come taxes due on or af ter March 15, 1968; Fed eral Un em ploy ment Tax Act taxes be gin ning

April 1970 and in di vid ual es ti mated in come taxes be gin ning Oc to ber 1988.

TA BLE UST-1.—El e ments of Change in Fed eral Re serve

and Tax and Loan Note Ac count Bal ances, con.

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

1996 ............... 7,700 36,525 15,668 40,647 2,490 - 5,847 14,194 

1997 ............... 7,692 35,930 52,215 38,811 3,145 874 6,836 17,957 

1998 ............... 4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 

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 

1999 - Sept ......... 6,641 49,817 10,128 65,300 4,146 3,714 6,389 29,293 

Oct.......... 4,527 43,040 6,305 43,040 4,334 15,509 5,179 28,606 

Nov.......... 5,025 1,054 6,193 21,412 3,940 1,054 5,055 8,047 

Dec.......... 28,402 54,925 28,402 82,705 3,372 45 8,250 39,016 

2000 - Jan .......... 6,119 56,615 28,402 67,332 3,716 24,911 8,148 52,495 

Feb.......... 5,004 16,958 5,866 54,155 4,239 481 5,268 24,597 

Mar.......... 4,357 40,413 7,611 65,592 4,357 6,200 5,344 14,148 

Apr .......... 15,868 92,557 29,444 105,593 4,357 21,839 6,396 48,357 

May ......... 5,445 23,087 25,635 97,979 3,428 23,087 7,060 64,520 

June ......... 6,208 51,299 13,668 76,650 3,387 227 6,232 37,036 

July.......... 5,392 28,661 6,208 52,749 4,267 27,439 5,172 37,435 

Aug.......... 5,961 7,218 6,262 24,165 3,943 1,958 5,047 9,466 

Sept ......... 8,459 44,199 11,392 54,308 3,717 853 6,695 21,950 

Bal ances

Dur ing pe riod

End of pe riod High Low Av er age

Fis cal year

or month

Fed eral

Reserve

Tax and loan

note accounts

Fed eral

Re serve

Tax and loan

note ac counts

Fed eral

Re serve

Tax and loan

note ac counts

Fed eral

Re serve

Tax and loan

note ac counts

(6) (7) (8) (9) (10) (11) (12) (13)
IN TRO DUC TION: Fed eral Debt

Trea sury se cu ri ties (i.e., pub lic debt se cu ri ties) com prise

most of the Fed eral debt, with se cu ri ties is sued by other Fed -

eral agen cies ac count ing for the rest. Ta bles in this sec tion of

the “Trea sury Bul le tin” re flect the to tal. Fur ther de tailed in for -

ma tion is pub lished in the “Monthly State ment of the Pub lic

Debt of the United States.” Like wise, in for ma tion on agency

se cu ri ties and on in vest ments of Fed eral Gov ern ment ac -

counts in Fed eral se cu ri ties is pub lished in the “Monthly Trea -

sury State ment of Re ceipts and Out lays of the United States

Gov ern ment.”

• Ta ble FD-1 sum ma rizes the Fed eral debt by list ing

pub lic debt and agency se cu ri ties held by the pub lic, in clud ing

the Fed eral Re serve. It also in cludes debt held by Fed eral

agen cies, largely by the So cial Se cu rity and other Fed eral re -

tire ment trust funds. The net un am or tized pre mium and dis -

count also are listed by to tal Fed eral se cu ri ties, se cu ri ties held

by Gov ern ment ac counts and se cu ri ties held by the pub lic. The 

dif fer ence be tween the out stand ing face value of the Fed eral

debt and the net un am or tized pre mium and dis count is clas si -

fied as the ac crual amount. (For greater de tail on hold ings of

Fed eral se cu ri ties by par tic u lar classes of in ves tors, see the

own er ship ta bles, OFS-1 and OFS-2.)

• Ta ble FD-2 cat e go rizes by type in ter est-bearing mar -

ket able and non mar ket able Trea sury se cu ri ties. The dif fer -

ence be tween in ter est-bearing and to tal pub lic debt se cu ri ties

re flects out stand ing ma tured Trea sury se cu ri ties—that is, un -

re deemed se cu ri ties that have ma tured and are no lon ger ac -

cru ing in ter est. Be cause the Fed eral Fi nancing Bank is un der

the su per vi sion of Trea sury, its se cu ri ties are held by a U.S.

Gov ern ment ac count.

• In ta ble FD-3, non mar ket able Trea sury se cu ri ties held

by U.S. Gov ern ment ac counts are sum ma rized by is sues to

par tic u lar funds within Gov ern ment. Many of the funds in vest

in par value spe cial se ries nonmarketables at in ter est rates de -

ter mined by law. Oth ers in vest in mar ket-based spe cial Trea -

sury se cu ri ties whose terms mir ror those of mar ket able

se cu ri ties.

• Ta ble FD-4 pres ents in ter est-bearing se cu ri ties is sued

by Gov ern ment agen cies. Fed eral agency bor row ing has de -

clined in re cent years, in part be cause the Fed eral Fi nancing

Bank has pro vided fi nanc ing to other Fed eral agen cies. (Fed -

eral agency bor row ing from Trea sury is pre sented in the

“Monthly Trea sury State ment of Re ceipts and Out lays of the

United States Gov ern ment.”)

• Ta ble FD-5 il lus trates the av er age length of mar ket -

able in ter est-bearing pub lic debt held by pri vate in ves tors and

the ma tu rity dis tri bu tion of that debt. 

In March 1971, Con gress en acted a lim ited ex cep tion to

the amount of bonds with rates greater than 4-1/4 per cent that

could be held by the pub lic. This per mit ted Trea sury to of fer

se cu ri ties ma tur ing in more than 7 years at cur rent mar ket in -

ter est rates for the first time since 1965. In March 1976, the

def i ni tion of a bond was changed to in clude those se cu ri ties

lon ger than 10 years to ma tu rity. This ex cep tion has ex panded

since 1971, au tho riz ing Trea sury to con tinue to is sue longterm se cu ri ties. The ceil ing on Trea sury bonds was re pealed

on No vem ber 10, 1988. 

The vol ume of pri vately held Trea sury mar ket able se cu ri -

ties by ma tu rity class re flects the re main ing pe riod to ma tu rity

of Trea sury bills, notes and bonds. The av er age length is com -

prised of an av er age of re main ing pe ri ods to ma tu rity,

weighted by the amount of each se cu rity held by pri vate in ves -

tors. In other words, com pu ta tions of av er age length ex clude

Gov ern ment ac counts and the FRBs.

• In ta ble FD-6, the debt ceil ing is com pared with the

out stand ing debt sub ject to lim i ta tion by law. The other debt

cat e gory in cludes Fed eral debt Con gress has des ig nated as be -

ing sub ject to the debt ceil ing. Changes in the non-interestbear ing debt shown in the last col umn re flect ma tu ri ties of

Trea sury se cu ri ties on non busi ness days, which can be re -

deemed on the next busi ness day.

• Ta ble FD-7 de tails Trea sury hold ings of se cu ri ties is -

sued by Gov ern ment cor po ra tions and other agen cies. Cer tain

Fed eral agen cies are au tho rized to bor row money from the

Trea sury, largely to fi nance di rect loan pro grams. In ad di tion,

agen cies such as the Bonneville Power Ad min is tra tion are au -

tho rized to bor row from the Trea sury to fi nance cap i tal pro -

jects. Trea sury, in turn, fi nances these loans by sell ing

Trea sury se cu ri ties to the pub lic.

22
FED ERAL DEBT 23

1996 ............ 5,259,854 5,224,811 35,043 1,454,608 1,447,001 7,606 3,805,246 3,777,810 27,437

1997 ............ 5,446,333 5,413,146 33,187 1,605,557 1,598,459 7,098 3,840,776 3,814,687 26,089

1998 ............ 5,555,565 5,526,193 29,372 1,769,497 1,765,580 3,917 3,786,068 3,760,613 25,455

1999 ............ 5,685,181 5,656,271 28,910 1,989,705 1,989,072 634 3,695,476 3,667,199 28,276

2000 ............ 5,701,850 5,674,178 27,672 2,235,761 2,235,710 51 3,466,089 3,438,468 27,621

1999 - Sept ........ 5,685,181 5,656,271 28,910 1,989,705 1,989,072 634 3,695,476 3,667,199 28,276

Oct......... 5,708,360 5,679,727 28,633 2,006,868 2,006,234 634 3,701,492 3,673,493 27,999

Nov ........ 5,724,359 5,693,600 30,759 2,016,199 2,015,565 634 3,708,160 3,678,035 30,125

Dec ........ 5,805,009 5,776,091 28,918 2,061,194 2,060,560 634 3,743,815 3,715,531 28,284

2000 - Jan......... 5,739,855 5,711,285 28,570 2,080,525 2,080,140 384 3,659,330 3,631,145 28,186

Feb ........ 5,763,410 5,735,333 28,077 2,086,246 2,085,861 384 3,677,164 3,649,472 27,693

Mar ........ 5,801,544 5,773,392 28,152 2,085,801 2,085,418 384 3,715,743 3,687,974 27,768

Apr ......... 5,713,047 5,685,108 27,939 2,111,144 2,110,760 384 3,601,903 3,574,348 27,555

May ........ 5,674,829 5,647,170 27,659 2,127,690 2,127,639 51 3,547,139 3,519,531 27,608

June ........ 5,714,216 5,685,938 28,278 2,190,276 2,190,225 51 3,523,940 3,495,713 28,227

July ........ 5,686,531 5,658,807 27,724 2,197,107 2,197,056 51 3,489,424 3,461,751 27,673

Aug ........ 5,705,463 5,677,822 27,641 2,206,204 2,206,153 51 3,499,259 3,471,669 27,590

1996 ............ 5,259,854 77,931 5,181,923 1,454,608 5,698 1,448,910 3,805,246 72,233 3,733,013

1997 ............ 5,446,333 76,633 5,369,700 1,605,557 6,984 1,598,573 3,840,776 69,649 3,771,127

1998 ............ 5,555,565 76,849 5,478,717 1,769,497 10,872 1,758,625 3,786,068 65,977 3,720,092

1999 ............ 5,685,181 78,696 5,606,486 1,989,705 16,510 1,973,196 3,695,476 62,186 3,633,290

2000 ............ 5,701,850 72,842 5,629,009 2,235,761 17,001 2,218,760 3,466,089 55,841 3,410,248

1999 - Sept ........ 5,685,181 78,696 5,606,486 1,989,705 16,510 1,973,196 3,695,476 62,186 3,633,290

Oct......... 5,708,360 79,255 5,629,105 2,006,868 16,475 1,990,393 3,701,492 62,780 3,638,712

Nov ........ 5,724,359 79,583 5,644,775 2,016,199 16,635 1,999,564 3,708,160 62,948 3,645,212

Dec ........ 5,805,009 79,672 5,725,337 2,061,194 16,818 2,044,376 3,743,815 62,854 3,680,961

2000 - Jan......... 5,739,855 79,074 5,660,780 2,080,525 16,720 2,063,804 3,659,330 62,354 3,596,976

Feb ........ 5,763,410 79,698 5,683,711 2,086,246 16,235 2,070,011 3,677,164 63,463 3,613,701

Mar ........ 5,801,544 78,130 5,723,415 2,085,801 15,834 2,069,968 3,715,743 62,296 3,653,447

Apr ......... 5,713,047 77,059 5,635,988 2,111,144 15,937 2,095,207 3,601,903 61,122 3,540,781

May ........ 5,674,829 77,074 5,597,755 2,127,690 16,960 2,110,730 3,547,139 60,114 3,487,025

June ........ 5,714,216 76,625 5,637,590 2,190,276 16,580 2,173,695 3,523,940 60,045 3,463,895

July ........ 5,686,531 73,259 5,613,272 2,197,107 16,423 2,180,684 3,489,424 56,836 3,432,588

Aug ........ 5,705,463 73,648 5,631,817 2,206,204 16,970 2,189,234 3,499,259 56,676 3,442,583

Sept ........ 5,701,850 72,842 5,629,009 2,235,761 17,001 2,218,760 3,466,089 55,841 3,410,248

TA BLE FD-1.—Sum mary of Fed eral Debt

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Se cu ri ties held by

Amount outstanding Gov ern ment ac counts The pub lic

End of fis cal year

 or month To tal

Pub lic debt

securities

 Agency

 se cu ri ties To tal

 Pub lic debt 

 se cu ri ties

 Agency

 se cu ri ties To tal

 Pub lic debt

 se cu ri ties

 Agency

 se cu ri ties

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

Fed eral debt se cu ri ties Se cu ri ties held by Gov ern ment ac counts Se cu ri ties held by the pub lic

End of fis cal year

or month

Amount out -

stand ing face

value

 Net

 unamortized

 pre mium

 and dis count

 Ac crual 

 amount 

Amount out -

stand ing face

value

 Net

 unamortized

 premium

 and dis count

Ac crual

amount

Amount out -

stand ing face

value

 Net

 unamortized

 pre mium

 and dis count

Ac crual

amount

(10) (11) (12) (13) (14) (15) (16) (17) (18)
24 FED ERAL DEBT

1996........... 5,220,790 3,418,371 761,232 2,098,670 543,469 - 15,000 1,802,419

1997........... 5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912

1998........... 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651

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

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

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

Oct ....... 5,640,643 3,211,209 662,971 1,789,464 643,695 100,080 15,000 2,429,435

Nov ....... 5,684,718 3,243,674 687,870 1,796,560 643,695 100,551 15,000 2,441,044

Dec ....... 5,766,093 3,280,983 737,068 1,784,480 643,695 100,740 15,000 2,485,110

2000 - Jan........ 5,701,444 3,199,800 669,954 1,764,027 643,695 107,124 15,000 2,501,644

Feb ....... 5,725,655 3,218,720 695,872 1,745,758 654,964 107,126 15,000 2,506,935

Mar ....... 5,763,794 3,261,231 753,288 1,732,606 652,964 107,373 15,000 2,502,564

Apr ....... 5,646,150 3,119,260 651,307 1,693,993 650,964 107,996 15,000 2,526,890

May ....... 5,637,059 3,092,397 636,604 1,692,174 639,739 108,879 15,000 2,544,662

June....... 5,675,889 3,070,730 629,928 1,679,094 637,739 108,970 15,000 2,605,158

July ....... 5,648,865 3,046,111 620,616 1,663,128 633,239 114,127 15,000 2,602,754

Aug ....... 5,667,989 3,056,536 647,355 1,642,643 636,763 114,774 15,000 2,611,454

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

1996 .................. 184,147 37,488 1,454,690 95,674 29,995 424

1997 .................. 182,665 34,909 1,608,478 111,863 29,995 1

1998 .................. 180,816 35,079 1,777,329 164,431 29,995 1

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

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

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

Oct............... 180,291 30,970 2,022,198 165,979 29,995 1

Nov .............. 180,394 30,970 2,032,729 166,955 29,995 1

Dec .............. 179,346 31,318 2,078,721 165,729 29,995 1

2000 - Jan ............... 179,073 31,318 2,098,454 162,802 29,995 1

Feb .............. 178,968 31,318 2,103,801 162,852 29,995 1

Mar .............. 178,625 28,768 2,103,309 161,865 29,995 1

Apr ............... 178,526 28,668 2,127,484 162,216 29,995 1

May .............. 177,754 28,518 2,146,678 161,716 29,996 1

June .............. 177,726 27,731 2,209,352 160,352 29,996 1

July .............. 177,813 25,431 2,214,507 155,007 29,996 1

Aug .............. 177,669 25,431 2,223,995 154,362 29,996 1

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

TA BLE FD-2.—In ter est-Bearing Pub lic Debt

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Mar ket able

End of fis cal year

or month

To tal 

 in ter est-bearing

pub lic debt To tal 

 Trea sury

 bills

 Trea sury 

 notes 

 Trea sury

 bonds

 Trea sury

 in fla tion-indexed

notes and bonds

 Fed eral

 Fi nancing

 Bank

 Non mar ket able

 To tal

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

Non mar ket able, con.

End of fis cal year

or month

U.S. savings 

se cu ri ties For eign se ries

Gov ern ment 

ac count se ries

 State and lo cal

 gov ern ment se ries

 Do mes tic

 se ries Other

(9) (10) (11) (12) (13) (14)
FED ERAL DEBT 25

1996............ 1,454,690 7,682 22,186 16,962 11,853 50,051 377,677 125,805 7,894 499,403

1997............ 1,608,478 6,360 26,329 18,038 15,460 63,513 407,202 116,621 13,643 567,445

1998............ 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282

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

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

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

Oct ........ 2,022,198 12,480 27,374 20,789 13,026 92,884 472,614 137,503 14,947 766,285

Nov ........ 2,032,729 12,302 28,111 21,132 12,940 93,215 470,273 139,298 15,351 768,422

Dec ........ 2,078,721 12,586 28,068 20,992 13,154 97,203 485,036 141,460 15,354 798,894

2000 - Jan......... 2,098,454 12,619 28,189 21,139 13,213 99,481 482,710 148,746 15,155 812,363

Feb ........ 2,103,801 12,650 28,409 21,525 13,272 100,413 480,151 148,223 16,654 816,433

Mar ........ 2,103,309 12,605 28,468 21,603 13,337 101,069 478,204 146,069 16,634 823,344

Apr ........ 2,127,484 12,809 28,260 21,129 13,504 104,501 475,706 154,147 16,634 840,622

May ........ 2,146,678 12,888 29,008 21,985 13,577 105,451 474,235 153,584 16,457 843,466

June........ 2,209,352 13,121 29,993 22,027 12,645 110,623 489,286 161,848 16,986 877,948

July ........ 2,214,507 13,209 29,042 22,038 12,714 111,510 486,710 163,771 16,987 883,378

Aug ........ 2,223,995 13,199 29,281 22,375 12,637 112,500 484,250 163,625 17,642 889,172

1996 ........... 694 27,175 99 11,660 12,007 860 14,763 77 53,849 213,993

1997 ........... 1,806 34,464 - 22,341 12,023 860 17,486 74 61,880 222,933

1998 ........... 2,087 39,502 - 17,926 12,008 1,000 19,764 71 70,598 239,878

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

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

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

Oct ........ 2,263 46,030 - 27,590 11,880 - 22,691 71 76,569 277,202

Nov ....... 2,272 45,723 - 28,401 11,812 - 22,672 72 77,967 282,766

Dec ....... 2,290 46,080 - 23,818 12,168 - 22,655 69 78,635 280,259

2000 - Jan........ 2,301 46,700 - 24,683 12,090 - 22,822 70 77,157 279,016

Feb........ 2,314 46,476 - 25,750 11,994 - 22,210 69 77,570 279,688

Mar........ 2,331 44,709 - 26,152 11,881 - 22,206 69 75,739 278,889

Apr ........ 2,328 46,950 - 26,334 11,803 - 22,261 69 75,056 275,371

May ....... 2,340 46,275 - 27,297 11,723 - 22,381 66 84,542 281,403

June ....... 2,354 45,265 - 27,550 12,066 - 22,372 66 85,915 279,287

July ....... 2,383 46,042 - 28,756 11,990 69 22,531 66 85,267 278,044

Aug ....... 2,430 45,392 - 29,188 11,907 615 22,660 62 87,882 279,178

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

Ta ble FD-3.—Gov ern ment Ac count Series

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

End of fis cal year

or month To tal 

Air port 

and Air way 

 Trust 

 Fund 

Bank 

 In sur ance 

 Fund 

 Em ployees 

 Life In sur -

ance Fund

Ex change

 sta bi li za tion

fund

Fed eral

Disability

 In sur ance

Trust Fund

Fed eral 

em ployees 

re tire ment 

 funds 

Fed eral

Hos pi tal

 In sur ance

Trust Fund

 Fed eral

Housing

 Ad min is tra -

tion

Fed eral

Old-age and

Sur vi vors

 In sur ance

Trust Fund

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

End of fis cal year

or month

Fed eral

Sav ings and

Loan

Cor po ra tion,

res o lu tion

fund

Fed eral

Sup ple men -

tary Med i cal 

 In sur ance 

Trust Fund 

Gov ern ment

 life in sur ance 

fund

High way

Trust Fund

Na tional

Ser vice Life

In sur ance

fund

Postal

Ser vice fund

Rail road

Re tire ment 

Ac count

 Trea sury

 de posit

 funds

 Un em ploy -

ment Trust

Fund Other

(11) (12) (13) (14) (15) (16) (17) (18) (19) (20)
26 FED ERAL DEBT

1996 ................. 35,043 126 82 1,261 28,683 4,406 485

1997 ................. 33,187 95 68 1,261 27,386 3,898 478

1998 ................. 29,372 63 174 1,261 26,685 717 471

1999 ................. 28,910 63 114 1,261 26,378 634 460

2000 ................. 27,672 63 227 775 25,987 51 569

1999 - Sept .............. 28,910 63 114 1,261 26,378 634 460

Oct .............. 28,633 63 117 1,261 26,096 634 461

Nov .............. 30,759 63 126 1,261 28,212 634 462

Dec .............. 28,918 63 126 1,261 26,370 634 464

2000 - Jan .............. 28,570 63 126 1,261 26,271 384 465

Feb .............. 28,077 63 155 864 26,162 384 449

Mar .............. 28,152 63 168 864 26,225 384 448

Apr .............. 27,939 63 173 864 26,005 384 450

May .............. 27,659 63 184 864 26,046 51 451

June.............. 28,278 63 185 864 26,663 51 452

July .............. 27,724 63 205 864 26,088 51 453

Aug .............. 27,641 63 210 864 25,886 51 568

Sept.............. 27,672 63 227 775 25,987 51 569

TA BLE FD-4.—In ter est-Bearing Se cu ri ties Is sued by Gov ern ment Agencies

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment” and Fi nan cial Man age ment Ser vice]

Fed eral De posit

In sur ance Cor po ra tion

End of fis cal year

or month

To tal

out stand ing

Fed eral

 Sav ings

 and Loan

 In sur ance

 Cor po ra tion,

 resolution

 fund 

 De part ment

 of Housing

 and Ur ban

 De vel op ment

 Fed eral

 Housing

 Ad min is tra tion

 Farm

 Credit

 System

 Fi nan cial

 As sis tance

 Corp.

 Other

 in de pend ent

 Ten nes see

 Val ley

 Au thor ity

 Postal

 Ser vice Other

(1) (2) (3) (4) (5) (6) (7)
FED ERAL DEBT 27

1 Con sists of guar an teed debt is sued by the Fed eral Housing Ad min is tra tion.

1996 .............. 3,011,185 1,058,558 1,212,258 306,643 111,360 322,366 5 yrs. 3 mos.

1997 .............. 2,998,846 1,017,913 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos.

1998 .............. 2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 8 mos.

1999 .............. 2,728,011 915,145 962,644 378,163 149,703 322,356 5 yrs. 9 mos.

2000 .............. 2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos.

1999 - Sept ........... 2,728,011 915,145 962,644 378,163 149,703 322,356 5 yrs. 9 mos.

Oct ........... 2,707,220 915,952 933,742 378,284 149,702 329,539 5 yrs. 9 mos.

Nov ........... 2,734,859 938,474 951,771 370,956 144,427 329,231 5 yrs. 8 mos.

Dec ........... 2,787,126 1,009,248 934,945 370,470 144,045 328,417 5 yrs. 6 mos.

2000 - Jan ........... 2,683,681 915,464 921,105 375,697 144,045 327,369 5 yrs. 8 mos.

Feb ........... 2,702,058 939,872 907,671 373,002 152,913 328,601 5 yrs. 9 mos.

Mar ........... 2,743,400 1,001,796 889,900 372,500 151,049 328,156 5 yrs. 7 mos.

Apr ........... 2,600,311 893,167 857,878 371,881 151,048 326,337 5 yrs. 10 mos.

May........... 2,570,193 876,491 860,823 362,767 155,082 315,031 5 yrs. 10 mos.

June .......... 2,549,041 877,788 842,755 362,792 151,975 313,732 5 yrs. 10 mos.

July ........... 2,524,546 871,922 822,703 367,915 150,725 311,281 5 yrs. 9 mos.

Aug ........... 2,530,893 887,294 822,565 355,767 168,672 296,595 5 yrs. 10 mos.

Sept .......... 2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos.

1996 ................... 5,500,000 5,137,195 5,137,113 82 5,135,157 82 1,956

1997 ................... 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546

1998 ................... 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448

1999 ................... 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972

2000 ................... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034

1999 - Sept ............... 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972

Oct................ 5,950,000 5,590,795 5,590,686 109 5,552,660 109 38,026

Nov ............... 5,950,000 5,604,413 5,604,295 118 5,596,470 118 7,825

Dec ............... 5,950,000 5,686,853 5,686,734 119 5,677,792 119 8,942

2000 - Jan................ 5,950,000 5,622,637 5,622,518 118 5,613,733 118 8,785

Feb ............... 5,950,000 5,646,910 5,646,762 147 5,638,139 147 8,623

Mar ............... 5,950,000 5,686,504 5,686,344 160 5,677,802 160 8,542

Apr ................ 5,950,000 5,599,334 5,599,168 166 5,561,264 166 37,904

May ............... 5,950,000 5,561,420 5,561,245 176 5,552,188 176 9,057

June ............... 5,950,000 5,600,647 5,600,471 177 5,591,475 177 8,996

July ............... 5,950,000 5,576,713 5,576,517 196 5,567,628 196 8,889

Aug ............... 5,950,000 5,594,586 5,594,384 201 5,585,603 201 8,781

Sept ............... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034

TA BLE FD-5.—Ma tu rity Dis tri bu tion and Av er age Length of Mar ket able

In ter est-Bearing Pub lic Debt Held by Pri vate In ves tors

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Ma tu rity classes

End of fis cal year

or month

 Amount

 outstanding

 pri vately held

 Within

 1 year 1-5 years 5-10 years 10-20 years

 20 years

 or more Av er age length 1

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

TA BLE FD-6.—Debt Sub ject to Statutory Lim i ta tion

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Debt out stand ing

sub ject to lim i ta tion

In ter est-bearing debt 

sub ject to lim i ta tion

End of fis cal year

or month 

Stat u tory debt

limit To tal Pub lic debt Other debt 1Pub lic debt Other debt

 Non-interest-

 bear ing debt

 sub ject to

 lim i ta tion

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

1Be gin ning Sep tem ber 1976, the ma tu rity dis tri bu tion and av er age length were cal cu lated on the in ter est-bearing mar ket able debt pri vately held. In fla tion-indexed notes (first of f ered in 1997)

are ex cluded from the av er age length cal cu la tion. Pub lished data were changed for the end of the fis cal years back through 1967.
28 FED ERAL DEBT

1996 ............... 13,398 2,456 3,123 6,909 47,046 *

1997 ............... 23,532 2,499 3,639 6,174 34,944 *

1998 ............... 35,610 2,499 6,579 5,293 34,036 -

1999 ............... 52,440 2,515 7,996 4,628 28,115 -

2000 ............... 65,716 2,513 7,155 3,653 27,836 -

1999 - Sept ............ 52,440 2,515 7,996 4,628 28,115 -

Oct ............ 53,787 2,515 7,996 4,203 27,465 -

Nov............ 53,787 2,555 7,996 4,203 27,842 -

Dec............ 53,787 2,555 7,996 4,203 27,152 -

2000 - Jan ............ 56,414 2,559 7,996 4,203 25,752 -

Feb ............ 56,414 2,559 7,996 4,203 25,181 -

Mar ............ 56,414 2,559 7,996 4,203 24,305 -

Apr ............ 56,414 2,599 7,996 4,203 23,699 -

May............ 56,414 2,464 7,996 4,203 24,102 -

June ........... 62,913 2,464 7,996 4,203 23,512 -

July ............ 62,913 2,546 7,996 4,203 23,142 -

Aug ............ 67,792 2,453 7,996 4,203 23,039 -

Sept ........... 65,716 2,513 7,155 3,653 27,836 -

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties Is sued

 by Gov ern ment Cor po ra tions and Other Agencies

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

De part ment of Ag ri cul ture

End of fis cal year

or month To tal

Farm-Service

Agency

 

Ru ral Util ities

Service

Ru ral Housing

and Com mu nity

De vel op ment

Ser vice

Ru ral Busi ness

and Co op er a tive

De vel op ment

Ser vice

For eign

Ag ri cul tural

Ser vice

(1) (2) (3) (4) (5) (6)

De part ment of

En ergy

De part ment of Housing

and Ur ban De vel op ment

De part ment

of Trea sury

De part ment

of Vet erans Af fairs

End of fis cal year

or month

De part ment

of Ed u ca tion

Bonneville

 Power

Ad min is tra tion

Fed eral

 Housing

Administration

Other

Housing

 pro grams

Fed eral

Fi nancing Bank

Di rect loan

 fund

(7) (8) (9) (10) (11) (12)

1996 ............... 117,290 3,273 12,042 6,430 113 647

1997 ............... 133,301 9,818 12,925 6,676 157 670

1998 ............... 154,155 19,937 13,295 7,808 203 642

1999 ............... 183,033 32,625 13,882 8,506 261 761

2000 ............... 189,813 27,323 14,690 9,413 305 729

1999 - Sept............ 183,033 32,625 13,882 8,506 261 761

Oct ............ 179,341 28,110 13,732 8,506 261 761

Nov............ 169,757 16,623 13,732 8,506 261 761

Dec............ 173,807 20,900 13,730 8,506 261 761

2000 - Jan ............ 179,961 25,653 13,697 8,506 261 761

Feb............ 180,963 26,964 13,682 8,506 261 761

Mar............ 180,232 24,383 14,931 9,665 307 761

Apr ............ 180,538 25,923 14,931 9,665 307 761

May............ 181,581 26,148 14,930 9,665 307 761

June ........... 188,710 27,206 14,740 9,665 307 761

July............ 187,035 27,808 14,740 9,665 307 761

Aug............ 187,370 23,166 14,739 9,665 307 780

Sept ........... 189,813 27,323 14,690 9,413 305 729
FED ERAL DEBT 29

1996 .......... 1,270 2,736 5,018 8,811 4,019

1997 .......... 2,028 3,140 5,039 9,406 12,651

1998 .......... - 3,956 4,993 9,559 9,745

1999 .......... - 6,603 4,848 9,825 10,030

2000 .......... - 4,900 4,874 10,012 10,694

1999 - Sept ...... - 6,603 4,848 9,825 10,030

Oct....... - 6,665 5,100 9,825 10,415

Nov....... - 6,665 5,317 8,981 12,528

Dec....... - 6,665 5,576 8,981 12,734

2000 - Jan ....... - 6,665 5,834 8,981 12,679

Feb....... - 6,665 6,078 8,981 12,712

Mar....... - 6,665 6,342 8,981 12,720

Apr ....... - 6,665 6,606 8,981 11,787

May ...... - 6,970 6,851 8,981 11,789

June ...... - 6,970 4,138 9,954 13,879

July....... - 4,921 4,397 9,954 13,681

Aug....... - 4,921 4,611 10,012 13,684

Sept ...... - 4,900 4,874 10,012 10,694

* Less than $500,000. 

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties Is sued by Gov ern ment

Cor po ra tions and Other Agencies, con.

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

De part ment

of Vet erans Af fairs, con.

End of fis cal year

or month

Loan quaranty

 fund

 Ex port-Import

 Bank of the

 United States

Rail road

Re tire ment

Board

Small

Busi ness

Ad min is tra tion Other

(13) (14) (15) (16) (17)
30 FED ERAL DEBT

CHARTS FD-A.—Average Length

 of Privately Held Marketable Debt

(Charts are plot ted from fig ures pro vided by the Of fice of Mar ket Fi nance. See Ta ble FD-5.)

0

2

4

6

8

10

12

4 5 49 53 57 61 65 6 9 73 77 81 85 89 9 3 97 01

5

5.5

6

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

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

September 30, 2000

5 Years, 10 Months

Years
IN TRO DUC TION: Pub lic Debt Op er a tions

Chap ter 31 of Ti tle 31 of the United States Code al lows

the Sec re tary of Trea sury to bor row money by is su ing Trea -

sury se cu ri ties. The Sec re tary de ter mines the terms and con di -

tions of is sue, con ver sion, ma tu rity, pay ment and in ter est rate.

New is sues of Trea sury notes ma ture in 2 to 10 years. Bonds

ma ture in more than 10 years from the is sue date. Each mar ket -

able se cu rity is listed in the “Monthly State ment of the Pub lic

Debt of the United States.” The in for ma tion in this sec tion of

the “Trea sury Bul le tin” per tains only to mar ket able Trea sury

se cu ri ties, cur rent bills, notes and bonds.

• Ta ble PDO-1 pro vides a ma tu rity sched ule of in ter -

est-bearing mar ket able pub lic debt se cu ri ties other than reg u -

lar weekly and 52-week bills. All unmatured Trea sury notes

and bonds are listed in ma tu rity or der, from ear li est to lat est. A

sep a rate break out is pro vided for the com bined hold ings of the

Gov ern ment ac counts and Fed eral Re serve Banks (FRBs ), so

that the “all other in ves tors” cat e gory in cludes all pri vate hold -

ings.

• Ta ble PDO-2 pres ents the re sults of weekly auc tions of

13- and 26-week bills, as well as auc tions of 52-week bills.

Trea sury bills ma ture each Thurs day. New is sues of 13-week

bills are reopenings of 26-week bills. New is sues of cash man -

age ment bills also are pre sented. High yields on ac cepted ten -

ders and the dol lar value of to tal bids are pre sented, with the

dol lar value of awards made both on a com pet i tive and non -

com pet i tive ba sis.

Trea sury ac cepts non com pet i tive ten ders of up to $1 mil -

lion for bills and $5 mil lion for notes and bonds in each auc tion 

of se cu ri ties to en cour age par tic i pa tion of in di vid u als and

smaller in sti tu tions.

• Ta ble PDO-3 lists the re sults of auc tions of mar ket able

se cu ri ties, other than weekly bills, in chro no log i cal or der over

the past 2 years. In cluded are: notes and bonds from ta ble

PDO-1 , 52-week bills from ta ble PDO-2, and data for cash

man age ment bills.

• Ta ble PDO-4 in di cates the to tal amount of mar ket able

se cu ri ties al lot ted to each class of in ves tor. The FRBs tally into 

in ves tor classes the ten ders in each auc tion of mar ket able se -

cu ri ties other than weekly auc tions of 13- and 26-week bills.

31

TREA SURY FI NANCING: APRIL-JUNE

On Jan u ary 13, 2000, Sec re tary of the Trea -

sury Law rence H. Sum mers an nounced the

in tro duc tion of debt buy backs as a tool for

Trea sury’s man age ment of the pub lic debt.

Trea sury plans to con duct sev eral buy back

op er a tions in 2000, buy ing back as much as 

$30 bil lion of Fed eral debt held by the pub -

lic. Buy backs will help pre vent an in crease

in the av er age ma tu rity of Amer i can debt by

pay ing off debt that has sub stan tial re main -

ing ma tu rity.

A P R I L

Auc tion of 2-Year Note

On April 19, Trea sury an nounced it would auc tion $12,000

mil lion of 2-year notes of Se ries U-2002. The is sue was to re -

fund $24,198 mil lion of se cu ri ties ma tur ing April 30 and to

pay down about $12,198 mil lion. The notes of Se ries U-2002

were dated April 30, 2000, and is sued May 1, 2000. They are

due April 30, 2002, with in ter est pay able on Oc to ber 31 and

April 30 un til ma tu rity. Trea sury set an in ter est rate of 6-3/8

per cent af ter de ter min ing which ten ders were ac cepted on a

yield auc tion ba sis. Ac crued in ter est of $0.17323 per $1,000,

cov er ing the pe riod from April 30 to May 1, 2000, was pay able 

with each ac cepted ten der.

Trea sury re ceived ten ders for the notes on April 26. Ten ders 

to taled $27,682 mil lion; Trea sury ac cepted $12,002 mil lion at

the high yield of 6.484 per cent with an equiv a lent price of

99.798. The me dian yield was 6.460 per cent, and the low yield

was 6.390 per cent. Non com pet i tive ten ders to taled $1,570

mil lion. Com pet i tive ten ders ac cepted from pri vate in ves tors

to taled $10,432 mil lion. Ten ders at the high yield were al lot ted 

62 per cent.

In ad di tion to the $12,002 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,500 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $3,869 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries U-2002 is $1,600,000.

Debt Buy back Op er a tions

The first debt buy back op er a tion was held on March 9,

2000, for set tle ment on March 13. Trea sury re ceived $8,627

mil lion of of fers; it ac cepted $1,000 mil lion par amount for a

to tal price paid of $1,345 mil lion (less ac crued in ter est).

In the debt buy back op er a tion held on March 16, 2000, for

set tle ment on March 20, $6,446 mil lion of of fers was re ceived. 

[Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]
32 PUB LIC DEBT OP ER A TIONS

TREA SURY FI NANCING: APRIL-JUNE, con.

Trea sury ac cepted $1,000 mil lion par amount for a to tal price

paid of $1,268 mil lion (less ac crued in ter est).

In the debt buy back op er a tion held on April 20, 2000, for

set tle ment on April 25, $8,525 mil lion of of fers was re ceived.

Trea sury ac cepted $2,000 mil lion par amount for a to tal price

paid of $2,431 mil lion (less ac crued in ter est).

In the debt buy back op er a tion held on April 27, 2000, for

set tle ment on May 1, $10,831 mil lion of of fers was re ceived.

Trea sury ac cepted $3,000 mil lion par amount for a to tal price

paid of $3,724 mil lion (less ac crued in ter est).

M A Y

May Quar terly Fi nancing

On May 3, Trea sury an nounced it would auc tion $12,000

mil lion of 5-year notes of Se ries E-2005 and $8,000 mil lion of

9-3/4-year 6-1/2 per cent notes of Se ries B-2010. The is sue was 

to re fund $27,846 mil lion of Trea sury se cu ri ties ma tur ing

May 15 and to pay down about $7,846 mil lion.

The notes of Se ries E-2005 were dated May 15, 2000. They

are due May 15, 2005, with in ter est pay able on No vem ber 15

and May 15 un til ma tu rity. Trea sury set an in ter est rate of 6-3/4 

per cent af ter de ter min ing which ten ders were ac cepted on a

yield auc tion ba sis.

Trea sury re ceived ten ders for the notes on May 9. Ten ders

to taled $23,727 mil lion; Trea sury ac cepted $12,002 mil lion at

the high yield of 6.789 per cent with an equiv a lent price of

99.837. Ten ders at the high yield were al lot ted 22 per cent. The

me dian yield was 6.760 per cent, and the low yield was 6.700

per cent. Non com pet i tive ten ders to taled $723 mil lion. Com -

pet i tive ten ders ac cepted from pri vate in ves tors to taled

$11,278 mil lion.

In ad di tion to the $12,002 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,100 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $2,357 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries E-2005 is $800,000.

The 6-1/2 per cent notes of Se ries B-2010 were an ad di tional 

is sue of notes dated Feb ru ary 15, 2000. They are due Feb ru ary

15, 2010, with in ter est pay able on Au gust 15 and Feb ru ary 15

un til ma tu rity. Ac crued in ter est of $16.07143 per $1,000, cov -

er ing the pe riod from Feb ru ary 15 to May 15, 2000, was pay -

able with each ac cepted ten der.

Trea sury re ceived ten ders for the notes on May 10. Ten ders

to taled $20,941 mil lion; Trea sury ac cepted $8,006 mil lion at

the high yield of 6.475 per cent with an equiv a lent price of

100.153. Ten ders at the high yield were al lot ted 26 per cent.

The me dian yield was 6.450 per cent, and the low yield was

6.400 per cent. Non com pet i tive ten ders to taled $109 mil lion.

Com pet i tive ten ders ac cepted from pri vate in ves tors to taled

$7,897 mil lion.

In ad di tion to the $8,006 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $500 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $2,570 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries B-2010 is $400,000.

Auc tion of 2-Year Notes

On May 17, Trea sury an nounced it would auc tion $10,000

mil lion of 2-year notes of Se ries V-2002. The is sue was to re -

fund $25,494 mil lion of se cu ri ties ma tur ing May 31 and to pay 

down about $15,494 mil lion.

The notes of Se ries V-2002 were dated May 31, 2000. They

are due May 31, 2002, with in ter est pay able on No vem ber 30

and May 31 un til ma tu rity. Trea sury set an in ter est rate of 6-5/8 

per cent af ter de ter min ing which ten ders were ac cepted on a

yield auc tion ba sis.

Trea sury re ceived ten ders for the notes on May 24. Ten ders

to taled $25,211 mil lion; Trea sury ac cepted $10,001 mil lion at

the high yield of 6.749 per cent with an equiv a lent price of

99.772. Ten ders at the high yield were al lot ted 70 per cent. The

me dian yield was 6.720 per cent, and the low yield was 6.650

per cent. Non com pet i tive ten ders to taled $1,744 mil lion. Com -

pet i tive ten ders ac cepted from pri vate in ves tors to taled $8,257 

mil lion.

In ad di tion to the $10,001 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,000 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $3,838 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries V-2002 is $1,600,000.

52-Week Bills

On May 25, Trea sury in vited ten ders for ap prox i mately

$10,000 mil lion of 364-day Trea sury bills. The bills were

dated June 1, 2000, and will ma ture May 31, 2001. The is sue

was to re fund $17,266 mil lion of all ma tur ing bills and to raise

about $8,734 mil lion of new cash. Trea sury auc tioned the bills

on May 31. Ten ders to taled $27,067 mil lion; Trea sury ac -

cepted $10,012 mil lion. That in cluded $673 mil lion of non -

com pet i tive ten ders from the pub lic and $2,290 mil lion is sued

to FRBs as agents for for eign and in ter na tional mon e tary au -

thor i ties. In ad di tion, Trea sury awarded $3,605 mil lion to

FRBs for their own ac counts. The high bank dis count rate was

6.000 per cent.

Cash Man age ment Bills

On May 30, Trea sury in vited ten ders for ap prox i mately

$7,000 mil lion of 12-day bills. The bills were is sued June 2,

2000, and ma tured June 14, 2000. The is sue was to raise new

cash. Ten ders were opened on June 1. They to taled $20,045

mil lion; Trea sury ac cepted $7,018 mil lion. The high bank dis -

count rate was 5.20 per cent.

Debt Buy back Op er a tions

In the debt buy back op er a tion held on May 18, 2000, for

set tle ment on May 22, $9,117 mil lion of of fers was re ceived.

Trea sury ac cepted $2,000 mil lion par amount for a to tal price

paid of $2,556 mil lion (less ac crued in ter est).

In the debt buy back op er a tion held on May 25, 2000, for

set tle ment on May 30, $8,114 mil lion of of fers was re ceived.
PUB LIC DEBT OP ER A TIONS 33

Trea sury ac cepted $2,000 mil lion par amount for a to tal price

paid of $2,380 mil lion (less ac crued in ter est).

J U N E

Auc tion of 2-Year Notes

On June 21, Trea sury an nounced it would auc tion $10,000

mil lion of 2-year notes of Se ries W-2002. The is sue was to re -

fund $24,294 mil lion of se cu ri ties ma tur ing June 30 and to

pay down about $14,294 mil lion.

The notes of Se ries W-2002 were dated June 30, 2000. They 

are due June 30, 2002, with in ter est pay able on De cem ber 31

and June 30 un til ma tu rity. Trea sury set an in ter est rate of 6-3/8 

per cent af ter de ter min ing which ten ders were ac cepted on a

yield auc tion ba sis.

Trea sury re ceived ten ders for the notes on June 28. Ten ders

to taled $27,017 mil lion; Trea sury ac cepted $10,002 mil lion at

the high yield of 6.483 per cent with an equiv a lent price of

99.800. Ten ders at the high yield were al lot ted 67 per cent. The

me dian yield was 6.470 per cent, and the low yield was 6.400

per cent. Non com pet i tive ten ders to taled $1,616 mil lion. Com -

pet i tive ten ders ac cepted from pri vate in ves tors to taled $8,386 

mil lion.

In ad di tion to the $10,002 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,200 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $3,109 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries W-2002 is $1,600,000.

Debt Buy back Op er a tions

In the debt buy back op er a tion held on May 18, 2000, for

set tle ment on May 22, $9,117 mil lion of of fers was re ceived.

Trea sury ac cepted $2,000 mil lion par amount for a to tal price

paid of $2,556 mil lion (less ac crued in ter est).

In the debt buy back op er a tion held on May 25, 2000, for

set tle ment on May 30, $8,114 mil lion of of fers was re ceived.

Trea sury ac cepted $2,000 mil lion par amount for a to tal price

paid of $2,380 mil lion (less ac crued in ter est).

TREA SURY FI NANCING: APRIL-JUNE, con.

TREA SURY FI NANCING: JULY-SEPTEMBER

[Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]

J U L Y

Auc tion of 9-Year 6-month In fla tion-Indexed Notes

On July 5, 2000, Trea sury an nounced it would auc tion

$5,000 mil lion of 9-year 6-month, 4-1/4 per cent, in fla -

tion-indexed notes of se ries A-2010 to raise cash. The

9-1/2-year 4-1/4 per cent notes of se ries A-2010 were dated

Jan u ary 15, 2000, and is sued July 17, 2000. They are due Jan u -

ary 15, 2010, with in ter est pay able on Jan u ary 15 and July 15

un til ma tu rity. Ad justed ac crued in ter est of $0.23511 per

$1,000, cov er ing the pe riod from July 15 to July 17, 2000, was

pay able with each ac cepted ten der.

Trea sury re ceived ten ders on July 12. Ten ders to taled

$11,741 mil lion; Trea sury ac cepted $5,002 mil lion at the high

yield of 4.030 per cent with an equiv a lent ad justed price of

103.539. Ten ders at the high yield were al lot ted 52 per cent.

The me dian yield was 3.997 per cent, and the low yield was

3.880 per cent. Non com pet i tive ten ders to taled $48 mil lion.

Com pet i tive ten ders ac cepted from pri vate in ves tors to taled

$4,954 mil lion. The min i mum par amount re quired for

STRIPS of in fla tion-indexed se cu ri ties is $1,000.

Auc tion of 2-Year Note

On July 19, Trea sury an nounced it would auc tion $10,000

mil lion of 2-year notes of Se ries X-2002. The is sue was to re -

fund $27,322 mil lion of se cu ri ties ma tur ing July 31 and to pay

down about $17,322 mil lion. The notes of Se ries X-2002 were

dated July 31, 2000. They are due July 31, 2002, with in ter est

pay able on Jan u ary 31 and July 31 un til ma tu rity.

Trea sury set an in ter est rate of 6-1/4 per cent af ter de ter min -

ing which ten ders were ac cepted on a yield auc tion ba sis. Tenders were re ceived on July 26 and to taled $26,325 mil lion.

Trea sury ac cepted $10,004 mil lion at the high yield of 6.284

per cent with an equiv a lent price of 99.937. The me dian yield

was 6.265 per cent, and the low yield was 6.210 per cent. Ten -

ders at 6.284 per cent were al lot ted 58 per cent. Non com pet i -

tive ten ders to taled $1,553 mil lion. Com pet i tive ten ders

ac cepted from pri vate in ves tors to taled $8,451 mil lion.

In addition to the $10,004 million of tenders accepted in the

auction process, Treasury accepted $1,700 million from FRBs

as agents for foreign and international monetary authorities. It

also accepted $3,333 million from FRBs for their own

accounts. The minimum par amount required for STRIPS of

notes of Series X-2002 is $32,000.

Debt Buy back Op er a tions

In the debt buy back op er a tion held on July 20, 2000, for set -

tle ment on July 24, Trea sury re ceived $4,440 mil lion of of fers. 

It ac cepted $1,500 mil lion par amount for a to tal price paid of

$1,803 mil lion (less ac crued in ter est).

In the debt buy back op er a tion held on July 27, 2000, for set -

tle ment on July 31, Trea sury re ceived $3,641 mil lion of of fers. 

It ac cepted $1,000 mil lion par amount for a to tal price paid of

$1,300 mil lion (less ac crued in ter est).
34 PUB LIC DEBT OP ER A TIONS

A U G U S T

Au gust Quar terly Fi nancing

On Au gust 2, Trea sury an nounced it would auc tion:

$10,000 mil lion of 4-3/4-year 6-3/4 per cent notes of Se ries

E-2005; $10,000 mil lion of 10-year notes of Se ries C-2010;

and $5,000 of 29-3/4-year 6-1/4 per cent bonds to re fund

$25,071 mil lion of Trea sury se cu ri ties ma tur ing Au gust 15

and to pay down about $71 mil lion.

The 6-3/4 per cent notes of Se ries E-2005 were an ad di tional 

is sue of notes dated May 15, 2000. They are due May 15, 2005, 

with in ter est pay able on No vem ber 15 and May 15 un til ma tu -

rity. Ac crued in ter est of $16.875 per $1,000, cov er ing the pe -

riod from May 15 to Au gust 15, 2000, was pay able with each

ac cepted ten der.

Treasury received tenders on August 8. Tenders totaled

$30,601 million; Treasury accepted $10,004 million at the

high yield of 6.060 percent with an equivalent price of

102.787. Tenders at the high yield were allotted 78 percent.

The median yield was 6.049 percent, and the low yield was

5.990 percent. Noncompetitive tenders totaled $532 million.

Competitive tenders accepted from private investors totaled

$9,472 million.

In ad di tion to the $10,004 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,100 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $2,085 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries E-2005 is $800,000. 

The 10-year notes of Series C-2010 were dated August 15,

2000. They are due August 15, 2010, with interest payable on

February l5 and August 15 until maturity. Treasury set an

interest rate of 5-3/4 percent after determining which tenders

were accepted on a yield auction basis.

Trea sury re ceived ten ders for the notes on Au gust 9. Ten -

ders to taled $19,457 mil lion; Trea sury ac cepted $10,003 mil -

lion at the high yield of 5.840 per cent with an equiv a lent price

of 99.326. Ten ders at the high yield were al lot ted 77 per cent.

The me dian yield was 5.800 per cent, and the low yield was

5.750 per cent. Non com pet i tive ten ders to taled $78 mil lion.

Com pet i tive ten ders ac cepted from pri vate in ves tors to taled

$9,925 mil lion.

In ad di tion to the $10,003 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,100 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $1,254 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries C-2010 is $800,000.

The 6-1/4 per cent bonds of May 2030 were an ad di tional is -

sue of bonds dated No vem ber 15, 1999, is sued Au gust 15,

2000. They are due May 15, 2030, with in ter est pay able No -

vem ber 15 and May 15 un til ma tu rity. Ac crued in ter est of

$15.625 per $1,000, cov er ing the pe riod from May 15 to Au -

gust 15, 2000, was pay able with each ac cepted ten der.

Treasury received tenders for the bonds on August 10.

Tenders totaled $18,566 million; Treasury accepted $5,001

million at the high yield of 5.697 percent with an equivalent

price of 107.860. Tenders at the high yield were allotted 68

percent. The median yield was 5.688 percent, and the low

yield was 5.650 percent. Noncompetitive tenders totaled $15

million. Competitive tenders accepted from private investors

totaled $4,985 million.

In ad di tion to the $5,001 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $50 mil lion from FRBs as

agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $724 mil lion from FRBs for their own ac counts.

The min i mum par amount re quired for STRIPS of bonds of

May 2030 is $32,000.

Auc tion of 2-Year Notes

On Au gust 16, Trea sury an nounced that it would auc tion

$10,000 mil lion of 2-year notes of Se ries Y-2002. This is sue

was to re fund $27,731 mil lion of se cu ri ties ma tur ing Au gust

31 and to pay down about $17,731 mil lion.

The notes of Se ries Y-2002 were dated Au gust 31, 2000.

They are due Au gust 31, 2002, with in ter est pay able on Feb ru -

ary 28 and Au gust 31 un til ma tu rity. Trea sury set an in ter est

rate of 6-1/8 per cent af ter de ter min ing which ten ders were ac -

cepted on a yield auc tion ba sis. 

Trea sury re ceived ten ders for the notes on Au gust 23. Ten -

ders to taled $26,945 mil lion; Trea sury ac cepted $10,004 mil -

lion at the high yield of 6.204 per cent with an equiv a lent price

of 99.854. Ten ders at the high yield were al lot ted 37 per cent.

The me dian yield was 6.185 per cent, and the low yield was

6.140 per cent. Non com pet i tive ten ders to taled $1,385 mil -

lion. Com pet i tive ten ders ac cepted from pri vate in ves tors to -

taled $8,620 mil lion.

In ad di tion to the $10,004 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,700 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $3,333 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries Y-2002 is $1,600,000.

52-Week Bills

On Au gust 24, Trea sury in vited ten ders for ap prox i mately

$10,000 mil lion of 364-day Trea sury bills. The bills were

dated Au gust 31, 2000, and will ma ture Au gust 30, 2001. The

is sue was to re fund $16,957 mil lion of all ma tur ing bills and to

raise about $11,043 mil lion of new cash. Trea sury auc tioned

the bills on Au gust 29. Ten ders to taled $23,431 mil lion; Trea -

sury ac cepted $10,005 mil lion. That in cluded $470 mil lion of

non com pet i tive ten ders from the pub lic and $1,610 mil lion is -

sued to FRBs as agents for for eign and in ter na tional mon e tary

au thor i ties. In ad di tion, Trea sury awarded $3,027 mil lion to

FRBs for their own ac counts. The high bank dis count rate was

5.880 per cent.

Cash Man age ment Bills

On Au gust 10, Trea sury in vited ten ders for ap prox i mately

$21,000 mil lion of 37-day bills. The bills were is sued Au gust

15, 2000, and ma tured Sep tem ber 21, 2000. The is sue was to

raise new cash. Ten ders were opened on Au gust 14. They to -

TREA SURY FI NANCING: JULY-SEPTEMBER, con.
PUB LIC DEBT OP ER A TIONS 35

taled $57,909 mil lion; Trea sury ac cepted $21,018 mil lion.

The high bank dis count rate was 6.35 per cent.

On Au gust 29, Trea sury in vited ten ders for ap prox i mately

$25,000 mil lion of 14-day bills. The bills were is sued Sep tem -

ber 1, 2000, and ma tured Sep tem ber 15, 2000. The is sue was to 

raise new cash. Ten ders were opened on Au gust 31. They to -

taled $61,503 mil lion; Trea sury ac cepted $25,011 mil lion. The 

high bank dis count rate was 6.44 per cent.

Debt Buy back Op er a tions

In the debt buy back op er a tion held on Au gust 17, 2000, for

set tle ment on Au gust 21, Trea sury re ceived $6,879 mil lion of

of fers. It ac cepted $1,500 mil lion par amount for a to tal price

paid of $1,760 mil lion (less ac crued in ter est).

In the debt buy back op er a tion held on Au gust 24, 2000, for

set tle ment on Au gust 28, Trea sury re ceived $4,949 mil lion of

of fers. It ac cepted $750 mil lion par amount for a to tal price

paid of $1,068 mil lion (less ac crued in ter est).

S E P T E M B E R 

Auc tion of 2-Year Notes

On Sep tem ber 22, Trea sury an nounced that it would auc -

tion $10,000 mil lion of 2-year notes of Se ries Z-2002. The is -

sue was to re fund $28,005 mil lion of se cu ri ties ma tur ing

Sep tem ber 30 and to pay down about $18,005 mil lion.

The notes of Se ries Z-2002 were dated Sep tem ber 30, 2000. 

They were is sued Oc to ber 2, 2000, and are due Sep tem ber 30,

2002, with in ter est pay able on March 31 and Sep tem ber 30 un -

til ma tu rity. Trea sury set an in ter est rate of 5-5/8 per cent af ter

de ter min ing which ten ders were ac cepted on a yield auc tion

ba sis. Ac crued in ter est of $0.32967 per $1,000, cov er ing the

pe riod from Sep tem ber 30, 2000, to Oc to ber 2, 2000, was pay -

able with each ac cepted ten der.

Trea sury re ceived ten ders for the notes on Sep tem ber 27.

Ten ders to taled $29,340 mil lion; Trea sury ac cepted $10,009

mil lion at the high yield of 6.002 per cent with an equiv a lent

price of 99.995. Ten ders at the high yield were al lot ted 91 per -

cent. The me dian yield was 5.995 per cent, and the low yield

was 5.970 per cent. Non com pet i tive ten ders to taled $1,253

mil lion. Com pet i tive ten ders ac cepted from pri vate in ves tors

to taled $8,756 mil lion.

In ad di tion to the $10,009 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,900 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties. It

also ac cepted $3,275 mil lion from FRBs for their own ac -

counts. The min i mum par amount re quired for STRIPS of

notes of Se ries Z-2002 is $100,000.

Debt Buy back Op er a tions

In the debt buy back op er a tion held on Sep tem ber 21, 2000,

for set tle ment on Sep tem ber 25, Trea sury re ceived $5,888

mil lion of of fers. It ac cepted $1,500 mil lion par amount for a

to tal price paid of $1,917 mil lion (less ac crued in ter est).

In the debt buy back op er a tion held on Sep tem ber 28, 2000,

for set tle ment on Oc to ber 2, Trea sury re ceived $5,660 mil lion

of of fers. It ac cepted $1,000 mil lion par amount for a to tal

price paid of $1,394 mil lion (less ac crued in ter est).

TREA SURY FI NANCING: JULY-SEPTEMBER, con.
36 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 2000

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

(1) (2) (3) (4) (5)

See foot note at end of ta ble.

2000

Oct. 31............................................... 5-3/4%-R note 10/31/95 12,080 1,140 10,940 

Oct. 31............................................... 4%-AJ note 11/02/98 20,525 2,980 17,545 

Nov. 15 ..............................................

1 8-1/2%-D note 11/15/90 11,520 1,497 10,023 

Nov. 15 .............................................. 1 5-3/4%-X note 11/17/97 16,036 2,182 13,854 

Nov. 30 .............................................. 5-5/8%-S note 11/30/95 12,357 1,513 10,844 

Nov. 30 .............................................. 4-5/8%-AK note 11/30/98 20,158 2,601 17,557 

Dec. 31 .............................................. 5-1/2%-T note 01/02/96 12,821 1,868 10,953 

Dec. 31 .............................................. 4-5/8%-AL note 12/31/98 19,475 3,026 16,449 

To tal..................

124,972 16,807 108,165 

2001

Jan. 31............................................... 5-1/4%-E note 01/31/96 12,816 1,430 11,386 

Jan. 31............................................... 4-1/2%-U note 02/01/99 19,777 2,765 17,012 

Feb. 15 .............................................. 11-3/4% bond 01/12/81 1,501 166 1,336 

Feb. 15 ..............................................

1 7-3/4%-A note 02/15/91 11,313 1,209 10,104 

Feb. 15 ..............................................

1 5-3/8%-S note 02/17/98 15,367 1,753 13,615 

Feb. 28 .............................................. 5-5/8%-F note 02/29/96 12,820 1,607 11,213 

Feb. 28 .............................................. 1 5%-V note 03/01/99 19,587 3,454 16,133 

Mar. 31 .............................................. 6-3/8%-G note 04/10/96 14,181 1,799 12,382 

Mar. 31 ..............................................

1 4-7/8%-W note 03/31/99 21,605 3,535 18,070 

Apr. 30............................................... 6-1/4%-H note 04/30/96 13,780 1,945 11,835 

Apr. 30............................................... 1 5%-X note 04/30/99 21,034 3,390 17,644 

May 15............................................... 13-1/8% bond 04/02/81 1,750 290 1,460 

May 15...............................................

1 8%-B note 05/15/91 12,398 1,883 10,515 

May 15...............................................

1 5-5/8%-T note 05/15/98 12,874 2,871 10,003 

May 31............................................... 6-1/2%-J note 05/31/96 13,722 1,567 12,155 

May 31...............................................

1 5-1/4%-Y note 06/01/99 19,886 3,056 16,830 

June 30 ..............................................

1 5-3/4%-Z note 06/30/99 19,001 2,684 16,317 

June 30 .............................................. 6-5/8%-K note 07/01/96 14,282 2,349 11,933 

July 31............................................... 6-5/8%-L note 07/31/96 14,137 1,682 12,455 

July 31...............................................

1 5-1/2%-AB note 08/02/99 20,541 3,650 16,891 

Aug. 15 ..............................................

1 7-7/8%-C note 08/15/91 12,339 1,754 10,585 

Aug. 15 .............................................. 13-3/8% bond 07/02/81 1,753 272 1,481 

Aug. 31 .............................................. 6-1/2%-M note 09/03/96 14,000 1,452 12,549 

Aug. 31 ..............................................

1 5-1/2%-AC note 08/31/99 20,119 3,736 16,382 

Sept. 30.............................................. 6-3/8%-N note 09/30/96 14,519 1,581 12,937 

Sept. 30..............................................

1 5-5/8%-AD note 09/30/99 18,798 3,101 15,697 

Oct. 31............................................... 6-1/4%-P note 10/31/96 14,640 1,091 13,549 

Oct. 31...............................................

1 5-7/8%-AE note 11/01/99 19,196 2,890 16,306 

Nov. 15 .............................................. 15-3/4% bond 10/07/81 1,753 231 1,522 

Nov. 15 ..............................................

1 7-1/2%-D note 11/15/91 24,226 3,557 20,669 

Nov. 30 .............................................. 5-7/8%-Q note 12/02/96 33,505 4,169 29,335 

Dec. 31 .............................................. 6-1/8%-R note 12/31/96 31,166 4,652 26,515 

To tal..................

498,386 71,571 426,816 

2002

Jan. 31............................................... 6-1/4%-C note 01/31/97 13,453 1,361 12,093 

Feb. 15, 02-07 ......................................... 7-5/8% bond 02/15/77 4,234 1,546 2,688 

Feb. 15 .............................................. 14-1/4% bond 01/06/82 1,759 225 1,534 

Feb. 28 .............................................. 6-1/4%-D note 02/28/97 13,800 1,750 12,050 

Mar. 31 .............................................. 6-5/8%-E note 03/31/97 14,301 1,796 12,506 

Apr. 30............................................... 6-5/8%-F note 04/30/97 14,475 2,150 12,324 

May 15...............................................

1 7-1/2%-A note 05/15/92 11,714 2,197 9,517 

May 31............................................... 6-1/2%-G note 06/02/97 13,504 1,634 11,870 

June 30 .............................................. 6-1/4%-H note 06/30/97 13,059 1,321 11,738 

July 15...............................................

1 3-5/8%-J note 07/15/97 18,123 970 17,153 

July 31............................................... 6%-K note 07/31/97 12,231 782 11,449 
PUB LIC DEBT OP ER A TIONS 37

2002 con.

Aug. 15 ..............................................

1 6-3/8%-B note 08/17/92 23,859 3,791 20,068 

Aug. 31 .............................................. 6-1/4%-L note 09/02/97 12,732 1,072 11,660 

Sept. 30.............................................. 1 5-7/8%-M note 09/30/97 12,807 1,237 11,570 

Oct. 31 ...............................................

1 5-3/4%-N note 10/31/97 11,737 982 10,755 

Nov. 15, 02-07 ......................................... 7-7/8% bond 11/15/77 1,495 379 1,116 

Nov. 15 .............................................. 11-5/8% bond 09/29/82 2,753 591 2,162 

Nov. 30 ..............................................

1 5-3/4%-P note 12/01/97 12,121 1,412 10,709 

Dec. 31 ..............................................

1 5-5/8%-Q note 12/31/97 12,052 967 11,085 

Jan. 31...............................................

1 6-3/8%-R note 01/31/00 19,381 4,045 15,337 

Feb. 28 ..............................................

1 6-1/2%-S note 02/29/00 16,563 3,584 12,980 

Mar. 31 ..............................................

1 6-1/2%-T note 03/31/00 17,238 3,539 13,699 

Apr. 30 ............................................... 1 6-3/8%-U note 05/01/00 17,391 3,869 13,522 

May 31...............................................

1 6-5/8%-V note 05/31/00 14,872 3,838 11,034 

June 30 ..............................................

1 6-3/8%-W note 06/30/00 14,321 3,109 11,212 

July 31 ...............................................

1 6-1/4%-X note 07/31/00 15,058 3,333 11,725 

Aug. 31 .............................................. 6-1/8%-Y note 08/31/00 15,072 3,333 11,739 

To tal..................

350,105 54,813 295,295 

2003

Jan. 31...............................................

1 5-1/2%-C note 02/02/98 13,101 1,330 11,771 

Feb. 15 .............................................. 10-3/4% bond 01/04/83 3,007 739 2,267 

Feb. 15 ..............................................

1 6-1/4%-A note 02/16/93 23,563 2,564 20,999 

Feb. 28 ..............................................

1 5-1/2%-D note 03/02/98 13,670 2,261 11,409 

Mar. 31 ..............................................

1 5-1/2%-E note 03/31/98 14,173 2,558 11,615 

Apr. 30 ...............................................

1 5-3/4%-F note 04/30/98 12,573 2,374 10,199 

May 15............................................... 10-3/4% bond 04/04/83 3,249 700 2,549 

May 31...............................................

1 5-1/2%-G note 06/01/98 13,132 1,712 11,420 

June 30 ..............................................

1 5-3/8%-H note 06/30/98 13,127 1,349 11,778 

Aug. 15, 03-08 ......................................... 8-3/8% bond 08/15/78 2,103 789 1,314 

Aug. 15 .............................................. 11-1/8% bond 07/05/83 3,501 766 2,735 

Aug. 15 ..............................................

1 5-3/4%-B note 08/16/93 28,011 4,188 23,823 

Aug. 15 ..............................................

1 5-1/4%-J note 08/17/98 19,852 2,968 16,884 

Nov. 15, 03-08 ........................................ 8-3/4% bond 11/15/78 5,230 1,666 3,564 

Nov. 15 .............................................. 11-7/8% bond 10/05/83 7,260 1,553 5,706 

Nov. 15 .............................................. 4-1/4%-K note 11/16/98 18,626 1,518 17,107 

To tal..................

194,178 29,035 165,140 

2004

Feb. 15 ..............................................

1 5-7/8%-A note 02/15/94 12,955 650 12,305 

Feb. 15 .............................................. 1 4-3/4%-E note 02/16/99 17,823 2,013 15,810 

May 15, 04-09 ......................................... 9-1/8% bond 05/15/79 4,606 1,061 3,545 

May 15............................................... 12-3/8% bond 04/05/84 3,755 829 2,926 

May 15...............................................

1 7-1/4%-B note 05/16/94 14,440 2,083 12,357 

May 15...............................................

1 5-1/4%-F note 05/17/99 18,925 2,562 16,364 

Aug. 15 .............................................. 13-3/4% bond 07/10/84 4,000 794 3,206 

Aug. 15 ..............................................

1 7-1/4%-C note 08/15/94 13,346 875 12,471 

Aug. 15 ..............................................

1 6%-G note 08/16/99 18,090 1,617 16,473 

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 1,616 6,686 

Nov. 15 ..............................................

1 7-7/8%-D note 11/15/94 14,374 2,223 12,151 

Nov. 15 ..............................................

1 5-7/8%-H note 11/15/99 32,658 3,320 29,338 

To tal..................

167,475 20,719 146,757 

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 2000, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts 

and Fed eral Re -

serve Banks

All other

in ves tors

(1) (2) (3) (4) (5)

See foot note at end of ta ble.
38 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 2000, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

(1) (2) (3) (4) (5)

See foot note at end of ta ble.

2005

Feb. 15, 05-10......................................... 11-3/4% bond 02/15/80 2,494 858 1,636 

Feb. 15 ..............................................

1

 7-1/2%-A note 02/15/95 13,835 1,677 12,158 

May 15, 05-10 ......................................... 10% bond 05/15/80 2,987 1,177 1,811 

May 15...............................................

1 12% bond 04/02/85 4,261 806 3,454 

May 15...............................................

1 6-1/2%-B note 05/15/95 14,740 2,000 12,740 

Aug. 15 ..............................................

1

 10-3/4% bond 07/02/85 9,270 1,727 7,543 

Aug. 15 ..............................................

1 6-1/2%-C note 08/15/95 15,003 2,015 12,988 

Nov. 15, 05-10......................................... 12-3/4% bond 11/17/80 4,736 1,261 3,476 

Nov. 15 ..............................................

1 5-7/8%-D note 11/24/95 15,210 1,960 13,250 

May 15............................................... 1 6-3/4%-E note 05/15/00 28,562 4,441 24,121 

To tal..................

111,098 17,922 93,177 

2006

Feb. 15 ..............................................

1 9-3/8% bond 01/15/86 4,756 773 3,983 

Feb. 15 ..............................................

1 5-5/8%-A note 02/15/96 15,514 1,918 13,596 

May 15, 06-11 ......................................... 13-7/8% bond 05/15/81 4,609 1,074 3,535 

May 15...............................................

1 6-7/8%-B note 05/15/96 16,015 2,494 13,521 

July 15...............................................

1 7%-C note 07/15/96 22,740 3,835 18,906 

Oct. 15...............................................

1 6-1/2%-D note 10/15/96 22,460 3,749 18,711 

Nov. 15, 06-11......................................... 14% bond 11/16/81 4,901 975 3,925 

To tal..................

90,995 14,818 76,177 

2007

Jan. 15...............................................

1 3-3/8%-A note 02/06/97 17,166 1,401 15,764 

Feb. 15 ..............................................

1 6-1/4%-B note 02/18/97 13,104 1,166 11,938 

May 15...............................................

1 6-5/8%-C note 05/15/97 13,958 1,973 11,985 

Aug. 15 .............................................. 1 6-1/8%-D note 08/15/97 25,637 3,854 21,783 

Nov. 15, 07-12......................................... 10-3/8% bond 11/15/82 11,032 1,919 9,113 

To tal..................

80,897 10,313 70,583 

2008

Jan. 15............................................... 13-5/8%-A note 01/15/98 17,960 1,631 16,329 

Feb. 15 ..............................................

15-1/2%-B note 02/17/98 13,583 1,480 12,103 

May 15...............................................

1 5-5/8%-C note 05/15/98 27,191 4,211 22,980 

Aug. 15, 08-13......................................... 12% bond 08/15/83 14,525 3,041 11,484 

Nov. 15 .............................................. 4-3/4%-D note 11/16/98 25,083 3,334 21,749 

To tal..................

98,342 13,697 84,645 

2009

May 15, 09-14 ......................................... 13-1/4% bond 05/15/84 4,835 869 3,965 

Aug. 15, 09-14......................................... 12-1/2% bond 08/15/84 4,781 906 3,875 

Nov. 15, 09-14.........................................

1 11-3/4% bond 11/15/84 6,006 1,195 4,811 

Jan. 15...............................................

1 3-7/8%-A note 01/15/99 16,735 871 15,864 

May 15...............................................

1 5-1/2%-B note 05/17/99 14,795 2,045 12,750 

Aug. 15 ..............................................

1 6%-C note 08/16/99 27,400 3,425 23,975 

To tal..................

74,552 9,311 65,240 

2010

Jan. 15...............................................

1 4-1/4%-A note 01/18/00 11,613 324 11,289

Feb. 15 ..............................................

1 6-1/2%-B note 02/15/00 23,356 3,740 19,616
PUB LIC DEBT OP ER A TIONS 39

See foot note at end of ta ble.

Aug. 15 .............................................. 1 5-3/4%-C note 08/15/00 12,360 1,254 11,106

To tal ..................

47,329 5,318 42,011

2015

Feb. 15 ..............................................

1 11-1/4% bond 02/15/85 12,024 1,846 10,178 

Aug. 15 ..............................................

1 10-5/8% bond 08/15/85 5,746 1,167 4,579 

Nov. 15 ..............................................

1 9-7/8% bond 11/15/85 6,156 1,007 5,149 

To tal ..................

23,926 4,020 19,906 

2016

Feb. 15 ..............................................

1 9-1/4% bond 02/18/86 6,867 1,037 5,830 

May 15...............................................

1 7-1/4% bond 05/15/86 18,824 1,099 17,724 

Nov. 15 ..............................................

1 7-1/2% bond 11/15/86 18,844 1,625 17,219 

To tal ..................

44,535 3,761 40,773 

2017

May 15...............................................

1 8-3/4% bond 05/15/87 17,175 2,755 14,420 

Aug. 15 ..............................................

1 8-7/8% bond 08/15/87 13,250 2,058 11,192 

To tal ..................

30,425 4,813 25,612 

2018

May 15............................................... 1 9-1/8% bond 05/16/88 7,956 1,240 6,717 

Nov. 15 ..............................................

1 9% bond 11/22/88 7,694 648 7,046 

To tal ..................

15,650 1,888 13,763 

2019

Feb. 15 .............................................. 1 8-7/8% bond 02/15/89 17,441 2,015 15,426 

Aug. 15 ..............................................

1 8-1/8% bond 08/15/89 19,857 1,898 17,959 

To tal ..................

37,298 3,913 33,385 

2020

Feb. 15 ..............................................

1 8-1/2% bond 02/15/90 10,004 1,439 8,565 

May 15...............................................

1 8-3/4% bond 05/15/90 8,894 1,502 7,392 

Aug. 15 ..............................................

1

8-3/4% bond 08/15/90 19,445 1,761 17,684 

To tal ..................

38,343 4,702 33,641 

2021

Feb. 15 ..............................................

1 7-7/8% bond 02/15/91 10,420 944 9,476 

May 15...............................................

1 8-1/8% bond 05/15/91 10,909 1,618 9,291 

Aug. 15 ..............................................

1 8-1/8% bond 08/15/91 10,923 1,658 9,265 

Nov. 15 .............................................. 18% bond 11/15/91 31,976 2,993 28,983 

To tal ..................

64,228 7,213 57,015 

2022

Aug. 15 ..............................................

1 7-1/4% bond 08/17/92 10,289 864 9,425 

Nov. 15 ..............................................

1 7-5/8% bond 11/16/92 9,295 1,601 7,694 

To tal ..................

19,584 2,465 17,119 

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 2000, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

(1) (2) (3) (4) (5)

2010 con.
40 PUB LIC DEBT OP ER A TIONS

1 This se cu rity is el i gi ble for strip ping. See ta ble V of the “Monthly State ment of the Pub l ic Debt

of the United States.”

2023

Feb. 15 ..............................................

1 7-1/8% bond 02/16/93 17,570 2,636 14,935 

Aug. 15 ..............................................

1 6-1/4% bond 08/16/93 22,669 1,487 21,182 

To tal ..................

40,239 4,123 36,117 

2024

Nov. 15 ..............................................

1 7-1/2% bond 08/15/94 10,770 1,573 9,197

To tal ..................

10,770 1,573 9,197

2025

Feb. 15 ..............................................

1 7-5/8% bond 02/15/95 11,536 1,157 10,379 

Aug. 15 ..............................................

1 6-7/8% bond 08/15/95 12,027 1,800 10,228 

To tal ..................

23,563 2,957 20,607 

2026

Feb. 15 .............................................. 1 6% bond 02/15/96 12,905 1,115 11,790 

Aug. 15 ..............................................

1 6-3/4% bond 08/15/96 10,894 1,614 9,280 

Nov. 15 ..............................................

1 6-1/2% bond 11/15/96 11,493 1,690 9,803 

To tal ..................

35,292 4,419 30,873 

2027

Feb. 15 ..............................................

1 6-5/8% bond 02/18/97 10,456 795 9,661 

Aug. 15 ..............................................

1 6-3/8% bond 08/15/97 10,736 1,640 9,096 

Nov. 15 ..............................................

1 6-1/8% bond 11/17/97 22,519 2,990 19,529 

To tal ..................

43,711 5,425 38,286 

2028

Apr. 15...............................................

1 3-5/8% bond 04/15/98 17,936 875 17,061 

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 10,947 945 10,002 

To tal ..................

40,659 3,592 37,067 

2029

Feb. 15 .............................................. 1 5-1/4% bond 02/16/99 11,350 1,340 10,010 

Apr. 15...............................................

1

3-7/8% bond 04/15/99 15,455 754 14,702 

Aug. 15 ..............................................

1 6-1/8% bond 08/16/99 11,179 1,075 10,104 

To tal ..................

37,984 3,169 34,816 

2030

May 15...............................................

1 6-1/4% bond 02/15/00 17,043 1,894 15,149 

To tal ..................

17,043 1,894 15,149 

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 2000, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

Held by

Date of fi nal ma tu rity De scrip tion Is sue date To tal

 U.S. Gov ern -

ment ac counts

and Fed eral Re -

serve Banks

 All other

 in ves tors

(1) (2) (3) (4) (5)
PUB LIC DEBT OP ER A TIONS 41

TA BLE PDO-2.—Of fer ings of Bills

[Dol lar amounts in mil lions. Source: “Monthly State ment of the Pub lic Debt of the United States”; Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac counting]

Reg u lar weekly:

(13 week and 26 week)

2000 - July 6 ...... 2000 - Oct. 5 91 27,154.5 12,919.4 7,241.9 1,169.9 98.526 5.830 6.001

2001 - Jan. 4 182 25,856.1 11,301.2 3,494.5 1,249.9 96.979 5.975 6.247

13 ..... 2000 - Oct. 12 91 29,544.1 12,485.4 7,213.1 1,248.4 98.509 5.900 6.071

2001 - Jan. 11 182 27,445.3 11,665.3 3,580.8 1,350.3 96.994 5.945 6.215

20 ..... 2000 - Oct. 19 91 27,905.6 13,730.0 5,966.2 1,191.3 98.493 5.960 6.137

2001 - Jan. 18 182 25,603.2 12,425.9 2,743.9 1,758.6 96.959 6.015 6.290

27 ..... 2000 - Oct. 26 91 24,805.0 13,085.0 6,767.7 1,246.2 98.481 6.010 6.187

2001 - Jan. 25 182 27,414.3 12,359.0 3,271.9 1,231.3 96.962 6.010 6.284

Aug. 3 ...... 2000 - Nov. 2 91 28,305.1 13,833.3 6,254.5 1,335.1 98.461 6.090 6.269

2001 - Feb. 1 182 24,358.4 12,709.2 5,511.7 1,254.2 96.909 6.115 6.397

10 ..... 2000 - Nov. 9 91 27,857.7 13,544.0 7,843.9 1,323.6 98.459 6.095 6.278

2001 - Feb. 8 182 28,009.1 13,044.1 4,101.1 1,266.1 96.936 6.060 6.339

17 ..... 2000 - Nov. 16 91 31,182.7 14,855.0 6,515.1 1,320.8 98.461 6.090 6.269

2001 - Feb. 15 182 24,886.2 13,568.7 3,686.5 1,820.2 96.929 6.075 6.354

24 ..... 2000 - Nov. 24 92 27,124.3 14,852.3 8,022.0 1,287.2 98.439 6.110 6.291

2001 - Feb. 22 182 24,922.8 13,311.6 4,275.5 1,229.2 96.921 6.090 6.371

31 ..... 2000 - Nov. 30 91 28,444.9 11,896.5 7,008.2 1,252.4 98.448 6.140 6.323

2001 - Mar. 1 182 22,470.6 9,545.6 5,901.3 1,132.7 96.916 6.100 6.382

Sept. 7 ...... 2000 - Dec. 7 91 33,380.0 13,974.4 6,891.4 1,229.3 98.467 6.065 6.245

2001 - Mar. 8 182 27,334.8 12,624.0 4,929.1 1,162.0 96.952 6.030 6.305

14 ..... 2000 - Dec. 14 91 32,046.5 14,853.6 6,413.3 1,291.0 98.497 5.945 6.121

2001 - Mar. 15 182 28,051.4 13,082.3 4,161.0 1,686.4 96.989 5.955 6.226

21 ..... 2000 - Dec. 21 91 32,242.7 14,048.1 6,482.6 1,235.9 98.493 5.960 6.137

2001 - Mar. 22 182 27,158.4 12,782.2 4,643.1 1,278.0 97.000 5.935 6.203

28 ..... 2000 - Dec. 28 91 28,080.9 14,625.9 5,903.9 1,160.3 98.482 6.005 6.183

2001 - Mar. 29 182 28,610.7 13,130.0 3,867.2 1,634.6 96.974 5.985 6.258

 52 week:

1999 - Sept. 6 ...... 2000 - Sept. 14 364 34,215.7 15,540.2 15,540.2 901.4 94.944 5.00 5.29

Oct. 14 ..... Oct. 12 364 30,201.7 16,734.1 15,942.7 791.4 94.828 5.12 5.41

Nov. 12 ..... Nov. 9 363 35,052.7 15,448.5 14,722.8 725.7 94.787 5.17 5.47

Dec. 9 ...... Dec. 7 364 35,597.2 14,815.4 14,020.8 794.6 94.591 5.30 5.67

2000 - Jan. 6 ...... 2001 - Jan. 4 364 30,491.5 14,940.9 7,707.6 918.3 94.292 5.645 5.997

Feb. 3 ...... Feb. 1 364 30,068.2 16,224.2 7,430.0 1,087.2 94.029 5.905 6.287

Mar. 2 ...... Mar. 1 364 29,797.5 15,611.9 7,320.3 1,082.6 94.095 5.840 6.197

Apr. No bills is sued.

May No bills is sued.

June 1 ...... May 31 364 30,672.4 13,617.7 7,049.6 6,725.6 93.933 6.000 6.375

July No bills is sued.

Aug. 31 ..... Aug. 30 364 26,458.3 13,032.9 7,925.8 469.6 94.055 5.880 6.241

Cash management:

2000 - Aug. 15 ..... 2000 - Sept. 21 37 57,909.2 21,018.3 21,018.1 0.2 99.347 6.35 6.480

De scrip tion of new is sue Amounts of bids ac cepted On to tal com pet i tive bids ac cepted

Ma tu rity date

Num ber

of days to

 ma tu rity 1

Amount

 of bids

 ten dered To tal amount

On com pet i -

tive ba sis 2

On noncom pet i tive

ba sis 3

High price per

 hun dred

High dis count

rate (per cent)

High in vest -

ment rate

(per cent) 4

Is sue date (1) (2) (3) (4) (5) (6) (7) (8) (9)

1 All 13-week bills rep re sent ad di tional is sues of bills with an orig i nal ma tu rity of 26 weeks or 52

weeks. Cer tain 26-week bills rep re sent ad di tional is sues of bills with an orig i nal ma tu rity of 52

weeks.

2 In cludes amounts ex changed on non com pet i tive ba sis by Gov ern ment ac counts and Fed eral

Re serve Banks.

3 Ten ders for $1 mil lion or less from any one bid der are ac cepted in full at the high price of accepted com pet i tive bids. All Trea sury mar ket able auc tions are con ducted in a sin gle-price for -

mat as of No vem ber 2, 1998.

4 Equiv a lent cou pon-issue yield.
42 PUB LIC DEBT OP ER A TIONS

See foot notes at end of ta ble.

TA BLE PDO-3.—Pub lic Of fer ings of Marketable Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills

[In mil lions of dol lars. Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]

Auc tion date Is sue date De scrip tion of se cu ri ties 1

 Pe riod to fi nal ma tu rity 

(years, months, days) 2

 Amount

 ten dered

 Amount 

 ac cepted

3,4

Ac cepted yield and 

equiv a lent price 

 for notes and bonds 

(1) (2) (3) (4) (5) (6) 

10/06/99 10/15/99 3-7/8% ii bond—04/15/29-reopening 29y 6m 13,836 7,368 4.138 - 96.989

10/13/99 10/14/99 5.115% bill—10/12/00 364d 30,202 16,734

10/27/99 11/01/99 5-7/8% note—10/31/01-AE 2y 44,527 5 19,187 5.935 - 99.888

11/09/99 11/12/99 5.170% bill—11/09/00 363d 35,053 15,448

11/09/99 11/15/99 5-7/8% note—11/15/04-H 5y 31,160 18,391 5.888 - 99.944

11/10/99 11/15/99 6% note—08/15/09-C-reopening 9y 9m 27,494 5 12,640 6.007 - 99.927

11/10/99 11/15/99 5.17% bill—01/20/00-reopening 66d 35,935 16,042

11/23/99 11/30/99 5-7/8% note—11/30/01-Q-reopening 2y 41,331 19,446 5.946 - 99.868

11/30/99 12/01/99 5.30% bill—01/13/00-reopening 43d 70,934 28,006

12/07/99 12/09/99 5.350% bill—12/07/00 364d 35,597 14,815

12/20/99 12/21/99 5.44% bill—01/13/00-reopening 23d 27,896 10,004

12/22/99 12/31/99 6-1/8% note—12/31/02-R-reopening 2y 33,634 17,176 6.233 - 99.800

01/04/00 01/06/00 5.997% bill—01/04/2001 364d 30,491 14,941

01/12/00 01/18/00 4-1/4% ii note—01/15/10-A 10y 18,740 6,317 4.338 - 99.298

01/26/00 01/31/00 6-3/8% note—01/31/02-R 2y 33,731 19,347 6.434 - 99.891

02/01/00 02/03/00 6.287% bill—02/01/01 364d 30,068 16,224

02/08/00 02/15/00 5-7/8% note—11/15/04-H-re open ing 4y 9m 25,052 5 14,230 6.741 - 96.505

02/09/00 02/15/00 6-1/2% note—02/15/10-B 10y 16,782 12,270 6.540 - 99.710

02/10/00 02/15/00 6-1/4% bond—05/15/30 30y 3m 14,527 5 11,271 6.340 - 98.771

02/17/00 02/18/00 5.86% bill—04/27/00-reopening 69d 56,198 30,006

02/23/00 02/29/00 6-1/2% note—02/28/02-S 2y 36,492 16,528 6.590 - 99.834

02/29/00 03/02/00 6.197% bill—03/01/01 364d 29,797 15,612

03/02/00 03/03/00 5.77% bill—03/16/00-reopening 13d 73,094 25,014

03/28/00 03/30/00 6.09% bill—04/20/00-reopening 21d 54,001 35,003

03/29/00 03/30/00 6.11% bill—04/18/00 19d 57,225 30,071

03/29/00 03/31/00 6-1/2% note—03/31/02-T 2y 36,049 17,220 6.58 - 99.852

04/26/00 05/01/00 6-3/8% note—04/30/02-U 2y 33,052 17,372 6.484 - 99.798

05/09/00 05/15/00 6-3/4% note—05/15/05-E 5y 27,183 15,458 6.789 - 99.837

05/10/00 05/15/00 6-1/2% note—02/15/10-B-reopening 9y 9m 24,011 5 11,076 6.475 - 100.153

05/24/00 05/31/00 6-5/8% note—05/31/02-V 2y 30,049 14,838 6.749 - 99.772

05/31/00 06/01/00 6.000% bill—05/31/01 364d 30,672 13,618

06/01/00 06/02/00 5.20% bill—06/14/00 12d 20,045 7,018

06/28/00 06/30/00 6-3/8% note—06/30/02-W 2y 31,326 14,311 6.483 - 99.800

07/12/00 07/17/00 4-1/4% note—01/15/10-A-reopening 9y 6m 11,741 5 5,002 4.030 - 103.539

07/26/00 07/31/00 6-1/4% note—07/31/02-X 2y 31,358 15,037 6.284 - 99.937

08/08/00 08/15/00 6-3/4% note—05/15/05-E-reopening 4y 9m 33,786 13,189 6.060 - 102.787

08/09/00 08/15/00 5-3/4% note—08/15/10-C 10y 21,811 12,357 5.840 - 99.326

08/10/00 08/15/00 6-1/4% bond—05/15/30-reopening 29y 9m 19,340 5,774 5.697 - 107.860

08/14/00 08/15/00 6.35% bill—09/21/00-reopening 37d 57,909 21,018

08/23/00 08/31/00 6-1/8% note—08/31/02-Y 2y 31,979 15,038 6.204 - 99.854

08/29/00 08/31/00 5.880% bill—08/30/01 364d 26,458 13,033

08/31/00 09/01/00 6.44% bill—09/15/00 14d 61,503 25,011
PUB LIC DEBT OP ER A TIONS 43

TA BLE PDO-3.—Pub lic Of fer ings of Mar ket able Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills, con.

1Cur rently, all is sues are sold at auc tion. For bill is sues, the rate shown

is the high bank dis count rate. For note and bond is sues, the rate

shown is the in ter est rate. For de tails of bill of fer ings, see ta ble PDO-2.

As of Oc to ber 1, 1997, all Trea sury is sues of notes and bonds are el i gi -

ble for STRIPS.

2 From date of ad di tional is sue in case of a re open ing.

3 In reopenings, the amount ac cepted is in ad di tion to the amount of

orig i nal of fer ings.

4 In cludes se cu ri ties is sued to U.S. Gov ern ment ac counts and Fed eral

Re serve Banks; and to for eign and in ter na tional mon e tary au thor i ties,

whether in ex change for ma tur ing se cu ri ties or for new cash.

5 In ter est be gan to ac crue be fore the is sue date (set tle ment date) of

this loan.

 Note.— Starting with the Jan u ary 5, 1999, auc tion, amounts listed as

ten dered and ac cepted are amounts ten dered and awarded on auc tion 

day. Be fore the Jan u ary 5, 1999, auc tion, amounts listed as ten dered

and ac cepted are amounts ten dered and awarded on is sue day.
44 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-4A.—Al lot ments by In ves tor Class

for Mar ket able Pub lic Debt Se cu ri ties Other than Bills

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary f or Do mes tic Fi nance]

See foot notes at end of ta ble.

01/15/99 3-7/8% note—1/15/09-A 8,532 400 884 103 2,077 282 773 - 165 3,848

02/01/99 4-1/2% note—1/31/01-U 19,777 2,765 309 1,173 12,938 2 271 1 2,001 317

02/16/99 4-3/4% note—2/15/04-E 17,823 2,013 86 315 12,253 4 2,102 1 800 249

02/16/99 4-3/4% note—11/15/08-D-reopening 11,595 1,340 1,374 55 7,728 * 406 - 364 328

02/16/99 5-1/4% bond—2/15/29 11,350 1,340 5 54 8,515 455 369 290 35 287

03/01/99 5% note—2/28/01-V 19,587 2,571 95 994 13,554 6 150 4 2,105 108

03/31/99 4-7/8% note—3/31/99-W 21,605 3,385 235 1,297 11,861 2 444 1 3,375 1,005

04/15/99 3-7/8% bond—4/15/29 7,351 350 20 17 5,093 1 527 60 871 412

04/30/99 5% note—4/30/01-X 21,034 3,020 53 1,201 12,793 7 102 1 3,585 272

05/17/99 5-1/4% note—5/15/04-F 18,925 2,562 24 456 12,569 2 374 75 1,525 1,338

05/17/90 5-1/2% note—5/15/09-B 14,795 2,045 214 584 9,956 2 572 10 750 662

06/01/99 5-1/4% note—5/31/01-Y 19,886 3,556 114 1,268 12,715 10 74 4 1,596 549

06/30/99 5-3/4% note—6/30/01-Z 19,001 2,484 243 1,540 12,398 1 392 * 1,893 50

07/15/99 3-7/8% note—1/15/09-A-reopening 7,369 368 19 115 4,686 365 1,074 20 534 188

08/02/99 5-1/2% note—7/15/01-AB 20,541 3,560 98 1,496 12,286 5 718 * 2,327 51

08/16/99 6% note—8/15/04-G 18,090 1,617 120 1,022 12,817 1 807 1 1,637 68

08/16/99 6% note—8/15/09-C 14,757 1,290 113 125 9,246 1 2,431 15 1,453 83

08/16/99 6-1/8% bond—8/15/29 11,179 1,075 15 574 6,670 - 2,391 25 266 163

08/31/99 5-1/2% note—8/31/01-AC 20,119 3,256 222 1,314 12,136 1 475 1 2,529 185

09/30/99 5-5/8% note—9/30/01-AD 18,798 2,125 401 1,655 12,101 1 119 6 2,260 130

10/15/99 3-7/8% note—4/15/29-reopening 7,370 368 499 80 3,127 255 2,722 - 279 40

11/01/99 5-7/8% note—10/31/99-AE 19,196 2,682 71 1,192 12,568 1 634 5 2,005 38

11/15/99 5-7/8% note—11/15/04-H 18,406 2,190 1,020 501 11,565 1 1,638 - 1,465 26

11/15/99 6% note—8/15/09-C-reopening 12,643 2,135 251 81 8,846 * 394 5 800 131

11/30/99 5-7/8% note—11/30/01-Q 19,473 3,143 664 1,157 11,803 6 901 * 1,660 139

12/31/99 6-1/8% note—12/31/01-R 17,195 2,175 606 1,206 12,223 7 843 * 75 60

01/18/00 4-1/4% note—1/15/10-A 6,318 316 602 68 2,552 37 2,335 5 400 3

01/31/00 6-3/8% note—1/31/02-R 19,381 4,045 392 1,513 11,409 2 168 * 1,820 32

02/15/00 5-7/8% note—11/15/04-H-reopening 14,252 1,130 81 897 9,961 * 98 * 1,854 231

Date of

fi nanc ing De scrip tion of se cu ri ties

To tal

 is sue

Fed eral

Re serve

Banks

De pos i -

tory in sti -

tu tions 1

In di vid -

uals 2

Dealers

and

brokers

Pri vate

pen sion

and re tire -

ment

funds

In vest -

ment

funds

 In sur ance 

companies

For eign

and 

international Other 3

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
PUB LIC DEBT OP ER A TIONS 45

TA BLE PDO-4A.—Al lot ments by In ves tor Class

for Mar ket able Pub lic Debt Se cu ri ties Other than Bills, con.

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary f or Do mes tic Fi nance]

* Less than $500,000.

1

De pos i tory in sti tu tions in clude banks.

2

In cludes part ner ships and per sonal trust ac counts.

3

 Re sid ual.

Date of 

fi nanc ing De scrip tion of se cu ri ties

Total

 is sue

Fed eral 

Re serve 

Banks

 De pos i -

tory in sti -

tu tions 1

In di vid -

uals 2

Dealers

and

brokers

Pri vate

pen sion

 and re -

tire ment

funds

In vest -

ment

funds

In sur ance 

companies

For eign

and

international Other 3

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

02/15/00 6-1/2% note—2/15/10-B 12,278 1,170 75 488 8,713 * 562 - 1,145 125

02/15/00 6-1/4% bond—5/15/30 11,269 1,170 232 127 7,749 - 1,475 - 223 293

02/29/00 6-1/2% note—2/28/02-S 16,563 3,219 217 1,425 8,937 7 760 2 1,795 201

03/31/00 6-1/2% note—3/31/02-T 17,238 3,515 337 1,849 8,897 1 300 1 2,047 303

05/01/00 6-3/8% note—4/30/02-U 17,391 3,869 291 1,638 9,065 3 473 * 2,020 32

05/15/00 6-3/4% note—5/15/05-E 15,426 2,357 109 995 10,466 2 193 1 1,230 73

05/15/00 6-1/2% note—2/15/10-B-reopening 11,078 2,570 111 210 6,668 * 644 * 839 36

05/31/00 6-5/8% note—5/31/02-V 14,872 3,838 67 1,845 7,674 1 125 1 1,296 25

06/30/00 6-3/8% note—6/30/02-W 14,321 3,109 58 1,517 7,831 7 112 1 1,476 210

07/17/00 4-1/4% note—1/15/10-A 5,003 - 1 403 2,537 292 1,468 - 293 9

07/31/00 6-1/4% note—7/31/02-X 15,058 3,333 64 1,249 8,020 * 27 2 2,053 310

08/15/00 6-3/4% note—5/15/05-E-reopening 13,137 2,085 55 634 8,249 * 78 - 2,030 6

08/15/00 5-3/4% note—8/15/00-C 12,360 1,254 21 88 9,214 * 247 - 1,186 350

08/15/00 6-1/4% bond—5/15/30-reopening 5,774 724 20 11 3,131 - 1,576 - 50 262

08/31/00 6-1/8 note—8/31/02-Y 15,072 3,333 61 1,355 8,091 16 2 * 1,945 269
46 PUB LIC DEBT OP ER A TIONS

1 Ex clu sive of banks and in sur ance com pa nies.

2

In cluded with “All other” in ves tors are cer tain Gov ern ment de posit ac counts and Gov ern -

ment-sponsored agen cies, for merly in cluded with Gov ern ment ac counts.

 Note.—For de tail of of fer ings, see ta ble PDO-3.

** Be gin ning July 1999, dif fer ent pro ce dures and cat e go ries are used to clas sify the bids by

type of in ves tor.

01/07/99 01/06/00 4.32 15,853 4,980 128 31 8,106 2,608

02/04/99 02/03/00 4.36 15,408 6,390 14 68 7,390 1,546

03/04/99 03/02/00 4.65 15,352 5,165 18 168 7,393 2,608

04/29/99 04/27/00 4.49 15,023 4,855 268 613 6,140 3,147

05/27/99 05/25/00 4.63 15,299 5,145 14 523 7,132 2,485

06/24/99 06/22/00 4.89 14,853 4,570 133 90 7,610 2,450

TA BLE PDO-4B.—Al lot ments by In ves tor Class for Mar ket able Pub lic Debt Se cu ri ties

for Bills Other than Reg u lar Weekly Se ries (His tor i cal)**

[Dol lar amounts in mil lions. Source: Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 To tal amount 

is sued Al lot ments by in ves tor class

 Date of Date of ma tu rity

 Av er age rate

(per cent) 52-week se ries

Fed eral Re serve

Banks

 Com mer -

cial banks Cor po ra tions 1

 Dealers 

and bro kers All other 2

 fi nanc ing (1) (2) (3) (4) (5) (6) (7) (8)

TA BLE PDO-4B.—Al lot ments by In ves tor Class

 for Mar ket able Pub lic Debt Se cu ri ties, 52-Week Bills**

[Dol lar amounts in mil lions. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Al lot ments by in ves tor class

Date of

 fi nanc ing

Date of

maturity

 High rate

(per cent)

To tal

amount

 is sued

Fed eral

 Re serve 

Banks

De pos i tory 

in sti tu tions 1 In di vid uals 2

Dealers and

 bro kers

Pen sion and

 re tire ment

In vest ment

funds

In sur ance

com pa nies

For eign

and in ter -

na tional All other 3

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

07/22/99 07/20/00 4.710 15,373 4,940 30 938 7,494 - 79 * 1,875 17

08/19/99 08/20/00 4.945 15,048 5,010 12 920 7,366 - 50 1 1,670 19

09/16/99 09/14/00 5.000 15,542 5,170 15 899 7,209 1 53 1 2,179 15

10/14/99 10/12/00 5.110 16,734 4,950 9 767 7,933 1 201 - 2,858 15

11/12/99 11/09/00 5.170 15,453 4,540 9 709 8,068 2 273 1 1,833 18

12/09/99 12/07/00 5.350 14,819 4,815 12 755 7,739 1 837 * 634 26

01/06/00 01/04/01 5.645 14,942 4,925 19 904 7,626 2 52 - 1,390 24

02/03/00 02/01/01 5.905 16,226 5,420 9 1,109 7,201 * 100 * 2,362 25

03/02/00 03/01/01 5.840 15,616 4,805 17 1,077 6,931 2 101 1 2,506 176

06/01/00 05/31/01 6.000 13,616 3,605 11 656 6,155 1 308 1 2,365 514

08/31/00 08/30/01 5.880 13,033 3,027 12 454 7,710 2 51 * 1,761 16

* Less than $500,000.

1

 De pos i tory in sti tu tions in clude banks.

2

 In cludes partnerships and per sonal trust ac counts.

3 Re sid ual.

 Note.—For de tail of of fer ings, see ta ble PDO-3.

** Be gin ning July 1999, dif fer ent pro ce dures and cat e go ries are used to clas sify the bids by

type of in ves tor.
 47

TA BLE SBN-1.—Sales and Re demp tions by Se ries, Cu mu la tive through Sept. 30, 2000

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Ac crued Sales plus In ter est- Ma tured nonSe ries Sales 1 dis count ac crued dis count Re demp tions 1 bear ing debt in ter est-bearing debt

(1) (2) (3) (4) (5) (6)

1 Sales and re demp tion fig ures in clude ex change of mi nor amounts of (1) ma tured se ries E

bonds for se ries G and K bonds from May 1951 through April 1957; (2) se ries F and J bonds for

se ries H bonds be gin ning Jan u ary 1960; and (3) U.S. sav ings notes for se ries H bonds be gin -

ning Jan u ary 1972; how ever, they ex clude ex changes of se ries E bonds for se ries H and HH

bonds.

IN TRO DUC TION: Sav ings Bonds and Notes

Se ries EE bonds, on sale since Jan u ary 1, 1998, and se ries I

bonds, on sale since Sep tem ber 1, 1998, are the sav ings bonds

cur rently be ing sold. Se ries HH bonds are is sued in ex change

for Se ries E and EE sav ings bonds and sav ings notes. Se ries

A-D were sold from March 1, 1935, through April 30, 1941.

Se ries E was on sale from May 1, 1941, through De cem ber 31,

1979 (through June 1980 to pay roll sav ers only). Se ries F and

G were sold from May 1, 1941, through April 30, 1952. Se ries

H was sold from June 1, 1952, through De cem ber 31, 1979.

Se ries HH bonds were sold for cash from Jan u ary 1, 1980,

through Oc to ber 31, 1982. Se ries J and K were sold from May

1, 1952, through April 30, 1957. U.S. sav ings notes were on

sale May 1, 1967, through June 30, 1970. The notes were el i gible for pur chase by in di vid u als with the si mul ta neous pur -

chase of se ries E sav ings bonds.

The prin ci pal terms and con di tions for pur chase and re -

demp tion and in for ma tion on in vest ment yields of sav ings

notes ap pear in the “Trea sury Bul le tins” of March 1967 and

June 1968; and in the An nual Re port of the Sec re tary of the

Trea sury for fis cal 1974.

Sav ings bonds:

 

Se ries A-D 2 ....................... 3,949 1,054 5,003 5,002 - 1

Se ries E, EE, H and HH.............. 360,206 214,136 574,342 376,373 177,659 6,544

Se ries I........................... 2,005 41 2,046 69 2,152 -

Se ries F and G..................... 28,396 1,125 29,521 29,517 - 3

Se ries J and K..................... 3,556 198 3,754 3,753 - -

Sav ings notes .....................

862 707 1,569 1,221 27 -

 To tal ...........................

398,974 217,261 616,235 415,935 179,838 6,548

2 De tails by se ries on a cu mu la tive ba sis and by pe riod of se ries A-D com bined can be found in

the Feb ru ary 1952 and pre vi ous is sues of the “Trea sury Bul le tin.”
48 U.S. SAV INGS BONDS AND NOTES

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt

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

Se ries E and EE

Fis cal years:

1941-94 ......... 321,899 160,472 482,371 291,359 217,284 77,650 17,106 165,387 1,835

1995 ........... 7,222 9,464 16,686 11,069 6,532 4,537 874 170,005 1,977

1996 ........... 6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276

1997 ........... 5,334 9,067 14,401 8,435 7,541 6,456 1,254 169,969 3,584

1998 ........... 4,765 9,141 13,906 14,136 6,954 7,182 1,190 180,744 5,091 1999 ........... 4,630 8,349 12,979 12,407 6,744 7,500 1,090 162,749 6,525

Cal en dar years:

1941-96 ......... 332,811 185,957 518,768 312,108 235,780 83,241 19,745 170,744 4,198

1997 ........... 9,316 16,499 25,815 24,863 13,044 11,598 2,192 168,802 5,359

1998 ........... 4,870 9,152 14,022 14,123 6,669 6,326 1,981 167,375 6,250

1999 ........... 3,752 5,979 9,731 9,544 4,230 4,571 756 166,524 6,262

1999 - Sept ........ 375 669 1,077 1,041 481 368 91 166,529 6,169

Oct......... 391 819 1,244 981 441 461 83 166,750 6,094

Nov......... 391 631 1,092 985 450 456 83 166,772 6,026

Dec......... 551 676 1,334 1,253 569 579 88 165,702 6,983

2000 - Jan......... 384 784 1,295 791 738 791 86 165,358 6,832

Feb......... 360 689 1,165 690 520 690 102 165,146 6,677

Mar......... 430 647 1,184 766 656 766 112 164,719 6,534

Apr ......... 369 797 1,254 1,354 580 686 89 164,558 6,416

May ........ 387 601 1,115 1,249 540 611 98 163,679 6,934

June........ 378 644 1,276 1,317 579 652 86 163,420 6,810

July......... 324 757 1,349 1,246 562 600 84 163,267 6,713 Aug......... 329 671 1,270 1,392 626 666 101 162,876 6,610

Sept ........ 336 633 1,177 1,103 483 542 78 162,749 6,525

TA BLE SBN-2.—Sales and Re demp tions by Pe riod, All Se ries of Sav ings Bonds and Notes Com bined

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Sales plus Re demp tions Ma tured

Ac crued ac crued Sales Ac crued In ter est- non-interestPe riod Sales dis count dis count To tal price 1

dis count 1bear ing debt bear ing debt

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

Fis cal years:

1935-94 ................. 370,682 173,465 544,147 348,780 272,261 76,459 176,766 1,857

1995 ................. 7,222 9,481 16,703 11,805 7,268 4,537 181,529 1,997

1996 ................. 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292

1997 ................. 5,334 9,083 14,417 2,084 8,435 5,968 182,589 3,601

1998 ................. 4,765 9,141 13,906 14,338 6,897 7,441 180,744 5,091

1999 ................. 6,530 8,394 14,924 16,614 8,072 6,781 177,659 6,544

Cal en dar years:

1935-96............... 382,305 198,008 580,313 382,776 292,607 90,169 182,781 4,222

1997 ................. 9,904 17,301 27,205 27,647 15,412 12,235 181,133 5,359

1998 ................. 4,870 9,156 14,026 13,254 6,577 6,677 180,254 6,273

1999 ................. 4,095 5,985 10,080 10,124 6,299 3,825 179,903 6,282

1999 - Sept .............. 415 671 1,086 992 549 368 179,950 6,188

Oct ............... 425 821 1,245 1,047 504 461 180,222 6,113

Nov............... 460 633 1,093 1,056 518 456 180,326 6,045

Dec............... 659 678 1,337 1,304 640 579 179,277 7,005

2000 - Jan............... 522 787 1,309 1,727 853 738 179,005 6,853

Feb............... 474 691 1,165 1,417 629 521 178,900 6,697

Mar............... 540 649 1,189 1,657 784 656 178,558 6,554

Apr ............... 455 801 1,256 1,464 694 580 178,459 6,435

May .............. 514 605 1,119 1,349 644 540 177,688 6,957

June .............. 630 649 1,279 1,420 687 579 177,660 6,831

July............... 590 762 1,352 1,351 672 562 177,747 6,734

Aug............... 721 677 1,398 1,633 872 626 177,604 6,630

Sept .............. 540 641 1,181 1,189 575 483 177,659 6,544

See note at end of ta ble.

1 Be cause there is a nor mal lag in clas si fy ing re demp tions, the dis tri bu tion of re demp tions
U.S. SAV INGS BONDS AND NOTES 49

Se ries H and HH

Fis cal years:

1952-94......... 13,548 - 13,548 18,990 18,990 - 17,106 11,379 17

1995 ........... 8 - 8 737 737 - 874 11,524 16

1996 ........... 16 - 16 744 744 - 1,173 11,940 16

1997 ........... 10 - 10 893 893 - 1,254 12,294 17

1998 ........... 56 - 56 941 941 - 1,108 12,541 19

1999 ........... 167 - 167 1,280 1,280 - 1,080 12,759 20

 -

Cal en dar years:

 -

1952-96......... 13,553 - 13,553 20,620 20,620 - 19,478 12,038 23

1997 ........... -7 - -7 1,693 1,693 - 2,193 12,331 23

1998 ........... 68 - 68 906 906 - 857 12,594 23

1999 ........... 26 - 26 558 558 - 756 12,797 20

 -

1999 - Sept........ 9 - 9 67 67 - 91 12,813 19

Oct ......... 1 - 1 61 61 - 83 12,837 19

Nov ......... 1 - 1 65 65 - 83 12,856 19

Dec ......... 3 - 3 69 69 - 88 12,869 22

2000 - Jan......... 14 - 14 112 112 - 86 12,858 21

Feb ......... - - - 105 105 - 102 12,855 20

Mar ......... 5 - 5 123 123 - 112 12,839 20

Apr ......... 1 - 1 110 110 - 89 12,821 19

May ........ 4 - 4 100 100 - 98 12,810 23

June........ 3 - 3 103 103 - 86 12,797 22

July ......... 3 - 3 105 105 - 84 12,781 21

Aug ......... 128 - 128 241 241 - 101 12,770 20

Sept ........ 4 - 4 86 86 - 78 12,759 20

Se ries I

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I, con.

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

Amount out stand ing 

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt

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

Fis cal year:

1999 ........... 1,730 41 1,771 49 49 - - 2,152 -

Cal en dar years:

1998 ........... 117 - 117 - - - - 117 -

1999 ........... 331 - 331 4 4 - - 440 -

1999 - Sept ........ 32 1 33 2 2 - - 469 -

Oct......... 32 1 33 2 2 - - 407 -

Nov......... 68 1 69 3 3 - - 440 -

Dec......... 105 1 106 3 3 - - 469 -

2000 - Jan......... 124 2 126 3 3 - - 789 -

Feb......... 113 3 116 4 4 - - 898 -

Mar......... 105 2 107 4 4 - - 1,000 -

Apr......... 85 3 88 4 4 - - 1,080 -

May ........ 122 4 126 4 4 - - 1,198 -

June........ 249 5 254 5 5 - - 1,443 -

July......... 263 6 269 5 5 - - 1,700 -

Aug......... 264 6 270 6 6 - - 1,958 -

Sept ........ 200 7 207 6 6 - - 2,152 -

 Note—Se ries E and EE in clude U.S. sav ings notes (Free dom Shares) on sale from

May 1, 1967, through June 30, 1970, to E bond buy ers.
50

IN TRO DUC TION: Own er ship of Fed eral Se cu ri ties

Fed eral se cu ri ties pre sented in the fol low ing ta bles are

pub lic debt se cu ri ties such as sav ings bonds, bills, notes and

bonds that the Trea sury is sues. The ta bles also de tail debt is -

sued by other Fed eral agen cies un der spe cial fi nanc ing au thor -

i ties. [See the Fed eral debt (FD) ta bles for a more com plete

de scrip tion of the Fed eral debt.]

• Ta ble OFS-1 pres ents Trea sury mar ket able and non -

mar ket able se cu ri ties and debt is sued by other Fed eral agen -

cies held by Gov ern ment ac counts, the FRBs and pri vate

in ves tors. So cial Se cu rity and Fed eral re tire ment trust fund in -

vest ments com prise much of the Gov ern ment ac count hold -

ings. 

The FRBs ac quire Trea sury se cu ri ties in the mar ket as a

means of ex e cut ing mon e tary pol icy.

• Ta ble OFS-2 pres ents the es ti mated amount of pub lic

debt se cu ri ties held by pri vate in ves tors. In for ma tion is ob -

tained from sources such as the Fed eral fi nan cial in sti tu tion

reg u la tory agen cies. State, lo cal and for eign hold ings in clude

spe cial is sues of non mar ket able se cu ri ties to mu nic i pal en ti -

ties and for eign of fi cial ac counts. They also in clude mu nic i -

pal, for eign of fi cial and pri vate hold ings of mar ket able

Trea sury se cu ri ties. (See foot notes to the ta ble for de scrip tion

of in ves tor cat e go ries.)
OWN ER SHIP OF FED ERAL SE CU RITIES 51

TA BLE OFS-1.—Dis tri bu tion of Fed eral Se cu ri ties by Class of In ves tors and Type of Is sues

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

To tal In ter est-bearing pub lic debt se cu ri ties

End of Fed eral Pub lic is sues

fis cal year se cu ri ties To tal Held by U.S. Gov ern ment ac counts held by Fed eral

or month out stand ing out stand ing To tal Mar ket able Non mar ket able Re serve Banks

(1) (2) (3) (4) (5) (6)

1996 ......................... 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

1997 ......................... 5,446,333 5,407,528 1,598,459 1,254 1,597,205 436,496

1998 ......................... 5,555,565 5,518,681 1,765,580 1,254 1,764,326 458,131

1999 ......................... 5,685,181 5,647,241 1,989,072 1,123 1,987,949 496,472

2000 ......................... 5,701,850 5,622,092 2,235,710 461 2,235,249 511,413

1999 - Sept ................... 5,685,181 5,647,241 1,989,072 1,123 1,987,949 496,472

Oct .................... 5,708,360 5,640,643 2,006,234 1,123 2,005,111 490,547

Nov .................... 5,724,359 5,684,718 2,015,565 1,123 2,014,442 492,693

Dec .................... 5,805,009 5,766,093 2,060,560 1,123 2,059,437 477,735

2000 - Jan..................... 5,739,855 5,701,444 2,080,140 1,123 2,079,017 499,967

Feb .................... 5,763,410 5,725,655 2,085,861 1,123 2,084,738 500,539

Mar .................... 5,801,544 5,763,794 2,085,418 1,123 2,084,295 501,708

Apr .................... 5,713,047 5,646,150 2,110,760 1,123 2,109,637 506,696

May .................... 5,674,829 5,637,059 2,127,639 459 2,127,180 506,744

June ................... 5,714,216 5,675,889 2,190,225 459 2,189,766 504,950

July .................... 5,686,531 5,648,865 2,197,056 461 2,196,595 506,103

Aug .................... 5,705,463 5,667,989 2,206,204 461 2,205,743 510,182

Sept.................... 5,701,850 5,622,092 2,235,710 461 2,235,249 511,413

Ma tured Agency se cu ri ties

pub lic Held by

debt U.S. Gov ern ment

End of In ter est-bearing pub lic debt se cu ri ties, con. and debt ac counts and Held by

fis cal year Held by pri vate in ves tors bear ing no To tal Fed eral Re serve pri vate

or month To tal Mar ket able Non mar ket able in ter est out stand ing Banks in ves tors

(7) (8) (9) (10) (11) (12) (13)

1996......................... 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

1997......................... 3,372,573 3,001,866 370,707 5,618 33,187 7,098 26,089

1998......................... 3,294,970 2,871,645 423,325 7,512 29,372 3,917 25,455

1999......................... 3,161,697 2,735,403 426,293 9,030 28,910 634 28,276

2000......................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621

1999 - Sept ................... 3,161,697 2,735,403 426,293 9,030 28,910 634 28,276

Oct .................... 3,143,862 2,719,539 424,324 39,083 28,633 634 27,999

Nov .................... 3,176,460 2,749,858 426,602 8,882 30,759 634 30,125

Dec .................... 3,227,798 2,802,125 425,673 9,998 28,918 634 28,284

2000 - Jan .................... 3,121,337 2,698,710 422,627 9,841 28,570 384 28,186

Feb .................... 3,139,255 2,717,058 422,197 9,678 28,077 384 27,693

Mar .................... 3,176,668 2,758,400 418,269 9,597 28,152 384 27,768

Apr .................... 3,028,694 2,611,441 417,253 38,958 27,939 384 27,555

May.................... 3,002,676 2,585,194 417,482 10,111 27,659 51 27,608

June ................... 2,980,714 2,565,321 415,392 10,050 28,278 51 28,227

July .................... 2,945,706 2,539,547 406,159 9,943 27,724 51 27,673

Aug .................... 2,951,603 2,545,893 405,711 9,833 27,641 51 27,590

Sept.................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621
52 OWN ER SHIP OF FED ERAL SE CU RITIES

1 Source: U.S. Trea sury Monthly State ment of Pub lic Debt. Face value.

2 Sources: Fed eral Re serve Bul le tin, ta ble 1.18, Fed eral Re serve Banks, state ment of con di -

tion, for Sys tem Open Mar ket Ac counts; and U. S. Trea sury for Gov ern ment ac counts. Fed eral

Re serve hold ings ex clude Trea sury se cu ri ties held un der re pur chase agree ments.

3 Source: Fed eral Re serve Board of Gov er nors, Flow of Funds Ta ble L.209. 

4 In cludes com mer cial banks, sav ings in sti tu tions and credit un ions.

5

 Source: U.S. Trea sury Monthly State ment of Pub lic Debt. Cur rent ac crual value.

6 In cludes U.S. Trea sury se cu ri ties held by the Fed eral Em ployees Re tire ment Sys tem Thrift

Sav ings Plan "G Fund."

7 In cludes money mar ket mu tual funds, mu tual funds and closed-end in vest ment com pa nies.

8 Source: Fed eral Re serve Board Trea sury In ter na tional Cap i tal Sur vey. In cludes non mar ketable for eign se ries Trea sury se cu ri ties and Trea sury de posit funds. Ex cludes Trea sury se cu ri -

ties held un der re pur chase agree ments in cus tody ac counts at the Fed eral Re serve Bank of

New York. Es ti mates re flect the 1984 bench mark to De cem ber 1989, the 1989 bench mark to

De cem ber 1994 and the 1994 bench mark to date.

9 In cludes in di vid u als, Gov ern ment-sponsored en ter prises, bro kers and deal ers, bank per s onal

trusts and es tates, cor po rate and non-corporate busi nesses, and other in ves tors.

 Note.—Own er ship data were re vised (in June 1999) back to March 1989 in or der to up date

own er ship cat e go ries and to in cor po rate greater re li ance on Flow of Funds data of the Fed eral

TA BLE OFS-2.—Es ti mated Own er ship of U.S. Trea sury Se cu ri ties

[In bil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

1989 - Mar ....... 2,740.9 837.5 1,903.4 239.0 112.2 r 107.7 127.3 r 119.6 118.5 355.9 373.5 r 349.7

June ...... 2,799.9 890.8 1,909.1 218.2 114.0 r 113.4 127.9 120.6 116.5 358.6 366.4 r 373.6

Sept ....... 2,857.4 899.1 1,958.3 205.4 115.7 r 119.5 129.4 121.2 120.4 359.8 391.8 r 395.1

Dec....... 2,953.0 935.6 2,017.4 204.2 117.7 r 127.3 128.6 123.9 124.9 369.1 426.1 r 395.6

1990 - Mar ....... 3,052.0 935.4 2,116.6 218.8 119.9 r 116.6 139.0 132.3 142.7 401.1 445.4 r 400.8

June ...... 3,143.8 1,003.8 2,140.0 214.2 121.9 r 122.6 144.6 133.7 141.2 405.0 451.0 r 405.7

Sept ....... 3,233.3 1,026.0 2,207.3 214.8 123.9 r 126.5 146.4 136.4 147.6 407.3 463.8 r 440.7

Dec....... 3,364.8 1,059.5 2,305.3 206.5 126.2 r 129.7 144.5 138.2 162.8 410.6 487.1 r 499.8

1991 - Mar ....... 3,465.2 1,104.6 2,360.6 222.5 129.7 r 122.9 153.4 147.2 186.1 415.6 492.0 r 491.2

June ...... 3,538.0 1,139.1 2,398.9 231.5 133.2 r 122.8 155.0 156.8 180.1 416.8 502.0 r 500.7

Sept ....... 3,665.3 1,166.9 2,498.4 251.7 135.4 r 126.2 140.2 171.4 199.5 430.2 506.3 r 537.6

Dec....... 3,801.7 1,223.2 2,578.5 271.5 138.1 r 126.9 141.7 181.8 221.8 435.5 520.9 r 540.3

1992 - Mar ....... 3,881.3 1,215.5 2,665.8 300.5 142.0 r 116.9 140.7 188.4 227.9 460.0 536.4 r 553.0

June ...... 3,984.7 1,272.3 2,712.4 315.1 145.4 r 116.7 146.7 192.8 235.2 435.6 558.2 r 566.7

Sept ....... 4,064.6 1,282.4 2,782.2 337.1 150.3 r 120.0 166.4 194.8 245.1 429.3 562.8 r 576.5

Dec....... 4,177.0 1,329.7 2,847.3 348.3 157.3 r 121.1 172.3 197.5 259.5 418.2 576.7 r 596.4

1993 - Mar ....... 4,230.6 1,328.6 2,902.0 362.6 163.6 r 112.1 171.2 208.0 261.5 434.0 585.9 r 603.2

June ...... 4,352.0 1,400.6 2,951.4 361.0 166.5 r 111.6 176.9 217.8 269.2 441.2 596.8 r 610.4

Sept ....... 4,411.5 1,422.2 2,989.3 366.2 169.1 r 125.1 188.7 229.4 283.9 434.0 619.1 r 573.9

Dec....... 4,535.7 1,476.1 3,059.6 373.0 171.9 r 119.3 186.3 234.5 294.0 447.8 650.3 r 582.5

1994 - Mar ....... 4,575.9 1,476.0 3,099.9 397.4 175.0 r 119.6 195.0 233.4 278.0 443.4 661.1 r 597.0

June ...... 4,645.8 1,547.5 3,098.3 383.9 177.1 r 128.9 193.4 238.1 271.6 425.2 659.9 r 620.3

Sept ....... 4,692.8 1,562.8 3,130.0 364.0 178.6 r 135.9 191.9 243.7 265.3 398.2 682.0 r 670.4

Dec....... 4,800.2 1,622.6 3,177.6 339.6 180.5 r 139.4 192.1 240.1 273.0 370.0 667.3 r 775.6

1995 - Mar ....... 4,864.1 1,619.3 3,244.8 352.9 181.4 r 141.1 203.1 244.2 273.1 350.5 707.0 r 791.6

June ...... 4,951.4 1,690.1 3,261.3 340.0 182.6 r 142.0 197.2 245.0 263.9 313.7 762.5 r 814.6

Sept ....... 4,974.0 1,688.0 3,286.0 330.8 183.5 r 141.4 193.0 245.2 272.6 304.3 820.4 r 794.8

Dec....... 4,988.7 1,681.0 3,307.7 315.4 185.0 r 142.0 191.7 241.5 286.5 289.8 835.2 r 820.6

1996 - Mar ....... 5,117.8 1,731.1 3,386.7 322.1 185.8 r 143.7 198.9 239.4 310.4 283.6 908.1 r 794.7

June ...... 5,161.1 1,806.7 3,354.4 318.7 186.5 r 143.9 208.2 229.5 306.5 283.3 929.7 r 748.1

Sept ....... 5,224.8 1,831.6 3,393.2 310.9 186.8 r 140.5 202.4 226.8 308.4 263.8 993.4 r 760.2

Dec....... 5,323.2 1,892.0 3,431.2 296.6 187.0 r 139.3 203.5 214.1 315.8 257.0 1,102.1 r 715.8

1997 - Mar ....... 5,380.9 1,928.7 3,452.2 317.3 186.5 r 140.6 203.7 182.2 310.6 250.6 1,157.6 r 703.1

June....... 5,376.2 1,998.9 3,377.3 300.2 186.3 r 141.0 209.3 183.6 305.4 243.3 1,182.7 r 625.5

Sept ....... 5,413.1 2,011.5 3,401.6 292.8 186.2 r 141.6 219.7 187.3 311.4 237.7 1,230.5 r 594.3

Dec........ 5,502.4 2,087.8 3,414.6 300.3 186.5 r 142.5 216.9 176.6 321.5 239.3 1,241.6 r 589.5

1998 - Mar ....... 5,542.4 2,104.9 3,437.5 308.2 186.3 r 142.8 211.9 169.4 325.1 238.1 1,250.5 r 605.2

June ...... 5,547.9 2,198.6 3,349.3 290.7 186.0 r 145.2 214.8 160.6 319.4 258.5 1,256.0 r 518.1

Sept ....... 5,526.2 2,213.0 3,313.2 244.4 186.0 r 150.6 211.2 151.3 319.7 266.4 1,224.2 r 559.4

Dec....... 5,614.2 2,280.2 3,334.0 237.3 186.7 r 157.8 217.7 144.5 343.2 269.3 1,278.7 r 498.8

1999 - Mar ....... 5,651.6 2,324.1 3,327.5 246.5 r 186.5 r 161.2 218.4 r 140.3 r 351.7 272.5 1,272.1 r 478.3

June ...... 5,638.8 2,439.6 3,199.2 240.6 r 186.5 r 165.5 222.5 r 136.3 r 334.9 279.1 1,258.6 r 375.2

Sept ....... 5,656.3 2,480.9 3,175.4 239.9 186.3 r 167.4 r 217.3 r 130.6 r 338.3 271.6 1,281.3 r 342.7

Dec....... 5,776.1 2,542.2 3,233.9 r 246.4 r 186.4 r 171.3 r 213.2 r 125.3 r 348.6 266.8 1,268.8 r 407.1

2000 - Mar........ 5,773.4 2,590.6 3,182.8 r 235.1 185.3 r 174.8 r 211.1 r 124.0 r 338.9 257.2 r 1,273.9 r 382.5

June ...... 5,685.9 r 2,698.6 2,987.4 p 219.7 r 184.6 r 175.5 r 209.0 r 120.9 r 318.6 r 256.4 r 1,248.9 r 253.8

Sept ....... 5,674.2 2,737.9 2,936.2 n.a. p 184.7 n.a. n.a. n.a. n.a. n.a. p 1,225.2 n.a.

Fed eral

Re serve

and Gov ernment ac -

counts 2

Pen sion funds 3

To tal

pub lic

debt 1

To tal

pri vately

held

 De pos i tory

in sti tu -

tions3,4

 U.S.

 sav ings

 bonds 5 Pri vate 6

State and

 lo cal gov ernments

 In sur ance 

companies3Mu tual 

funds 3,7

State

and lo cal

gov ernments 3

 For eign

and inter-

 na tional 8

 Other

 in ves tors 9

End of month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
IN TRO DUC TION: Mar ket Yields

The ta bles and charts in this sec tion pres ent yields on

Trea sury mar ket able se cu ri ties, and com pare long-term yields

on Trea sury se cu ri ties with yields on long-term cor po rate and

mu nic i pal se cu ri ties.

• Ta ble MY-1 lists Trea sury mar ket bid yields at con -

stant ma tu ri ties for bills, notes and bonds. The Trea sury yield

curve in the ac com pa ny ing chart is based on cur rent mar ket

bid quo ta tions on the most ac tively traded Trea sury se cu ri ties

as of 3:30 p.m. on the last busi ness day of the cal en dar quar ter. 

The Trea sury uses quo ta tions ob tained by the FRB of

New York to de rive the yield curve, based on semi an nual in -

ter est pay ments and read at con stant ma tu rity points to de -

velop a con sis tent data se ries. Yields on Trea sury bills are

cou pon equiv a lent yields of bank dis count rates at which

Trea sury bills trade in the mar ket. The Board of Gov er nors of

the Fed eral Re serve Sys tem pub lishes the Trea sury con stant

ma tu rity data se ries in its weekly H.15 press re lease.

• Ta ble MY-2 shows av er age yields of long-term Trea -

sury, cor po rate and mu nic i pal bonds. The long-term Trea sury

av er age yield is the 30-year con stant ma tu rity yield. The cor -

po rate bond av er age yield is de vel oped by Trea sury by cal cu -

lat ing reoffering yields on new long-term se cu ri ties ma tur ing

in at least 20 years and rated Aa by Moody’s In ves tors Ser vice. 

The mu nic i pal bond av er age yield prior to 1991 was com piled

by Trea sury. Be gin ning with Jan u ary 1991, the av er age yield

is the “Mu nic i pal Bond Yield Av er age,” pub lished by

Moody’s In ves tors Ser vice for 20-year reoffering yields on se -

lected Aa-rated gen eral ob li ga tions. See the foot notes for fur -

ther ex pla na tion.

53

TA BLE MY-1.—Trea sury Mar ket Bid Yields at Con stant Ma tu rities:

Bills, Notes and Bonds*

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

* Rates are from the Trea sury yields curve.

Period 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr.

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

Monthly av er age:

1999 - Oct................ 5.02 5.20 5.43 5.86 5.94 6.03 6.33 6.11 6.26

Nov ............... 5.23 5.43 5.55 5.86 5.92 5.97 6.17 6.03 6.15

Dec ............... 5.36 5.68 5.84 6.10 6.14 6.19 6.38 6.28 6.35

2000 - Jan ................ 5.50 5.76 6.12 6.44 6.49 6.58 6.70 6.66 6.63

Feb ............... 5.73 6.00 6.22 6.61 6.65 6.68 6.72 6.52 6.23

Mar ............... 5.86 6.11 6.22 6.53 6.53 6.50 6.51 6.26 6.05

Apr ................ 5.82 6.07 6.15 6.40 6.36 6.26 6.27 5.99 5.85

May ............... 5.99 6.39 6.33 6.81 6.77 6.69 6.69 6.44 6.15

June............... 5.86 6.24 6.17 6.48 6.43 6.30 6.33 6.10 5.93

July ............... 6.14 6.27 6.08 6.34 6.28 6.18 6.22 6.05 5.85

Aug ............... 6.28 6.35 6.18 6.23 6.17 6.06 6.05 5.83 5.72

Sept............... 6.18 6.25 6.13 6.08 6.02 5.93 5.98 5.80 5.83

End of month: 

1999 - Oct................ 5.12 5.28 5.43 5.79 5.90 5.97 6.19 6.02 6.16

Nov ............... 5.30 5.57 5.70 6.01 6.05 6.11 6.28 6.18 6.29

Dec ............... 5.33 5.74 5.98 6.24 6.29 6.36 6.55 6.45 6.48

2000 - Jan................ 5.76 5.97 6.30 6.61 6.65 6.71 6.75 6.68 6.49

Feb ............... 5.78 6.02 6.20 6.53 6.58 6.61 6.67 6.42 6.15

Mar ............... 5.88 6.15 6.28 6.50 6.44 6.32 6.28 6.03 5.84

Apr ................ 5.82 6.12 6.24 6.68 6.64 6.56 6.49 6.23 5.97

May ............... 5.63 6.35 6.37 6.69 6.66 6.54 6.52 6.29 6.02

June............... 5.88 6.23 6.08 6.38 6.31 6.18 6.25 6.03 5.90

July ............... 6.27 6.42 6.07 6.30 6.24 6.16 6.19 6.04 5.79

Aug ............... 6.31 6.38 6.22 6.18 6.09 5.98 5.98 5.73 5.67

Sept............... 6.23 6.28 6.07 5.98 5.91 5.85 5.93 5.80 5.88
54 MARKET YIELDS

5.0

5.5

6.0

6.5

7.0

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30

* Source: Of fice of Mar ket Fi nance

CHART MY-A.—Yields of Trea sury Se cu ri ties, Sep tem ber 29, 2000*

Based on clos ing bid quo ta tions (in per cent ages)

Note: The curve is based only on the most ac -

tively traded is sues. Mar ket yields on cou pon

is sues due in less than 3 months are ex cluded.

Years to ma tu rity
MARKET YIELDS 55

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

 

 Pe riod 

Trea sury

30-yr.

bonds

 New Aa

corporate

bonds 1

New Aa

municipal

bonds 2

 (1) (2) (3)

See foot notes at end of ta ble.

1989

Jan ...................................................................................... 8.93 9.92 7.18

Feb ...................................................................................... 9.01 10.11 7.31

Mar ...................................................................................... 9.17 10.33 7.42

Apr ...................................................................................... 9.03 10.11 7.30

May...................................................................................... 8.83 9.82 7.05

June ..................................................................................... 8.27 9.24 6.94

July ...................................................................................... 8.08 9.20 6.89

Aug ...................................................................................... 8.12 9.09 6.73

Sept...................................................................................... 8.15 9.29 7.10

Oct ...................................................................................... 8.00 9.04 7.13

Nov ...................................................................................... 7.90 9.20 6.95

Dec ...................................................................................... 7.90 9.23 6.76

1990

Jan ...................................................................................... 8.26 9.56 6.95

Feb ...................................................................................... 8.50 9.68 7.03

Mar ...................................................................................... 8.56 9.79 7.09

Apr ...................................................................................... 8.76 10.02 7.26

May...................................................................................... 8.73 9.97 7.14

June ..................................................................................... 8.46 9.69 6.98

July ...................................................................................... 8.50 9.72 7.03

Aug ...................................................................................... 8.86 10.05 7.13

Sept...................................................................................... 9.03 10.17 7.15

Oct ...................................................................................... 8.86 10.09 7.24

Nov ...................................................................................... 8.54 9.79 6.87

Dec ...................................................................................... 8.24 9.55 6.85

1991

Jan ...................................................................................... 8.27 9.60 7.00

Feb ...................................................................................... 8.03 9.14 6.61

Mar ...................................................................................... 8.29 9.14 6.88

Apr ...................................................................................... 8.21 9.07 6.81

May...................................................................................... 8.27 9.13 6.78

June ..................................................................................... 8.47 9.37 6.90

July ...................................................................................... 8.45 9.38 6.89

Aug ...................................................................................... 8.14 8.88 6.66

Sept...................................................................................... 7.95 8.79 6.58

Oct ...................................................................................... 7.93 8.81 6.44

Nov ...................................................................................... 7.92 8.72 6.37

Dec ...................................................................................... 7.70 8.55 6.43

1992

Jan ...................................................................................... 7.58 8.36 6.29

Feb ...................................................................................... 7.85 8.63 6.42

Mar ...................................................................................... 7.97 8.62 6.59

Apr ...................................................................................... 7.96 8.59 6.54

May...................................................................................... 7.89 8.57 6.39

June ..................................................................................... 7.84 8.45 6.32

July ...................................................................................... 7.60 8.19 5.90

Aug ...................................................................................... 7.39 7.96 5.81

Sept...................................................................................... 7.34 7.99 6.05

Oct ...................................................................................... 7.53 8.17 6.18

Nov ...................................................................................... 7.61 8.25 6.22

Dec ...................................................................................... 7.44 8.12 6.02

MONTHLY SERIES AV ER AGES OF DAILY OR WEEKLY SERIES
56 MARKET YIELDS

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con.

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Pe riod 

Trea sury

30-yr.

bonds

New Aa

cor po rate

bonds 1

New Aa

mu nic i pal

bonds 2

(1) (2) (3)

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

See foot notes at end of ta ble.

1993

Jan ...................................................................................... 7.34 7.91 6.05

Feb ...................................................................................... 7.09 7.73 5.74

Mar ...................................................................................... 6.82 7.39 5.54

Apr ...................................................................................... 6.85 7.48 5.64

May ...................................................................................... 6.92 7.52 5.61

June ..................................................................................... 6.81 7.48 5.54

July ...................................................................................... 6.63 7.35 5.40

Aug ...................................................................................... 6.32 7.04 5.50

Sept ...................................................................................... 6.00 6.88 5.44

Oct ...................................................................................... 5.94 6.88 5.23

Nov ...................................................................................... 6.21 7.17 5.19

Dec ...................................................................................... 6.25 7.22 5.27

1994

Jan ...................................................................................... 6.29 7.16 5.19

Feb ...................................................................................... 6.49 7.27 5.16

Mar ...................................................................................... 6.91 7.64 5.47

Apr ...................................................................................... 7.27 7.95 5.59

May ...................................................................................... 7.41 8.17 5.79

June ..................................................................................... 7.40 8.16 5.96

July ...................................................................................... 7.58 8.30 6.11

Aug ...................................................................................... 7.49 8.25 6.07

Sept ...................................................................................... 7.71 8.48 6.10

Oct ...................................................................................... 7.94 8.76 6.31

Nov ...................................................................................... 8.08 8.89 6.79

Dec ...................................................................................... 7.87 8.66 6.63

1995

Jan ...................................................................................... 7.85 8.59 6.48

Feb ...................................................................................... 7.61 8.39 6.09

Mar ...................................................................................... 7.45 8.23 5.91

Apr ...................................................................................... 7.36 8.10 5.80

May ...................................................................................... 6.95 7.68 5.75

June ..................................................................................... 6.57 7.42 5.61

July ...................................................................................... 6.72 7.54 5.69

Aug ...................................................................................... 6.86 7.75 5.81

Sept ...................................................................................... 6.55 7.42 5.75

Oct ...................................................................................... 6.37 7.29 5.80

Nov ...................................................................................... 6.26 7.20 5.56

Dec ...................................................................................... 6.06 7.02 5.46

1996

Jan ...................................................................................... 6.05 7.00 5.41

Feb ...................................................................................... 6.24 7.14 5.41

Mar ...................................................................................... 6.60 7.58 5.57

Apr ...................................................................................... 6.79 7.81 5.72

May ...................................................................................... 6.93 7.87 5.73

June ..................................................................................... 7.06 8.00 5.82

July ...................................................................................... 7.03 7.97 5.82

Aug ...................................................................................... 6.84 7.68 5.69

Sept ...................................................................................... 7.03 7.84 5.62

Oct ...................................................................................... 6.81 7.69 5.53

Nov ...................................................................................... 6.48 7.43 5.47

Dec ...................................................................................... 6.55 7.45 5.47
MARKET YIELDS 57

1

 Trea sury se ries based on 3-week mov ing av er age of reoffering yields of new cor po rate

bonds rated Aa by Moody’s In ves tors Ser vice with an orig i nal ma tu rity of at least 20 years.

2 In dex of new reoffering yields on 20-year gen eral ob li ga tions rated Aa by Moody’s In ves tors 

Ser vice. Source: U.S. Trea sury, 1980-90; Moody’s, Jan u ary 1991 to pres ent.

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con.

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Pe riod 

Trea sury

30-yr.

bonds

New Aa

corporate

bonds 1

New Aa 

mu nic i pal

bonds 2

(1) (2) (3)

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

1997

Jan ...................................................................................... 6.83 7.62 5.53

Feb ...................................................................................... 6.69 7.54 5.40

Mar ...................................................................................... 6.93 7.85 5.59

Apr ...................................................................................... 7.09 8.04 5.73

May ...................................................................................... 6.94 7.90 5.53

June ..................................................................................... 6.77 7.71 5.39

July ...................................................................................... 6.51 7.44 5.27

Aug ...................................................................................... 6.58 7.30 5.27

Sept...................................................................................... 6.50 7.04 5.25

Oct ...................................................................................... 6.33 6.90 5.26

Nov ...................................................................................... 6.11 6.79 5.23

Dec ...................................................................................... 5.99 6.68 5.07

1998

Jan ...................................................................................... 5.81 6.62 4.93

Feb ...................................................................................... 5.89 6.66 4.96

Mar ...................................................................................... 5.95 6.63 5.10

Apr ...................................................................................... 5.92 6.59 5.10

May ...................................................................................... 5.93 6.63 5.17

June ..................................................................................... 5.70 6.43 5.01

July ...................................................................................... 5.68 6.36 5.04

Aug ...................................................................................... 5.54 6.34 5.06

Sept...................................................................................... 5.20 6.26 4.94

Oct ...................................................................................... 5.01 6.21 4.82

Nov ...................................................................................... 5.25 6.42 4.93

Dec ...................................................................................... 5.06 6.13 4.90

1999

Jan ...................................................................................... 5.16 6.14 4.94

Feb ...................................................................................... 5.37 6.33 4.89

Mar ...................................................................................... 5.58 6.52 5.02

Apr ...................................................................................... 5.55 6.58 5.00

May ...................................................................................... 5.81 6.86 5.15

June ..................................................................................... 6.04 7.21 5.31

July ...................................................................................... 5.98 7.20 5.30

Aug ...................................................................................... 6.07 7.36 5.56

Sept...................................................................................... 6.07 7.38 5.67

Oct ...................................................................................... 6.26 7.51 5.84

Nov ...................................................................................... 6.15 7.35 5.90

Dec ...................................................................................... 6.35 7.55 5.91

2000

Jan ...................................................................................... 6.63 7.83 6.02

Feb ...................................................................................... 6.23 7.59 5.95

Mar ...................................................................................... 6.05 7.54 5.80

Apr ...................................................................................... 5.85 7.49 5.64

May ...................................................................................... 6.15 7.85 5.94

June ..................................................................................... 5.93 7.75 5.74

July ...................................................................................... 5.85 7.66 5.59

Aug ...................................................................................... 5.72 7.47 5.48

Sept...................................................................................... 5.83 7.50 5.50
CHART MY-B.—Av er age Yields of Long-Term

Trea sury, Cor po rate and Mu nic i pal Bonds*

Monthly av er ages (in per cent ages)

58 MARKET YIELDS

Cal en dar years

*Source: Of fice of Mar ket Fi nance

4

5

6

7

8

9

10

11

88 89 90 91 92 93 94 95 96 97 98 9 9 00

Tre as ury 30-yr. bonds

Aa corpor ate bonds

Aa mu nicipal bonds
IN TRO DUC TION: U.S. Cur rency and Coin Out stand ing and in Cir cu la tion

The U.S. Cur rency and Coin Out stand ing and in Cir cu la -

tion (USCC) state ment informs the pub lic of the to tal face

value of cur rency and coin used as a me dium of ex change that

is in cir cu la tion at the end of a given ac count ing month. The

state ment de fines the to tal amount of cur rency and coin out -

stand ing and the por tion deemed to be in cir cu la tion. It in -

cludes some old and cur rent rare is sues that do not cir cu late or

that may do so to a lim ited ex tent. Trea sury in cludes them in

the state ment be cause the is sues were orig i nally in tended for

gen eral cir cu la tion.

The USCC state ment pro vides a de scrip tion of the var i -

ous is sues of pa per money. It also gives an es ti mated av er age

of cur rency and coin held by each in di vid ual, us ing es ti mates

of pop u la tion from the Bu reau of the Cen sus. USCC in for mation has been pub lished by Trea sury since 1888, and was pub -

lished sep a rately un til 1983, when it was in cor po rated into the

“Trea sury Bul le tin.” The USCC co mes from monthly re ports

com piled by Trea sury of fices, var i ous U.S. Mint of fices, the

Fed eral Re serve Banks and the Fed eral Re serve Board.

59

TA BLE USCC-1.—Amounts Out stand ing and in Cir cu la tion, Sept. 29, 2000

[Source: Fi nan cial Man age ment Ser vice]

To tal cur rency

 and coin To tal currency Fed eral Re serve notes 1 U.S. notes

Cur rency no 

lon ger is sued 

Cur rency (1) (2) (3) (4) (5)

Amounts out stand ing. ................ $795,566,016,195 $765,275,655,247 $764,755,493,305 $265,986,516 $254,175,426 

Less amounts held by:

The Trea sury. .................... 181,419,676 21,987,676 21,761,911 20,739 205,026

FRBs ........................... 226,770,828,748 225,940,083,676 225,940,077,808 - 5,868

Amounts in cir cu la tion................ $568,613,767,771 $539,313,583,895 $538,793,653,586 $265,965,777 $253,964,532 

 To tal Dol lars 3 Frac tional coins

Coins2 (1) (2) (3)

Amounts out stand ing. .................. $30,290,360,948 $3,187,773,898 $27,102,587,050 

Less amounts held by:

The Trea sury. ....................... 159,432,000 141,160,000 18,272,000

FRBs ............................. 830,745,072 364,373,774 466,371,298

Amounts in cir cu la tion .................. $29,300,183,876 $2,682,240,124 $26,617,943,752 

See foot notes fol low ing ta ble USCC-2.
60 U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION

1 Is sued on or af ter July 1, 1929.

2

 Ex cludes coins sold to col lec tors at pre mium prices.

3

 In cludes $481,781,898 in stan dard sil ver dol lars.

4 Rep re sents value of cer tain par tial de nom i na tions not pre sented for re demp tion.

5 Based on Bu reau of the Cen sus es ti mates of pop u la tion.

$1 ............................. $7,218,985,378 $7,071,879,907 $143,481 $146,961,990 

$2 ............................. 1,223,264,502 1,090,840,864 132,411,066 12,572

$5 ............................. 8,221,520,465 8,080,819,515 109,992,110 30,708,840

$10 ............................ 13,602,240,910 13,580,073,210 5,950 22,161,750

$20 ............................ 91,049,989,240 91,029,888,040 3,380 20,097,820

$50 ............................ 52,357,514,600 52,346,030,650 - 11,483,950

$100 ........................... 365,325,047,700 365,279,649,400 23,409,700 21,988,600

$500 ........................... 143,258,500 143,071,000 - 187,500

$1,000.......................... 166,567,000 166,361,000 - 206,000

$5,000.......................... 1,755,000 1,700,000 - 55,000

$10,000......................... 3,440,000 3,340,000 - 100,000

Frac tional parts................... 485 - - 485

Par tial notes 4 ....................... 115 - 90 25

To tal cur rency .................. $539,313,583,895 $538,793,653,586 $265,965,777 $253,964,532 

Sept. 30, 2000................................... 568,614 $2,061.26

Aug. 31, 2000.................................... 571,485 2,073.46

July 31, 2000 .................................... 568,808 2,065.60

July 31, 1999 .................................... 533,492 1,953.25

Sept. 30, 1995................................... 409,272 1,553.15

Sept. 30, 1990................................... 278,903 1,105.14

Sept. 30, 1985................................... 187,337 782.45

Sept. 30, 1980................................... 129,916 581.48

June 30, 1975 ................................... 81,196 380.08

June 30, 1970 ................................... 54,351 265.39

June 30, 1965 ................................... 39,719 204.14

June 30, 1960 ................................... 32,064 177.47

June 30, 1955 ................................... 30,229 182.90

TA BLE USCC-2.—Amounts Out stand ing and in Cir cu la tion, Sept. 29, 2000

[Source: Fi nan cial Man age ment Ser vice]

To tal Fed eral Re serve notes 1 U.S. notes 

 Cur rency no

lon ger is sued

Cur rency in cir cu la tion by de nom i na tion (1) (2) (3) (4)

 Amount (in mil lions) Per ca pita 5

Com par a tive to tals of cur rency and coins in cir cu la tion—se lected dates (1) (2)
63

TA BLE IFS-1.—U.S. Re serve As sets

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

1995 ................ 85,832 11,050 11,037 49,096 14,649

1996 ................ 75,089 11,048 10,312 38,294 15,435

1997 ................ 69,954 11,047 10,027 30,809 18,071

1998 ................ 81,761 11,046 10,603 36,001 24,111

1999 - Oct............ 73,230 11,049 10,232 32,378 19,571

Nov............ 72,318 11,049 10,326 32,236 18,707

Dec............ 71,516 11,048 10,336 32,182 17,950

2000 - Jan............ 69,898 11,048 10,199 30,941 17,710

Feb............ 69,309 11,048 10,277 30,406 17,578

Mar............ 70,789 11,048 10,335 31,535 17,871

Apr ............ 66,587 11,048 10,122 30,014 15,403

May ........... 67,160 11,048 10,310 30,429 15,373

June ........... 67,955 11,046 10,444 31,037 15,428

July............ 66,516 11,046 10,257 30,130 15,083

Aug............ 65,333 11,046 10,371 30,118 13,798

Sept ........... 66,256 11,046 10,316 31,209 13,685

Oct ............ 65,257 11,046 10,169 30,514 13,528

1 Be gin ning July 1974, the In ter na tional Mon e tary Fund (IMF) adopted a tech nique for val u i ng

the spe cial draw ing right ( SDR) based on a weighted av er age of ex change rates for the cur ren -

cies of se lected mem ber coun tries. The U.S. SDR hold ings and re serve po si tion in the IMF also 

are val ued on this ba sis be gin ning July 1974. 

2 Trea sury val ues its gold stock at $42.2222 per fine troy ounce and pur su ant to 31 United

States Code 5117 (b) is sues gold cer tif i cates to the Fed eral Re serve at the same rate against

all gold held.

3

 In cludes al lo ca tions of SDRs in the Spe cial Draw ing Ac count in the IMF, plus or mi nus trans -

ac tions in SDRs. 

4 In cludes hold ings of Trea sury and Fed eral Re serve Sys tem; be gin ning No vem ber

1978, these are val ued at cur rent mar ket ex change rates or, where ap pro pri ate, at such

other rates as may be agreed upon by the par ties to the trans ac tions. 

5 The United States has the right to pur chase for eign cur ren cies equiv a lent to its re serve 

po si tion in the IMF au to mat i cally if needed. Un der ap pro pri ate con di tions, the United

States could pur chase ad di tional amounts re lated to the U.S. quota.

6 In cludes an SDR $361 mil lion loan to the IMF un der the Gen eral Ar range ments to Bor -

row in July 1998, and an SDR $619 mil lion loan to the IMF un der the New Ar range ments 

to Bor row in De cem ber 1998.

IN TRO DUC TION: In ter na tional Fi nan cial Sta tis tics

The ta bles in this sec tion pro vide sta tis tics on U.S. Gov -

ern ment re serve as sets, li a bil i ties to for eign ers and its in ter na -

tional fi nan cial po si tion. All mon e tary fig ures are in dol lars or

dol lar equiv a lents.

• Ta ble IFS-1 shows re serve as sets of the United States,

in clud ing its gold stock, spe cial draw ing rights held in the

Spe cial Draw ing Ac count in the In ter na tional Mon e tary Fund

(IMF), hold ings of con vert ible for eign cur ren cies and re serve

po si tion in the IMF.

• Ta ble IFS-2 con tains sta tis tics on li a bil i ties to for eign

of fi cial in sti tu tions, and se lected li a bil i ties to all other for eign -

ers, which are used in the U.S. bal ance of pay ments sta tis tics.

• Ta ble IFS-3 shows non mar ket able bonds and notes

that the Trea sury is sues to of fi cial in sti tu tions and other res i -

dents of for eign coun tries.

End of cal en dar

year or month

To talre serve

as sets 1 Gold stock 2

Spe cial draw ing

rights 1,3 For eign cur ren cies 4

 Re serve po si -

tion in In ter na -

tional Mon e tary

 Fund 1,5,6

(1) (2) (3) (4) (5)
TA BLE IFS-2.—Se lected U.S. Li a bil i ties to For eigners

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Li a bil i ties to for eign coun tries

Of fi cial in sti tu tions 1

Li a bil i ties to

other for eign ers

End of 

cal en dar

year or

month To tal

(1)

To tal

(2)

Li a bil i ties

re ported by

banks in

United

 States

(3)

Mar ket able

U.S.

Trea sury

bonds

and 

notes 2

(4)

Nonmarketable U.S.

Trea sury

bonds

and 

notes 3

(5)

Other

readily

mar ket -

able

liabilities 4

(6)

Li a bil i ties

to

banks 5

(7)

To tal

(8)

Li a bil i ties

re ported

by banks

in the

United

States

(9)

Marketable

U.S.

Trea sury

bonds

and

 notes 2, 6

(10)

Li a bil i ties

to nonmon e tary

in ter na -

tional and

re gional

organizations7

(11)

64 IN TER NA TIONAL FI NAN CIAL STA TIS TICS

1995 ........... 1,832,427 599,692 275,928 298,238 6,492 19,034 799,987 417,953 121,170 296,783 14,795

1996 ........... 2,126,967 727,596 312,019 384,045 5,968 25,564 796,578 586,381 141,322 445,059 16,412

1997 ........... 2,452,208 749,295 283,685 428,004 5,994 31,612 931,575 757,193 172,405 584,788 14,145

1998 ........... 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247

1999 - Sept. r .... 2,603,071 756,187 276,844 420,877 6,098 52,368 982,061 840,315 203,208 637,107 24,508

Oct. r ..... 2,591,227 760,497 279,345 419,629 6,139 55,384 979,609 828,207 199,756 628,451 22,914

Nov. r ..... 2,634,486 756,636 276,211 417,304 6,177 56,944 1,026,848 831,751 204,777 626,974 19,251

Dec. r ..... 2,621,446 783,410 294,994 422,266 6,111 60,039 993,000 824,583 198,005 626,578 20,453

2000 - Jan. r..... 2,634,004 785,468 288,301 429,029 6,152 61,986 993,572 828,015 198,622 629,393 26,949

Feb. r ..... 2,637,230 789,161 287,263 430,806 6,191 64,901 982,787 839,911 206,525 633,386 25,371

Mar. r ..... 2,619,178 805,561 301,021 430,237 5,734 68,569 973,855 816,062 199,199 616,863 23,700

Apr. r ..... 2,638,400 810,607 295,331 436,640 5,770 72,866 977,754 824,442 199,498 624,944 25,597

May ...... 2,684,776 802,481 284,622 435,235 5,808 76,816 1,026,870 827,809 208,280 619,529 27,616

June ..... 2,661,239 812,276 293,319 433,823 5,740 79,394 1,008,244 814,556 211,212 603,344 26,163

July....... 2,689,694 822,546 299,720 433,184 5,180 84,462 1,039,037 806,940 208,703 598,237 21,171

Aug. p..... 2,658,926 825,144 296,770 433,633 5,213 89,528 1,005,095 809,571 211,901 597,670 19,116

1 Includes Bank for In ter na tional Set tle ments.

2

 Derived by ap ply ing re ported trans ac tions to bench mark data.

3 In cludes cur rent value of zero-coupon Trea sury bond is sues to for eign gov ern ments as fol -

lows: Mex ico, be gin ning March 1988, 20-year ma tu rity is sue and be gin ning March 1990,

30-year ma tu rity is sue; Ven e zuela, be gin ning De cem ber 1990, 30-year ma tu rity is sue; Ar gen -

tina, be gin ning April 1993, 30-year ma tu rity is sue. Also, see foot notes to ta ble IFS-3.

4

 In cludes debt se cu ri ties of U.S. Gov ern ment cor po ra tions, fed er ally spon sored agen cies and 

pri vate cor po ra tions.

5 In cludes li a bil i ties pay able in dol lars to for eign banks and li a bil i ties pay able in f or eign cur ren -

cies to for eign banks and to “other for eign ers.”

6 In cludes mar ket able U.S. Gov ern ment bonds and notes held by for eign banks. 

7 Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment, the Inter-American

De vel op ment Bank and the Asian De vel op ment Bank.

 Note.—Ta ble is based on Trea sury data and on data re ported to the Trea sury by banks,

other de pos i tory in sti tu tions and bro kers in the United States. Data gen er ally cor re spond to

sta tis tics fol low ing in this sec tion and in the “Cap i tal Move ments” sec tion. Ta ble ex cludes In ter -

na tional Mon e tary Fund “hold ings of dol lars” and hold ings of U.S. Trea sury let ters of credit and

non ne go tia ble noninterest-bearing spe cial U.S. notes held by in ter na tional and re gional or ga -

ni za tions.
IN TER NA TIONAL FI NAN CIAL STA TIS TICS 65

TA BLE IFS-3.—Non mar ket able U.S. Trea sury Bonds and Notes Is sued

to Of fi cial In sti tu tions and Other Res i dents of For eign Coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 Pay able in dol lars

End of cal en dar Grand to tal To tal Ar gen tina 1 Mex ico 2 Ven e zuela 3

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

1995 .......................... 6,492 6,492 945 4,515 1,032

1996 .......................... 5,968 5,968 1,015 3,835 1,118

1997 .......................... 5,994 5,994 1,091 3,692 1,211

1998 .......................... 6,074 6,074 1,172 3,991 911

1999 - Sept..................... 6,098 6,098 1,236 4,231 631

Oct ...................... 6,139 6,139 1,244 4,259 636

Nov ..................... 6,177 6,177 1,251 4,286 640

Dec ..................... 6,111 6,111 1,259 4,313 539

2000 - Jan...................... 6,152 6,152 1,267 4,342 543

Feb ..................... 6,191 6,191 1,274 4,370 547

Mar ..................... 5,734 5,734 1,282 3,902 550

Apr ...................... 5,770 5,770 1,289 3,927 554

May ..................... 5,808 5,808 1,297 3,953 558

June..................... 5,740 5,740 1,200 3,979 561

July ..................... 5,180 5,180 1,207 3,408 565

Aug ..................... 5,213 5,213 1,214 3,430 569

Sept..................... 5,247 5,247 1,222 3,452 573

1 Be gin ning April 1993, in cludes cur rent value (prin ci pal and ac crued in ter est) of zero-coupon,

30-year ma tu rity Trea sury bond is sue to the gov ern ment of Ar gen tina. Re maining face value of

the is sue is $6,148 mil lion.

2 In cludes the cur rent value of the fol low ing zero-coupon Trea sury bond is sues to the gov ern -

ment of Mex ico: Be gin ning March 1988, 20-year ma tu rity is sue with re main ing face value of

$1,508 mil lion that was re tired in full in April 1997; and be gin ning March 1990, 30-year ma tu rity

is sue with re main ing face value of $18,112 mil lion.

3 Be gin ning De cem ber 1990, in di cates cur rent value of zero-coupon, 30-year ma tu rity Trea sury

bond is sue to the Re pub lic of Ven e zuela. Re maining face value of is sue is $2,721 mil lion. 
66

IN TRO DUC TION: Cap i tal Move ments

Trea sury col lects in for ma tion about the trans fer ence of fi -

nan cial as sets and other port fo lio cap i tal move ments be tween

the United States and for eign ers and has since 1935. Com mer -

cial banks and other de pos i tory in sti tu tions, bank hold ing compa nies, se cu ri ties bro kers and deal ers, and nonbanking

en ter prises in the United States file cap i tal move ment re ports

with dis trict FRBs. Be gin ning in late 1998, the Fed eral Re -

serve Board also per forms ser vices on be half of the Trea sury in

sup port of this data col lec tion sys tem.

Forms and in struc tions are de vel oped with the co op er a tion

of other Gov ern ment agen cies and the Fed eral Re serve Sys tem

and in con sul ta tion with rep re sen ta tives of banks, se cu ri ties

firms and nonbanking en ter prises. Copies of the re port ing

forms and in struc tions may be ob tained from the Of fice of Pro -

gram Ser vices, Of fice of the As sis tant Sec re tary for In ter na -

tional Af fairs, Trea sury, Wash ing ton, D.C. 20220; the

In ter na tional Fi nance Di vi sion, Board of Gov er nors of the

Fed eral Re serve Sys tem, Wash ing ton, D.C. 20551; or dis trict

FRBs.

In gen eral, in for ma tion is re ported op po site the coun try or

geo graph ical area where the for eigner is lo cated, as shown on

re cords of re port ing in sti tu tions. How ever, in for ma tion may

not al ways re flect the ul ti mate own er ship of as sets. Re porting

in sti tu tions are not re quired to go be yond ad dresses shown on

their re cords and so may not be aware of the ac tual coun try of

do mi cile of the ul ti mate ben e fi ciary.

Trans ac tions with branches or agen cies of for eign of fi cial

in sti tu tions, wher ever lo cated, are re ported op po site the coun -

try that has sov er eignty over the in sti tu tions. Trans ac tions with

in ter na tional and re gional or ga ni za tions are not re ported op po -

site any coun try, but are ac counted for in re gional group ings of

such or ga ni za tions. The only ex cep tion is in for ma tion per tain -

ing to the Bank for In ter na tional Set tle ments, which is re ported 

op po site “Other Eu rope.”

Banks and other de pos i tory in sti tu tions, bank hold ing com -

pa nies, In ter na tional Banking Fa cil ities (IBFs), se cu ri ties bro -

kers and deal ers, and nonbanking en ter prises in the United

States must file re ports. These en ter prises in clude the

branches, agen cies, sub sid iar ies and other af fil i ates in the

United States of for eign bank ing and nonbanking firms. Those

with li a bil i ties, claims or se cu ri ties trans ac tions be low spec i -

fied ex emp tion lev els are ex empt from re port ing.

Banks and other de pos i tory in sti tu tions, and some bro kers

and deal ers, file monthly re ports cov er ing their dol lar li a bil i -

ties to, and dol lar claims on, for eign ers in a num ber of coun -

tries. Twice a year, June 30 and De cem ber 31, they also re port

the same li a bil i ties and claims items at trib uted to for eign ers in

coun tries not shown sep a rately on the monthly re ports. Quar -

terly re ports are filed for li a bil i ties and claims de nom i nated in

for eign cur ren cies. The ex emp tion level ap pli ca ble to these

bank ing re ports is $15 mil lion.

Banks and other de pos i tory in sti tu tions, se cu ri ties bro kers

and deal ers, and other en ter prises re port monthly their trans ac -

tions with for eign ers in long-term se cu ri ties. They must re port

se cu ri ties trans ac tions with for eign ers if their ag gre gate pur -

chases or their ag gre gate sales amount to at least $2 mil lion

dur ing the cov ered month.

Ex porters, im port ers, in dus trial and com mer cial con cerns,

fi nan cial in sti tu tions (other than banks, other de pos i tory in sti -

tu tions and bro kers), and other nonbanking en ter prises must

file re ports quar terly if li a bil i ties to, or claims on, un af fil i ated

for eign ers amount to $10 mil lion or more at the end of the cov -

ered quar ter.

Nonbanking en ter prises also re port each month their ag gre -

gate U.S. dol lar de nom i nated de posit and cer tif i cates of de -

posit claims of $10 mil lion or more on banks abroad.

The data in these ta bles do not cover all types of re ported

cap i tal move ments be tween the United States and other coun -

tries. The prin ci pal ex clu sions are the intercompany cap i tal

trans ac tions of nonbanking busi ness en ter prises in the United

States with their own branches and sub sid iar ies abroad or with

their for eign par ent com pa nies (own for eign of fices) and cap i -

tal trans ac tions of the U.S. Gov ern ment. Con sol i dated data on

all types of in ter na tional cap i tal trans ac tions are pub lished by

the De part ment of Com merce (Com merce) in its reg u lar re -

ports on the U.S. bal ance of pay ments.

• Sec tion I pres ents li a bil i ties to for eign ers re ported by

U.S. banks and other de pos i tory in sti tu tions, as well as bro kers

and deal ers. Dol lar li a bil i ties are re ported monthly; those de -

nom i nated in for eign cur ren cies are re ported quar terly. Re -

spon dents re port cer tain of their own li a bil i ties and a wide

range of their cus tody li a bil i ties to for eign ers.

• Sec tion II pres ents claims on for eign ers re ported by

U.S. banks and other de pos i tory in sti tu tions, bro kers and deal -

ers. Data on banks’ claims held for their own ac count are col -

lected monthly. In for ma tion on claims held for their do mes tic

cus tom ers as well as on for eign cur rency claims is col lected on

a quar terly ba sis only. Ma tu rity data are re ported ac cord ing to

time re main ing to ma tu rity. Re porting also cov ers cer tain

items held by bro kers and deal ers in the United States.

• Sec tion III con tains sup ple men tary data on dol lar li a -

bil i ties to, and dol lar claims on, coun tries not listed sep a rately

on the monthly re ports sub mit ted by banks, other de pos i tory

in sti tu tions, bro kers and deal ers in the United States. The sup -

ple men tary re ports are filed semi an nu ally as of the end of June

and De cem ber. 

• Sec tion IV shows the li a bil i ties to, and claims on, un af -

fil i ated for eign ers of ex port ers, im port ers, in dus trial and com -

mer cial con cerns, fi nan cial in sti tu tions (other than banks,

other de pos i tory in sti tu tions and bro kers), and other

nonbanking en ter prises in the United States. In for ma tion does

not in clude ac counts of nonbanking en ter prises in the United

States with their own branches and sub sid iar ies abroad or with

their for eign par ent com pa nies. These are re ported by busi ness

en ter prises to Com merce on its di rect in vest ment forms. Data
CAP I TAL MOVE MENTS 67

SEC TION I.—Li a bil i ties to For eigners Re ported by Banks

in the United States

TA BLE CM-I-1.—To tal Li a bil i ties by Type of Holder

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 1 In cludes Bank for In ter na tional Set tle ments.

 2 Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment and the InterAmeri can De vel op ment Bank.

3 Data as of pre ced ing quar ter for non-quarter-end months.

ex clude claims on for eign ers held through banks in the United

States.

• Sec tion V con tains in for ma tion on trans ac tions with

for eign ers in long-term do mes tic and for eign se cu ri ties as re -

ported by banks, bro kers and other en ti ties in the United

States. The data cover trans ac tions ex e cuted in the United

States for the ac counts of for eign ers and trans ac tions ex e cuted

abroad for the ac counts of re port ing in sti tu tions and their do -

mes tic cus tom ers. This in cludes trans ac tions in newly is sued

se cu ri ties as well as trans ac tions in and re demp tions of out -

stand ing is sues. How ever, the data do not in clude non mar ket -

able Trea sury bonds and notes shown in ta ble IFS-3.

The geo graph ical break down of the trans ac tions data does

not nec es sar ily re flect the do mi cile of the ul ti mate own ers or

the orig i nal is su ers of the se cu ri ties. This is be cause the path of

a se cu rity is not tracked prior to its be ing pur chased from, or

af ter it is sold to, a for eigner in a re port able trans ac tion. That is, 

be fore it en ters and af ter it de parts the re port ing sys tem, own -

er ship of a se cu rity may be trans ferred be tween for eign ers of

dif fer ent coun tries. Such trans fers may oc cur any num ber of

times and are con cealed among the net fig ures for U.S. trans -

ac tions op po site in di vid ual coun tries. Hence, the geo graph ical 

break down shows only the coun try of do mi cile of the for eign

buy ers and sell ers of se cu ri ties in a par tic u lar round of trans ac -

tions.

NOTE: Cur rent and his tor i cal data on United States trans -

ac tions with for eign ers in long-term se cu ri ties and on the gross 

for eign li a bil i ties and claims re ported by banks in the United

States are avail able on the Trea sury In ter na tional Cap i tal (TIC)

reporting sys tem website: http://www.ustreas.gov/tic. These

data may be down loaded as sep a rate time se ries for each country or geo graph ical area reg u larly shown in the cap i tal move -

ments ta bles. Also avail able on this website is a ta ble on

“Ma jor For eign Holders of Trea sury Se cu ri ties,” show ing es timated to tal hold ings of U.S. Trea sury bills, bonds and notes

for cur rent and re cent pe ri ods. All data se ries on the TIC

website are up dated on the last busi ness day of each month . 

End of cal en dar 

year or month

For eign coun tries Mem o ran da

Of fi cial in sti tu tions 1 Banks and other for eign ers In ter na tional and re gional 2

To tal li a bil i ties to all

for eign ers re ported by

IBFs

 Total li a bil i -

ties To tal

Pay able in

dol lars

Pay able in

for eign cur -

ren cies 3 To tal

Pay able

in dol lars

Pay able in

for eign cur -

ren cies 3 To tal

Pay able in 

dol lars

Pay able in

for eign cur -

ren cies 3

Pay able

in dol lars

Pay able in

for eign cur -

ren cies 3

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

1995 ............... 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755

1996 ............... 1,265,555 312,019 312,019 - 937,900 836,157 101,743 15,636 13,972 1,664 352,881 71,782

1997 ............... 1,400,551 283,685 283,685 - 1,103,980 987,652 116,328 12,886 11,690 1,196 407,336 86,232

1998 ............... 1,448,962 260,060 260,060 - 1,176,383 1,075,894 100,489 12,519 11,883 636 370,425 69,375

1999 -Sept. r ........ 1,482,762 276,844 276,844 - 1,185,269 1,085,906 99,363 20,649 19,799 850 360,074 57,777

Oct. r......... 1,477,594 279,345 279,345 - 1,179,365 1,080,002 99,363 18,884 18,034 850 348,913 57,777

Nov. r ........ 1,522,870 276,211 276,211 - 1,231,625 1,132,262 99,363 15,034 14,184 850 370,114 57,777

Dec. r ........ 1,502,159 294,994 294,994 - 1,191,005 1,103,352 87,653 16,160 15,276 884 363,821 51,613

2000 - Jan. r ......... 1,503,186 288,301 288,301 - 1,192,194 1,104,541 87,653 22,691 21,807 884 362,930 51,613

Feb. r ......... 1,497,895 287,263 287,263 - 1,189,312 1,101,659 87,653 21,320 20,436 884 335,390 51,613

Mar. r ......... 1,493,503 301,021 301,021 - 1,173,054 1,088,104 84,950 19,428 18,729 699 353,014 51,763

Apr. r ......... 1,493,872 295,331 295,331 - 1,177,252 1,092,302 84,950 21,289 20,590 699 354,114 51,763

May .......... 1,543,278 284,622 284,622 - 1,235,150 1,150,200 84,950 23,506 22,807 699 355,238 51,763

June ......... 1,535,163 293,319 293,319 - 1,219,456 1,141,875 77,581 22,388 21,366 1,022 361,710 46,683

July........... 1,565,171 299,720 299,720 - 1,247,740 1,170,159 77,581 17,711 16,689 1,022 372,757 46,683

Aug. p......... 1,529,418 296,770 296,770 - 1,216,996 1,139,415 77,581 15,652 14,630 1,022 376,475 46,683

Sept.. p ....... 1,544,681 297,966 297,966 - 1,230,035 1,152,454 77,581 16,680 15,658 1,022 392,211 46,683
68 CAP I TAL MOVE MENTS

PART B.—Nonmonetary In ter na tional and Re gional Or ga ni za tions

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

1 In cludes Bank for In ter na tional Set tle ments. 

2 Time de pos its ex clude ne go tia ble time cer tif i cates of de posit, which are in cluded in “Other li a -

bil i ties.” 

 Note.—Nonmonetary in ter na tional and re gional or ga ni za tions in clude prin ci pally the In ter na -

tional Bank for Re con struc tion and De vel op ment and the Inter-American De vel op ment Bank. 

TA BLE CM-I-2.—To tal Li a bil i ties by Type, Pay able in Dol lars

Part A.—For eign Coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

End of cal en dar

year or month

 To tal for -

eign coun -

tries

Of fi cial in sti tu tions 1Banks Other for eign ers

De posits 

U.S. Trea -

sury bills

and cer tif i -

cates 

 Other li a -

bil i ties 2

De posits

U.S. Trea -

sury bills

and cer tif i -

cates 

Other li a -

bil i ties 2

To own

for eign of -

fices

De posits 

U.S. Trea -

sury bills

and cer tif i -

cates 

Other li a -

bil i ties 2 De mand Time 2 De mand Time 2 De mand Time 2

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

 To tal De mand de pos its Time de pos its 2

U.S. Trea sury bills

 and cer tif i cates Other li a bil i ties 2 

End of cal en dar year or month (1) (2) (3) (4) (5) 

1995 .......... 1,088,510 2,098 30,717 168,534 74,579 11,758 103,471 15,872 164,021 396,290 10,571 53,714 12,599 44,286

1996 .......... 1,148,176 1,511 33,336 198,921 78,251 13,692 89,765 23,106 166,728 401,544 11,802 58,025 14,495 57,000

1997 .......... 1,271,337 2,314 41,396 148,301 91,674 16,767 83,433 31,915 198,053 485,079 12,247 68,251 12,954 78,953

1998 .......... 1,335,954 3,003 29,506 134,177 93,374 14,071 45,904 35,359 227,134 562,868 12,312 70,558 13,322 94,366

1999 - Sept. r... 1,362,750 2,932 25,510 152,457 95,945 14,084 49,580 24,749 226,412 567,873 27,559 71,936 11,163 92,550

Oct. r .... 1,359,347 2,314 29,392 154,582 93,057 17,111 48,656 22,178 214,442 577,859 19,843 72,688 11,073 96,152

Nov. r .... 1,408,473 2,829 27,250 153,465 92,667 14,402 54,369 19,457 231,241 608,016 25,552 73,858 11,040 94,327

Dec. r .... 1,398,346 3,341 28,942 156,177 106,534 17,583 48,140 16,875 215,577 607,172 21,862 76,164 12,004 87,975

2000 - Jan. r .... 1,392,842 2,645 25,909 153,548 106,199 12,964 51,171 17,527 215,214 609,043 20,707 75,421 10,124 92,370

Feb. r.... 1,388,922 3,306 27,690 156,995 99,272 12,424 51,510 14,584 212,898 603,718 23,733 77,206 12,270 93,316

Mar. r.... 1,389,125 2,381 30,117 164,781 103,742 13,930 49,712 15,708 205,963 603,592 12,873 77,431 13,803 95,092

Apr. r .... 1,387,633 2,620 36,587 157,607 98,517 14,404 57,240 13,931 209,052 598,177 13,120 77,492 11,998 96,888

May ..... 1,434,822 2,781 31,645 148,820 101,376 13,254 55,167 14,179 207,757 651,563 13,026 78,722 10,729 105,803

June .... 1,435,194 2,887 33,520 157,190 99,722 14,543 58,095 13,239 216,638 628,148 13,255 78,627 10,090 109,240

July ..... 1,469,879 4,063 34,641 160,093 100,923 17,508 60,703 12,657 213,979 656,609 13,313 80,834 9,578 104,978

Aug. p ... 1,436,185 4,573 32,009 159,781 100,407 11,959 62,841 12,251 214,808 625,655 13,543 80,908 8,676 108,774

Sept. p... 1,450,420 5,209 36,421 155,498 100,838 12,922 59,620 10,667 212,432 644,209 13,786 80,548 8,216 110,054

1995 .......................... 11,039 21 4,656 350 6,012

1996 .......................... 13,972 29 5,784 352 7,807

1997 .......................... 11,690 16 5,466 69 6,139

1998 .......................... 11,883 172 5,793 636 5,282

1999 - Sept ..................... 19,799 21 7,370 661 11,747

Oct...................... 18,034 187 8,772 628 8,447

Nov ..................... 14,184 70 7,675 658 5,781

Dec...................... 15,276 98 10,349 680 4,149

2000 - Jan...................... 21,807 202 9,621 625 11,359

Feb. ..................... 20,436 148 9,251 704 10,333

Mar. r. ................... 18,729 71 9,741 695 8,222

Apr ...................... 20,590 58 11,338 623 8,571

May ..................... 22,807 36 11,393 582 10,796

June .................... 21,366 34 12,545 432 8,355

July...................... 16,689 30 10,305 371 5,983

Aug. p .................... 14,630 26 9,062 217 5,325

Sept. p ................... 15,658 19 10,340 223 5,076
CAP I TAL MOVE MENTS 69

TA BLE CM-I-3.—To tal Li a bil i ties by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria .................... 3,388 3,474 2,960 2,604 2,839 3,381 2,925 2,683

Belgium-Luxembourg ........ 46,246 45,004 46,078 32,705 32,237 34,273 32,272 30,819

Bulgaria ................... 729 776 472 371 346 320 373 337

Czech Republic............. 564 323 790 668 421 719 835 789

Denmark .................. 1,903 1,720 2,357 3,881 3,599 3,676 3,844 3,584

Finland.................... 2,869 2,098 1,749 1,560 1,390 1,761 1,628 1,522

France .................... 52,148 49,839 58,317 48,599 46,029 46,303 46,647 43,617

Germany .................. 30,589 30,898 28,999 29,988 35,052 32,593 32,002 32,321

Greece.................... 1,558 2,085 3,877 3,039 2,777 2,929 3,467 3,343

Hungary................... 1,064 911 871 1,055 808 1,219 1,018 1,052

Ireland .................... 4,376 8,485 7,742 7,458 7,070 7,763 8,618 7,949

Italy ...................... 15,498 10,103 9,756 9,977 8,819 7,843 7,709 8,102

Netherlands................ 8,359 12,163 9,532 7,714 9,329 12,914 13,688 10,912

Norway ................... 341 788 1,363 967 2,194 2,342 1,641 3,506

Poland .................... 5,112 6,053 4,274 2,786 2,982 2,962 2,965 2,896

Portugal................... 3,736 3,788 2,501 2,166 2,505 2,301 2,276 2,376

Romania .................. 734 311 768 779 897 1,185 1,061 944

Russia 1.................... 7,979 2,441 5,476 11,717 11,890 14,966 14,258 15,976

Spain ..................... 19,878 16,991 11,091 11,361 10,490 9,320 9,282 8,901

Sweden ................... 2,834 3,237 4,744 4,519 5,581 5,247 6,139 6,367

Switzerland................ 46,065 53,891 66,592 64,304 60,127 78,761 78,144 88,842

Turkey .................... 4,068 4,358 7,972 7,601 8,494 8,363 8,021 8,195

United Kingdom ............. 212,790 202,280 194,253 195,759 206,014 215,517 193,983 196,682

Yugoslavia 2 ................ 239 233 286 275 284 283 285 283

Other Europe............... 14,394 14,384 14,778 20,264 20,872 19,160 17,821 18,505

Total Europe .............. 487,461 476,634 487,598 472,117 483,046 516,101 490,902 500,503

Canada..................... 33,185 34,708 40,484 43,427 44,379 44,354 40,845 40,992

Latin Amer ica and Ca rib bean:

Argentina.................. 20,279 19,037 18,650 16,511 16,612 19,164 17,624 18,632

Bahamas .................. 114,319 126,029 138,021 176,757 183,538 172,400 177,974 173,322

Bermuda .................. 7,138 7,279 8,008 8,947 8,084 7,137 8,220 8,163

Brazil ..................... 31,407 16,483 12,939 10,001 11,718 12,763 13,164 12,350

British West Indies........... 283,470 309,090 332,047 377,804 340,522 355,698 337,816 352,531

Chile ..................... 4,126 5,047 7,095 6,161 6,236 5,484 5,340 5,390

Colombia .................. 3,668 4,639 5,685 4,253 4,376 4,643 4,751 4,674

Cuba ..................... 66 62 75 77 85 84 91 88

Ecuador................... 2,084 1,575 1,959 2,279 2,279 2,226 2,089 2,081

Guatemala................. 1,497 1,338 1,632 1,680 1,670 1,751 1,680 1,692

Jamaica................... 475 604 547 771 743 794 984 899

Mexico .................... 35,295 38,644 32,263 35,542 35,128 34,570 34,482 35,069

Netherlands Antilles ......... 5,446 5,308 4,155 6,637 7,891 7,170 6,379 5,165

Panama................... 4,269 3,869 4,420 3,772 3,893 3,424 3,632 3,732

Peru...................... 901 843 1,143 1,101 1,126 1,098 1,066 1,092

Trinidad and Tobago......... 597 475 601 504 791 705 675 773

Uruguay................... 2,403 2,522 2,393 2,547 2,707 2,206 2,568 2,594

Venezuela ................. 21,771 20,202 20,456 20,680 22,523 21,722 24,169 24,148

Other Latin America 

 and Caribbean............ 9,067 9,808 10,916 10,942 10,749 11,273 11,293 11,133

Total Latin America 

and Caribbean ........... 548,278 572,854 603,005 686,966 660,671 664,312 653,997 663,528

 Cal en dar year 2000 

Coun try 1997 1998 1999 r May June July Aug. Sept. p
70 CAP I TAL MOVE MENTS

TA BLE CM-I-3.—To tal Li a bil i ties by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 Cal en dar year 2000

Coun try 1997 1998 1999 r May June July Aug. Sept. p

Asia:

China:

Mainland ................. 18,252 13,441 12,325 7,824 9,932 9,387 11,771 11,831

Taiwan................... 11,859 12,748 13,641 14,159 13,613 13,185 14,704 14,905

Hong Kong ................. 19,216 21,779 28,256 24,593 24,657 26,380 27,454 27,232

India...................... 4,574 5,372 7,368 5,704 5,558 5,712 5,547 5,838

Indonesia .................. 3,616 8,326 6,571 7,071 7,400 7,342 7,318 7,310

Israel ..................... 6,282 7,756 7,489 5,640 6,257 5,928 6,085 7,266

Japan ..................... 172,352 193,202 170,614 162,562 165,989 159,876 158,709 155,082

Korea ..................... 13,107 12,525 12,856 13,096 10,484 8,778 8,979 9,169

Lebanon................... 1,102 1,190 1,212 934 716 683 1,058 709

Malaysia................... 1,737 2,392 3,851 1,871 1,818 1,848 2,108 1,738

Pakistan................... 1,335 847 813 905 1,019 1,200 1,335 1,213

Philippines ................. 3,255 3,564 3,791 2,140 2,406 2,056 2,086 2,229

Singapore.................. 18,412 24,838 32,840 26,310 28,420 26,741 28,624 26,483

Syria...................... 35 40 55 67 106 66 67 70

Thailand................... 6,505 7,363 6,052 3,462 3,585 3,956 3,560 3,386

Oil-exporting countries 3 ....... 15,490 17,068 22,535 19,287 19,362 23,019 22,792 22,675

Other Asia ................. 3,873 3,975 5,387 4,676 5,087 5,254 5,213 5,315

Total Asia ................ 301,002 336,426 335,656 300,301 306,409 301,411 307,410 302,451

Af rica:

Congo 4................... 10 5 14 13 6 5 7 5

Egypt ..................... 1,667 1,343 2,023 1,722 1,962 1,780 1,615 1,544

Ghana .................... 302 213 147 176 150 144 144 146

Liberia .................... 257 269 423 419 333 299 306 332

Morocco................... 138 97 179 122 149 118 109 112

South Africa ................ 2,163 1,539 1,497 662 597 794 710 844

Oil-exporting countries 5 ....... 3,143 3,177 3,010 3,430 3,497 4,350 4,562 4,590

Other Africa ................ 2,766 2,492 2,280 2,042 2,132 2,357 2,262 2,356

Total Africa ............... 10,446 9,135 9,573 8,586 8,826 9,847 9,715 9,929

Other coun tries:

Australia ................... 6,377 5,528 8,408 7,649 8,629 10,411 9,890 9,564

All other ................... 916 1,158 1,275 726 815 1,024 1,007 1,034

Total other countries ........ 7,293 6,686 9,683 8,375 9,444 11,435 10,897 10,598

Total foreign countries ..... 1,387,665 1,436,443 1,485,999 1,519,772 1,512,775 1,547,460 1,513,766 1,528,001

I nternational and re gional orgs.:

International................ 11,592 10,648 13,758 21,877 20,669 15,858 13,681 14,950

European regional ........... 111 577 504 468 610 679 440 470

Latin American regional....... 493 750 1,150 749 865 883 1,243 985

Asian regional .............. 562 477 607 170 193 234 211 259

African regional ............. 123 67 141 242 51 57 77 16

Middle Eastern regional....... 5 - - - - - - -

Total international 

and regional ............. 12,886 12,519 16,160 23,506 22,388 17,711 15,652 16,680

Grand total .............. 1,400,551 1,448,962 1,502,159 1,543,278 1,535,163 1,565,171 1,529,418 1,544,681

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates

(Trucial States). 

4 For merly known as Zaire.

5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.
CAP I TAL MOVE MENTS 71

To tal li a bil i ties

Li a bil i ties pay able in dol lars 

To tals

To for eign of fi cial in sti tu tions and un af -

fil i ated for eign banks

Li a bil i ties 

to banks’

own for -

eign of -

fices

To all other for eign ers

Mem o -

ran dum 

To tal

Pay able

in dol lars

Pay able

in for eign 

cur ren -

cies 1

De posits 

Shortterm U.S. 

Trea sury

ob li ga -

tions 3

Other li a -

bil i ties

De posits 

Short-term

U.S. Trea -

sury ob li ga -

tions 3

Other li a -

bil i ties

Ne go tia -

ble CDs

held for

all for -

eign ers 

Banks’

own li a -

bil i ties

Cus tody

li a bil i ties De mand Time 2 De mand Time 2

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, Sept. 30, 2000, Pre lim i nary

[Po si tion in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys t em]

Eu rope:

Austria ............. 2,683 2,541 142 1,451 1,090 89 340 378 1,410 42 30 169 60 23 154

BelgiumLuxembourg ....... 30,819 29,828 991 14,531 15,297 406 1,073 3,306 13,496 6,517 847 509 150 3,524 537

Bulgaria ............ 337 337 - 139 198 6 2 198 124 1 2 4 - - -

Czech Republic ...... 789 723 66 409 314 27 171 310 90 44 6 75 - - -

Denmark ........... 3,584 3,429 155 3,272 157 207 56 149 2,900 63 30 13 2 9 -

Finland............. 1,522 1,512 10 705 807 26 113 166 707 309 15 17 1 158 365

France ............. 43,617 39,693 3,924 19,005 20,688 364 1,858 17,308 5,448 10,601 132 380 21 3,581 759

Germany ........... 32,321 26,212 6,109 20,032 6,180 1,713 5,126 741 7,824 4,151 261 677 97 5,622 5,020

Greece............. 3,343 3,331 12 1,582 1,749 38 435 1,675 214 542 58 296 6 67 43

Hungary............ 1,052 1,048 4 138 910 42 - 341 652 1 3 8 - 1 -

Ireland ............. 7,949 7,822 127 2,273 5,549 146 149 4 3,076 46 125 210 240 3,826 1,096

Italy ............... 8,102 5,959 2,143 4,895 1,064 431 758 142 2,300 863 98 420 34 913 185

Netherlands ......... 10,912 10,311 601 8,908 1,403 308 1,695 244 1,365 4,888 86 433 129 1,163 66

Norway............. 3,506 3,501 5 3,410 91 54 1 38 2,994 152 159 25 - 78 1

Poland ............. 2,896 2,826 70 832 1,994 44 216 955 1,349 244 5 13 - - 5

Portugal............ 2,376 2,244 132 683 1,561 58 66 1,395 329 195 21 131 4 45 5

Romania............ 944 941 3 186 755 16 - 250 661 4 2 8 - - -

Russia 4............. 15,976 15,970 6 2,703 13,267 270 111 5,650 9,439 361 46 84 - 9 8

Spain .............. 8,901 8,410 491 4,851 3,559 187 323 159 4,433 1,758 100 843 13 594 621

Sweden ............ 6,367 6,220 147 4,904 1,316 69 356 85 302 3,707 29 78 415 1,179 674

Switzerland ......... 88,842 88,276 566 80,522 7,754 504 1,074 3,935 4,183 75,836 311 525 1,165 743 738

Turkey ............. 8,195 8,173 22 1,351 6,822 76 69 6,709 1,078 135 14 79 8 5 79

United Kingdom...... 196,682 178,474 18,208 169,714 8,760 1,874 17,841 726 19,945 117,287 1,148 1,369 724 17,560 2,569

Yugoslavia

5

......... 283 275 8 275 - 9 10 - 177 - 1 12 - 66 -

Other Europe........ 18,505 18,146 359 14,891 3,255 136 6,807 377 10,383 123 29 199 12 80 2,426

Total Europe....... 500,503 466,202 34,301 361,662 104,540 7,100 38,650 45,241 94,879 227,870 3,558 6,577 3,081 39,246 15,351

Canada.............. 40,992 33,869 7,123 21,923 11,946 283 1,362 485 5,107 11,441 707 2,807 63 11,614 162

Latin Amer ica 

and Ca rib bean:

Argentina........... 18,632 18,560 72 16,665 1,895 195 8,558 - 2,298 293 613 5,253 271 1,079 763

Bahamas ........... 173,322 171,457 1,865 159,642 11,815 289 881 184 10,826 150,778 127 2,472 394 5,506 784

Bermuda ........... 8,163 8,100 63 3,938 4,162 39 219 74 2,876 4 74 875 439 3,500 159

Brazil .............. 12,350 11,537 813 10,524 1,013 192 2,053 200 2,599 1,235 493 4,276 122 367 166

British West Indies.... 352,531 337,546 14,985 212,981 124,565 51 2,607 88 113,284 179,654 419 5,934 1,483 34,026 2,064

Chile............... 5,390 5,346 44 4,894 452 211 447 55 501 1,116 276 2,187 84 469 134

Colombia ........... 4,674 4,658 16 4,257 401 24 177 - 870 61 359 2,946 3 218 356

Cuba .............. 88 88 - 88 - 3 8 - 8 - 2 54 - 13 -

Ecuador............ 2,081 2,074 7 1,967 107 19 87 - 56 153 246 1,392 11 110 54

Guatemala.......... 1,692 1,671 21 1,582 89 29 240 - 246 7 119 984 2 44 23

Jamaica............ 899 830 69 828 2 24 345 - 243 36 18 161 1 2 1

Mexico ............. 35,069 33,878 1,191 27,213 6,665 420 4,041 2,304 7,681 2,554 1,365 12,797 474 2,242 1,121

Netherlands Antilles ... 5,165 5,159 6 4,650 509 17 95 2 592 507 41 380 139 3,386 254

Panama............ 3,732 3,661 71 3,136 525 53 162 4 274 611 125 1,912 151 369 85

Peru............... 1,092 1,091 1 1,049 42 22 48 - 79 32 68 741 2 99 14

Trinidad and Tobago . . 773 769 4 760 9 77 352 - 154 22 24 130 - 10 5

Uruguay............ 2,594 2,567 27 2,330 237 42 37 28 778 591 83 733 65 210 77

Venezuela .......... 24,148 23,888 260 18,155 5,733 231 3,616 5,269 2,742 170 1,160 10,090 75 535 112

Other Latin America 

and Caribbean...... 11,133 11,064 69 9,689 1,375 244 2,540 360 2,038 594 642 4,147 52 447 130

Total Latin America 

and Caribbean .... 663,528 643,944 19,584 484,348 159,596 2,182 26,513 8,568 148,145 338,418 6,254 57,464 3,768 52,632 6,302

See foot notes at end of ta ble.
72 CAP I TAL MOVE MENTS

TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, Sept. 30, 2000, Pre lim i nary, con.

[Po si tion in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys t em]

 To tal li a bil i ties

Li a bil i ties pay able in dol lars

To tals

To for eign of fi cial in sti tu tions and un af -

fil i ated for eign banks

Li a bil i ties 

to banks’

own for -

eign of -

fices

To all other for eign ers

Mem o -

ran dum 

To tal

Pay able

in dol lars

Pay able

in for eign 

cur ren -

cies 1

De posits 

Shortterm U.S. 

Trea sury

ob li ga -

tions 3

Other li a -

bil i ties

De posits 

Short-term

U.S. Trea -

sury ob li ga -

tions 3

Other li a -

bil i ties

Ne go tia -

ble CDs

held for

all for -

eign ers 

Banks’

own li a -

bil i ties

Cus tody

li a bil i ties De mand Time 2 De mand Time 2

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

1 These data as of June 30, 2000. 

2 Ex cludes ne go tia ble time cer tif i cates of de posit, which are in cluded in “Other li a bil i ties.” 

3 U.S. Trea sury bills and cer tif i cates held in cus tody for the ac count of oil-exporting coun tries in

“Other Asia” and “Other Af rica” amount to $1,393 mil lion. 

4 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

5 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

6 For merly known as Zaire.

Asia:

China:

Mainland ........ 11,831 11,829 2 4,406 7,423 461 1,385 40 8,643 373 52 427 105 343 66

Taiwan.......... 14,905 14,876 29 11,330 3,546 381 1,299 3,101 6,596 522 326 2,372 31 248 130

Hong Kong ........ 27,232 26,527 705 16,285 10,242 284 2,215 638 13,031 6,961 297 2,628 113 360 32

India ............. 5,838 5,838 - 2,855 2,983 581 267 2,129 1,376 1,031 71 184 - 199 6

Indonesia......... 7,310 7,310 - 1,692 5,618 169 192 5,595 639 260 85 337 - 33 8

Israel ............ 7,266 7,132 134 3,642 3,490 157 254 3,113 789 382 68 2,077 44 248 47

Japan ............ 155,082 142,755 12,327 49,996 92,759 1,131 15,834 86,945 7,199 26,226 613 1,285 646 2,876 2,470

Korea ............ 9,169 9,009 160 4,363 4,646 269 134 1,743 3,475 2,651 28 329 3 377 40

Lebanon.......... 709 709 - 687 22 31 104 - 480 2 7 78 2 5 5

Malaysia.......... 1,738 1,647 91 1,107 540 171 - 480 365 320 13 287 - 11 1

Pakistan.......... 1,213 1,199 14 1,064 135 42 62 63 171 768 25 61 - 7 8

Philippines ........ 2,229 1,822 407 1,429 393 468 69 70 605 78 59 403 25 45 20

Singapore......... 26,483 24,841 1,642 21,133 3,708 323 4,571 349 4,355 14,124 109 440 27 543 16

Syria............. 70 70 - 69 1 25 2 - 16 1 3 22 - 1 1

Thailand.......... 3,386 3,330 56 1,050 2,280 115 76 2,045 250 433 23 189 135 64 4

Other Asia ........ 27,990 27,164 826 21,495 5,669 1,179 2,028 2,710 9,288 10,116 293 1,274 83 193 679

Total Asia ....... 302,451 286,058 16,393 142,603 143,455 5,787 28,492 109,021 57,278 64,248 2,072 12,393 1,214 5,553 3,533

Af rica:

Congo 6 .......... 5 5 - 5 - 1 - - - 1 1 2 - - -

Egypt ............ 1,544 1,544 - 1,026 518 128 299 381 483 134 12 53 1 53 58

Ghana ........... 146 146 - 142 4 16 26 - 50 27 7 13 - 7 -

Liberia ........... 332 332 - 219 113 1 1 - - - 6 211 18 95 12

Morocco.......... 112 112 - 110 2 33 - - 36 4 4 35 - - -

South Africa ....... 844 842 2 777 65 83 2 - 302 16 260 82 6 91 6

Other Africa ....... 6,946 6,840 106 5,460 1,380 2,050 515 1,152 1,731 604 264 262 7 255 9

Total Africa ...... 9,929 9,821 108 7,739 2,082 2,312 843 1,533 2,602 786 554 658 32 501 85

Other coun tries:

Australia.......... 9,564 9,499 65 4,968 4,531 369 159 1,249 4,909 1,284 548 442 49 490 528

All other .......... 1,034 1,027 7 926 101 98 22 68 350 162 93 207 9 18 5

Total other 

countries....... 10,598 10,526 72 5,894 4,632 467 181 1,317 5,259 1,446 641 649 58 508 533

Total foreign 

countries ..... 1,528,001 1,450,420 77,581 1,024,169 426,251 18,131 96,041 166,165 313,270 644,209 13,786 80,548 8,216 110,054 25,966

In ter na tional 

and re gional orgs.:

International ....... 14,950 14,387 563 14,185 202 12 9,996 202 4,176 - - 1 - - -

European regional . . 470 108 362 87 21 2 75 21 10 - - - - - -

Latin American 

regional ......... 985 888 97 862 26 2 219 - 667 - - - - - 25

Asian regional ..... 259 259 - 254 5 2 49 - 208 - - - - - -

African regional .... 16 16 - 16 - 1 - - 15 - - - - - -

Middle Eastern 

regional ......... - - - - - - - - - - - - - - -

Total international 

and regional .... 16,680 15,658 1,022 15,404 254 19 10,339 223 5,076 - - 1 - - 25

Grand total ..... 1,544,681 1,466,078 78,603 1,039,573 426,505 18,150 106,380 166,388 318,346 644,209 13,786 80,549 8,216 110,054 25,991
CAP I TAL MOVE MENTS 73

CHART CM-A.—U.S. Li a bil i ties to For eigners

Re ported by U.S. Banks, Bro kers and Dealers

with Re spect to Se lected Coun tries

0

100

200

300

400

500

600

1 99 6 1997 19 98 1999 S ept. 200 0

(In bil lions of dol lars)

In the first three quarters of 2000,

U.S. banking liabilities grew at

about the same pace as in 1998

and 1999. Liabilities increased

$43 billion, primarily due to a $56 

billion increase opposite the

Caribbean financial centers.

U.S. banking liabilities to

foreigners, excluding long-term

securities, are concentrated in

international financial centers. The 

data on this page show that nearly

one-half of U.S. banking liabilities 

currently is reported opposite the

United Kingdom and the banking

centers in the Caribbean.

Foreigners domiciled in the rest of 

Europe and in Asia hold an

additional 40 percent.

U.S. bank ing li a bil i ties in the

mid-1990s went through a growth

spurt. The an nual growth rate be -

tween 1993 and 1997 av er aged 10 

per cent. Since 1997, growth has

slowed to less than 5 per cent per

year, which is more in line with

the 1989 through 1992 pe riod. 

United Kingdom. ............. 182,035 212,790 202,280 194,253 196,682 

All other Europe. ............. 259,163 274,671 274,354 293,345 303,821 

Caribbean banking centers 1..... 366,503 414,642 451,575 486,651 542,913 

Japan. ..................... 138,148 172,352 193,202 170,614 155,082 

All other Asia ................ 133,172 128,650 143,224 165,042 147,369 

Subtotal................... 1,079,021 1,203,105 1,264,635 1,309,905 1,345,867 

All other countries............. 186,534 197,446 184,327 192,254 198,814 

Grand total ................ 1,265,555 1,400,551 1,448,962 1,502,159 1,544,681 

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

United King dom All other Eu rope Ca rib bean bank ing cen ters

Ja pan All other coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

Coun try 1996 1997 1998 1999

 2000

Sept.

All other Asia
74 CAP I TAL MOVE MENTS

SEC TION II.—Claims on For eigners Re ported by Banks in the United States

TA BLE CM-II-1.—To tal Claims by Type

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Total claims ...................... 944,081 974,771 954,540 982,352 981,132 1,035,367 1,095,660 1,091,438

Payable in dollars................. 852,852 875,891 862,866 899,290 902,562 947,176 1,010,415 1,010,005

Banks’ own claims on foreigners .... 708,225 734,995 710,903 751,622 758,833 795,377 813,890 825,898

Foreign public borrowers ........ 20,581 23,542 34,753 37,248 34,894 35,090 36,036 41,461

Un af fil i ated for eign banks:

Deposits .................... 30,995 27,230 24,114 24,194 24,407 34,360 24,361 22,373

Other ...................... 78,235 78,976 69,855 79,864 77,605 66,867 71,669 70,538

Own foreign offices.............. 431,685 484,535 468,048 489,605 488,548 528,397 552,218 553,262

All other foreigners .............. 146,729 120,712 114,133 120,711 133,379 130,663 129,606 138,264

Claims of banks’ 

domestic customers ............ 144,627 140,896 151,963 147,668 143,729 151,799 196,525 184,107

Deposits ..................... 73,110 79,363 93,031 94,642 88,789 88,006 128,490 106,055

Negotiable and readily transferable instruments ....... 53,967 47,914 46,338 42,670 40,804 51,161 56,032 62,975

Collections and other........... 17,550 13,619 12,594 10,356 14,136 12,632 12,003 15,077

Payable in foreign currencies........ 91,229 98,880 91,674 83,062 78,570 88,191 85,245 81,433

Banks’ own claims on foreigners .... 83,038 78,162 80,635 59,588 67,036 67,365 63,492 62,631

Claims of banks’ 

domestic customers ............ 8,191 20,718 11,039 23,474 11,534 20,826 21,753 18,802

Mem o ran da:

Claims reported by IBFs ........... 303,117 252,269 233,550 231,787 265,497 274,567 305,619 289,899

Payable in dollars ............... 256,646 217,375 199,187 206,309 231,771 243,721 274,170 259,593

Payable in foreign currencies ...... 46,471 34,894 34,363 25,478 33,726 30,846 31,449 30,306

Customer liability on acceptances .... 9,624 4,520 4,486 4,456 4,532 4,553 4,464 5,056

Claims with re main ing 

 ma tu rity of 1 year or less:

On foreign public borrowers......... 12,081 13,671 20,902 25,354 22,526 22,811 23,436 25,220

On all other unaffiliated foreigners .... 193,700 172,855 154,489 161,140 174,246 164,572 157,017 160,884

Claims with re main ing 

 ma tu rity of more than 1 year:

On foreign public borrowers......... 8,499 9,839 13,290 11,704 12,162 12,013 12,802 15,484

 

 1998 1999 2000

Type of claim

Cal en dar year

1997 Dec. Mar. June Sept. r Dec. r Mar. June p
CAP I TAL MOVE MENTS 75

TA BLE CM-II-2.—To tal Claims by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Coun try

Cal en dar year

 1997

1998 1999 2000

 Dec. r Mar. r June r Sept. r Dec. Mar. June p

Eu rope:

Austria ...................... 4,731 2,744 4,582 4,605 4,283 4,651 6,515 5,575

Belgium-Luxembourg........... 10,850 11,989 10,815 14,160 10,643 15,774 15,162 12,599

Bulgaria ..................... 1 3 2 3 1 7 4 3

Czech Republic ............... 867 162 238 212 123 152 113 183

Denmark .................... 2,713 4,367 4,534 3,529 4,848 3,223 2,381 4,835

Finland...................... 1,477 1,292 1,922 1,991 2,244 2,426 2,569 3,321

France ...................... 28,903 27,708 27,656 28,583 30,928 36,433 42,175 40,605

Germany .................... 31,030 46,117 44,416 49,504 49,663 58,385 68,673 62,072

Greece...................... 696 1,072 972 974 910 1,165 1,309 1,109

Hungary ..................... 87 54 194 40 34 37 44 33

Ireland ...................... 3,168 5,495 3,997 5,082 4,596 4,612 6,741 7,796

Italy ........................ 10,108 13,064 11,376 11,312 12,199 12,765 11,075 13,635

Netherlands .................. 13,883 15,875 19,244 20,716 15,439 19,928 22,981 23,030

Norway...................... 826 1,560 1,427 1,477 1,592 1,160 2,633 3,039

Poland ...................... 1,438 706 1,394 1,257 1,116 1,219 436 404

Portugal ..................... 929 866 1,362 1,471 1,817 1,927 1,539 2,217

Romania..................... 145 59 85 91 85 68 66 64

Russia 1 ...................... 1,319 858 1,040 823 838 731 725 763

Spain ....................... 6,513 7,760 4,276 8,201 6,495 5,400 4,694 5,033

Sweden ..................... 8,123 9,196 10,789 7,421 7,653 8,508 14,450 15,364

Switzerland .................. 39,351 53,678 57,040 82,719 96,071 85,388 120,877 95,211

Turkey ...................... 4,381 3,781 3,605 4,146 2,867 9,906 9,613 4,758

United Kingdom ............... 151,645 162,874 159,291 188,575 179,996 176,564 192,399 211,758

Yugoslavia 2 .................. 52 62 64 54 51 50 50 49

Other Europe .................

5,400 5,430 8,405 8,124 7,549 9,515 8,519 8,962

Total Europe ................ 328,636 376,772 378,726 445,070 442,041 459,994 535,743 522,418

Canada....................... 51,071 73,578 63,896 54,654 53,439 56,906 61,893 62,392

Latin Amer ica and Ca rib bean:

Argentina .................... 9,800 10,909 11,046 11,372 10,808 10,760 10,412 10,464

Bahamas .................... 94,458 100,955 95,393 76,785 91,272 113,084 99,150 93,882

Bermuda .................... 9,355 5,418 4,413 6,336 8,688 8,117 7,498 6,391

Brazil ....................... 23,825 18,195 16,292 15,999 14,570 17,452 16,009 17,616

British West Indies............. 171,475 187,464 198,892 204,461 193,242 210,411 210,566 214,791

Chile........................ 8,284 8,498 8,237 7,624 6,975 6,743 6,684 6,330

Colombia .................... 7,147 6,671 6,233 5,683 4,852 4,543 3,964 3,819

Cuba ....................... - - - - - - - -

Ecuador ..................... 1,332 1,461 1,276 1,128 873 780 712 638

Guatemala ................... 930 1,149 1,077 1,066 1,093 1,162 1,209 1,259

Jamaica..................... 430 247 327 320 334 299 332 296

Mexico ...................... 21,771 24,011 22,072 20,673 19,095 19,160 17,974 17,825

Netherlands Antilles............ 18,071 6,816 6,684 5,536 13,382 6,051 6,416 6,514

Panama..................... 4,636 3,742 3,549 3,481 3,109 3,512 3,138 3,304

Peru ........................ 3,520 3,296 3,247 2,992 2,615 2,559 2,251 2,491

Trinidad and Tobago ........... 854 461 505 557 591 609 637 685

Uruguay ..................... 670 1,156 861 1,069 980 822 786 641

Venezuela ................... 2,715 3,217 3,729 3,742 3,677 3,720 3,866 3,671

Other Latin America 

and Caribbean............... 3,380 5,109 5,238 5,087 4,972 5,133 5,383 5,271

Total Latin America 

and Caribbean ............. 382,653 388,775 389,071 373,911 381,128 414,917 396,987 395,888
76 CAP I TAL MOVE MENTS

TA BLE CM-II-2.—To tal Claims by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June

1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4 For merly known as Zaire.

5

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Country

Cal en dar year

1997

 1998 1999 2000

 Dec. r Mar. r June r Sept. r Dec. Mar. June p

Asia:

China:

Mainland................... 1,775 1,297 3,384 3,772 2,080 2,140 3,206 1,722

Taiwan..................... 1,062 1,196 1,475 1,071 1,120 1,639 1,362 1,768

Hong Kong................... 17,851 10,408 9,255 9,008 5,868 6,570 5,126 5,229

India........................ 2,507 1,600 1,827 1,714 1,869 1,874 1,880 2,046

Indonesia.................... 3,119 2,239 1,971 1,810 1,770 1,853 1,903 1,905

Israel ....................... 4,753 4,586 4,485 5,245 4,241 5,061 6,560 4,633

Japan....................... 86,759 55,170 48,587 32,593 34,315 34,622 33,138 37,997

Korea....................... 18,775 8,432 9,284 11,481 11,216 9,461 11,882 16,196

Lebanon..................... 62 35 40 29 4,616 29 27 55

Malaysia..................... 899 1,096 1,427 1,426 1,174 1,092 1,136 1,031

Pakistan..................... 708 645 793 918 1,084 405 526 670

Philippines................... 1,877 1,664 1,568 1,702 1,512 1,466 1,722 1,919

Singapore.................... 11,309 7,591 5,091 4,362 4,830 3,973 2,753 3,659

Syria........................ 3 1 - - - - 3 1

Thailand..................... 2,523 1,885 1,770 1,872 1,488 1,556 1,181 1,289

Oil-exporting countries 3 ......... 11,502 20,132 14,478 10,748 12,427 15,487 12,588 13,246

Other Asia ................... 576 281 331 429 772 437 511 331

Total Asia .................. 166,060 118,258 105,766 88,180 90,382 87,665 85,504 93,697

Af rica:

Congo 4..................... - 1 - 1 - 25 2 3

Egypt....................... 281 320 327 326 323 308 320 272

Ghana ...................... 25 26 19 17 39 22 18 16

Liberia ...................... 521 627 574 632 542 513 556 548

Morocco..................... 709 446 453 479 577 377 304 287

South Africa .................. 960 768 916 825 627 714 480 833

Oil-exporting countries 5 ........ 1,271 936 327 341 324 277 198 431

Other Africa .................. 436 379 633 355 316 276 282 273

Total Africa ................. 4,203 3,503 3,249 2,976 2,748 2,512 2,160 2,663

Other coun tries:

Australia..................... 7,555 9,459 8,382 12,856 7,490 8,308 8,460 9,051

All other..................... 1,414 806 748 640 311 486 604 318

Total other 

countries.................. 8,969 10,265 9,130 13,496 7,801 8,794 9,064 9,369

Total foreign 

countries ................ 941,592 971,151 949,833 978,278 977,543 1,030,788 1,091,351 1,086,427

In ter na tional and re gional orgs.:

International .................. 2,233 3,499 4,582 3,963 3,532 4,555 4,294 4,865

European regional............. - 42 29 1 26 10 - 5

Latin American regional......... 255 79 96 107 31 14 15 141

Asian regional ................ - - - 3 - - - -

African regional............... - - - - - - - -

Middle Eastern regional......... 1 - - - - - - -

Total international 

and regional............... 2,489 3,620 4,707 4,074 3,589 4,579 4,309 5,011

Grand total ................ 944,081 974,771 954,540 982,352 981,132 1,035,367 1,095,660 1,091,438
CAP I TAL MOVE MENTS 77

TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, June 30, 2000

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Re porting banks’ own claims

On for eign pub lic bor -

row ers and

un af fil i ated

for eign ers

On own for -

eign of fices

Pay able in

for eign 

cur ren cies

Mem o ran dum Claims of banks’ do mes tic cus tom ers

Coun try To tal claims

To tal banks’

own claims

Cus tomers’

li a bil ity on

ac cep tan ces To tal

Pay able in

dol lars

Pay able in

for eign 

cur ren cies

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

Eu rope:

Austria ................ 5,575 3,252 2,128 20 1,104 1 2,323 2,078 245

Belgium-Luxembourg..... 12,599 8,322 4,868 1,525 1,929 - 4,277 4,015 262

Bulgaria ............... 3 1 1 - - - 2 2 -

Czech Republic ......... 183 182 66 48 68 - 1 - 1

Denmark ............... 4,835 3,599 1,081 2,359 159 1 1,236 1,090 146

Finland ................ 3,321 2,813 438 2,212 163 - 508 126 382

France ................ 40,605 32,654 10,349 18,284 4,021 31 7,951 7,419 532

Germany .............. 62,072 42,730 9,533 24,052 9,145 16 19,342 18,280 1,062

Greece ................ 1,109 876 418 419 39 1 233 166 67

Hungary ............... 33 28 19 - 9 - 5 - 5

Ireland ................ 7,796 6,582 3,552 2,684 346 - 1,214 988 226

Italy................... 13,635 10,569 4,313 3,411 2,845 1 3,066 1,877 1,189

Netherlands............ 23,030 16,934 8,537 7,131 1,266 110 6,096 5,968 128

Norway ................ 3,039 2,353 1,779 156 418 - 686 672 14

Poland ................ 404 396 173 48 175 - 8 1 7

Portugal ............... 2,217 1,847 1,135 289 423 - 370 198 172

Romania ............... 64 63 63 - - - 1 1 -

Russia 1................ 763 758 720 24 14 - 5 5 -

Spain ................. 5,033 4,428 2,415 1,429 584 2 605 598 7

Sweden ............... 15,364 10,546 1,921 6,823 1,802 - 4,818 4,714 104

Switzerland............. 95,211 86,973 4,136 82,148 689 73 8,238 8,198 40

Turkey ................ 4,758 3,268 2,946 243 79 147 1,490 1,412 78

United Kingdom ......... 211,758 158,440 38,967 102,802 16,671 150 53,318 48,238 5,080

Yugoslavia 2 ............ 49 49 49 - - - - - -

Other Europe ...........

8,962 1,887 1,521 8 358 - 7,075 2,322 4,753

Total Europe .......... 522,418 399,550 101,128 256,115 42,307 533 122,868 108,368 14,500

Canada ................. 62,392 47,555 10,665 31,926 4,964 16 14,837 13,380 1,457

Latin Amer ica 

and Ca rib bean:

Argentina .............. 10,464 9,975 8,388 998 589 39 489 315 174

Bahamas .............. 93,882 83,113 7,141 73,252 2,720 69 10,769 10,767 2

Bermuda............... 6,391 6,290 6,185 100 5 12 101 101 -

Brazil ................. 17,616 16,717 12,050 4,494 173 589 899 749 150

British West Indies ....... 214,791 171,530 31,346 133,623 6,561 210 43,261 42,904 357

Chile.................. 6,330 6,263 6,177 36 50 - 67 63 4

Colombia .............. 3,819 3,804 3,683 113 8 6 15 15 -

Cuba.................. - - - - - - - - -

Ecuador ............... 638 617 577 36 4 9 21 21 -

Guatemala............. 1,259 1,254 1,138 97 19 29 5 5 -

Jamaica ............... 296 295 291 - 4 - 1 1 -

Mexico ................ 17,825 17,285 16,483 583 219 275 540 473 67

Netherlands Antilles...... 6,514 6,511 2,177 4,325 9 - 3 3 -

Panama ............... 3,304 3,239 1,788 1,275 176 40 65 65 -

Peru .................. 2,491 2,479 1,963 495 21 12 12 8 4

Trinidad and Tobago ..... 685 683 435 229 19 2 2 2 -

Uruguay ............... 641 638 439 181 18 2 3 3 -

Venezuela ............. 3,671 3,566 3,197 274 95 7 105 104 1

Other Latin America 

and Caribbean......... 5,271 5,138 4,040 1,020 78 125 133 133 -

Total Latin America 

and Caribbean ....... 395,888 339,397 107,498 221,131 10,768 1,426 56,491 55,732 759
78 CAP I TAL MOVE MENTS

TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, June 30, 2000, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June

1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3For merly known as Zaire.

Re porting banks’ own claims

On for eign

pub lic borrow ers and

un af fil i ated

for eign ers

On own for -

eign of fices

Pay able in

for eign 

cur ren cies

Mem o ran dum Claims of banks’ do mes tic cus tom ers

To tal claims

To tal banks’

own claims

Cus tomers’

li a bil ity on 

ac cep tan ces To tal

Pay able in

dol lars

Pay able in

for eign 

cur ren cies

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9)

Asia:

China:

Mainland ............. 1,722 1,688 1,606 82 - 9 34 34 -

Taiwan .............. 1,768 1,353 998 341 14 2 415 63 352

Hong Kong............. 5,229 4,812 1,894 2,372 546 30 417 375 42

India.................. 2,046 1,908 1,724 181 3 48 138 129 9

Indonesia .............. 1,905 1,886 1,766 90 30 4 19 5 14

Israel ................. 4,633 1,615 1,348 262 5 5 3,018 3,003 15

Japan................. 37,997 35,785 7,447 25,809 2,529 60 2,212 1,352 860

Korea................. 16,196 15,972 12,723 3,143 106 2,711 224 90 134

Lebanon............... 55 50 40 1 9 4 5 5 -

Malaysia............... 1,031 973 809 158 6 11 58 5 53

Pakistan............... 670 669 213 456 - 4 1 1 -

Philippines ............. 1,919 1,908 1,813 52 43 26 11 9 2

Singapore ............. 3,659 3,558 2,937 537 84 9 101 87 14

Syria.................. 1 1 1 - - - - - -

Thailand............... 1,289 1,266 272 983 11 10 23 19 4

Other Asia ............. 13,577 13,322 6,139 6,218 965 91 255 255 -

Total Asia ............ 93,697 86,766 41,730 40,685 4,351 3,024 6,931 5,432 1,499

Af rica:

Congo 3 ............... 3 1 - - 1 - 2 2 -

Egypt................. 272 233 217 13 3 30 39 16 23

Ghana ................ 16 12 12 - - 2 4 3 1

Liberia ................ 548 548 528 - 20 - - - -

Morocco............... 287 286 258 1 27 1 1 1 -

South Africa ............ 833 774 768 4 2 2 59 17 42

Other Africa ............ 704 699 673 20 6 7 5 2 3

Total Africa ........... 2,663 2,553 2,456 38 59 42 110 41 69

Other coun tries:

Australia............... 9,051 7,411 3,937 3,303 171 14 1,640 1,137 503

All other ............... 318 286 211 64 11 1 32 17 15

Total other 

countries............ 9,369 7,697 4,148 3,367 182 15 1,672 1,154 518

Total foreign 

countries .......... 1,086,427 883,518 267,625 553,262 62,631 5,056 202,909 184,107 18,802

In ter na tional 

 and re gional orgs.:

International............ 4,865 4,865 4,865 - - - - - -

European regional ....... 5 5 5 - - - - - -

Latin American regional ... 141 141 141 - - - - - -

Asian regional .......... - - - - - - - - -

African regional ......... - - - - - - - - -

Middle Eastern regional ...

- - - - - - - - -

Total international 

and regional......... 5,011 5,011 5,011 - - - - - -

Grand total .......... 1,091,438 888,529 272,636 553,262 62,631 5,056 202,909 184,107 18,802
CAP I TAL MOVE MENTS 79

CHART CM-B.—U.S. Claims on For eign ers

Re ported by U.S. Banks, Bro kers and Dealers with Re spect to Se lected Coun tries

United Kingdom ................... 129,301 151,645 162,874 176,564 211,758 

All other Europe. .................. 144,459 176,991 213,888 283,430 310,660 

Caribbean banking centers 1. ......... 243,575 297,995 304,395 341,175 324,882 

Japan. .......................... 92,172 86,759 55,170 34,622 37,997 

All other Asia. ..................... 76,413 79,301 63,088 53,043 55,700 

Subtotal........................ 685,920 792,691 799,415 888,834 940,997 

All other countries. ................. 134,995 151,390 175,356 146,533 150,441 

Grand total ..................... 820,915 944,081 974,771 1,035,367 1,091,438 

1 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

All other Eu rope

All other Asia

United King dom Ca rib bean bank ing cen ters

Ja pan All other coun tries

0

100

200

300

400

199 6 19 97 19 98 1 999 Jun e 2000

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

Coun try 1996 1997 1998 1999 June 2000

(In bil lions of dol lars)

The first half of 2000 showed strong

growth in bank ing claims on for eign -

ers, de spite a mod est de crease in

claims in the sec ond quar ter. Claims

in creased $56 bil lion, pri mar ily due

to a $62 bil lion in crease in claims

op po site Eu rope.

U.S. banking claims on foreigners,

excluding long-term securities, are

concentrated in international

financial centers. The data on this

page show that over three-quarters of 

U.S. claims currently are reported

opposite the United Kingdom, “All

other Europe,” and the banking

centers in the Caribbean. Foreigners

domiciled in Asia hold less than 10

percent of U.S. claims, down from

20 percent at the end of 1996.

Af ter ex tremely strong growth in the

mid-1990s, to tal U.S. bank ing claims 

on for eign ers are lev el ing off. An -

nual growth peaked at 15 per cent in

1997. In 1998 and the first three

quar ters of 1999, claims grew at a

much slower an nual rate of 3 per -

cent. Starting in the fourth quar ter of 

1999, growth in bank ing claims

picked up; claims in creased at over a

10 per cent an nual rate in the first half 

of 2000. 
80 CAP I TAL MOVE MENTS

SEC TION III.—Sup ple men tary Li a bil i ties andClaims Data

Re ported by Banksin the United States

TA BLE CM-III-1.—Dol lar Li a bil i ties to, and Dol lar Claims on, For eigners

in Coun tries and Areas Not Reg u larly Re ported Sep a rately

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

*Less than $500,000. Note.—Data rep re sent a par tial break down of the amounts shown for the cor re spond ing dates

for the “Other” geo graph ical cat e go ries in the reg u lar monthly se ries in the “Trea sury Bul le tin.”

Other Eu rope:

Cyprus .............................. 179 332 222 762 63 49

Iceland .............................. n.a. 63 105 14 11 n.a.

Monaco ............................. 265 179 224 n.a. n.a. 132

Other Latin Amer ica and Ca rib bean:

Aruba ............................... 216 297 317 32 n.a. n.a.

Barbados ............................ 1,351 1,692 1,693 465 813 1,095

Belize............................... 92 104 141 18 n.a. 43

Bolivia .............................. 713 726 550 624 582 491

Costa Rica ........................... 1,260 1,404 1,455 541 568 554

Dominica ............................ n.a. 68 53 n.a. 13 n.a.

Dominican Republic.................... 1,422 1,758 1,422 606 787 858

El Salvador ........................... 985 982 1,066 830 954 888

French West Indies and French Guiana .... 31 52 37 n.a. 7 n.a.

Haiti ................................ 497 345 304 24 16 20

Honduras ............................ 1,299 1,537 1,684 366 328 269

Nicaragua............................ 110 115 161 62 60 82

Paraguay ............................ 782 886 920 112 98 92

Suriname............................ 181 178 167 89 67 80

Other Asia:

Afghanistan .......................... n.a. 61 49 n.a. - -

Burma .............................. 5 5 8 - - -

Jordan .............................. 287 512 386 78 39 82

Macau .............................. 81 n.a. 91 n.a. n.a. -

Sri Lanka ............................ 135 221 131 45 n.a. 41

Yemen .............................. 95 368 400 n.a. n.a. 1

Other Af rica:

Angola .............................. 244 203 287 n.a. n.a. n.a.

Cameroon ........................... 35 19 16 n.a. 8 8

Ethiopia ............................. 162 n.a. 135 n.a. n.a. n.a.

Guinea .............................. 70 28 24 - - *

Ivory Coast ........................... 80 55 62 7 n.a. 13

Kenya............................... 173 228 138 19 22 13

Madagascar.......................... 30 26 19 - - n.a.

Mauritius ............................ 165 125 137 n.a. 4 3

Mozambique ......................... 179 110 126 n.a. 3 n.a.

Niger ............................... 4 4 2 n.a. n.a. n.a.

Rwanda ............................. 34 57 43 n.a. n.a. n.a.

Senegal ............................. 49 32 44 n.a. n.a. 4

Somalia ............................. 16 16 13 - - -

Sudan .............................. 15 11 11 n.a. n.a. n.a.

Tanzania ............................ 253 214 213 n.a. n.a. 7

Tunisia .............................. 90 124 163 168 n.a. 101

Uganda ............................. n.a. 121 84 n.a. n.a. 1

Zambia .............................. 59 52 50 n.a. n.a. n.a.

Zimbabwe........................... 99 73 61 n.a. n.a. *

All other:

New Zealand ......................... 648 636 373 388 215 143

Papua New Guinea .................... 56 n.a. n.a. 33 27 n.a.

 To tal li a bil i ties To tal banks’ own claims

 Cal en dar Year 2000 Cal en dar Year 2000

Country 1998 1999 June 1998 1999 June
CAP I TAL MOVE MENTS 81

SEC TION IV.—Li a bil i ties to, and Claims on, For eigners

Re ported by Nonbanking Busi ness En ter prises

in the United States

TA BLE CM-IV-1.—To tal Li a bil i ties and Claims by Type

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Total liabilities ....................... 61,782 57,382 46,570 49,337 52,979 53,020 52,555 70,534

Payable in dollars .................. 39,542 41,543 36,668 36,032 36,296 37,605 34,680 47,864

Financial ........................ 11,913 12,630 10,371 13,205 12,231 13,883 11,924 22,803

Com mer cial:

Trade payables ................. 11,683 9,599 10,133 9,837 11,387 11,720 11,267 12,691

Advance receipts and other ........ 15,946 19,314 16,164 12,990 12,678 12,002 11,489 12,370

Payable in foreign currencies ......... 22,240 15,839 9,902 13,305 16,683 15,415 17,875 22,670

Financial ........................ 21,136 14,247 8,884 11,853 15,191 14,097 16,322 21,265

Com mer cial:

Trade payables ................. 1,037 1,305 845 1,098 1,264 1,114 1,134 1,073

Advance receipts and other ........ 67 287 173 354 228 204 419 332

Total claims ........................ 65,897 68,128 77,462 63,884 67,566 76,642 84,266 80,685

Payable in dollars .................. 59,156 62,173 72,171 57,006 60,456 69,170 74,331 72,254

Fi nan cial:

Deposits ....................... 20,852 21,060 28,549 11,636 13,240 16,373 21,442 15,361

Other ......................... 12,374 11,806 14,049 14,800 15,718 18,593 19,659 22,384

Com mer cial:

Trade receivables................ 23,495 26,157 25,743 26,570 27,769 30,624 28,512 29,544

Advance payments and other....... 2,435 3,150 3,830 4,000 3,729 3,580 4,718 4,965

Payable in foreign currencies ......... 6,741 5,955 5,291 6,878 7,110 7,472 9,935 8,431

Fi nan cial:

Deposits ....................... 772 1,849 1,650 1,714 1,952 2,193 1,874 2,101

Other ......................... 3,525 2,244 2,012 3,807 2,967 3,072 4,823 4,457

Com mer cial:

Trade receivables................ 2,256 1,379 1,459 1,221 1,628 1,978 2,931 1,693

Advance payments and other....... 188 483 170 136 563 229 307 180

Cal en dar year 1999 2000

Type of li a bil ity or claim 1996 1997 1998 June Sept. Dec. Mar. June p
82 CAP I TAL MOVE MENTS

TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria...................... 44 67 112 118 88 81 112 93 95

Belgium-Luxembourg .......... 700 1,111 852 357 259 178 171 82 341

Bulgaria..................... 1 2 5 3 2 3 - 1 2

Czech Republic............... 26 22 38 105 84 78 26 25 26

Denmark .................... 138 93 170 132 87 73 105 138 131

Finland ..................... 179 161 281 83 42 87 48 38 47

France...................... 1,480 1,771 2,189 2,017 1,943 2,295 2,331 1,944 2,413

Germany .................... 2,741 2,836 3,232 3,455 3,102 2,913 3,105 2,304 2,619

Greece ..................... 89 72 89 120 168 117 141 283 223

Hungary .................... 9 12 13 3 6 9 9 9 5

Ireland...................... 414 449 1,136 1,307 807 762 827 1,226 2,513

Italy ........................ 374 911 923 1,177 665 865 749 1,312 1,515

Netherlands.................. 966 1,322 933 1,835 2,536 2,601 2,503 2,618 2,597

Norway ..................... 209 424 242 188 158 238 266 126 185

Poland...................... 7 30 7 11 17 32 46 52 81

Portugal..................... 35 33 36 29 15 17 34 19 16

Romania .................... 3 9 165 149 122 208 159 236 184

Russia 1..................... 177 105 115 82 71 141 251 194 122

Spain....................... 171 222 334 546 518 546 501 389 478

Sweden ..................... 233 204 244 171 156 184 158 161 147

Switzerland .................. 1,308 1,323 936 654 640 726 773 633 702

Turkey...................... 118 129 285 211 455 356 384 446 511

United Kingdom .............. 13,706 21,464 15,753 9,677 16,056 18,271 19,592 19,240 24,445

Yugoslavia 2 .................. 6 9 6 8 7 7 11 6 7

Other Europe ................ 188 165 159 181 292 172 201 187 220

Total Europe................ 23,322 32,946 28,255 22,619 28,296 30,960 32,503 31,762 39,625

Canada ...................... 1,672 2,491 3,549 2,083 1,990 2,097 2,059 2,337 2,767

Latin Amer ica 

and Ca rib bean:

Argentina.................... 136 272 219 118 172 157 169 247 202

Bahamas.................... 60 299 157 21 20 25 23 10 88

Bermuda .................... 352 347 432 299 232 204 157 288 1,316

Brazil....................... 155 274 363 304 243 242 271 243 265

British West Indies ............ 922 1,044 616 967 949 825 540 512 485

Chile....................... 76 160 150 111 87 74 64 94 99

Colombia.................... 63 123 120 72 83 111 141 111 156

Cuba....................... 1 5 - 5 18 23 27 22 18

Ecuador..................... 26 27 22 19 25 67 58 22 70

Guatemala .................. 4 12 30 12 15 10 6 26 18

Jamaica..................... 18 16 18 12 18 18 13 46 20

Mexico...................... 428 682 591 406 509 732 912 827 1,099

Netherlands Antilles ........... 635 53 23 44 12 15 19 15 24

Panama..................... 23 12 16 16 63 59 67 62 69

Peru ....................... 21 44 30 35 39 26 28 25 23

Trinidad and Tobago........... 13 144 75 34 32 9 15 18 12

Uruguay .................... 3 6 20 8 9 14 8 7 7

Venezuela................... 223 329 262 204 150 182 305 193 239

Other Latin America 

and Caribbean .............. 364 393 418 426 367 344 379 364 1,271

Total Latin America 

and Caribbean............. 3,523 4,242 3,562 3,113 3,043 3,137 3,202 3,132 5,481

Cal en dar year 1999 2000

Coun try 1995 1996 1997 1998 June Sept. Dec. Mar. June p
CAP I TAL MOVE MENTS 83

TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all other

re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June

1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4

 For merly known as Zaire.

5

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland ................... 579 990 1,250 708 481 717 627 606 781

Taiwan ..................... 451 697 936 898 946 1,066 1,175 1,115 1,096

Hong Kong ................... 646 610 750 388 245 318 223 347 790

India........................ 196 181 170 387 513 503 519 355 330

Indonesia .................... 350 314 213 154 117 174 83 70 89

Israel ....................... 99 205 176 228 152 112 160 188 185

Japan....................... 8,751 10,483 8,602 7,439 5,788 6,073 5,751 5,259 8,224

Korea ....................... 1,433 1,558 1,150 945 785 718 543 695 2,477

Lebanon..................... 61 72 29 27 58 61 56 60 55

Malaysia..................... 297 586 766 141 122 84 118 139 102

Pakistan..................... 80 77 60 33 29 21 37 31 85

Philippines ................... 60 110 222 169 199 201 169 114 104

Singapore .................... 819 908 1,252 1,240 1,083 924 917 1,237 2,093

Syria........................ 50 61 23 15 29 45 8 6 24

Thailand..................... 392 473 405 362 186 251 165 200 218

Oil-exporting countries3 ......... 1,939 2,193 3,138 2,852 2,211 2,621 2,555 2,312 3,494

Other Asia ................... 206 327 211 141 312 161 217 222 271

Total Asia .................. 16,409 19,845 19,353 16,127 13,256 14,050 13,323 12,956 20,418

Af rica:

Congo 4..................... - - - - - - 9 10 1

Egypt ....................... 157 198 90 39 79 71 86 100 115

Ghana ...................... 16 29 28 9 11 1 1 2 3

Liberia ...................... - - 1 9 1 2 2 2 -

Morocco..................... 24 21 49 41 36 32 31 12 10

South Africa .................. 42 154 255 189 151 135 138 148 141

Oil-exporting countries5......... 376 532 408 393 392 584 499 536 575

Other Africa .................. 154 144 103 142 191 165 212 161 138

Total Africa ................. 769 1,078 934 822 861 990 978 971 983

Other coun tries:

Australia..................... 461 945 911 949 1,010 861 634 450 294

All other ..................... 230 125 810 852 859 854 300 910 930

Total other 

countries.................. 691 1,070 1,721 1,801 1,869 1,715 934 1,360 1,224

Total foreign 

countries ................ 46,386 61,672 57,374 46,565 49,315 52,949 52,975 52,518 70,498

In ter na tional 

and re gional orgs.:

International.................. 2 55 - - - - 1 - -

European regional ............. 60 55 8 5 22 30 44 37 36

Latin American regional......... - - - - - - - - -

Asian regional ................ - - - - - - - - -

African regional ............... - - - - - - - - -

Middle Eastern regional......... - - - - - - - - -

Total international 

and regional ............... 62 110 8 5 22 30 45 37 36

Grand total ................ 46,448 61,782 57,382 46,570 49,337 52,979 53,020 52,555 70,534

Cal en dar year 1999 2000

Coun try 1995 1996 1997 1998 June Sept. Dec. Mar. June p
84 CAP I TAL MOVE MENTS

TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, June 30, 2000, Pre lim i nary

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Fi nan cial li a bil i ties

Coun try To tal li a bil i ties To tal Pay able in dol lars

Pay able in for eign

cur ren cies

 Com mer cial 

 li a bil i ties

 (1) (2) (3) (4) (5) 

Eu rope:

Austria ...................... 95 4 2 2 91

Belgium-Luxembourg........... 341 163 163 - 178

Bulgaria ..................... 2 - - - 2

Czech Republic ............... 26 1 1 - 25

Denmark .................... 131 9 9 - 122

Finland ...................... 47 33 13 20 14

France ...................... 2,413 1,702 646 1,056 711

Germany .................... 2,619 1,671 1,075 596 948

Greece ...................... 223 2 2 - 221

Hungary ..................... 5 1 1 - 4

Ireland ...................... 2,513 2,370 297 2,073 143

Italy ........................ 1,515 374 42 332 1,141

Netherlands .................. 2,597 2,035 2,012 23 562

Norway ...................... 185 4 4 - 181

Poland ...................... 81 15 15 - 66

Portugal..................... 16 3 3 - 13

Romania..................... 184 - - - 184

Russia 1 ..................... 122 16 10 6 106

Spain ....................... 478 238 143 95 240

Sweden ..................... 147 43 43 - 104

Switzerland .................. 702 137 106 31 565

Turkey ...................... 511 7 7 - 504

United Kingdom ............... 24,445 21,463 7,226 14,237 2,982

Yugoslavia 2.................. 7 - - - 7

Other Europe ................. 220 41 5 36 179

Total Europe ................

39,625 30,332 11,825 18,507 9,293

Canada ....................... 2,767 714 405 309 2,053

Latin Amer ica 

and Ca rib bean:

Argentina .................... 202 59 13 46 143

Bahamas .................... 88 78 77 1 10

Bermuda .................... 1,316 1,016 1,016 - 300

Brazil ....................... 265 146 32 114 119

British West Indies............. 485 463 434 29 22

Chile........................ 99 22 21 1 77

Colombia .................... 156 1 1 - 155

Cuba ....................... 18 - - - 18

Ecuador..................... 70 - - - 70

Guatemala ................... 18 - - - 18

Jamaica ..................... 20 3 3 - 17

Mexico ...................... 1,099 26 18 8 1,073

Netherlands Antilles............ 24 9 9 - 15

Panama ..................... 69 35 35 - 34

Peru ........................ 23 1 1 - 22

Trinidad and Tobago ........... 12 4 4 - 8

Uruguay..................... 7 - - - 7

Venezuela ................... 239 - - - 239

Other Latin America 

and Caribbean............... 1,271 1,011 1,006 5 260

Total Latin America 

and Caribbean ............. 5,481 2,874 2,670 204 2,607
CAP I TAL MOVE MENTS 85

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 For merly known as Zaire.

TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, June 30, 2000, Pre lim i nary, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Fi nan cial li a bil i ties

Coun try To tal li a bil i ties To tal Pay able in dol lars

Pay able in for eign 

cur ren cies

 Com mer cial 

 li a bil i ties

 (1) (2) (3) (4) (5) 

Asia:

China:

Mainland ................... 781 231 214 17 550

Taiwan..................... 1,096 2 1 1 1,094

Hong Kong................... 790 490 485 5 300

India........................ 330 3 2 1 327

Indonesia .................... 89 8 4 4 81

Israel ....................... 185 1 1 - 184

Japan ....................... 8,224 6,024 4,498 1,526 2,200

Korea ....................... 2,477 1,771 1,770 1 706

Lebanon..................... 55 4 4 - 51

Malaysia..................... 102 - - - 102

Pakistan..................... 85 1 - 1 84

Philippines ................... 104 2 - 2 102

Singapore.................... 2,093 887 881 6 1,206

Syria........................ 24 - - - 24

Thailand..................... 218 13 - 13 205

Other Asia ................... 3,765 16 15 1 3,749

Total Asia .................. 20,418 9,453 7,875 1,578 10,965

Af rica:

Congo 3..................... 1 - - - 1

Egypt ....................... 115 6 5 1 109

Ghana ...................... 3 - - - 3

Liberia ...................... - - - - -

Morocco..................... 10 - - - 10

South Africa .................. 141 14 - 14 127

Other Africa .................. 713 13 13 - 700

Total Africa ................. 983 33 18 15 950

Other coun tries:

Australia..................... 294 51 4 47 243

All other ..................... 930 611 6 605 319

Total other countries.......... 1,224 662 10 652 562

Total foreign countries ....... 70,498 44,068 22,803 21,265 26,430

In ter na tional and re gional orgs.:

International.................. - - - - -

European regional ............. 36 - - - 36

Latin American regional ......... - - - - -

Asian regional ................ - - - - -

African regional ............... - - - - -

Middle Eastern regional .........

- - - - -

Total international 

and regional............... 36 - - - 36

Grand total ................ 70,534 44,068 22,803 21,265 26,466
86 CAP I TAL MOVE MENTS

TA BLE CM-IV-4.—To tal Claims by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...................... 114 159 126 146 368 357 208 445 257

Belgium-Luxembourg........... 424 411 734 899 743 863 845 811 742

Bulgaria ..................... 29 19 32 11 7 7 6 5 13

Czech Republic ............... 53 34 42 67 39 100 26 37 42

Denmark .................... 107 101 155 81 99 75 310 197 156

Finland ...................... 185 173 211 244 258 296 261 249 256

France ...................... 2,633 2,338 2,811 3,035 3,462 3,587 3,203 4,355 3,982

Germany .................... 1,506 1,613 2,041 2,126 2,027 2,493 2,464 2,703 2,478

Greece ...................... 193 148 386 316 287 397 487 482 440

Hungary ..................... 50 17 62 66 62 62 54 50 54

Ireland ...................... 290 274 277 244 270 353 340 434 494

Italy ........................ 1,029 1,039 1,466 1,257 1,226 1,159 1,284 1,268 1,187

Netherlands .................. 969 1,055 1,274 1,342 1,386 1,684 2,658 3,318 3,225

Norway ...................... 169 251 303 165 203 280 273 192 200

Poland ...................... 78 108 124 111 73 66 62 70 60

Portugal..................... 64 92 78 153 57 157 91 91 121

Romania..................... 16 14 7 20 12 18 11 11 14

Russia 1..................... 300 239 221 232 220 280 293 369 398

Spain ....................... 537 645 623 527 779 695 715 766 903

Sweden ..................... 288 372 504 565 420 329 339 358 321

Switzerland .................. 1,018 1,116 988 897 889 1,273 1,253 1,223 1,187

Turkey ...................... 256 222 379 236 403 424 464 705 591

United Kingdom ............... 6,959 10,868 13,997 12,535 13,246 12,946 13,388 14,398 16,596

Yugoslavia 2.................. 13 6 11 14 24 25 17 17 45

Other Europe ................. 153 214 267 251 379 319 360 353 402

Total Europe ................ 17,433 21,528 27,119 25,540 26,939 28,245 29,412 32,907 34,164

Canada ....................... 4,802 5,607 5,973 5,120 5,683 5,810 5,310 6,263 9,045

Latin Amer ica 

and Ca rib bean:

Argentina .................... 396 617 688 893 1,031 1,052 896 855 890

Bahamas .................... 1,995 1,588 2,335 427 488 784 1,613 1,314 703

Bermuda .................... 353 415 352 575 622 1,073 401 415 414

Brazil ....................... 1,728 2,771 2,475 1,859 1,989 2,028 2,381 2,495 2,560

British West Indies............. 10,472 15,726 10,571 24,492 7,520 7,420 12,280 15,909 7,802

Chile........................ 248 374 327 320 252 240 263 387 313

Colombia .................... 413 422 424 279 251 267 349 324 336

Cuba ....................... 1 5 - - 1 3 - 2 1

Ecuador..................... 123 107 101 103 66 63 82 60 57

Guatemala ................... 48 98 93 88 92 83 85 121 73

Jamaica ..................... 41 40 52 45 37 69 52 80 34

Mexico ...................... 1,547 1,585 1,929 2,790 3,180 3,404 3,476 3,508 3,612

Netherlands Antilles............ 32 114 153 37 48 32 45 72 97

Panama ..................... 156 109 145 173 165 156 168 202 194

Peru ........................ 221 201 147 183 199 185 148 170 112

Trinidad and Tobago ........... 36 25 20 55 33 24 46 58 45

Uruguay..................... 32 42 49 59 51 67 68 70 70

Venezuela ................... 317 388 612 456 455 412 487 500 543

Other Latin America 

and Caribbean............... 705 681 820 1,176 1,284 1,266 1,325 1,302 2,807

Total Latin America 

and Caribbean ............. 18,864 25,308 21,293 34,010 17,764 18,628 24,165 27,844 20,663

Cal en dar year 1999 2000 

Coun try 1995 1996 1997 1998 June Sept. Dec. Mar. June p
CAP I TAL MOVE MENTS 87

TA BLE CM-IV-4.—To tal Claims by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all other

re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates

(Trucial States).

4

 For merly known as Zaire.

5

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland ................... 696 992 1,076 825 811 942 760 1,018 1,012

Taiwan..................... 532 511 814 770 841 898 1,097 1,129 1,344

Hong Kong................... 454 669 562 331 293 345 400 958 861

India........................ 323 402 439 348 456 569 599 486 553

Indonesia .................... 367 665 704 417 372 418 408 386 446

Israel ....................... 267 323 347 327 333 282 336 419 526

Japan ....................... 2,741 3,038 2,799 2,875 2,460 3,073 5,336 4,103 3,291

Korea ....................... 933 822 988 1,084 1,246 1,492 1,378 1,481 1,432

Lebanon..................... 48 41 37 26 14 21 14 22 25

Malaysia..................... 496 560 547 492 480 513 516 513 672

Pakistan..................... 42 99 44 37 39 33 23 32 110

Philippines ................... 123 245 144 148 266 179 258 235 140

Singapore.................... 573 781 779 734 729 815 1,041 825 984

Syria........................ 12 7 11 12 6 36 5 10 5

Thailand..................... 199 288 280 489 453 467 651 208 191

Oil-exporting countries 3 ......... 977 993 1,118 1,144 1,470 1,484 1,648 1,562 1,283

Other Asia ................... 108 161 157 160 222 217 152 144 216

Total Asia .................. 8,891 10,597 10,846 10,219 10,491 11,784 14,622 13,531 13,091

Af rica:

Congo 4 ..................... 11 13 3 1 - 6 - - 2

Egypt ....................... 160 155 286 136 159 151 186 192 236

Ghana ...................... 16 15 9 14 7 8 6 25 28

Liberia ...................... 13 29 8 11 4 6 3 11 8

Morocco..................... 57 27 28 29 34 32 35 44 42

South Africa .................. 321 277 322 272 360 299 323 262 265

Oil-exporting countries 5........... 92 180 134 181 207 233 186 97 199

Other Africa .................. 260 224 209 226 195 198 178 317 305

Total Africa ................. 930 920 999 870 966 933 917 948 1,085

Other coun tries:

Australia..................... 1,310 1,536 1,485 1,398 1,700 1,766 1,889 2,124 2,104

All other ..................... 270 265 390 286 337 362 351 638 528

Total other 

countries.................. 1,580 1,801 1,875 1,684 2,037 2,128 2,240 2,762 2,632

Total foreign 

countries ................

52,500 65,761 68,105 77,443 63,880 67,528 76,639 84,255 80,680

In ter na tional 

and re gional orgs.:

International.................. 8 60 18 15 - - 2 10 -

European regional ............. 1 58 5 3 - - - - 4

Latin American regional ......... - 2 - - - - - - -

Asian regional ................ - 13 - - 1 - - - -

African regional ............... - 3 - 1 1 1 1 1 1

Middle Eastern regional .........

- - - - 2 37 - - -

Total international 

and regional ............... 9 136 23 19 4 38 3 11 5

Grand total ................ 52,509 65,897 68,128 77,462 63,884 67,566 76,642 84,266 80,685

Cal en dar year 1999 2000 

Coun try 1995 1996 1997 1998 June Sept. Dec. Mar. June p
88 CAP I TAL MOVE MENTS

TA BLE CM-IV-5.—To tal Claims by Type and Coun try, June 30, 2000, Pre lim i nary

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...................... 257 139 139 - 118

Belgium-Luxembourg........... 742 317 306 11 425

Bulgaria..................... 13 - - - 13

Czech Republic ............... 42 2 2 - 40

Denmark .................... 156 16 16 - 140

Finland...................... 256 3 3 - 253

France ...................... 3,982 1,292 902 390 2,690

Germany .................... 2,478 576 405 171 1,902

Greece...................... 440 231 225 6 209

Hungary..................... 54 30 27 3 24

Ireland ...................... 494 291 291 - 203

Italy ........................ 1,187 89 74 15 1,098

Netherlands .................. 3,225 1,984 824 1,160 1,241

Norway...................... 200 71 70 1 129

Poland ...................... 60 12 11 1 48

Portugal..................... 121 2 - 2 119

Romania..................... 14 - - - 14

Russia1...................... 398 114 114 - 284

Spain ....................... 903 210 190 20 693

Sweden ..................... 321 138 134 4 183

Switzerland .................. 1,187 624 601 23 563

Turkey ...................... 591 371 370 1 220

United Kingdom............... 16,596 11,668 9,530 2,138 4,928

Yugoslavia2 ................... 45 - - - 45

Other Europe................. 402 74 70 4 328

Total Europe ................

34,164 18,254 14,304 3,950 15,910

Canada....................... 9,045 5,799 4,912 887 3,246

Latin Amer ica 

and Ca rib bean:

Argentina.................... 890 257 242 15 633

Bahamas .................... 703 655 649 6 48

Bermuda .................... 414 34 32 2 380

Brazil ....................... 2,560 1,666 1,654 12 894

British West Indies............. 7,802 7,751 7,751 - 51

Chile........................ 313 58 57 1 255

Colombia .................... 336 85 78 7 251

Cuba ....................... 1 - - - 1

Ecuador..................... 57 9 7 2 48

Guatemala................... 73 15 13 2 58

Jamaica..................... 34 4 2 2 30

Mexico ...................... 3,612 2,048 2,011 37 1,564

Netherlands Antilles ............ 97 76 76 - 21

Panama..................... 194 24 23 1 170

Peru........................ 112 6 4 2 106

Trinidad and Tobago ........... 45 3 1 2 42

Uruguay..................... 70 26 24 2 44

Venezuela ................... 543 78 55 23 465

Other Latin America 

and Caribbean............... 2,807 2,079 2,074 5 728

Total Latin America 

and Caribbean ............. 20,663 14,874 14,753 121 5,789

 Fi nan cial claims

Coun try To tal claims To tal De nom i nated in dol lars

De nom i nated in for eign

cur ren cies

 Com mer cial 

claims

 (1) (2) (3) (4) (5) 
CAP I TAL MOVE MENTS 89

TA BLE CM-IV-5.—To tal Claims by Type and Coun try, June 30, 2000, Pre lim i nary, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former

U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994

for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 For merly known as Zaire.

Asia:

China:

Mainland ................... 1,012 93 87 6 919

Taiwan ..................... 1,344 239 12 227 1,105

Hong Kong ................... 861 530 476 54 331

India ........................ 553 201 174 27 352

Indonesia .................... 446 119 119 - 327

Israel........................ 526 90 90 - 436

Japan ....................... 3,291 1,410 254 1,156 1,881

Korea ....................... 1,432 521 516 5 911

Lebanon ..................... 25 - - - 25

Malaysia ..................... 672 429 381 48 243

Pakistan ..................... 110 4 4 - 106

Philippines ................... 140 17 15 2 123

Singapore.................... 984 165 154 11 819

Syria........................ 5 - - - 5

Thailand ..................... 191 9 7 2 182

Other Asia ................... 1,499 96 86 10 1,403

Total Asia................... 13,091 3,923 2,375 1,548 9,168

Af rica:

Congo 3...................... 236 75 73 2 161

Egypt ....................... 28 - - - 28

Ghana....................... 8 - - - 8

Liberia....................... 42 5 5 - 37

Morocco ..................... 265 139 138 1 126

South Africa .................. 2 - - - 2

Other Africa ..................

504 101 91 10 403

To tal Af rica ................. 1,085 320 307 13 765

Other coun tries:

Australia ..................... 2,104 791 775 16 1,313

All other ..................... 528 342 319 23 186

Total other 

countries.................. 2,632 1,133 1,094 39 1,499

Total foreign 

countries ................. 80,680 44,303 37,745 6,558 36,377

In ter na tional 

 and re gional orgs.:

International .................. - - - - -

European regional ............. 4 - - - 4

Latin American regional ......... - - - - -

Asian regional................. - - - - -

African regional ............... 1 - - - 1

Middle Eastern regional .........

- - - - -

Total international 

and regional ............... 5 - - - 5

Grand total ................ 80,685 44,303 37,745 6,558 36,382

 Fi nan cial claims

Coun try To tal claims To tal De nom i nated in dol lars

De nom i nated in for eign

cur ren cies

 Com mer cial 

claims

 (1) (2) (3) (4) (5) 
90 CAP I TAL MOVE MENTS

United King dom All other Eu rope Ca rib bean bank ing cen ters

Ja pan All other Asia All other coun tries

0

50

100

150

200

250

1997 1998 199 9 2000

J an. - S ept.

20 00

July - Se pt.

U.S. banks, brokers, and other

persons report foreigners’ transactions 

in long-term U.S. securities (that is,

U.S. Treasury and Government

agency bonds and notes, and U.S.

corporate bonds and stocks), which

are conducted largely through

international financial centers. The

data on this page present aggregate

net purchases on an annual basis for

1997 through 1999, as well as activity 

for the first three quarters of 2000.

The figures show that foreigners’

annual net purchases (gross purchases 

minus gross sales) of U.S. securities

have maintained an extremely high

level since 1997. 

Annual net foreign purchases of U.S.

securities first surpassed $100 billion

in 1993. They reached a record high

of $388 billion in 1997. In 2000, net

foreign purchases of U.S. securities

are on pace to surpass the 1997

record. In the first three quarters, net

purchases amounted to $347 billion,

of which $231 billion was reported

opposite Europe.

Over the past few years, the com po si -

tion of for eign ers’ net pur chases has

changed dra mat i cally. In the

mid-1990s, the ma jor ity of for eign ers’ 

net pur chases con sisted of U.S. Trea -

sury bonds and notes. Since 1997,

how ever, for eign ers in creas ingly have 

turned to other long-term se cu ri ties.

(In bil lions of dol lars)

Note: To fa cil i tate com par i son of net pur -

chases dur ing 2000 with those in prior years, 

the chart de picts data for all pe ri ods at an

an nu al ized rate.

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

Coun try 1997 1998 1999

2000 

Jan. - Sept.

2000 

July - Sept.

United Kingdom. ................... 174,918 137,970 129,014 122,391 50,091 

All other Europe.................... 104,375 84,047 71,492 108,989 30,178 

Caribbean banking centers1. .......... 24,999 11,738 43,142 15,326 9,243 

Japan............................ 34,504 20,261 43,366 28,675 17,195 

All other Asia....................... 26,669 11,050 34,168 40,533 2,325 

Subtotal ......................... 365,465 265,066 321,182 315,914 109,032 

All other countries................... 22,514 12,725 28,979 31,146 10,523 

Grand total ...................... 387,979 277,791 350,161 347,060 119,555 

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

CHART CM-C.—Net Pur chases of Long-Term

Do mes tic Se cu ri ties by For eigners, Se lected Coun tries
CAP I TAL MOVE MENTS 91

TA BLE CM-V-2.—U.S. Trans ac tions with For eigners in Long-Term For eign Se cu ri ties by Type

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

1 

Data in clude trans ac tions in di rectly placed is sues abroad by U.S. cor po ra tions and

is sues of States and mu nici pali ties.

SEC TION V.—U.S. In ter na tional Trans ac tions in Long-Term Se cu ri ties

TA BLE CM-V-1.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic Se cu ri ties by Type 

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Mar ket able Trea sury bonds and notes

U.S. Gov ern ment cor po ra -

tions and fed er ally spon -

sored agen cies

Cor po rate and other se cu ri ties

Bonds 1 Stocks

Net for eign

purchases

For eign coun tries

In ter na -

tional

and re -

gional 

Gross

for eign 

purchases 

Gross

for eign

sales 

Cal en dar

 year or month To tal

Of fi cial

in sti tu -

tions 

Other

for eign -

ers 

Net for -

eign 

purchases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

Net for -

eign 

pur -

chases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

Net for -

eign

pur -

chases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Net for eign pur -

chases of for -

eign se cu ri ties

from U.S.

For eign bonds For eign stocks

Cal en dar

year or month

Net for eign pur -

chases from

U.S. 

Gross for eign

pur chases from

U.S.

Gross for eign

sales to U.S.

Net for eign pur -

chases from

U.S. 

Gross for eign

pur chases from

U.S.

Gross for eign

sales to U.S.

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

1996 ......... 232,241 85,807 148,276 -1,842 3,682,940 3,450,699 41,723 141,121 99,398 83,743 252,832 169,089 12,511 590,714 578,203

1997 ......... 184,171 43,959 139,729 483 4,865,145 4,680,974 49,853 259,296 209,443 84,358 350,873 266,515 69,597 1,097,958 1,028,361

1998 ......... 49,039 4,123 42,447 2,469 5,154,155 5,105,116 56,802 524,384 467,582 121,930 381,262 259,332 50,020 1,573,696 1,523,676

1999 ......... -9,953 -9,861 -657 565 4,288,138 4,298,091 92,200 486,000 393,800 160,392 368,692 208,300 107,522 2,340,659 2,233,137

2000 - Jan. - Sept. p -26,886 4,741 -31,023 -604 2,879,369 2,906,255 106,313 515,959 409,646 129,917 352,235 222,318 137,716 2,693,607 2,555,891

1999 - Sept. ..... 90 -1,714 1,713 91 318,692 318,602 9,892 43,599 33,707 17,297 32,490 15,193 3,285 175,193 171,908

Oct. ..... -9,733 -1,248 -8,656 171 305,910 315,643 9,270 48,080 38,810 16,136 32,446 16,310 7,770 218,983 211,213

Nov...... -3,615 -2,325 -1,477 187 358,756 362,371 7,996 40,178 32,182 15,146 33,796 18,650 18,418 240,329 221,911

Dec. ..... 4,642 4,962 -396 76 244,912 240,270 5,055 25,073 20,018 10,355 31,658 21,303 8,954 256,414 247,460

2000 - Jan...... 9,543 6,763 2,815 -35 342,587 333,044 5,615 45,434 39,819 14,512 33,609 19,097 10,581 263,946 253,365

Feb...... 5,563 1,777 3,993 -207 415,262 409,699 13,712 59,708 45,996 14,939 38,418 23,479 27,745 293,110 265,365

Mar...... -16,871 -569 -16,523 221 374,673 391,544 14,744 59,366 44,622 14,795 46,816 32,021 24,232 402,373 378,141

Apr ...... 14,520 6,403 8,081 36 335,420 320,900 9,017 61,185 52,168 8,687 27,370 18,683 3,304 309,778 306,474

May ..... -7,018 -1,405 -5,415 -198 330,828 337,846 13,871 57,950 44,079 7,677 31,810 24,133 6,312 268,454 262,142

June ..... -17,932 -1,412 -16,185 -335 291,954 309,886 6,468 53,147 46,679 25,696 54,134 28,438 17,793 300,356 282,563

July...... -6,061 -639 -5,107 -315 238,934 244,995 10,178 53,485 43,307 10,392 34,095 23,703 15,146 271,145 255,999

Aug. p .... -114 449 -567 4 261,054 261,168 16,311 61,079 44,768 21,983 46,729 24,746 24,044 286,819 262,775

Sept. p .... -8,516 -6,626 -2,115 225 288,657 297,173 16,397 64,605 48,208 11,236 39,254 28,018 8,559 297,626 289,067

1996................. -110,637 -51,369 1,114,035 1,165,404 -59,268 450,365 509,633

1997................. -89,083 -48,144 1,451,731 1,499,875 -40,939 756,018 796,957

1998................. -11,137 -17,349 1,328,250 1,345,599 6,212 929,569 923,357

1999 ................ 9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663

2000 - Jan. - Sept. p ........ -19,751 -7,430 682,189 689,619 -12,321 1,364,630 1,376,951

1999 - Sept ............. 1,957 1,132 66,661 65,529 825 97,384 96,559

Oct .............. -9,526 -1,320 62,533 63,853 -8,206 96,523 104,729

Nov. ............. 3,304 -512 59,650 60,162 3,816 129,534 125,718

Dec ............. 2,365 3,872 52,227 48,355 -1,507 125,953 127,460

2000 - Jan ............. -2,391 -3,498 62,186 65,684 1,107 134,949 133,842

Feb. ............. -10,870 -1,986 74,380 76,366 -8,884 176,940 185,824

Mar. r ............ -11,943 -3,775 83,838 87,613 -8,168 178,272 186,440

Apr. r ............. 1,374 798 63,916 63,118 576 154,322 153,746

May ............. 12,597 4,263 79,534 75,271 8,334 144,592 136,258

June ............. 3,724 5,770 82,951 77,181 -2,046 152,149 154,195

July ............. -21,457 -6,484 68,420 74,904 -14,973 133,902 148,875

Aug. p ............ -1,779 -2,791 74,795 77,586 1,012 141,637 140,625

Sept. p............ 10,994 273 92,169 91,896 10,721 147,867 137,146
Mar ket able Trea sury 

bonds and notes

U.S. Gov ern ment cor po ra tions

and Fed eral agency bonds Cor po rate bonds Cor po rate stocks

 2000 2000 2000 2000 

Coun try

Cal en dar

year

1999

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1999 r

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1999 r 

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1999

Jan.

through

Sept.

July

through

Sept. p

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

92 CAP I TAL MOVE MENTS

See foot notes at end of ta ble.

TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties 

by Type and Coun try 

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Eu rope:

Austria ......... -1,602 -580 128 686 442 149 502 235 53 564 933 279

Belgium-Luxembourg . -81 -204 -127 1,383 1,280 660 4,396 5,233 1,072 7,133 14,319 3,562

Bulgaria ........ 21 -15 7 - - - -1 1 - 2 1 -6

Czech Republic .... -381 243 333 - 45 15 -16 32 5 5 2 2

Denmark ........ 112 -419 32 337 422 202 47 187 168 1,331 2,292 1,163

Finland ......... -78 74 11 269 349 111 -20 251 173 293 564 253

France ......... -3,264 -2,679 1,129 284 -262 -645 1,586 1,721 245 3,813 3,522 1,302

Germany ........ 2,285 -5,478 -3,973 2,906 2,184 1,134 4,817 991 249 13,410 28,604 3,684

Greece ......... 782 -374 -287 3 234 234 29 46 37 -90 762 161

Hungary ........ 519 -211 -205 -66 144 59 9 - - 17 7 -1

Ireland ......... -2,983 1,613 630 808 1,362 816 3,006 2,037 1,055 2,125 4,128 1,459

Italy .......... 2,767 2,128 1,461 479 807 386 465 275 171 7,998 10,529 1,348

Netherlands ...... 2,122 3,315 343 2,378 392 460 68 -568 -1,003 8,083 3,036 1,940

Norway ........ 605 651 342 318 154 26 182 281 -56 451 2,592 162

Poland ......... 153 -1,290 -436 359 109 96 25 5 - -10 31 15

Portugal ........ 1,023 896 150 -68 2 -19 7 -25 11 58 111 -33

Romania ........ 407 136 106 65 73 -34 - - - 2 2 -3

Russia 1........ 517 375 137 306 55 -38 2 -24 1 13 109 46

Spain ......... -16,658 1,411 963 1,902 6,583 1,725 179 30 -49 2,657 4,062 945

Sweden ........ 1,699 976 384 267 489 152 308 940 826 953 2,212 658

Switzerland ...... -1,761 -10,032 -2,695 694 1,525 1,459 3,859 1,564 634 5,650 12,754 3,596

Turkey ......... -829 1,489 1,288 12 1,210 1,147 -444 -720 -1 42 72 70

United Kingdom .... -20,232 -19,642 -3,183 14,040 18,950 7,277 92,304 82,042 27,705 42,902 41,041 18,292

Yugoslavia 2...... -10 - - -5 - - - 32 - 7 -3 2

Other Europe .....

-3,361 -1,604 -466 1,376 976 480 631 -3,413 -1,563 651 241 -284

Total Europe .....

-38,228 -29,221 -3,928 28,733 37,525 15,852 111,941 91,153 29,733 98,060 131,923 38,612

Canada ......... 7,348 2,197 767 2,424 8,435 2,650 3,619 2,361 1,068 -335 2,589 -50

Latin Amer ica 

and Ca rib bean:

Argentina ....... -455 -3,135 -821 313 751 168 294 570 233 489 630 224

Bahamas ....... 603 -437 -230 1,549 103 -311 984 396 295 -21 507 931

Bermuda ........ 3,985 -3,924 -815 11,868 5,701 2,917 15,116 9,184 3,248 -1,459 -6,380 -1,709

Brazil.......... 2,149 -275 -806 61 843 685 100 -61 -102 -187 226 14

British West Indies... -6,992 -6,297 -3,082 9,889 6,534 876 9,023 8,656 3,408 8,248 3,647 2,676

Chile.......... 18 155 -68 373 131 65 557 -130 -216 178 275 58

Colombia ....... -672 305 156 242 -108 -52 199 490 165 125 135 22

Cuba.......... - - - -1 - - - - - - - -

Ecuador ........ -755 -726 -724 119 37 18 32 52 38 59 39 3

Guatemala....... 12 9 6 26 13 6 32 31 17 16 27 9

Jamaica ........ 11 2 5 55 -38 3 1 37 7 27 23 -

Mexico ......... 3,116 3,768 2,981 544 1,913 872 1,617 754 234 85 198 96

Netherlands Antilles. . -9,546 2,893 -153 377 1,250 286 847 643 386 -3,547 -8,317 387

Panama ........ 204 -22 10 429 383 48 1,049 360 78 536 446 -3

Peru .......... -1 -18 -1 408 361 104 20 20 1 11 39 -4

Trinidad and Tobago . -8 -17 -15 30 12 4 1 4 -1 5 12 -3

Uruguay ........ -163 -401 -117 128 143 62 154 207 73 158 172 70

Venezuela ....... 362 585 448 494 1,364 516 370 252 83 274 465 129

Other Latin America 

and Caribbean....

609 -590 -93 717 1,885 473 766 956 223 190 184 -35

Total Latin America 

and Caribbean ...

-7,523 -8,125 -3,319 27,621 21,278 6,740 31,162 22,421 8,170 5,187 -7,672 2,865
CAP I TAL MOVE MENTS 93

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning

in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June

1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States). 

4 For merly known as Zaire.

5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties

by Type and Coun try, con.

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Asia:

China:

Mainland ...... 8,190 -1,392 -5,427 8,343 12,380 5,778 520 699 417 204 -104 -43

Taiwan ....... -2,076 -5,811 -3,143 1,313 2,171 576 280 557 254 37 -68 -101

Hong Kong...... 935 -1,638 -728 5,265 7,311 2,589 644 1,053 278 -156 345 499

India ......... 816 1,029 231 - -3 1 78 25 11 -7 18 -5

Indonesia ...... 1,895 894 270 20 8 - -19 4 8 143 152 41

Israel......... -809 47 638 350 625 148 375 398 181 -792 -978 -251

Japan ........ 20,102 8,382 2,756 11,639 13,216 7,906 5,902 9,924 3,006 5,723 -2,847 3,527

Korea ........ 8,625 2,989 -782 2,596 2,474 570 52 -776 27 -78 -144 -63

Lebanon ....... 5 -173 1 3 1 1 14 3 6 131 195 8

Malaysia ....... -257 88 -61 - 16 13 13 111 49 -14 -7 -23

Pakistan ....... 2 -1 - - 1 1 - 1 1 24 39 -9

Philippines ...... 604 658 5 285 42 3 35 92 57 40 42 14

Singapore ...... -12,538 -2,508 -2,365 1,502 -566 244 3,619 1,184 147 -852 5,009 1,626

Syria......... - - - - 1 - - 1 - 21 26 4

Thailand ....... 1,756 795 509 35 -18 -9 45 26 13 32 -53 -14

Oil-exporting

countries 3 ..... 2,207 5,061 -547 2,181 23 -280 -202 368 -135 -1,066 7,818 1,058

Other Asia ...... -98 -352 -83 74 67 10 -166 15 9 -11 263 98

Total Asia .....

29,359 8,068 -8,726 33,606 37,749 17,551 11,190 13,685 4,329 3,379 9,706 6,366

Af rica:

Congo 4 ....... - - - - - - - -2 - -1 -9 -10

Egypt......... -2,332 -326 -1 48 -3 - 85 -4 7 -98 -42 -109

Ghana ........ - - - - - - - - - - - -

Liberia ........ -512 340 19 591 767 - 585 -3 8 16 -16 -35

Morocco ....... 91 -170 -142 1 4 - - -2 -1 -6 -5 -2

South Africa ..... 41 -20 -26 17 -57 6 3 -23 54 70 266 17

Oil-exporting

countries 5..... - - - 8 -2 - - 3 1 71 53 4

Other Africa ..... -309 -172 24 88 68 8 -15 33 13 320 160 -43

Total Africa.....

-3,021 -348 -126 753 777 14 658 2 82 372 407 -178

Other coun tries:

Australia ....... 1,594 1,178 692 -111 338 -127 1,333 -4 -69 866 1,179 646

All other ....... -47 -31 35 34 68 45 31 366 263 49 -439 -504

Total other 

countries.....

1,547 1,147 727 -77 406 -82 1,364 362 194 915 740 142

Total foreign 

countries ....

-10,518 -26,282 -14,605 93,060 106,170 42,725 159,934 129,984 43,576 107,578 137,693 47,757

In ter na tional 

and re gional orgs.:

International ..... 190 -391 73 -5 141 151 441 -63 34 -3 -27 -20

European regional . . -30 -120 -1 - -5 - -10 - - - - -

Latin American 

regional ...... 666 43 -10 -1,008 10 10 27 -4 1 -71 114 10

Asian regional .... -260 -140 -145 98 2 - - - - 14 3 1

African regional ... -19 - - 55 - - - - - - -2 -

Middle Eastern 

regional ......

18 4 -3 - -5 - - - - 4 -65 1

Total international 

and regional ... 565 -604 -86 -860 143 161 458 -67 35 -56 23 -8

Grand total .... -9,953 -26,886 -14,691 92,200 106,313 42,886 160,392 129,917 43,611 107,522 137,716 47,749

Mar ket able Trea sury 

bonds and notes

U.S. Gov ern ment cor po ra tions

and Fed eral agency bonds Cor po rate bonds Cor po rate stocks

 2000 2000 2000 2000

Coun try

Cal en dar 

year

1999 

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1999 r 

Jan.

through

Sept. 

July

through

Sept. p

Cal en dar 

year

1999 r 

Jan.

through

Sept.

July

through 

Sept. p

Cal en dar 

year

1999 

Jan.

through

Sept.

July

through

Sept. p

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
94 CAP I TAL MOVE MENTS

See foot notes at end of ta ble.

TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic

and For eign Se cu ri ties, by Type and Coun try, Dur ing Third Quar ter 2000, Pre lim i nary

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System]

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agencies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agencies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

Eu rope:

Austria ........ 5,865 2,746 694 82 1,360 296 687 4,869 2,618 545 29 1,081 163 433

BelgiumLuxembourg ..... 32,453 4,031 3,119 2,386 17,800 1,357 3,760 26,283 4,158 2,459 1,314 14,238 1,029 3,085

Bulgaria ........ 17 10 - - 5 1 1 28 3 - - 11 9 5

Czech Republic .... 2,418 1,575 15 5 25 100 698 2,416 1,242 - - 23 104 1,047

Denmark ....... 8,620 3,159 945 672 2,668 396 780 7,361 3,127 743 504 1,505 218 1,264

Finland ........ 6,971 1,149 321 181 523 11 4,786 4,729 1,138 210 8 270 32 3,071

France ........ 87,362 28,944 833 1,503 44,306 1,925 9,851 86,713 27,815 1,478 1,258 43,004 2,583 10,575

Germany ....... 69,937 19,278 2,291 2,185 26,720 2,205 17,258 76,776 23,251 1,157 1,936 23,036 10,616 16,780

Greece ........ 2,128 701 234 37 869 32 255 1,982 988 - - 708 65 221

Hungary ........ 674 506 60 - 15 - 93 785 711 1 - 16 - 57

Ireland ......... 55,908 30,454 2,336 1,666 10,062 3,901 7,489 51,761 29,824 1,520 611 8,603 2,795 8,408

Italy .......... 45,641 13,578 1,123 950 22,287 1,027 6,676 42,719 12,117 737 779 20,939 788 7,359

Netherlands...... 43,078 10,438 2,728 1,690 15,199 2,441 10,582 41,418 10,095 2,268 2,693 13,259 2,951 10,152

Norway ........ 20,532 16,198 1,646 350 1,489 413 436 20,127 15,856 1,620 406 1,327 385 533

Poland ........ 1,152 818 171 - 42 51 70 1,453 1,254 75 - 27 64 33

Portugal ........ 1,961 883 14 28 529 121 386 1,656 733 33 17 562 69 242

Romania ....... 875 312 528 - 15 - 20 800 206 562 - 18 - 14

Russia 1 ........ 2,399 1,084 985 2 158 47 123 2,264 947 1,023 1 112 78 103

Spain ......... 18,393 6,518 1,829 97 4,012 1,710 4,227 14,436 5,555 104 146 3,067 1,328 4,236

Sweden ........ 15,245 4,615 523 1,240 4,934 346 3,587 12,233 4,231 371 414 4,276 355 2,586

Switzerland ...... 55,466 4,197 3,201 1,288 35,908 1,436 9,436 55,089 6,892 1,742 654 32,312 1,172 12,317

Turkey ......... 11,280 2,136 1,147 4 395 6,364 1,234 9,460 848 - 5 325 6,593 1,689

United Kingdom .... 883,304 321,566 37,869 63,994 179,987 122,825 157,063 844,145 324,749 30,592 36,289 161,695 135,152 155,668

Yugoslavia 2...... 24 - - - 14 - 10 18 - - - 12 - 6

Other Europe ..... 13,944 3,669 863 1,011 1,923 891 5,587 19,062 4,135 383 2,574 2,207 915 8,848

Total Europe ....

1,385,647 478,565 63,475 79,371 371,245 147,896 245,095 1,328,583 482,493 47,623 49,638 332,633 167,464 248,732

Canada .........

137,966 54,990 3,761 3,323 48,449 10,143 17,300 133,340 54,223 1,111 2,255 48,499 6,896 20,356

Latin Amer ica 

and Ca rib bean:

Argentina ....... 10,781 194 253 287 1,263 7,331 1,453 10,812 1,015 85 54 1,039 7,703 916

Bahamas ....... 31,535 10,179 593 1,446 12,255 2,786 4,276 30,845 10,409 904 1,151 11,324 2,765 4,292

Bermuda ....... 211,324 21,432 13,984 7,140 136,603 20,587 11,578 208,502 22,247 11,067 3,892 138,312 20,313 12,671

Brazil ......... 11,671 683 760 193 662 5,354 4,019 12,185 1,489 75 295 648 5,677 4,001

British West Indies . . 321,059 48,175 34,996 15,718 183,285 15,721 23,164 317,325 51,257 34,120 12,310 180,609 13,993 25,036

Chile ......... 2,479 509 73 209 758 632 298 2,612 577 8 425 700 565 337

Colombia ....... 2,302 948 223 325 433 330 43 1,776 792 275 160 411 107 31

Cuba ......... - - - - - - - - - - - - - -

Ecuador ........ 255 6 30 44 140 26 9 912 730 12 6 137 22 5

Guatemala ...... 166 8 6 17 102 10 23 106 2 - - 93 3 8

Jamaica ........ 187 14 6 7 38 120 2 75 9 3 - 38 19 6

Mexico ........ 13,929 7,409 933 465 1,266 1,535 2,321 8,962 4,428 61 231 1,170 1,070 2,002

Netherlands Antilles. . 42,219 3,881 3,345 989 27,528 2,040 4,436 42,647 4,034 3,059 603 27,141 2,343 5,467

Panama ........ 3,001 45 154 251 1,958 350 243 2,767 35 106 173 1,961 256 236

Peru.......... 477 1 104 3 92 118 159 236 2 - 2 96 67 69

Trinidad and Tobago . 97 9 4 3 40 32 9 88 24 - 4 43 3 14

Uruguay ........ 1,416 144 87 90 443 594 58 1,139 261 25 17 373 404 59

Venezuela....... 3,363 596 555 111 1,068 613 420 1,983 148 39 28 939 472 357

Other Latin America 

and Caribbean ... 3,811 627 584 318 1,890 212 180 3,270 720 111 95 1,925 173 246

Total Latin America 

and Caribbean... 660,072 94,860 56,690 27,616 369,824 58,391 52,691 646,242 98,179 49,950 19,446 366,959 55,955 55,753
CAP I TAL MOVE MENTS 95

Asia:

China:

Mainland ...... 21,556 11,185 7,968 544 583 1,110 166 19,860 16,612 2,190 127 626 162 143

Taiwan ....... 7,765 256 882 262 2,648 1,044 2,673 8,342 3,399 306 8 2,749 60 1,820

Hong Kong ...... 40,071 8,538 3,902 522 4,782 1,609 20,718 38,353 9,266 1,313 244 4,283 1,100 22,147

India.......... 2,227 1,404 1 11 324 10 477 2,044 1,173 - - 329 10 532

Indonesia ....... 1,342 648 - 9 203 47 435 893 378 - 1 162 142 210

Israel ......... 8,189 3,654 220 272 2,675 107 1,261 7,850 3,016 72 91 2,926 201 1,544

Japan ......... 226,361 84,907 34,615 4,985 28,424 9,427 64,003 201,473 82,151 26,709 1,979 24,897 7,416 58,321

Korea ......... 13,119 9,012 923 49 150 125 2,860 12,688 9,794 353 22 213 83 2,223

Lebanon........ 847 1 1 8 674 118 45 731 - - 2 666 25 38

Malaysia ....... 820 20 20 54 117 50 559 703 81 7 5 140 95 375

Pakistan........ 153 - 1 1 140 3 8 155 - - - 149 - 6

Philippines ...... 1,360 727 36 75 296 71 155 1,267 722 33 18 282 48 164

Singapore ....... 37,126 15,539 2,682 1,502 8,144 2,631 6,628 37,384 17,904 2,438 1,355 6,518 3,202 5,967

Syria ......... 32 - - - 28 4 - 58 - - - 24 - 34

Thailand........ 2,349 2,076 1 17 78 90 87 1,873 1,567 10 4 92 73 127

Other Asia....... 23,976 8,803 2,283 519 11,247 295 829 23,642 9,433 2,553 645 10,091 160 760

Total Asia ......

387,293 146,770 53,535 8,830 60,513 16,741 100,904 357,316 155,496 35,984 4,501 54,147 12,777 94,411

Af rica:

Congo 3 ........ 12 - - - - - 12 16 - - - 10 - 6

Egypt ......... 234 2 9 11 170 3 39 342 3 9 4 279 12 35

Ghana ......... - - - - - - - - - - - - - -

Liberia ......... 244 38 13 22 143 4 24 263 19 13 14 178 17 22

Morocco........ 103 92 - - 9 1 1 267 234 - 1 11 3 18

South Africa ...... 1,214 145 8 69 268 15 709 685 171 2 15 251 12 234

Other Africa ...... 1,438 203 121 15 496 339 264 1,352 179 113 1 535 299 225

Total Africa ..... 3,245 480 151 117 1,086 362 1,049 2,925 606 137 35 1,264 343 540

Other coun tries:

Australia ........ 21,911 10,472 1,061 334 3,621 1,371 5,052 20,322 9,780 1,188 403 2,975 683 5,293

All other ........ 2,517 556 331 382 536 366 346 2,497 521 286 119 1,040 203 328

Total other 

countries...... 24,428 11,028 1,392 716 4,157 1,737 5,398 22,819 10,301 1,474 522 4,015 886 5,621

Total foreign 

countries..... 2,598,651 786,693 179,004 119,973 855,274 235,270 422,437 2,491,225 801,298 136,279 76,397 807,517 244,321 425,413

In ter na tional and

re gional orgs.:

International...... 1,564 932 151 90 163 80 148 1,579 859 - 56 183 52 429

European regional . . 816 - - - - 27 789 786 1 - - - 12 773

Latin American 

regional ....... 201 9 14 15 140 4 19 184 19 4 14 130 - 17

Asian regional ..... 1,031 1,011 - - 7 2 11 1,177 1,156 - - 6 1 14

African regional .... - - - - - - - - - - - - - -

Middle Eastern 

regional ....... 9 - - - 6 1 2 8 3 - - 5 - -

Total international 

and regional....

3,621 1,952 165 105 316 114 969 3,734 2,038 4 70 324 65 1,233

Grand total .... 2,602,272 788,645 179,169 120,078 855,590 235,384 423,406 2,494,959 803,336 136,283 76,467 807,841 244,386 426,646

TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic 

and For eign Se cu ri ties, by Type and Coun try, Dur ing Third Quar ter 2000, Pre lim i nary, con.

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas ury 

and 

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and 

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June

1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3 For merly known as Zaire.
96 CAP I TAL MOVE MENTS

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic

 and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 1999 

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ...... 21,419 10,827 2,114 574 5,236 742 1,926 20,420 12,429 1,428 72 4,672 453 1,366

BelgiumLuxembourg. . 105,713 26,225 6,204 10,466 45,383 5,069 12,366 89,193 26,306 4,821 6,070 38,250 4,715 9,031

Bulgaria ..... 364 317 - - 19 21 7 339 296 - 1 17 12 13

Czech Republic . 6,604 6,456 - 4 79 - 65 6,994 6,837 - 20 74 3 60

Denmark..... 13,605 4,995 519 296 4,724 1,117 1,954 11,777 4,883 182 249 3,393 940 2,130

Finland ..... 11,599 4,197 804 140 710 88 5,660 10,807 4,275 535 160 417 69 5,351

France ...... 432,878 231,117 1,670 4,324 158,695 8,801 28,271 429,443 234,381 1,386 2,738 154,882 9,170 26,886

Germany .... 202,585 66,782 5,452 7,900 67,238 8,544 46,669 181,405 64,497 2,546 3,083 53,828 13,209 44,242

Greece ..... 7,091 3,429 6 61 1,667 423 1,505 6,062 2,647 3 32 1,757 308 1,315

Hungary ..... 6,512 5,142 969 20 132 15 234 6,115 4,623 1,035 11 115 27 304

Ireland ...... 179,078 116,928 9,663 6,320 25,864 11,937 8,366 176,315 119,911 8,855 3,314 23,739 10,691 9,805

Italy ....... 142,657 65,216 2,856 1,322 46,466 3,106 23,691 125,401 62,449 2,377 857 38,468 2,623 18,627

Netherlands ... 137,759 46,850 8,279 1,697 45,457 6,795 28,681 122,999 44,728 5,901 1,629 37,374 8,198 25,169

Norway ..... 23,990 16,768 1,280 598 2,796 608 1,940 22,031 16,163 962 416 2,345 582 1,563

Poland ...... 5,155 4,196 487 25 88 64 295 4,841 4,043 128 - 98 129 443

Portugal ..... 13,427 8,903 192 91 2,309 187 1,745 12,076 7,880 260 84 2,251 155 1,446

Romania..... 2,492 1,754 717 - 15 - 6 2,014 1,347 652 - 13 - 2

Russia1 ..... 3,428 1,891 536 4 328 99 570 2,618 1,374 230 2 315 46 651

Spain ...... 56,025 28,814 2,381 344 9,526 1,580 13,380 64,673 45,472 479 165 6,869 1,596 10,092

Sweden ..... 41,162 16,414 394 966 13,177 1,162 9,049 38,177 14,715 127 658 12,224 865 9,588

Switzerland ... 192,509 35,493 5,258 6,088 107,683 4,480 33,507 179,897 37,254 4,564 2,229 102,033 3,769 30,048

Turkey ...... 19,283 2,073 12 87 414 14,844 1,853 20,535 2,902 - 531 372 15,646 1,084

United Kingdom . 3,681,127 2,031,497 93,833 205,124 455,191 422,909 472,573 3,512,344 2,051,729 79,793 112,820 412,289 421,633 434,080

Yugoslavia 2 ... 222 5 - - 25 25 167 184 15 5 - 18 69 77

Other Europe . .

43,338 25,235 2,426 1,012 7,061 1,014 6,590 43,609 28,596 1,050 381 6,410 735 6,437

Total Europe. . 5,350,022 2,761,524 146,052 247,463 1,000,283 493,630 701,070 5,090,269 2,799,752 117,319 135,522 902,223 495,643 639,810

Canada ......

467,251 238,054 6,351 12,545 84,411 77,534 48,356 455,194 230,706 3,927 8,926 84,746 77,679 49,210

Latin Amer ica

 and Ca rib bean:

Argentina .... 22,331 1,984 745 787 3,438 12,387 2,990 21,080 2,439 432 493 2,949 12,050 2,717

Bahamas .... 129,186 42,793 18,910 7,507 34,357 8,859 16,760 126,334 42,190 17,361 6,523 34,378 10,161 15,721

Bermuda..... 715,604 201,300 41,541 31,333 351,348 66,978 23,104 687,057 197,315 29,673 16,217 352,807 68,183 22,862

Brazil ...... 46,101 9,696 657 594 3,776 17,862 13,516 45,944 7,547 596 494 3,963 18,992 14,352

British 

West Indies . . 959,545 202,177 146,268 28,746 498,412 25,891 58,051 940,737 209,169 136,379 19,723 490,164 25,995 59,307

Chile....... 7,864 2,137 402 741 1,993 1,860 731 7,311 2,119 29 184 1,815 2,221 943

Colombia .... 9,414 6,538 476 309 1,163 843 85 9,813 7,210 234 110 1,038 1,153 68

Cuba....... - - - - - - - 1 - 1 - - - -

Ecuador ..... 1,528 602 204 53 357 292 20 2,113 1,357 85 21 298 329 23

Guatemala.... 945 21 37 42 442 365 38 865 9 11 10 426 367 42

Jamaica ..... 522 16 237 2 154 98 15 364 5 182 1 127 45 4

Mexico ...... 40,099 17,865 843 2,217 4,993 6,806 7,375 38,527 14,749 299 600 4,908 9,005 8,966

Netherlands 

Antilles..... 325,016 124,821 6,504 5,757 138,994 11,869 37,071 332,670 134,367 6,127 4,910 142,541 11,658 33,067

Panama ..... 10,403 553 941 1,267 5,636 1,171 835 8,262 349 512 218 5,100 1,347 736

Peru ....... 1,414 6 410 22 393 164 419 911 7 2 2 382 161 357

Trinidad and 

Tobago .... 367 82 108 2 135 32 8 327 90 78 1 130 21 7

Uruguay ..... 5,484 992 408 209 1,060 2,557 258 4,756 1,155 280 55 902 2,038 326

Venezuela .... 9,365 1,782 646 481 3,196 1,377 1,883 8,069 1,420 152 111 2,922 1,485 1,979

Other Latin 

America and 

Caribbean . . 10,621 3,421 1,062 1,050 3,548 959 581 8,947 2,812 345 284 3,358 1,005 1,143

Total Latin 

America and 

Caribbean .

2,295,809 616,786 220,399 81,119 1,053,395 160,370 163,740 2,244,088 624,309 192,778 49,957 1,048,208 166,216 162,620

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal 

sales

Do mes tic se cu ri ties 

For eign se cu ri ties

Bonds Stocks

Mar ketable 

Treas ury

and

Federal 

Financing Bank

bonds 

and

 notes

Bonds of

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agencies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas -

ury and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agencies

Cor po rate and

other

Coun try Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
CAP I TAL MOVE MENTS 97

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic 

and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 1999, con. 

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og -

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend -

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June

1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 For merly known as Zaire.

Asia:

China:

Mainland .... 78,689 59,370 15,482 675 1,741 1,224 197 61,318 51,180 7,139 155 1,537 888 419

Taiwan ..... 24,840 9,232 2,417 332 6,523 2,397 3,939 24,880 11,308 1,104 52 6,486 224 5,706

Hong Kong .... 128,942 46,178 16,518 1,449 13,600 6,424 44,773 118,019 45,243 11,253 805 13,756 4,966 41,996

India ....... 5,242 2,639 2 167 1,199 161 1,074 4,494 1,823 2 89 1,206 21 1,353

Indonesia ..... 6,118 4,315 21 25 688 256 813 3,982 2,420 1 44 545 229 743

Israel ....... 30,697 21,695 626 483 4,942 285 2,666 32,226 22,504 276 108 5,734 543 3,061

Japan ...... 636,391 303,485 44,454 11,513 95,866 26,205 154,868 636,662 283,383 32,815 5,611 90,143 23,708 201,002

Korea....... 29,422 16,137 3,449 359 292 2,346 6,839 19,473 7,512 853 307 370 1,627 8,804

Lebanon ..... 2,008 17 3 16 1,754 138 80 1,739 12 - 2 1,623 26 76

Malaysia ..... 3,026 1,488 1 24 398 159 956 3,810 1,745 1 11 412 1,139 502

Pakistan ..... 644 6 - - 548 18 72 553 4 - - 524 4 21

Philippines .... 6,398 4,186 310 82 664 411 745 7,717 3,582 25 47 624 2,735 704

Singapore .... 133,631 77,065 7,457 5,968 19,024 7,960 16,157 141,417 89,603 5,955 2,349 19,876 7,626 16,008

Syria ....... 209 - - - 189 1 19 189 - - - 168 - 21

Thailand ..... 14,278 13,129 60 45 271 170 603 12,300 11,373 25 - 239 111 552

Other Asia .... 109,360 56,110 10,510 2,059 35,592 1,198 3,891 106,543 54,001 8,255 2,427 36,669 1,594 3,597

Total Asia ...

1,209,895 615,052 101,310 23,197 183,291 49,353 237,692 1,175,322 585,693 67,704 12,007 179,912 45,441 284,565

Af rica:

Congo 3 ..... 8 - - - 7 - 1 8 - - - 8 - -

Egypt....... 1,481 287 112 171 624 67 220 3,809 2,619 64 86 722 25 293

Ghana ...... 3 - - - 3 - - 3 - - - 3 - -

Liberia ...... 9,854 1,090 6,426 834 1,279 126 99 9,473 1,602 5,835 249 1,263 418 106

Morocco ..... 198 108 1 - 64 5 20 101 17 - - 70 12 2

South Africa ... 4,346 997 23 14 1,131 850 1,331 3,424 956 6 11 1,061 104 1,286

Other Africa r... 5,107 541 426 181 2,483 334 1,142 4,707 850 330 196 2,092 216 1,023

Total Africa r . . 20,997 3,023 6,988 1,200 5,591 1,382 2,813 21,525 6,044 6,235 542 5,219 775 2,710

Other coun tries:

Australia ..... 84,172 37,791 3,469 2,273 10,420 10,694 19,525 82,207 36,197 3,580 940 9,554 12,660 19,276

All other 

countries .... 9,679 1,317 201 203 1,993 4,773 1,192 9,487 1,364 167 172 1,944 4,597 1,243

Total other 

countries ...

93,851 39,108 3,670 2,476 12,413 15,467 20,717 91,694 37,561 3,747 1,112 11,498 17,257 20,519

Total foreign 

countries r . 9,437,825 4,273,547 484,770 368,000 2,339,384 797,7361,174,388 9,078,092 4,284,065 391,710 208,066 2,231,806 803,011 1,159,434

In ter na tional and 

re gional orgs.:

International ... 13,859 11,420 944 575 673 169 78 13,285 11,230 949 134 676 232 64

European 

regional ..... 2,735 242 - - - 204 2,289 2,407 272 - 10 - 552 1,573

Latin American 

regional ..... 2,373 997 77 117 544 125 513 2,762 331 1,085 90 615 116 525

Asian regional . . 2,147 1,881 154 - 47 31 34 2,327 2,141 56 - 33 32 65

African regional . 67 10 55 - - 2 - 29 29 - - - - -

Middle Eastern 

regional ..... 53 41 - - 11 - 1 32 23 - - 7 - 2

Total international and 

regional....

21,234 14,591 1,230 692 1,275 531 2,915 20,842 14,026 2,090 234 1,331 932 2,229

Grand total r . 9,459,059 4,288,138 486,000 368,692 2,340,659 798,2671,177,303 9,098,934 4,298,091 393,800 208,300 2,233,137 803,943 1,161,663

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. res i dents 

To tal

purchases

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties 

For eign se cu ri ties

Bonds Stocks

Mar ketable 

Treas ury

and 

Fed eral

Financing Bank

bonds

and

 notes

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank 

bonds

and

notes 

Bonds of 

U.S.

Gov’t.

corps.

and fed -

er ally

spon -

sored

agen cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
-50

0

50

100

150

1 996 1997 19 98 1 999 20 00

J an.-S ept.

2 000

July -Sept .

98 CAP I TAL MOVE MENTS

CHART CM-D.—Net Pur chases of Long-Term

For eign Se cu ri ties by U.S. In ves tors *

(In bil lions of dol lars)

The data on this page represent

U.S. investors’ purchases and sales 

of long-term foreign securities as

reported to the Treasury

International Capital (TIC)

reporting system. However, in the

past 2 years, U.S. investors also

have acquired a substantial amount 

of foreign stocks, mostly

European, through mergers that

involve stock swaps. Net

acquisitions through stock swaps

amounted to $96 billion in 1998,

$123 billion in 1999, and about

$45 billion in the first three

quarters of 2000. (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.

Taking into ac count the stock

swaps, an nual U.S. net pur chases

of long-term for eign se cu ri ties

have av er aged about $100 bil lion

since the mid-1990s, with out much 

vari a tion from year to year. In

1999, net stock pur chases, in clud -

ing the stock swaps, to taled $107

bil lion, mostly through Eu rope and 

Ja pan. Net bond pur chases to taled

$6 bil lion, far be low the lev els of

the mid-1990s. In the first three

quar ters of 2000, tak ing into ac -

count the es ti mated $45 bil lion in

for eign stocks ac quired through

merg ers, U.S. res i dents ac quired

ap prox i mately $65 bil lion in for -

eign se cu ri ties, sim i lar to the pace

of pre vi ous years.

For eign bonds For eign stocks To tal for eign se cu ri ties

Note: To fa cil i tate com par i son of net pur chases dur ing 2000 with those in prior years, the chart

de picts data for all pe ri ods at an an nu al ized rate.

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System]

 Cal en dar years

 

Type 1996 1997 1998 1999

 2000

Jan. - Sept.

 2000

 July - Sept.

Foreign bonds ..... 51,369 48,144 17,349 5,676 7,430 9,002 

Foreign stocks ..... 59,268 40,939 -6,212 -15,640 12,321 3,240 

Total ......... 110,637 89,083 11,137 -9,964 19,751 12,242 

*Net pur chases by U.S. in ves tors equal net sales by for eign ers,or gross sales mi nus gross pur chases of se cu ri ties.
FOR EIGN CUR RENCY PO SI TIONS 99

IN TRO DUC TION: For eign Cur rency Po si tions

The “Trea sury Bul le tin” re ports for eign cur rency hold ings

of large for eign ex change mar ket par tic i pants. These re ports

pro vide in for ma tion on po si tions in de riv a tive in stru ments,

such as for eign ex change fu tures and op tions, that are in creas -

ingly used in es tab lish ing for eign ex change po si tions but were 

not cov ered in the old re ports.

The in for ma tion is based on re ports of large for eign ex -

change mar ket par tic i pants on hold ings of six ma jor for eign

cur ren cies (Ca na dian dol lar, Ger man mark, Jap a nese yen,

Swiss franc, pound ster ling and euro) and the U.S. dol lar.

Positions in the U.S. dol lar, which have been col lected since

Jan u ary 1999, are in tended to ap prox i mate "all other" cur -

rency po si tions of re port ing in sti tu tions. U.S.-based busi -

nesses file a con sol i dated re port for their do mes tic and for eign

sub sid iar ies, branches and agen cies. U.S. sub sid iar ies of for -

eign en ti ties file only for them selves, not for their for eign par -

ents. Fil ing is re quired by law (31 United States Code 5315; 31 

Code of Fed eral Reg u la tions 128, Subpart C).

Weekly and monthly re ports must be filed through out the

cal en dar year by ma jor for eign ex change mar ket par tic i pants,

which are de fined as mar ket par tic i pants with more than $50

bil lion equiv a lent in for eign ex change con tracts on the last

busi ness day of any cal en dar quar ter dur ing the pre vi ous year

(end March, June, Sep tem ber or De cem ber). Such con tracts

in clude the amounts of for eign ex change spot con tracts

bought and sold, for eign ex change for ward con tracts bought

and sold, for eign ex change fu tures bought and sold, and one

half the no tional amount of for eign ex change op tions bought

and sold. 

A quar terly re port must be filed through out the cal en dar

year by each for eign ex change market par tic i pant that had

more than $5 bil lion equiv a lent in for eign ex change con tracts

on the last busi ness day of any quar ter the pre vi ous year (end

March, June, Sep tem ber or De cem ber).

This in for ma tion is pub lished in seven sec tions cor re spond -

ing to each of the ma jor cur ren cies cov ered by the re ports. Ta -

bles I-1 through VII-1 pres ent the cur rency data re ported

weekly by ma jor market par tic i pants. Ta bles I-2 through

VII-2 pres ent more de tailed cur rency data of ma jor market

par tic i pants, based on monthly Trea sury and FFIEC 035 re -

ports. Ta bles I-3 through VII-3 pres ent quar terly con sol i dated

cur rency data re ported by large market par tic i pants and

FFIEC re port ers that do not file weekly re ports. 

Prin ci pal ex changed un der cross-currency in ter est rate

swaps is re ported as part of pur chases or sales of for eign ex -

change. Such prin ci pal also was noted sep a rately on monthly

and quar terly re ports through De cem ber 1998, when this prac -

tice was dis con tin ued. The net op tions po si tion, or the net

delta-equivalent value of an op tions po si tion, is an es ti mate of

the re la tion ship be tween an op tion’s value and an equiv a lent

cur rency hedge. The delta equiv a lent value is de fined as the

prod uct of the first par tial de riv a tive of an op tion val u a tion

for mula (with re spect to the price of the un der ly ing cur rency)

mul ti plied by the no tional prin ci pal of the con tract. 
100 FOR EIGN CUR RENCY PO SI TIONS

SEC TION I.—Ca na dian Dol lar Po si tions

TA BLE FCP-I-1.—Weekly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

Ex change rate (Ca na dian

dol lars per U.S. dol lar)

Re port date (1) (2) (3) (4)

04/05/00 ...................... 307,490 308,055 -1,614 1.450

04/12/00 ...................... 312,362 315,948 -1,986 1.464

04/19/00 ...................... 315,999 318,453 -808 1.475

04/26/00 ...................... 313,896 318,092 286 1.476

05/03/00 ...................... 306,528 311,521 202 1.494

05/10/00 ...................... 313,035 318,317 599 1.494

05/17/00 ...................... 316,270 324,287 642 1.498

05/24/00 ...................... 316,696 321,854 470 1.511

05/31/00 ...................... 306,976 310,140 1,056 1.497

06/07/00 ...................... 313,116 318,612 758 1.480

06/14/00 ...................... 322,930 330,171 1,096 1.469

06/21/00 ...................... 301,162 308,848 1,321 1.474

06/28/00 ...................... 296,870 304,811 1,477 1.479

07/05/00 ...................... 301,637 306,529 1,286 1.491

07/12/00 ...................... 295,430 301,037 932 1.481

07/19/00 ...................... 302,057 309,616 1,264 1.477

07/26/00 ...................... 317,132 323,923 1,617 1.465

08/02/00 ...................... 321,346 330,546 1,635 1.481

08/09/00 ...................... 320,999 330,145 856 1.484

08/16/00 ...................... 324,591 334,075 1,112 1.478

08/23/00 ...................... 336,220 345,676 857 1.485

08/30/00 ...................... 329,248 338,452 977 1.477

09/06/00 ...................... 331,470 337,422 775 1.482

09/13/00 ...................... 343,277 350,403 661 1.483

09/20/00 ...................... 322,514 328,709 524 1.484

09/27/00 ...................... 319,887 326,698 524 1.497
FOR EIGN CUR RENCY PO SI TIONS 101

SEC TION I.—Ca na dian Dol lar Po si tions, con.

TA BLE FCP-I-2.—Monthly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts

Net delta 

equivaCross cur -

rency in ter -

est rate 

 Ex change 

rate 

(Ca na dian

dol lars per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1997 - Dec ........ 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.430

1998 - Dec ........ 290,380 290,271 58,800 51,966 45,192 52,906 47,165 42,987 -4,347 158,643 1.532

1999 - Oct......... 346,092 349,984 76,648 61,924 35,030 36,545 29,024 31,778 -414 n.a. 1.472

Nov ........ 355,160 347,987 60,907 54,066 32,989 34,525 25,257 28,755 71 n.a. 1.475

Dec ........ 301,513 299,999 48,830 46,714 29,403 32,548 24,040 25,542 43 n.a. 1.447

2000 - Jan......... 327,754 329,721 63,788 64,191 31,474 33,151 25,000 27,157 57 n.a. 1.446

Feb ........ 314,657 317,586 60,292 60,545 28,542 30,823 23,546 24,533 -396 n.a. 1.450

Mar ........ 314,810 310,765 59,489 60,254 28,824 31,997 24,389 25,466 -1,319 n.a. 1.449

Apr......... 309,784 313,757 59,267 59,884 27,450 30,023 22,514 23,191 -36 n.a. 1.481

May ........ 313,107 315,566 61,731 63,964 27,760 30,106 21,713 24,321 956 n.a. 1.497

June........ 296,117 302,624 69,854 68,616 25,627 26,642 20,527 22,127 1,276 n.a. 1.481

July ........ 320,209 325,274 68,701 61,628 25,197 25,018 19,356 21,212 1,282 n.a. 1.488

Aug ........ 332,934 339,272 69,128 61,140 27,180 23,227 19,376 20,948 987 n.a. 1.472

Sept........ 322,776 329,735 70,881 63,624 21,209 20,481 16,970 17,789 477 n.a. 1.504

TA BLE FCP-I-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in ter -

est rate

Ex change 

rate 

(Ca na dian

dol lars per

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equivalent swaps U.S. dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1997 -Dec ........ 39,503 36,754 58,877 54,039 3,978 n.a. 3,528 n.a. -1,249 11,734 1.430

1998 - Mar ........ 31,028 35,307 60,214 51,760 1,463 755 2,190 777 -206 10,422 1.420

June........ 30,445 33,441 61,523 47,014 1,553 678 1,958 1,162 n.a. 13,401 1.469

Sept........ 42,048 32,197 59,253 50,381 3,289 2,469 4,618 3,741 -1,322 8,992 1.532

Dec ........ 30,214 30,372 62,426 54,635 1,383 n.a. 1,853 1,292 -129 7,214 1.532

1999 - Mar ........ 42,926 40,252 49,479 52,069 373 229 875 341 -2,849 n.a. 1.509

June........ 26,534 26,029 50,617 45,798 378 n.a. n.a. 358 n.a. n.a. 1.463

Sept........ 25,629 25,735 51,562 49,931 182 306 n.a. n.a. n.a. n.a. 1.468

Dec ........ 22,143 23,486 63,486 65,638 168 n.a. n.a. n.a. n.a. n.a. 1.447

2000 - Mar ........ 20,098 22,775 47,433 41,645 n.a. n.a. 894 n.a. n.a. n.a. 1.449

June........ 19,402 23,303 49,544 43,279 323 n.a. 406 290 -93 n.a. 1.481
102 FOR EIGN CUR RENCY PO SI TIONS

04/05/00 ...................... 16,476 17,716 n.a. 1.884

04/12/00 ...................... 19,057 17,212 n.a. 1.873

04/19/00 ...................... 15,804 17,465 n.a. 1.840

04/26/00 ...................... 15,808 17,119 n.a. 1.806

05/03/00 ...................... 15,486 16,767 n.a. 1.751

05/10/00 ...................... 15,166 16,527 n.a. 1.773

05/17/00 ...................... 15,184 16,680 n.a. 1.749

05/24/00 ...................... 15,144 16,488 n.a. 1.771

05/31/00 ...................... 15,381 16,662 n.a. 1.833

06/07/00 ...................... 18,312 18,850 n.a. 1.881

06/14/00 ...................... 14,908 16,210 n.a. 1.873

06/21/00 ...................... 14,807 16,083 n.a. 1.850

06/28/00 ...................... 16,452 15,859 n.a. 1.843

07/05/00 ...................... 15,670 15,488 n.a. 1.863

07/12/00 ...................... 15,663 15,473 n.a. 1.842

07/19/00 ...................... 15,891 15,819 n.a. 1.807

07/26/00 ...................... 17,778 16,449 n.a. 1.842

08/02/00 ...................... 17,430 16,437 n.a. 1.787

08/09/00 ...................... 17,529 16,844 n.a. 1.759

08/16/00 ...................... 17,333 16,397 n.a. 1.789

08/23/00 ...................... 17,000 16,419 n.a. 1.759

08/30/00 ...................... 15,928 15,890 n.a. 1.747

09/06/00 ...................... 16,603 16,215 n.a. 1.703

09/13/00 ...................... 16,905 16,058 n.a. 1.679

09/20/00 ...................... 16,589 16,108 n.a. 1.658

09/27/00 ...................... 16,141 15,970 n.a. 1.727

SEC TION II.—Ger man Mark Po si tions

TA BLE FCP-II-1.—Weekly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

 Ex change rate (Deut sche

marks per U.S. dol lar)

Re port date (1) (2) (3) (4)
FOR EIGN CUR RENCY PO SI TIONS 103

1997 - Dec ........ 201,756 199,798 126,973 114,319 31,912 35,304 36,668 28,473 -3,880 25,773 1.799

1998 - Mar ........ 235,890 231,338 129,807 109,527 29,139 24,292 25,243 20,051 -1,648 28,619 1.849

June........ 242,644 232,986 122,544 102,431 24,910 21,817 24,974 16,914 729 27,753 1.809

Sept........ 265,496 239,820 122,384 96,420 39,593 39,362 40,077 31,743 405 29,173 1.668

Dec ........ 204,109 182,509 114,722 96,084 19,975 18,118 20,838 20,055 749 33,636 1.956

1999 - Mar ........ 35,238 30,884 78,296 77,336 5,273 3,681 6,945 3,443 -1,786 n.a. 2.106

June........ 29,882 24,365 69,238 69,965 2,430 1,973 n.a. 2,189 n.a. n.a. 2.023

Sept........ 31,152 18,307 61,817 63,678 1,479 1,637 4,370 2,023 n.a. n.a. 2.092

Dec ........ 20,244 11,582 65,344 68,401 266 121 n.a. n.a. n.a. n.a. 1.970

2000 - Mar ........ 11,985 6,048 34,223 38,156 n.a. n.a. n.a. n.a. n.a. n.a. 1.869

June........ 10,471 5,011 29,156 30,563 n.a. n.a. n.a. n.a. n.a. n.a. 1.865

TA BLE FCP-II-3.—Quar terly Re port of Large Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Deut sche 

marks per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1997 - Dec ........ 2,105,621 2,111,401 267,177 261,206 565,018 581,794 591,231 619,946 2,728 382,295 1.799

1998 - Dec ........ 2,137,633 2,095,888 275,795 276,946 538,892 569,968 535,282 564,736 5,041 434,747 1.956

1999 - Oct......... 35,364 41,409 11,872 11,670 12,462 14,280 30,616 n.a. n.a. n.a. 2.063

Nov ........ 29,381 36,128 n.a. 11,672 9,270 12,562 17,005 11,714 -3,554 n.a. 1.973

Dec ........ 27,357 35,643 8,371 11,700 9,254 11,991 14,709 11,246 n.a. n.a. 1.970

2000 - Jan......... 21,741 22,777 n.a. 30,533 n.a. 7,185 n.a. n.a. n.a. n.a. 1.896

Feb ........ 20,091 22,667 n.a. 30,269 4,107 6,544 10,267 n.a. n.a. n.a. 1.887

Mar ........ 16,661 18,387 n.a. n.a. 3,831 5,788 n.a. n.a. n.a. n.a. 1.869

Apr ......... 15,895 17,268 n.a. 36,340 3,932 5,437 n.a. n.a. n.a. n.a. 1.782

May ........ 15,501 16,800 n.a. n.a. 3,702 4,994 n.a. n.a. n.a. n.a. 1.833

June........ 15,380 15,036 n.a. n.a. n.a. 4,431 n.a. 3,822 n.a. n.a. 1.865

July ........ 17,562 16,505 n.a. n.a. n.a. 4,539 n.a. n.a. n.a. n.a. 1.813

Aug ........ 15,561 15,945 n.a. n.a. n.a. 4,041 n.a. n.a. n.a. n.a. 1.736

Sept........ 16,205 16,003 n.a. n.a. n.a. 3,935 n.a. n.a. n.a. n.a. 1.725

SEC TION II.—Ger man Mark Po si tions, con.

TA BLE FCP-II-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in ter -

est rate

Ex change 

rate 

(Deutsche

marks per

U.S. 

 Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
104 FOR EIGN CUR RENCY PO SI TIONS

SEC TION III.—Jap a nese Yen Po si tions

TA BLE FCP-III-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

 Ex change rate (Jap a -

nese yen per U.S. dol lar)

Re port date (1) (2) (3) (4)

04/05/00 ...................... 159,080 164,873 1,709 104.91

04/12/00 ...................... 160,286 165,816 1,797 105.85

04/19/00 ...................... 158,198 163,224 1,816 104.87

04/26/00 ...................... 161,648 167,179 1,763 106.33

05/03/00 ...................... 164,839 169,758 1,347 109.10

05/10/00 ...................... 163,429 168,562 1,206 109.56

05/17/00 ...................... 164,508 169,602 1,134 109.55

05/24/00 ...................... 164,494 170,018 1,291 107.93

05/31/00 ...................... 161,651 167,560 1,309 107.81

06/07/00 ...................... 167,670 173,750 1,199 105.57

06/14/00 ...................... 164,103 170,229 1,372 106.73

06/21/00 ...................... 159,374 165,287 1,322 105.66

06/28/00 ...................... 158,881 164,503 1,287 105.54

07/05/00 ...................... 155,811 161,292 1,161 107.09

07/12/00 ...................... 160,202 165,658 1,035 108.31

07/19/00 ...................... 158,803 164,364 1,060 108.33

07/26/00 ...................... 161,057 165,994 1,072 109.27

08/02/00 ...................... 159,377 164,498 1,029 109.04

08/09/00 ...................... 162,651 167,614 1,115 107.93

08/16/00 ...................... 164,095 168,843 1,159 108.69

08/23/00 ...................... 161,059 166,485 1,167 107.15

08/30/00 ...................... 162,056 166,728 1,183 106.50

09/06/00 ...................... 160,885 166,300 1,086 105.97

09/13/00 ...................... 162,792 167,448 1,271 107.14

09/20/00 ...................... 156,998 160,879 1,335 106.58

09/27/00 ...................... 159,690 164,679 1,199 107.42
FOR EIGN CUR RENCY PO SI TIONS 105

1997 - Dec ........ 12,623 14,720 9,377 9,182 1,317 1,475 2,265 1,594 -447 2,745 130.58

1998 - Mar ........ 14,474 15,329 10,378 10,338 936 1,080 2,783 1,089 -916 3,823 133.23

June ....... 15,991 17,117 9,376 9,876 882 1,223 3,626 1,074 -1,510 4,039 138.98

Sept........ 16,422 15,293 9,047 9,599 2,307 n.a. 4,800 3,368 -700 4,103 136.55

Dec ........ 12,356 10,415 9,057 8,606 1,045 n.a. 4,031 2,412 -269 4,049 113.30

1999 - Mar ........ 10,407 11,415 8,382 7,703 498 1,041 1,088 748 69 n.a. 118.90

June ....... 11,020 12,124 9,073 9,372 669 854 1,172 579 -84 n.a. 121.25

Sept........ 12,546 13,169 9,697 10,067 510 947 1,580 675 -320 n.a. 106.35

Dec ........ 8,483 9,378 9,278 9,553 398 840 987 539 n.a. n.a. 102.31

2000 - Mar ........ 9,940 10,052 6,827 6,463 697 1,267 1,229 821 n.a. n.a. 102.80

June ....... 9,758 9,480 6,558 6,359 558 855 992 722 115 n.a. 106.07

TA BLE FCP-III-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts

Net delta 

equivaCross cur -

rency in ter -

est rate 

 Ex change 

rate 

(Jap a nese

yen per U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1997 - Dec ........ 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.58

1998 - Dec ........ 202,201 206,719 25,691 26,714 37,327 37,921 50,809 49,009 1,208 74,901 113.30

1999 - Oct......... 174,720 179,230 26,212 23,940 29,806 28,338 43,696 45,445 1,177 n.a. 104.18

Nov ........ 182,084 181,822 27,764 25,358 26,056 24,693 42,796 44,739 1,284 n.a. 102.07

Dec ........ 146,337 149,239 27,179 23,957 22,474 21,436 36,816 39,114 1,050 n.a. 102.31

2000 - Jan......... 164,181 168,279 22,919 20,676 25,454 23,979 39,892 42,920 1,096 n.a. 107.46

Feb ........ 166,871 171,733 24,273 22,013 24,637 22,993 31,889 33,603 1,537 n.a. 110.26

Mar ........ 163,135 168,550 31,172 28,057 24,363 23,537 54,151 55,184 1,643 n.a. 102.80

Apr......... 165,474 170,676 28,686 25,332 25,673 24,609 55,075 55,863 1,623 n.a. 108.17

May ........ 163,511 169,121 25,742 22,879 23,890 22,461 53,384 53,724 1,281 n.a. 107.81

June ........ 163,600 168,221 27,305 24,831 22,991 21,971 53,936 54,371 1,252 n.a. 106.07

July ........ 160,222 165,016 24,126 22,462 22,774 22,392 54,979 54,882 1,029 n.a. 109.42

Aug ........ 160,018 165,632 26,873 25,170 24,214 23,415 54,957 55,112 1,194 n.a. 106.72

Sept ........ 159,853 163,889 24,925 23,938 22,841 22,348 50,755 50,928 1,207 n.a. 108.21

SEC TION III.—Jap a nese Yen Po si tions, con.

TA BLE FCP-III-2.—Monthly Re port of Ma jor Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Jap a nese

yen per

U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
106 FOR EIGN CUR RENCY PO SI TIONS

SEC TION IV.—Swiss Franc Po si tions

TA BLE FCP-IV-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

Ex change rate (Swiss

francs per U.S. dol lar)

Re port date (1) (2) (3) (4)

04/05/00 ...................... 516,040 513,878 -4,735 1.635

04/12/00 ...................... 485,724 485,056 -4,907 1.645

04/19/00 ...................... 481,736 475,381 -5,470 1.670

04/26/00 ...................... 486,338 483,946 -5,997 1.703

05/03/00 ...................... 495,192 493,752 -5,560 1.724

05/10/00 ...................... 486,806 490,789 -4,356 1.719

05/17/00 ...................... 516,327 515,426 -4,390 1.735

05/24/00 ...................... 545,332 545,715 -4,470 1.724

05/31/00 ...................... 527,747 527,939 -4,389 1.682

06/07/00 ...................... 523,808 523,164 -3,363 1.630

06/14/00 ...................... 529,632 530,585 -2,503 1.633

06/21/00 ...................... 473,392 472,742 -2,442 1.638

06/28/00 ...................... 469,805 470,131 -2,423 1.646

07/05/00 ...................... 446,569 445,950 -2,424 1.625

07/12/00 ...................... 457,335 453,325 -3,233 1.653

07/19/00 ...................... 464,807 461,808 -3,528 1.677

07/26/00 ...................... 477,517 474,543 -3,032 1.650

08/02/00 ...................... 477,911 475,466 -3,696 1.690

08/09/00 ...................... 485,903 483,707 -4,359 1.717

08/16/00 ...................... 509,409 505,604 -4,020 1.707

08/23/00 ...................... 496,313 492,357 -4,221 1.724

08/30/00 ...................... 499,403 493,054 -4,101 1.733

09/06/00 ...................... 512,581 510,482 -3,491 1.778

09/13/00 ...................... 523,001 523,744 -2,814 1.773

09/20/00 ...................... 454,064 457,156 -1,012 1.778

09/27/00 ...................... 450,263 453,145 -723 1.724
FOR EIGN CUR RENCY PO SI TIONS 107

1997 - Dec ........ 34,055 45,725 19,548 15,869 n.a. 6,186 7,108 6,137 -382 13,357 1.463

1998 - Mar ........ 38,858 36,296 21,240 14,804 n.a. n.a. 5,527 4,399 -685 12,767 1.524

June........ 40,338 34,567 19,349 14,136 n.a. n.a. 3,604 2,183 -390 18,057 1.521

Sept........ 39,544 37,928 24,920 18,195 3,200 3,643 3,623 2,983 147 15,838 1.381

Dec ........ 29,714 27,460 25,805 17,734 2,858 2,958 1,723 1,455 -58 15,491 1.375

1999 - Mar ........ 27,949 24,485 n.a. 19,203 n.a. n.a. 1,184 1,076 -298 n.a. 1.482

June........ 29,910 31,341 25,543 21,297 1,748 n.a. 999 839 -418 n.a. 1.551

Sept........ 41,114 42,781 26,958 22,921 n.a. n.a. 4,829 n.a. 165 n.a. 1.495

Dec ........ 29,996 32,669 26,008 22,409 n.a. n.a. 2,416 1,886 -248 n.a. 1.591

2000 - Mar ........ 25,551 32,822 23,732 11,470 n.a. n.a. 2,481 2,495 164 n.a. 1.664

June........ 28,559 32,190 23,290 12,700 n.a. n.a. n.a. n.a. n.a. n.a. 1.634

TA BLE FCP-IV-3.—Quar terly Re port of Large Mar ket Par tic i pants

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate

Ex change 

rate 

(Swiss

francs per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1997 - Dec ........ 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.463

1998 - Dec ........ 412,893 414,305 27,126 28,145 70,475 65,812 63,977 68,190 5,605 120,584 1.375

1999 - Oct ......... 501,332 494,660 25,972 27,758 74,985 77,078 77,448 75,600 -4,736 n.a. 1.522

Nov ........ 491,488 487,690 22,034 26,305 70,610 75,201 68,823 66,562 -4,604 n.a. 1.588

Dec ........ 348,405 346,553 24,246 24,346 63,446 66,092 62,096 58,039 -4,618 n.a. 1.591

2000 - Jan......... 447,049 446,131 29,379 34,443 73,383 78,779 73,715 69,263 -4,897 n.a. 1.657

Feb ........ 491,882 492,841 29,623 34,465 73,452 76,384 70,640 63,473 -7,290 n.a. 1.665

Mar ........ 495,967 500,847 27,933 32,146 69,929 72,004 62,581 57,571 -4,881 n.a. 1.664

Apr ......... 475,056 474,761 31,918 34,837 69,895 78,116 63,750 54,998 -5,762 n.a. 1.719

May ........ 544,131 543,870 37,480 41,356 70,363 79,420 68,083 59,577 -4,389 n.a. 1.682

June........ 473,652 472,016 41,044 46,388 68,404 71,941 63,283 58,426 -2,309 n.a. 1.634

July ........ 473,117 469,697 36,202 43,318 66,314 69,495 58,315 56,492 -3,300 n.a. 1.671

Aug ........ 494,864 490,869 46,272 51,063 69,271 70,120 66,537 66,237 -4,016 n.a. 1.742

Sept ........ 457,553 457,927 37,604 44,327 79,217 74,571 73,134 74,131 -1,090 n.a. 1.727

SEC TION IV.—Swiss Franc Po si tions, con.

TA BLE FCP-IV-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

 and fu ture con tracts Non-capital items Calls Puts

Net delta 

equivaCross cur -

rency in ter -

est rate 

 Ex change 

rate 

(Swiss

francs per

U.S.

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
108 FOR EIGN CUR RENCY PO SI TIONS

04/05/00 ...................... 531,483 520,774 -166 1.583

04/12/00 ...................... 522,516 508,432 -403 1.588

04/19/00 ...................... 530,053 518,255 -3,466 1.582

04/26/00 ...................... 537,140 523,054 -2,227 1.576

05/03/00 ...................... 521,001 509,851 -2,408 1.562

05/10/00 ...................... 525,042 513,867 381 1.511

05/17/00 ...................... 561,500 556,413 1,824 1.494

05/24/00 ...................... 567,288 561,223 2,813 1.476

05/31/00 ...................... 546,814 540,162 -183 1.500

06/07/00 ...................... 578,771 569,584 -329 1.522

06/14/00 ...................... 561,987 551,913 -942 1.499

06/21/00 ...................... 524,914 515,065 -990 1.499

06/28/00 ...................... 518,290 509,922 -393 1.512

07/05/00 ...................... 492,633 483,201 -459 1.508

07/12/00 ...................... 497,737 489,031 -28 1.507

07/19/00 ...................... 497,702 484,130 256 1.497

07/26/00 ...................... 510,723 506,457 -527 1.515

08/02/00 ...................... 512,629 511,522 2,224 1.493

08/09/00 ...................... 506,790 504,403 2,888 1.502

08/16/00 ...................... 521,468 521,201 1,576 1.500

08/23/00 ...................... 513,989 512,554 1,796 1.486

08/30/00 ...................... 517,820 519,084 2,532 1.459

09/06/00 ...................... 523,562 520,963 1,963 1.438

09/13/00 ...................... 537,659 534,361 2,124 1.409

09/20/00 ...................... 503,338 501,791 1,600 1.411

09/27/00 ...................... 513,364 513,834 2,445 1.464

SEC TION V.—Ster ling Po si tions

TA BLE FCP-V-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

 Ex change rate (U.S.

dollars per pound)

Re port date (1) (2) (3) (4)
FOR EIGN CUR RENCY PO SI TIONS 109

1997 -Dec .......... 36,614 41,392 49,252 40,469 3,322 3,544 4,176 2,616 166 5,842 1.6480

1998 - Mar.......... 37,954 44,272 53,725 39,724 2,558 1,904 4,386 2,184 383 7,216 1.6720

June ......... 34,360 41,814 49,305 36,806 2,203 2,583 5,248 2,365 -643 9,435 1.6672

Sept.......... 47,869 59,915 54,596 41,131 2,645 3,232 5,592 3,264 -1,032 10,809 1.6996

Dec .......... 41,798 52,331 55,012 40,001 1,785 1,655 4,116 2,774 -128 12,444 1.6548

1999 - Mar.......... 29,752 38,797 49,526 38,258 1,339 1,970 3,120 3,484 -468 n.a. 1.6115

June ......... 33,120 38,967 61,274 50,042 1,672 1,822 1,855 n.a. -448 n.a. 1.5768

Sept.......... 29,234 40,531 55,936 43,129 904 2,315 2,717 n.a. n.a. n.a. 1.6465

Dec .......... 20,688 29,551 59,303 49,273 1,095 1,514 2,415 1,230 n.a. n.a. 1.6176

2000 - Mar.......... 26,741 30,937 40,575 33,411 1,158 1,236 2,095 1,372 -758 n.a. 1.5927

June ......... 28,418 32,246 43,338 34,513 1,581 1,505 1,702 1,275 -44 n.a. 1.5166

TA BLE FCP-V-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward 

and fu ture con tracts Non-capital items Calls Puts

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written

Net delta 

equivalent

Cross cur -

rency in ter -

est rate

swaps

Ex change 

rate 

(U.S. dol lars

per pound)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1997 - Dec ........ 387,578 372,725 82,499 90,336 60,600 62,696 63,212 68,012 809 78,781 1.648

1998 - Dec ........ 451,435 436,782 90,311 83,682 62,967 59,537 84,861 81,929 1,817 106,491 1.655

1999 - Oct......... 544,698 529,479 86,660 90,288 43,526 49,797 52,002 53,171 -1,757 n.a. 1.644

Nov ........ 545,915 526,853 85,698 90,901 38,764 46,099 47,168 46,776 -716 n.a. 1.598

Dec ........ 431,852 417,589 82,826 85,068 33,780 40,959 38,668 36,834 -1,112 n.a. 1.618

2000 - Jan......... 497,624 488,987 97,029 98,765 42,205 46,351 57,366 45,713 888 n.a. 1.615

Feb ........ 516,559 509,165 111,681 111,999 39,616 44,522 43,838 43,475 -50 n.a. 1.578

Mar ........ 529,264 517,010 115,228 113,506 41,181 46,543 44,866 44,757 -297 n.a. 1.593

Apr ......... 519,581 506,509 108,944 109,325 36,994 42,749 44,776 46,006 -2,214 n.a. 1.553

May ........ 555,033 547,157 108,955 108,297 56,464 59,518 60,228 58,190 -182 n.a. 1.500

June........ 520,539 509,635 112,633 111,197 67,267 66,540 56,604 55,430 -511 n.a. 1.517

July ........ 514,698 511,881 112,472 110,417 68,323 65,305 59,749 59,849 2,405 n.a. 1.499

Aug ........ 514,722 513,438 119,784 115,727 65,893 62,687 56,798 60,341 2,658 n.a. 1.449

Sept........ 507,570 505,852 134,723 128,031 60,289 56,789 49,457 n.a. 2,250 n.a. 1.474

SEC TION V.—Ster ling Po si tions, con.

TA BLE FCP-V-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

and fu ture con tracts Non-capital items Calls Puts

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written

 Net delta

equiv a lent

Cross cur -

rency in ter -

est rate 

swaps

Ex change 

rate 

(U.S. dollars

per pound)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
110 FOR EIGN CUR RENCY PO SI TIONS

SEC TION VI.—U.S. Dol lar Po si tions

TA BLE FCP-VI-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions Ex change rate

Re port date (1) (2) (3) (4)

04/05/00 ......................... 5,080,936 5,116,830 3,546 n.a.

04/12/00 ......................... 5,066,799 5,110,277 4,896 n.a.

04/19/00 ......................... 5,025,103 5,062,977 8,141 n.a.

04/26/00 ......................... 5,099,585 5,143,221 8,812 n.a.

05/03/00 ......................... 5,005,920 5,042,696 12,668 n.a.

05/10/00 ......................... 5,017,953 5,056,312 12,796 n.a.

05/17/00 ......................... 5,156,244 5,191,937 9,112 n.a.

05/24/00 ......................... 5,206,428 5,247,893 4,332 n.a.

05/31/00 ......................... 5,146,712 5,184,248 4,819 n.a.

06/07/00 ......................... 5,354,439 5,392,798 9,594 n.a.

06/14/00 ......................... 5,300,620 5,339,839 8,762 n.a.

06/21/00 ......................... 5,081,094 5,126,152 8,318 n.a.

06/28/00 ......................... 5,019,162 5,061,416 8,506 n.a.

07/05/00 ......................... 4,873,342 4,915,786 10,285 n.a.

07/12/00 ......................... 4,913,613 4,960,915 10,802 n.a.

07/19/00 ......................... 4,915,466 4,959,782 12,837 n.a.

07/26/00 ......................... 4,982,688 5,009,603 13,383 n.a.

08/02/00 ......................... 4,998,593 5,022,236 11,299 n.a.

08/09/00 ......................... 4,972,674 5,007,867 11,254 n.a.

08/16/00 ......................... 5,063,267 5,076,976 12,334 n.a.

08/23/00 ......................... 5,056,241 5,061,092 9,374 n.a.

08/30/00 ......................... 5,067,143 5,086,963 10,568 n.a.

09/06/00 ......................... 5,099,801 5,118,681 5,660 n.a.

09/13/00 ......................... 5,118,660 5,132,043 5,355 n.a.

09/20/00 ......................... 4,940,575 4,960,549 3,737 n.a.

09/27/00 ......................... 5,060,089 5,080,634 5,879 n.a.
FOR EIGN CUR RENCY PO SI TIONS 111

SEC TION VI.—U.S. Dol lar Po si tions, con.

TA BLE FCP-VI-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions]

TA BLE FCP-VI-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In millions of U.S. dollars. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions 

Spot, for ward

 and fu ture con tracts Non-capital items Calls Puts Net delta

Cross cur -

rency in -

ter est rate Exchange

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps rate

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1999 - Mar....... 344,488 346,419 - - 45,081 n.a. 24,808 31,891 -2,548 n.a. n.a.

June ...... 355,215 381,986 - - 30,362 n.a. 14,682 34,477 -4,398 n.a. n.a.

Sept ...... 369,911 399,707 - - 42,136 n.a. 16,652 32,959 n.a. n.a. n.a.

Dec....... 322,693 356,352 - - 38,983 n.a. 13,480 48,511 n.a. n.a. n.a.

2000 - Mar....... 355,039 356,538 - - 39,429 n.a. 18,542 45,725 n.a. n.a. n.a.

June ...... 355,103 382,402 - - 32,925 55,328 44,033 47,386 1,030 n.a. n.a.

1999 - Jan........ 5,537,723 5,535,483 - - 763,547 1,462,327 718,645 689,063 -13,456 n.a.

Feb ........ 5,587,436 5,553,305 - - 793,634 1,498,088 748,568 722,894 -3,120 n.a.

Mar ........ 5,440,238 5,425,796 - - 729,810 665,770 644,917 653,165 -5,914 n.a.

Apr ........ 5,315,004 5,287,849 - - 682,510 648,960 632,525 613,643 -3,911 n.a.

May ....... 5,275,344 5,279,115 - - 698,885 681,262 674,963 647,732 -1,573 n.a.

June ....... 5,154,576 5,176,838 - - 634,850 615,868 605,099 573,999 -1,028 n.a.

July........ 5,279,823 5,302,309 - - 628,617 606,469 610,172 582,079 -7,213 n.a.

Aug ........ 5,268,144 5,279,461 - - 641,397 622,160 623,278 592,968 -4,545 n.a.

Sept ....... 5,317,938 5,354,366 - - 644,972 624,798 702,227 547,030 3,703 n.a.

Oct ........ 5,453,737 5,504,653 - - 656,844 641,341 724,157 574,675 1,369 n.a.

Nov ........ 5,434,720 5,439,023 - - 626,602 611,329 676,418 537,040 4,974 n.a.

Dec ........ 4,428,661 4,469,330 - - 554,465 538,078 606,475 464,834 4,031 n.a.

2000 - Jan........ 5,206,175 5,242,291 - - 645,121 616,411 760,544 551,734 15,669 n.a.

Feb ........ 5,259,655 5,294,417 - - 561,186 526,371 647,577 514,353 n.a. n.a.

Mar ........ 5,194,805 5,229,059 - - 736,426 718,276 647,870 506,808 4,441 n.a.

Apr ........ 5,134,570 5,172,691 - - 753,239 702,905 614,161 611,089 10,296 n.a.

May ....... 5,260,644 5,295,815 - - 760,960 719,820 624,200 623,237 8,402 n.a.

June ....... 5,177,385 5,227,331 - - 748,964 706,451 601,481 616,160 9,562 n.a.

July........ 5,095,365 5,100,472 - - 767,980 741,771 629,466 626,458 11,853 n.a.

Aug ........ 5,160,323 5,176,532 - - 815,700 762,732 643,074 638,424 8,835 n.a.

Sept ....... 5,114,514 5,150,028 - - 765,572 719,018 640,860 615,555 5,439 n.a.

Report date

Spot, for ward 

and fu ture con tracts Non-capital items

Op tions po si tions

 Ex change

 rate

Calls Puts Net delta

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
112 FOR EIGN CUR RENCY PO SI TIONS

SEC TION VII.—Euro Po si tions

TA BLE FCP-VII-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of euros. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts

Pur chased Sold Net op tions po si tions

Ex change rate (Euros per

U.S. dol lar)

Re port date (1) (2) (3) (4)

04/05/00 ...................... 1,834,728 1,845,747 -1,828 1.038

04/12/00 ...................... 1,836,418 1,847,607 -1,858 1.044

04/19/00 ...................... 1,861,134 1,868,211 80 1.063

04/26/00 ...................... 1,868,409 1,882,685 -758 1.083

05/03/00 ...................... 1,811,074 1,824,967 -2,900 1.117

05/10/00 ...................... 1,860,716 1,870,539 -4,045 1.103

05/17/00 ...................... 1,939,070 1,945,634 -6,084 1.118

05/24/00 ...................... 1,987,987 1,987,797 -7,106 1.105

05/31/00 ...................... 1,946,901 1,948,045 -6,889 1.067

06/07/00 ...................... 2,076,600 2,081,377 -8,716 1.040

06/14/00 ...................... 2,050,400 2,050,962 -8,807 1.044

06/21/00 ...................... 1,974,745 1,984,294 -9,911 1.057

06/28/00 ...................... 1,940,050 1,940,075 -10,531 1.061

07/05/00 ...................... 1,871,834 1,880,959 -9,763 1.050

07/12/00 ...................... 1,873,671 1,879,067 -9,828 1.062

07/19/00 ...................... 1,885,662 1,892,442 -11,800 1.082

07/26/00 ...................... 1,947,162 1,944,681 -10,887 1.062

08/02/00 ...................... 1,932,040 1,930,335 -10,701 1.095

08/09/00 ...................... 1,909,696 1,907,008 -10,593 1.112

08/16/00 ...................... 1,956,575 1,961,609 -8,803 1.094

08/23/00 ...................... 1,973,376 1,975,250 -8,042 1.112

08/30/00 ...................... 2,002,567 2,001,823 -7,521 1.120

09/06/00 ...................... 2,025,189 2,034,059 -8,311 1.149

09/13/00 ...................... 2,021,654 2,038,127 -8,340 1.165

09/20/00 ...................... 1,948,477 1,962,655 -7,289 1.180

09/27/00 ...................... 2,031,106 2,040,695 -9,200 1.133
FOR EIGN CUR RENCY PO SI TIONS 113

SEC TION VII.—Euro Po si tions, con.

TA BLE FCP-VII-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of euros. Source: Of fice of For eign Ex change Op er a tions]

Re port

date

Spot, for ward

and fu ture con tracts Non-capital items

Op tions po si tions

Ex change

rate

Calls Puts Net delta

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent

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

1999 - Jan........ 1,566,699 1,532,673 393,367 390,239 202,578 227,242 221,568 231,761 -480 0.880

Feb ....... 1,561,850 1,542,552 421,460 408,904 253,912 340,648 367,143 300,936 11 0.907

Mar ....... 1,533,315 1,540,410 436,268 415,362 321,976 359,188 392,951 344,535 -944 0.929

Apr........ 1,478,252 1,479,302 449,714 438,523 370,757 352,512 434,286 381,994 -4,650 0.946

May ....... 1,533,635 1,529,586 458,925 465,158 328,363 355,660 407,031 356,631 -6,873 0.959

June....... 1,499,547 1,491,928 455,688 439,095 328,733 367,383 415,102 348,041 -5,932 0.967

July ....... 1,548,840 1,535,220 516,778 501,493 383,833 404,428 439,824 336,243 -1,453 0.935

Aug ....... 1,548,312 1,546,834 443,457 422,338 480,873 493,330 449,582 331,725 -2,388 0.946

Sept....... 1,696,687 1,689,902 433,942 412,149 485,119 475,029 399,095 350,204 -3,638 0.935

Oct........ 1,795,417 1,796,775 424,984 401,501 467,621 478,946 362,427 370,116 -3,981 0.948

Nov ....... 1,764,694 1,749,089 434,436 417,999 436,834 433,657 287,729 303,335 -7,737 0.991

Dec ....... 1,452,015 1,461,276 474,121 446,461 409,670 402,166 258,738 242,453 -7,254 0.993

2000 - Jan........ 1,724,560 1,737,462 442,897 428,201 619,530 628,646 346,236 355,194 -7,403 1.031

Feb ....... 1,860,625 1,880,888 487,896 467,967 584,483 590,403 372,396 362,992 -4,988 1.036

Mar ....... 1,899,472 1,901,388 523,523 494,884 349,396 574,205 347,514 356,175 -2,206 1.047

Apr........ 1,837,189 1,851,992 544,210 517,698 542,414 538,238 323,798 340,003 -2,612 1.098

May ....... 1,983,047 1,987,957 590,288 559,869 568,659 562,206 329,385 366,305 -6,890 1.067

June....... 1,981,586 1,992,473 612,848 578,082 583,899 592,389 351,444 358,027 -9,478 1.049

July ....... 1,909,976 1,911,383 586,314 536,754 519,554 506,348 369,129 378,158 -10,343 1.079

Aug ....... 1,992,118 1,998,899 573,805 525,502 454,621 468,412 392,990 386,854 -7,744 1.127

Sept....... 2,006,795 2,014,112 608,334 547,769 421,739 424,720 384,653 371,919 -8,987 1.134

1999 - Mar ....... 92,802 97,957 98,287 93,539 4,212 4,265 5,228 4,413 -1,083 n.a. 0.9289

June ...... 112,045 121,089 80,972 69,409 3,878 6,839 6,310 4,308 -2,644 n.a. 0.9669

Sept ...... 144,979 139,983 113,959 93,954 6,487 5,727 6,741 4,983 -3,297 n.a. 0.9350

Dec ....... 104,331 98,139 107,006 91,185 5,263 9,552 9,898 7,093 -3,796 n.a. 0.9930

2000 - Mar ....... 157,837 137,611 222,847 87,591 7,762 12,088 12,578 10,024 -916 n.a. 1.0466

June ...... 153,599 144,972 225,865 86,355 10,660 11,704 13,871 12,373 -447 n.a. 1.0485

TA BLE FCP-VII-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In bil lions of euros. Source: Of fice of For eign Ex change Op er a tions]

Re port

date

Spot, for ward 

and fu ture con tracts Non-capital items

Op tions po si tions

Ex change

rate

Calls Puts

Net delta

equiv a lent

Cross cur -

rency in ter est 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written rate swaps

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
114

IN TRO DUC TION: Ex change Sta bi li za tion Fund

To sta bi lize the ex change value of the dol lar, the Ex -

change Sta bi li za tion Fund (ESF) was es tab lished pur su ant to 

chapter 6, sec tion 10 of the Gold Re serve Act of Jan u ary 30,

1934 (cod i fied at 31 United States Code 5302), which au tho -

rized es tab lish ment of a Trea sury fund to be op er ated un der the 

ex clu sive con trol of the Sec re tary, with ap proval of the Pres i -

dent.

Sub se quent amend ment of the Gold Re serve Act mod i -

fied the orig i nal pur pose some what to re flect ter mi na tion of

the fixed ex change rate sys tem.

Re sources of the fund in clude dol lar bal ances, par tially

in vested in U.S. Gov ern ment se cu ri ties, spe cial draw ing

rights (SDRs), and bal ances of for eign cur ren cies. Prin ci pal

sources of in come (+) or loss (-) for the fund are prof its (+) or

losses (-) on SDRs and for eign ex change, as well as in ter est

earned on as sets.

• Ta ble ESF-1 pres ents the as sets, li a bil i ties and cap i tal

of the fund. The fig ures are in U.S. dol lars or their equiv a lents

based on cur rent ex change rates com puted ac cord ing to the ac -

crual method of ac count ing. The cap i tal ac count rep re sents the 

orig i nal cap i tal ap pro pri ated to the fund by Con gress of $2 bil -

lion, mi nus a sub se quent trans fer of $1.8 bil lion to pay for the

ini tial U.S. quota sub scrip tion to the In ter na tional Mon e tary

Fund. Gains and losses are re flected in the cu mu la tive net in -

come (+) or loss (-) ac count.

• Ta bleESF-2 shows the re sults of op er a tions by quar -

ter. Fig ures are in U.S. dol lars or their equiv a lents com puted

ac cord ing to the ac crual method. “Profit (+) or loss (-) on for -

eign ex change” in cludes re al ized prof its or losses. “Ad just -

ment for change in val u a tion of SDR hold ings and al lo ca tions” 

re flects net gain or loss on re val u a tion of SDR hold ings and al -

lo ca tions for the quar ter.

TA BLE ESF-1.—Bal ances as of Dec. 31, 1999, Mar. 31, 2000, and June 30, 2000

[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man age ment]

 

 As sets, li a bil i ties and cap i tal Dec. 31, 1999

Jan. 1, 2000,

through

 Mar. 31, 2000 Mar. 31, 2000

Apr. 1, 2000,

through

June 30, 2000 June 30, 2000

As sets

U.S. dol lars:

 Held with Trea sury:

 U.S. Gov ern ment se cu ri ties ................. 14,359,269 199,475 14,558,744 -1,913,537 12,645,207

Spe cial draw ing rights 1 ....................... 10,335,524 -242 10,335,282 109,072 10,444,354

For eign ex change and se cu ri ties: 2

 Eu ro pean euro ............................. 6,868,478 -273,965 6,594,513 40,150 6,634,663

 Jap a nese yen ............................. 9,221,534 -50,135 9,171,399 -293,630 8,877,769

Ac counts re ceiv able .......................... 147,016 -14,152 132,864 15,419 148,283

 To tal as sets ............................... 40,931,821 -139,019 40,792,802 -2,042,526 38,750,276

Li a bil i ties and cap i tal

Cur rent li a bil i ties:

 Ac counts pay able .......................... 44,764 147,448 192,212 -58 192,154

 To tal cur rent li a bil i ties ..................... 44,764 147,448 192,212 -58 192,154

Other li a bil i ties:

 SDR cer tif i cates............................ 6,200,000 - 6,200,000 -2,000,000 4,200,000

 SDR al lo ca tions............................ 6,717,003 -117,981 6,599,022 -46,983 6,552,039

 To tal other li a bil i ties ....................... 12,917,003 -117,981 12,799,022 -2,046,983 10,752,039

Cap i tal:

 Cap i tal ac count ............................

200,000 - 200,000 - 200,000

 Net in come (+) or loss (-) (see ta ble ESF-2)...... 27,770,054 -168,486 27,601,568 4,515 27,606,083

 To tal cap i tal ............................. 27,970,054 -168,486 27,801,568 4,515 27,806,083

 To tal li a bil i ties and cap i tal ................ 40,931,821 -139,019 40,792,802 -2,042,526 38,750,276

See foot notes on the fol low ing page.
EX CHANGE STA BI LI ZA TION FUND 115

Pre vi ous quar ter

Jan. 1, 2000,

 through

Mar. 31, 2000

Pre vi ous fis cal

year to date

Oct. 1, 1999,

through

Mar. 31, 2000

Cur rent quar ter

Apr. 1, 2000,

through

June 30, 2000

 Fis cal year to date

Oct. 1, 1999,

through

June 30, 2000

 In come and expense

 Profit (+) or loss (-) on:

 For eign ex change..................................

-393,760 -383,126 -313,376 -696,502

 Ad just ment for change in val u a tion 

 of SDR hold ings and al lo ca tions 1......................

-65,167 -108,151 -28,594 -136,746

 In ter est (+) or net charges (-) on:

 SDRs............................................ 38,428 71,586 43,380 114,966

 U.S. Gov ern ment se cu ri ties .......................... 200,722 398,939 208,428 607,368

 For eign ex change.................................. 50,955 105,056 64,533 169,589

 Com mis sions........................................ - 74,629 30,144 104,773

 In come from op er a tions ........................... -168,822 158,933 4,515 163,448

1 Be gin ning July 1974, the In ter na tional Mon e tary Fund adopted a tech nique for val u ing the

SDRs based on a weighted av er age of ex change rates for the cur ren cies of se lected mem ber

coun tries. The U.S. SDR hold ings and al lo ca tions are val ued on this ba sis be gin ning July

1974.

2 Ex cludes for eign ex change trans ac tions for fu ture and spot de liv ery.

 Note.—An nual bal ance sheets for fis cal 1934 through 1940 ap peared in the 1940 “An nual

Re port of the Sec re tary of the Trea sury” and those for suc ceed ing years ap peared in sub se -

quent re ports through 1980. Quar terly bal ance sheets be gin ning with De cem ber 31, 1938,

have been pub lished in the “Trea sury Bul le tin.” Data from in cep tion to Sep tem ber 30, 1978,

may be found on the state ments pub lished in the Jan u ary 1979 “Trea sury Bul le tin.”

TA BLE ESF-2.—In come and Ex pense

[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man age ment]
IN TRO DUC TION: Trust Funds

119

CHART TF-A.—Ma jor Trust Funds

To tal Net In crease or De crease in As sets

(In bil lions of dol lars)

The ta bles and charts in this sec tion pres ent the most re -

cent data avail able on var i ous trust funds ad min is tered by the

Trea sury. Trust funds are mon eys held by the Gov ern ment in

ac counts es tab lished by law or by trust agree ment for spe cific

pur poses and des ig nated by law as be ing trust funds. 

This re port com piles data from many sources and pro -

vides in for ma tion in a con sol i dated man ner. 

The Civil Ser vice Re tire ment and Dis abil ity Fund is op er -

ated by the Of fice of Per son nel Man age ment. The Fed eral

Hos pi tal In sur ance and Fed eral Sup ple men tary Med i cal In -

sur ance Trust Funds are un der the aus pices of the De part ment

of Health and Hu man Ser vices’ Health Care Fi nancing Ad -

min is tra tion. The Fed eral Old-age and Sur vi vors In sur ance

and Fed eral Dis abil ity In sur ance Trust Funds are ad min is tered

by So cial Se cu rity. 

In ad di tion, the De part ment of Vet erans Af fairs’ Vet erans

Ben e fits Ad min is tra tion dis burses the Na tional Ser vice Life

In sur ance Fund. The De part ment of La bor’s Em ploy ment and

Training Ad min is tra tion is re spon si ble for the Un em ploy ment 

Trust Fund. 

Data for the Rail road Re tire ment Trust Fund also are in -

cluded in this sec tion. That trust fund is ad min is tered by the

Rail road Re tire ment Board, an in de pend ent agency. 

The fol low ing ta bles are pub lished in the De cem ber is sue

of the “Trea sury Bul le tin” each year. Most of the data for the

ta bles came from the “Monthly Trea sury State ment of Re -

ceipts and Out lays of the United States Gov ern ment,” in which 

monthly data are pub lished. Es ti mated fig ures are based on the 

“Bud get of the United States Gov ern ment, Fis cal Year 2001,”

re leased Feb ru ary 7, 2000.

-10

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

2000

1999

Civil

Service

Retirement 

and 

Dis abil ity

Fund

Fed eral

Hos pi tal

Insurance

Trust Fund

Fed eral

Dis abil ity

In sur ance

Trust Fund

Fed eral

Old-age

and

Survivors

Insurance

Trust Fund

Fed eral

Sup ple -

men tary

Med i cal

Insurance

Trust

Fund

Na tional

Ser vice

Life

Insurance

Fund

Rail road

Retirement

Ac count

Un em ploy -

ment Trust

Fund

Source: Fi nan cial Man age ment Ser vice
120 TRUST FUNDS

CHART TF-B.—To tal Re ceipts of Ma jor Trust Funds

(In bil lions of dol lars)

Source: Fi nan cial Man age ment Ser vice

0

50

100

150

200

250

300

350

400

450

500

2000

1999

Civil

Service

Retirement 

and

Disability

Fund

Fed eral

Hos pi tal

Insurance

Trust Fund

Fed eral

Dis abil ity

In sur ance

Trust Fund

Fed eral

Old-age

and

Survivors

Insurance

Trust Fund

Fed eral

Sup ple -

men tary

Med i cal

Insurance

Trust Fund

Na tional

Ser vice

Life

Insurance

Fund

Rail road

Re tire ment

Ac count

Un em ploy -

ment Trust 

Fund
TRUST FUNDS 121

CHART TF-C.—To tal Ex pen di tures of Ma jor Trust Funds

(In bil lions of dol lars)

0

50

100

150

200

250

300

350

400

2000

1999

Civil

Service

Retirement

and

Disability

Fund

Fed eral

Hos pi tal

Insurance

Trust Fund

Fed eral

Dis abil ity

In sur ance

Trust Fund

Fed eral

Old-age

and

Survivors

Insurance

Trust Fund

Fed eral

Sup ple -

men tary

Med i cal

Insurance

Trust Fund

Na tional

Ser vice

Life

Insurance

Fund

Rail road

Re tire ment 

Ac count

Un em ploy -

ment Trust

Fund

Source: Fi nan cial Man age ment Ser vice
122 TRUST FUNDS

TA BLE TF-1.—Civil Ser vice Re tire ment and Dis abil ity Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 

Re ceipts 

Do na tions, service credit payments, and other In ter est and

Fis cal year Agencies’ Em ployees’ Fed eral mis cel la neous prof its on

or month To tal con tri bu tions con tri bu tions con tri bu tions re ceipts in vest ments

(1) (2) (3) (4) (5) (6)

1996 ................... 67,336 13,632 4,251 20,060 154 29,239

1997 ................... 70,228 14,133 4,205 21,254 154 30,483

1998 ................... 72,229 14,828 4,124 21,357 153 31,766

1999 ................... 74,522 15,131 4,250 21,401 161 33,579

2000 ................... 75,968 16,091 4,541 21,557 170 33,608

2001 - Est............... 77,091 15,994 3,780 21,509 26 35,782

1999 - Oct .............. 1,538 1,119 398 3 17 2

 Nov .............. 1,472 1,016 366 - 14 76

 Dec .............. 18,032 1,092 390 - 16 16,534

2000 - Jan .............. 1,260 919 331 - 10 *

 Feb .............. 1,380 975 360 - 11 35

 Mar .............. 1,660 1,166 427 - 27 39

 Apr............... 1,367 939 354 - 11 62

 May .............. 1,588 1,089 386 - 12 100

 June ............. 18,231 1,112 407 - 13 16,700

 July .............. 1,316 948 354 - 12 3

 Aug .............. 1,338 950 349 - 12 28

 Sept.............. 26,787 4,767 420 21,557 16 28

Fis cal 2000.............. 75,968 16,091 4,541 21,557 170 33,608

Fis cal year To tal ex pen di tures Net in crease, As sets, end of pe riod

or month other than in vest ments or de crease (-), in as sets To tal In vest ments Un ex pended bal ance

(7) (8) (9) (10) (11)

1996................... 39,778 27,558 392,459 385,443 7,016

1997................... 41,723 28,505 420,965 414,404 6,561

1998................... 43,058 29,170 450,135 446,757 3,378

1999................... 43,932 30,590 480,725 480,640 85

2000................... 45,194 30,774 511,499 511,986 -487

2001 - Est .............. 47,565 29,526 541,344 541,344 -

1999 - Oct.............. 3,691 -2,154 478,571 478,462 109

 Nov .............. 3,672 -2,200 476,371 476,277 94

 Dec .............. 3,649 14,383 490,754 490,662 92

2000 - Jan.............. 3,811 -2,551 488,203 488,370 -167

 Feb .............. 3,776 -2,396 485,807 485,740 67

 Mar .............. 3,785 -2,125 483,681 483,825 -144

 Apr .............. 3,850 -2,483 481,198 481,362 -164

 May .............. 3,761 -2,173 479,025 479,264 -239

 June ............. 3,774 14,457 493,483 493,977 -494

 July .............. 3,866 -2,550 490,933 491,435 -502

 Aug .............. 3,775 -2,437 488,496 489,010 -514

 Sept ............. 3,785 23,003 511,499 511,986 -487

Fis cal 2000 ............. 45,194 30,774 511,499 511,986 -487

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2001," re leased by the Of fice of Man age ment and Bud get Feb ru ary 7, 2000. 
TRUST FUNDS 123

TA BLE TF-2.—Fed eral Hos pi tal In sur ance Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Re ceipts

Fis cal year In ter est and prof its

or month To tal Net ap pro pri a tions Fed eral pay ments De posits by States on in vest ments Other

(1) (2) (3) (4) (5) (6)

1996 ............. 123,501 106,422 4,696 1 10,389 1,992

1997 ............. 128,583 112,137 4,319 17 9,758 2,353

1998 ............. 138,100 121,308 5,331 -2 9,154 2,308

1999 ............. 152,948 133,774 7,484 * 9,287 2,402

2000 ............. 159,534 137,097 9,516 2 10,469 2,450

2001 - Est......... 183,542 163,299 7,521 - 12,506 216

1999 - Oct ........ 10,430 10,198 1 - 57 175

 Nov ........ 11,266 11,097 * - 8 161

 Dec ........ 14,294 9,097 1 1 5,003 192

2000 - Jan ........ 15,743 12,923 2,642 - 22 155

 Feb ........ 10,262 10,043 * - 51 168

 Mar ........ 12,135 11,280 662 - 23 169

 Apr......... 17,372 14,419 2,777 - 9 166

 May ........ 10,587 10,378 3 - 36 170

 June ....... 20,473 13,267 1,278 - 5,346 581

 July ........ 10,703 10,458 61 - 9 175

 Aug ........ 11,279 11,214 -2 1 -105 172

 Sept........ 14,990 12,722 2,091 - 10 166

Fis cal 2000........ 159,534 137,097 9,516 2 10,469 2,450

Ex pen di tures other than investments Net in crease, As sets, end of pe riod

Fis cal year Ben e fit Ad min is tra tive or de crease Un ex pended

or month To tal pay ments ex penses Other (-), in as sets To tal In vest ments bal ance

(7) (8) (9) (10) (11) (12) (13) (14)

1996 ............. 125,317 124,088 1,222 7 -1,816 123,649 125,805 -2,156

1997 ............. 137,378 136,175 1,179 24 -8,795 114,854 116,621 -1,767

1998 ............. 136,690 135,487 1,178 25 1,410 116,264 118,250 -1,986

1999 ............. 130,759 129,463 1,282 15 22,188 138,453 153,767 -15,314

2000 ............. 129,195 127,934 1,253 9 30,338 168,791 168,859 -68

2001 - Est ......... 145,714 139,684 1,415 4,615 37,828 201,271 201,271 -

1999 - Oct......... 10,334 10,195 136 3 97 138,549 137,503 1,046

 Nov ......... 10,718 10,622 95 * 548 139,097 139,298 -201

 Dec ......... 12,253 12,138 116 * 2,041 141,139 141,460 -321

2000 - Jan......... 7,813 7,681 131 1 7,930 149,068 148,746 322

 Feb ......... 11,088 10,895 192 1 -825 148,243 148,223 20

 Mar ......... 14,008 14,080 -74 2 -1,873 146,370 146,069 301

 Apr ......... 8,731 8,613 122 -4 8,641 155,010 154,147 863

 May ........ 11,388 11,240 146 2 -801 154,209 153,584 625

 June ........ 12,265 12,143 120 2 8,208 162,417 161,848 569

 July ......... 8,754 8,683 70 1 1,949 164,366 163,771 595

 Aug ......... 11,278 11,175 102 2 1 164,367 163,625 742

 Sept ........ 10,566 10,470 97 -1 4,424 168,791 168,859 -68

Fis cal 2000 ........ 129,195 127,934 1,253 9 30,338 168,791 168,859 -68

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2001," re leased by the Of fice of Man age ment and Bud get Feb ru ary 7, 2000. 
124 TRUST FUNDS

TA BLE TF-3.—Fed eral Dis abil ity In sur ance Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Re ceipts Ex pen di tures other than in vest ments

Fis cal year De posits In ter est and prof its Ben e fit

or month To tal Ap pro pri a tions by States on in vest ments Other To tal pay ments

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

1996 ............... 59,435 56,528 2 2,481 426 44,355 43,278

1997 ............... 60,112 56,135 6 3,526 446 46,701 45,430

1998 ............... 62,956 57,944 1 4,432 579 49,459 47,739

1999 ............... 67,792 61,884 * 5,223 684 52,142 50,488

2000 ............... 77,061 69,995 4 6,265 796 56,046 54,276

2001 - Est........... 81,914 74,395 - 7,513 6 60,118 58,292

1999 - Oct........... 4,712 4,476 - 12 223 4,492 4,380

 Nov .......... 4,829 4,810 - 18 1 4,418 4,286

 Dec .......... 8,462 5,550 2 2,909 2 4,509 4,369

2000 - Jan .......... 6,771 6,615 - 5 151 4,618 4,515

 Feb .......... 5,568 5,531 - 33 5 4,636 4,523

 Mar .......... 6,079 6,037 - 32 10 4,725 4,607

 Apr........... 7,524 7,356 - 11 157 4,714 4,557

 May .......... 5,708 5,684 - 19 5 4,730 4,554

 June.......... 10,044 6,839 - 3,202 2 4,875 4,605

 July .......... 5,617 5,376 - 4 236 4,680 4,563

 Aug .......... 5,435 5,420 2 10 3 4,835 4,664

 Sept.......... 6,313 6,301 - 10 2 4,813 4,654

Fis cal 2000.......... 77,061 69,995 4 6,265 796 56,046 54,276

 Ex pen di tures other than investments, con.

Pay ments

to rail road Net in crease, As sets, end of pe riod

Fis cal year re tire ment Ad min is tra tive or de crease Un ex pended

or month ac count ex penses Other (-), in as sets To tal In vest ments bal ance

(8) (9) (10) (11) (12) (13) (14)

1996 .............. 2 1,060 15 15,080 51,160 50,100 1,060

1997 .............. 59 1,160 52 13,411 64,571 63,562 1,009

1998 .............. 157 1,488 76 13,497 78,068 76,996 1,072

1999 .............. 135 1,480 40 15,650 93,718 92,666 1,052

2000 .............. 159 1,575 35 21,014 114,732 113,707 1,025

2001 - Est ......... 126 1,595 105 21,796 134,996 134,996 -

1999 - Oct......... - 104 8 220 93,938 92,928 1,010

 Nov ......... - 129 3 411 94,349 93,259 1,090

 Dec ......... - 141 -1 3,953 98,302 97,247 1,055

2000 - Jan......... - 100 2 2,153 100,455 99,525 930

 Feb ......... - 110 2 933 101,387 100,457 930

 Mar ......... - 114 4 1,353 102,741 101,764 977

 Apr ......... - 152 5 2,810 105,551 104,545 1,006

 May ......... - 171 6 977 106,528 105,495 1,033

 June ........ 159 112 -2 5,169 111,697 110,663 1,034

 July ......... - 117 1 937 112,633 111,551 1,082

 Aug ......... - 168 3 600 113,233 112,541 692

 Sept ........ - 157 3 1,500 114,732 113,707 1,025

Fis cal 2000 ........ 159 1,575 35 21,014 114,732 113,707 1,025

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2001," re leased by the Of fice of Man age ment and Bud get Feb ru ary 7, 2000. 
TRUST FUNDS 125

 Ex pen di tures other than in vest ments, con. Net in crease, As sets, end of pe riod

Fis cal year Ad min is tra tive or de crease Un ex pended

or month ex penses Other (-), in as sets To tal In vest ments bal ance

(9) (10) (11) (12) (13) (14)

TA BLE TF-4.—Fed eral Old-Age and Sur vi vors In sur ance Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Ex pen di tures other than in vest ments

Re ceipts Pay ments to railFis cal year De posits Net earn ings Ben e fit road re tire ment

or month To tal Ap pro pri a tions by States on in vest ments Other To tal pay ments ac count

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

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2001," re leased by the Of fice of Man age ment and Bud get Feb ru ary 7, 2000. 

1996 ............. 357,041 316,965 33 34,026 3,013 305,461 299,987 3,554

1997 ............. 386,485 342,013 30 37,688 6,754 318,569 312,880 3,688

1998 ............. 415,687 364,632 -5 42,197 8,863 329,769 324,274 3,662

1999 ............. 446,977 389,705 * 46,847 10,425 337,916 332,383 3,681

2000 ............. 484,259 418,206 5 53,531 12,517 353,427 347,890 3,538

2001 - Est......... 507,695 427,322 - 60,625 19,748 369,405 359,989 3,511

1999 - Oct......... 32,089 28,167 * 81 3,841 28,236 28,060 -

 Nov ......... 30,415 30,273 - 130 12 28,115 27,920 -

 Dec ......... 58,815 33,487 2 25,312 14 28,325 28,205 -

2000 - Jan......... 42,151 39,647 - 27 2,478 28,793 28,625 -

 Feb ......... 32,873 32,676 - 183 13 28,814 28,631 -

 Mar ......... 35,782 35,581 - 183 18 28,909 28,723 -

 Apr ......... 46,319 43,766 - 65 2,488 28,971 28,862 -

 May ........ 33,600 33,485 - 100 16 30,744 30,563 -

 June ........ 67,680 40,353 - 27,314 13 33,318 29,606 3,538

 July ......... 35,306 31,685 - 26 3,595 29,586 29,424 -

 Aug ......... 32,021 31,941 3 65 12 29,598 29,522 -

 Sept ........ 37,208 37,146 - 46 17 30,018 29,749 -

Fis cal 2000 ........ 484,259 418,206 5 53,531 12,517 353,427 347,890 3,538

1996 ............. 1,791 129 51,580 507,269 499,403 7,866

1997 ............. 2,001 - 67,916 575,185 567,445 7,740

1998 ............. 1,832 - 85,919 661,104 653,282 7,822

1999 ............. 1,851 - 109,061 770,165 762,226 7,939

2000 ............. 1,998 - 130,832 900,998 893,519 7,479

2001 - Est......... 2,152 3,753 138,290 1,029,424 1,029,424 -

1999 - Oct......... 177 - 3,853 774,018 766,285 7,733

 Nov ......... 196 - 2,299 776,317 768,422 7,895

 Dec ......... 120 - 30,490 806,807 798,894 7,913

2000 - Jan......... 167 - 13,359 820,166 812,363 7,803

 Feb ......... 183 - 4,059 824,225 816,433 7,792

 Mar......... 187 - 6,873 831,097 823,344 7,753

 Apr ......... 109 - 17,348 848,446 840,622 7,824

 May ........ 181 - 2,857 851,302 843,466 7,836

 June ........ 174 - 34,362 885,664 877,948 7,716

 July......... 162 - 5,720 891,384 883,378 8,006

 Aug......... 75 - 2,423 893,807 889,172 4,635

 Sept ........ 268 - 7,191 900,998 893,519 7,479

Fis cal 2000 ........ 1,998 - 130,832 900,998 893,519 7,479
126 TRUST FUNDS

TA BLE TF-5.—Fed eral Sup ple men tary Med i cal In sur ance Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Re ceipts Ex pen di tures other than in vest ments

Fis cal year Fed eral In ter est and prof its Ben e fit

or month To tal Pre miums con tri bu tions on in vest ments Other To tal pay ments

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

 Ex pen di tures other than in vest ments, con. Net in crease, As sets, end of pe riod

Fis cal year Ad min is tra tive or de crease Un ex pended

or month ex penses Other (-), in as sets To tal In vest ments bal ance

(8) (9) (10) (11) (12) (13)

1996 ............... 82,025 16,858 61,702 1,388 2,077 68,946 67,176

1997 ............... 80,806 16,984 59,471 2,192 2,159 72,553 71,133

1998 ............... 81,955 17,153 59,919 2,606 2,277 76,272 74,837

1999 ............... 85,278 17,722 62,185 2,925 2,446 80,518 79,008

2000 ............... 89,242 17,961 65,561 3,161 2,559 88,992 87,212

2001 - Est........... 97,539 21,734 69,506 2,940 3,359 101,334 96,243

1999 - Oct........... 6,944 1,565 5,232 17 129 6,875 6,713

 Nov ........... 7,008 1,573 5,255 53 126 7,195 7,079

 Dec........... 8,699 1,450 5,774 1,178 297 9,441 9,268

2000 - Jan........... 7,314 1,408 5,596 18 292 5,856 5,676

 Feb ........... 7,046 1,574 5,288 54 129 7,091 6,734

 Mar ........... 7,373 1,413 5,579 85 297 8,394 8,611

 Apr ........... 7,188 1,494 5,468 12 215 5,658 5,532

 May........... 7,161 1,491 5,439 21 210 7,636 7,431

 June .......... 8,622 1,489 5,472 1,442 219 9,666 9,452

 July ........... 7,210 1,503 5,480 15 212 6,177 5,990

 Aug ........... 7,474 1,507 5,498 255 214 8,270 8,147

 Sept .......... 7,202 1,493 5,479 12 218 6,732 6,580

Fis cal 2000 .......... 89,242 17,961 65,561 3,161 2,559 88,992 87,212

1996 .............. 1,733 5 13,079 26,602 27,175 -573

1997 .............. 1,403 17 8,252 34,855 34,464 391

1998 .............. 1,413 22 5,683 40,538 39,502 1,036

1999 .............. 1,493 17 4,760 45,297 26,528 18,769

2000 .............. 1,759 21 249 45,547 45,075 472

2001 - Est .......... 1,603 3,488 -3,795 40,689 40,689 -

1999 - Oct .......... 160 3 68 45,366 46,030 -664

 Nov .......... 114 2 -187 45,178 45,723 -545

 Dec .......... 174 * -742 44,436 46,080 -1,644

2000 - Jan .......... 179 1 1,458 45,894 46,700 -806

 Feb .......... 356 1 -45 45,849 46,476 -627

 Mar .......... -227 10 -1,020 44,829 44,709 120

 Apr .......... 128 -2 1,530 46,359 46,950 -591

 May ......... 204 2 -475 45,884 46,275 -391

 June ......... 213 2 -1,045 44,840 45,265 -425

 July .......... 187 1 1,033 45,872 46,042 -170

 Aug .......... 121 2 -796 45,077 45,392 -315

 Sept ......... 152 * 470 45,547 45,075 472

Fis cal 2000 ......... 1,759 21 249 45,547 45,075 472

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2001," re leased by the Of fice of Man age ment and Bud get Feb ru ary 7, 2000. 
TRUST FUNDS 127

TA BLE TF-6.—Na tional Ser vice Life In sur ance Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Ex pen di tures other

than in vest ments

 Re ceipts (ben e fits,

Trans fers from In ter est net lend ing, Net in crease, As sets, end of pe riod

Fis cal year Pre miums and gen eral and and prof its re funds, and or de crease Un ex pended

or month To tal other re ceipts spe cial funds on in vest ments div i dends) (-), in as sets To tal In vest ments bal ance

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

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2001," re leased by the Of fice of Man age ment and Bud get Feb ru ary 7, 2000. 

1996............... 1,288 236 2 1,050 1,240 48 12,016 12,007 9

1997............... 1,248 231 2 1,015 1,227 21 12,058 12,023 35

1998............... 1,196 217 2 977 1,210 -15 12,044 12,008 36

1999............... 1,146 204 6 936 1,201 -55 11,989 11,954 35

2000............... 1,090 201 1 887 1,242 -152 11,836 11,804 32

2001 - Est........... 1,551 179 493 879 1,759 -208 11,595 11,595 -

1999 - Oct .......... 18 16 * 2 97 -79 11,910 11,880 30

 Nov .......... 19 16 * 2 84 -65 11,845 11,812 33

 Dec .......... 454 15 * 439 99 356 12,200 12,168 32

2000 - Jan .......... 21 21 * * 96 -76 12,125 12,090 35

 Feb .......... 16 15 * 1 111 -95 12,029 11,994 35

 Mar .......... 28 26 * 2 128 -101 11,929 11,881 48

 Apr .......... 16 14 * 1 112 -97 11,832 11,803 29

 May .......... 18 16 * 2 94 -76 11,756 11,723 33

 June ......... 448 13 * 434 103 345 12,101 12,066 35

 July .......... 17 17 * * 97 -80 12,022 11,990 32

 Aug .......... 18 17 * 1 98 -80 11,942 11,907 35

 Sept.......... 17 15 * 2 123 -106 11,836 11,804 32

Fis cal 2000.......... 1,090 201 1 887 1,242 -152 11,836 11,804 32
128 TRUST FUNDS

TA BLE TF-7.—Rail road Re tire ment Ac count

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Re ceipts Ex pen di tures other

 In ter est than in vest ments

Fis cal year and prof its Ben e fit

or month To tal Ap pro pri a tions on in vest ments Other To tal pay ments

(1) (2) (3) (4) (5) (6)

 Ex pen di tures other than in vest ments, con. Net in crease, As sets, end of pe riod

Fis cal year Ad min is tra tive or de crease Un ex pended

or month ex penses Other (-), in as sets To tal In vest ments bal ance

(7) (8) (9) (10) (11) (12)

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2001," re leased by the Of fice of Man age ment and Bud get Feb ru ary 7, 2000. 

1996 ............. 4,958 3,872 1,108 -21 7,992 2,940

1997 ............. 9,270 4,051 1,234 3,985 8,322 2,984

1998 ............. 10,443 4,353 2,017 4,073 8,391 2,984

1999 ............. 8,763 4,143 313 4,308 8,384 2,977

2000 ............. 9,654 4,337 1,161 4,157 8,434 3,030

2001 - Est......... 3,884 2,846 1,038 - - -

1999 - Oct......... 491 356 6 129 682 252

 Nov ......... 415 364 50 - 678 253

 Dec ......... 401 389 12 - 676 251

2000 - Jan......... 633 414 137 82 688 251

 Feb ......... 340 389 -49 - 689 256

 Mar......... 713 448 266 - 688 251

 Apr ......... 425 353 -9 82 684 252

 May ........ 540 464 76 - 688 254

 June ........ 3,901 -44 248 3,698 906 254

 July......... 723 459 108 157 684 252

 Aug......... 675 393 281 - 685 252

 Sept ........ 397 353 35 9 686 253

Fis cal 2000 ........ 9,654 4,337 1,161 4,157 8,434 3,030

1996 .............. 71 4,981 -3,034 6,793 17,122 -10,329

1997 .............. 86 5,252 948 7,741 19,239 -11,498

1998 .............. 87 5,321 2,052 9,793 21,811 -12,018

1999 .............. 88 8,319 379 10,172 24,345 -14,173

2000 .............. 94 5,310 1,220 11,393 24,823 -13,430

2001 - Est .......... - - 3,884 16,809 16,809 -

1999 - Oct .......... 10 419 -191 9,981 24,721 -14,740

 Nov ......... 7 419 -264 9,718 24,696 -14,978

 Dec ......... 8 418 -275 9,442 24,689 -15,247

2000 - Jan .......... 8 429 -54 9,388 24,894 -15,506

 Feb ......... 5 428 -349 9,039 24,292 -15,253

 Mar ......... 11 427 25 9,064 24,301 -15,237

 Apr .......... 7 425 -259 8,805 24,386 -15,581

 May ......... 7 427 -148 8,657 24,525 -15,868

 June......... 7 644 2,996 11,652 24,556 -12,904

 July ......... 7 426 39 11,691 24,722 -13,031

 Aug ......... 7 426 -10 11,681 24,832 -13,151

 Sept......... 9 424 -289 11,393 24,823 -13,430

Fis cal 2000......... 94 5,310 1,220 11,393 24,823 -13,430
TRUST FUNDS 129

TA BLE TF-8.—Un em ploy ment Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Re ceipts

Fis cal year State Fed eral Ad vances from the De posits by Rail road In ter est and prof its

or month To tal un em ploy ment taxes un em ploy ment taxes gen eral fund Re tire ment Board on in vest ments

 (1) (2) (3) (4) (5) (6)

 Ex pen di tures other than in vest ments

Re pay ment of

Fis cal year State unem- State adminis- ad vances from Fed eral adminis- Rail road adminor month To tal ployment ben e fits trative ex penses the gen eral fund trative ex penses istrative ex penses

(7) (8) (9) (10) (11) (12)

See foot notes at end of ta ble.

1996 ............. 26,062 22,600 3,180 - 196 18

1997 ............. 24,203 20,829 3,088 - 208 2

1998 ............. 23,284 19,933 3,085 - 204 *

1999 ............. 24,752 21,180 3,361 - 140 *

2000 ............. 24,050 20,657 3,117 - 193 *

2001 - Est......... 28,247 28,173 - - - -

1999 - Oct......... 1,626 1,345 269 - 5 *

 Nov ......... 1,697 1,440 238 - 13 *

 Dec......... 2,131 1,859 255 - 11 *

2000 - Jan......... 2,291 2,006 243 - 35 *

 Feb ......... 2,468 2,167 259 - 34 *

 Mar ......... 2,512 2,228 240 - 35 *

 Apr ......... 2,016 1,668 331 - 11 *

 May ........ 1,901 1,619 264 - 11 -

 June ........ 1,884 1,579 288 - 11 1

 July ......... 1,850 1,560 276 - 10 *

 Aug ......... 1,970 1,720 233 - 10 *

 Sept ........ 1,702 1,465 220 - 9 *

Fis cal 2000 ........ 24,050 20,657 3,117 - 193 *

1996 .............. 32,398 22,706 5,854 438 24 3,376

1997 .............. 32,481 22,071 6,103 564 28 3,715

1998 .............. 32,297 21,047 6,369 508 68 4,305

1999 .............. 31,681 19,894 6,475 403 111 4,798

2000 .............. 33,259 20,701 6,871 397 68 5,222

2001 - Est.......... 36,016 23,327 3,873 454 54 5,308

1999 - Oct.......... 1,065 684 348 2 17 14

 Nov ......... 2,934 2,379 480 62 9 5

 Dec ......... 2,891 216 50 82 * 2,543

2000 - Jan.......... 1,302 564 730 -24 26 7

 Feb .......... 2,308 1,994 285 12 * 16

 Mar .......... 434 284 33 91 * 26

 Apr .......... 2,601 1,214 1,337 19 5 25

 May ......... 10,833 8,464 2,311 46 3 9

 June......... 2,925 258 53 58 * 2,556

 July ......... 2,149 1,064 1,074 3 7 2

 Aug ......... 3,632 3,437 147 43 * 5

 Sept......... 185 144 24 4 * 13

Fis cal 2000 ......... 33,259 20,701 6,871 397 68 5,222
130 TRUST FUNDS

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

2001," re leased by the Of fice of Man age ment and Bud get Feb ru ary 7, 2000. 

TA BLE TF-8.—Un em ploy ment Trust Fund, con.

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 

 Ex pen di tures other than in vest ments, con.

 Rail road un em ploy ment in sur ance

Net in crease, As sets, end of pe riod

Fis cal year Ben e fit Ad min is tra tive or de crease Un ex pended 

or month pay ments ex penses (-), in as sets To tal In vest ments bal ance

(13) (14) (15) (16) (17) (18)

1996.............. 65 3 6,336 64,678 53,893 10,785

1997.............. 73 3 8,279 72,957 61,923 11,034

1998.............. 59 3 9,014 81,970 70,641 11,329

1999.............. 68 4 6,929 88,899 77,358 11,541

2000.............. 78 3 9,209 98,108 86,399 11,709

2001 - Est ......... 74 - 7,769 93,609 93,609 -

1999 - Oct ......... 6 * -561 88,338 76,569 11,769

 Nov ......... 5 * 1,238 89,576 77,967 11,609

 Dec ......... 6 * 760 90,336 78,635 11,701

2000 - Jan ......... 7 * -989 89,347 77,157 12,190

 Feb ......... 8 * -160 89,187 77,570 11,617

 Mar ......... 9 * -2,078 87,108 75,739 11,369

 Apr ......... 6 * 585 87,693 75,056 12,637

 May ......... 7 * 8,931 96,624 84,542 12,082

 June ........ 5 * 1,040 97,664 85,915 11,749

 July ......... 5 1 299 97,963 85,267 12,696

 Aug ......... 6 1 1,663 99,626 87,882 11,744

 Sept ........ 7 * -1,518 98,108 86,399 11,709

Fis cal 2000 ........ 78 3 9,209 98,108 86,399 11,709
TRUST FUNDS 131

Pub lic is sues:

Bonds:

7-5/8%............... 02/15/02-07 02/15/77 10 - - - - -

11-3/4%.............. 02/15/05-10 02/15/80 30 - - - - -

To tal pub lic is sues..................................

40 - - - - -

Gov ern ment ac count se ries:

Fed eral Dis abil ity Trust Fund .......................... 130,493 -16,826 113,667

Fed eral Hos pi tal In sur ance Trust Fund .................. 187,590 -18,731 168,859

Fed eral Old-age and Sur vi vors In sur ance Trust Fund ....... 985,754 -92,235 893,519

Fed eral Sup ple men tary Med i cal In sur ance Trust Fund ...... 61,714 -16,639 45,075

Rail road Re tire ment Account .......................... 37,711 -15,083 22,628

Un em ploy ment Trust Fund............................

92,082 -5,683 86,399

To tal Government ac count se ries ....................

1,495,344 -165,197 1,330,147

TA BLE TF-9B.—In vest ments of Spec ified Trust Ac counts in Pub lic Debt Se cu ri ties

by Is sue, as of Sept. 30, 2000

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Type Is sued Re tired (-) or inflation ad justed Out stand ing

 (1) (2) (3)

TA BLE TF-9A.—In vest ments of Spec ified Trust Ac counts in Pub lic Debt Se cu ri ties

by Is sue, as of Sept. 30, 2000

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Fed eral Old-age Fed eral SuppleFed eral Dis- Fed eral Hos- and Sur vi vors mentary Med i cal Rail road

 In vest ment of se cu ri ties abil ity Insur- pital Insur- In sur ance In sur ance Re tire ment Un em ploy ment

Type and rate Pay able date Is sue date ance Trust Fund ance Trust Fund Trust Fund Trust Fund Ac count Trust Fund

(1) (2) (3) (4) (5) (6) (7) (8)
132 TRUST FUNDS

TA BLE TF-15A.—High way Trust Fund

The fol low ing in for ma tion is re leased ac cord ing to the

pro vi sions of the Byrd Amend ment to the Intermodal Sur face

Trans por ta tion Ef fi ciency Act of 1991 [cod i fied at 26 United

States Code 9503(d)] and rep re sents data con cern ing the

High way Trust Fund. The fig ure de scribed as “un funded au -

tho ri za tions” is the lat est es ti mate re ceived from the DOT for

fis cal 2000.

The 24-month rev e nue es ti mates for the high way and

mass tran sit ac counts, re spec tively, in clude the lat est es ti -

mates re ceived from Trea sury’s Of fice of Tax Anal y sis for ex -

cise taxes, net of re funds. They rep re sent net high way re ceipts

for those pe ri ods be gin ning at the close of fis cal 2000.

High way Ac count

[In mil lions of dol lars. Source: DOT]

Un funded au tho ri za tions (EOY).................................................................................................. 36,836

24-month rev e nue es ti mate................................................................................................... . . 62,537

Un funded au tho ri za tions (EOY).................................................................................................. -6,540

24-month rev e nue es ti mate................................................................................................... . . 9,593

Mass Transit Ac count

[In mil lions of dol lars. Source: DOT]
Re search Pa per Se ries

Avail able through the Of fice of the As sis tant Sec re tary for Eco nomic Pol icy

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.

Copies may be ob tained by writ ing to:

 Ann Bailey, De part ment of the Trea sury

1500 Penn syl va nia Ave., NW., Room 4422

Wash ing ton, D.C. 20220

Tele phone (202) 622-2010, or fax (202) 622-1294 or 622-2563.

TECH NI CAL PA PERS 133
With Ref er ences to Ap pli ca ble Sec tions and Ta bles

Ac crued dis count (SBN-1, -2, -3)—In ter est that ac cu mu lates

on sav ings bonds from the date of pur chase un til the date of re -

demp tion or fi nal ma tu rity, which ever co mes first. Se ries A, B, 

C, D, E, EE, F, I and J are dis count or ac crual type

bonds—mean ing prin ci pal and in ter est are paid when bonds

are re deemed. Se ries G, H, HH and K are cur rent-income

bonds, and the semi an nual in ter est paid to their hold ers is not

in cluded in ac crued dis count.

Amounts out stand ing and in cir cu la tion (USCC)— In -

cludes all is sues by the Bu reau of the Mint pur posely in tended

as a me dium of ex change. Coins sold by the Bu reau of the Mint 

at pre mium prices are ex cluded; how ever, uncirculated coin

sets sold at face value plus han dling charge are in cluded.

Av er age dis count rate (PDO-2, -3)—In Trea sury bill auc -

tions, pur chas ers ten der com pet i tive bids on a dis count rate ba -

sis. The av er age dis count rate is the weighted, or ad justed,

av er age of all bids ac cepted in the auc tion.

Bud get au thor ity (“Fed eral Fis cal Op er a tions”)—Con -

gress passes laws giv ing bud get au thor ity to Gov ern ment en ti -

ties, which gives the agen cies the power to spend Fed eral

funds. Con gress can stip u late var i ous cri te ria for the spend ing

of these funds. For ex am ple, Con gress can stip u late that a

given agency must spend within a spe cific year, num ber of

years, or any time in the fu ture.

 The ba sic forms of bud get au thor ity are ap pro pri a tions, au -

thor ity to bor row, con tract au thor ity, and au thor ity to ob li gate

and ex pend off set ting re ceipts and col lec tions. The pe riod of

time dur ing which Con gress makes funds avail able may be

spec i fied as 1-year, mul ti ple-year or no-year. The avail able

amount may be clas si fied as ei ther def i nite or in def i nite; a spe -

cific amount or an un spec i fied amount can be made avail able.

Au thor ity may also be clas si fied as cur rent or per ma nent. Per -

ma nent au thor ity re quires no cur rent ac tion by Con gress.

Bud get def i cit—The to tal, cu mu la tive amount by which bud -

get out lays (spend ing) ex ceed bud get re ceipts (in come).

Cash man age ment bills (PDO-2)—Mar ket able Trea sury

bills of ir reg u lar ma tu rity lengths, sold pe ri od i cally to fund

short-term cash needs of Trea sury. Their sale, hav ing higher

min i mum and mul ti ple pur chase re quire ments than those of

other is sues, is gen er ally re stricted to com pet i tive bid ders.

Com pet i tive ten ders (“Trea sury Fi nancing Op er a -

tions”)—A bid to pur chase a stated amount of one is sue of

Trea sury se cu ri ties at a spec i fied yield or dis count. The bid is

ac cepted if it is within the range ac cepted in the auc tion. (See

Non com pet i tive ten ders.)

Cou pon is sue—The is sue of bonds or notes (pub lic debt).

Cur rency no lon ger is sued (USCC)—Old and new se ries

gold and sil ver cer tif i cates, Fed eral Re serve notes, na tional

bank notes and 1890 Se ries Trea sury notes.

Cur rent in come bonds (“U.S. Sav ings Bonds and

Notes”)—Bonds pay ing semi an nual in ter est to hold ers. In ter -

est is not in cluded in ac crued dis count.

Debt out stand ing sub ject to lim i ta tion (FD-6)—The debt

in curred by the Trea sury sub ject to the stat u tory limit set by

Con gress. Un til World War I, a spe cific amount of debt was

au tho rized to each sep a rate se cu rity is sue. Be gin ning with the

Sec ond Lib erty Loan Act of 1917, the na ture of the lim i ta tion

was mod i fied un til, in 1941, it de vel oped into an over all limit

on the out stand ing Fed eral debt. As of September 2000, the

debt limit was $5,950,000 mil lion; the limit may change from

year to year.

 The debt sub ject to lim i ta tion in cludes most of Trea sury’s

pub lic debt ex cept se cu ri ties is sued to the Fed eral Fi nancing

Bank, upon which there is a lim i ta tion of $15 bil lion, and cer -

tain cat e go ries of older debt (to tal ing ap prox i mately $595 million as of Feb ru ary 1991).

Dis count—The in ter est de ducted in ad vance when pur chas -

ing notes or bonds. (See Ac crued dis count.)

Dis count rate (PDO-2)—The dif fer ence be tween par value

and the ac tual pur chase price paid, an nu al ized over a 360-day

year. Be cause this rate is less than the ac tual yield (cou -

pon-equivalent rate), the yield should be used in any com par i -

son with cou pon is sue se cu ri ties.

Dol lar coins (USCC)—In clude stan dard sil ver and nonsilver

coins.

Do mes tic se ries (FD-2)—Non mar ket able, in ter est and

non-interest-bearing se cu ri ties is sued pe ri od i cally by Trea -

sury to the Res o lu tion Funding Cor po ra tion (RFC) for in vestment of funds au tho rized un der sec tion 21B of the Fed eral

Home Loan Bank Act (12 United States Code 1441b).

Fed eral intrafund trans ac tions (“Fed eral Fis cal Op er ations”)—Intrabudgetary trans ac tions in which pay ments and

re ceipts both oc cur within the same Fed eral fund group (Fed -

eral funds or trust funds). 

Fed eral Re serve notes (USCC)—Is sues by the U.S. Gov ern -

ment to the pub lic through the Fed eral Re serve Banks and

their mem ber banks. They rep re sent money owed by the Gov -

ern ment to the pub lic. Cur rently, the item “Fed eral Re serve

notes—amounts out stand ing” con sists of new se ries is sues.

The Fed eral Re serve note is the only class of cur rency cur -

rently is sued.

For eign (“For eign Cur rency Po si tions,” IFS-2, -3)—Lo cations other than those in cluded un der the def i ni tion of the

United States. (See United States.)

For eigner (“Cap i tal Move ments,” IFS-2)—All in sti tu tions

and in di vid u als liv ing out side the United States, in clud ing

U.S. cit i zens liv ing abroad, and branches, sub sid iar ies, and

other af fil i ates abroad of U.S. banks and busi ness con cerns;

cen tral gov ern ments, cen tral banks, and other of fi cial in sti tu -

tions of coun tries other than the United States, and in ter na -

tional and re gional or ga ni za tions, wher ever lo cated. Also,

re fers to per sons in the United States to the ex tent that they are

known by re port ing in sti tu tions to be act ing for for eign ers.

For eign of fi cial in sti tu tions (“Cap i tal Move ments”)—In -

cludes cen tral gov ern ments of for eign coun tries, in clud ing all

134

Glos sary

Source: Fi nan cial Man age ment Ser vice
de part ments and agen cies of na tional gov ern ments; cen tral

banks, ex change au thor i ties, and all fis cal agents of for eign

na tional gov ern ments that un der take ac tiv i ties sim i lar to those

of a trea sury, cen tral bank, or sta bi li za tion fund; dip lo matic

and con sular es tab lish ments of for eign na tional gov ern ments;

and any in ter na tional or re gional or ga ni za tion, in clud ing sub -

or di nate and af fil i ate agen cies, cre ated by treaty or con ven tion

be tween sov er eign states.

For eign pub lic bor rower (“Cap i tal Move ments”)—In -

cludes for eign of fi cial in sti tu tions, as de fined above, the cor -

po ra tions and agen cies of for eign cen tral gov ern ments,

in clud ing de vel op ment banks and in sti tu tions, and other agen -

cies that are ma jor ity-owned by the cen tral gov ern ment or its

de part ments; and state pro vin cial and lo cal gov ern ments of

for eign coun tries and their de part ments and agen cies.

For eign-targeted is sue (PDO-1, -3)—For eign-targeted is -

sues were notes sold be tween Oc to ber 1984 and Feb ru ary

1986 to for eign in sti tu tions, for eign branches of U.S. in sti tu -

tions, for eign cen tral banks or mon e tary au thor i ties, or to in -

ter na tional or ga ni za tions in which the United States held

mem ber ship. Sold as com pan ion is sues, they could be con -

verted to do mes tic (nor mal) Trea sury notes with the same ma -

tu rity and in ter est rates. In ter est was paid an nu ally.

Frac tional coins (USCC)—Coins minted in de nom i na tions

of 50, 25, and 10 cents, and mi nor coins (5 cents and 1 cent).

Gov ern ment ac count se ries (FD-2)—Cer tain trust fund stat -

utes re quire the Sec re tary of the Trea sury to ap ply mon ies held

by these funds to ward the is su ance of non mar ket able spe cial

se cu ri ties. These se cu ri ties are sold di rectly by Trea sury to a

spe cific Gov ern ment agency, trust fund or ac count. Their rate

is based on an av er age of mar ket yields on out stand ing Trea -

sury ob li ga tions, and they may be re deemed at the op tion of

the holder. Roughly 80 per cent of these are is sued to five hold -

ers: the Fed eral Old-age and Sur vi vors In sur ance Trust Fund;

the civil ser vice re tire ment and dis abil ity fund; the Fed eral

Hos pi tal In sur ance Trust Fund; the mil i tary re tire ment fund;

and the Un em ploy ment Trust Fund.

Interfund trans ac tions (“Fed eral Fis cal Op er a -

tions”)—Trans ac tions in which pay ments are made from one

fund group (ei ther Fed eral funds or trust funds) to a re ceipt ac -

count in an other group.

In ter na tional Mon e tary Fund (“Ex change Sta bi li za tion

Fund,” IFS-1)—(IMF) Es tab lished by the United Na tions,

the IMF pro motes in ter na tional trade, sta bil ity of ex change

and mon e tary co op er a tion. Mem bers are al lowed to draw from 

the fund.

Intrabudgetary trans ac tions (“Fed eral Fis cal Op er a -

tions”)—These oc cur when pay ment and re ceipt both oc cur

within the bud get, or when pay ment is made from off-budget

Fed eral en ti ties whose bud get au thor ity and out lays are ex -

cluded from the bud get to tals.

Ma tured non-interest-bearing debt (SBN-1, -2, -3)—The

value of out stand ing sav ings bonds and notes that have

reached fi nal ma tu rity and no lon ger earn in ter est. In cludes all

Se ries A-D, F, G, I, J and K bonds. Se ries E bonds (is sued be -

tween May 1941 and No vem ber 1965), Se ries EE (is sued

since Jan u ary 1980), Se ries H (is sued from June 1952 through

De cem ber 1979), and sav ings notes is sued be tween May 1967

and Oc to ber 1970 have a fi nal ma tu rity of 30 years. Se ries HH

bonds (is sued since Jan u ary 1980) ma ture af ter 20 years.

Non com pet i tive ten ders (“Trea sury Fi nancing Op er ations”)—Of fers by an in ves tor to pur chase Trea sury se cu ri -

ties at the price equiv a lent to the weighted av er age dis count

rate or yield of ac cepted com pet i tive ten ders in a Trea sury auc -

tion. Non com pet i tive ten ders are al ways ac cepted in full.

Off-budget Fed eral en ti ties (“Fed eral Fis cal Op er ations”)—Fed erally owned and con trolled en ti ties w hose

trans ac tions are ex cluded from the bud get to tals un der pro visions of law. Their re ceipts, out lays, and sur plus or def i cit are

not in cluded in bud get re ceipts, out lays or def i cits. Their bud -

get au thor ity is not in cluded in to tals of the bud get.

Out lays (“Fed eral Fis cal Op er a tions”)—Pay ments on ob li -

ga tions in the form of cash, checks, the is su ance of bonds or

notes, or the ma tur ing of in ter est cou pons.

Own for eign of fices (“Cap i tal Move ments”)—Re fers to

U.S. re port ing in sti tu tions’ par ent or ga ni za tions, branches

and/or ma jor ity-owned sub sid iar ies lo cated out side the

United States.

Par value—The face value of bonds or notes, in clud ing in ter -

est.

Quar terly fi nanc ing (“Trea sury Fi nancing Op er ations”)—Trea sury has his tor i cally of fered pack ages of sev -

eral “cou pon” se cu rity is sues on the 15th of Feb ru ary, May,

Au gust and No vem ber, or on the next work ing day. These is -

sues cur rently con sist of a 3-year note, a 10-year note and a

30-year bond. Trea sury some times of fers ad di tional amounts

of out stand ing long-term notes or bonds, rather than sell ing

new se cu rity is sues. (See Re opening.)

Re ceipts (“Fed eral Fis cal Op er a tions”)— Funds col lected

from sell ing land, cap i tal, or ser vices, as well as col lec tions

from the pub lic (bud get re ceipts), such as taxes, fines, du ties,

and fees.

Re opening (PDO-3, -4)—The of fer for sale of ad di tional

amounts of out stand ing is sues, rather than an en tirely new is -

sue. A re opened is sue will al ways have the same ma tu rity date, 

CUSIP-number and in ter est rate as the orig i nal is sue.

Spe cial draw ing rights (“Ex change Sta bi li za tion Fund,”

IFS-1)—In ter na tional as sets cre ated by IMF that serve to in -

crease in ter na tional li quid ity and pro vide ad di tional in ter national re serves. SDRs may be pur chased and sold among

el i gi ble hold ers through IMF. (See IMF.)

 SDR al lo ca tions are the coun ter part to SDRs is sued by IMF

based on mem bers’ quo tas in IMF. Al though shown in ex -

change sta bi li za tion fund (ESF) state ments as li a bil i ties, they

must be re deemed by ESF only in the event of liq ui da tion of,

or U.S. with drawal from, the SDR de part ment of IMF or can -

cel la tion of SDRs.

 SDR cer tif i cates are is sued to the Fed eral Re serve Sys tem

against SDRs when SDRs are le gal ized as money. Pro ceeds of

mon e ti za tion are de pos ited into an ESF ac count at the Fed eral

Re serve Bank of New York.

Spot (“For eign Cur rency Po si tions”)—Due for re ceipt or

de liv ery within 2 work days.

State and lo cal gov ern ment se ries (FD-2)—(SLUGs) Spe -

cial non mar ket able cer tif i cates, notes and bonds of fered to

135

Glos sary
State and lo cal gov ern ments as a means to in vest pro ceeds

from their own tax-exempt fi nanc ing. In ter est rates and ma tu -

ri ties com ply with IRS ar bi trage pro vi sions. SLUGs are of -

fered in both time de posit and de mand de posit forms. Time

de posit cer tif i cates have ma tu ri ties of up to 1 year. Notes ma -

ture in 1 to 10 years and bonds ma ture in more than 10 years.

De mand de posit se cu ri ties are 1-day cer tif i cates rolled over

with a rate ad just ment daily.

Stat u tory debt limit (FD-6)—By Act of Con gress there is a

limit, ei ther tem po rary or per ma nent, on the amount of pub lic

debt that may be out stand ing. When this limit is reached, Trea -

sury may not sell new debt is sues un til Con gress in creases or

ex tends the limit. For a de tailed list ing of changes in the limit

since 1941, see the Bud get of the United States Gov ern ment.

(See debt out stand ing sub ject to lim i ta tion.)

STRIPS (PDO-1, -3)—Sep a rate Trading of Reg is tered In ter -

est and Prin ci pal Se cu ri ties. Long-term notes and bonds may

be di vided into prin ci pal and in ter est-paying com po nents,

which may be trans ferred and sold in amounts as small as

$1,000. STRIPS are sold at auc tion at a min i mum par amount,

vary ing for each is sue. The amount is an arith me tic func tion of 

the is sue’s in ter est rate.

Trea sury bills—The short est term Fed eral se cu rity (ma tu rity

dates nor mally vary ing from 3 to 12 months), they are sold at a

dis count.

Trust fund trans ac tion (“Fed eral Fis cal Op er ations”)—An intra-budgetary trans ac tion in which both pay -

ments and re ceipts oc cur within the same trust fund group.

United States—In cludes the 50 States, Dis trict of Co lum bia,

Com mon wealth of Puerto Rico, Amer i can Sa moa, Mid way

Is land, Vir gin Is lands, Wake Is land and all other ter ri to ries and 

pos ses sions.

U.S. notes (USCC)— Le gal ten der notes of five dif fer ent is -

sues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863

($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10

notes).

136

Glos sary