Con tents
 MARCH 2002
 

FI NAN CIAL OPERA TIONS
 

PRO FILE OF THE ECONOMY 

Anal y sis.—Sum mary of Economic Indicators .............................................................. 3
 

FED ERAL FISCAL OPERA TIONS

In tro duc tion.—Fed eral Fiscal Operations ................................................................. 10
 

Anal y sis.—Bud get Results and Financing of the U.S. Govern ment and First-Quarter Receipts by Source ............. 11
 

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

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

FFO-1.—Sum mary of Fiscal Operations .................................................................. 14
 

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

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

FFO-4.—Sum mary of U.S. Govern ment Receipts by Source and Outlays by Agency............................... 19
 

AC COUNT OF THE U.S. TREASURY 

In tro duc tion.—Source and Availability of the Balance in the Account of the U.S. Treasury .......................... 20
 

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

FED ERAL DEBT 

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

FD-1.—Sum mary of Federal Debt....................................................................... 23
 

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

FD-2.—In ter est-Bearing Public Debt (Historical)........................................................... 25
 

FD-3.—Gov ern ment Account Series ..................................................................... 26
 

FD-4.—In ter est-Bearing Securities Issued by Govern ment Agencies............................................ 27
 

FD-5.—Ma tu rity Distribution and Average Length of Marketable Inter est-Bearing Public Debt Held by 
 

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

FD-6.—Debt Subject to Statutory Limit .................................................................. 29
 FD-6.—Debt Subject to Statutory Limi ta tion (Historical)..................................................... 29
 

FD-7.—Trea sury Holdings of Securities Issued by Govern ment Corporations and Other Agencies .................... 30
 

FD-A.—Charts: Av er age Length of Privately Held Marketable Debt ............................................ 32
 

PUB LIC DEBT OPERA TIONS

In tro duc tion.—Pub lic Debt Operations ................................................................... 33
 

TREA SURY FINANCING ............................................................................ 33
 

PDO-1.—Ma tu rity Schedules of Inter est-Bearing Marketable Public Debt Securities Other than Regular Weekly
 

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

PDO-2.—Of fer ings of Regular Weekly Treasury Bills ....................................................... 41
 

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ............................ 42
 

PDO-4.—Al lot ments by Investor Class for Marketable Public Debt Securities Other than Bills....................... 43
 

U.S. SAVINGS BONDS AND NOTES 

In tro duc tion.—Sav ings Bonds and Notes ................................................................. 45
 

SBN-1.—Sales and Redemptions by Series, Cumulative ..................................................... 45
 

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined ...................... 46
 

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I ......................................... 46
 

OWN ER SHIP OF FEDERAL SECU RITIES

In tro duc tion.—Own er ship of Federal Securities ............................................................ 48
 OFS-1.—Dis tri bu tion of Federal Secu ri ties by Class of Investors and Type of Issues ............................... 49
 

OFS-1.—Dis tri bu tion of Federal Securities by Class of Investors and Type of Issues (Histor i cal) ..................... 50
 

OFS-2.—Es ti mated Owner ship of U.S. Treasury Secu ri ties ................................................... 51
 

MARKET YIELDS 

In tro duc tion.—Mar ket Yields........................................................................... 52
 

MY-1.—Trea sury Market Bid Yields at Constant Maturities: Bills, Notes and Bonds ............................... 52
 

MY-A.—Chart: Yields of Treasury Securities .............................................................. 53
 
IV 

Con tents 

MY-2.—Av er age Yields of Long-Term Treasury, Corporate and Municipal Bonds ................................. 54
 

MY-B.—Chart: Av er age Yields of Long-Term Treasury, Corporate and Municipal Bonds ........................... 57
 

U.S. CURRENCY AND COIN OUTSTAND ING AND IN CIRCU LA TION 

In tro duc tion.—U.S. Currency and Coin Outstanding and in Circulation ......................................... 58
 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin ........................................... 58
 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Compar a tive Totals ................ 59
 

IN TER NA TIONAL STATIS TICS 

IN TER NA TIONAL FINAN CIAL STATIS TICS

In tro duc tion.—In ter na tional Finan cial Statis tics ............................................................ 63
 

IFS-1.—U.S. Reserve Assets ........................................................................... 63
 

IFS-2.—Se lected U.S. Liabilities to Foreigners............................................................. 64
 

IFS-3.—Non mar ket able U.S. Trea sury Bonds and Notes Issued to Official Insti tu tions
 

and Other Residents of Foreign Countries ......................................................... 65
 

CAP ITAL MOVEMENTS 

In tro duc tion.—Cap i tal Movements ...................................................................... 66
 

SEC TION I.—LIA BIL ITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
 

CM-I-1.—To tal Liabilities by Type and Holder............................................................. 68
 

CM-I-2.—To tal Liabilities by Country ................................................................... 69
 

CM-I-3.—To tal Liabilities by Type and Country............................................................ 71
 

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

with Respect to Selected Countries .............................................................. 73
 

SEC TION II.—CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
 

CM-II-1.—To tal Claims by Type ........................................................................ 74
 

CM-II-2.—To tal Claims by Country ..................................................................... 75
 

CM-II-3.—To tal Claims on Foreigners by Type and Country ................................................. 77
 

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

with Respect to Selected Countries.............................................................. 79
 

SEC TION III.—SUPPLE MENTARY LIA BIL ITIES AND CLAIMS DATA RE PORTED BY BANKS
 

IN THE UNITED STATES
 

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

Reported Separately ....................................................................... 80
 

SEC TION IV.—LIA BIL ITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED 

BY NONBANKING BUSINESS ENTER PRISES IN THE UNITED STATES
 

CM-IV-1.—To tal Lia bil i ties and Claims by Type ........................................................... 81
 

CM-IV-2.—To tal Liabilities by Country .................................................................. 82
 

CM-IV-3.—To tal Liabilities by Type and Country .......................................................... 84
 

CM-IV-4.—To tal Claims by Country..................................................................... 86
 

CM-IV-5.—To tal Claims by Type and Country ............................................................. 88
 

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

SEC TION V.—U.S. INTER NA TIONAL TRANSAC TIONS IN LONG-TERM SECU RITIES
 

CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Secu ri ties by Type........................... 91
 

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................ 92
 

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ....................... 93
 

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

and Country .............................................................................. 95
 

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

and Country .............................................................................. 97
 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors ................................ 99
 
 V

Con tents 

FOR EIGN CURRENCY POSI TIONS

In tro duc tion.—For eign Currency Positions............................................................... 100
 

SEC TION I.—CANA DIAN DOLLAR POSI TIONS
 

FCP-I-1.—Weekly Report of Major Market Partic i pants .................................................... 101
 

FCP-I-2.—Monthly Report of Major Market Partic i pants.................................................... 102
 

FCP-I-3.—Quar terly Report of Large Market Partic i pants ................................................... 102
 

SEC TION II.—GERMAN MARK POSI TIONS
 

FCP-II-1.—Weekly Report of Major Market Partic i pants.................................................... 103
 

FCP-II-2.—Monthly Report of Major Market Partic i pants ................................................... 104
 

FCP-II-3.—Quar terly Report of Large Market Partic i pants .................................................. 104
 

SEC TION III.—JAP A NESE YEN POSI TIONS
 

FCP-III-1.—Weekly Report of Major Market Partic i pants ................................................... 105
 

FCP-III-2.—Monthly Report of Major Market Partic i pants .................................................. 106
 

FCP-III-3.—Quar terly Report of Large Market Partic i pants.................................................. 106
 

SEC TION IV.—SWISS FRANC POSI TIONS
 

FCP-IV-1.—Weekly Report of Major Market Partic i pants ................................................... 107
 

FCP-IV-2.—Monthly Report of Major Market Partic i pants .................................................. 108
 

FCP-IV-3.—Quar terly Report of Large Market Partic i pants.................................................. 108
 

SEC TION V.—STER LING POSI TIONS
 

FCP-V-1.—Weekly Report of Major Market Partic i pants .................................................... 109
 

FCP-V-2.—Monthly Report of Major Market Partic i pants ................................................... 110
 

FCP-V-3.—Quar terly Report of Large Market Partic i pants................................................... 110
 

SEC TION VI.—U.S. DOLLAR POSITIONS
 

FCP-VI-1.—Weekly Report of Major Market Partic i pants ................................................... 111
 

FCP-VI-2.—Monthly Report of Major Market Partic i pants .................................................. 112
 

FCP-VI-3.—Quar terly Report of Large Market Partic i pants.................................................. 112
 

SEC TION VII.—EURO POSITIONS
 

FCP-VII-1.—Weekly Report of Major Market Partic i pants .................................................. 113
 

FCP-VII-2.—Monthly Report of Major Market Partic i pants.................................................. 114
 

FCP-VII-3.—Quar terly Report of Large Market Partic i pants ................................................. 114
 

EX CHANGE STABI LI ZA TION FUND 

In tro duc tion.—Ex change Stabi li za tion Fund .............................................................. 115
 

ESF-1.—Bal ance Sheet .............................................................................. 115
 

ESF-2.—In come and Expense ......................................................................... 116
 

SPE CIAL REPORTS 

TRUST FUNDS 

In tro duc tion.—Air port and Airway Trust Fund ............................................................ 119
 

TF-10.—Air port and Airway Trust Fund................................................................. 120
 

In tro duc tion.—Ura nium Enrich ment Decon tam i na tion and Decom mis sioning Fund............................... 121
 

TF-11.—Ura nium Enrich ment Decon tam i na tion and Decom mis sioning Fund.................................... 121
 

In tro duc tion.—Black

TF-12.—Black Lung Disabil ity Trust Fund ............................................................... 122 

Lung Disabil ity Trust Fund .......................................................... 122
 
VI 

Con tents 

In tro duc tion.—Har bor Mainte nance Trust Fund ........................................................... 124
 

TF-13.—Har bor Mainte nance Trust Fund ................................................................ 124
 

In tro duc tion.—Haz ard ous Substance Superfund ........................................................... 126
 

TF-14.—Hazardous Substance Superfund ................................................................ 126
 

In tro duc tion.—High way Trust Fund .................................................................... 127
 

TF-15.—High way Trust Fund ......................................................................... 127
 In tro duc tion.—In land Water ways Trust Fund ............................................................. 131
 

TF-16.—In land Wa ter ways Trust Fund .................................................................. 131
 

In tro duc tion.—Leaking Under ground Stor age Tank Trust Fund ............................................... 132
 

TF-17.—Leaking Under ground Stor age Tank Trust Fund .................................................... 132
 

In tro duc tion.—Nu clear Waste Fund..................................................................... 133
 

TF-18.—Nu clear Waste Fund.......................................................................... 133
 In tro duc tion.—Re for es ta tion Trust Fund ................................................................. 134
 

TF-19.—Re for es ta tion Trust Fund ...................................................................... 134
 

TF-D.—Chart: Major Trust Funds, Interest on Investments, Fiscal 2000 and 2001 ................................ 135
 

TF-E.—Chart: Major Trust Funds, Receipts and Expenses, Fiscal 2001......................................... 135
 

In tro duc tion.—Aquatic Resources Trust Fund............................................................. 136
 

TF-20.—Aquatic Resources Trust Fund ................................................................. 136
 In tro duc tion.—Oil Spill Lia bil ity Trust Fund ............................................................. 139
 

TF-21.—Oil Spill Lia bil ity Trust Fund .................................................................. 139
 

In tro duc tion.—Vac cine Injury Compen sa tion Trust Fund .................................................... 140
 

TF-22.—Vac cine Injury Compen sa tion Trust Fund......................................................... 140
 

In tro duc tion.—Wool Research, Devel op ment, and Promo tion Trust Fund ....................................... 141
 

TF-23.—Wool Research, Devel op ment, and Promo tion Trust Fund ............................................ 141
 

RE SEARCH PAPER INDEX.......................................................................... 142
 

GLOS SARY ....................................................................................... 143
 

ORDER FORM FOR TREASURY PUBLI CA TIONS ........................................... In side back cover 

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

round ing; p = Prelim i nary; n.a. = Not available; r = Revised. 
VII
 

Nonquarterly Ta bles and Reports 

For the conve nience of the “Trea sury Bulle tin” user, nonquarterly tables and reports 

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

Issues 

March June Sept. Dec. 

Fed eral Fiscal Oper a tions 

FFO-5.—Internal reve nue receipts by State ................... � 

FFO-6.—Cus toms collections of duties, taxes and fees by 

districts and ports...................................... � 

Spe cial Reports 

Fi nan cial Report of the United States Govern ment excerpt ....... � 

Trust Fund Reports: 

Air port and Airway Trust Fund.......................... � 

Aquatic Resources Trust Fund .......................... � 

Black Lung Disabil ity Trust Fund........................ � 

Civil Service Retire ment and Disabil ity Fund .............. � 

Fed eral Disabil ity Insur ance Trust Fund................... � 

Fed eral Hospi tal Insur ance Trust Fund .................... � 

Fed eral Old-Age and Survi vors Insur ance Trust Fund ........ � 

Fed eral Supple men tary Medi cal Insur ance Trust Fund ....... � 

Har bor Mainte nance Trust Fund ......................... � 

Haz ard ous Substance Superfund......................... � 

High way Trust Fund .................................. � 

In land Water ways Trust Fund ........................... � 

In vest ments of speci fied trust accounts ................... � 

Leaking Under ground Stor age Tank Trust Fund............. � 

Na tional Service Life Insur ance Fund .................... � 

Nu clear Waste Fund .................................. � 

Oil Spill Lia bil ity Trust Fund ........................... � 

Rail road Retire ment Account ........................... � 

Re for es ta tion Trust Fund............................... � 

Un em ploy ment Trust Fund ............................. � 

Ura nium Enrich ment Decon tam i na tion and 

Decom mis sioning Fund ............................. � 

Vac cine Injury Compen sa tion Trust Fund.................. � 

Wool Research, Devel op ment, and Promo tion Trust Fund..... � 
3
 

Profile of the Economy 

[Source: Office of Macro eco nomic Analy sis] 

Real gross domestic product (GDP) 

Real GDP edged up at a 0.2 percent annual rate in the fourth 

quar ter of 2001, accord ing to the advance esti mate. That followed a 1.3 percent decline in the third quarter, the largest 

since the 1990-91 reces sion. Although the advance esti mate is 

sub ject to further revi sion, the return to posi tive growth after 

only one quarter of decline, as well as contin ued strength in

eco nomic indi ca tors through the early part of 2002, suggest 

that the economic recov ery may already be under way. 

Con sumer spending was extremely strong in the fourth

quar ter, rising at a 5.4 percent annual rate. Much of the spending was on purchases of motor vehi cles, as zero-percent financ ing boosted sales. Holding growth down in the quarter 

was a record-setting amount of inven tory liqui da tion, which 

cut 2.2 percent age points from the GDP growth rate. Other

neg a tive factors included a fourth straight decline in business 

fixed invest ment and a widen ing of the net export defi cit due 

to reduced exports. The decline in invest ment reflected a sharp 

drop in construc tion of new structures as well as a moder ate

de crease in equipment and software purchases. 

The national accounts measures of infla tion indi cated that 

price pressures were largely absent in the fourth quarter. The 

GDP price index declined at a 0.3 percent annual rate, mainly 

due to lower prices for energy and comput ers as well as for 

some other compo nents. The price index exclud ing food and 

en ergy edged up 0.2 percent after rising at a 2 percent rate on 

av er age in the preced ing three quarters of 2001. 

In di ca tors for the first quarter suggest that the weakness in 

eco nomic activ ity has proba bly bottomed out. Measures of the 

la bor market, such as initial unem ploy ment claims, point to 

Inflation 

The infla tion picture improved during 2001. It reflected to a 

large degree a sharp turnaround in energy prices. The Consumer Price Index (CPI) moved up by 1.6 percent, much less 

than the 3.4 percent pace during 2000. Energy prices fell by a 

sharp 13.0 percent after surging by nearly 14 percent annu ally

dur ing 1999 and 2000. Follow ing increases of almost 30 percent and 16 percent in 1999 and 2000, respec tively, the cost of

pe tro leum-based energy products dropped by 24.5 percent in 

2001. 

The cost of food at the consumer level increased at the same 

2.8 percent rate in 2000 and 2001. Core consumer prices (exclud ing the food and energy compo nents) rose slightly faster 

last year, moving up by 2.7 percent. This followed an increase 

of 2.6 percent in 2000. 

some moder a tion in the downward job trend, and manu fac turing produc tion held steady in Janu ary after decreases in 14 of 

the preced ing 15 months. The inven tory adjust ment appears to 

be nearly complete and is not expected to be a large drag on 

GDP growth going forward. Many ana lysts forecast a larger

in crease in real GDP in the first quarter than the modest gain 

posted in the fourth quarter. 

Growth of Real GDP 

(Percent change, fourth quarter to fourth quarter) 

7 

6 

5 

4 

3 

2 

1 

0 

95 96 97 98 99 00 01 

2.2 

4.1 4.3 

4.8 

4.4 

2.8 

0.1 

At the producer level, prices actu ally declined last year. Finished goods prices dropped by 1.8 percent during 2001. This 

fol lowed an increase of 3.6 percent during the previ ous year 

and was the largest 12-month decline since Decem ber 1986. 

Core prices were up by 0.7 percent during 2001, off a little 

from the 1.3 percent advance during 2000, and the smallest increase since 1997. The cost of food was up by 1.8 percent in 

2001, about the same as in 2000. Energy prices were the major 

swing cate gory in 2001, dropping by 17.2 percent follow ing 

an increase of 16.6 percent during 2000. Price pressure was 

also absent further back in the produc tion chain as core prices 

for crude and inter me di ate goods declined. 
4 PRO FILE OF THE ECON OMY

-4

-2

0

2

4

6

8

10

89 90 91 92 93 94 95 96 97 98 99 00 01 02

Excluding food and

energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

1

2

3

4

5

6

7

89 90 91 92 93 94 95 96 97 98 99 00 01 02

Excluding food and

energy

Total

Consumer Prices

(Percent change from a year earlier)

Employment and unemployment

Em ploy ment dropped sharply in the fourth quar ter of 2001

and the un em ploy ment rate rose, as busi nesses re sponded to

the weak econ omy by re duc ing pay rolls. Over all, the num ber

of nonfarm pay roll jobs fell by an av er age of 311,000 in the

last three months of 2001, af ter av er age monthly de clines of

67,000 in the third quar ter and gains of 11,000 in the first half

of 2001.

Man u fac turing con tin ued to be hit dis pro por tion ately by job

cuts. This re flected the re trench ment in busi ness cap i tal

spend ing and in ven tory in vest ment. Man u fac turing lost

411,000 jobs in the quar ter on top of the al ready siz able losses

it has suf fered since the sec tor be gan los ing jobs in Sep tem ber

2000. Weak ness spread through the pri vate ser vice-producing

sec tor in the fourth quar ter of 2001 as the num ber of jobs fell

by 576,000. Al though the pri vate ser vice-producing sec tor

lost more jobs in ab so lute num bers in the fourth quar ter of

2001, the sec tor em ploys about four times as many peo ple as

man u fac tur ing.

For the twelve months end ing De cem ber 2001, the num ber

of nonfarm pay roll jobs fell by 1.2 mil lion and the num ber of

nonfarm pri vate jobs fell by 1.7 mil lion. Of that de cline, 1.4

mil lion oc curred in man u fac tur ing. The over all job-decline

was the first yearly de cline since 1991.

The ac cel er a tion in job losses led to a sub stan tial in crease in

the un em ploy ment rate in the fall of 2001. Com ing off a

30-year low of 3.9 per cent in Oc to ber 2000, the un em ploy ment

rate crept up steadily, fi nally jump ing 0.8 per cent age point in

the last three months of 2001. The un em ploy ment rate fin ished

2001 at 5.8 per cent, the high est rate since April 1995. 

Av er age hourly earn ings rose con sis tently through out 2001,

pro vid ing con tin ued sup port to con sumer in comes. Av er age

hourly earn ings rose 4 per cent dur ing 2001, down from 4.3

per cent dur ing the twelve months of 2000. Earn ings growth in

pri vate ser vice-producing in dus tries out paced growth in

hourly man u fac tur ing earn ings dur ing 2001, 4.4 per cent to 3.6

per cent.

Jan u ary fig ures sug gested that the de te ri o ra tion in la bor markets was slow ing. Al though nonfarm pay rolls con tin ued to decline in Jan u ary 2002, the 89,000-job loss was the small est

since Au gust 2001. The num ber of pri vate ser vice-sector jobs

in creased in Jan u ary 2002, the first in crease in five months.

The un em ploy ment rate de clined by 0.2 per cent age point, but

the un usu ally large de cline in the la bor force raised con cerns

that the de cline was the re sult of a sta tis ti cal ab er ra tion rather

than the be gin ning of a new down ward trend in un em ployment. None the less, the Jan u ary 2002 em ploy ment re port pro -

vided a hope ful sign that the force of the re ces sion was

di min ish ing.

Ev i dence sug gests that wage pres sures eased over the course

of last year, as work ers reined in wage de mands in the face of

ris ing un em ploy ment. Growth of hourly com pen sa tion costs

(in clud ing stock op tions) as cal cu lated in the na tional in come

ac counts for the nonfarm sec tor slowed to 3.9 per cent dur ing

2001, half of the 7.8 per cent pace reg is tered in 2000. The dramatic slow down in com pen sa tion costs more than off set lower

pro duc tiv ity growth. This re duced the growth in la bor costs

per unit of out put from 5.0 per cent in 2000 to 2.2 per cent in

2001. The em ploy ment cost in dex for to tal com pen sa tion, a

fixed-weighted com pen sa tion mea sure that does not ac count

for stock op tions, in creased by 4.1 per cent for the 12-month

pe riod end ing in De cem ber 2001, match ing the in crease

posted dur ing 2000.
PRO FILE OF THE ECONOMY 5
 

Unemployment Rate Establishment Employment 

(Percent) (Average monthly change in thousands) 

7.0 500 

400 

6.5 

300 

6.0 200 

100 5.5 

0 

5.0 -100 

4.5 -200 

-300 

4.0 -400 

3.5 -500 

359 

176 

26 

107 96 

-74 -67 

-311 

-89 

94 95 96 97 98 99 00 01 02 

Real disposable personal income 

and consumer spending 

Per sonal income growth slowed during the course of 2001,

fall ing from an annual rate increase of 5.8 percent in nomi nal 

terms in the first quarter to no change in the fourth quarter. Personal income rose by 3.0 percent over the four quarters of 

2001, down consid er ably from the 7.3 percent growth during 

2000. Wages and sala ries, which account for slightly less than 

60 percent of personal income, were hit hard by declin ing payroll employ ment during the second half of 2001. Wages and

sal a ries were flat in the fourth quarter and grew by only 3.0

per cent during 2001, well below the 8.3 percent pace for 2000. 

Other compo nents of personal income weakened during the 

course of 2001. Propri etors’ in come grew by only 2.0 percent 

dur ing the year, held down by a 6.8 percent annual rate drop in 

the final quarter. Declining inter est rates caused personal interest income to slip throughout 2001. Personal inter est income,

ac counting for more than 11 percent of total personal income, 

fell by 4.0 percent over the course of 2001. In contrast, government transfer payments grew 7.9 percent during 2001, helping 

to support income growth. 

Af ter-tax income adjusted for infla tion rose by only 2.2 percent in 2001. This was despite a boost from reduc tions in federal personal income tax rates that began in July and from

ad vance refund checks sent to taxpay ers throughout the third 

quar ter. The increase in 2001 was well below the 4.0 percent 

pace in 2000. 

Real consumer spending growth slowed progres sively during the first three-quarters of 2001, falling from an annual rate 

of 3.0 percent in the first quarter to 1.0 percent in the third. 

Spending in the third quarter of 2001 was dampened by a sharp 

00-I II III IV 0I-I II III IV 02-I* 

*Based on January data. 

drop in Septem ber when consum ers reined in their purchases 

in the wake of the terror ist attacks. The pace accel er ated to 5.4 

per cent in the fourth quarter of 2001, boosted by a strong incen tive-driven jump in spending for motor vehi cles. Over the 

four quarters of 2001, real consumer spending increased by 3.0

per cent, the slowest pace since 1995. 

The personal saving rate remained very low in 2001 at 1.6

per cent. This was still up from 1.0 percent in 2000. The higher 

2001 rate reflected the boost to dispos able income from the advance tax refunds and the reduc tions in the personal tax rates. 

Industrial production 

and capacity utilization 

In dus trial produc tion edged down by 0.1 percent in December, marking the 14th decline in the previ ous 15 months. This 

is the worst string of declines since the 1981-82 reces sion. The 

fourth-quarter perfor mance was quite dismal, with activ ity

fall ing at a 7.2 percent annual rate on top of a 4.7 percent decline in the third quarter. Over the year 2001, produc tion fell 

5.8 percent, the first decline since 1991 and the largest since 

1982. Nonethe less, there is some cause for opti mism. The Decem ber dip was the smallest for any month in 2001 except for a 

0.1 percent increase in July, and may indi cate that the downward trend in produc tion is finally bottom ing out. 

Man u fac turing produc tion, which accounts for just over 87

per cent of all indus trial output, eased by 0.1 percent in December. The Decem ber decline was miti gated substan tially by a 

solid 4.1 percent increase in motor vehi cles and parts. Over the 

year 2001, manu fac tur ing produc tion fell by 5.9 percent with 

weak ness fairly widely spread among indus tries. Among 

durable goods, the largest yearly declines were in machin ery,

es pe cially high-technology indus tries (comput ers, 
6 PROFILE OF THE ECONOMY
 

com mu ni ca tions equipment, and semicon duc tors). Produc tion 

in certain high-tech indus tries rose suffi ciently in Decem ber to 

pro vide some support for the view that these indus tries may be

turn ing around, however. Among nondurables, yearly declines 

were largest in apparel products, textile mill products, and 

print ing and publish ing. 

The capac ity utili za tion rate for the indus trial sector edged 

down 0.1 percent age point to 74.4 percent, the lowest level 

since April 1983 when the economy was emerging from a deep

re ces sion. Declines in produc tion have pushed this rate 7.7 percent age points below the 82.1 percent long-run aver age for utili za tion and 10.1 percent age points below the peak of 84.5

per cent in Janu ary 1995. Utili za tion in the manu fac tur ing sector is also near an 18-year low. Decem ber’s reading of 72.8 was 

8.3 percent age points below the long-term aver age. Capac ity

uti li za tion in the high-tech indus tries dropped dramat i cally in 

2001, ending at 60.2 percent, signif i cantly below the 85.0 percent aver age for 2000. 

Nonfarm productivity and unit labor costs 

Pre lim i nary infor ma tion for the fourth quarter of 2001 suggests that produc tiv ity growth remained unusu ally strong in 

the second half of 2001, in the face of a signif i cantly weaker 

econ omy. Labor produc tiv ity (real output per hour worked) in 

the nonfarm business sector rose 3.5 percent at an annual rate 

in the fourth quarter, up from 1.1 percent in the third quarter. 

Compared with the fourth quarter of 2000, produc tiv ity was up 

1.6 percent. The strength in produc tiv ity, which has grown in

ev ery quarter since the reces sion began, is unusual. In seven of 

the eight previ ous reces sions since 1950, produc tiv ity fell at 

least once in the three quarters after an expan sion peak.

Al though the fourth quarter produc tiv ity gain was welcomed, it resulted from declines in both output and hours. Output declined 0.4 percent at an annual rate, but hours dropped a 

much sharper 3.7 percent, a pattern that held through the last 

three quarters of 2001. Over the four quarters of 2001, output

de clined 0.5 percent, while hours fell 2.1 percent. 

Hourly labor compen sa tion rose 2.3 percent at an annual rate 

in the fourth quarter, the smallest quarterly increase since the 

sec ond quarter of 1997. Hourly labor compen sa tion growth 

has trended down since the fourth quarter of 2000. 

Ro bust produc tiv ity growth and slacken ing hourly labor 

com pen sa tion growth produced a 1.1 percent decline in unit labor costs at an annual rate in the fourth quarter. The labor-cost 

de cline was the first since the fourth quarter of 1999. Like 

hourly compen sa tion, unit labor cost growth had been decel erat ing throughout 2001. For the year ending in the fourth quarter 

of 2001, unit labor costs rose 2.2 percent, less than half the pace 

of growth during 2000. Slower growth in unit labor costs 

should alle vi ate pressure on profit margins and could improve 

the outlook for business invest ment and future business 

ex pan sion. 

Out put and hours both contracted sharply in manu fac tur ing 

in the fourth quarter. Manu fac turing hours dropped more than

out put, though, so produc tiv ity posted a solid 3.5 percent rise 

(at an annual rate). Hourly compen sa tion grew 2.6 percent in 

the fourth quarter, the smallest increase since the first quarter 

of 1999. Low compen sa tion growth and strong produc tiv ity

pro duced a 0.9 percent decline in unit labor costs in the fourth 

quar ter. For the four quarters of 2001, factory unit labor costs 

were up 3.8 percent, mostly due to sharp increases that occurred early in the year. Slackening labor costs in manu fac turing should help stabi lize profits in manu fac tur ing, which have 

been hit hard during the reces sion. 

Current account balance 

The current account measures trade in goods and services as 

well as income flows, mainly invest ment income, and unilateral transfers. It has gener ally been in defi cit since the early 

1980s, but has fluctu ated signif i cantly over time. It moved 

from a small surplus in 1981 to a defi cit equiva lent to 3.5 percent of GDP at the end of 1986, and then returned briefly to a 

small surplus in early 1991. By 2000, the current account deficit had risen to $444.7 billion, or 4.5 percent of nomi nal GDP. 

How ever, the current account balance has improved somewhat 

since then. In the third quarter of 2001, the defi cit narrowed 

sharply to $379.9 billion at an annual rate, or 3.7 percent of 

GDP, from $430.4 billion (4.2 percent of GDP) in the second 

quar ter. Weakening demand in the United States and lower oil 

prices drove this downward trend, although the impact of the 

Sep tem ber 11 terror ist attacks, partic u larly on trade in services, 

was respon si ble for a large portion of the latest decline. 

Growth of the current account defi cit in recent years has been

fu eled mainly by a dete ri o ra tion in the merchan dise trade balance that doubled in the latter half of the 1990s to an all-time 

high of -$452 billion in 2000 from just under -$200 billion in 

the mid-1990s. For 2001, the trade balance is likely to ease 

back to about $430 billion. Factors that contrib uted to the burgeon ing defi cit on trade in goods included strong growth in 

U.S. domes tic demand that outpaced that of our major trading

part ners and higher prices for imported oil since 1998. Other 

ma jor compo nents of the current account also fueled the growing shortfall. The surplus on trade in services eased somewhat 

since 1997. Moreover, what had been a posi tive balance on invest ment income turned nega tive in 1998, as foreign purchases 

of U.S. assets began to outpace U.S. acqui si tions of foreign

as sets. 

The current account defi cit is, by defi ni tion, financed by offset ting transac tions in the finan cial and capi tal accounts, with 

any differ ence in the recorded flows listed as a statis ti cal discrep ancy. The finan cial account measures transac tions that alter foreign finan cial assets and lia bil i ties of the United States. 

In the third quarter of 2001, net foreign invest ment in the 

United States plunged to $146.9 billion at an annual rate from 

$617.6 billion in the second quarter. Foreign acqui si tions of 

U.S. assets slowed abruptly in the face of dete ri o rat ing economic condi tions, more than offset ting slower growth of 

U.S.-owned assets overseas. Capi tal account transac tions that 

con sist mainly of debt forgive ness, and wealth transfers asso ciated with immi gra tion, are typi cally small and have remained 

roughly stable since early 2000 at an annual rate of $0.7 billion. 
PRO FILE OF THE ECONOMY 7

Exchange rate of the dollar

The dol lar re mains strong com pared to the cur ren cies of

Amer ica’s key trad ing part ners, de spite weak ness in the U.S.

econ omy. Be tween De cem ber 1999 and Jan u ary 2002, the

nom i nal 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 ap pre ci ated by

11.2 per cent. This fol lowed a 2-year pe riod of rel a tive sta bil ity

af ter a sharp in crease in 1996 and 1997. 

Nearly all of the ap pre ci a tion over the past two years was fueled by im prove ment of the dol lar against the seven cur ren cies

of the United States’ ma jor trad ing part ners, in clud ing the

euro-area coun tries, Can ada, Ja pan, the United King dom, Austra lia, Swe den and Swit zer land. Over the 25 months ended in

Jan u ary 2002, the ex change value of the dol lar in re la tion to the

cur ren cies of the United States’ ma jor trad ing part ners climbed

by 15.9 per cent. The dol lar/euro ex change rate has eased

some what from its sum mer 2001 peak, but in Jan u ary 2002

was still 14.5 per cent higher than in De cem ber 1999. The dol -

lar/yen ex change rate con tin ued to ap pre ci ate in 2001 and in

Jan u ary 2002 was 29.3 per cent above its late 1999 level.

The rise of the dol lar over the past few years mainly re flected

rapid growth in the United States. Gains that are more re cent

have been at trib uted to global in ves tors’ con tin ued strong prefer ence for U.S. as sets and per cep tions that the U.S. econ omy is

more re sil ient than oth ers. Fac tors such as dif fer ing cen tral

bank and for eign ex change pol i cies, the course of struc tural reforms in the euro area, and un cer tainty sur round ing Ja pan’s

pros pects for eco nomic re cov ery also have played a role.

Interest rates

The Fed eral Re serve eased mon e tary con di tions in 2001 in

re sponse to the slow down in eco nomic growth and the en su ing

re ces sion. From the be gin ning of 2001 through mid De cem ber,

the Fed eral Re serve cut the tar get for the fed eral funds rate (the

rate that banks and other fi nan cial in sti tu tions charge each

other for over night loans) by a to tal of 4-3/4 per cent age points.

The Fed eral Re serve de scribed its ac tions as the ap pro pri ate

pol icy in light of the weak econ omy and the del e te ri ous ef fects

of the Sep tem ber 11 ter ror ist at tacks.

The Fed eral Re serve ac tions low ered the fed eral funds rate

tar get from 6-1/2 per cent at the be gin ning of 2001 to 1-3/4 percent by mid De cem ber, which is the low est level of fed eral

funds rates since the early 1960s. Over the same pe riod, the discount rate (the rate that the Fed eral Re serve charges banks for

short-term funds) was re duced from 6 per cent to 1-1/4 per cent.

The Fed eral Re serve has not changed ei ther of these rates this

year through mid Feb ru ary. In re sponse to these ac tions, 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, moved down

from over 6 per cent late in 2000 to un der 1-3/4 per cent in 2002.

Rates on long-term Trea sury se cu ri ties have been at low levels through out 2001 and into 2002. In 2002, the 10-year Trea -

sury rate has av er aged around 5 per cent, which is very low by

his tor i cal stan dards. Long-term rates are in flu enced by sev eral

fac tors. Weak ness in eq uity mar kets and in the econ omy in

gen eral, as well as re duced in fla tion ary ex pec ta tions, have

con trib uted to the de cline in yields. In past months, the down -

trend in the yield, which moves in versely to its price, also

partly re flected a shrink ing sup ply of Trea sury se cu ri ties be -

cause of bud get sur pluses. Long-term rates have also been

driven down by the ter ror ist at tacks, which made Trea sury se -

cu ri ties de sir able as safe ha vens against eco nomic un cer tainty.

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

10-year Trea sury. The in ter est rate on a con ven tional 30-year

fixed rate loan has de clined from a re cent peak of 8-1/2 per cent

in May 2000 and is now around 7 per cent. This de crease in the

mort gage rate has helped boost hous ing de mand de spite a

weak econ omy.

4.0

4.5

5.0

5.5

6.0

6.5

7.0

Long-term Interest Rates

30-year bond

10-year note

(Percent)

 1999 2000 2002 

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Short-term Interest Rates

Discount rate

Federal funds rate

3-month Treasury bills

(Percent)

 1999 2002 2001 2000 2001 
8 PROFILE OF THE ECONOMY
 

Housing 

Housing indi ca tors were mixed in the fourth quarter of 2001. 

A lull in the number of new homes sold in the second and third 

quar ters resulted in a decline in housing starts and in resi dential invest ment in the fourth quarter, but growth in home sales 

picked up. As a whole, 2001 was a strong year for the housing

sec tor despite the economic reces sion, with single-family 

home sales hitting a record high. 

Sales of single-family new homes totaled just over 900,000 

in 2001, the most for any year since this series began in 1963. 

In the fourth quarter, the selling pace was 897,000 at an annual 

rate, up from 867,000 in the third quarter. Resales of exist ing

sin gle-family homes were also strong last year and recorded an 

all-time high of 5.2 million. The high level of housing demand 

for both new and exist ing homes, despite weakness in other areas of the economy, was supported by low mortgage inter est 

rates. The mortgage rate for a 30-year loan aver aged about 7 

per cent last year, down from about 8 percent in 2000, and is at a 

very favor able level by histor i cal standards. 

The expan sion in home sales over the past several years 

meant a dramatic increase in home owner ship. The number of 

new homeown ers grew by 1.3 million over the course of 2001 

and was up by almost 13-1/2 million since the early 1990s. The 

home owner ship rate rose to a record 67.8 percent last year for 

this series that started in 1963. 

Housing starts eased over the second half of 2001, but for 

2001 as a whole totaled 1.60 million, up 2.2 percent from the 

num ber of starts in 2000. Single-family starts grew by 3.6 percent to 1.27 million in 2001, while starts of multi-family units 

eased by 2.8 percent to 328,000. The real value of resi den tial

in vest ment declined in the final quarter of 2001 after strong 

growth earlier, and over the four quarters of 2001 it was up 2.4

per cent. 

Federal budget 

The Federal budget posted a unified surplus of $127.2 billion in fiscal 2001. That was down consid er ably from $236.9 

bil lion in fiscal 2000, but was still the second-largest surplus 

on record. Exclud ing Social Secu rity and the Postal Service, 

on-budget results showed a defi cit of $33.5 billion. The 

smaller unified surplus in fiscal 2001 reflected primar ily much 

weaker economic growth as well as a number of special factors 

and tax changes. 

The surplus in fiscal 2001 resulted in a $90 billion reduc tion 

in debt held by the public, the fourth decline in a row. Debt held 

by the public dropped to the equiva lent of 32.6 percent of GDP, 

the smallest such ratio in nearly 20 years. 

The Admin is tra tion’s fiscal year 2003 budget projects deficits of $106 billion in fiscal 2002 and $80 billion in fiscal 2003, 

but a return to surplus by fiscal 2005. These esti mates include 

the Presi dent’s policy propos als. Exclud ing new poli cies, the 

base line budget in fiscal 2002 would show a much smaller defi cit of only $9 billion, though that is still a signif i cant shift 

from the baseline projec tion in last year’s budget of a surplus 

of $283 billion for fiscal 2002. The economic downturn is respon si ble for more than two-thirds of the dete ri o ra tion in the 

2002 fiscal posi tion on a current-services basis. New spending

re quired by the events of Septem ber 11 accounted for another 

19 percent of the dete ri o ra tion and tax relief measures accounted for about 14 percent. 

Over the longer term through 2011, the baseline budget

(with out policy propos als) is projected to show a cumu la tive

sur plus of $2.2 trillion. That is substan tially lower than the 

$5.6 trillion projected last April. The weaker economy and 

emer gency spending repre sent almost two-thirds of the dete rio ra tion in the projected current-services budget. 

Re ceipts fell by 1.7 percent in fiscal 2001 and are expected to 

de cline 2.3 percent in fiscal 2002 because of the economic reces sion, but then rise by 5.2 percent in fiscal 2003 as growth

ac cel er ates. Outlays are esti mated to grow 10 percent in 2002 

due to the require ments of the war on terror ism and homeland 

se cu rity, followed by a more moder ate increase of 3.7 percent 

in fiscal 2003. 
PRO FILE OF THE ECONOMY 9 

Net national saving and investment Gov ern ment saving decreased from 2.9 percent of NNP in 

Net national saving declined signif i cantly in 2001. National 2000 to 2.5 percent in the first half of 2001, but then dropped to 

sav ing was 4.9 percent of net national product (NNP) in the -0.1 percent in the third quarter. Last year’s decline was cenfirst half of 2001. It fell to 3.9 percent in the third quarter (the tered in a narrow ing of the Federal surplus that became a defi cit 

lat est period for which data are available). These readings are in the third quarter, although State and local govern ment sursub stan tially below the 6.3 percent pluses were lower, too. 

sav ing rate for 2000 and a recent high 

of 7.5 percent in 1998, and are close 

to the lows near 4 percent seen in 

1992 and 1993. (Net saving and NNP 

ex clude depre ci a tion to replace 

worn-out or obso lete equipment,

soft ware and structures used in 

pro duc tion.) 

The decline in saving in 2001 

stemmed mainly from lower corporate retained earnings and smaller 

gov ern ment surpluses, together with 

a low personal saving rate. Retained 

earn ings were 2.6 percent of NNP in 

2000 but aver aged only 1.3 percent 

in the first three quarters of 2001. Recent declines in personal saving also 

held down total saving last year. Personal saving fell steadily from 7.4

per cent of NNP in 1992 to a 67-year 

low of 0.8 percent in 2000, and was 

only slightly higher at 0.9 percent in 

the first two quarters of 2001. HowEven so, aver age net
 

Net National Saving sav ing by the public sec­
 

tor in the first three quar­
 (Saving as a percent of NNP) ters of 2001 is still at the
 

15 

Public 

Total 

third highest level rela-
 

tive to NNP since the
 

late 1960s. The contri-
 

10 bu tion of the public sec­
 

tor currently repre sents a
 

huge improve ment since
 

5 1992, when pub lic 
 

dissaving drained the
 

equiv a lent of 5.4 percent
 

0	 of NNP from national 

sav ing. 

Net domes tic invest- -5 ment (by govern ment 

and private indus try in 

-10 struc tures, equipment,

soft ware, and inven tory) 60 65 70 75 80 85 90 95 00 slowed somewhat to an 

ever, personal saving surged to 3.2 percent in the third quarter 

of 2001, as consum ers reacted to a slowing economy by holding on to the advance tax credits sent out by the Inter nal Revenue Service from July through Septem ber and cut back 

con sump tion sharply in Septem ber in the wake of the terror ist

at tacks. Monthly data already available indi cate that personal 

sav ing fell back down in the fourth quarter of 2001. 

av er age of 7-1/2 percent 

of NNP in the first three 

quar ters of 2001 from about 9-3/4 percent in each of the previous three years. Never the less, net invest ment rela tive to NNP 

re mains higher than in any year from 1990 through 1995. A 

large portion of recent invest ment was financed from abroad. 

U.S. net foreign invest ment swung from 0.3 percent of NNP in 

1991 to -4-1/2 percent in the first three quarters of 2001. 
10 

INTRODUCTION: Federal Fiscal Oper a tions 

Bud get author ity usually takes the form of appro pri a tions 

that allow ob li ga tions to be incurred and payments to be made. 

Reappropriations are Congres sio nal actions that extend the 

avail abil ity of unobligated amounts that have expired or would 

oth er wise expire. These are counted as new budget author ity in 

the fiscal year of the legis la tion in which the reappropriation act 

is included, regard less of when the amounts were origi nally appro pri ated or when they would other wise lapse. 

Ob li ga tions gener ally are liqui dated by the issu ance of 

checks or the disburse ment of cash—out lays. Obli ga tions may 

also be liqui dated (and outlays recorded) by the accrual of inter est on public issues of Treasury debt secu ri ties (includ ing an 

in crease in redemp tion value of bonds outstand ing); or by the

is su ance of bonds, deben tures, notes, mone tary credits, or 

elec tronic payments. 

Re funds of collec tions gener ally are treated as reduc tions 

of collec tions, whereas payments for earned-income tax credits in excess of tax lia bil i ties are treated as outlays. Outlays

dur ing a fiscal year may be for payment of obli ga tions incurred 

in prior years or in the same year. Outlays, therefore, flow in 

part from unex pended balances of prior year budget author ity 

and from budget author ity provided for the year in which the 

money is spent. To tal outlays include both budget and 

off-budget outlays and are stated net of offset ting collec tions.

Re ceipts are reported in the tables as either budget receipts or offset ting collec tions. They are collec tions from the 

pub lic, exclud ing receipts offset against outlays. These, also 

called govern men tal receipts, consist mainly of tax receipts

(in clud ing social insur ance taxes), receipts from court fines, 

cer tain licenses, and depos its of earnings by the Federal Reserve system. Refunds of receipts are treated as deduc tions 

from gross receipts. Total Govern ment receipts are compared 

with total outlays in calcu lat ing the budget surplus or defi cit.

Off setting collec tions from other Govern ment accounts 

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

They are classi fied as either collec tions credited to appro pri ations or fund accounts, or offset ting receipts (i.e., amounts depos ited in receipt accounts). The former normally can be used 

with out appro pri a tion act by Congress. These occur in two instances: (1) when autho rized by law, amounts collected for 

ma te ri als or services are treated as reim burse ments to appropri a tions. For account ing purposes, earned reim burse ments 

are also known as reve nues. These offset ting collec tions are 

net ted against gross outlays in deter min ing net outlays from 

such appro pri a tions; and (2) in the three types of revolv ing 

funds (public enter prise, intragovernmental and trust); offsetting collec tions are netted against spending, and outlays are reported as the net amount.

Off setting receipts in receipt accounts cannot be used 

with out appro pri a tion. They are subdi vided into three cate gories: (1) propri etary receipts, or collec tions from the public,

off set against outlays by agency and by function; (2) 

intragovernmental transac tions, or payments into receipt accounts from govern men tal appro pri a tion or fund accounts. 

They finance oper a tions within and between Govern ment

agen cies and are credited with collec tions from other Government accounts; and (3) offset ting govern men tal receipts 

which include foreign cash contri bu tions. 

Intrabudgetary transac tions are subdi vided into three 

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

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

ac count in the other fund group; (2) Federal intrafund transactions—pay ments and receipts both occur within the Federal 

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

and receipts both occur within the trust fund group.

Off setting receipts are gener ally deducted from budget author ity and outlays by function, subfunction, or agency. There 

are four types of receipts, however, that are deducted from budget totals as undis trib uted offset ting receipts. They are: (1)

agen cies’ payments (includ ing payments by off-budget Federal 

en ti ties) as employ ers into employ ees’ re tire ment funds; (2) inter est received by trust funds; (3) rents and royal ties on the 

Outer Conti nen tal Shelf lands; and (4) other inter est (i.e., that 

col lected on Outer Conti nen tal Shelf money in deposit funds 

when such money is transferred into the budget). 

The Govern ment has used the unified budget concept set 

forth in the “ Report of the Presi dent’s Com mis sion on Budget

Con cepts” as a founda tion for its budget ary analy sis and presen ta tion since 1969. The concept calls for the budget to include 

all of the Govern ment’s fiscal transac tions with the public. 

Since 1971, however, vari ous laws have been enacted remov ing

sev eral Federal enti ties from (or creat ing them outside of) the

bud get. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal 

en ti ties consist of the two Social Secu rity trust funds, Federal 

Old-Age and Survi vors Insur ance and the Federal Disabil ity Insur ance Trust Fund, and the Postal Service. 

Al though an off-budget Federal entity’s receipts, outlays, 

and surplus or defi cit ordi narily are not subject to targets set by 

the Congres sio nal reso lu tion, the Balanced Budget and Emergency Defi cit Control Act of 1985 [commonly known as the 

Gramm-Rudman-Hollings Act as amended by the Budget Enforce ment Act of 1990 (2 United States Code 900-922)] included 

off-budget surplus or defi cit in calcu lat ing defi cit targets under 

that act and in calcu lat ing excess defi cit. Partly for this reason, atten tion has focused on both on- and off-budget receipts, outlays 

and defi cit of the Govern ment. 

Ta bles FFO-1, FFO-2 and FFO-3 are published quarterly 

and cover 5 years of data, esti mates for 2 years, detail for 13 

months, and fiscal year-to-date data. They provide a summary of 

data relat ing to Federal fiscal oper a tions reported by Federal entities and disburs ing offi cers, and daily reports from the FRBs. 

They also detail account ing transac tions affect ing receipts and 

out lays of the Govern ment and off-budget Federal enti ties and 

their related effect on assets and lia bil i ties of the Govern ment. 

Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment.” 
FED ERAL FISCAL OPER A TIONS 11 

• Ta ble FFO-1 summa rizes the amount of total receipts,

out lays, and surplus or defi cit, as well as transac tions in Federal secu ri ties, mone tary assets and balances in Treasury operat ing cash. 

• Ta ble FFO-2 includes on- and off-budget receipts by 

source. Amounts repre sent income taxes, social insur ance 

taxes, net contri bu tions for other insur ance and retire ment, excise taxes, estate and gift taxes, customs duties and net miscella neous receipts. 

• Ta ble FFO-3 details on- and off-budget outlays by 

agency. 

• Ta ble FFO-4 summa rizes on- and off-budget receipts 

by source and outlays by function as reported to each major 

fund group classi fi ca tion for the current fiscal year to date and 

prior fiscal year to date. 

• Ta ble FFO-5 summa rizes inter nal reve nue receipts by

re gions and districts and by type of tax. Amounts reported are 

col lec tions made in a fiscal year. They span several tax lia bility years because they consist of prepay ments (esti mated tax 

pay ments and taxes withheld by employ ers for indi vid ual income and Social Secu rity taxes), payments made with tax returns and subse quent payments made after tax returns are due 

or are filed (that is, payments with delin quent returns or on delin quent accounts). 

Amounts are reported based on the primary filing address 

pro vided by each taxpayer or report ing entity. For multistate 

cor po ra tions, the address may reflect only the district where 

such a corpo ra tion reported its taxes from a princi pal office 

rather than other districts where income was earned or where 

in di vid ual income and Social Secu rity taxes were withheld. In 

ad di tion, an indi vid ual may reside in one district and work in 

an other. 

• Ta ble FFO-6 in cludes customs collec tion of duties, 

taxes, and fees by districts and ports. 

Bud get Results and Financing of the U.S. Govern ment
 

and First-Quarter Receipts by Source
 

[Source: Office of Tax Analy sis, Office of Tax Policy]
 

First-Quarter Receipts 

The follow ing capsule analy sis of budget receipts, by 

source, for the first quarter of fiscal 2002 supple ments

fis cal data reported in the Decem ber issue of the 

“Trea sury Bulle tin.” At the time of that issue’s release, 

not enough data were available to ana lyze ade quately

col lec tions for the quarter. 

In di vid ual income taxes—In di vid ual income tax receipts, 

net of refunds, were $226.3 billion for the first quarter of fiscal 

2002. This is an increase of $6.4 billion over the compa ra ble 

prior year quarter. Withheld receipts increased by $7.4 billion 

and non-withheld receipts increased by $1.5 billion during this 

pe riod. Refunds increased by $2.5 billion over the compa ra ble

fis cal 2001 quarter. There was an increase of $5.0 billion in ac­ count ing adjust ments between indi vid ual income tax receipts 

and the Social Secu rity and Medicare trust funds over the compa ra ble quarter in fiscal 2001. 

Cor po rate income taxes—Net corpo rate income tax re­ ceipts were $55.7 billion for the first quarter of fiscal 2002. 

This is an increase of $0.6 billion compared to the prior year 

first quarter. The $0.6 billion change is comprised of an in- crease of $7.2 billion in esti mated and final payments, and an 

in crease of $6.6 billion in corpo rate refunds. 

Em ploy ment taxes and contri bu tions—Em ploy ment 

taxes and contri bu tions receipts for the first quarter of fiscal 

2002 were $147.4 billion, an increase of $0.7 billion over the

com pa ra ble prior year quarter. Receipts to the Federal Old-Age 

and Survi vors Insur ance, Federal Disabil ity Insur ance, and 

Fed eral Hospi tal Insur ance trust funds changed by $0.5 billion, 

$0.3 billion, and $0.0 billion respec tively. There was a -$3.9 

bil lion account ing adjust ment for prior years employ ment tax 

li a bil i ties made in the first quarter of fiscal 2002, while there 

was a $1.1 billion adjust ment in the first quarter of fiscal 

2001. 

Un em ploy ment insur ance—Un em ploy ment insur ance

re ceipts, net of refunds, for the first quarter of fiscal 2002 

were $4.1 billion, a decrease of $0.1 billion over the compa­ ra ble quarter of fiscal 2001. Net State taxes depos ited in the 

U.S. Trea sury decreased by $0.1 billion to $3.3 billion. Net 

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

change signif i cantly from $0.9 billion. 

Con tri bu tions for other insur ance and retire ment—

Con tri bu tions for other retire ment were $1.1 billion for the 

first quarter of 2002. This was a negli gi ble change from the

com pa ra ble quarter of fiscal 2001. 

Ex cise taxes—Net excise tax receipts for the first quarter 

of fiscal 2002 were $11.5 billion, a decrease of $4.6 billion 

over the compa ra ble prior year quarter. Total excise tax re- funds for the quarter were $0.3 billion, an increase of $0.1 

bil lion over the compa ra ble prior year quarter. 

Es tate and gift taxes—Net estate and gift tax receipts 

were $6.6 billion for the first quarter of fiscal 2002. These 

re ceipts repre sent a decrease of $0.3 billion over the same 

quar ter in fiscal 2001. 

Cus toms duties—Cus toms duties net of refunds were 

$4.8 billion for the first quarter of fiscal 2002. This is a de- crease of $0.2 billion over the compa ra ble prior year quarter. 

Mis cel la neous receipts—Net miscel la neous receipts for 

the first quarter of fiscal 2002 were $8.7 billion, an increase 

of $2.5 billion over the compa ra ble prior year quarter. This 

change is due in part to depos its of earnings by Federal Reserve Banks increas ing by $1.0 billion. 
12 FED ERAL FISCAL OPER A TIONS 

Bud get Results and Financing of the U.S. Govern ment 

and First-Quarter Receipts by Source, con. 

To tal On- and Off-Budget Results and Financing of the U.S. Govern ment 

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

First quarter Oct. - Dec. Ac tual fiscal year to date 

To tal on- and off-budget results: 

To tal receipts ................................................. 466,309 466,309 

On-budget receipts ........................................... 356,319 356,319 

Off-budget receipts ........................................... 109,990 109,990 

To tal outlays.................................................. 503,394 503,394 

On-budget outlays............................................ 437,317 437,317 

Off-budget outlays............................................ 66,077 66,077 

To tal surplus or defi cit (-) ........................................ -37,085 -37,085 

On-budget surplus or defi cit (-) .................................. -80,997 -80,997 

Off-budget surplus or defi cit (-) .................................. 43,913 43,913 

Means of financ ing: 

Bor rowing from the public ....................................... 59,528 59,528 

Re duc tion of oper at ing cash ..................................... -8,133 -8,133 

Other means ................................................. -14,310 -14,310 

To tal on- and off-budget financ ing ............................... 37,085 37,085 

First-Quarter Net Budget Receipts by Source, Fiscal 2002 

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

Source Oct. Nov. Dec. 

In di vid ual income taxes ......................................... 77.8 56.5 92.0 

Cor po rate income taxes......................................... 19.7 - 36.0 

Em ploy ment taxes and contri bu tions ............................... 46.9 50.5 50.1 

Un em ploy ment insur ance ....................................... 1.5 2.4 0.2 

Con tri bu tions for other insur ance and retire ment...................... 0.4 0.4 0.3 

Ex cise taxes .................................................. 3.7 4.8 3.0 

Es tate and gift taxes............................................ 2.5 2.2 1.9 

Cus toms duties ............................................... 1.9 1.6 1.3 

Mis cel la neous receipts.......................................... 2.8 2.9 3.1 

To tal budget receipts ......................................... 157.2 121.2 187.9 

Note: Detail may not sum to totals due to inde pend ent rounding. 
FED ERAL FISCAL OPER A TIONS 13 

CHART FFO-A.—
 

Monthly Receipts and Outlays, 2001-2002
 

(In billions of dollars) 

300 

250 

200 

150 

100 

50 

0 

-50 

On-budget 

receipts 

Off-budget 

receipts 

On-budget 

outlays 

Off-budget 

outlays 

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

CHART FFO-B.— 

Budget Receipts 

by Source, Fiscal 

Year to Date, 

2001-2002 400 

(In billions of dollars) 

350 

300 

250 

200 

150 

100 

50 

0 

Individual Social Corporate Excise Misc. Estate/gift Customs 

2002 

2001 * 

income insurance income taxes receipts taxes duties 

taxes and taxes
 

retirement
 

receipts
 

* Prior-year data are for the compa ra ble period. 

Notes: 

Mis cel la neous receipts 2001—Receipts have been increased and outlays corre spond ingly increased in Septem ber 2001 

by $1 million to reflect addi tional report ing by the General Services Admin is tra tion.

Mis cel la neous receipts 2001—Receipts have been increased and outlays corre spond ingly increased in Septem ber 2001 

by $4 million to reflect addi tional report ing by the United States Peace Corps. 

Mis cel la neous receipts 2001—Receipts have been increased in Septem ber 2001 by $109 million and outlays corre spondingly increased by $87 million to reflect addi tional reporing by the Federal Commu ni ca tions Commis sion. 
14 FED ERAL FISCAL OPER A TIONS 

TA BLE FFO-1.—Summary of Fiscal Operations 

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

To tal On-budget Off-budget

sur plus sur plus sur plus 

or or or 

def i cit def i cit def i cit 

(-) (-) (-) 

(7) (8) (9) 

Means of financ ing
 

-net transac tions
 

Bor rowing from
 

the public-
 

Fed eral
 

se cu ri ties
 

Pub lic
 

debt
 

se cu ri ties
 

(10)
 

To tal on-budget and off-budget results 

To tal

re ceipts 

(1) 

On-budget

re ceipts 

(2) 

Off-budget

re ceipts 

(3) 

To tal

out lays 

(4) 

On-budget

out lays 

(5) 

Off-budget

out lays 

(6) 

Fis cal year 

or month 

1997 1 ............ 1998 1 ............ 1999 ............. 2000 ............. 2001.............. 

2001 - Est ......... 

2000 - Dec ......... 2001 - Jan ......... Feb......... Mar......... Apr ......... May ........ June ........ July......... Aug......... Sept ........ Oct ......... Nov ........ Dec ........ 

Fis cal 2001 to date .. 

1,578,977 

1,721,421 

1,186,987 

1,305,621 

391,989 

415,800 

1,601,595 

1,651,383 

1,290,594 

1,334,781 

311,000 

316,602 

-22,618 

70,039 

-103,607 

-29,160 

80,989 

99,198 

189,634 

112,831 

1,827,302

r 2,025,060 

1,382,834 

r 1,544,477 

444,468

480,583 

1,702,942

r 1,788,143 

1,382,164

r 1,457,378 

320,778

330,765 

124,360

r 236,917 

670 

r 87,099 

123,691

149,818 

128,230

23,761 

r 1,990,930 r 1,483,410 507,519 r 1,863,909 r 1,517,071 346,838 r 127,021 r -33,661 160,682 141,902 

2,191,734 1,660,814 530,920 1,960,564 1,601,414 359,150 231,170 59,400 171,770 39,048 

200,489

219,215 

161,737

171,001 

38,752

48,214 

167,823

142,836 

132,747

144,448 

35,075

-1,612 

32,666

76,379 

28,990

26,553 

3,677

49,827 

-46,117

56,109 

110,481 70,555 39,926 158,649 123,573 35,076 -48,168 -53,018 4,850 19,853 

130,074

331,796 

84,123

278,611 

45,951

53,185 

180,736

141,999 

145,185

109,938 

35,551

32,061 

-50,662

189,796 

-61,062

168,673 

10,401

21,123 

36,646

-111,915 

125,590 84,759 40,831 153,508 118,517 34,992 -27,919 -33,758 5,839 -6,829 

202,887

127,842 

151,483

89,473 

51,404

38,369 

171,025

125,022 

167,797

92,145 

3,228

32,876 

31,862

2,820 

-16,314

-2,672 

48,176

5,492 

71,364

-5,902 

122,559 84,011 38,548 202,549 138,167 64,382 -79,990 -54,156 -25,834 52,245 

r 158,496

157,163 

r 116,598

122,003 

41,899

35,159 

r 123,250

166,548 

r 111,253

134,013 

11,997

32,534 

r 35,247

-9,385 

r 5,344

-12,010 

29,902

2,625 

41,731

11,866 

121,233 83,374 37,858 175,500 140,387 35,113 -54,267 -57,013 2,746 72,883 

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

466,309 356,319 109,990 503,394 437,317 66,077 -37,085 -80,997 43,913 139,323 

Means of financ ing�net transac tions, con. 

Bor rowing from the publicFed eral secu ri ties, con. Cash and mone tary assets (deduct) 

Re serve

In vest- po si tion Trans ac tions 

ments of 

Gov ernment 

accounts 

To tal 

10+11-12 

U.S. 

Trea sury

op er ating 

cash 

Spe cial

draw ing 

rights Other 

on the U.S. 

quota in 

the IMF 

(de duct) Other 

not applied 

to year’s

sur plus or 

deficit 

Agency 

securities 

To tal

Fis cal year Fi nancing

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

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 .............. 2000 .............. -854 

-832 

216,070 

245,736 

-88,694 

-222,807 

17,580 

-3,799 

2,178 

4,033 

783 

r 953 

-1,173 

-6,292 

-17,307 

r -16,008 

1,009 

r -3,207 

-124,360 

r -236,917 

2001 ............... -661 r 231,370 r -90,130 -8,440 1,603 r 8,181 4,717 r -21,400 -9,430 r -127,021 

2001 - Est........... -343 266,097 -227,392 - * * * -3,778 * -231,170 

2000 - Dec .......... 128 -9,299 -36,689 9,632 1,169 -651 1,335 16,494 -985 -32,666 

2001 - Jan .......... -219 79,881 -23,990 45,761 757 824 254 -4,032 -761 -76379 

Feb .......... Mar .......... -279 

-62 

4,473 

4,028 

15,100 

32,557 

-45,717 

7,171 

-655 

-262 

-949 

248 

-974 

-327 

-14,987 

25,925 

-240 

-990 

48,168 

50,662 

Apr .......... May.......... June ......... -29 

-117 

428 

23,627 

13,662

73,004 

-135,572 

-20,608

-1,212 

36,846 

-58,856

37,412 

42 

60 

-72 

1,222 

1,049

1,970 

33 

471 

338 

-14,404 

-8,247

9,444 

-1,678 

-502 

-446 

-189,796 

27,919

-31,862 

July .......... Aug .......... Sept ......... Oct .......... -162 

-321 

394 

-236 

1,399 

-22,177

r 40,138 

15,326 

-7,463 

74,101

r 1,987 

-3,695 

-20,588 

-16,770

37,890 

-16,612 

109 

394 

7 

-93 

3,091 

25 

r 528 

5,448 

345 

333 

3,106 

-616 

-11,246 

-8,779

r 3,737 

2,001 

-1,155 

-1,350

560 

-794 

-2,820 

79,990

r -35,247 

9,385 

Nov .......... Dec .......... -120 

172 

727 

63,559 

72,036

-8,813 

2,908

21,838 

37 

-80 

1,822

-936 

-496 

561 

-12,757

4,886 

-741 

-1,257 

54,267

-26,567 

Fis cal 2001 to date.... -183 79,612 59,528 8,133 -136 6,334 -551 -5,870 -2,791 37,085 

* Less than $500,000. Note.—These figures are based on the “Mid-Session Review” of the fiscal 2002 budget, re- 1

 Data for the period do not reflect postyear adjust ments published in the “Monthly Treasury leased by the Office of Manage ment and Budget on August 22, 2001. The budget esti mates 

State ment of Receipts and Outlays of the United States Govern ment,” the source for this table.	 have been adjusted to correct $5.6 billion in prior year receipts. See the Mid-Session Review 

for details. 
FED ERAL FISCAL OPER A TIONS 15 

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

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

So cial insur ance 

and retire ment receipts 

In come taxes Em ploy ment and general retire ment 

Old-age, disabil ity, and 

Individual Corporation hos pi tal insur ance 

Net income 

Fis cal year Withheld Other Refunds Net Gross Refunds Net taxes Gross Re funds Net 

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

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 

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

2001 - Est ........... 1,078,789 - - 1,078,789 218,786 - 218,786 1,297,575 685,018 - 685,018 

2000 - Dec .......... 78,133 6,468 1,116 83,485 53,192 1,886 51,307 134,792 52,598 - 52,598 

2001 - Jan ........... 84,319 52,714 1,330 135,702 7,778 2,066 5,712 141,414 61,804 - 61,804 

Feb .......... 70,179 3,462 25,610 48,030 3,474 4,973 -1,499 46,531 50,499 * 50,498 

Mar .......... 67,068 7,676 39,693 35,051 26,986 6,299 20,688 55,739 59,074 - 59,074 

Apr ........... 64,489 187,044 31,147 220,386 26,693 3,307 23,385 243,771 68,351 - 68,351 

May .......... 63,237 13,763 29,213 47,787 6,453 2,000 4,452 52,239 51,770 - 51,770 

June.......... 53,125 43,814 3,263 93,676 31,563 1,617 29,946 123,622 66,095 - 66,095 

July .......... 65,601 5,031 10,165 60,466 5,036 2,328 2,709 63,175 49,220 - 49,220 

Aug .......... 66,415 6,436 20,831 52,020 4,618 1,475 3,143 55,163 49,578 - 49,578 

Sept .......... 49,679 45,676 14,078 81,277 9,533 2,057 7,476 88,753 58,214 3,106 55,108 

Oct ........... 69,963 9,858 2,049 77,772 30,134 10,388 19,745 97,517 46,469 * 46,469 

Nov .......... 59,818 2,729 6,013 56,534 3,411 3,450 -39 56,495 50,192 * 50,192 

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

Fis cal 2001 to date .... 216,670 19,060 9,388 226,342 71,783 16,085 55,698 282,040 146,497 1 146,496 

So cial insur ance and retire ment receipts, con. 

Em ploy ment and general retire ment, con. Net for other 

Net Un em ploy ment insurance in sur ance and retirement 

Fis cal year 

Rail road retirement em ploy ment 

and general 

Gross Refunds Net re tire ment 

Net 

un em ploy ment 

Gross Refunds in sur ance 

Fed eral

em ploy ees Other 

re tire ment re tire ment To tal 

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

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 

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

2001 - Est .......... 4,513 - 4,513 689,531 31,946 - 31,946 4,259 62 4,321 

2000 - Dec .......... 334 * 334 52,932 264 4 260 361 6 367 

2001 - Jan .......... 455 * 455 62,259 1,601 5 1,596 355 4 359 

Feb .......... 378 9 370 50,868 2,150 3 2,147 450 8 457 

Mar .......... 416 -9 424 59,499 227 19 209 422 5 427 

Apr .......... 422 * 421 68,773 4,786 26 4,760 349 5 354 

May.......... 442 1 441 52,210 8,801 15 8,786 436 5 441 

June ......... -56 * -56 66,039 357 13 344 344 5 349 

July.......... 457 5 452 49,672 2,143 16 2,128 348 7 355 

Aug.......... 396 * 396 49,974 3,308 14 3,294 419 5 424 

Sept ......... 325 * 325 55,433 355 5 349 359 6 365 

Oct .......... 418 * 418 46,887 1,534 5 1,529 373 5 378 

Nov.......... 302 * 302 50,494 2,364 8 2,356 407 6 413 

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

Fis cal 2001 to date ... 944 3 941 147,439 4,129 20 4,109 1,121 17 1,137 

See footnote at end of table. 
16 FED ERAL FISCAL OPER A TIONS 

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

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

Social
 

insur ance
 

and retire ment
 

re ceipts, con.
 

Net social
 Ex cise taxes insur ance and 
 

Air port and Airway Trust Fund Black Lung Disability Trust Fund High way Trust Fund Miscellaneous retirement
 

Fis cal year receipts
 Gross Refunds Net Gross Refunds Net Gross Refunds Net Gross Re funds Net 

or month (22)
 (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) 

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 

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

2001 - Est ........... 725,798 11,183 - 11,183 570 - 570 36,539 - 36,539 25,728 - 25,728 

2000 - Dec ........... 53,559 596 - 596 6 - 6 1,533 - 1,533 3,851 120 3,730 

2001 - Jan ........... 64,214 758 - 758 50 - 50 2,876 - 2,876 1692 70 1,623 

Feb ........... 53,473 763 21 742 42 - 42 2,770 322 2,447 857 14 842 

Mar ........... 60,135 684 - 684 33 - 33 1,875 - 1,875 4,507 37 4,470 

Apr ........... 73,887 695 - 695 39 - 39 2,518 - 2,518 2,535 97 2,438 

May .......... 61,437 901 10 891 49 - 49 3,195 244 2,951 557 60 497 

June .......... 66,732 937 * 937 41 - 41 2,793 6 2,787 2,247 47 2,201 

July ........... 52,154 704 - 704 38 - 38 2,493 - 2,493 2,610 112 2,498 

Aug ........... 53,692 862 7 855 45 - 45 2,971 239 2,732 1,976 170 1,806 

Sept .......... 56,147 972 45 927 93 - 93 4,722 183 4,539 1,074 190 884 

Oct ........... 48,794 19 * 19 8 - 8 479 2 477 3,234 81 3,153 

Nov ........... 53,263 118 * 118 49 - 49 3,014 1 3,013 1,728 65 1,662 

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

Fis cal 2001 to date .... 152,685 318 * 318 104 - 104 6,138 20 6,118 5,266 296 4,970 

Net miscel la neous receipts 

Ex cise taxes,
 De posits Uni ver sal 

con.
 of earnings ser vice To tal receipts Net
 

ex cise
 Es tate and gift taxes Cus toms duties by Federal fund 

Re serve and all On- OffFis cal year taxes
 Gross Refunds Net Gross Refunds Net Banks other Total bud get bud get 

or month (35)
 (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) 

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 1,382,834 444,468 

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

2001 .............. 66,232 29,248 848 28,400 20,543 927 19,616 26,124 r 11,426 r 37,550 r 1,483,410 507,519 

2001 - Est .......... 74,020 28,699 - 28,699 22,537 - 22,537 31,893 11,212 43,105 1,660,814 530,920 

2000 - Dec ......... 5,865 1,919 56 1,863 1,576 115 1,461 2,236 713 2,949 161,737 38,752 

2001 - Jan.......... 5,307 2,449 46 2,403 1,752 58 1,694 3,227 955 4,183 171,001 48,214 

Feb ......... 4,074 1,944 64 1,879 1,540 66 1,474 2,064 985 3,050 70,555 39,926 

Mar ......... 7,063 2,270 63 2,206 1,729 76 1,653 2,143 1,133 3,279 84,123 45,951 

Apr ......... 5,690 4,512 52 4,460 1,581 103 1,477 1,617 893 2,510 278,611 53,185 

May ......... 4,388 2,526 60 2,466 1,560 59 1,501 2,849 710 3,559 84,759 40,831 

June ........ 5,965 2,118 60 2,058 1,641 70 1,571 2,057 882 2,939 151,483 51,404 

July ......... 5,733 2,180 81 2,099 1,827 72 1,755 1,989 937 2,926 89,473 38,369 

Aug ......... 5,438 2,331 134 2,196 1,997 70 1,926 3,252 891 4,142 84,011 38,548 

Sept......... 6,443 1,820 59 1,761 1,631 68 1,563 2,413 1,415 3,828 r 116,598 41,899 

Oct ......... 3,657 2,547 59 2,488 1,991 70 1,920 1,950 836 2,786 122,003 35,159 

Nov ......... 4,842 2,281 76 2,204 1,659 88 1,571 1,861 996 2,857 83,374 37,858 

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

Fis cal 2001 to date ... 11,510 6,798 210 6,587 5,072 284 4,787 5,539 3,160 8,699 356,319 109,990 

* Less than $500,000. leased by the Office of Manage ment and Budget on August 22, 2001. The budget esti mates 

1 Data for the period do not reflect postyear adjust ments published in the “Monthly Treasury have been adjusted to correct $5.6 billion in prior year receipts. See the Mid-Session Review 

State ment of Receipts and Outlays of the United States Govern ment,” the source for this table. for details. 

Note.—These figures are based on the “Mid-Session Review” of the fiscal 2002 budget, re-
FED ERAL FISCAL OPER A TIONS 17 

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

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Govern 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- Depart- De partlative Ju di cial ment of ment of De fense, ment of ment of and Human and Urban ment of ment of ment of 

Fis cal year branch branch Agriculture Commerce military Education Energy Services Development the Interior Jus tice Labor 

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

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 ............... 2,612 3,793 62,839 5,036 261,379 32,435 16,054 359,700 32,736 7,814 18,318 32,459 

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

2001 ............... 3,029 4,409 r 68,156 r 5,017 r 290,980 r 35,959 16,420 426,444 33,937 r 8,024 20,810 39,280 

2001 - Est ........... 3,268 4,856 63,250 5,182 303,449 45,230 17,245 468,787 34,791 9,275 22,527 42,042 

2000 - Dec .......... 229 338 7,248 442 28,040 4,032 1,447 35,379 3,748 670 1,728 2,892 

2001 - Jan ........... 228 350 7,122 358 20,746 3,272 1,367 32,107 1,206 596 1,912 3,902 

Feb .......... 207 353 5,245 376 21,541 3,898 1,128 32,554 2,155 581 1,509 2,065 

Mar .......... 247 459 5,892 415 30,002 4,562 1,593 39,761 3,660 582 1,710 3,608 

Apr ........... 234 346 4,169 367 21,095 2,610 1,470 32,395 1,725 442 1,776 3,719 

May .......... 226 349 4,175 389 24,942 3,628 1,405 38,116 2,345 720 1,702 3,596 

June.......... 225 359 4,273 421 28,281 4,214 1,503 40,529 3,762 593 1,638 3,594 

July .......... 219 349 3,558 379 20,880 2,114 985 32,114 1,293 426 1,530 3,575 

Aug .......... 238 466 9,187 471 29,134 -560 1,442 40,172 6,984 559 1,703 3,981 

Sept .......... 227 355 2,161 400 22,890 2,876 1,573 35,339 1,268 1,209 1,667 3,151 

Oct ........... 370 397 8,732 466 25,004 3,445 1,427 37,404 3,259 819 2,316 4,056 

Nov .......... 256 382 7,944 458 29,651 3,135 2,120 39,906 3,911 859 2,143 4,097 

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

Fis cal 2001 to date .... 888 1,130 25,525 1,433 80,497 10,011 5,421 114,473 8,720 2,642 6,407 12,379 

De part ment of 

theTreasury,

in ter est

De part- on Treasury De part- De part- Other En vi ron- Fed eral Gen eral InterDe part- ment of debt ment of the ment of Corps De fense, men tal Ex ec u tive Emer gency Ser vices na tional 

ment Transpor- se cu ri ties Trea sury, Vet erans of civil Pro tec tion Of fice of the Man age ment Admin- As sis tance 

Fis cal year of State tation (gross) other Affairs Engineers programs Agency Pres i dent Agency istration Program 

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

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 ............... 6,463 41,836 353,511 33,191 43,169 4,186 32,008 6,752 416 4,040 -46 10,061 

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

2001 ............... 7,446 r 54,075 359,508 r 30,436 45,043 4,703 34,161 7,390 280 4,415 -8 11,767 

2001 - Est ........... 9,700 54,861 350,951 30,588 51,480 4,351 35,402 7,596 309 3,216 -223 12,058 

2000 - Dec .......... 862 4,043 19,506 648 5,493 413 2,791 607 17 258 167 4,264 

2001 - Jan ........... 611 3,396 79,731 643 2,096 289 2,874 562 20 215 38 1008 

Feb .......... 524 3,500 19,810 16,368 4,049 364 2,882 625 22 236 -63 537 

Mar .......... 641 3,916 18,724 7,983 6,270 337 2,900 595 46 388 24 1,208 

Apr ........... 595 3,602 18,634 3,393 2,247 323 2,879 545 17 242 180 765 

May .......... 562 4,850 24,009 1,908 2,834 499 2,884 608 29 238 -2 954 

June.......... 439 4,645 80,607 2,759 5,657 384 2,850 652 21 432 -41 853 

July .......... 360 4,350 18,014 400 2,155 386 2,848 577 21 654 -8 323 

Aug .......... 524 5,454 19,852 -244 6,201 406 2,853 582 49 707 -117 -18 

Sept .......... 647 7,371 15,176 -4,618 2,170 464 2,862 802 -4 548 -217 452 

Oct ........... 1,572 5,433 17,621 1,625 4,324 449 2,846 629 74 516 -73 987 

Nov .......... 1,204 5,894 21,127 618 5,921 539 2,900 573 106 329 -80 1,340 

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

Fis cal 2001 to date .... 3,506 15,908 118,866 4,935 14,274 1,433 8,684 1,728 199 1,190 -175 3,485 

See footnote at end of table. 
18 FED ERAL FISCAL OPER A TIONS 

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

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

Na tional 

Un dis trib uted offset ting receipts 

Aero nau- Rents and 

tics and Na tional Of fice of Small So cial Em ployer In ter est roy alties Al low- To tal outlays 

Space Sci ence Per son nel Busi ness Se cu rity Indepen- share, re ceived on the Outer ances 

Adminis- Foun- Man age- Adminis- Admin- dent em ployee by trust Con ti nen tal and On- OffFis cal year tration dation ment tration istration agencies re tire ment funds Shelf lands other budget budget 

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

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 ............... 13,665 3,285 47,515 58 419,790 6,943 -35,594 -118,634 -3,098 -1,754 1,382,164 320,778 

2000 ............... 13,443 3,487 48,660 -422 441,810 r 10,371 -37,851 -128,911 -4,580 -1,503 r 1,457,378 330,765 

2001 ............... 14,094 3,691 r 50,915 -569 461,748 r 13,306 -38,792 -143,935 -7,194 -1,025 r 1,517,071 346,838 

2001 - Est ........... 14,248 4,359 53,351 687 488,182 21,351 -41,559 -152,402 -5,884 -1,960 1,601,414 359,150 

2000 - Dec .......... 1,316 295 4,308 -74 40,046 1,537 -2,733 -1,979 -156 - 132,747 35,075 

2001 - Jan ........... 889 281 4,426 -50 35,907 507 -2,810 -60,009 -957 - 144,448 -1,612 

Feb .......... 1,103 279 4,098 56 38,473 769 -2,836 -1,797 -942 -1,024 123,573 35,076 

Mar .......... 1,273 282 4,173 54 41,148 1,639 -3,081 -206 -69 - 145,185 35,551 

Apr ........... 1,106 234 4,511 -807 36,212 1,717 -2,876 -772 -1,093 * 109,938 32,061 

May .......... 1,275 356 3,782 -50 38,852 -2,234 -3,175 -5,558 -707 * 118,517 34,992 

June.......... 1,230 331 4,588 5 44,710 -717 -2,849 -64,476 -444 * 167,797 3,228 

July .......... 1,071 337 4,611 79 37,339 -11,739 -2,902 -413 -863 * 92,145 32,876 

Aug .......... 1,316 429 3,923 105 70,026 2,053 -3,094 -1,875 -365 - 138,167 64,382 

Sept .......... 1,146 302 4,319 -111 7,772 17,833 -6,668 -212 -43 * 111,108 11,997 

Oct ........... 1,376 335 4,763 70 39,014 2,174 -3,016 -1,156 -712 * 134,013 32,534 

Nov .......... 1,213 314 3,935 180 41,680 1,087 -3,092 -4,685 -468 * 140,387 35,113 

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

Fis cal 2001 to date .... 3,737 965 13,106 190 120,469 4,279 -9,061 -72,329 -1,520 * 437,317 66,077 

* Less than $500,000. Note.—These figures are based on the “Mid-Session Review” of the fiscal 2002 budget, re- 1

 Data for the period do not reflect postyear adjust ments published in the “Monthly Treasury leased by the Office of Manage ment and Budget on August 22, 2001. The budget esti mates 

State ment of Receipts and Outlays of the United States Govern ment,” the source for this table.	 have been adjusted to correct $5.6 billion in prior year receipts. See the Mid-Session Review 

for details. 
FED ERAL FISCAL OPER A TIONS 19 

TA BLE FFO-4.—Summary of U.S. Govern ment Receipts by Source and Outlays by Agency,

Decem ber 2001 and Other Periods 

[In millions of dollars. Source: Finan cial Manage ment Service] 

This fiscal year to date Prior fiscal year to date 

Man age ment, Man age ment, 

consol i dated, consol i dated, 

revolv ing and revolv ing and Trust 

Gen eral funds special funds Trust funds To tal funds Gen eral funds special funds funds Total funds 

Clas si fi ca tion (1) (2) (3) (4) (5) (6) (7) (8) 

Bud get receipts: 

Individual income taxes....................... Corporation income taxes ..................... So cial insur ance and retire ment receipts:

Employment and

general retirement (off-budget) ............ Employment and

general retirement (on-budget) ............ Unemployment insurance .................. Other retirement .......................... Excise taxes ............................... 

226,342 

55,698 

-

-

-

- 4,678 

* 

-

-

-

-

- 155 

226,342 

55,698 

109,990 

37,448 

4,109 

1,137

11,510 

219,942 

55,063 

-

-

-

- 7,360 

1 

-

-

-

-

- 151 

219,943 

55,063 

109,193 

37,522 

4,200 

1,183

16,131 

-

-

109,990 

37,448 

4,109 

1,137

6,677 

-

-

109,193 

37,522 

4,200 

1,183

8,619 

Estate and gift taxes ......................... Customs duties ............................. 6,587 

3,210 

6,587 

4,787 

6,871 

3,260 

6,871 

5,000 - 1,409 - 168 - 1,534 - 207 

Miscellaneous receipts ....................... 6,035 2,322 342 8,699 4,965 1,761 158 6,885 

Total receipts.......................... 302,551 3,887 159,872 466,309 297,461 3,448 161,082 461,990 

(On-budget) .......................... 302,551 3,887 49,881 356,319 297,461 3,448 51,889 352,798 

(Off-budget)........................... - - 109,990 109,990 - - 109,193 109,193 

Bud get outlays: 

Legislative branch ........................... Judicial branch ............................. Department of Agriculture ..................... Department of Commerce..................... Department of Defense-military ................ Department of Education ..................... Department of Energy ........................ Department of Health and Human Services ....... Department of Housing and Urban Development ... Department of the Interior ..................... Department of Justice ........................ Department of Labor ......................... Department of State ......................... Department of Transportation .................. 

De part ment of theTreasury: Interest on the public debt .................. 

Other ................................... 

Department of Veterans Affairs................. Corps of Engineers .......................... Other defense civil programs .................. Environmental Protection Agency ............... Executive Office of the President ............... Federal Emergency Management Agency ........ General Services Administration................ International Assistance Program ............... National Aeronautics and Space Administration .... National Science Foundation .................. Office of Personnel Management ............... Small Business Administration ................. Social Security Administration.................. Other independent agencies................... 

Un dis trib uted offset ting receipts: Interest ................................. 

Other .................................. 

753 131 3 888 655 272 52 979 

904 255 -28 1,130 907 107 8 1,022 

12,964

1,359 

12,488

72 

73 

3 

25,525

1,433 

11,449

1,367 

10,677

76 

257 

* 

22,382

1,443 

78,868

10,028 

1,594

-17 

35 

* 

80,497

10,011 

69,842

9,362 

1,576

-16 

50 

* 

71,468

9,346 

5,300 122 - 5,421 4,867 -913 - 3,954 

79,883

9,469 

22 

-750 

34,568

* 

114,473

8,720 

66,226

9,915 

56 

-375 

37,072

* 

103,353

9,540 

2,337 284 21 2,642 2,154 93 67 2,314 

5,780

3,084 

334 

-758 

294 

10,052 

6,407

12,379 

4,526

2,646 

235 

-126 

903 

5,570 

5,663

8,090 

3,335 125 46 3,506 2,313 128 102 2,543 

6,693 170 9,044 15,907 -841 44 13,787 12,990 

118,866 - - 118,866 64,951 - - 64,951 

4,437

14,332 

391 

-235 

107 

177 

4,935

14,274 

1,986

11,347 

-388 

-180 

101 

197 

1,698

11,364 

1,230 166 37 1,433 1,052 185 13 1,250 

17,064

2,136 

* 

-40 

-8,379

-368 

8,684

1,728 

16,105

2,177 

* 

-21 

-7,777

-314 

8,329

1,842 

199 * - 199 59 * * 59 

1,162 

37 

28 

-212 

* 

- 1,190 -175 

796 

47 

-41 

151 

* 

* 

755 

197 

3,532 -388 341 3,485 6,593 -258 -652 5,683 

3,737

956 -2 

* 

7 

3,737

965 

3,688

862 -* 

-3 

-2 

3,685

860 

1,476 31 11,598 13,106 1,344 * 11,123 12,467 

207 -18 * 190 186 -36 * 150 

14,018 - 106,451 120,469 9,836 * 101,473 111,308 

2,455 -310 2,134 4,279 2,359 -886 2,005 3,477 

- - -72,329 -72,329 - - -8,616 -8,616 

-1,520 - -9,061 -10,581 -1,710 * -8,501 -10,212 

Total outlays ........................... 405,080 13,486 84,827 503,394 307,064 10,358 146,913 464,335 

(On-budget)........................... 405,080 14,643 17,594 437,317 307,064 11,462 47,522 366,048 

(Off-budget)........................... - -1,156 67,234 66,077 - -1,104 99,391 98,287 

Surplus (+) or deficit (-) ................... -102,529 -9,599 75,044 -37,085 -9,603 -6,910 14,169 -2,345 

(On-budget)........................... -102,529 -10,756 32,288 -80,997 -9,603 -8,014 4,367 -13,250 

(Off-budget)........................... - 1,156 42,757 43,913 - 1,104 9,802 10,906 

- No transac tions. 

* Less than $500,000. 
20 

IN TRO DUC TION: Source and Avail abil ity of the 

Balance in the Account of the U.S. Trea sury 

The Depart ment of the Treasury’s (Treasury’s) oper at ing 

cash is maintained in accounts with the Federal Reserve Banks 

(FRBs) and branches, as well as in tax and loan accounts in 

other finan cial insti tu tions. Major infor ma tion sources include 

FRBs, Treasury Regional Financial Centers, Inter nal Reve nue

Ser vice Centers, Bureau of the Public Debt and vari ous electronic systems. As the FRB accounts are depleted, funds are 

called in (withdrawn) from thousands of tax and loan accounts 

at finan cial insti tu tions throughout the country. 

Un der author ity of Public Law 95-147 (codi fied at 31 

United States Code 323), Treasury imple mented a program on 

No vem ber 2, 1978, to invest a portion of its oper at ing cash in 

ob li ga tions of depositaries maintain ing tax and loan accounts. 

Un der the Treasury tax and loan (TT&L) invest ment program,

de pos i tary finan cial insti tu tions select the manner in which 

they will partic i pate. Finan cial insti tu tions wishing to retain 

funds depos ited into their tax and loan accounts in interest-bearing obli ga tions can partic i pate. The program permits 

Trea sury to collect funds through finan cial insti tu tions and to 

leave the funds in TT&L depositaries and in the finan cial commu ni ties in which they arise until Treasury needs the funds for 

its oper a tions. In this way, Treasury is able to neutral ize the effect of its fluctu at ing oper a tions on TT&L finan cial insti tu tion

re serves and on the economy. Likewise, those insti tu tions

wish ing to remit the funds to the Treasury account at FRBs do 

so as collec tor depositaries. 

De posits to tax and loan accounts occur as custom ers of finan cial insti tu tions deposit tax payments, which the finan cial

in sti tu tions use to purchase Govern ment secu ri ties. In most 

cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same finan cial insti tution. Also, Treasury can direct the FRBs to invest excess funds 

in tax and loan accounts directly from the Treasury account at 

the FRBs. 

TA BLE UST-1.—El e ments of Change in Federal Reserve 

and Tax and Loan Note Account Balances 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Credits and withdraw als 

Fed eral Reserve accounts 

Credits 1 Tax and loan note accounts 

Re ceived through With drawals

Fis cal year re mit tance option tax and (trans fers to Federal 

or month Re ceived directly loan depositaries With drawals 2 Taxes 3 Re serve accounts) 

(1) (2) (3) (4) (5) 

1997 ............... 

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

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

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

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

2000 - Dec ........... 

2001 - Jan ........... 

Feb .......... 

Mar .......... 

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

May .......... 

June.......... 

July .......... 

Aug .......... 

Sept .......... 

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

Nov .......... 

Dec .......... 

See footnotes at end of table. 

4,263,210 191,134 4,454,345 775,799 776,394 

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

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

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

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

360,311 37,075 396,619 148,829 139,964 

435,357 30,632 465,777 119,774 74,136 

404,264 26,349 430,914 97,112 142,528 

409,750 30,301 439,350 122,393 115,924 

607,227 32,755 637,745 117,724 83,115 

440,133 25,386 469,017 95,185 150,543 

371,084 31,379 399,671 114,390 79,771 

383,987 27,970 413,553 92,867 111,859 

539,534 25,932 565,525 93,659 110,370 

361,932 26,257 383,927 87,197 53,569 

442,010 31,332 478,027 113,962 125,889 

530,231 25,750 554,873 86,025 84,224 

463,353 38,052 500,980 136,364 114,952 
AC COUNT OF THE U.S. TREASURY 21 

TA BLE UST-1.—El e ments of Change in Federal Reserve 

and Tax and Loan Note Account Balances, con. 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Bal ances 

Dur ing period 

End of period High Low Av er age

Fis cal year Fed eral Tax and loan Fed eral Tax and loan Fed eral Tax and loan Fed eral Tax and loan 

or month Reserve note accounts Re serve note accounts Re serve note accounts Re serve note accounts 

(6) (7) (8) (9) (10) (11) (12) (13) 

1997............... 

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

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

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

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

2000 - Dec........... 

2001 - Jan .......... 

Feb .......... 

Mar.......... 

Apr .......... 

May ......... 

June ......... 

July.......... 

Aug.......... 

Sept ......... 

Oct .......... 

Nov.......... 

Dec.......... 

7,692 35,930 52,215 38,811 3,145 874 6,836 17,957 

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

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

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

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

5,149 15,920 10,984 30,535 3,872 2,609 5,758 11,603 

5,256 61,574 14,460 68,650 3,832 11,090 6,682 36,481 

4,956 16,158 6,713 45,805 3,446 5,083 4,894 16,003 

5,657 22,627 8,284 32,582 4,057 97 5,390 6,732 

7,894 57,236 8,090 60,700 4,536 917 5,903 18,756 

4,396 1,878 6,961 67,588 3,721 1,878 5,149 25,702 

7,188 36,498 7,823 42,083 3,642 386 5,605 15,206 

5,592 17,506 7,188 37,258 4,558 3,846 5,127 19,851 

5,533 795 6,139 52,387 4,069 795 5,040 26,698 

9,976 34,423 10,513 40,807 4,126 126 6,644 19,601 

5,112 22,495 9,237 45,030 4,232 17,213 5,234 27,835 

6,219 24,295 6,470 46,237 3,824 54 5,131 22,489 

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

1

 Repre sents transfers from tax and loan note accounts, proceeds from sales of secu ri ties and employ ees under the Federal Insur ance Contri bu tions Act begin ning Janu ary 1950 and 

other than Govern ment account series and taxes. un der the Railroad Retire ment Tax Act begin ning July 1951; a number of excise taxes begin- 2

 Repre sents checks paid, wire transfer payments, drawdowns on letters of credit, redemp tions ning July 1953; esti mated corpo ra tion income taxes begin ning April 1967; all corpo ra tion inof secu ri ties other than Govern ment account series and invest ment (transfer) of excess funds	 come taxes due on or after March 15, 1968; Federal Unem ploy ment Tax Act taxes begin ning April 1970 and indi vid ual esti mated income taxes begin ning Oc to ber 1988. out of this account to the tax and loan note accounts. 3

 Taxes eli gi ble for credit consist of those depos ited by taxpay ers in the tax and loan depositaries as follows: Withheld income taxes begin ning March 1948; taxes on employ ers 
22
 

IN TRO DUC TION: Federal Debt
 

Trea sury secu ri ties (i.e., public debt secu ri ties) comprise 

most of the Federal debt, with secu ri ties issued by other Federal agencies account ing for the rest. Tables in this section of 

the “Treasury Bulle tin” reflect the total. Further detailed informa tion is published in the “Monthly Statement of the Public 

Debt of the United States.” Likewise, infor ma tion on agency

se cu ri ties and on invest ments of Federal Govern ment accounts in Federal secu ri ties is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States 

Gov ern ment.” 

Ef fec tive Janu ary 1, 2001, Treasury’s Bureau of the Public Debt revised formats, titles, and column headings in the 

“Monthly Statement of the Public Debt of the United States,” 

Ta ble I: Summary of Treasury Secu ri ties Outstand ing and Table II: Statu tory Debt Limit. These changes should reduce confu sion and bring the publi ca tion more in line with the public’s 

use of terms. 

Trea sury’s Finan cial Manage ment Service (FMS) compiles data in the “Treasury Bulle tin” tables FD-2 and FD-6 

from the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised proce dures and cate go ries in these tables to agree with the Bureau of the Public 

Debt’s publi ca tion changes. 

• Ta ble FD-1 summa rizes the Federal debt by listing

pub lic debt and agency secu ri ties held by the public, includ ing 

the Federal Reserve. It also includes debt held by Federal 

agen cies, largely by the Social Secu rity and other Federal retire ment trust funds. The net unam or tized premium and discount also are listed by total Federal secu ri ties, secu ri ties held 

by Govern ment accounts and secu ri ties held by the public. The 

dif fer ence between the outstand ing face value of the Federal 

debt and the net unam or tized premium and discount is classified as the accrual amount. (For greater detail on holdings of 

Fed eral secu ri ties by partic u lar classes of inves tors, see the 

own er ship tables, OFS-1 and OFS-2.) 

• Ta ble FD-2 cate go rizes by type, that is, market able and 

non mar ket able, the total public debt secu ri ties outstand ing 

that are held by the public. 

• Ta ble FD-2 (Histor i cal) cate go rizes by type inter estbear ing market able and nonmar ket able Treasury secu ri ties. 

The differ ence between inter est-bearing and total public debt 

se cu ri ties reflects outstand ing matured Treasury secu rities—that is, unre deemed secu ri ties that have matured and are 

no longer accru ing inter est. Because the Federal Financing 

Bank is under the super vi sion of Treasury, its secu ri ties are 

held by a U.S. Govern ment account. 

• In table FD-3, nonmar ket able Treasury secu ri ties held 

by U.S. Govern ment accounts are summa rized by issues to 

par tic u lar funds within Govern ment. Many of the funds invest 

in par value special series nonmarketables at inter est rates deter mined by law. Others invest in market-based special Treasury secu ri ties whose terms mirror those of market able

se cu ri ties. 

• Ta ble FD-4 presents inter est-bearing secu ri ties issued 

by Govern ment agencies. Federal agency borrow ing has declined in recent years, in part because the Federal Financing 

Bank has provided financ ing to other Federal agencies. (Federal agency borrow ing from Treasury is presented in the 

“Monthly Treasury Statement of Receipts and Outlays of the 

United States Govern ment.”) 

• Ta ble FD-5 illus trates the aver age length of marketable inter est-bearing public debt held by private inves tors and 

the matu rity distri bu tion of that debt. 

In March 1971, Congress enacted a limited excep tion to 

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

could be held by the public. This permit ted Treasury to offer 

se cu ri ties matur ing in more than 7 years at current market inter est rates for the first time since 1965. In March 1976, the 

def i ni tion of a bond was changed to include those secu ri ties

lon ger than 10 years to matu rity. This excep tion has expanded 

since 1971, autho riz ing Treasury to continue to issue longterm secu ri ties. The ceiling on Treasury bonds was repealed 

on Novem ber 10, 1988. 

The volume of privately held Treasury market able secu rities by matu rity class reflects the remain ing period to matu rity 

of Treasury bills, notes and bonds. The aver age length is comprised of an aver age of remain ing peri ods to matu rity, 

weighted by the amount of each secu rity held by private investors. In other words, compu ta tions of aver age length exclude 

Gov ern ment accounts and the FRBs. 

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

out stand ing debt subject to limi ta tion by law. The other debt

cat e gory includes Federal debt Congress has desig nated as being subject to the debt ceiling. 

• In table FD-6 (Histor i cal), the same debt infor ma tion 

is compared as in table FD-6. Changes in the non-interestbear ing debt shown in the last column reflect matu ri ties of 

Trea sury secu ri ties on nonbusi ness days, which can be redeemed on the next business day. 

• Ta ble FD-7 details Treasury holdings of secu ri ties issued by Govern ment corpo ra tions and other agencies. Certain 

Fed eral agencies are autho rized to borrow money from the

Trea sury, largely to finance direct loan programs. In addi tion,

agen cies such as the Bonneville Power Admin is tra tion are autho rized to borrow from the Treasury to finance capi tal projects. Treasury, in turn, finances these loans by selling

Trea sury secu ri ties to the public. 
FED ERAL DEBT 23 

TA BLE FD-1.—Summary of Federal Debt 

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

Se cu ri ties held by 

Amount outstanding Gov ern ment accounts The public 

Pub lic debt Agency Public debt Agency Public debt Agency

or month 

End of fiscal year 

To tal securities secu ri ties Total secu ri ties secu ri ties Total secu ri ties secu ri ties 

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

1997 ............ 5,446,320 5,413,146 33,173 1,603,862 1,596,765 7,098 3,842,458 3,816,381 26,075 

1998 ............ 5,555,552 5,526,193 29,359 1,767,778 1,763,860 3,917 3,787,774 3,762,333 25,442 

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

2000 ............ r 5,701,851 r 5,674,179 27,672 2,235,763 r 2,235,712 51 r 3,466,088 r 3,438,467 27,621 

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

2000 - Dec......... 5,689,593 5,662,216 27,377 2,248,726 2,248,675 51 3,440,867 3,413,541 27,326 

2001 - Jan ......... 5,743,229 5,716,071 27,158 2,328,712 2,328,662 51 3,414,517 3,387,409 27,107 

Feb ........ 5,762,738 5,735,859 26,879 2,333,804 2,333,753 51 3,428,934 3,402,106 26,828 

Mar ........ 5,800,558 5,773,740 26,818 2,339,405 2,339,354 51 3,461,153 3,434,386 26,767 

Apr......... 5,688,136 5,661,348 26,788 2,364,024 2,363,973 51 3,324,112 3,297,375 26,737 

May ........ 5,682,853 5,656,182 26,671 2,379,862 2,379,862 - 3,302,991 3,276,320 26,671 

June ........ 5,753,914 5,726,815 27,099 2,452,639 2,452,639 - 3,301,275 r 3,274,176 27,099 

July ........ 5,745,240 5,718,303 26,937 r 2,452,358 r 2,452,358 - r 3,292,882 r 3,265,945 26,937 

Aug ........ 5,796,493 5,769,876 26,617 2,429,635 2,429,635 - 3,366,858 3,340,241 26,617 

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

Oct......... 5,842,758 5,815,983 26,775 2,483,578 2,483,578 - 3,359,180 3,332,405 26,775 

Nov ........ 5,915,552 5,888,897 26,655 2,485,497 2,485,497 - 3,430,055 3,403,400 26,655 

Dec ........ 5,970,267 5,943,439 26,828 2,549,681 2,549,681 - 3,420,586 3,393,758 26,828 

Fed eral debt secu ri ties Se cu ri ties held by Govern ment accounts Se cu ri ties held by the public 

End of fiscal year or month 

Amount out- stand ing face 

value 

Net 

unamortized 

premium 

and discount 

Accrual 

amount 

Amount out- stand ing face 

value 

Net 

unamortized 

premium Ac crual

and discount amount 

Amount out- stand ing face 

value 

Net 

unamortized 

premium Ac crual

and discount amount 

(10) (11) (12) (13) (14) (15) (16) (17) (18) 

1997 ............ 5,446,320 76,633 5,369,687 1,603,862 7,000 1,596,862 3,842,458 69,633 3,772,825 

1998 ............ 5,555,552 76,849 5,478,704 1,767,778 10,687 1,757,090 3,787,774 66,162 3,721,613 

1999 ............ 5,684,776 78,696 5,606,080 1,989,308 16,148 1,973,160 3,695,468 62,548 3,632,920 

2000 ............ r 5,701,851 72,842 5,629,009 2,235,763 16,867 2,218,896 r 3,466,088 55,975 3,410,113 

2001 ............ r 5,834,475 64,225 5,770,249 2,468,757 r 18,490 r 2,450,266 r 3,365,718 r 45,735 r 3,319,983 

2000 - Dec......... 5,689,593 72,280 5,617,313 2,248,726 16,496 2,232,230 3,440,867 55,784 3,385,083 

2001 - Jan ......... 5,743,229 70,026 5,673,204 2,328,712 16,601 2,312,111 3,414,517 53,425 3,361,093 

Feb ........ 5,762,738 69,962 5,692,777 2,333,804 17,219 2,316,585 3,428,934 52,743 3,376,193 

Mar ........ 5,800,558 71,196 5,729,362 2,339,405 18,793 2,320,613 3,461,153 52,403 3,408,749 

Apr......... 5,688,136 70,718 5,617,418 2,364,024 19,784 2,344,240 3,324,112 50,934 3,273,178 

May ........ 5,682,853 72,382 5,610,472 2,379,862 21,960 2,357,902 3,302,991 50,422 3,252,570 

June ........ 5,753,914 71,651 5,682,264 2,452,639 21,733 2,430,906 3,301,275 49,918 3,251,358 

July ........ 5,745,240 69,041 5,676,200 r 2,452,358 r 20,353 r 2,432,005 r 3,292,882 48,688 r 3,244,195 

Aug ........ 5,796,493 68,369 5,728,124 2,429,635 19,508 2,410,128 3,366,858 48,861 3,317,996 

Sept ........ r 5,834,475 64,225 5,770,249 2,468,757 r 18,490 r 2,450,266 r 3,365,718 r 45,735 r 3,319,983 

Oct......... 5,842,758 60,879 5,781,880 2,483,578 17,986 2,465,592 3,359,180 42,893 3,316,287 

Nov ........ 5,915,552 60,910 5,854,643 2,485,497 19,178 2,466,319 3,430,055 41,732 3,388,324 

Dec ........ 5,970,267 60,878 5,909,389 2,549,681 19,803 2,529,878 3,420,586 41,075 3,379,511 
24 FED ERAL DEBT 

TA BLE FD-2.—Debt Held by the Public* 

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

Mar ket able 

To tal

public debt 

End of fiscal year se cu ri ties Infla tion-indexed Nonmar ket able 

or month outstanding To tal Bills Notes Bonds notes and bonds Total 

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

2001 - Jan........ 

Feb ....... 

Mar ....... 

Apr ....... 

May ....... 

June....... 

July ....... 

Aug ....... 

Sept ....... 

Oct ....... 

Nov ....... 

Dec ....... 

3,388,014 2,961,864 656,148 1,555,056 623,368 127,292 426,149 

3,402,738 2,973,797 680,659 1,534,890 631,024 127,225 428,940 

3,435,029 3,002,409 712,032 1,534,868 627,510 127,999 432,621 

3,297,980 2,862,371 619,072 1,492,282 622,498 128,520 435,608 

3,276,924 2,839,920 618,460 1,474,376 618,264 128,820 437,005 

3,274,773 2,840,238 620,044 1,474,373 616,496 129,324 434,535 

3,266,222 2,837,389 653,046 1,437,088 612,244 135,012 428,834 

3,340,818 2,913,337 732,584 1,432,960 612,542 135,252 427,481 

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

3,333,039 2,905,752 736,217 1,419,620 610,023 139,891 427,288 

3,404,027 2,975,878 813,365 1,415,453 606,559 140,500 428,149 

3,394,399 2,967,501 811,214 1,413,951 602,272 140,064 426,898 

Non mar ket able, con. 

End of fiscal year U.S. savings Gov ern ment State and local Domes tic

or month se cu ri ties For eign series ac count series govern ment series series Other 

(8) (9) (10) (11) (12) (13) 

2001 - Jan ............... 

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

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

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

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

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

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

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

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

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

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

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

184,596 24,936 35,649 147,898 29,996 3,074 

184,693 24,936 36,338 149,904 29,996 3,074 

184,815 24,736 37,047 152,887 29,996 3,139 

185,198 24,536 37,759 154,746 29,995 3,373 

185,347 24,186 38,149 155,955 29,995 3,373 

185,517 24,036 38,190 153,322 29,995 3,473 

185,816 22,213 38,241 149,095 29,995 3,473 

186,011 21,719 38,990 147,293 29,995 3,472 

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

188,448 16,041 40,621 148,631 29,995 3,551 

189,873 15,454 41,069 148,209 29,995 3,549 

190,390 15,412 41,216 146,246 29,995 3,639 

* Effec tive June 2001, FMS revised proce dures and cate go ries in this table to reflect the format 

changes in the “Monthly Statement of the Public Debt of the United States.” 
FED ERAL DEBT 25 

TA BLE FD-2.—Inter est-Bearing Public Debt (Histor i cal) 

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

Mar ket able 

To tal Treasury Federal 

End of fiscal year inter est-bearing Treasury Treasury Treasury infla tion-indexed Financing Nonmar ket able 

or month pub lic debt To tal bills notes bonds notes and bonds Bank Total 

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

1997........... 

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

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

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

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

2000 - Dec ....... 

5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912 

5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651 

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

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

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

5,618,061 2,966,885 646,855 1,557,304 626,512 121,215 15,000 2,651,176 

Non mar ket able, con. 

End of fiscal year

or month 

U.S. savings

se cu ri ties For eign series 

Gov ern ment

ac count series 

State and local 

govern ment series 

Domes tic 

series Other 

(9) (10) (11) (12) (13) (14) 

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 

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

2000 - Dec............... 176,866 27,161 2,266,127 151,026 29,996 1 
26 FED ERAL DEBT 

Ta ble FD-3.—Govern ment Account Series 

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

Fed eral

Air port Fed eral Fed eral Fed eral Federal Old-age and

and Airway Bank Employees Ex change Disability em ployees Hos pi tal Housing Sur vi vors

Trust Insur ance Life Insur- Stabilization Insur ance re tire ment Insur ance Admin is tra- Insur ance or month 

End of fiscal year	 To tal Fund Fund ance Fund Fund Trust Fund funds Trust Fund tion Trust Fund 

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

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 

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

2000 - Dec ........ 2,266,127 14,402 29,360 22,562 9,929 114,695 500,188 171,622 18,011 901,597 

2001 - Jan......... 2,348,243 13,654 29,818 22,727 9,984 120,689 515,284 183,507 19,028 945,071 

Feb ........ 2,354,000 13,740 30,010 23,025 10,026 121,623 512,711 183,604 18,631 948,901 

Mar ........ 2,360,298 13,703 30,146 23,026 10,069 123,356 510,317 182,106 19,956 958,190 

Apr ........ 2,385,627 13,744 30,160 23,046 10,111 126,405 508,516 188,703 18,863 976,216 

May ........ 2,401,909 13,873 30,412 23,421 10,009 127,276 505,506 188,389 17,482 980,716 

June ........ 2,474,736 14,420 29,830 23,404 10,041 133,498 520,577 197,142 20,489 1,022,270 

July ........ 2,474,826 14,386 30,549 23,386 9,959 134,119 517,866 198,020 20,492 1,026,351 

Aug ........ 2,452,553 14,396 30,770 23,704 9,990 132,114 515,514 194,961 17,386 1,009,408 

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

Oct ........ 2,508,064 13,800 30,690 23,536 10,036 135,942 535,807 198,167 17,716 1,036,461 

Nov ........ 2,510,442 13,706 30,989 23,988 9,948 136,496 533,432 197,329 17,913 1,038,508 

Dec ........ 2,574,756 13,848 30,950 24,086 9,854 140,907 549,127 208,888 18,482 1,071,795 

End of fiscal year

or month 

Fed eral

Sav ings and 

Loan

Cor po ra tion,

Res o lu tion

Fund 

Fed eral

Sup ple men­
 tary Medi cal
 Insur ance
 Trust Fund 
 

Gov ern ment

Life Insur- High way

ance Fund Trust Fund 

Na tional

Ser vice Life

In sur ance

Fund 

Postal

Ser vice Fund
 

Rail road

Re tire ment

Ac count 

Treasury

deposit

funds 

Unem ploy­ ment Trust 

Fund Other 

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

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 

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

2000 - Dec ........ 2,455 42,846 - 24,545 11,581 600 22,722 18 85,269 293,727 

2001 - Jan ........ 2,468 45,055 - 25,316 11,914 403 22,764 - 85,902 294,657 

Feb........ 2,477 45,579 - 26,023 11,827 - 22,838 - 85,941 297,044 

Mar........ 2,487 45,560 - 25,712 11,727 - 22,950 - 83,139 297,854 

Apr ........ 2,513 46,763 - 25,896 11,643 - 23,448 - 81,894 297,706 

May ....... 2,521 45,174 - 26,767 11,559 - 24,528 - 91,182 303,094 

June ....... 2,546 44,286 - 26,546 11,894 - 24,816 - 91,621 301,356 

July ....... 2,569 45,431 - 26,173 11,814 - 24,944 - 89,896 298,871 

Aug ....... 2,577 48,917 - 26,155 11,735 - 24,999 - 91,107 298,820 

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

Oct ........ 2,635 41,495 - 24,843 11,561 - 25,026 - 86,668 313,681 

Nov ....... 2,639 39,286 - 25,306 11,489 600 24,992 - 86,523 317,298 

Dec ....... 2,689 40,828 - 24,955 11,821 - 24,961 - 85,917 315,648 
FED ERAL DEBT 27 

TA BLE FD-4.—Inter est-Bearing Secu ri ties Issued by Govern ment Agencies 

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

Fed eral De posit

In sur ance Corpo ra tion 

Fed eral De part ment 

Savings of Housing Farm 

and Loan and Urban Credit Other 

Insur ance De vel op ment System inde pend ent 

Corpo ra tion, Federal Finan cial Tennes see To tal Resolution Housing Assis tance Valley Postal 

or month 

End of fiscal year out stand ing Fund Administration Corp. Author ity Service Other 

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

1997 ................. 

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

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

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

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

2000 - Dec .............. 

2001 - Jan .............. 

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

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

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

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

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

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

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

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

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

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

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

33,173 95 68 1,261 27,386 3,898 465
 

29,359 63 174 1,261 26,685 717 458
 

28,505 63 114 863 26,378 634 451
 

27,672 63 227 775 25,987 51 569
 

27,011 63 231 775 25,381 - 561
 

27,377 63 255 775 25,660 51 573
 

27,158 63 275 775 25,420 51 574
 

26,879 63 291 775 25,135 51 564
 

26,818 63 307 775 25,057 51 565
 

26,788 63 315 775 25,018 51 566
 

26,671 63 201 775 25,064 - 568
 

27,099 63 204 775 25,489 - 569
 

26,937 63 210 775 25,319 - 570
 

26,617 63 224 775 24,995 - 560
 

27,011 63 231 775 25,381 - 561
 

26,775 63 252 775 25,123 - 562
 

26,655 63 269 775 24,985 - 563
 

26,828 63 270 775 25,155 - 565
 
28 FED ERAL DEBT 

TA BLE FD-5.—Matu rity Distri bu tion and Aver age Length of Market able

In ter est-Bearing Public Debt Held by Private Inves tors 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Ma tu rity classes 

End of fiscal year

or month 

Amount 

outstanding

privately held 

Within 

1 year 1-5 years 5-10 years 10-20 years 

20 years 

or more Aver age length 1 

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

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. 

2001 .............. 2,328,302 900,178 650,522 329,247 174,653 273,702 5 yrs. 9 mos. 

2000 - Dec ........... 2,423,503 871,579 746,162 344,615 162,096 299,050 5 yrs. 10 mos. 

2001 - Jan ........... 2,428,525 879,611 741,178 348,632 162,096 297,008 5 yrs. 9 mos. 

Feb ........... 2,434,842 876,447 749,391 342,160 169,386 297,457 5 yrs. 10 mos. 

Mar ........... 2,430,055 902,824 722,106 342,556 168,191 294,378 5 yrs. 9 mos. 

Apr ........... 2,317,798 806,690 712,551 340,779 164,662 293,116 5 yrs. 11 mos. 

May ........... 2,294,130 789,827 716,107 333,361 173,218 281,617 6 yrs. 0 mos. 

June .......... 2,260,841 781,923 693,530 333,618 170,990 280,779 6 yrs. 0 mos. 

July ........... 2,282,982 824,863 691,268 319,016 169,852 277,983 5 yrs. 10 mos. 

Aug ........... 2,353,208 902,150 673,169 329,438 174,653 273,798 5 yrs. 9 mos. 

Sept .......... 2,328,302 900,178 650,522 329,247 174,653 273,702 5 yrs. 9 mos. 

Oct ........... 2,342,638 892,994 683,271 315,731 174,415 276,227 5 yrs. 8 mos. 

Nov ........... 2,405,814 940,974 696,263 319,510 199,232 249,835 5 yrs. 6 mos. 

Dec ........... 2,392,530 932,153 696,991 317,932 197,742 247,712 5 yrs. 6 mos. 

1 Be gin ning Septem ber 1976, the matu rity distri bu tion and aver age length were calcu lated on Note.— Details may not add to totals due to rounding.
 

the inter est-bearing market able debt privately held. Infla tion-indexed notes (first offered in
 

1997) are excluded from the aver age length calcu la tion. Published data were changed for the
 

end of the fiscal years back through 1967.
 
FED ERAL DEBT 29 

TA BLE FD-6.—Debt Subject to Statutory Limit* 

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

Se cu ri ties outstand ing

Debt subject to limit sub ject to limit 

Secu ri ties not 

End of fiscal year Stat u tory debt subject to 

or month limit To tal Pub lic debt Other debt 1 Pub lic debt Other debt limit 

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

2001 - Jan ................ 5,950,000 5,636,375 5,636,231 144 5,716,071 144 79,840 

Feb ............... 5,950,000 5,655,895 5,655,754 140 5,735,859 140 80,105 

Mar ............... 5,950,000 5,692,496 5,692,323 173 5,773,740 173 81,416 

Apr................ 5,950,000 5,580,508 5,580,327 181 5,661,348 181 81,021 

May ............... 5,950,000 5,573,705 5,573,513 193 5,656,182 193 82,669 

June ............... 5,950,000 5,644,978 5,644,783 195 5,726,815 195 82,033 

July ............... 5,950,000 5,639,073 5,638,873 201 5,718,303 201 79,430 

Aug ............... 5,950,000 5,691,120 5,690,906 214 5,769,876 214 78,969 

Sept ............... 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

Oct ................ 5,950,000 5,744,523 5,744,281 242 5,815,983 242 71,703 

Nov ............... 5,950,000 5,816,823 5,816,564 259 5,888,897 259 72,333 

Dec ............... 5,950,000 5,871,413 5,871,154 259 5,943,439 259 72,285 

1 Con sists of guaran teed debt issued by the Federal Housing Admin is tra tion.	 * Effec tive June 2001, FMS revised proce dures and cate go ries in this table to reflect the format 

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

TA BLE FD-6.—Debt Subject to Statutory Limi ta tion (Histor i cal) 

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

Debt outstand ing In ter est-bearing debt

sub ject to limi ta tion sub ject to limi ta tion 

End of fiscal year Stat u tory debt 

or month limit To tal Pub lic debt Other debt 1 Pub lic debt Other debt 

Non-interestbearing debt 

subject to 

limi ta tion 

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

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 

2001 ................... 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

2000 - Dec................ 5,950,000 5,580,455 5,580,208 247 5,537,104 247 43,104 

1 Con sists of guaran teed debt issued by the Federal Housing Admin is tra tion. 
30 FED ERAL DEBT 

TA BLE FD-7.—Treasury Holdings of Secu ri ties Issued 

by Govern ment Corpo ra tions and Other Agencies 

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

De part ment of Agri cul ture 

Ru ral Housing Ru ral Business and Commu nity and Coop er a tive For eign

Farm-Service Ru ral Utilities De vel op ment De vel op ment Ag ri cul tural

or month 

End of fiscal year 

To tal Agency Service Ser vice Ser vice Ser vice 

(1) (2) (3) (4) (5) (6) 

1997 ............... 

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

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

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

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

2000 - Dec ............ 

2001 - Jan ............ 

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

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

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

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

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

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

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

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

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

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

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

133,301 9,818 12,925 6,676 157 670 

154,155 19,937 13,295 7,808 203 642 

182,988 32,625 13,837 8,506 261 761 

191,596 27,323 14,690 9,413 305 729 

205,328 28,817 15,128 10,168 336 970 

186,407 17,455 14,421 9,423 320 725 

195,339 21,257 15,028 9,423 320 725 

196,484 22,506 15,074 9,423 320 739 

200,210 23,934 15,074 9,423 361 739 

205,299 24,762 15,571 10,509 361 739 

205,508 25,134 15,571 10,509 361 739 

203,413 26,350 15,270 10,509 361 935 

221,728 26,533 15,270 10,509 361 935 

225,777 31,680 15,250 10,509 361 935 

205,328 28,817 15,128 10,168 336 970 

214,946 33,448 14,968 10,168 336 889 

215,476 33,707 14,968 10,168 336 889 

205,112 22,189 15,008 10,188 341 889 

De part ment of

En ergy 

De part ment of Housing

and Urban Devel op ment 

De part ment

of the Treasury 

De part ment

of Veterans Affairs 

End of fiscal year De part ment

or month of Edu ca tion 

Bonneville
 Power

Ad min is tra tion
 

Fed eral 

Housing Administration 

Other 

Housing 

programs 

Fed eral

Fi nancing Bank 

Di rect Loan 

Fund 

(7) (8) (9) (10) (11) (12) 

1997 ............... 

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

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

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

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

2000 - Dec ............ 

2001 - Jan ............ 

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

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

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

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

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

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

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

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

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

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

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

23,532 2,499 3,639 6,174 34,944 * 

35,610 2,499 6,579 5,293 34,036 -

52,440 2,515 7,996 4,628 28,115 -

65,716 2,513 7,155 3,653 27,836 -

77,448 2,689 4,544 3,103 27,862 -

70,616 2,513 7,155 3,653 25,574 -

75,963 2,648 7,155 3,653 24,347 -

75,963 2,648 7,155 3,653 23,923 -

76,158 2,648 7,155 3,653 24,351 -

79,311 2,648 7,155 3,653 24,075 -

79,311 2,648 7,155 3,653 23,742 -

79,311 2,723 7,155 3,653 23,236 -

85,200 2,723 7,155 3,653 22,509 -

82,928 2,773 7,155 3,653 22,788 -

77,448 2,689 4,544 3,103 27,862 -

84,089 2,689 4,544 3,103 25,611 -

85,172 2,689 4,544 3,103 25,522 -

85,170 2,689 4,544 3,103 24,133 -
FED ERAL DEBT 31 

TA BLE FD-7.—Treasury Holdings of Secu ri ties Issued by Govern ment

Cor po ra tions and Other Agencies, con. 

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

De part ment 

of Veterans Affairs, con. 

End of fiscal year Loan Guaranty or month Fund 

Export-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) 

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 .......... - 6,683 4,874 10,012 10,694 

2001 .......... - 7,045 5,012 10,087 12,120 

2000 - Dec ....... - 6,683 5,635 9,329 12,908 

2001 - Jan ....... - 6,683 5,912 9,329 12,897 

Feb ....... - 6,683 6,165 9,329 12,905 

Mar ....... - 7,327 6,430 10,083 12,876 

Apr ....... - 6,854 6,694 10,083 12,884 

May ...... - 7,004 6,934 10,083 12,666 

June ...... - 7,054 4,200 10,083 12,575 

July....... - 7,082 4,467 10,083 25,251 

Aug....... - 7,067 4,733 10,083 25,865 

Sept ...... - 7,045 5,012 10,087 12,120 

Oct ....... - 7,045 5,291 10,370 12,395 

Nov....... - 7,045 5,529 9,346 12,458 

Dec....... - 7,145 5,778 9,346 14,591 

* Less than $500,000. 
32 FED ERAL DEBT 

CHARTS FD-A.—Average Length 

of Privately Held Marketable Debt 

(Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.) 

Years 

6.5 

6 

Dec. 31, 2001 

5 Years, 6 Months 

5.5 

5 

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

Years 

12 

10 

8 

6 

4 

2 

0 

June 1947 

10 Years, 

5 Months 

Dec. 1975 

2 Years, 

5 Months 

45 49 53 57 61 65 69 73 77 81 85 89 93 97 01
33
 

IN TRO DUC TION: Public Debt Oper a tions
 

Chap ter 31 of Title 31 of the United States Code allows 

the Secre tary of Treasury to borrow money by issu ing Treasury secu ri ties. The Secre tary deter mines the terms and conditions of issue, conver sion, matu rity, payment and inter est rate. 

New issues of Treasury notes mature in 2 to 10 years. Bonds

ma ture in more than 10 years from the issue date. Each outstand ing market able secu rity is listed in the “Monthly Statement of the Public Debt of the United States.” The infor ma tion 

in this section of the “Treasury Bulle tin” pertains only to market able Trea sury secu ri ties. 

• Ta ble PDO-1 provides a matu rity schedule of interest-bearing market able Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in matu rity order, from earli est to latest. A sepa rate breakout is provided for 

the combined holdings of the Govern ment accounts and Federal Reserve Banks (FRBs), so that the “all other inves tors”

cat e gory includes all private holdings. 

• Ta ble PDO-2 pres ents the results of weekly auctions of 

4-, 13- and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26-week 

bills. Issues of cash manage ment bills also are presented. High 

yields on accepted tenders and the dollar value of total bids are 

pre sented, with the dollar value of awards made on both compet i tive and noncom pet i tive bases. 

To encour age the partic i pa tion of indi vid u als and smaller 

in sti tu tions, Treasury accepts noncom pet i tive tenders of up to 

$1 million for bills and $5 million for notes and bonds in each 

auc tion of secu ri ties. 

• Ta ble PDO-3 lists the results of auctions of market able

se cu ri ties, other than weekly bills, in chrono log i cal order over 

the past 2 years. 

• Ta ble PDO-4 indi cates the total amount of market able

se cu ri ties allot ted to each class of inves tor. TheFRBs tally into

in ves tor classes the tenders in each auction of market able secu ri ties other than weekly auctions of 4-, 13- and 26-week 

bills. 

TREA SURY FINANCING: OCTO BER-DECEMBER 

[Source: Bureau of the Public Debt, Office of Financing] 

On July 23, 2001, Trea sury announced plans to begin regu lar weekly offer ings of 4-week bills. The first 

4-week bill was announced July 30, auctioned July 

31 and issued August 2. 

OC TO BER 

Auc tion of 30-1/2-Year Infla tion-Indexed Bonds 

On Octo ber 3, 2001, Trea sury announced it would auction 

$5,000 million of 30-1/2-year infla tion-indexed bonds to raise 

cash. The 30-1/2-year infla tion-indexed bonds of April 2032 

were dated and issued Octo ber 15, 2001. They are due April 

15, 2032, with inter est payable on April 15 and Octo ber 15 until matu rity. 

Trea sury received tenders for the bonds before 11 a.m. eastern daylight time (e.d.t) for noncom pet i tive tenders and before 

11:30 a.m. e.d.t. for compet i tive tenders on Octo ber 10. Tenders totaled $11,156 million; Treasury accepted $5,000 million at the high yield of 3.465 percent with an equiva lent price 

of 98.314. Tenders at the high yield were allot ted 79.48 percent. The median yield was 3.420 percent, and the low yield 

was 3.300 percent. Noncom pet i tive tenders totaled $88 million. Compet i tive tenders accepted from private inves tors totaled $4,912 million. 

The mini mum par amount required for STRIPS of inflation-indexed bonds is $1,000. 

Auc tion of 9-year 10-Month Notes 

On Octo ber 4, Trea sury announced it would auction $6,000

mil lion of 9-year 10-month notes to raise cash. 

The 9-year 10-month 5 percent notes of Series C-2011 were 

dated August 15, 2001 and issued Octo ber 5, 2001. They are 

due August 15, 2011, with inter est payable on Febru ary 15 and 

Au gust l5 until matu rity. Accrued inter est of $6.92935 per 

$1,000, cover ing the period from August 15 to Octo ber 5, 

2001, was payable with each accepted tender. 

Trea sury received tenders for the notes before 12 noon e.d.t. 

for noncom pet i tive tenders and before 1 p.m. e.d.t. for competi tive tenders on Octo ber 5. Ten ders totaled $14,175 million;

Trea sury accepted $6,000 million. All noncom pet i tive and 

suc cess ful compet i tive bidders were allot ted secu ri ties at the 

high yield of 4.519 percent with an equiva lent price of 

103.783. Ten ders at the high yield were allot ted 53.57 percent. 

Trea sury accepted in full all compet i tive tenders at yields 

lower than 4.519 percent. The median yield was 4.499 percent, 

and the low yield was 4.400 percent. Noncom pet i tive tenders 

to taled $225 thousand. Compet i tive tenders accepted from 

pri vate inves tors totaled $6,000 million. The mini mum par 

amount required for STRIPS of notes of Series C-2011 is 

$1,000. 

Auc tion of 2-Year Notes 

On Octo ber 17, Treasury announced it would auction 

$19,000 million of 2-year notes of Series V-2003. The issue 

was to refund $27,693 million of secu ri ties matur ing Octo ber 

31 and to pay down about $8,693 million. 

The notes of Series V-2003 were dated Octo ber 31, 2001. 

They are due Octo ber 31, 2003, with inter est payable on April 

30 and Octo ber 31 until matu rity. Treasury set an inter est rate 

of 2-3/4 percent after deter min ing which tenders were accepted on a yield auction basis. Treasury received tenders for 
34 PUB LIC DEBT OPER A TIONS 

TREA SURY FI NANCING: OCTO BER-DECEMBER, con. 

the notes before 12 noon e.d.t for noncom pet i tive tenders and 

be fore 1 p.m. e.d.t. for compet i tive tenders on Octo ber 24. 

Ten ders totaled $43,220 million; Treasury accepted $19,000

mil lion. All noncom pet i tive and success ful compet i tive bidders were allot ted secu ri ties at the high yield of 2.770 percent 

with the equiva lent price of $99.961. Tenders at the high yield 

were allot ted 86.62 percent. The median yield was 2.740 percent, and the low yield was 2.700 percent. Noncom pet i tive

ten ders totaled $749 million. Compet i tive tenders accepted 

from private inves tors totaled $18,251 million. 

In addi tion to the $19,000 million of tenders accepted in the 

auc tion process, Treasury accepted $6,143 million from Federal Reserve Banks (FRBs) for their own account. The minimum par amount required for STRIPS of notes of Series 

V-2003 is $1,000. 

Debt Buyback Oper a tions 

In the debt buyback oper a tion held on Octo ber 18, 2001, for

set tle ment on Octo ber 22, Trea sury received $5,632 million of 

of fers. It accepted $1,500 million par amount for a total price 

paid of $1,788 million (less accrued inter est). 

In the debt buyback oper a tion held on Octo ber 25, 2001, for

set tle ment on Octo ber 29, Trea sury received $5,043 million of 

of fers. It accepted $1,000 million par amount for a total price 

paid of $1,498 million (less accrued inter est). 

NO VEM BER 

No vem ber Quarterly Financing 

On Octo ber 31, Trea sury announced it would auction 

$16,000 million of 5-year notes of Series F-2006 and $7,000

mil lion of 9-3/4-year notes of Series C-2011 to refund $21,588

mil lion of Treasury secu ri ties matur ing Novem ber 15 and to 

raise about $1,412 million of new cash. 

The notes of Series F-2006 were dated Novem ber 15, 2001. 

They are due Novem ber 15, 2006, with inter est payable on 

May 15 and Novem ber 15 until matu rity. Treasury set an interest rate of 3-1/2 percent after deter min ing which tenders were 

ac cepted on a yield auction basis. 

Trea sury received tenders for the notes before 12 noon e.s.t. 

for noncom pet i tive tenders and before 1 p.m. e.s.t. for competi tive tenders on Novem ber 6. Ten ders totaled $34,872 million;

Trea sury accepted $16,000 million. All noncom pet i tive and 

suc cess ful compet i tive bidders were allot ted secu ri ties at the 

high yield of 3.617 percent with an equiva lent price of 99.469.

Trea sury accepted in full all compet i tive tenders at yields 

lower than 3.617. Ten ders at the high yield were allot ted 93.14 

per cent. The median yield was 3.580 percent, and the low 

yield was 3.550 percent. Noncom pet i tive tenders totaled $199 

mil lion. Compet i tive tenders accepted from private inves tors

to taled $15,801 million. 

In addi tion to the $16,000 million of tenders accepted in the 

auc tion process, Treasury accepted $2,799 million from FRBs 

for their own account. The mini mum par amount required for 

STRIPS of notes of Series F-2006 is $1,000. 

The 9-3/4-year 5 percent notes of Series C-2011 were dated 

Au gust 15, 2001. They were issued Novem ber 15, 2001, and 

are due August 15, 2011, with inter est payable on Febru ary 15 

and August l5 until matu rity. Accrued inter est of $12.50000 

per $1,000, cover ing the period from August 15 to Novem ber 

15, 2001, was payable with each accepted tender. 

Trea sury received tenders for the notes before 12 noon e.s.t. 

for noncom pet i tive tenders and before 1 p.m. e.s.t. for competi tive tenders on Novem ber 7. Ten ders totaled $14,044 million;

Trea sury accepted $7,000 million. All noncom pet i tive and 

suc cess ful compet i tive bidders were allot ted secu ri ties at the 

high yield of 4.220 percent with an equiva lent price of 

106.170. Ten ders at the high yield were allot ted 83.52 percent. 

Trea sury accepted in full all compet i tive tenders at yields 

lower than 4.220 percent. The median yield was 4.188 percent, 

and the low yield was 4.135 percent. Noncom pet i tive tenders 

to taled $75 million. Compet i tive tenders accepted from private inves tors totaled $6,925 million. 

In addi tion to the $7,000 million of tenders accepted in the 

auc tion process, Treasury accepted $1,592 million from FRBs 

for their own account. The mini mum par amount required for 

STRIPS of notes of Series C-2011 is $1,000. 

Auc tion of 2-Year Notes 

On Novem ber 21, Treasury announced it would auction 

$21,000 million of 2-year notes. The issue was to refund 

$28,338 million of secu ri ties matur ing Novem ber 30 and to 

pay down about $7,338 million. 

The notes of Series W-2003 were dated Novem ber 30, 

2001. They are due Novem ber 30, 2003, with inter est payable 

on May 31 and Novem ber 30 until matu rity. Treasury set an inter est rate of 3 percent after deter min ing which tenders were 

ac cepted on a yield auction basis. 

Trea sury received tenders for the notes before 12 noon e.s.t. 

for noncom pet i tive tenders and before 1 p.m. e.s.t. for competi tive tenders on Novem ber 28. Ten ders totaled $31,761 million; Treasury accepted $21,000 million. All noncom pet i tive 

and success ful compet i tive bidders were allot ted secu ri ties at 

the high yield of 3.008 percent with an equiva lent price of 

99.985. Ten ders at the high yield were allot ted 14.96 percent. 

Trea sury accepted in full all compet i tive tenders at yields 

lower than 3.008 percent. The median yield was 2.960 percent, 

and the low yield was 2.900 percent. Noncom pet i tive tenders 

to taled $774 million. Compet i tive tenders accepted from private inves tors totaled $20,226 million. 

In addi tion to the $21,000 million of tenders accepted in the 

auc tion process, Treasury accepted $5,167 million from FRBs 

for their own account. 

Debt Buyback Oper a tions 

In the debt buyback oper a tion held on Novem ber 15, 2001, 

for settle ment on Novem ber 19, Treasury received $7,617 million of offers. It accepted $1,750 million par amount for a total 

price paid of $2,489 million (less accrued inter est). 

In the debt buyback oper a tion held on Novem ber 29, 2001, 

for settle ment on Decem ber 3, Treasury received $4,654 mil-
PUB LIC DEBT OPER A TIONS 35 

TREA SURY FI NANCING: OCTOBER-DECEMBER, con.
 

lion of offers. It accepted $1,500 million par amount for a total 

price paid of $2,026 million (less accrued inter est). 

DE CEM BER 

Auc tion of 2-Year Notes 

On Decem ber 19, Treasury announced it would auction 

$23,000 million of 2-year notes. The issue was to refund 

$24,500 million of secu ri ties matur ing Decem ber 31 and to 

pay down about $1,500 million. 

The notes of Series X-2003 were dated and issued December 31, 2001. They are due Decem ber 31, 2003, with inter est

pay able on June 30 and Decem ber 31 until matu rity. Treasury 

set an inter est rate of 3-1/4 percent after deter min ing which 

ten ders were accepted on a yield auction basis. 

Trea sury received tenders for the notes before 12 noon e.s.t. 

for noncom pet i tive tenders and before 1 p.m. e.s.t. for competi tive tenders on Decem ber 27. Ten ders totaled $55,297 million; Treasury accepted $23,000 million. All noncom pet i tive 

and success ful compet i tive bidders were allot ted secu ri ties at 

the high yield of 3.300 percent with an equiva lent price of 

99.904. Tenders at the high yield were allot ted 27.52 percent. 

Trea sury accepted in full all compet i tive tenders at yields 

lower than 3.300 percent. The median yield was 3.280 percent, 

and the low yield was 3.200 percent. Noncom pet i tive tenders 

to taled $876 million. Compet i tive tenders accepted from private inves tors totaled $22,124 million. 

In addi tion to the $23,000 million of tenders accepted in the 

auc tion process, Treasury accepted $6,666 million from FRBs 

for their own accounts. The mini mum par amount required for 

STRIPS of notes of Series X-2003 is $1,000. 

Debt Buyback Oper a tions 

In the debt buyback oper a tion held on Decem ber 13, 2001, 

for settle ment on Decem ber 17, Treasury received $5,393 million of offers. It accepted $1,500 million par amount for a total 

price paid of $1,728 million (less accrued inter est). 

In the debt buyback oper a tion held on Decem ber 20, 2001, 

for settle ment on Decem ber 24, Treasury received $4,906 million of offers. It accepted $1,250 million par amount for a total 

price paid of $1,738 million (less accrued inter est). 
36 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Dec. 31, 2001 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal All other

Re serve Banks inves tors 

(1) (2) (3) (4) (5) 

2002 

Jan. 31............................................... 6-1/4%-C note 01/31/97 13,453 1,542 11,912 

Jan. 31............................................... 1 6-3/8%-R note 01/31/00 19,381 4,225 15,157 

Feb. 15, 02-07 ......................................... 7-5/8% bond 02/15/77 4,234 1,566 2,668 

Feb. 15 .............................................. 14-1/4% bond 01/06/82 1,759 281 1,478 

Feb. 28 .............................................. 6-1/4%-D note 02/28/97 13,800 2,155 11,645 

Feb. 28 .............................................. 1 6-1/2%-S note 02/29/00 16,563 4,579 11,984 

Mar. 31 .............................................. 6-5/8%-E note 03/31/97 14,301 2,955 11,347 

Mar. 31 .............................................. 1 6-1/2%-T note 03/31/00 17,238 4,572 12,666 

Apr. 30............................................... 6-5/8%-F note 04/30/97 14,475 2,451 12,024 

Apr. 30............................................... 1 6-3/8%-U note 05/01/00 17,391 3,887 13,504 

May 15............................................... 1 7-1/2%-A note 05/15/92 11,714 2,291 9,424 

May 31............................................... 6-1/2%-G note 06/02/97 13,504 1,803 11,701 

May 31............................................... 1 6-5/8%-V note 05/31/00 14,872 4,361 10,511 

June 30 .............................................. 6-1/4%-H note 06/30/97 13,059 1,910 11,149 

June 30 .............................................. 1 6-3/8%-W note 06/30/00 14,321 4,693 9,628 

July 15 ............................................... 1 3-5/8%-J note 07/15/97 18,662 999 17,663 

July 31 ............................................... 6%-K note 07/31/97 12,231 787 11,444 

July 31 ............................................... 1 6-1/4%-X note 07/31/00 15,058 4,810 10,248 

Aug. 15 .............................................. 1 6-3/8%-B note 08/17/92 23,859 4,320 19,539 

Aug. 31 .............................................. 6-1/4%-L note 09/02/97 12,732 2,138 10,594 

Aug. 31 .............................................. 1 6-1/8%-Y note 08/31/00 15,072 4,216 10,856 

Sept. 30 .............................................. 1 5-7/8%-M note 09/30/97 12,807 1,912 10,894 

Sept. 30 .............................................. 1 6%-Z note 10/02/00 15,144 5,038 10,106 

Oct. 31............................................... 1 5-3/4%-N note 10/31/97 26,594 5,339 21,255 

Nov. 15, 02-07 ......................................... 7-7/8% bond 11/15/77 1,495 389 1,106 

Nov. 15 .............................................. 11-5/8% bond 09/29/82 2,753 708 2,045 

Nov. 30 .............................................. 1 5-3/4%-P note 12/01/97 12,121 1,491 10,630 

Nov. 30 .............................................. 1 5-5/8%-AC note 11/30/00 15,059 3,674 11,384 

Dec. 31 .............................................. 1 5-5/8%-Q note 12/31/97 12,052 1,019 11,034 

Dec. 31 .............................................. 1 5-1/8%-AD note 01/02/01 14,822 4,216 10,606 

Total .................... 410,525 84,323 326,202 

2003 

Jan. 31............................................... 1 5-1/2%-C note 02/02/98 13,101 1,807 11,293 

Jan. 31............................................... 1 4-3/4%-L note 01/31/01 15,453 4,017 11,435 

Feb. 15 .............................................. 10-3/4% bond 01/04/83 3,007 831 2,175 

Feb. 15 .............................................. 1 6-1/4%-A note 02/16/93 23,563 2,672 20,891 

Feb. 28 .............................................. 1 5-1/2%-D note 03/02/98 13,670 2,511 11,160 

Feb. 28 .............................................. 1 4-5/8%-M note 02/28/01 14,685 3,667 11,018 

Mar. 31 .............................................. 1 5-1/2%-E note 03/31/98 14,173 3,670 10,503 

Mar. 31 .............................................. 1 4-1/4%-N note 04/02/01 14,675 3,801 10,874 

Apr. 30 .............................................. 1 5-3/4%-F note 04/30/98 12,573 3,088 9,485 

Apr. 30 .............................................. 1 4%-P note 04/30/01 13,339 3,568 9,770 

May 15............................................... 10-3/4% bond 04/04/83 3,249 919 2,330 

May 31............................................... 1 5-1/2%-G note 06/01/98 13,132 2,268 10,864 

May 31............................................... 1 4-1/4%-Q note 05/31/01 13,332 3,482 9,850 

June 30 .............................................. 1 5-3/8%-H note 06/30/98 13,127 2,255 10,872 

June 30 .............................................. 1 3-7/8%-R note 06/30/01 14,671 3,967 10,705 

July 31 ............................................... 1 3-7/8%-S note 07/31/01 16,003 4,259 11,744 

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 3,501 860 2,641 

Aug. 15 .............................................. 1 5-3/4%-B note 08/16/93 28,011 4,659 23,352 

Aug. 15 .............................................. 1 5-1/4%-J note 08/17/98 19,852 3,468 16,384 

Aug. 31 .............................................. 1 3-5/8%-T note 08/31/01 18,665 4,667 13,998 

Sept. 30 .............................................. 1 2-3/4%-U note 10/01/01 22,675 5,667 17,009 

Oct. 31............................................... 1 2-3/4%-V note 10/31/01 25,148 6,143 19,005 

Nov. 15, 03-08 ........................................ 8-3/4% bond 11/15/78 5,230 1,666 3,564 

See footnote at end of table. 
PUB LIC DEBT OPER A TIONS 37 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Dec. 31, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties held by 

Date of final matu rity De scrip tion Issue date To tal 

U.S. Govern­ ment accounts 

and Federal All other

Re serve Banks in ves tors 

(1) (2) (3) (4) (5) 

2003 con. 

Nov. 15 .............................................. 11-7/8% bond 10/05/83 7,260 1,769 5,491 

Nov. 15 .............................................. 4-1/4%-K note 11/16/98 18,626 1,538 17,087 

Nov. 30 .............................................. 1 3%-W note 11/30/01 26,171 5,167 21,003 

Dec. 31 .............................................. 1 3-1/4-X note 12/31/01 29,668 6,666 23,002 

To tal .................... 418,662 89,840 328,821 

Feb. 15 .............................................. 1 5-7/8%-A note 02/15/94 12,955 710 12,245 

Feb. 15 .............................................. 1 4-3/4%-E note 02/16/99 17,823 2,274 15,549 

May 15, 04-09 ......................................... 9-1/8% bond 05/15/79 4,606 1,111 3,495 

May 15............................................... 12-3/8% bond 04/05/84 3,755 868 2,887 

May 15............................................... 1 7-1/4%-B note 05/16/94 14,440 3,231 11,209 

May 15............................................... 1 5-1/4%-F note 05/17/99 18,925 2,721 16,205 

Aug. 15 .............................................. 13-3/4% bond 07/10/84 4,000 923 3,078 

Aug. 15 .............................................. 

Aug. 15 .............................................. 

1 7-1/4%-C note 08/15/94 1 6%-G note 08/16/99 

13,346 

18,090 

1,423 

2,023 

11,923 

16,067 

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 1,855 6,447 

Nov. 15 .............................................. 1 7-7/8%-D note 11/15/94 14,374 3,234 11,140 

Nov. 15 .............................................. 1 5-7/8%-H note 11/15/99 32,658 4,015 28,643 

To tal .................... 167,476 25,462 142,014 

2005 

Feb. 15, 05-10 ......................................... 11-3/4% bond 02/15/80 2,315 858 1,457 

Feb. 15 .............................................. 1 7-1/2%-A note 02/15/95 13,835 2,745 11,090 

May 15, 05-10 ......................................... 10% bond 05/15/80 2,987 1,177 1,811 

May 15............................................... 1 12% bond 04/02/85 4,261 896 3,364 

May 15............................................... 1 6-1/2%-B note 05/15/95 14,740 2,216 12,524 

May 15............................................... 1 6-3/4%-E note 05/15/00 28,562 4,796 23,767 

Aug. 15 .............................................. 1 10-3/4% bond 07/02/85 9,270 1,982 7,288 

Aug. 15 .............................................. 1 6-1/2%-C note 08/15/95 15,003 2,188 12,814 

Nov. 15, 05-10 ......................................... 12-3/4% bond 11/17/80 4,081 1,261 2,821 

Nov. 15 .............................................. 1 5-7/8%-D note 11/24/95 15,210 2,055 13,155 

Nov. 15 .............................................. 1 5-3/4%-F note 11/15/00 28,063 3,683 24,380 

To tal .................... 138,326 23,856 114,471 

2006 

Feb. 15 .............................................. 1 9-3/8% bond 01/15/86 4,756 969 3,787 

Feb. 15 .............................................. 1 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

May 15, 06-11 ......................................... 13-7/8% bond 05/15/81 3,545 1,074 2,471 

May 15............................................... 1 6-7/8%-B note 05/15/96 16,015 3,305 12,711 

May 15............................................... 1 4-5/8%-E note 05/15/01 27,798 3,798 24,000 

July 15 ............................................... 1 7%-C note 07/15/96 22,740 4,656 18,085 

Oct. 15............................................... 1 6-1/2%-D note 10/15/96 22,460 4,473 17,987 

Nov. 15, 06-11 ......................................... 14% bond 11/16/81 4,048 975 3,073 

Nov. 15 .............................................. 1 3-1/2%-F note 11/15/01 18,801 2,799 16,002 

To tal .................... 135,677 23,992 111,685 

2007 

Jan. 15............................................... 1 3-3/8%-A note 02/06/97 17,656 1,705 15,971 

Feb. 15 .............................................. 1 6-1/4%-B note 02/18/97 13,104 1,254 11,850 

May 15............................................... 1 6-5/8%-C note 05/15/97 13,958 2,579 11,380 

Aug. 15 .............................................. 1 6-1/8%-D note 08/15/97 25,637 4,551 21,086 

Nov. 15, 07-12 ......................................... 10-3/8% bond 11/15/82 10,126 1,919 8,207 

To tal .................... 80,501 12,007 68,493 

See footnote at end of table. 

2004 
38 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Dec. 31, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern ment

ac counts and 

Federal All other

Re serve Bank inves tors 

(1) (2) (3) (4) (5) 

2008 

Jan. 15............................................... 1 3-5/8%-A note 01/15/98 18,494 1,901 16,593 

Feb. 15 .............................................. 1 5-1/2%-B note 02/17/98 13,583 1,855 11,728 

May 15............................................... 1 5-5/8%-C note 05/15/98 27,191 4,932 22,259 

Aug. 15, 08-13 ......................................... 12% bond 08/15/83 11,917 3,041 8,876 

Nov. 15 .............................................. 4-3/4%-D note 11/16/98 25,083 3,428 21,655 

To tal .................... 96,268 15,157 81,111 

2009 

Jan. 15............................................... 1 3-7/8%-A note 01/15/99 17,233 979 16,254 

May 15, 09-14 ......................................... 13-1/4% bond 05/15/84 4,481 869 3,611 

May 15............................................... 1 5-1/2%-B note 05/17/99 14,795 2,425 12,370 

Aug. 15, 09-14 ......................................... 12-1/2% bond 08/15/84 4,388 906 3,482 

Aug. 15 .............................................. 1 6%-C note 08/16/99 27,400 4,483 22,917 

Nov. 15, 09-14 ......................................... 1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

To tal .................... 73,311 10,857 62,455 

2010 

Jan. 15............................................... 1 4-1/4%-A note 01/18/00 11,958 580 11,379 

Feb. 15 .............................................. 1 6-1/2%-B note 02/15/00 23,356 3,843 19,513 

Aug. 15 .............................................. 1 5-3/4%-C note 08/15/00 22,438 2,529 19,909 

To tal .................... 57,752 6,952 50,800 

2011 

Jan. 15............................................... 1 3-1/2%-A note 01/16/01 11,233 170 11,064 

Feb. 15 .............................................. 1 5%-B note 02/15/01 23,436 3,428 20,008 

Aug. 15 .............................................. 1 5%-C note 08/15/01 26,635 2,635 24,001 

Total .................... 61,305 6,232 55,073 

2015 

Feb. 15 .............................................. 1 11-1/4% bond 02/15/85 10,783 1,846 8,938 

Aug. 15 .............................................. 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

Nov. 15 .............................................. 1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

To tal .................... 20,392 4,020 16,372 

2016 

Feb. 15 .............................................. 1 9-1/4% bond 02/18/86 5,502 1,037 4,465 

May 15............................................... 1 7-1/4% bond 05/15/86 18,824 1,099 17,724 

Nov. 15 .............................................. 1 7-1/2% bond 11/17/86 18,824 1,656 17,168 

To tal .................... 43,150 3,792 39,358 

2017 

May 15............................................... 1 8-3/4% bond 05/15/87 15,619 2,755 12,864 

Aug. 15 .............................................. 1 8-7/8% bond 08/17/87 11,208 2,058 9,150 

To tal .................... 26,828 4,813 22,015 

2018 

May 15............................................... 1 9-1/8% bond 05/16/88 6,797 1,240 5,558 

Nov. 15 .............................................. 1 9% bond 11/22/88 7,174 1,053 6,121 

To tal .................... 13,972 2,293 11,679 

See footnote at end of table. 
PUB LIC DEBT OPER A TIONS 39 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Dec. 31, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal All other

Re serve Bank inves tors 

(1) (2) (3) (4) (5) 

2019 

Feb. 15 .............................................. 1 8-7/8% bond 02/15/89 13,320 2,373 10,947 

Aug. 15 .............................................. 1 8-1/8% bond 08/15/89 18,941 2,690 16,251 

To tal .................... 32,261 5,063 27,198 

2020 

Feb. 15 .............................................. 1 8-1/2% bond 02/15/90 9,656 1,486 8,170 

May 15............................................... 1 8-3/4% bond 05/15/90 7,707 1,502 6,206 

Aug. 15 .............................................. 1 8-3/4% bond 08/15/90 17,259 2,629 14,630 

To tal. .................... 34,623 5,617 29,006 

2021 

Feb. 15 .............................................. 1 7-7/8% bond 02/15/91 10,196 1,426 8,769 

May 15............................................... 1 8-1/8% bond 05/15/91 10,192 1,618 8,574 

Aug. 15 .............................................. 1 8-1/8% bond 08/15/91 9,926 1,658 8,268 

Nov. 15 .............................................. 1 8% bond 11/15/91 30,632 4,130 26,502 

To tal .................... 60,946 8,832 52,114 

2022 

Aug. 15 .............................................. 1 7-1/4% bond 08/17/92 10,228 1,195 9,033 

Nov. 15 .............................................. 1 7-5/8% bond 11/16/92 7,424 1,601 5,823 

To tal .................... 17,651 2,796 14,856 

2023 

Feb. 15 .............................................. 1 7-1/8% bond 02/16/93 16,152 2,636 13,517 

Aug. 15 .............................................. 1 6-1/4% bond 08/16/93 22,659 1,609 21,051 

To tal .................... 38,811 4,244 34,567 

2024 

Nov. 15 .............................................. 1 7-1/2% bond 08/15/94 9,704 1,615 8,089 

To tal .................... 9,704 1,615 8,089 

2025 

Feb. 15 .............................................. 1 7-5/8% bond 02/15/95 10,019 1,594 8,426 

Aug. 15 .............................................. 1 6-7/8% bond 08/15/95 11,267 1,800 9,468 

To tal .................... 21,286 3,393 17,893 

2026 

Feb. 15 .............................................. 1 6% bond 02/15/96 12,838 1,164 11,674 

Aug. 15 .............................................. 1 6-3/4% bond 08/15/96 9,000 1,614 7,386 

Nov. 15 .............................................. 1 6-1/2% bond 11/15/96 10,870 1,724 9,146 

To tal .................... 32,709 4,502 28,207 

2027 

Feb. 15 .............................................. 1 6-5/8% bond 02/18/97 9,602 1,485 8,117 

Aug. 15 .............................................. 1 6-3/8% bond 08/15/97 9,357 1,640 7,717 

Nov. 15 .............................................. 1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

To tal .................... 40,980 6,473 34,507 

2028 

Apr. 15............................................... 1 3-5/8% bond 04/15/98 18,469 2,513 15,956 

Aug. 15 .............................................. 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15 .............................................. 1 5-1/4% bond 11/16/98 10,947 1,290 9,657 

To tal .................... 41,192 5,575 35,618 

See footnote at end of table. 
40 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Dec. 31, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties held by 

Date of final matu rity De scrip tion Issue date To tal 

U.S. Govern ment

ac counts and

Fed eral All other

Re serve Bank inves tors 

(1) (2) (3) (4) (5) 

2029 

Feb. 15 .............................................. 1 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15 ............................................... 1 3-7/8% bond 04/15/99 21,321 2,251 19,070 

Aug. 15 .............................................. 1 6-1/8% bond 08/16/99 11,179 1,075 10,104 

To tal .................... 43,850 4,996 38,854 

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 

2031 

Feb. 15 .............................................. 1 5-3/8% bond 02/15/01 16,428 1,423 15,005 

To tal .................... 16,428 1,423 15,005 

2032 

Apr. 15 ............................................... 1 3-3/8% bond 10/15/01 5,018 51 4,967 

To tal .................... 5,018 51 4,967 

1 This secu rity is eli gi ble for stripping. See table V of the “Monthly Statement of the Public Debt of the United States.” 
PUB LIC DEBT OPER A TIONS 41 

TA BLE PDO-2.—Of fer ings of Regu lar Weekly Trea sury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

De scrip tion of new issue Amounts of bids accepted On total compet i tive bids accepted 

Num ber Amount On non- High invest- of days to of bids On compet i- com pet i tive High price per High discount ment rate

Ma tu rity date matu rity 1 tendered To tal amount 2 tive basis ba sis 3 hundred rate (percent) (per cent) 4 

Is sue date (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Reg u lar weekly:
 

(4 week, 13 week and 26 week)
 

2001 - Oct. 4 ...... 2001 - Nov. 1 28 24,129.5 11,361.7 7,988.3 11.8 99.823 2.280 2.311 

2002 - Jan. 3 91 31,620.3 17,312.0 11,450.1 1,550.0 99.414 2.320 2.364 

Apr. 4 182 29,435.7 15,162.4 9,953.9 1,046.2 98.825 2.325 2.384 

11 ..... 2001 - Nov. 8 28 20,654.7 7,359.3 5,989.6 10.5 99.825 2.250 2.285 

2002 - Jan. 10 91 28,509.6 16,122.3 10,242.2 1,757.9 99.449 2.180 2.222 

Apr. 11 182 32,261.4 15,280.5 9,567.9 1,432.3 98.913 2.150 2.204 

18 ..... 2001 - Nov. 15 28 23,733.5 8,406.4 5,980.4 19.7 99.823 2.280 2.311 

2002 - Jan. 17 91 34,760.1 17,313.7 11,406.4 1,594.1 99.444 2.200 2.243 

Apr. 18 182 31,403.3 16,559.3 11,099.9 900.2 98.908 2.160 2.214 

25 ..... 2001 - Nov. 23 29 25,966.6 10,022.3 7,982.7 17.6 99.816 2.280 2.320 

2002 - Jan. 24 91 30,032.3 18,482.9 12,290.4 1,709.6 99.451 2.170 2.214 

Apr. 25 182 28,011.3 17,750.6 11,572.6 1,427.4 98.923 2.130 2.183 

Nov. 1 ...... 2001 - Nov. 29 28 29,441.8 12,996.3 11,983.2 16.9 99.834 2.140 2.168 

2002 - Jan. 31 91 37,953.7 20,384.5 13,222.5 1,777.6 99.482 2.050 2.089 

May. 2 182 33,762.6 18,894.8 12,787.3 1,212.7 98.986 2.005 2.054 

8 ...... 2001 - Dec. 6 28 23,667.2 16,972.7 15,992.5 7.6 99.834 2.140 2.168 

2002 - Feb. 7 91 31,852.1 21,108.4 14,255.3 1,744.7 99.501 1.975 2.012 

May 9 182 33,352.2 20,666.7 13,616.5 1,383.6 99.029 1.920 1.966 

15 ..... 2001 - Dec. 13 28 43,710.5 19,977.5 18,968.4 31.8 99.847 1.970 1.998 

2002 - Feb. 14 91 43,159.2 20,837.7 14,337.0 1,663.0 99.541 1.815 1.850 

May 16 182 37,412.8 21,431.5 15,026.8 973.3 99.080 1.820 1.862 

23 ..... 2001 - Dec. 20 27 52,169.0 23,753.9 22,971.4 28.6 99.850 2.000 2.031 

2002 - Feb. 21 90 37,585.3 20,862.5 14,584.8 1,415.2 99.525 1.900 1.936 

May 23 181 37,818.8 21,403.8 14,689.8 1,310.5 99.015 1.960 2.006 

29 ..... 2001 - Dec. 27 28 36,974.8 21,377.0 19,982.9 17.1 99.845 1.990 2.024 

2002 - Feb. 28 91 36,451.3 22,914.8 14,464.9 1,535.3 99.515 1.920 1.955 

May 30 182 37,764.1 22,011.6 14,468.7 1,531.7 98.994 1.990 2.038 

Dec. 6 ...... Jan. 3 28 43,293.0 19,777.8 18,988.8 11.3 99.862 1.770 1.801 

Mar. 7 91 31,896.8 20,615.6 14,460.2 1,539.8 99.561 1.735 1.769 

June 6 182 29,182.9 21,437.9 14,782.3 1,217.8 99.108 1.765 1.805 

13 ..... Jan. 10 28 36,705.0 15,762.6 14,972.6 27.4 99.870 1.670 1.697 

Mar. 14 91 30,311.9 18,370.9 12,537.5 1,462.5 99.577 1.675 1.704 

June 13 182 29,989.8 21,512.4 15,092.1 907.9 99.108 1.765 1.805 

20 ..... Jan. 17 28 31,249.2 13,129.8 11,975.5 24.7 99.868 1.700 1.723 

Mar. 21 91 36,598.4 18,288.1 12,514.4 1,485.6 99.563 1.730 1.760 

June 20 182 32,891.5 20,183.4 13,869.1 1,130.9 99.070 1.840 1.883 

27 ..... Jan. 24 28 22,542.7 11,753.2 9,970.2 29.9 99.864 1.750 1.775 

Mar. 28 91 33,628.2 18,599.6 12,487.7 1,512.5 99.565 1.720 1.752 

June 27 182 34,512.0 20,340.8 13,584.4 1,415.7 99.065 1.850 1.893 

1 All 4-week and 13-week bills repre sent addi tional issues of bills with an origi nal matu rity of 26 3 Ten ders for $1 million or less from any one bidder are accepted in full at the high price of ac­ weeks or 52 weeks. Certain 26-week bills repre sent addi tional issues of bills with an original ma- cepted compet i tive bids. All Treasury market able auctions are conducted in a single-price for­ tu rity of 52 weeks. mat as of Novem ber 2, 1998. 2 I ncludes amount awarded to the Federal Reseve System. 4 Equiv a lent coupon-issue yield. 
42 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-3.—Offer ings of Marketable Secu ri ties 

Other than Regu lar Weekly Trea sury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Period to final matu rity

Auc tion date Is sue date Descrip tion of secu ri ties 1 (years, months, days) 2 

Amount 

tendered 

Amount 

accepted

3,4 

Ac cepted yield and equiv a lent price

for notes and bonds 

(1) (2) (3) (4) (5) (6) 

01/02/01 01/02/01 6.44% bill—01/16/01 14d 62,790 30,013 

01/10/01 01/16/01 3-1/2% note—01/15/11-A 10y 10,110 6,000 3.522 - 99.818 

01/24/01 01/31/01 4-3/4% note—01/31/03-L 2y 31,792 15,437 4.760 - 99.981 

02/06/01 02/15/01 5-3/4% note—11/15/05-F-reopening 4y 9m 23,236 12,279 4.904 - 103.527 

02/07/01 02/15/01 5% note—02/15/11-B 10y 24,031 11,975 5.067 - 99.479 

02/08/01 02/15/01 5-3/8% bond—02/15/31 30y 20,374 10,887 5.460 - 98.753 

02/21/01 02/28/01 4-5/8% note—02/28/03-M 2y 29,901 14,675 4.685 - 99.887 

02/27/01 02/28/01 4.95% bill—04/19/01 50d 46,911 28,036 

02/27/01 03/01/01 4.240% bill—02/28/02 364d 21,270 12,759 

02/28/01 03/02/01 5.39% bill—03/15/01 13d 55,963 26,027 

03/27/01 03/29/01 4.93% bill—04/19/01 21d 59,555 40,010 

03/28/01 04/02/01 4-1/4% note—03/31/03-N 2y 34,377 14,674 4.300 - 99.905 

04/02/01 04/03/01 5.00% bill—04/16/01 13d 72,768 35,049 

04/18/01 04/19/01 4.49% bill—04/23/01 4d 67,120 39,000 

04/25/01 04/30/01 4% note—04/30/03-P 2y 30,201 13,336 4.124 - 99.764 

05/08/01 05/15/01 4-5/8% note—05/15/06-E 5y 29,541 16,175 4.660 - 99.845 

05/09/01 05/15/01 5% note—02/15/11-B-reopening 9y 9m 25,482 11,457 5.189 - 98.551 

05/30/01 05/31/01 4-1/4% note—05/31/03-Q 2y 29,215 13,333 4.327 - 99.854 

05/30/01 05/31/01 3.95% bill—06/14/01 14d 59,815 20,001 

05/31/01 06/01/01 3.97% bill—06/15/01 14d 68,950 35,000 

06/27/01 07/02/01 3-7/8% note—06/30/03-R 2y 28,560 14,667 3.990 - 99.781 

07/02/01 07/03/01 3.75% bill—-07/12/01 9d 40,000 13,000 

07/11/01 07/16/01 3-1/2% note—-11/15/11-A-reopening 9y 6m 9,505 5,000 3.500 - 101.863 

07/25/01 07/31/01 3-7/8% note—07/31/03-S 2y 33,506 16,000 3.965 - 99.829 

08/07/01 08/15/01 4-5/8% note—05/15/06-E-reopening 4y 9m 24,249 11,624 4.670 - 99.797 

08/08/01 08/15/01 5% note—08/15/11-C 10y 32,395 12,043 5.078 - 99.394 

08/09/01 08/15/01 5-3/8% bond—02/15/31-reopening 29y 6m 11,345 5,540 5.520 - 97.900 

08/29/01 08/31/01 3-5/8% note—08/13/03-T 2y 34,981 18,667 3.685 - 99.885 

09/26/01 10/01/01 2-3/4% note—09/30/03-U 2y 46,848 22,667 2.869 - 99.770 

10/04/01 10/05/01 5% note—08/15/11-C-reopening 9y 10m 14,175 6,000 4.519 - 103.783 

10/10/01 10/15/01 3-3/8% bond—4/15/32 30y 6m 11,157 5,000 3.465 - 98.314 

10/24/01 10/31/01 2-3/4% note—10/31/03-V 2y 49,363 25,143 2.770 - 99.961 

11/06/01 11/15/01 3-1/2% note—11/15/06-F 5y 37,671 18,799 3.617 - 99.469 

11/07/01 11/15/01 5% note—08/15/11-C-reopening 9y 9m 15,636 8,592 4.220 - 106.170 

11/28/01 11/30/01 3% note—11/30/03-W 2y 36,929 26,167 3.008 - 99.985 

12/27/01 12/31/01 3-1/4% note—12/31/03-X 2y 61,963 29,666 3.300 - 99.904 

1 Cur rently, all issues are sold at auction. For bill issues, the rate shown is the high bank discount 4 In cludes secu ri ties issued to the Federal Reserve System; and to foreign and inter na tional
 rate. For note and bond issues, the rate shown is the inter est rate. For details of bill offer ings, mon e tary author i ties, whether in exchange for matur ing secu ri ties or for new cash.
 

see table PDO-2. As of Octo ber 1, 1997, all Treasury issues of notes and bonds are eli gi ble for
 STRIPS.
 2 From date of addi tional issue in case of a reopen ing. Note.— Amounts listed as tendered and accepted are amounts tendered and awarded on
 

3 In reopenings, the amount accepted is in addi tion to the amount of origi nal offer ings. auc tion day.
 
PUB LIC DEBT OPER A TIONS 43 

TA BLE PDO-4.—Allot ments by Inves tor Class 

for Market able Public Debt Secu ri ties Other than Bills 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Pri vate

pen sion For eign Fed eral De pos i- Dealers and retire­ In vest­ Insur ance and 

Date of To tal Re serve tory insti- In di vid­ and ment ment com­ internafi nanc ing Descrip tion of secu ri ties issue Banks tu tions 1 uals 2 brokers funds funds panies tional Other 3 

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

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 

10/02/00 6% note—9/30/02-Z 15,144 3,275 40 1,215 6,251 1 2,155 * 2,150 57 

10/16/00 3-7/8% bond—4/15/29-reopening 5,001 - 15 70 1,927 525 2,132 - 330 2 

10/31/00 5-3/4% note—10/31/02-N 14,857 3,333 115 944 7,886 - 776 * 1,791 12 

11/15/00 5-3/4% note—11/15/02-F 15,812 2,404 7 365 11,066 * 268 - 1,640 62 

11/15/00 5-3/4% note—8/15/10-C-reopening 10,078 1,275 * 45 7,819 - 30 - 889 20 

11/30/00 5-5/8% note—11/30/02-AC 15,059 3,333 35 881 4,274 7 1,006 * 5,450 73 

01/02/01 5-1/8% note—12/31/02-AD 14,822 3,333 56 924 7,344 9 512 2 2,606 36 

01/16/01 3-1/2% note—1/15/11-A 6,001 - 3 262 3,979 205 1,154 10 128 260 

01/31/01 4-3/4% note—1/31/03-L 15,453 3,333 60 948 7,989 1 226 1 2,885 10 

02/15/01 5-3/4% note—11/15/05-F-reopening 12,251 1,279 5 317 9,154 1 1,214 * 280 1 

02/15/01 5% note—2/15/11-B 11,976 971 11 89 8,865 * 860 - 1,155 25 

02/15/01 5-3/8% bond—2/15/31 10,887 883 - 45 5,404 * 4,252 - 238 65 

02/28/01 4-5/8% note—2/28/03-M 14,685 3,667 27 883 5,996 - 2,216 3 1,875 18 

04/02/01 4-1/4% note—3/31/03-N 14,675 3,667 60 2,083 5,990 1 1,025 * 1,841 8 

04/30/01 4% note—4/30/03-P 13,339 3,333 57 986 6,994 1 23 1 1,925 19 

05/15/01 4-5/8% note—5/16/06-E 16,181 3,175 12 362 10,519 76 1,377 * 656 4 

05/15/01 5% note—2/15/11-B-reopening 11,460 2,457 1 372 6,349 * 1,760 - 515 6 

05/31/01 4-1/4% note—5/31/03-Q 13,332 3,333 86 1,075 6,712 1 30 2 2,075 18 

07/02/01 3-7/8% note—6/30/03-R 14,671 3,667 58 1,050 7,377 1 145 1 2,233 139 

07/16/01 3-1/2% note—1/15/11-A-reopening 5,000 - 76 135 2,967 50 741 422 352 257 

07/31/01 3-7/8% note—7/31/01-S-2003 16,003 4,000 51 1,043 7,868 3 1,025 1 2,000 12 

See footnotes at end of table. 
44 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-4.—Allot ments by Inves tor Class 

for Market able Public Debt Secu ri ties Other than Bills, con. 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Date of Total

fi nanc ing Descrip tion of secu ri ties issue 

Fed eral

Re serve

Banks 

Depos i- tory insti- In di vid­ tu tions 1 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) 

08/15/01 4-5/8% note—5/15/06-E-reopening 11,617 623 8 165 9,447 * 738 - 635 1 

08/15/01 5% note—8/15/11-C 12,046 1,043 1 109 7,043 * 1,652 - 2,090 108 

08/15/01 5-3/8% bond—2/15/31-reopening 5,541 540 55 53 3,681 10 1,013 - 188 1 

08/31/01 3-5/8% note—08/31/03-T 18,665 4,667 51 1,042 9,875 15 662 1 2,309 43 

10/01/01 2-3/4% note—09/30/03-U 22,675 5,667 138 893 10,361 1 128 * 5,475 12 

10/05/01 5% note—08/15/11-C-reopening 6,000 - - * 4,651 - 1,112 - 175 62 

10/15/01 3-3/8% bond—04/13/32 5,000 - 4 88 2,065 370 1,826 54 338 255 

10/31/01 2-3/4% note—10/31/03-V 25,126 6,143 45 698 11,415 10 751 * 6,037 27 

11/15/01 3-1/2% note—11/15/06-F 18,804 2,799 3,009 192 9,201 1 206 25 3,360 10 

11/15/01 5% note—8/15/11-C-reopening 8,596 1,592 201 77 5,548 - 200 - 975 3 

11/30/01 3% note—11/30/03-W 26,171 5,167 55 738 14,299 - 501 - 5,400 10 

12/31/01 3-1/4% note—12/31/03-X 29,668 6,666 41 852 14,373 1 5,202 1 2,478 53 

01/15/02 3-3/8% note—01/15/12-A 6,005 - 17 535 2,565 5 2,524 - 355 3 

* Less than $500,000.
 1 

De pos i tory insti tu tions include banks. 2 

In cludes partner ships and personal trust accounts.
 3

 Resid ual.
 
45
 

IN TRO DUC TION: Savings Bonds and Notes 

Se ries EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since Septem ber 1, 1998, are the savings bonds 

cur rently being sold. Series HH bonds are issued in exchange 

for Series E and EE savings bonds and savings notes. Series 

A-D were sold from March 1, 1935, through April 30, 1941.

Se ries E was on sale from May 1, 1941, through Decem ber 31, 

1979 (through June 1980 to payroll savers only). Series F and 

G were sold from May 1, 1941, through April 30, 1952. Series 

H was sold from June 1, 1952, through Decem ber 31, 1979.

Se ries HH bonds were sold for cash from Janu ary 1, 1980, 

through Octo ber 31, 1982. Series J and K were sold from May 

1, 1952, through April 30, 1957. U.S. savings notes were on
 

sale May 1, 1967, through June 30, 1970. The notes were eli gi­
 

ble for purchase by indi vid u als with the simul ta neous pur-
 

chase of series E savings bonds.
 

The princi pal terms and condi tions for purchase and re-
 

demp tion and infor ma tion on invest ment yields of savings
 

notes appear in the “Treasury Bulle tins” of March 1967 and
 

June 1968; and in the Annual Report of the Secre tary of the
 

Trea sury for fiscal 1974.
 

TA BLE SBN-1.—Sales and Redemp tions by Series, Cumu la tive through Dec. 31, 2001 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing] 

Amount out stand ing

Ac crued Sales plus In ter est- Ma tured nonSe ries Sales 1 dis count ac crued discount Re demp tions 1 bear ing debt in ter est-bearing debt 

(1) (2) (3) (4) (5) (6) 

Sav ings bonds: 

Se ries A-D 2 ....................... 3,949 1,054 5,003 5,002 - 1 

Se ries E, EE, H and HH.............. 365,841 223,728 589,569 382,752 172,225 8,780 

Se ries I........................... 8,942 217 9,159 186 9,192 -

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 ..................... 862 710 1,572 1,306 - 128 

Total ........................... 411,546 227,032 638,578 422,516 181,417 8,912 

1 Sales and redemp tion figures include exchange of minor amounts of (1) matured series E 2 De tails by series on a cumu la tive basis and by period of series A-D combined can be found in
 

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds for the Febru ary 1952 and previ ous issues of the “Treasury Bulle tin.”
 

se ries H bonds begin ning Janu ary 1960; and (3) U.S. savings notes for series H bonds begin­
 

ning Janu ary 1972; however, they exclude exchanges of series E bonds for series H and HH
 

bonds.
 
46 U.S. SAVINGS BONDS AND NOTES 

TA BLE SBN-2.—Sales and Redemp tions by Period, All Series of Savings Bonds and Notes Combined 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing] 

Amount outstand 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 1 bear ing debt bear ing debt 

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

Fis cal years: 

1935-96 ................. 376,618 183,287 559,905 363,080 286,763 86,257 184,423 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 6,781 166,529 6,169 

2000 ................. 5,645 6,940 12,585 14,511 7,050 5,864 177,659 6,544 

2001 ................. 8,047 8,381 16,428 13,846 6,480 5,824 179,515 6,751 

Cal en dar years: 

1935-97 ............... 392,209 215,309 607,518 410,423 308,019 102,404 181,133 5,359 

1998 ................. 4,870 9,156 14,026 13,254 6,577 6,677 180,254 6,273 

1999 ................. 6,054 8,788 14,842 14,523 8,510 6,013 179,277 7,005 

2000 ................. 6,095 7,668 13,763 15,394 7,474 7,920 178,079 6,418 

2000 - Dec ............... 637 665 1,302 1,039 485 459 176,802 7,794 

2001 - Jan ............... 719 781 1,499 1,693 838 692 176,772 7,607 

Feb ............... 558 694 1,252 1,129 488 360 177,049 7,430 

Mar ............... 698 662 1,359 1,203 561 433 177,305 7,299 

Apr............... 820 805 1,625 1,209 538 579 177,783 7,207 

May............... 708 612 1,320 1,130 506 519 178,054 7,087 

June .............. 624 657 1,281 1,072 490 491 178,329 6,985 

July ............... 718 

Aug ............... 746 

767 

685 

1,485 

1,430 

1,163 

1,214 

544 

566 

506 

544 

178,715 

179,000 

6,900 

6,811 

Sept .............. 707 647 1,355 856 400 364 179,515 6,751 

Oct ............... 2198 787 2,985 971 424 440 181,581 6,670 

Nov ............... 2146 574 2,720 882 384 401 183,078 6,599 

Dec ............... 915 618 1,533 967 484 420 181,416 8,780 

1 Because there is a normal lag in classi fy ing redemp tions, the distri bu tion of redemp tions 

between sales price and accrued discount has been esti mated. 

TA BLE SBN-3.—Sales and Redemp tions by Period, Series E, EE, H, HH and I 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing] 

Amount outstanding 

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: 

1941-96 ......... 335,156 179,644 514,800 314,237 230,296 79,388 19,153 172,483 2,276 

1997 ........... 5,334 9,067 14,401 8,435 7,541 6,456 1,254 169,969 3,584 

1998 ........... 1999 ........... 4,765 

4,630 

9,141 

8,349 

13,906 

12,979 

14,136 

12,407 

6,954 

6,744 

7,182 

7,500 

1,190 

1,090 

180,744 

166,529 

5,091 

6,169 

2000 ........... 3,848 6,899 10,747 11,161 5,853 6,583 924 162,749 6,525 

2001 ........... 4,307 8,271 12,578 12,822 5,330 6,469 1,160 161,044 6,710 

Cal en dar years: 

1941-97 ......... 342,127 202,456 544,583 336,971 248,824 94,839 21,937 168,802 5,359 

1998 ........... 4,870 9,152 14,022 14,123 6,669 6,326 1,981 167,375 6,250 

1999 ........... 2000 ........... 5,460

3,982 

8,774

7,610 

14,234

11,592 

13,804

11,928 

6,171

6,168 

6,435

12,992 

1,101

594 

165,702

162,799 

6,983

6,377 

2000 - Dec ........ 2001 - Jan ......... 414 

396 

652 

767 

1,243

1,488 

1,023

1,578 

463 

714 

499 

810 

69 

97 

161,386

161,053 

7,739

7,560 

Feb......... 319 679 1,251 1,030 382 597 94 161,101 7,386 

Mar......... Apr ......... May ........ June ........ July......... Aug......... Sept ........ Oct ......... 375 

414 

318 

336 

379 

351 

320 

973 

646 

788 

595 

658 

747 

662 

624 

762 

1,356

1,624 

1,317 

1,279

1,483 

1,428 

1,344 

1,735 

1,106

1,114 

1,035 

978 

1,052 

1,102 

784 

877 

454 

431 

398 

382 

435 

457 

330 

332 

579 

579 

519 

491 

504 

541 

362 

438 

114 

105 

118 

106 

113 

104 

93 

108 

161,029

161,131 

161,000 

160,986

161,027 

160,918 

161,044 

161,874 

7,259

7,140 

7,030 

6,934

6,853 

6,768 

6,710 

6,630 

Nov......... Dec......... 194 

489 

547 

589 

741 

1,078 

791 

902 

296 

401 

399 

418 

98 

84 

161,408

159,365 

6,561

8,695 

See note at end of table. 
U.S. SAVINGS BONDS AND NOTES 47 

TA BLE SBN-3.—Sales and Redemp tions by Period, Series E, EE, H, HH and I, con. 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing] 

Amount outstand 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 H and HH 

Fis cal years: 

1952-96......... 13,572 - 13,572 20,471 20,471 - 19,153 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 12,813 19 

2000 ........... 165 - 165 1,154 1,154 - 924 12,759 20 

2001 ........... 101 - 101 1,023 1,023 - 1,160 12,815 41 

Cal en dar years: 

1952-97......... 13,546 - 13,546 22,313 22,313 - 21,671 12,331 23 

1998 ........... 68 - 68 906 906 - 857 12,594 23 

1999 ........... 40 - 40 820 820 - 1,101 12,869 22 

2000 ........... 47 - 47 1,117 1,117 - 983 12,723 41 

2000 - Dec ........ 59 - 59 15 15 - 69 12,704 56 

2001 - Jan......... 12 - 12 115 115 - 97 12,705 48 

Feb ........ - - - 99 99 - 94 12,704 44 

Mar ........ 3 - 3 97 97 - 114 12,722 40 

Apr ......... 1 - 1 94 94 - 105 12,705 67 

May ........ 4 - 4 96 96 - 118 12,733 57 

June ........ 2 - 2 94 94 - 106 12,750 51 

July ........ 1 - 1 94 94 - 113 12,773 47 

Aug ........ 3 - 3 93 93 - 104 12,790 43 

Sept ........ 11 - 11 58 58 - 93 12,815 41 

Oct ......... 3 - 3 77 77 - 108 12,845 40 

Nov ........ 2 - 2 70 70 - 98 12,876 38 

Dec ........ 8 - 8 62 62 - 84 12,860 85 

Se ries I 

Fis cal years: 

1999-00......... 

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

Cal en dar years: 

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

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

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

2000 - Dec ........ 

2001 - Jan......... 

Feb......... 

Mar......... 

Apr ......... 

May ........ 

June ........ 

July......... 

Aug......... 

Sept ........ 

Oct ......... 

Nov......... 

Dec......... 

1,730 41 1,771 49 49 - - 2,152 -

3,633 195 3,828 131 131 - - 5,656 -

117 - 117 - - - - 117 -

568 1 569 14 14 - - 469 -

1,735 58 1,793 54 54 - - 2,556 

163 12 175 7 7 - - 2,712 -

311 13 324 10 10 - - 3,014 -

238 15 253 8 8 - - 3,244 -

320 16 336 10 10 - - 3,554 -

406 16 422 12 12 - - 3,948 -

386 18 404 13 13 - - 4,321 -

286 19 305 14 14 - - 4,593 -

338 20 358 15 15 - - 4,916 -

392 22 414 16 16 - - 5,292 -

376 24 400 13 13 - - 5,656 -

1,222 25 1,247 15 15 - - 6,863 -

1,950 27 1,977 18 18 - - 8,795 -

418 28 446 21 21 - - 9,192 -

Note—Series E and EE include U.S. savings notes (Freedom Shares) on sale from 

May 1, 1967, through June 30, 1970, to E bond buyers. 
48 

IN TRO DUC TION: Owner ship of Federal Secu ri ties 

Fed eral secu ri ties presented in the follow ing tables are 

pub lic debt secu ri ties such as savings bonds, bills, notes and 

bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financ ing authori ties. [See the Federal debt (FD) tables for a more complete

de scrip tion of the Federal debt.] 

Ef fec tive Janu ary 1, 2001, Treasury’s Bureau of the Public Debt revised formats, titles, and column headings in the 

“Monthly Statement of the Public Debt of the United States,” 

Ta ble I: Summary of Treasury Secu ri ties Outstand ing and Table II: Statu tory Debt Limit. These changes should reduce confu sion and bring the publi ca tion more in line with the public’s 

use of terms. 

Trea sury’s Finan cial Manage ment Service (FMS) compiles data in the “Treasury Bulle tin” table OFS-1 from the 

“Monthly Statement of the Public Debt of the United States.” 

Ef fec tive June 2001, FMS revised proce dures and cate go ries 

in this table to agree with the Bureau of the Public Debt’s publi ca tion changes. 

• Ta ble OFS-1 presents Treasury market able and nonmar ket able secu ri ties and debt issued by other Federal agencies held by Govern ment accounts, the FRBs and private 

in ves tors. Social Secu rity and Federal retire ment trust fund invest ments comprise much of the Govern ment account holdings. 

The FRBs acquire Treasury secu ri ties in the market as a 

means of exe cut ing mone tary policy. 

• Ta ble OFS-2 presents the esti mated amount of public 

debt secu ri ties held by private inves tors. Infor ma tion is obtained from sources such as the Federal finan cial insti tu tion

reg u la tory agencies. State, local and foreign holdings include 

spe cial issues of nonmar ket able secu ri ties to munic i pal entities and foreign offi cial accounts. They also include munic ipal, foreign offi cial and private holdings of market able

Trea sury secu ri ties. (See footnotes to the table for descrip tion 

of inves tor cate go ries.) 
OWN ER SHIP OF FEDERAL SECU RITIES 49 

TA BLE OFS-1.—Dis tri bu tion of Federal Secu ri ties by Class of Inves tors and Type of Issues* 

[In millions of dollars. Source: Finan cial Manage ment Service] 

To tal Public debt secu ri ties 

End of Fed eral Pub lic issues 

fis cal year se cu ri ties To tal Held by U.S. Govern ment accounts held by Federal 

or month out stand ing out stand ing To tal Market able Non mar ket able Re serve Banks 

(1) (2) (3) (4) (5) (6) 

2001 - Jan ....................... 

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

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

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

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

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

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

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

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

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

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

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

5,743,229 5,716,071 2,328,662 460 2,328,202 533,216 

5,762,738 5,735,859 2,333,753 460 2,333,293 538,811 

5,800,558 5,773,740 2,339,354 460 2,338,894 542,176 

5,688,136 5,661,348 2,363,973 460 2,363,513 544,455 

5,682,853 5,656,182 2,379,862 460 2,379,402 545,667 

5,753,914 5,726,815 2,452,639 460 2,452,179 552,164 

5,745,240 5,718,303 2,452,358 460 2,451,898 554,293 

5,796,493 5,769,876 2,429,635 460 2,429,175 560,005 

r 5,834,475 r 5,807,464 2,468,757 460 2,468,297 559,636 

5,842,758 5,815,983 2,483,578 460 2,483,118 563,010 

5,915,552 5,888,897 2,485,497 460 2,485,037 569,918 

5,970,267 5,943,439 2,549,681 460 2,549,221 574,863 

Agency secu ri ties 

Held by 

U.S. Govern ment 

End of 

fis cal year 

or month 

Pub lic debt secu ri ties, con. ac counts and Held by 

Held by private inves tors To tal Fed eral Reserve pri vate 

To tal Mar ket able Non mar ket able out stand ing Banks in ves tors 

(7) (8) (9) (10) (11) (12) 

2001 - Jan .................. 

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

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

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

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

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

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

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

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

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

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

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

2,854,193 2,443,652 410,540 27,158 51 27,107 

2,863,295 2,449,987 413,309 26,879 51 26,828 

2,892,210 2,475,233 416,977 26,818 51 26,767 

2,752,920 2,332,957 419,963 26,788 51 26,737 

2,730,653 2,309,290 421,363 26,671 - 26,671 

2,722,012 2,303,111 418,901 27,099 - 27,099 

2,711,652 2,298,132 413,521 26,937 - 26,937 

2,780,236 2,368,367 411,869 26,617 - 26,617 

2,779,070 2,370,630 408,441 27,011 - 26,011 

2,769,395 2,357,783 411,613 26,775 - 26,775 

2,833,482 2,420,997 412,485 26,655 - 26,655 

2,818,895 2,407,678 411,217 26,828 - 26,828 

* Effec tive June 2001, FMS revised proce dures and cate go ries in this table to reflect the format changes in the “Monthly Statement of the Public Debt of the United States.” 
50 OWN ER SHIP OF FEDERAL SECU RITIES 

TA BLE OFS-1.—Dis tri bu tion of Federal Secu ri ties by Class of Inves tors and Type of Issues 

(His tor i cal) 

[In millions of dollars. Source: Finan cial Manage ment Service] 

To tal In ter est-bearing public debt secu ri ties 

End of Fed eral Pub lic issues 

fis cal year se cu ri ties To tal Held by U.S. Govern ment accounts held by Federal 

or month out stand ing out stand ing Total Market able Non mar ket able Re serve Banks 

(1) (2) (3) (4) (5) (6) 

1997 ......................... 5,446,320 5,407,528 1,596,765 1,254 1,595,511 436,496 

1998 ......................... 5,555,552 5,518,681 1,763,860 1,254 1,762,606 458,131 

1999 ......................... 5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472 

2000 ......................... r 5,701,851 5,622,092 2,235,710 461 2,235,249 511,413 

2001 ......................... r 5,834,475 r 5,807,463 2,468,757 460 2,468,297 559,636 

2000 - Dec .................... 5,689,593 5,618,061 2,248,675 461 2,248,214 532,815 

Ma tured Agency secu ri ties 

pub lic Held by 

debt U.S. Govern ment 

End of 

fis cal year 

or month 

In ter est-bearing public debt secu ri ties, con. 

Held by private inves tors 

To tal Mar ket able Non mar ket able 

and debt 

bear ing no 

in ter est 

To tal 

out stand ing 

ac counts and 

Fed eral Reserve 

Banks 

Held by 

pri vate 

in ves tors 

(7) (8) (9) (10) (11) (12) (13) 

1997 ..................... 

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

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

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

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

2000 - Dec ................ 

3,374,267 3,001,866 372,401 5,618 33,173 7,098 26,075 

3,296,690 2,871,645 425,045 7,512 29,359 3,917 25,442 

3,162,094 2,735,403 426,691 9,030 28,505 634 27,871 

2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

2,779,070 2,370,630 408,441 - 27,011 - 27,011 

2,836,571 2,433,609 402,962 44,155 27,377 51 27,326 
OWN ER SHIP OF FEDERAL SECU RITIES 51 

TA BLE OFS-2.—Esti mated Owner ship of U.S. Treasury Secu ri ties 

[In billions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Fed eral
 Pen sion funds 3 

Re serve
 State

To tal and Govern­
 To tal Depos i tory U.S. State and Insur ance and local Foreign

pub lic ment ac­
 pri vately in sti tu- savings local govern­ compa- Mu tual gov ern­ and inter- Other 

debt 1 counts 2
 held tions3,4 bonds 5 Pri vate 6 ments nies 3 funds 3,7 ments 3 national 8 inves tors 9 

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

1991 - Mar ....... 3,465.2 1,104.6 2,360.6 222.5 129.7 122.9 153.4 147.2 186.1 415.6 492.0 491.2 

June ...... 3,538.0 1,139.1 2,398.9 231.5 133.2 122.8 155.0 156.8 180.1 416.8 502.0 500.7 

Sept....... 3,665.3 1,166.9 2,498.4 251.7 135.4 126.2 140.2 171.4 199.5 430.2 506.3 537.6 

Dec ....... 3,801.7 1,223.2 2,578.5 271.5 138.1 126.9 141.7 181.8 221.8 435.5 520.9 540.3 

1992 - Mar ....... 3,881.3 1,215.5 2,665.8 300.5 142.0 116.9 140.7 188.4 227.9 460.0 536.4 553.0 

June ...... 3,984.7 1,272.3 2,712.4 315.1 145.4 116.7 146.7 192.8 235.2 435.6 558.2 566.7 

Sept....... 4,064.6 1,282.4 2,782.2 337.1 150.3 120.0 166.4 194.8 245.1 429.3 562.8 576.5 

Dec ....... 4,177.0 1,329.7 2,847.3 348.3 157.3 121.1 172.3 197.5 259.5 418.2 576.7 596.4 

1993 - Mar ....... 4,230.6 1,328.6 2,902.0 362.6 163.6 112.1 171.2 208.0 261.5 434.0 585.9 603.2 

June ...... 4,352.0 1,400.6 2,951.4 361.0 166.5 111.6 176.9 217.8 269.2 441.2 596.8 610.4 

Sept....... Dec ....... 4,411.5 

4,535.7 

1,422.2 

1,476.1 

2,989.3 

3,059.6 

366.2 

373.0 

169.1 

171.9 

125.1 

119.3 

188.7 

186.3 

229.4 

234.5 

283.9 

294.0 

434.0 

447.8 

619.1 

650.3 

573.9 

582.5 

1994 - Mar ....... 4,575.9 1,476.0 3,099.9 397.4 175.0 119.6 195.0 233.4 278.0 443.4 661.1 597.0 

June ...... 4,645.8 1,547.5 3,098.3 383.9 177.1 128.9 193.4 238.1 271.6 425.2 659.9 620.3 

Sept....... Dec ....... 4,692.8 

4,800.2 

1,562.8 

1,622.6 

3,130.0 

3,177.6 

364.0 

339.6 

178.6 

180.5 

135.9 

139.4 

191.9 

192.1 

243.7 

240.1 

265.3 

273.0 

398.2 

370.0 

682.0 

667.3 

670.4 

775.6 

1995 - Mar ....... 4,864.1 1,619.3 3,244.8 352.9 181.4 141.1 203.1 244.2 273.1 350.5 707.0 791.6 

June ...... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.0 197.2 245.0 263.9 313.7 762.5 814.6 

Sept....... 4,974.0 1,688.0 3,286.0 330.8 183.5 141.4 193.0 245.2 272.6 304.3 820.4 794.8 

Dec ....... 4,988.7 1,681.0 3,307.7 315.4 185.0 142.0 191.7 241.5 286.5 289.8 835.2 820.6 

1996 - Mar ....... 5,117.8 1,731.1 3,386.7 322.1 185.8 143.7 198.9 239.4 310.4 283.6 908.1 794.7 

June ...... 5,161.1 1,806.7 3,354.4 318.7 186.5 143.9 208.2 229.5 306.5 283.3 929.7 748.1 

Sept....... 5,224.8 1,831.6 3,393.2 310.9 186.8 140.5 202.4 226.8 308.4 263.8 993.4 760.2 

Dec ....... 5,323.2 1,892.0 3,431.2 296.6 187.0 139.3 203.5 214.1 315.8 257.0 1,102.1 715.8 

1997 - Mar ....... 5,380.9 1,928.7 3,452.2 317.3 186.5 140.6 203.7 182.2 310.6 250.6 1,157.6 703.1 

June ....... 5,376.2 1,998.9 3,377.3 300.2 186.3 141.0 209.3 183.6 305.4 243.3 1,182.7 625.5 

Sept ....... 5,413.1 2,011.5 3,401.6 292.8 186.2 141.6 219.7 187.3 311.4 237.7 1,230.5 594.3 

Dec ........ 5,502.4 2,087.8 3,414.6 300.3 186.5 142.5 216.9 176.6 321.5 239.3 1,241.6 589.5 

1998 - Mar ....... 5,542.4 2,104.9 3,437.5 308.2 186.3 142.8 211.9 169.4 325.1 238.1 1,250.5 605.2 

June ...... 5,547.9 2,198.6 3,349.3 290.7 186.0 145.2 214.8 160.6 319.4 258.5 1,256.0 518.1 

Sept....... 5,526.2 2,213.0 3,313.2 244.4 186.0 150.6 211.2 151.3 319.7 266.4 1,224.2 559.4 

Dec ....... 5,614.2 2,280.2 3,334.0 237.3 186.7 139.1 217.7 144.5 343.2 269.3 1,278.7 517.5 

1999 - Mar ....... 5,651.6 2,324.1 3,327.5 246.5 186.5 140.0 218.4 140.3 351.7 272.5 1,272.3 499.3 

June ...... 5,638.8 2,439.6 3,199.2 240.6 186.5 139.5 222.5 136.3 334.9 279.1 1,258.8 401.0 

Sept....... 5,656.3 2,480.9 3,175.4 239.9 186.2 139.0 217.3 130.6 338.3 271.6 1,281.4 371.1 

Dec ....... 5,776.1 2,542.2 3,233.9 246.4 186.4 138.5 211.2 123.4 348.4 266.8 1,268.7 444.1 

2000 - Mar ....... 5,773.4 2,590.6 3,182.8 234.9 185.3 137.8 211.1 120.0 r 323.4 257.2 1,273.9 r 439.2 

June ...... 5,685.9 2,698.6 2,987.4 219.3 184.6 139.6 210.5 116.5 r 301.8 256.4 1,249.1 r 309.6 

Sept....... 5,674.2 2,737.9 2,936.2 218.3 184.3 139.7 200.7 113.8 r 300.1 241.9 1,224.9 r 312.5 

Dec ....... 5,662.2 2,781.8 2,880.4 198.9 184.8 137.7 195.7 110.2 r 312.5 236.2 1,201.3 r 303.1 

2001 - Mar ....... 5,773.7 2,880.9 2,892.9 r 187.9 184.8 131.2 195.3 101.9 r 322.8 224.0 r 1,196.8 r 348.2 

June ...... 5,726.8 3,004.2 2,722.6 r 190.1 185.5 r 127.5 r 197.1 r 94.8 r 333.2 216.5 r 1,167.4 r 210.5 

Sept....... 5,807.5 3,027.8 2,779.7 p 188.9 r 186.4 p 122.7 p 192.0 p 88.5 p 362.8 p 188.9 r 1,170.1 p 279.4 

Dec ....... 5,943.4 3,123.9 2,819.5 n.a. 190.4 n.a. n.a. n.a. n.a. n.a. p 1,218.1 n.a. 

1 Source: “Monthly Statement of the Public Debt of the United States.” Face value. 7 Includes money market mutual funds, mutual funds and closed-end invest ment compa nies.
 2 Sources: Federal Reserve Bulle tin, table 1.18, Federal Reserve Banks, statement of condi- 8 Source: Federal Reserve Board Treasury Inter na tional Capi tal Survey. Includes nonmar ket­
 tion, for System Open Market Accounts; and U. S. Treasury for Govern ment accounts. Federal able foreign series Treasury secu ri ties and Treasury deposit funds. Excludes Treasury secu ri- Re serve holdings exclude Treasury secu ri ties held under repur chase agreements. ties held under repur chase agreements in custody accounts at the Federal Reserve Bank of
 3 Source: Federal Reserve Board of Gover nors, Flow of Funds Table L.209. New York. Esti mates reflect the 1984 benchmark to Decem ber 1989, the 1989 benchmark to
 4 Includes commer cial banks, savings insti tu tions and credit unions. De cem ber 1994 and the 1994 benchmark to date.
 

5 Source: “Monthly Statement of the Public Debt of the United States.” Current 9 Includes indi vid u als, Govern ment-sponsored enter prises, brokers and dealers, bank personal
 

accrual value. trusts and estates, corpo rate and non-corporate businesses, and other inves tors. 

6 Note.—Owner ship data were revised (in June 1999) back to March 1989 in order to update In cludes U.S. Treasury secu ri ties held by the Federal Employees Retire ment System Thrift own er ship cate go ries and to incor po rate greater reli ance on Flow of Funds data of the Federal Sav ings Plan "G Fund." Re serve Board. 
52
 

IN TRO DUC TION: Mar ket Yields
 

The tables and charts in this section present yields on

Trea sury market able secu ri ties, and compare long-term yields 

on Treasury secu ri ties with yields on long-term corpo rate and 

mu nic i pal secu ri ties. 

• Ta ble MY-1 lists Treasury market bid yields at constant matu ri ties for bills, notes and bonds. The Treasury yield 

curve in the accom pa ny ing chart is based on current market 

bid quota tions on the most actively traded Treasury secu ri ties 

as of 3:30 p.m. on the last business day of the calen dar quarter. 

The Treasury uses quota tions obtained by the FRB of 

New York to derive the yield curve, based on semian nual inter est payments and read at constant matu rity points to develop a consis tent data series. Yields on Treasury bills are 

cou pon equiva lent yields of bank dis count rates at which 

Trea sury bills trade in the market. The Board of Gover nors of 

the Federal Reserve System publishes the Treasury constant 

ma tu rity data series in its weekly H.15 press release. 

On July 31, 2001, Treasury expanded its constant maturity index to include a 1-month constant matu rity yield. Therefore, table MY-1 now includes the new 1-month matu rity. 

• Ta ble MY-2 shows aver age yields of long-term Treasury, corpo rate and munic i pal bonds. The long-term Treasury

av er age yield is the 30-year constant matu rity yield. The corpo rate bond aver age yield is devel oped by Treasury by calculat ing reoffering yields on new long-term secu ri ties matur ing 

in at least 20 years and rated Aa by Moody’s Inves tors Service. 

The munic i pal bond aver age yield prior to 1991 was compiled 

by Treasury. Begin ning with Janu ary 1991, the aver age yield 

is the “Munic i pal Bond Yield Aver age,” published by 

Moody’s Inves tors Service for 20-yearreoffering yields on selected Aa-rated general obli ga tions. See the footnotes for further expla na tion. 

TA BLE MY-1.—Treasury Market Bid Yields at Constant Matu rities: 

Bills, Notes and Bonds* 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

1-mo. 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr. 

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

Monthly aver age: 

2001 - Jan .......... n.a. 5.29 5.15 4.81 4.76 4.77 4.86 5.13 5.16 5.54 

Feb ......... n.a. 5.01 4.89 4.68 4.66 4.71 4.89 5.10 5.10 5.45 

Mar ......... n.a. 4.54 4.44 4.30 4.34 4.43 4.64 4.88 4.89 5.34 

Apr .......... n.a. 3.97 3.99 3.98 4.23 4.42 4.76 5.03 5.14 5.65 

May ......... n.a. 3.70 3.74 3.78 4.26 4.51 4.93 5.24 5.39 5.78 

June ........ n.a. 3.57 3.56 3.58 4.08 4.35 4.81 5.14 5.28 5.67 

July ......... n.a. 3.59 3.56 3.62 4.04 4.31 4.76 5.06 5.24 5.61 

Aug ......... 3.53 3.44 3.39 3.47 3.76 4.04 4.57 4.84 4.97 5.48 

Sept......... 2.68 2.69 2.71 2.82 3.12 3.45 4.12 4.51 4.73 5.48 

Oct .......... 2.27 2.20 2.17 2.33 2.73 3.14 3.91 4.31 4.57 5.32 

Nov ......... 1.99 1.91 1.92 2.18 2.78 3.22 3.97 4.42 4.65 5.12 

Dec ......... 1.72 1.72 1.82 2.22 3.11 3.62 4.39 4.86 5.09 5.48 

End of month: 

2001 - Jan .......... n.a. 4.99 4.83 4.60 4.62 4.67 4.85 5.08 5.19 5.54 

Feb ......... n.a. 4.85 4.70 4.47 4.41 4.48 4.70 4.93 4.92 5.34 

Mar ......... n.a. 4.30 4.09 4.09 4.18 4.33 4.62 4.86 4.93 5.46 

Apr.......... n.a. 3.95 3.97 3.94 4.30 4.55 4.97 5.22 5.35 5.78 

May ......... n.a. 3.63 3.59 3.63 4.22 4.49 4.94 5.27 5.43 5.78 

June ........ n.a. 3.65 3.63 3.72 4.25 4.52 4.97 5.28 5.42 5.75 

July ......... 3.67 3.54 3.47 3.53 3.79 4.06 4.57 4.86 5.07 5.51 

Aug ......... 3.40 3.37 3.31 3.41 3.64 3.91 4.46 4.72 4.85 5.39 

Sept......... 2.28 2.40 2.36 2.49 2.86 3.22 3.93 4.37 4.60 5.42 

Oct.......... 2.15 2.05 1.95 2.07 2.44 2.87 3.66 4.03 4.30 4.89 

Nov ......... 1.87 1.78 1.79 2.06 2.84 3.30 4.08 4.55 4.78 5.27 

Dec ......... 1.68 1.74 1.83 2.17 3.07 3.59 4.38 4.84 5.07 5.48 

* Rates are from the Treasury yields curve. 
MARKET YIELDS 53
 

CHART MY-A.—Yields of Treasury Secu ri ties, Decem ber 31, 2001* 

Based on closing bid quota tions (in percent ages) 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

3.0 

Note: The curve is based only on the most actively traded issues. Market yields on coupon

is sues due in less than 3 months are excluded. 

2.5 

2.0 

1.5 

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 

Years to ma tu rity 

* Source: Office of Market Finance 
54 MARKET YIELDS 

TA BLE MY-2.—Aver age Yields of Long-Term Treasury, Corpo rate and Munic i pal Bonds 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Trea sury New Aa New Aa 

30-yr. corporate municipal 

Period bonds bonds 1 bonds 2 

(1) (2) (3) 

MONTHLY SERIES �AV ER AGES OF DAILY OR WEEKLY SERIES 

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 

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 

See footnotes at end of table. 
MARKET YIELDS 55 

TA BLE MY-2.—Aver age Yields of Long-Term Treasury, Corpo rate and Munic i pal Bonds, con. 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Trea sury New Aa New Aa 

30-yr. cor po rate mu nic i pal

Pe riod bonds bonds 1 bonds 2 

(1) (2) (3) 

MONTHLY SERIES �AV ER AGES OF DAILY OR WEEKLY SERIES 

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 

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 

See footnotes at end of table. 
56 MARKET YIELDS
 

TA BLE MY-2.—Aver age Yields of Long-Term Treasury, Corpo rate and Munic i pal Bonds, con. 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Trea sury New Aa New Aa 

30-yr. cor po rate mu nic i pal

Pe riod bonds bonds 1 bonds 2 

(1) (2) (3) 

MONTHLY SERIES �AV ER AGES OF DAILY OR WEEKLY SERIES 

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 

Oct ..................................................................................... 5.80 7.50 5.56 

Nov .................................................................................... 5.78 7.41 5.50 

Dec .................................................................................... 5.49 7.21 5.23 

2001 

Jan. .................................................................................... 5.54 7.15 5.07 

Feb ..................................................................................... 5.45 7.08 5.14 

Mar ..................................................................................... 5.34 6.87 5.08 

Apr ..................................................................................... 5.65 7.09 5.24 

May .................................................................................... 5.78 7.19 5.25 

June .................................................................................... 5.67 7.11 5.18 

July .................................................................................... 5.61 7.02 5.15 

Aug .................................................................................... 5.48 6.85 4.99 

Sept .................................................................................... 5.48 6.83 5.05 

Oct ..................................................................................... 5.32 6.72 4.99 

Nov .................................................................................... 5.12 6.51 4.96 

Dec .................................................................................... 5.48 6.80 5.22 

1 Treasury series based on 3-week moving aver age of reoffering yields of new corpo rate 2 Index of new reoffering yields on 20-year general obli ga tions rated Aa by Moody’s Inves tors 

bonds rated Aa by Moody’s Inves tors Service with an origi nal matu rity of at least 20 years. Ser vice. Source: U.S. Treasury, 1980-90; Moody’s, Janu ary 1991 to present. 
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)

MARKET YIELDS 57

Cal en dar years

*Source: Of fice of Mar ket Fi nance

4

5

6

7

8

9

10

11

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

Aa municipal bonds

Treasury

30-yr. bonds

Aa corporate bonds
58
 

IN TRO DUC TION: U.S. Currency and Coin Outstand ing and in Circu la tion
 

The U.S. Currency and Coin Outstand ing and in Circu lation (USCC) statement informs the public of the total face 

value of currency and coin used as a medium of exchange that 

is in circu la tion at the end of a given account ing month. The 

state ment defines the total amount of currency and coin outstand ing and the portion deemed to be in circu la tion. It includes some old and current rare issues that do not circu late or 

that may do so to a limited extent. Treasury includes them in 

the statement because the issues were origi nally intended for 

gen eral circu la tion. 

The USCC statement provides a descrip tion of the various issues of paper money. It also gives an esti mated aver age 

of currency and coin held by each indi vid ual, using esti mates 

of popu la tion from the Bureau of the Census. USCC infor mation has been published by Trea sury since 1888, and was published sepa rately until 1983, when it was incor po rated into the 

“Trea sury Bulle tin.” The USCC comes from monthly reports 

com piled by Treasury offices, vari ous U.S. Mint offices, the 

Fed eral Reserve Banks (FRBs) and the Federal Reserve 

Board. 

TA BLE USCC-1.—Amounts Outstand ing and in Circu la tion, December 31, 2001 

[Source: Finan cial Manage ment Service] 

Cur rency no and coinTo tal currency Total currency Fed eral Reserve notes 1 U.S. Notes lon ger issue 

Cur rency (1) (2) (3) (4) (5) 

Amounts outstand ing. ................ $784,557,075,185 $752,056,571,485 $751,540,270,874 $263,676,516 $252,624,095 

Less amounts held by: 

The Treasury. .................... 397,828,948 18,453,948 18,252,725 20,739 180,484 

FRBs ........................... 140,830,828,352 139,783,352,568 139,783,349,793 - 2,775 

Amounts in circu la tion................ $643,328,417,885 $612,254,764,969 $611,738,668,356 $263,655,777 $252,440,836 

Total Dollars 3 Fractional coins 

Coins 2 (1) (2) (3) 

Amounts outstand ing. .................. $32,500,503,700 $3,487,711,400 $29,012,792,300 

Less amounts held by: 

The Treasury........................ 379,375,000 314,351,000 65,024,000 

FRBs ............................. 1,047,475,784 259,688,437 787,787,347 

Amounts in circu la tion .................. $31,073,652,916 $2,913,671,963 $28,159,980,953 

See footnotes follow ing table USCC-2. 
U.S. CURRENCY AND COIN OUTSTAND ING AND IN CIRCU LA TION 59 

TA BLE USCC-2.—Amounts Outstand ing and in Circu la tion, December 31, 2001 

[Source: Finan cial Manage ment Service] 

Cur rency no To tal Fed eral Reserve notes 1 U.S. notes lon ger issued 

Cur rency in circu la tion by denom i na tion (1) (2) (3) (4) 

$1 ............................. 

$2 ............................. 

$5 ............................. 

$10 ............................ 

$20 ............................ 

$50 ............................ 

$100 ........................... 

$500 ........................... 

$1,000 .......................... 

$5,000 .......................... 

$10,000 ......................... 

Frac tional parts ................... 

Par tial notes 4 ....................... 

$7,790,482,253 $7,644,099,147 $143,481 $146,239,625 

1,268,666,896 1,136,284,854 132,369,466 12,576 

9,151,927,730 9,012,045,835 109,795,810 30,086,085 

14,687,779,150 14,665,815,100 5,950 21,958,100 

100,929,319,740 100,909,212,120 3,380 20,104,240 

57,029,561,000 57,018,062,500 - 11,498,500 

421,082,540,600 421,039,210,800 21,337,600 21,992,200 

142,993,000 142,805,000 - 188,000 

166,299,000 166,093,000 - 206,000 

1,755,000 1,700,000 - 55,000 

3,440,000 3,340,000 - 100,000 

485 - - 485 

115 - 90 25 

To tal currency .................. $612,254,764,969 $611,738,668,356 $263,655,777 $252,440,836 

Amount (in millions) Per ca pita 5 

Com par a tive totals of currency and coins in circu la tion—se lected dates (1) (2) 

Dec. 31, 2001.................................... 

Nov. 30, 2001.................................... 

Oct. 31, 2001 .................................... 

July 31, 1999 .................................... 

Sept. 30, 1995 ................................... 

Sept. 30, 1990 ................................... 

Sept. 30, 1985 ................................... 

Sept. 30, 1980 ................................... 

June 30, 1975 ................................... 

June 30, 1970 ................................... 

June 30, 1965 ................................... 

June 30, 1960 ................................... 

June 30, 1955 ................................... 

643,328 2,305.19 

624,542 2,239.29 

61,681 2,213.06 

533,492 1,953.25 

409,272 1,553.15 

278,903 1,105.14 

187,337 782.45 

129,916 581.48 

81,196 380.08 

54,351 265.39 

39,719 204.14 

32,064 177.47 

30,229 182.90 

1 Is sued on or after July 1, 1929. 4 Rep re sents value of certain partial denom i na tions not presented for redemp tion. 2

 Excludes coins sold to collec tors at premium prices. 5 Based on Bureau of the Census esti mates of popu la tion. 3

 Includes $481,781,898 in standard silver dollars. 
63
 

IN TRO DUC TION: Inter na tional Finan cial Statis tics 

The tables in this section provide statis tics on U.S. Gov- (IMF), holdings of convert ible foreign curren cies and reserve 

ern ment reserve assets, lia bil i ties to for eign ers and its inter na- po si tion in the IMF. 

tional finan cial posi tion. All mone tary figures are in dollars or • Ta ble IFS-2 contains statis tics on lia bil i ties to for eign dol lar equiva lents.	 of fi cial insti tu tions, and selected lia bil i ties to all other for eigners, which are used in the U.S. balance of payments statis tics. 

• Ta ble IFS-1 shows reserve assets of the United States, • Ta ble IFS-3 shows nonmar ket able bonds and notes 

in clud ing its gold stock, spe cial drawing rights held in the that the Treasury issues to offi cial insti tu tions and other resiSpe cial Drawing Account in the In ter na tional Mone tary Fund dents of foreign countries. 

TA BLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Reserve posi­ tion in Inter naEnd of cal en dar To tal re serve Spe cial drawing For eign curren cies 4 

tional Mone tary 

year or month as sets 1 Gold stock 2 rights 1,3 Fund 1,5,6 

(1) (2) (3) (4) (5) 

1997 ................ 69,954 11,047 10,027 30,809 18,071 

1998 ................ 81,761 11,046 10,603 36,001 24,111 

1999 ................ 71,516 11,048 10,336 32,182 17,950 

2000 ................ 67,647 11,046 10,539 31,238 14,824 

2001 - Jan ............ 67,542 11,046 10,497 30,920 15,079 

Feb ............ 66,486 11,046 10,641 30,692 14,107 

Mar ............ 64,222 11,046 10,379 29,020 13,777 

Apr ............ 64,731 11,046 10,420 29,449 13,816 

May ........... 65,254 11,044 10,481 29,446 14,283 

Jun ............ 64,847 11,044 10,409 28,775 14,619 

July............ 65,736 11,044 10,518 29,209 14,965 

Aug............ 67,852 11,044 10,913 30,598 15,297 

Sept ........... 70,963 11,045 10,919 30,595 18,404 

Oct ............ 69,707 11,045 10,827 30,048 17,787 

Nov. ........... 69,157 11,045 10,863 29,956 17,293 

Dec. ........... 68,654 11,045 10,774 28,981 17,854 

2002 - Jan ............ 67,533 11,045 10,657 28,229 17,602 

1 Begin ning July 1974, the Inter na tional Mone tary Fund (IMF) adopted a technique for valuing 4 In cludes holdings of Treasury and Federal Reserve System; begin ning Novem ber 

the special drawing right (SDR) based on a weighted aver age of exchange rates for the curren- 1978, these are valued at current market exchange rates or, where appro pri ate, at such 

cies of selected member countries. The U.S. SDR holdings and reserve posi tion in the IMF also other rates as may be agreed upon by the parties to the transac tions. 

are valued on this basis begin ning July 1974. 5 The United States has the right to purchase foreign curren cies equiva lent to its reserve 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursu ant to 31 United po si tion in the IMF auto mat i cally if needed. Under appro pri ate condi tions, the United 

States Code 5117 (b) issues gold certif i cates to the Federal Reserve at the same rate against States could purchase addi tional amounts related to the U.S. quota. 

all gold held. 6 In cludes an SDR $361 million loan to the IMF under the General Arrange ments to Bor- 3 Includes allo ca tions of SDRs in the Special Drawing Account in the IMF, plus or minus trans- row in July 1998, and an SDR $619 million loan to the IMF under the New Arrange ments

ac tions in SDRs. to Borrow in Decem ber 1998. 
64 IN TER NA TIONAL FINAN CIAL STATIS TICS 

TA BLE IFS-2.—Selected U.S. Lia bil i ties to Foreigners 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Li a bil i ties to foreign countries 

Li a bil i ties to

Of fi cial insti tu tions 1 other foreign ers 

Li a bil i ties 

to nonMar ket able Nonmarket- Li a bil i ties Marketable mon e tary

Li a bil i ties U.S. able U.S. Other re ported U.S. in ter na- End of re ported by Trea sury Trea sury readily by banks Trea sury tional and

cal en dar banks in bonds bonds mar ket- Li a bil i ties in the bonds re gional 

year or United and and able to United and organizamonth To tal To tal States notes 2 notes 3 liabilities 4 banks 5 To tal States notes 2, 6 tions 7 

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

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 ........... 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453 

2000 - Dec. r ... 2,696,609 821,882 297,603 415,964 5,348 102,967 1,049,619 807,640 228,332 579,308 17,468 

2001 - Jan. r ..... 2,743,522 842,386 313,623 418,190 4,923 105,650 1,082,197 803,596 234,608 568,988 15,343 

Feb. r ..... 2,718,110 840,394 310,489 418,857 4,953 106,095 1,051,057 810,648 235,152 575,496 16,011 

Mar. r ..... 2,710,259 841,484 309,820 419,106 4,984 107,574 1,047,777 803,726 223,580 580,146 17,272 

Apr. r ..... 2,727,409 830,970 302,530 410,066 5,017 113,357 1,054,084 824,766 249,097 575,669 17,589 

May r ..... 2,734,204 812,706 281,549 410,979 5,049 115,129 1,077,676 824,272 246,685 577,587 19,550 

June r ..... 2,735,892 810,999 283,609 407,736 5,081 114,573 1,073,929 830,057 252,464 577,593 20,907 

July r ..... 2,723,739 820,448 295,146 406,995 4,846 113,461 1,062,472 822,301 255,635 566,666 18,518 

Aug....... 2,716,189 813,989 289,471 407,338 4,805 112,375 1,060,320 821,584 250,671 570,913 20,296 

Sept ...... 2,680,841 826,399 297,496 409,887 4,036 114,980 1,016,525 815,871 249,645 566,226 22,046 

Oct ....... 2,772,206 834,492 301,084 412,126 3,520 117,762 1,077,039 841,716 262,845 578,871 18,959 

Nov. p..... 2,864,765 841,480 298,223 418,392 3,398 121,467 1,141,026 862,619 277,112 585,507 19,640 

Dec. p..... 2,837,270 831,850 284,844 419,453 3,411 124,142 1,112,901 873,154 278,177 594,977 19,365 

1 Includes Bank for Inter na tional Settle ments. 6 Includes market able U.S. Govern ment bonds and notes held by foreign banks. 

2 Derived by apply ing reported transac tions to benchmark data. 7 Prin ci pally the Inter na tional Bank for Recon struc tion and Devel op ment, the Inter-American 

3 Includes current value of zero-coupon Treasury bond issues to foreign govern ments as fol- De vel op ment Bank and the Asian Devel op ment Bank. 

lows: Mexico, begin ning March 1988, 20-year matu rity issue and begin ning March 1990, Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 30-year matu rity issue; Vene zuela, begin ning Decem ber 1990, 30-year matu rity issue; Argen- other depos i tory insti tu tions and brokers in the United States. Data gener ally corre spond to tina, begin ning April 1993, 30-year matu rity issue. Also, see footnotes to table IFS-3. sta tis tics follow ing in this section and in the “Capi tal Movements” section. Table excludes Inter- 4 Includes debt secu ri ties of U.S. Govern ment corpo ra tions, feder ally sponsored agencies and na tional Mone tary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and 

pri vate corpo ra tions. non ne go tia ble noninterest-bearing special U.S. notes held by inter na tional and regional orga5 Includes lia bil i ties payable in dollars to foreign banks and lia bil i ties payable in for eign curren- ni za tions. 

cies to foreign banks and to “other foreign ers.” 
IN TER NA TIONAL FINAN CIAL STATIS TICS 65 

TA BLE IFS-3.—Nonmar ket able U.S. Trea sury Bonds and Notes Issued 

to Offi cial Insti tu tions and Other Resi dents of Foreign Countries 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Pay able in dollars 

End of calen dar Grand total To tal Ar gen tina 1 Mex ico 2 Ven e zuela 3
 

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

1996 .......................... 

1997 .......................... 

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

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

2000 - Dec ..................... 

2001 - Jan...................... 

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

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

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

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

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

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

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

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

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

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

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

5,968 5,968 1,015 3,835 1,118
 

5,994 5,994 1,091 3,692 1,211
 

6,074 6,074 1,172 3,991 911
 

6,111 6,111 1,259 4,313 539
 

5,348 5,348 1,244 3,520 584
 

4,923 4,923 1,252 3,083 588
 

4,953 4,953 1,259 3,102 592
 

4,984 4,984 1,266 3,122 596
 

5,017 5,017 1,274 3,143 600
 

5,049 5,049 1,281 3,164 604
 

5,081 5,081 1,289 3,184 608
 

4,846 4,846 1,029 3,205 612
 

4,805 4,805 963 3,226 616
 

4,036 4,036 968 2,448 620
 

3,520 3,520 974 1,921 625
 

3,398 3,398 980 1,789 629
 

3,411 3,411 977 1,801 633
 

1 Begin ning April 1993, includes current value (princi pal and accrued inter est) of zero-coupon, $1,058 million that was retired in full in April 1997; and begin ning March 1990, 30-year maturity
 

30-year matu rity Treasury bond issue to the govern ment of Argen tina. Remaining face value of is sue with remain ing face value of $7,297 million.
 

the issue is $4,494 million. 3 Begin ning Decem ber 1990, indi cates current value of zero-coupon, 30-year matu rity Treasury
 2 Includes the current value of the follow ing zero-coupon, Treasury bond issues to the govern- bond issue to the Repub lic of Vene zuela. Remaining face value of issue is $2,721 million.
 

ment of Mexico: Begin ning March 1988, 20-year matu rity issue with remain ing face value of
 
66 

IN TRO DUC TION: Capi tal Movements 

Trea sury collects infor ma tion about the transfer ence of finan cial assets and other portfo lio capi tal movements between 

the United States and foreign ers and has since 1935. Commercial banks and other depos i tory insti tu tions, bank holding compa nies, secu ri ties brokers and dealers, and nonbanking

en ter prises in the United States file capi tal movement reports 

with district FRBs. Begin ning in late 1998, the Federal Reserve Board also performs services on behalf of the Treasury in 

sup port of this data collec tion system. 

Forms and instruc tions are devel oped with the coop er a tion 

of other Govern ment agencies and the Federal Reserve System 

and in consul ta tion with repre sen ta tives of banks, secu ri ties 

firms and nonbanking enter prises. The most recent revi sions to 

selected report ing forms and instruc tions were effec tive January 31, 2001. The major changes are outlined below. Copies of 

the report ing forms and instruc tions may be obtained from the 

Of fice of Program Services, Office of the Assis tant Secre tary 

for Inter na tional Affairs, Treasury, Washing ton, D.C. 20220; 

the Inter na tional Finance Divi sion, Board of Gover nors of the 

Fed eral Reserve System, Washing ton, D.C. 20551; or district 

FRBs. A number of report ing forms and instruc tions also may 

be downloaded from the Treasury Inter na tional Capi tal (TIC)

re port ing system website at the address highlighted in the 

NOTE at the end of the INTRO DUC TION text. 

In general, infor ma tion is reported oppo site the country or 

geo graph ical area where the foreigner is located, as shown on 

re cords of report ing insti tu tions. However, infor ma tion may 

not always reflect the ulti mate owner ship of assets. Reporting

in sti tu tions are not required to go beyond addresses shown on 

their records and so may not be aware of the actual country of 

do mi cile of the ulti mate bene fi ciary.

Trans ac tions with branches or agencies of foreign offi cial

in sti tu tions, wherever located, are reported oppo site the country that has sover eignty over the insti tu tions. Transac tions with 

in ter na tional and regional orga ni za tions are not reported opposite any country, but are accounted for in regional groupings of 

such orga ni za tions. The only excep tion is infor ma tion pertaining to the Bank for Inter na tional Settle ments, which is reported

op po site “Other Europe.” For purposes of publi ca tion only, infor ma tion on the Euro pean Central Bank also is included in 

“Other Europe.” 

Banks and other depos i tory insti tu tions, bank holding compa nies, secu ri ties brokers and dealers, and nonbanking enterprises in the United States must file reports. These enter prises

in clude the branches, agencies, subsid iar ies and other affil i ates 

in the United States of foreign banking and nonbanking firms. 

Those with lia bil i ties, claims or secu ri ties transac tions below 

spec i fied exemp tion levels are exempt from report ing. 

Banks and other depos i tory insti tu tions, and some brokers 

and dealers, file monthly reports cover ing their dollar lia bil ities to, and dollar claims on, foreign ers in a number of countries. Twice a year, June 30 and Decem ber 31, they also report 

the same lia bil i ties and claims items attrib uted to foreign ers in 

coun tries not shown sepa rately on the monthly reports. Quarterly reports are filed for lia bil i ties and claims denom i nated in 

for eign curren cies. Begin ning Janu ary 2001, the geograph ical

de tail of the inter na tional banking transac tions forms was 

changed to add lines for Luxem bourg, the combined Channel 

Is lands and Isle of Man, the Carib bean region, New Zealand, 

and the Euro pean Central Bank. In addi tion, the British West 

In dies line was replaced with a line for the Cayman Islands. At 

the same time, the exemp tion level appli ca ble to the banking

re ports was raised from $15 million to $50 million. The new 

ex emp tion level is also subject to the provi sion that report able 

amounts for any one country do not exceed $25 million. 

Banks and other depos i tory insti tu tions, secu ri ties brokers 

and dealers, and other enter prises report monthly their transactions with foreign ers by country in long-term secu ri ties. This 

coun try list was amended in Janu ary 2001 as outlined in the report ing of inter na tional banking activ ity above. Respon dents 

must report secu ri ties transac tions with foreign ers if their aggre gate purchases or their aggre gate sales amount to at least 

$50 million during the covered month. Prior to Janu ary 2001, 

this excep tion level had been set at $2 million. 

Ex porters, import ers, indus trial and commer cial concerns, 

fi nan cial insti tu tions (other than banks, other depos i tory institu tions and brokers), and other nonbanking enter prises must 

file reports quarterly if lia bil i ties to, or claims on, unaf fil i ated

for eign ers amount to $10 million or more at the end of the covered quarter. 

Nonbanking enter prises also report each month their aggregate U.S. dollar denom i nated deposit and certif i cates of deposit claims of $10 million or more on banks abroad. 

The data in these tables do not cover all types of reported

cap i tal movements between the United States and other countries. The princi pal exclu sions are the intercompany capi tal

trans ac tions of nonbanking business enter prises in the United 

States with their own branches and subsid iar ies abroad or with 

their foreign parent compa nies (own foreign offices) and capital transac tions of the U.S. Govern ment. Consol i dated data on 

all types of inter na tional capi tal transac tions are published by 

the Depart ment of Commerce (Commerce) in its regu lar reports on the U.S. balance of payments. 

• Sec tion I pres ents lia bil i ties to foreign ers reported by 

U.S. banks and other depos i tory insti tu tions, as well as brokers 

and dealers. Dollar lia bil i ties are reported monthly; those denom i nated in foreign curren cies are reported quarterly. Respon dents report certain of their own lia bil i ties and a wide 

range of their custody lia bil i ties to foreign ers. Begin ning with 

the June 2001 issue, new table CM-I-1 replaces former tables 

CM-I-1 and CM-I-2 and includes new breakouts of lia bil i ties

aris ing under repur chase agreements and from foreign ownership of short-term secu ri ties issued by U.S. Govern ment and 

Fed erally-sponsored agencies. The remain ing tables in this 

sec tion have been renum bered accord ingly. 

• Sec tion II presents claims on foreign ers reported by 

U.S. banks and other depos i tory insti tu tions, brokers and dealers. 
CAP I TAL MOVEMENTS 67
 

Data on banks’ claims held for their own account are collected 

monthly. Infor ma tion on claims held for their domes tic custom ers as well as on foreign currency claims is collected on a 

quar terly basis only. Matu rity data are reported accord ing to 

time remain ing to matu rity. Reporting also covers certain 

items held by brokers and dealers in the United States. Beginning with the June 2001 issue, table CM-II-1 in this section has 

been revised to include a new breakout of claims on foreign ers

aris ing under resale agreements. 

• Sec tion III con tains supple men tary data on dollar liabil i ties to, and dollar claims on, countries not listed sepa rately 

on the monthly reports submit ted by banks, other depos i tory

in sti tu tions, brokers and dealers in the United States. The supple men tary reports are filed semian nu ally as of the end of June 

and Decem ber. 

• Sec tion IV shows the lia bil i ties to, and claims on, unaffil i ated foreign ers of export ers, import ers, indus trial and commer cial concerns, finan cial insti tu tions (other than banks, 

other depos i tory insti tu tions and brokers), and other 

nonbanking enter prises in the United States. Infor ma tion does 

not include accounts of nonbanking enter prises in the United 

States with their own branches and subsid iar ies abroad or with 

their foreign parent compa nies. These are reported by business 

en ter prises to Commerce on its direct invest ment forms. Data 

ex clude claims on foreign ers held through banks in the United 

States. 

• Sec tion V con tains infor ma tion on transac tions with 

for eign ers in long-term domes tic and foreign secu ri ties as reported by banks, brokers and other enti ties in the United 

States. The data cover transac tions exe cuted in the United 

States for the accounts of foreign ers and transac tions exe cuted 

abroad for the accounts of report ing insti tu tions and their domes tic custom ers. This includes transac tions in newly issued 

se cu ri ties as well as transac tions in and redemp tions of outstand ing issues. However, the data do not include nonmar ketable Treasury bonds and notes shown in table IFS-3. 

The geograph ical breakdown of the transac tions data does 

not neces sar ily reflect the domi cile of the ulti mate owners or 

the origi nal issu ers of the secu ri ties. This is because the path of 

a secu rity is not tracked prior to its being purchased from, or 

af ter it is sold to, a foreigner in a report able transac tion. That is, 

be fore it enters and after it departs the report ing system, owner ship of a secu rity may be transferred between foreign ers of 

dif fer ent countries. Such transfers may occur any number of 

times and are concealed among the net figures for U.S. transac tions oppo site indi vid ual countries. Hence, the geograph ical

break down shows only the country of domi cile of the foreign

buy ers and sellers of secu ri ties in a partic u lar round of transactions. 

NOTE: Current and histor i cal data on United States transac tions with foreign ers in long-term secu ri ties and on the gross

for eign lia bil i ties and claims reported by banks in the United 

States are available on the Treasury Inter na tional Capi tal (TIC) 

reporting system website: http://www.ustreas.gov/tic. These 

data may be downloaded as sepa rate time series for each country or geograph ical area regu larly shown in the capi tal movements tables. Also available on this website is a table on 

“Ma jor Foreign Holders of Trea sury Secu ri ties,” showing estimated total holdings of U.S. Treasury bills, bonds and notes 

for current and recent peri ods. All data series on the TIC 

website are updated on the last business day of each month. 
68 CAP I TAL MOVEMENTS 

SEC TION I.—Lia bil i ties to Foreigners Reported by Banks 

in the United States 

TA BLE CM-I-1.—Total Lia bil i ties by Type and Holder 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar 

Type of Lia bil ity year 2001 

2000 r June r July r Aug. r Sept. r Oct. Nov. Dec. p 

Total liabilities to all foreigners .............. 1,589,189 1,627,729 1,628,417 1,617,584 1,582,390 1,656,520 1,732,820 1,692,140 

Payable in dollars ....................... 1,511,410 1,519,311 1,519,999 1,509,166 1,489,196 1,563,326 1,639,626 1,598,946 

Foreign official institutions 1 .............. 297,603 283,609 295,146 289,471 297,496 301,084 298,223 284,844 

Demand deposits .................... 3,952 2,465 2,169 2,934 3,042 2,496 3,336 2,988 

Time deposits ....................... 35,573 32,752 28,121 26,441 31,971 24,275 18,348 19,471 

U.S. Treasury bills and certificates ....... 153,010 139,195 143,288 151,850 153,899 161,081 167,562 161,719 

Short-term U.S. agency obligations ...... n.a. 40,301 39,971 40,727 39,961 41,078 35,037 36,351 

Other liabilities ...................... 105,068 68,896 81,597 67,519 68,623 72,154 73,940 64,315 

Unaffiliated foreign banks and other foreigners ......................... 516,278 551,134 544,377 542,785 530,863 546,352 575,764 557,707 

Demand deposits .................... 29,372 30,340 27,730 30,713 31,180 27,194 31,352 30,568 

Time deposits ....................... 146,064 142,400 143,439 145,017 144,232 140,763 134,578 131,497 

U.S. Treasury bills and certificates ....... 24,584 17,338 17,566 18,782 19,220 21,325 22,707 23,647 

Short-term U.S. agency obligations ...... n.a. 19,651 21,372 21,961 22,054 24,556 24,650 23,390 

Other liabilities ...................... 316,258 341,405 334,270 326,312 314,177 332,514 362,477 348,605 

Banks’ own foreign offices............... 684,987 670,750 669,221 663,696 647,528 705,754 754,595 745,592 

International and regional organizations 2 ... 12,542 13,818 11,255 13,214 13,309 10,136 11,044 10,803 

Demand deposits .................... 41 28 50 21 36 40 21 33 

Time deposits ....................... 6,246 4,228 2,896 2,738 2,299 2,627 3,009 3,755 

U.S. Treasury bills and certificates ....... 252 68 78 92 118 521 779 577 

Short-term U.S. agency obligations ...... n.a. 134 132 117 102 18 36 40 

Other liabilities ...................... 6,003 9,360 8,099 10,246 10,754 6,930 7,199 6,398 

Payable in foreign currencies 3 ............. 77,779 108,418 108,418 108,418 93,194 93,194 93,194 93,194 

Sec tor: 

Banks and other foreigners ............ 76,687 104,510 104,510 104,510 87,779 87,779 87,779 87,779 

International and regional organizations... 1,092 3,908 3,908 3,908 5,415 5,415 5,415 5,415 

Ma jor foreign currencies: 

Canadian dollars ..................... n.a. 7,152 7,152 7,152 6,209 6,209 6,209 6,209 

Euro .............................. n.a. 39,927 39,927 39,927 34,739 34,739 34,739 34,739 

U.K. pounds sterling .................. n.a. 9,356 9,356 9,356 9,304 9,304 9,304 9,304 

Japanese yen ....................... n.a. 38,125 38,125 38,125 28,195 28,195 28,195 28,195 

Mem o ran da: 

Banks’ own liabilities to foreigners payable

in dollars ............................ 1,077,636 1,095,034 1,098,902 1,077,597 1,056,582 1,110,907 1,166,063 1,134,997 

Collateralized by repurchase agreements ... - 126,508 138,328 132,705 111,109 127,516 136,459 152,659 

Foreign official institutions.............. - 43,302 49,151 39,849 44,839 46,488 48,885 45,422 

Foreign banks and other foreigners ...... n.a. 82,078 88,583 91,859 65,362 80,186 86,842 104,562 

International and regional organizations... - 1,128 594 997 908 842 732 2,675 

Liabilities to foreigners reported by IBFs ..... 429,404 434,184 433,004 404,472 387,310 391,490 447,470 435,113 

Payable in dollars ..................... 384,543 378,315 377,135 348,603 340,897 345,077 401,057 388,700 

Payable in foreign currencies 3 ........... 44,861 55,869 55,869 55,869 46,413 46,413 46,413 46,413 

Custody liabilities of domestic customers

payable in dollars...................... 433,774 424,277 421,097 431,569 432,614 452,419 473,563 463,949 

1

 Includes Bank for Inter na tional Settle ments. 3 Data may be as of preced ing quarter-end for most recent month shown in table. 2

 Principally the Inter na tional Bank for Recon struc tion and Devel op ment and the Inter-American 

De vel op ment Bank. 
CAP I TAL MOVEMENTS 69 

TA BLE CM-I-2.—Total Lia bil i ties by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2001 

Coun try 1998 1999 2000 r Aug. r Sept. Oct. Nov. Dec. p 

Eu rope: 

Austria .................... 3,474 2,960 2,755 2,740 2,863 2,582 3,409 3,384 

Belgium 1 .................. 45,004 46,078 34,230 6,930 6,828 7,364 7,044 6,952 

Bulgaria ................... 776 472 367 1,261 264 228 245 267 

Czech Republic ............. 323 790 626 616 836 710 689 614 

Denmark .................. 1,720 2,357 3,134 3,383 3,345 3,854 4,350 3,727 

Finland.................... 2,098 1,749 1,412 1,003 1,267 1,223 1,135 1,445 

France .................... 49,839 58,317 41,275 49,260 47,178 57,974 58,607 57,949 

Germany .................. 30,898 29,004 41,416 38,134 25,806 29,087 28,491 27,722 

Greece.................... 2,085 3,877 2,042 2,694 2,441 2,410 2,082 2,304 

Hungary................... 911 871 1,127 840 803 879 658 812 

Ireland .................... 8,485 7,691 8,115 14,160 13,164 14,596 16,277 16,831 

Italy ...................... 10,103 9,756 6,755 6,377 6,708 6,350 6,818 7,248 

Luxembourg 1 .............. n.a. n.a. n.a. 14,903 15,721 15,268 17,192 17,531 

Netherlands ................ 12,163 9,365 7,587 13,190 11,468 12,605 13,398 12,723 

Norway ................... 788 1,363 2,310 3,962 3,576 3,156 3,067 3,736 

Poland .................... 6,053 4,274 3,649 3,526 4,343 4,599 4,004 4,171 

Portugal ................... 3,788 2,501 2,529 2,603 2,699 3,860 3,997 4,102 

Romania .................. 311 768 850 1,693 1,697 1,345 1,499 1,481 

Russia 2 .................... 2,441 5,476 19,052 22,697 22,953 23,440 21,252 20,791 

Spain ..................... 16,991 11,091 8,236 7,709 9,505 10,363 11,173 9,371 

Sweden ................... 3,237 4,744 6,506 3,278 3,809 3,510 3,754 3,420 

Switzerland ................ 53,891 64,092 76,307 55,077 41,706 41,836 83,258 68,510 

Turkey .................... 4,358 7,972 7,636 7,097 6,934 7,480 7,553 8,203 

United Kingdom ............. 202,280 190,706 187,145 164,905 157,617 161,484 174,049 185,361 

Channel Islands and Isle of 

Man 3 ................... n.a. n.a. n.a. 35,979 36,301 36,621 36,390 36,263 

Yugoslavia 4 ................ 233 286 282 297 321 313 310 309 

Other Europe............... 14,384 14,778 16,518 21,587 24,732 22,815 21,970 19,147 

Total Europe .............. 476,634 481,338 481,861 485,901 454,885 475,952 532,671 524,374 

Canada..................... 34,708 40,579 36,975 33,464 30,520 29,894 32,292 31,471 

Latin America: 

Argentina .................. 19,037 18,650 19,500 11,276 15,160 13,018 10,793 10,649 

Brazil ..................... 16,483 12,944 11,726 17,309 18,261 17,682 15,571 15,439 

Chile ..................... 5,047 7,095 5,946 5,367 5,824 5,499 5,381 5,004 

Colombia .................. 4,639 5,685 4,561 4,598 4,467 4,607 4,661 4,683 

Ecuador ................... 1,575 1,959 2,117 2,176 2,123 2,107 2,010 2,378 

Guatemala................. 1,338 1,632 1,619 1,484 1,460 1,868 1,951 1,895 

Mexico .................... 38,644 32,263 33,041 39,444 39,002 41,945 41,821 41,205 

Panama ................... 3,869 4,420 4,353 3,725 3,836 3,808 3,570 3,652 

Peru...................... 843 1,143 1,444 1,530 1,473 1,516 1,592 1,359 

Uruguay................... 2,522 2,393 3,036 3,017 2,723 3,160 3,303 3,202 

Venezuela ................. 20,202 20,459 24,984 27,320 22,146 23,861 26,377 25,184 

Other Latin America 5 ........ 9,808 10,916 10,094 6,846 6,426 6,476 6,618 6,282 

Total Latin America .......... 124,007 119,559 122,421 124,092 122,901 125,547 123,648 120,932 

Ca rib bean: 

Bahamas .................. 126,029 139,425 191,061 185,770 178,976 213,126 202,235 179,781 

Bermuda .................. 7,279 8,005 9,763 7,510 7,805 9,878 9,446 10,648 

British West Indies 6 ......... 309,090 331,546 382,868 n.a. n.a. n.a. n.a. n.a. 

Cayman Islands 6 ........... n.a. n.a. n.a. 423,160 409,630 423,743 456,619 458,445 

Cuba ..................... 62 75 90 45 154 86 85 88 

Jamaica ................... 604 547 828 1,003 998 920 970 1,220 

Netherlands Antilles ......... 5,308 4,205 5,454 3,353 4,593 6,103 4,079 3,169 

Trinidad and Tobago ......... 475 601 904 1,440 1,423 1,522 1,781 1,279 

Other Caribbean 5 .............. n.a. n.a. n.a. 9,838 10,980 12,649 12,912 12,100 

To tal Carib bean ........... 448,847 484,404 590,968 632,119 614,559 668,027 688,127 666,730 

See footnotes at end of table. 
70 CAP I TAL MOVEMENTS 

TA BLE CM-I-2.—Total Lia bil i ties by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2001 

Coun try 1998 1999 2000 r Aug. r Sept. Oct. Nov. Dec. p 

Asia: 

China: 

Mainland ................. 13,441 12,325 16,531 16,024 16,886 17,891 12,378 10,472 

Taiwan................... 12,748 13,644 17,374 22,783 22,259 19,217 21,139 17,585 

Hong Kong ................. 21,779 28,260 26,996 24,032 24,853 23,426 26,573 26,762 

India ...................... 5,372 7,368 4,530 4,076 4,024 3,891 3,916 3,703 

Indonesia .................. 8,326 6,571 8,514 11,988 11,927 12,352 11,759 12,382 

Israel ..................... 7,756 7,489 8,099 7,736 8,843 7,368 7,767 7,851 

Japan ..................... 193,202 170,614 162,449 151,696 166,413 176,816 174,564 172,061 

Korea ..................... 12,525 12,991 7,960 7,092 7,795 7,819 8,193 9,110 

Lebanon ................... 1,190 1,212 681 744 735 712 642 560 

Malaysia ................... 2,392 3,851 2,335 2,276 1,552 1,306 1,402 1,307 

Pakistan ................... 847 813 1,024 1,421 1,471 1,622 2,413 1,963 

Philippines ................. 3,564 3,806 2,320 1,794 1,887 1,759 2,112 1,767 

Singapore.................. 24,838 32,840 28,638 18,952 21,160 17,715 16,383 16,990 

Syria ...................... 40 55 59 59 39 35 37 65 

Thailand ................... 7,363 6,052 3,212 3,855 3,458 3,679 4,805 4,755 

Oil-exporting countries 7 ....... 17,068 22,565 24,939 21,708 22,278 19,846 20,023 21,425 

Other Asia ................. 3,975 5,387 5,312 5,946 5,650 6,183 5,593 5,793 

Total Asia ................ 336,426 335,843 320,973 302,182 321,230 321,637 319,699 314,551 

Af rica: 

Congo (formerly Zaire) ........ 5 14 4 5 2 4 1 

Egypt ..................... 1,343 2,023 2,621 3,647 3,021 2,917 3,117 2,781 

Ghana .................... 213 147 188 241 183 138 144 133 

Liberia .................... 269 423 318 216 250 241 230 257 

Morocco ................... 97 179 148 165 235 331 344 272 

South Africa ................ 1,539 1,497 1,011 1,347 814 890 1,022 837 

Oil-exporting countries 8 ....... 3,177 3,010 4,141 3,921 4,521 5,070 4,057 4,462 

Other Africa ................ 2,492 2,280 2,535 2,791 2,721 2,635 2,445 2,737 

Total Africa ............... 9,135 9,573 10,966 12,333 11,747 12,226 11,360 11,483 

Other countries: 

Australia ................... 5,528 8,408 10,109 9,376 6,880 6,642 7,857 5,647 

New Zealand 9 .............. n.a. n.a. n.a. 527 524 593 305 321 

All other ................... 1,158 1,413 1,281 468 420 450 402 413 

Total other countries ........ 6,686 9,821 11,390 10,371 7,824 7,685 8,564 6,381 

Total foreign countries ..... 1,436,443 1,481,117 1,575,554 1,600,462 1,563,666 1,640,968 1,716,361 1,675,922 

International and regional orga ni za tions: 

International ................ 10,648 13,758 12,193 15,997 17,639 14,199 14,701 14,720 

European regional ........... 577 504 453 241 259 590 989 688 

Latin American regional ....... 750 1,150 740 509 569 480 462 480 

Caribbean regional 10 ......... n.a. n.a. n.a. 57 40 51 62 84 

Asian regional .............. 477 607 175 191 164 196 223 213 

African regional ............. 67 141 74 127 53 27 22 33 

Middle Eastern regional ....... - - - - - 9 - -

Total international 

and regional ............. 12,519 16,160 13,635 17,122 18,724 15,552 16,459 16,218 

Grand total .............. 1,448,962 1,497,277 1,589,189 1,617,584 1,582,390 1,656,520 1,732,820 1,692,140 

1

 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5

 Before Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com-
 2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other Eu- bined “Other Latin America and Carib bean.”
 

rope.” 6 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in the data series.
 3

 Before Janu ary 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates
 4

 Includes Serbia and Montenegro, which presently form an entity not formally recog nized by the (Trucial States).
 

United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states by 8 Includes Alge ria, Gabon, Libya and Nige ria.
 

the United States are reported under “Other Europe” as follows: since Decem ber 1992 for 9

 Before Janu ary 2001, data included “All other.” Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugo slav 10 Before Janu ary 2001, included in “Latin American regional.” Re pub lic of Mace do nia.
 

4 
CAP I TAL MOVEMENTS 71
 

TA BLE CM-I-3.—Total Lia bil i ties by Type and Country, Dec. 31, 2001, Prelim i nary 

[Po si tion in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Li a bil i ties payable in dollars 

To foreign offi cial insti tu tions and unaf- Mem oTo tal lia bil i ties fil i ated foreign banks To all other foreign ers ran dum 

To tals Short- Li a bil i ties Ne go tiaPay able term U.S. to banks’ Short-term ble CDs 

in foreign Banks’ De posits Trea sury own for- De posits U.S. Trea- held for 

Pay able cur ren- own lia­ all forli a bil i ties De mand Time 2 tions 3 bil i ties fices De mand Time 2 sury obli ga-Other liaTo tal in dollars cies 1 bil i ties Cus tody ob li ga- Other lia- eign oftions 3 bil i ties eign ers 

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 

Eu rope:
 

Austria ............. 3,384 2,919 465 1,827 1,092 134 396 606 1,486 26 23 156 3 89 53
 

Belgium ............ 6,952 6,548 404 5,920 628 88 603 281 4,472 497 66 210 86 245 14
 

Bulgaria ............ 267 267 - 111 156 4 17 152 83 1 3 3 2 2 -
 

Czech Republic ...... 614 597 17 286 311 16 10 300 129 75 10 55 2 - -
 

Denmark ........... 3,727 3,625 102 3,184 441 26 - 60 3,381 39 25 12 73 9 2
 

Finland ............. 1,445 1,445 - 618 827 34 - 162 806 417 13 11 1 1 663
 

France ............. 57,949 49,034 8,915 28,333 20,701 1,105 1,029 16,233 7,206 14,603 249 409 22 8,178 506
 

Germany ........... 27,722 22,342 5,380 14,803 7,539 579 1,538 1,081 7,504 5,498 459 894 169 4,620 5,730
 

Greece ............. 2,304 2,303 1 1,276 1,027 85 134 930 472 59 63 464 23 73 55
 

Hungary ............ 812 722 90 526 196 27 19 104 442 64 9 13 - 44 -
 

Ireland ............. 16,831 16,693 138 5,503 11,190 149 234 37 1,024 584 142 245 656 13,622 1,155
 

Italy ............... 7,248 6,343 905 5,996 347 575 603 276 1,387 1,611 132 399 11 1,349 7
 

Luxembourg ......... 17,531 16,875 656 7,848 9,027 197 993 1,841 3,905 4,283 93 543 203 4,817 556
 

Netherlands ......... 12,723 12,404 319 6,907 5,497 452 2,471 713 1,018 1,743 263 395 125 5,224 36
 

Norway............. 3,736 3,725 11 3,707 18 183 - 3 3,472 15 15 26 1 10 1
 

Poland ............. 4,171 3,675 496 1,587 2,088 41 45 1,273 1,651 629 7 29 - - -
 

Portugal ............ 4,102 4,029 73 808 3,221 48 77 3,097 387 193 24 181 3 19 6
 

Romania............ 1,481 1,477 4 514 963 6 1 440 1,005 12 4 9 - - -
 

Russia 4............. 20,791 20,782 9 2,453 18,329 512 66 462 19,424 226 20 62 3 7 5
 

Spain .............. 9,371 8,793 578 3,999 4,794 162 322 2,300 3,871 564 127 826 38 583 173
 

Sweden ............ 3,420 3,371 49 2,027 1,344 123 14 110 1,117 580 45 73 2 1,307 955
 

Switzerland ......... 68,510 66,380 2,130 59,047 7,333 722 714 3,439 5,249 52,967 221 974 1,435 659 508
 

Turkey ............. 8,203 7,472 731 1,774 5,698 62 121 5,652 1,142 331 61 81 11 11 1
 

United Kingdom ...... 185,361 167,033 18,328 156,243 10,790 917 14,649 1,449 7,448 119,104 1,558 2,061 2,091 17,756 1,231
 

Channel Islands and 
 Isle of Man 5 ....... 36,263 36,034 229 35,946 88 31 100 - 139 35,324 39 250 65 86 -
 

Yugoslavia 6 ......... 309 309 - 309 - 13 46 - 159 1 1 8 - 81 -
 

Other Europe ........ 19,147 18,533 614 9,647 8,886 170 2,760 7,604 7,502 125 50 194 21 107 3
 

Total Europe ....... 524,374 483,730 40,644 361,199 122,531 6,461 26,962 48,605 85,881 239,571 3,722 8,583 5,046 58,899 11,660 

Canada .............. 31,471 27,099 4,372 20,537 6,562 294 1,390 2,909 5,132 8,799 1,007 1,130 514 5,924 272 

Latin America: 

Argentina ........... 10,649 10,628 21 9,238 1,390 120 61 138 1,749 228 1,324 5,778 333 897 221 

Brazil .............. 15,439 14,157 1,282 13,307 850 256 2,825 - 2,277 2,401 718 4,895 487 298 171 

Chile............... 5,004 4,920 84 4,456 464 101 249 55 1,002 743 377 2,058 69 266 125 

Colombia ........... 4,683 4,665 18 4,313 352 37 531 - 859 29 435 2,398 66 310 273 

Ecuador ............ 2,378 2,372 6 2,300 72 34 76 - 334 143 264 1,388 10 123 30 

Guatemala .......... 1,895 1,878 17 1,816 62 62 199 2 204 7 155 1,200 - 49 15 

Mexico ............. 41,205 39,627 1,578 27,768 11,859 378 3,873 7,099 7,485 4,053 1,887 11,706 949 2,197 1,034 

Panama ............ 3,652 3,585 67 3,031 554 63 287 - 344 482 137 1,740 142 390 104 

Peru ............... 1,359 1,352 7 1,281 71 11 105 - 70 94 97 906 37 32 19 

Uruguay ............ 3,202 3,163 39 2,734 429 76 215 114 923 726 97 730 165 117 51 

Venezuela .......... 25,184 24,907 277 16,635 8,272 151 3,011 7,068 2,408 126 1,450 10,074 52 567 102 

Other Latin America ... 6,282 6,234 48 5,832 402 168 1,784 144 1,162 151 289 2,228 20 288 58 

Total Latin America .. 

Ca rib bean: 

120,932 117,488 3,444 92,711 24,777 1,457 13,216 14,620 18,817 9,183 7,230 45,101 2,330 5,534 2,203 

Bahamas ........... 179,781 179,070 711 167,071 11,999 114 1,088 314 10,956 159,246 190 2,001 704 4,457 335 

Bermuda ........... 10,648 10,381 267 6,292 4,089 91 506 465 3,078 325 541 672 347 4,356 96 

Cayman Islands ...... 458,445 441,104 17,341 297,542 143,562 37 3,636 61 121,616 251,751 207 3,274 684 59,838 2,238 

Cuba .............. 88 88 - 88 - 2 6 - 11 - - 61 - 8 -

Jamaica ............ 1,220 1,180 40 1,174 6 24 538 - 331 30 29 130 - 98 2 

Netherlands Antilles ... 3,169 3,160 9 2,914 246 82 125 5 373 379 74 353 83 1,686 7 

Trinidad and Tobago .. 1,279 1,266 13 1,195 71 41 746 - 184 38 36 150 60 11 3 

Other Caribbean ..... 12,100 12,019 81 8,227 3,792 235 388 465 1,251 607 610 4,501 1,152 2,810 611 

To tal Carib bean..... 666,730 648,268 18,462 484,503 163,765 626 7,033 1,310 137,800 412,376 1,687 11,142 3,030 73,264 3,292 

See footnotes at end of table. 
72 CAP I TAL MOVEMENTS 

TA BLE CM-I-3.—Total Lia bil i ties by Type and Country, Dec. 31, 2001, Prelim i nary, con. 

[Po si tion in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Li a bil i ties payable in dollars 

To foreign offi cial insti tu tions and unaf­ Mem oTo tal lia bil i ties fil i ated foreign banks To all other foreign ers ran dum 

Totals Short- Li a bil i ties Ne go tiaPay able term U.S. to banks’ Short-term ble CDs 

Pay able cur ren­ own lia­ Cus tody De posits Trea sury own for­ in foreign Banks’ De posits U.S. Trea­ held for

ob li ga­ Other lia­ eign of­ sury obli ga­ Other lia­ all forTo tal in dollars cies 1 bil i ties	 li a bil i ties De mand Time 2 tions 3 bil i ties fices De mand Time 2 tions 3 bil i ties eign ers 

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 

Asia: 

China: 

Mainland ........... 10,472 10,472 - 6,869 3,603 523 1,679 1 5,886 722 81 469 59 1,052 28 

Taiwan ............ 17,585 17,562 23 14,700 2,862 255 2,664 2,343 8,213 518 219 3,021 21 308 211 

Hong Kong........... 26,762 26,494 268 18,820 7,674 527 1,123 2,458 8,117 8,394 442 2,134 108 3,191 84 

India ................ 3,703 3,703 - 1,694 2,009 181 60 935 1,396 669 85 145 - 232 9 

Indonesia ............ 12,382 12,381 1 2,140 10,241 179 248 10,204 1,064 236 200 240 - 10 7 

Israel ............... 7,851 7,826 25 4,208 3,618 130 108 3,405 1,385 714 108 1,769 10 197 60 

Japan ............... 172,061 155,260 16,801 64,274 90,986 1,224 11,372 69,773 6,835 45,063 930 1,585 94 18,384 1,512 

Korea ............... 9,110 9,038 72 3,708 5,330 224 132 3,486 2,658 1,611 58 206 307 356 13 

Lebanon ............. 560 560 - 547 13 34 8 - 405 6 9 85 2 11 10 

Malaysia............. 1,307 1,255 52 976 279 119 9 215 637 211 12 44 - 8 2 

Pakistan ............. 1,963 1,957 6 865 1,092 57 82 982 527 189 21 58 - 41 28 

Philippines ........... 1,767 1,764 3 1,620 144 353 130 44 505 319 102 272 1 38 11 

Singapore ........... 16,990 15,085 1,905 13,587 1,498 362 3,467 392 2,051 7,404 171 505 70 663 15 

Syria................ 65 65 - 63 2 13 1 - 31 - 1 17 - 2 2 

Thailand ............. 4,755 4,742 13 1,299 3,443 127 9 3,086 646 284 75 222 140 153 9 

Other Asia ........... 27,218 25,814 1,404 18,832 6,982 704 1,706 4,183 8,654 8,239 316 443 211 1,358 150 

Total Asia .......... 

Af rica: 

314,551 293,978 20,573 154,202 139,776 5,012 22,798 101,507 49,010 74,579 2,830 11,215 1,023 26,004 2,151 

Congo (formerly Zaire).. 4 4 - 4 - 1 - - - 1 1 1 - - -

Egypt ............... 2,781 2,774 7 1,299 1,475 52 76 1,371 690 181 16 342 - 46 40 

Ghana .............. 133 133 - 133 - 18 28 - 71 - 4 8 - 4 -

Liberia .............. 257 227 30 161 66 - 1 - 2 - 8 150 9 57 8 

Morocco ............. 272 272 - 270 2 59 - - 187 - 5 20 - 1 -

South Africa .......... 837 833 4 760 73 45 2 - 266 220 86 132 - 82 4 

Other Africa .......... 7,199 7,102 97 5,756 1,346 1,634 1,049 1,248 2,255 336 177 277 10 116 10 

Total Africa ......... 11,483 11,345 138 8,383 2,962 1,809 1,156 2,619 3,471 738 297 930 19 306 62 

Other countries: 

Australia............. 5,647 5,589 58 2,757 2,832 368 136 1,578 2,065 237 635 80 171 319 2 

New Zealand ......... 321 234 87 209 25 25 - - 108 9 31 25 15 21 2 

All other ............. 413 412 1 331 81 25 - 70 104 100 40 71 - 2 1 

Total other 

countries.......... 6,381 6,235 146 3,297 2,938 418 136 1,648 2,277 346 706 176 186 342 5 

Total foreign

countries ........ 1,675,922 1,588,143 87,779 1,124,832 463,311 16,077 72,691 173,218 302,388 745,592 17,479 78,277 12,148 170,273 19,645

In ter na tional and regional orga ni za tions: 

International .......... 14,720 9,305 5,415 9,305 - - - - - - 22 3,645 - 5,638 -

European regional ..... 688 688 - 71 617 - - - - - 5 47 577 59 -

Latin American regional . 480 480 - 459 21 - - - - - 4 62 - 414 20 

Caribbean regional .... 84 84 - 84 - - - - - - - - - 84 -

Asian regional ........ 213 213 - 213 - - - - - - 1 1 - 211 -

African regional ....... 33 33 - 33 - - - - - - 1 - - 32 -

Middle Eastern 

regional ............ - - - - - - - - - - - - - - -

Total international 

and regional ....... 16,218 10,803 5,415 10,165 638 - - - - - 33 3,755 577 6,438 20 

Grand total ........ 1,692,140 1,598,946 93,194 1,134,997 463,949 16,077 72,691 173,218 302,388 745,592 17,512 82,032 12,725 176,711 19,665 

1 These data as of Sept. 30, 2001.
 5

 Before Janu ary 2001, data included in United Kingdom. 2

 Excludes nego tia ble time certif i cates of deposit, which are included in “Other Lia bilities.”
 6 Includes Serbia and Montenegro, which presently form an entity not formally recog nized by 3

 U.S. Treasury bills and certif i cates held in custody for the account of oil-exporting countries in 
	 the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states 

“Other Asia” and “Other Africa” amount to $2,427 million.
 by the United States are reported under “Other Europe” as follows: since Decem ber 1992 for

4

 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other Eu­
	 Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former Yugo slav

Re pub lic of Mace do nia. rope.”
 
CAP I TAL MOVEMENTS 73 

CHART CM-A.—U.S. Lia bil i ties to Foreigners

Re ported by U.S. Banks, Brokers and Dealers 

with Respect to Selected Countries 

700 

(In billions of dollars) 

In 2001, U.S. banking lia bil i ties

in creased $103 billion, owing to a

par tic u larly large increase in the 

fourth quarter. For the year, the 

600 in crease was mainly oppo site the

Ca rib bean finan cial centers and 

“All other Europe.” 

500 U.S. banking lia bil i ties to foreign­ ers, exclud ing long-term secu ri­ ties, are concen trated in

in ter na tional finan cial centers. The 

400 data on this page show that nearly

one-half of U.S. banking lia bil i ties

cur rently is reported oppo site the 

United Kingdom and the banking 

300 cen ters in the Carib bean. For­ eigners domi ciled in the rest of

Eu rope and in Asia hold an addi­ tional 40 percent. 

200 

U.S. banking lia bil i ties in the 

mid-1990s went through a growth

spurt. The annual growth rate be100 tween 1993 and 1997 aver aged 10

per cent. From 1998 to 2001, 

growth slowed to about 5 percent 

per year, more in line with the 

0 1989 through 1992 period. 

1997 1998 1999 2000 2001 

United Kingdom. ............. 212,790 202,280 190,706 187,145 185,361 

All other Europe. ............. 274,671 274,354 290,632 294,716 339,013 

Caribbean banking centers1,2 .... 414,642 451,575 487,601 593,499 655,695 

Japan. ..................... 172,352 193,202 170,614 162,449 172,061 

All other Asia ................ 128,650 143,224 165,229 158,524 142,490 

Subtotal ................... 1,203,105 1,264,635 1,304,782 1,396,333 1,494,620 

All other countries. ............ 197,446 184,327 192,495 192,856 197,520 

Grand total ................ 1,400,551 1,448,962 1,497,277 1,589,189 1,692,140 

1

 Includes Baha mas, Bermuda, British West Indies, Nether lands Antil les and Panama. 2

 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in report ing format. 

United Kingdom All other Europe Ca rib bean banking centers 

Ja pan All other countries 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 

Coun try 1997 1998 1999 2000 2001 

All other Asia 
74 CAP I TAL MOVEMENTS 

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

TA BLE CM-II-1.—Total Claims by Type 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

2000 2001 

Type of claim 

Cal en dar year 

1999 Mar. r June r Sept. r Dec. r Mar. r June Sept. p 

Total claims ...................... 1,033,128 1,106,138 1,115,293 1,105,023 1,177,192 1,291,727 1,280,196 1,221,713 

Payable in dollars................. 944,937 1,020,894 1,028,630 1,025,546 1,095,869 1,197,443 1,181,652 1,132,166 

Banks’ own claims on foreigners.... 793,139 823,085 844,105 855,492 904,642 980,742 990,714 956,986 

Foreign public borrowers ........ 30,527 31,856 36,081 35,152 33,221 46,347 47,500 41,306 

Un af fil i ated foreign banks: 

Deposits.................... 34,538 24,377 22,371 23,765 23,886 19,948 20,155 19,803 

Other ...................... 62,648 65,599 66,331 63,023 71,357 81,770 71,292 72,374 

Own foreign offices .............. 529,682 566,207 575,022 592,669 630,137 670,957 686,065 657,672 

All other foreigners .............. 135,744 135,046 144,300 140,883 146,041 161,720 165,702 165,831 

Claims of banks’ 

domestic customers ............ 151,798 197,809 184,525 170,054 191,227 216,701 190,938 175,180 

Deposits ..................... 88,006 129,765 106,464 87,882 100,352 111,323 93,656 89,478 

Negotiable and readily

transferable instruments ....... 51,161 56,032 62,975 70,334 78,147 92,013 81,034 75,868 

Collections and other ........... 12,631 12,012 15,086 11,838 12,728 13,365 16,248 9,834 

Payable in foreign currencies........ 88,191 85,244 86,663 79,477 81,323 94,284 98,544 89,547 

Banks’ own claims on foreign ers 

of which ................... 67,365 63,491 67,861 60,354 56,912 73,179 77,400 68,703 

Canadian dollars .......... n.a. n.a. n.a. n.a. n.a. - 5,413 5,828 

Euros ................... n.a. n.a. n.a. n.a. n.a. - 31,812 27,630 

U.K. pounds sterling........ n.a. n.a. n.a. n.a. n.a. - 9,023 6,970 

Japanese yen............. n.a. n.a. n.a. n.a. n.a. - 10,915 10,211 

Claims of banks’ 

domestic customers 

of which .................. 20,826 21,753 18,802 19,123 24,411 21,105 21,144 20,844 

Canadian dollars .......... n.a. n.a. n.a. n.a. n.a. - 811 876 

Euros ................... n.a. n.a. n.a. n.a. n.a. - 6,378 8,970 

U.K. pounds sterling........ n.a. n.a. n.a. n.a. n.a. - 2,114 1,733 

Japanese yen............. n.a. n.a. n.a. n.a. n.a. - 874 386 

Mem o ran da: 

Claims reported by IBFs ........... 274,611 305,885 294,186 307,289 308,953 325,510 344,652 306,583 

Payable in dollars .............. 243,765 274,265 261,072 277,410 281,707 293,792 312,578 276,826 

Payable in foreign currencies ..... 30,846 31,620 33,114 29,879 27,246 31,718 32,074 29,757 

Customer liability on acceptances .... 4,553 4,462 5,053 4,701 4,257 2,993 3,054 2,468 

Collateralized by resale agreements .. n.a. n.a. n.a. n.a. n.a. 134,083 129,693 111,844 

Foreign public borrowers ........ n.a. n.a. n.a. n.a. n.a. 27,964 28,463 21,427 

For eign banks and other foreign ers .. n.a. n.a. n.a. n.a. n.a. 103,575 96,770 86,058 

International and regional orgs. ... n.a. n.a. n.a. n.a. n.a. 2,544 4,460 4,359 

Claims with remain ing matu rity of 1 year or less: 

On foreign public borrowers ....... 18,328 19,249 21,001 19,713 17,443 21,615 23,206 17,123 

On all other unaffiliated foreigners .. 169,566 155,964 160,395 154,280 168,660 173,417 168,621 162,994 

Claims with remain ing matu rity of more than 1 year: 

On foreign public borrowers ....... 11,933 12,306 14,605 14,886 15,108 24,301 23,730 23,523 

On all other unaffiliated foreigners .. 67,255 68,922 72,541 73,500 72,798 88,280 86,552 94,908 
CAP I TAL MOVEMENTS 75 

TA BLE CM-II-2.—Total Claims by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

2000 2001 

Country 

Cal en dar year 

1999 Mar. r June r Sept. r Dec. r Mar. r June Sept. p 

Eu rope: 

Austria ...................... 4,651 6,539 5,601 6,570 4,862 4,728 4,405 3,849 

Belgium 1 ..................... 15,774 15,246 12,693 10,769 9,957 6,962 6,200 7,219 

Bulgaria ..................... 7 4 3 6 23 7 2 1 

Czech Republic ............... 152 113 183 140 139 179 129 147 

Denmark .................... 3,223 2,393 4,840 5,310 4,923 7,086 6,693 4,056 

Finland ...................... 2,426 2,520 3,272 4,258 8,691 7,924 9,173 11,199 

France ...................... 36,433 42,141 41,877 38,826 53,007 62,158 70,406 69,759 

Germany .................... 58,385 68,707 62,081 57,955 70,564 82,015 83,506 62,518 

Greece ...................... 1,165 1,297 1,115 1,080 1,247 784 868 505 

Hungary ..................... 37 44 33 46 41 25 19 19 

Ireland ...................... 4,612 6,741 7,830 6,196 6,970 5,264 3,852 3,540 

Italy ........................ 12,765 11,032 13,592 11,126 12,586 10,743 12,410 10,691 

Luxembourg 1 ................. n.a. n.a. n.a. n.a. n.a. 3,884 8,529 9,641 

Netherlands .................. 19,928 22,917 22,913 23,089 22,974 30,918 24,961 25,070 

Norway...................... 1,160 2,630 3,036 5,613 5,655 9,013 7,301 5,221 

Poland ...................... 1,219 435 403 240 434 397 192 426 

Portugal ..................... 1,927 1,539 2,217 2,195 2,105 1,934 2,106 1,764 

Romania..................... 68 66 64 79 80 91 61 62 

Russia 2 ...................... 731 725 763 661 690 1,147 1,091 703 

Spain ....................... 5,400 4,702 5,029 4,163 4,531 7,529 5,452 5,981 

Sweden ..................... 8,508 14,407 15,326 15,295 15,985 19,379 18,847 19,449 

Switzerland .................. 85,388 120,883 96,171 105,416 87,736 111,214 124,159 80,037 

Turkey ...................... 9,906 9,596 4,742 4,254 4,455 4,369 3,983 4,038 

United Kingdom ............... 172,345 186,718 210,737 209,012 223,976 258,891 256,100 254,652 

Channel Islands and Isle of Man 3 . n.a. n.a. n.a. n.a. n.a. 3,352 3,276 4,171 

Yugoslavia 4 .................. 50 50 49 49 50 49 49 4 

Other Europe ................. 9,515 8,529 8,957 9,307 7,029 3,329 2,489 2,458 

Total Europe ................ 455,775 529,974 523,527 521,655 548,710 643,371 656,259 587,180 

Canada ....................... 56,906 61,729 62,337 54,604 55,908 64,476 68,001 66,268 

Latin America: 

Argentina .................... 11,486 11,477 11,804 12,322 12,911 12,620 13,233 13,295 

Brazil ....................... 18,733 17,259 18,971 20,184 22,130 21,374 22,959 24,041 

Chile........................ 6,743 6,666 6,312 6,115 6,067 6,120 5,603 5,501 

Colombia .................... 4,543 3,954 3,808 3,870 4,388 4,044 3,657 3,620 

Ecuador ..................... 780 701 626 641 651 551 538 524 

Guatemala ................... 1,162 1,206 1,255 1,252 1,279 1,205 1,229 1,294 

Mexico ...................... 19,160 17,948 17,798 17,373 18,247 18,192 17,874 17,674 

Panama ..................... 3,512 3,126 3,289 3,040 3,239 3,235 3,389 3,583 

Peru ........................ 2,559 2,252 2,493 2,719 2,823 2,830 2,583 2,451 

Uruguay ..................... 822 786 641 744 702 458 446 550 

Venezuela ................... 3,720 3,799 3,602 3,593 3,749 3,451 3,124 3,387 

Other Latin America 5 ........... 5,135 5,376 5,260 4,969 5,277 3,575 3,103 3,294 

To tal Latin America .......... 78,355 74,550 75,859 76,822 81,463 77,655 77,738 79,214 

Ca rib bean: 

Bahamas.................... 112,826 111,906 112,818 109,297 132,681 121,521 110,733 118,579 

Bermuda .................... 8,117 7,476 6,369 6,530 9,485 8,280 6,799 8,370 

British West Indies 6 ........... 210,411 212,021 216,609 219,416 237,770 n.a. n.a. n.a. 

Cayman Islands 6.............. n.a. n.a. n.a. n.a. n.a. 250,305 241,173 240,062 

Netherlands Antilles ........... 6,051 6,415 6,513 5,783 5,812 6,961 5,802 9,900 

Trinidad and Tobago........... 609 637 685 599 609 710 949 963 

Other Caribbean 5 ............. n.a. n.a. n.a. n.a. n.a. 5,211 4,380 3,625 

Total Caribbean ............... 338,313 338,787 343,290 341,966 386,712 393,336 370,137 381,868 

See footnotes at end of table. 
76 CAP I TAL MOVEMENTS 

TA BLE CM-II-2.—Total Claims by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

2000 2001 

Country 

Cal en dar year 

1999 Mar. r June r Sept. r Dec. r Mar. r June Sept. p 

Asia: 

China: 

Mainland ................... 2,160 3,203 1,720 1,558 1,658 1,426 4,453 3,525 

Taiwan..................... 1,639 1,370 1,763 3,150 2,720 1,985 2,657 3,426 

Hong Kong ................... 6,580 5,215 5,320 7,202 7,346 11,459 9,539 6,877 

India ........................ 1,874 1,880 2,047 2,144 2,341 1,962 1,763 1,728 

Indonesia .................... 1,853 1,903 1,905 2,034 1,944 2,042 1,972 1,986 

Israel ....................... 5,061 6,559 4,632 4,126 5,588 5,196 5,149 6,357 

Japan ....................... 34,627 33,063 37,907 39,825 39,179 45,397 39,858 38,312 

Korea ....................... 9,625 11,894 16,187 14,708 8,014 12,485 11,454 11,945 

Lebanon ..................... 29 27 55 36 39 63 58 37 

Malaysia ..................... 1,092 1,137 1,031 1,047 849 986 869 861 

Pakistan ..................... 405 526 670 742 165 426 547 647 

Philippines ................... 1,466 1,719 1,918 1,545 1,833 1,240 1,874 2,168 

Singapore.................... 3,988 2,810 3,779 3,109 4,576 2,821 1,768 4,093 

Syria........................ - 3 1 2 12 2 3 3 

Thailand ..................... 1,556 1,180 1,289 1,124 1,404 1,308 1,598 1,260 

Oil-exporting countries 7 ......... 15,502 12,588 12,996 10,838 10,627 10,301 10,308 9,522 

Other Asia ................... 437 511 332 310 324 274 314 246 

Total Asia .................. 87,894 85,588 93,552 93,500 88,619 99,373 94,184 92,993 

Af rica: 

Congo (formerly Zaire).......... 25 2 3 1 - - - 2 

Egypt ....................... 308 320 272 199 228 367 551 412 

Ghana ...................... 22 18 16 18 18 90 20 23 

Liberia ...................... 513 553 525 591 545 356 476 393 

Morocco ..................... 377 304 287 290 241 229 211 172 

South Africa .................. 714 473 827 400 378 604 579 537 

Oil-exporting countries 8 ........ 277 198 431 917 477 221 147 154 

Other Africa .................. 276 282 285 280 357 393 324 307 

Total Africa ................. 2,512 2,150 2,646 2,696 2,244 2,260 2,308 2,000 

Other countries: 

Australia ..................... 8,308 8,466 9,056 8,313 8,228 7,521 5,824 6,119 

New Zealand 9 ................ n.a. n.a. n.a. n.a. n.a. 509 614 431 

All other ..................... 486 585 303 602 427 153 182 968 

Total other 

countries .................. 8,794 9,051 9,359 8,915 8,655 8,183 6,620 7,518 

Total foreign

countries ................ 1,028,549 1,101,829 1,110,570 1,100,158 1,172,311 1,288,654 1,275,247 1,217,041 

In ter na tional and regional orgs.: 

International .................. 4,555 4,294 4,677 4,544 4,777 3,019 4,488 4,446 

European regional ............. 10 - 5 42 - 10 8 

Latin American regional ......... 14 15 41 78 104 44 105 104 

Caribbean regional 10 ........... n.a. n.a. n.a. n.a. n.a. - - -

Asian regional ................ - - - 201 - - 348 115 

African regional ............... - - - - - - - -

Middle Eastern regional ......... - - - - - - - -

Total international 

and regional ............... 4,579 4,309 4,723 4,865 4,881 3,073 4,949 4,672 

Grand total ................ 1,033,128 1,106,138 1,115,293 1,105,023 1,177,192 1,291,727 1,280,196 1,221,713 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other bined “Other Latin America and Carib bean.”

Eu rope.” 6 Before Janu ary 2001, data for Cayman Islands included in British West Indies. 

3 Be fore Janu ary 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates 

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by the (Trucial States). 

United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states by 8 Includes Alge ria, Gabon, Libya, and Nige ria. 

the United States are reported under “Other Europe” as follows: since Decem ber 1992 for 9 Before Janu ary 2001, data included in “All other.” Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugo slav 10 Before Janu ary 2001, included in “Latin Ameri can regional.” Re pub lic of Mace do nia. 

7 
CAP I TAL MOVEMENTS 77 

TA BLE CM-II-3.—Total Claims on Foreigners by Type and Country, Sept. 30, 2001 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Re porting banks’ own claims 

On foreign
 Mem o ran dum Claims of banks’ domes tic custom ers

pub lic bor­ row ers and
 Pay able in Cus tomers’ Pay able in

To tal banks’ un af fil i ated On own for-
 for eign li a bil ity on Pay able in for eign Coun try To tal claims own claims for eign ers eign offices
 cur ren cies ac cep tan ces To tal dol lars cur ren cies 

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

Eu rope: 

Austria ................ 3,849 3,394 3,114 2 278 - 455 455 -

Belgium 1............... 7,219 4,944 4,232 548 164 - 2,275 2,112 163 

Bulgaria ............... 1 - - - - - 1 1 -

Czech Republic ......... 147 147 59 86 2 - - - -

Denmark............... 4,056 2,374 1,175 497 702 - 1,682 1,582 100 

Finland ................ 11,199 10,919 281 10,636 2 - 280 189 91 

France ................ 69,759 61,055 9,232 42,477 9,346 1 8,704 8,026 678 

Germany .............. 62,518 46,918 9,382 28,420 9,116 4 15,600 14,038 1,562 

Greece ................ 505 360 288 - 72 1 145 145 -

Hungary ............... 19 19 - - 19 - - - -

Ireland ................ 3,540 2,745 1,901 628 216 - 795 666 129 

Italy................... 10,691 8,755 3,984 2,655 2,116 1 1,936 1,234 702 

Luxembourg 1 ........... 9,641 1,438 873 37 528 5 8,203 1,178 7,025 

Netherlands ............ 25,070 19,754 12,566 5,842 1,346 6 5,316 5,284 32 

Norway................ 5,221 4,869 4,835 - 34 - 352 296 56 

Poland ................ 426 415 325 62 28 - 11 2 9 

Portugal ............... 1,764 1,642 763 522 357 - 122 122 -

Romania............... 62 62 55 - 7 - - - -

Russia 2................ 703 688 676 - 12 - 15 15 -

Spain ................. 5,981 5,620 3,239 1,423 958 1 361 313 48 

Sweden ............... 19,449 12,469 3,473 8,743 253 - 6,980 6,221 759 

Switzerland............. 80,037 75,252 4,650 67,895 2,707 10 4,785 4,672 113 

Turkey ................ 4,038 2,773 2,246 61 466 86 1,265 1,227 38 

United Kingdom ......... 254,652 179,902 42,018 121,146 16,738 1 74,750 69,074 5,676 

Channel Islands and Isle of 

Man 3 ................ 4,171 3,966 1,467 2,433 66 - 205 200 5 

Yugoslavia 4 ............ 4 4 4 - - - - - -

Other Europe ........... 2,458 2,058 1,770 5 283 1 400 18 382 

Total Europe .......... 587,180 452,542 112,608 294,118 45,816 117 134,638 117,070 17,568 

Canada ................. 66,268 56,650 12,138 38,141 6,371 2 9,618 8,319 1,299 

Latin America: 

Argentina .............. 13,295 12,843 10,878 1,215 750 26 452 247 205 

Brazil ................. 24,041 23,140 15,776 6,705 659 257 901 625 276 

Chile .................. 5,501 5,381 5,189 51 141 5 120 54 66 

Colombia .............. 3,620 3,608 3,511 93 4 10 12 12 -

Ecuador ............... 524 513 463 45 5 6 11 11 -

Guatemala ............. 1,294 1,282 1,181 81 20 22 12 12 -

Mexico ................ 17,674 17,191 16,703 244 244 148 483 257 226 

Panama ............... 3,583 3,471 1,950 1,262 259 44 112 112 -

Peru .................. 2,451 2,445 2,008 432 5 9 6 6 -

Uruguay ............... 550 471 424 35 12 - 79 54 25 

Venezuela ............. 3,387 3,352 3,174 51 127 14 35 12 23 

Other Latin America 5 .... 3,294 3,216 2,942 254 20 33 78 78 -

Total Latin America ...... 79,214 76,913 64,199 10,468 2,246 574 2,301 1,480 821 

Ca rib bean: 

Bahamas .............. 118,579 116,121 5,786 108,977 1,358 18 2,458 2,453 5 

Bermuda............... 8,370 7,274 6,943 31 300 - 1,096 1,096 -

Cayman Islands 6 ........ 240,062 204,648 42,635 154,465 7,548 15 35,414 35,124 290 

Cuba.................. - - - - - - - - -

Jamaica ............... 369 369 307 62 - - - - -

Netherlands Antilles ...... 9,900 9,899 5,448 4,370 81 - 1 1 -

Trinidad and Tobago ..... 963 963 578 381 4 - - - -

Other Caribbean 5 ....... 3,625 3,625 2,743 604 278 13 - - -

Total Caribbean ......... 381,868 342,899 64,440 268,890 9,569 46 38,969 38,674 295 

See footnotes at end of table. 
78 CAP I TAL MOVEMENTS 

TA BLE CM-II-3.—Total Claims on Foreigners by Type and Country, Sept. 30, 2001, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Re porting banks’ own claims 

On foreign
 Mem o ran dum Claims of banks’ domes tic custom ers

pub lic bor­ row ers and
 Pay able in Cus tomers’ Pay able in

To tal banks’ un af fil i ated On own for-
 for eign li a bil ity on Pay able in for eign To tal claims own claims for eign ers eign offices
 cur ren cies ac cep tan ces To tal dol lars cur ren cies 

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Asia: 

China: 

Mainland ............. 3,525 3,467 3,325 137 5 19 58 58 -

Taiwan .............. 3,426 3,366 2,300 976 90 6 60 22 38 

Hong Kong............. 6,877 6,628 3,194 3,238 196 4 249 219 30 

India .................. 1,728 1,579 1,388 188 3 7 149 142 7 

Indonesia .............. 1,986 1,981 1,898 46 37 - 5 4 1 

Israel ................. 6,357 3,637 2,867 755 15 3 2,720 2,719 1 

Japan ................. 38,312 34,723 5,424 26,925 2,374 48 3,589 3,115 474 

Korea ................. 11,945 11,830 9,727 2,061 42 1,471 115 62 53 

Lebanon............... 37 31 29 2 - - 6 6 -

Malaysia............... 861 842 626 205 11 2 19 5 14 

Pakistan ............... 647 642 65 572 5 - 5 2 3 

Philippines ............. 2,168 2,156 2,106 45 5 27 12 12 -

Singapore ............. 4,093 3,566 1,485 1,886 195 2 527 450 77 

Syria.................. 3 2 2 - - - 1 1 -

Thailand ............... 1,260 1,232 535 637 60 - 28 18 10 

Other Asia ............. 9,768 9,467 1,680 6,410 1,377 35 301 301 -

Total Asia ............ 92,993 85,149 36,651 44,083 4,415 1,624 7,844 7,136 708 

Af rica: 

Congo (formerly Zaire).... 2 2 - - 2 - - - -

Egypt ................. 412 399 246 151 2 40 13 12 1 

Ghana ................ 23 13 13 - - - 10 10 -

Liberia ................ 393 393 393 - - - - - -

Morocco ............... 172 162 147 7 8 - 10 10 -

South Africa ............ 537 520 305 188 27 16 17 8 9 

Other Africa ............ 461 423 396 26 1 - 38 36 2 

Total Africa ........... 2,000 1,912 1,500 372 40 56 88 76 12 

Other countries: 

Australia............... 6,119 4,141 2,876 1,106 159 49 1,978 1,861 117 

New Zealand 7 .......... 431 416 329 - 87 - 15 - 15 

All other ............... 968 591 97 494 - - 377 377 -

Total other 

countries............ 7,518 5,148 3,302 1,600 246 49 2,370 2,238 132 

Total foreign

countries .......... 1,217,041 1,021,213 294,838 657,672 68,703 2,468 195,828 174,993 20,835 

In ter na tional

and regional orgs.: 

International ............ 4,446 4,250 4,250 - - - 196 187 9 

European regional ....... 7 7 7 - - - - - -

Latin American regional ... 104 104 104 - - - - - -

Caribbean regional 8 ..... - - - - - - - - -

Asian regional .......... 115 115 115 - - - - - -

African regional ......... - - - - - - - - -

Middle Eastern regional ... - - - - - - - - -

Total international 

and regional ......... 4,672 4,476 4,476 - - - 196 187 9 

Grand total .......... 1,221,713 1,025,689 299,314 657,672 68,703 2,468 196,024 175,180 20,844 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugo slav

2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other Re pub lic of Mace do nia.

Eu rope.” 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com3 Be fore Janu ary 2001, data included in United Kingdom. bined “Other Latin America and Carib bean.” 

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by the 6 Be fore Janu ary 2001, data for Cayman Islands included in British West Indies. 

United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states by 7 Be fore Janu ary 2001, data included in “All other.”. 

the United States are reported under “Other Europe” as follows: since Decem ber 1992 for 8 Before Janu ary 2001, included in “Latin Ameri can regional.” 
CAP I TAL MOVEMENTS 79 

CHART CM-B.—U.S. Claims on Foreign ers
 Re ported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries
 

In the first nine months of 2001, U.S. 500	 

(In billions of dollars) 

bank ing claims on foreign ers in­ creased $45 billion, due mainly to an in crease oppo site Europe. In 2000,

bank ing claims on foreign ers in- creased $144 billion, due to strong 

400	 in creases in claims oppo site Europe and the banking centers in the Carib- bean. 

U.S. banking claims on foreign ers,

ex clud ing long-term secu ri ties, are 

300	 con cen trated in inter na tional finan­ cial centers. The data on this page

show that over three-quarters of U.S.

claims currently are reported oppo­ site the United Kingdom, “All other

Eu rope,” and the banking centers in 

200	 the Carib bean. Foreigners domi ciled

in Asia hold less than 10 percent of 

U.S. claims, down from 20 percent at 

the end of 1996. 

After extremely strong growth in the 100	 mid-1990s, total U.S. banking claims 

on foreign ers leveled off in 1998 and 

1999, growing at only about 5 per- cent per year. In 2000, growth

reached 14 percent, matching the 

growth rate of 1997. In 2001, claims 0 grew again at about a 5 percent pace. 

1997 1998 1999 2000 Sept. 2001 

All other Europe 

All other Asia 

United Kingdom Ca rib bean banking centers 

Ja pan All other countries 

United Kingdom ................... 151,645 162,874 172,345 223,976 254,652 

All other Europe. .................. 176,991 213,888 283,430 324,734 332,528 

Caribbean banking centers1,2. ........ 297,995 304,395 340,917 388,987 380,494 

Japan. .......................... 86,759 55,170 34,627 39,179 38,312 

All other Asia...................... 79,301 63,088 53,267 49,440 54,681 

Subtotal ........................ 792,691 799,415 884,586 1,026,316 1,060,667 

All other countries. ................. 151,390 175,356 148,542 150,876 161,046 

Grand total ..................... 944,081 974,771 1,033,128 1,177,192 1,221,713 

1

 Includes Baha mas, Bermuda, British West Indies, Nether lands Antil les and Panama. 2

 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in report ing format. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 

Coun try 1997 1998 1999 2000 Sept. 2001 
80 CAP I TAL MOVEMENTS 

SEC TION III.—Sup ple men tary Lia bil i ties and Claims Data 

Re ported by Banks in the United States 

TA BLE CM-III-1.—Dol lar Lia bil i ties to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regu larly Reported Sepa rately 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Total lia bil i ties Total banks’ own claims 

Calen dar year 2001 Calen dar year 2001 

Country 1999 2000 June 1999 2000 June 

Other Europe: 

Cyprus .............................. 332 140 238 63 42 n.a. 

Iceland .............................. 63 116 73 11 13 11 

Monaco ............................. 179 161 169 n.a. n.a. 61 

Other Latin America and Carib bean: 

Aruba ............................... 295 366 141 n.a. n.a. n.a. 

Barbados ............................ 1,693 1,306 1,402 813 629 829 

Belize ............................... 103 149 187 n.a. 42 71 

Bolivia .............................. 726 800 760 582 367 341 

Costa Rica ........................... 1,403 1,374 1,381 586 647 769 

Dominica ............................ 66 51 86 13 37 9 

Dominican Republic .................... 1,760 1,617 1,550 787 952 965 

El Salvador........................... 982 633 744 965 1,029 1,060 

French West Indies and French Guiana .... 52 51 77 7 n.a. n.a. 

Haiti ................................ 345 297 327 16 53 33 

Honduras ............................ 1,537 1,674 1,779 328 287 262 

Nicaragua............................ 114 127 127 60 98 97 

Paraguay ............................ 886 824 857 98 88 100 

Suriname ............................ 178 173 217 67 50 n.a. 

Other Asia: 

Afghanistan .......................... 61 55 59 - - -

Burma .............................. 5 5 5 - - -

Jordan .............................. 512 391 423 59 66 84 

Macau .............................. n.a. 62 54 n.a. n.a. -

Sri Lanka ............................ 221 208 284 n.a. 29 55 

Yemen .............................. 368 325 339 n.a. 4 -

Other Africa: 

Angola .............................. 203 390 526 n.a. n.a. n.a. 

Cameroon ........................... 19 23 17 8 7 n.a. 

Ethiopia ............................. n.a. 137 178 n.a. n.a. n.a. 

Guinea .............................. 28 40 48 - - n.a. 

Ivory Coast........................... 55 74 56 n.a. 20 n.a. 

Kenya............................... 228 116 122 22 5 12 

Madagascar .......................... 26 n.a. n.a. - n.a. -

Mauritius ............................ 125 116 188 4 n.a. n.a. 

Mozambique ......................... 110 199 118 3 n.a. -

Niger ............................... 4 3 n.a. n.a. n.a. -

Rwanda ............................. 57 66 41 n.a. n.a. -

Senegal ............................. 32 18 17 n.a. 16 n.a. 

Somalia ............................. 16 13 13 - - -

Sudan .............................. 11 12 11 n.a. n.a. -

Tanzania ............................ 214 294 188 n.a. 3 2 

Tunisia .............................. 124 66 65 n.a. 100 103 

Uganda ............................. 121 95 79 n.a. 1 -

Zambia .............................. 52 107 66 n.a. n.a. -

Zimbabwe ........................... 73 56 63 n.a. n.a. n.a. 

All other: 

New Zealand 1 ........................ 774 718 n.a. 215 148 n.a. 

Papua New Guinea .................... n.a. n.a. n.a. 27 27 n.a. 

1

 Begin ning Janu ary 2001, the New Zealand line shifted to monthly and quarterly reports of Note.—Data repre sent a partial breakdown of the amounts shown for the corre spond ing 

U.S. banking lia bil i ties and claims. See Capi tal Movements Sections I and II.	 dates for the “Other” geograph ical cate go ries in the regu lar monthly series in the “Treasury

Bul le tin.” 
CAP I TAL MOVEMENTS 81 

SEC TION IV.—Lia bil i ties to, and Claims on, Foreigners

Re ported by Nonbanking Business Enter prises 

in the United States 

TA BLE CM-IV-1.—Total Lia bil i ties and Claims by Type 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar year 2000 2001 

Type of lia bil ity or claim 1997 1998 1999 Sept. Dec. Mar. r June Sept. p 

Total liabilities....................... 57,382 46,570 53,020 76,644 73,904 73,655 68,113 65,333 

Payable in dollars .................. 41,543 36,668 37,605 51,451 48,931 46,526 41,819 41,589 

Financial ........................ 12,630 10,371 13,883 26,159 25,246 23,201 17,655 17,576 

Com mer cial: 

Trade payables ................. 9,599 10,133 11,720 12,936 12,162 10,789 12,077 10,605 

Advance receipts and other ........ 19,314 16,164 12,002 12,356 11,523 12,536 12,087 13,408 

Payable in foreign currencies ......... 15,839 9,902 15,415 25,193 24,973 27,129 26,294 23,744 

Financial ........................ 14,247 8,884 14,097 23,736 22,173 24,607 24,253 21,652 

Com mer cial: 

Trade payables ................. 1,305 845 1,114 982 2,131 1,692 1,136 1,216 

Advance receipts and other ........ 287 173 204 475 669 830 905 876 

Total claims ........................ 68,128 77,462 76,642 94,803 90,157 107,705 98,023 109,374 

Payable in dollars .................. 62,173 72,171 69,170 82,872 79,558 94,932 88,243 98,590 

Fi nan cial: 

Deposits ....................... 21,060 28,549 16,373 27,974 21,015 23,244 23,174 19,888 

Other ......................... 11,806 14,049 18,593 20,541 25,142 41,417 32,054 47,321 

Com mer cial: 

Trade receivables................ 26,157 25,743 30,624 29,568 30,007 26,544 28,832 27,365 

Advance payments and other....... 3,150 3,830 3,580 4,789 3,394 3,727 4,183 4,016 

Payable in foreign currencies ......... 5,955 5,291 7,472 11,931 10,599 12,773 9,780 10,784 

Fi nan cial: 

Deposits ....................... 1,849 1,650 2,193 2,954 2,359 2,175 2,207 2,503 

Other ......................... 2,244 2,012 3,072 6,834 4,515 7,419 4,472 5,548 

Com mer cial: 

Trade receivables................ 1,379 1,459 1,978 1,962 3,097 2,414 2,336 2,016 

Advance payments and other....... 483 170 229 181 628 765 765 717 
82 CAP I TAL MOVEMENTS 

TA BLE CM-IV-2.—Total Lia bil i ties by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1996 1997 1998 1999 Sept. Dec. Mar. r June Sept. p 

Eu rope: 

Austria ...................... 67 112 118 112 131 111 147 138 183 

Belgium-Luxembourg .......... 1,111 852 357 171 370 440 363 395 296 

Bulgaria ..................... 2 5 3 - 1 2 2 1 1 

Czech Republic ............... 22 38 105 26 25 7 9 7 16 

Denmark .................... 93 170 132 105 173 149 118 107 85 

Finland ..................... 161 281 83 48 42 91 61 76 148 

France ...................... 1,771 2,189 2,017 2,331 2,015 2,459 2,242 1,887 2,430 

Germany .................... 2,836 3,232 3,455 3,105 3,155 3,215 3,606 3,480 2,960 

Greece ..................... 72 89 120 141 356 400 464 321 543 

Hungary .................... 12 13 3 9 11 8 8 6 11 

Ireland ...................... 449 1,136 1,307 827 1,184 1,216 1,216 1,161 1,249 

Italy ........................ 911 923 1,177 749 1,537 1,773 1,557 1,690 1,491 

Netherlands.................. 1,322 933 1,835 2,503 2,464 2,316 2,518 2,106 2,341 

Norway ..................... 424 242 188 266 195 286 314 362 332 

Poland ...................... 30 7 11 46 48 42 52 40 48 

Portugal..................... 33 36 29 34 15 16 17 12 30 

Romania .................... 9 165 149 159 180 178 24 22 23 

Russia 1 ..................... 105 115 82 251 34 91 57 40 46 

Spain....................... 222 334 546 501 381 468 742 298 625 

Sweden ..................... 204 244 171 158 145 117 102 111 121 

Switzerland .................. 1,323 936 654 773 825 606 726 790 775 

Turkey ...................... 129 285 211 384 543 408 327 166 176 

United Kingdom .............. 21,464 15,753 9,677 19,592 31,552 29,209 31,354 28,069 23,459 

Yugoslavia 2 .................. 9 6 8 11 8 11 25 30 27 

Other Europe ................ 165 159 181 201 196 182 163 193 204 

Total Europe................ 32,946 28,255 22,619 32,503 45,586 43,801 46,214 41,508 37,620 

Canada ...................... 2,491 3,549 2,083 2,059 2,138 2,344 2,343 2,671 2,443 

Latin America 

and Carib bean: 

Argentina.................... 272 219 118 169 186 146 89 76 77 

Bahamas.................... 299 157 21 23 120 37 23 71 300 

Bermuda .................... 347 432 299 157 1,559 2,020 2,117 828 2,121 

Brazil ....................... 274 363 304 271 299 262 265 300 352 

British West Indies ............ 1,044 616 967 540 520 482 1,721 1,529 1,589 

Chile ....................... 160 150 111 64 61 52 97 124 104 

Colombia .................... 123 120 72 141 76 131 86 113 90 

Cuba ....................... 5 - 5 27 19 20 14 14 13 

Ecuador..................... 27 22 19 58 40 32 18 4 10 

Guatemala .................. 12 30 12 6 20 10 7 8 11 

Jamaica..................... 16 18 12 13 15 16 5 8 24 

Mexico...................... 682 591 406 912 1,114 867 823 782 908 

Netherlands Antilles ........... 53 23 44 19 16 32 20 18 175 

Panama..................... 12 16 16 67 27 32 35 49 43 

Peru ....................... 44 30 35 28 25 24 20 21 26 

Trinidad and Tobago ........... 144 75 34 15 11 36 29 41 39 

Uruguay .................... 6 20 8 8 7 27 5 6 6 

Venezuela ................... 329 262 204 305 124 286 244 219 245 

Other Latin America 

and Caribbean .............. 393 418 426 379 1,651 1,994 180 181 264 

Total Latin America 

and Caribbean............. 4,242 3,562 3,113 3,202 5,890 6,506 5,798 4,392 6,397 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 83 

TA BLE CM-IV-2.—Total Lia bil i ties by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1996 1997 1998 1999 Sept. Dec. Mar. r June Sept. p 

Asia: 

China: 

Mainland ................... 990 1,250 708 627 526 497 686 665 695 

Taiwan..................... 697 936 898 1,175 985 970 938 1,036 858 

Hong Kong ................... 610 750 388 223 430 640 455 1,133 207 

India ........................ 181 170 387 519 284 309 168 179 151 

Indonesia .................... 314 213 154 83 111 81 42 55 39 

Israel ....................... 205 176 228 160 633 468 142 210 396 

Japan ....................... 10,483 8,602 7,439 5,751 6,780 8,973 7,188 5,674 5,863 

Korea ....................... 1,558 1,150 945 543 3,165 941 959 1,013 1,041 

Lebanon ..................... 72 29 27 56 52 53 53 55 54 

Malaysia..................... 586 766 141 118 238 162 168 266 381 

Pakistan ..................... 77 60 33 37 75 96 94 117 111 

Philippines ................... 110 222 169 169 105 114 116 977 977 

Singapore.................... 908 1,252 1,240 917 2,785 2,280 1,962 2,191 2,323 

Syria........................ 61 23 15 8 10 27 21 6 19 

Thailand ..................... 473 405 362 165 203 203 205 134 106 

Oil-exporting countries 3 ......... 2,193 3,138 2,852 2,555 3,714 2,844 3,374 3,095 3,062 

Other Asia ................... 327 211 141 217 357 290 295 217 252 

Total Asia .................. 19,845 19,353 16,127 13,323 20,453 18,948 16,866 17,023 16,535 

Af rica: 

Congo (formerly Zaire).......... - - - 9 1 - 1 122 1 

Egypt ....................... 198 90 39 86 154 166 227 173 204 

Ghana ...................... 29 28 9 1 4 6 6 5 5 

Liberia ...................... - 1 9 2 16 18 19 39 31 

Morocco ..................... 21 49 41 31 12 11 12 24 43 

South Africa .................. 154 255 189 138 130 135 112 117 113 

Oil-exporting countries 4 ......... 532 408 393 499 663 483 566 539 476 

Other Africa .................. 144 103 142 212 288 181 167 157 124 

Total Africa ................. 1,078 934 822 978 1,268 1,000 1,110 1,176 997 

Other countries: 

Australia ..................... 945 911 949 634 324 344 317 369 338 

All other ..................... 125 810 852 300 929 898 968 918 973 

Total other 

countries .................. 1,070 1,721 1,801 934 1,253 1,242 1,285 1,287 1,311 

Total foreign

countries ................ 61,672 57,374 46,565 52,975 76,588 73,841 73,616 68,057 65,303 

In ter na tional

and regional orgs.: 

International .................. 55 - - 1 - 1 - - -

European regional ............. 55 8 5 44 56 45 39 40 30 

Latin American regional ......... - - - - - - - 16 -

Asian regional ................ - - - - - 9 - - -

African regional ............... - - - - - 8 - - -

Middle Eastern regional ......... - - - - - - - - -

Total international 

and regional ............... 110 8 5 45 56 63 39 56 30 

Grand total ................ 61,782 57,382 46,570 53,020 76,644 73,904 73,655 68,113 65,333 

3 1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Begin ning with series for Decem ber 1992 forward, data are for Russia only. Data for all other Emirates (Trucial States). re pub lics of the former U.S.S.R. are reported under “Other Europe.” 

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recog- 4

 Includes Alge ria, Gabon, Libya and Nige ria.
 

nized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ­
 

ent states by the United States are reported under “Other Europe” as follows: Begin ning in
 

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June
 

1994 for the Former Yugo slav Repub lic of Mace do nia.
 
84 CAP I TAL MOVEMENTS 

TA BLE CM-IV-3.—Total Lia bil i ties by Type and Country, Sept. 30, 2001, Prelim i nary 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Fi nan cial lia bil i ties 

Coun try Total lia bil i ties To tal Pay able in dollars Pay able in foreign Commer cial

cur ren cies lia bil i ties 

(1) (2) (3) (4) (5) 

Eu rope: 

Austria ...................... 

Belgium-Luxembourg........... 

Bulgaria ..................... 

Czech Republic ............... 

Denmark .................... 

Finland ...................... 

France ...................... 

Germany .................... 

Greece ...................... 

Hungary ..................... 

Ireland ...................... 

Italy ........................ 

Netherlands .................. 

Norway...................... 

Poland ...................... 

Portugal ..................... 

Romania..................... 

Russia 1 ..................... 

Spain ....................... 

Sweden ..................... 

Switzerland .................. 

Turkey ...................... 

United Kingdom ............... 

Yugoslavia 2 .................. 

Other Europe ................. 

183 - - - 183 

296 136 136 - 160 

1 - - - 1 

16 - - - 16 

85 - - - 85 

148 119 9 110 29 

2,430 1,538 1,192 346 892 

2,960 1,994 1,154 840 966 

543 6 6 - 537 

11 - - - 11 

1,249 1,058 349 709 191 

1,491 359 11 348 1,132 

2,341 1,998 1,991 7 343 

332 3 3 - 329 

48 - - - 48 

30 3 3 - 27 

23 - - - 23 

46 16 6 10 30 

625 232 230 2 393 

121 - - - 121 

775 92 78 14 683 

176 9 9 - 167 

23,459 21,163 4,711 16,452 2,296 

27 - - - 27 

204 39 36 3 165 

Total Europe ................ 37,620 28,765 9,924 18,841 8,855 

Canada ....................... 2,443 793 789 4 1,650 

Latin America 

and Carib bean: 

Argentina .................... 

Bahamas .................... 

Bermuda .................... 

Brazil ....................... 

British West Indies ............. 

Chile........................ 

Colombia .................... 

Cuba ....................... 

Ecuador ..................... 

Guatemala ................... 

Jamaica ..................... 

Mexico ...................... 

Netherlands Antilles ............ 

Panama ..................... 

Peru ........................ 

Trinidad and Tobago ........... 

Uruguay ..................... 

Venezuela ................... 

Other Latin America 

and Caribbean............... 

77 10 10 - 67 

300 256 256 - 44 

2,121 1,551 1,551 - 570 

352 40 39 1 312 

1,589 1,561 1,561 - 28 

104 8 8 - 96 

90 1 1 - 89 

13 - - - 13 

10 - - - 10 

11 - - - 11 

24 2 2 - 22 

908 24 13 11 884 

175 11 11 - 164 

43 - - - 43 

26 1 1 - 25 

39 5 5 - 34 

6 - - - 6 

245 3 1 2 242 

264 45 41 4 219 

Total Latin America 

and Caribbean ............. 6,397 3,518 3,500 18 2,879 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 85 

TA BLE CM-IV-3.—Total Lia bil i ties by Type and Country, Sept. 30, 2001, Prelim i nary, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Fi nan cial lia bil i ties 

Pay able in foreign Commer cial

Coun try Total lia bil i ties To tal Payable in dollars cur ren cies lia bil i ties 

(1) (2) (3) (4) (5) 

Asia: 

China: 

Mainland ................... 

Taiwan..................... 

Hong Kong................... 

India ........................ 

Indonesia .................... 

Israel ....................... 

Japan ....................... 

Korea ....................... 

Lebanon..................... 

Malaysia..................... 

Pakistan ..................... 

Philippines ................... 

Singapore.................... 

Syria........................ 

Thailand ..................... 

Other Asia ................... 

695 55 55 - 640 

858 2 2 - 856 

207 68 31 37 139 

151 7 3 4 144 

39 4 4 - 35 

396 308 308 - 88 

5,863 3,442 1,379 2,063 2,421 

1,041 10 9 1 1,031 

54 5 5 - 49 

381 - - - 381 

111 - - - 111 

977 859 857 2 118 

2,323 592 574 18 1,731 

19 - - - 19 

106 47 46 1 59 

3,314 22 22 - 3,292 

Total Asia .................. 16,535 5,421 3,295 2,126 11,114 

Af rica: 

Congo (formerly Zaire).......... 1 - - - 1 

Egypt ....................... 204 6 4 2 198 

Ghana ...................... 5 - - - 5 

Liberia ...................... 31 31 31 - -

Morocco ..................... 43 - - - 43 

South Africa .................. 113 1 - 1 112 

Other Africa .................. 600 21 21 - 579 

Total Africa ................. 997 59 56 3 938 

Other countries: 

Australia ..................... 338 69 6 63 269 

All other ..................... 973 603 6 597 370 

Total other countries .......... 1,311 672 12 660 639 

Total foreign countries ....... 65,303 39,228 17,576 21,652 26,075 

In ter na tional and regional orgs.: 

International .................. 

European regional ............. 

Latin American regional......... 

Asian regional ................ 

African regional ............... 

Middle Eastern regional......... 

- - - - -

30 - - - 30 

- - - - -

- - - - -

- - - - -

- - - - -

Total international 

and regional............... 30 - - - 30 

Grand total ................ 65,333 39,228 17,576 21,652 26,105 

1

 Begin ning with series for Decem ber 1992 forward, data for all other repub lics of the former ent states by the United States are reported under “Other Europe” as follows: Begin ning in 

U.S.S.R. are reported under “Other Europe.” De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 

for the Former Yugo slav Repub lic of Mace do nia. 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ-
86 CAP I TAL MOVEMENTS 

TA BLE CM-IV-4.—Total Claims by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1996 1997 1998 1999 Sept. Dec. Mar. r June Sept. p 

Eu rope: 

Austria ...................... 159 126 146 208 297 498 520 516 556 

Belgium-Luxembourg........... 411 734 899 845 697 748 825 670 1,037 

Bulgaria ..................... 19 32 11 6 21 6 8 17 19 

Czech Republic ............... 34 42 67 26 43 67 54 77 60 

Denmark .................... 101 155 81 310 234 229 148 282 160 

Finland ...................... 173 211 244 261 212 224 254 310 365 

France ...................... 2,338 2,811 3,035 3,203 4,398 4,301 6,621 4,570 4,745 

Germany .................... 1,613 2,041 2,126 2,464 2,855 2,830 2,987 3,158 3,091 

Greece ...................... 148 386 316 487 327 332 391 399 397 

Hungary ..................... 17 62 66 54 47 47 46 51 52 

Ireland ...................... 274 277 244 340 589 616 719 864 671 

Italy ........................ 1,039 1,466 1,257 1,284 1,193 1,114 1,238 1,419 1,462 

Netherlands .................. 1,055 1,274 1,342 2,658 3,796 3,125 3,070 1,936 1,799 

Norway...................... 251 303 165 273 252 308 251 236 240 

Poland ...................... 108 124 111 62 66 67 75 68 66 

Portugal ..................... 92 78 153 91 106 83 106 62 80 

Romania..................... 14 7 20 11 9 16 19 15 48 

Russia 1 ..................... 239 221 232 293 340 373 184 133 129 

Spain ....................... 645 623 527 715 903 860 1,346 1,160 1,276 

Sweden ..................... 372 504 565 339 368 360 317 294 369 

Switzerland .................. 1,116 988 897 1,253 1,310 1,462 1,247 1,125 1,179 

Turkey ...................... 222 379 236 464 419 700 392 976 438 

United Kingdom ............... 10,868 13,997 12,535 13,388 21,384 20,402 24,500 19,739 20,536 

Yugoslavia 2 .................. 6 11 14 17 37 15 19 15 33 

Other Europe ................. 214 267 251 360 289 291 293 485 512 

Total Europe ................ 21,528 27,119 25,540 29,412 40,192 39,074 45,630 38,577 39,320 

Canada ....................... 5,607 5,973 5,120 5,310 10,470 8,078 8,239 8,285 7,705 

Latin America 

and Carib bean: 

Argentina .................... 617 688 893 896 826 1,109 1,033 924 852 

Bahamas .................... 1,588 2,335 427 1,613 1,433 1,390 581 857 914 

Bermuda .................... 415 352 575 401 409 395 2,136 1,076 1,982 

Brazil ....................... 2,771 2,475 1,859 2,381 2,549 2,784 2,623 3,254 3,273 

British West Indies ............. 15,726 10,571 24,492 12,280 15,777 12,733 21,357 16,650 29,346 

Chile........................ 374 327 320 263 329 302 272 339 286 

Colombia .................... 422 424 279 349 326 351 278 303 303 

Cuba ....................... 5 - - - - 1 1 2 -

Ecuador ..................... 107 101 103 82 83 66 57 64 60 

Guatemala ................... 98 93 88 85 93 106 73 101 89 

Jamaica ..................... 40 52 45 52 82 126 85 123 104 

Mexico ...................... 1,585 1,929 2,790 3,476 3,892 3,955 3,811 4,054 4,356 

Netherlands Antilles ............ 114 153 37 45 37 84 65 96 129 

Panama ..................... 109 145 173 168 201 244 206 173 149 

Peru ........................ 201 147 183 148 122 171 84 91 94 

Trinidad and Tobago ........... 25 20 55 46 53 59 35 47 60 

Uruguay ..................... 42 49 59 68 60 35 45 21 24 

Venezuela ................... 388 612 456 487 480 415 330 387 385 

Other Latin America 

and Caribbean............... 681 820 1,176 1,325 727 842 863 1,984 919 

Total Latin America 

and Caribbean ............. 25,308 21,293 34,010 24,165 27,479 25,168 33,935 30,546 43,325 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 87 

TA BLE CM-IV-4.—Total Claims by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1996 1997 1998 1999 Sept. Dec. Mar. r June Sept. p 

Asia: 

China: 

Mainland ................... 992 1,076 825 760 1,034 1,096 1,143 1,139 1,262 

Taiwan..................... 511 814 770 1,097 1,338 1,299 1,290 1,166 923 

Hong Kong ................... 669 562 331 400 458 593 662 1,422 598 

India ........................ 402 439 348 599 664 661 674 650 797 

Indonesia .................... 665 704 417 408 376 407 336 369 366 

Israel ....................... 323 347 327 336 393 458 515 639 1,011 

Japan ....................... 3,038 2,799 2,875 5,336 3,800 4,427 6,427 4,855 4,198 

Korea ....................... 822 988 1,084 1,378 1,542 1,745 1,673 1,693 1,799 

Lebanon..................... 41 37 26 14 40 36 18 22 16 

Malaysia..................... 560 547 492 516 733 743 722 694 739 

Pakistan ..................... 99 44 37 23 23 37 43 54 58 

Philippines ................... 245 144 148 258 127 106 99 870 872 

Singapore.................... 781 779 734 1,041 832 1,065 1,015 1,211 1,330 

Syria........................ 7 11 12 5 8 11 5 3 2 

Thailand ..................... 288 280 489 651 153 344 351 380 243 

Oil-exporting countries 3......... 993 1,118 1,144 1,648 1,284 1,104 1,052 1,130 1,022 

Other Asia ................... 161 157 160 152 183 195 175 239 167 

Total Asia .................. 10,597 10,846 10,219 14,622 12,988 14,327 16,200 16,536 15,403 

Af rica: 

Congo (formerly Zaire).......... 13 3 1 - 2 - 7 - -

Egypt ....................... 155 286 136 186 223 266 287 279 284 

Ghana ...................... 15 9 14 6 26 5 7 7 8 

Liberia ...................... 29 8 11 3 - 2 21 40 29 

Morocco ..................... 27 28 29 35 27 49 25 25 27 

South Africa .................. 277 322 272 323 272 266 365 313 349 

Oil-exporting countries 4........... 180 134 181 186 395 237 207 189 253 

Other Africa .................. 224 209 226 178 234 258 284 296 348 

Total Africa ................. 920 999 870 917 1,179 1,083 1,203 1,149 1,298 

Other countries: 

Australia ..................... 1,536 1,485 1,398 1,889 2,005 2,041 1,917 1,950 1,948 

All other ..................... 265 390 286 351 485 359 399 513 360 

Total other 

countries.................. 1,801 1,875 1,684 2,240 2,490 2,400 2,316 2,463 2,308 

Total foreign

countries ................ 65,761 68,105 77,443 76,639 94,798 90,130 107,523 97,556 109,359 

In ter na tional

and regional orgs.: 

International .................. 60 18 15 2 - 2 - 2 1 

European regional ............. 58 5 3 - 4 4 175 448 9 

Latin American regional ......... 2 - - - - - - 6 2 

Asian regional ................ 13 - - - - 12 - 10 3 

African regional ............... 3 - 1 1 1 2 - 1 -

Middle Eastern regional ......... - - - - - 7 7 - -

Total international 

and regional ............... 136 23 19 3 5 27 182 467 15 

Grand total ................ 65,897 68,128 77,462 76,642 94,803 90,157 107,705 98,023 109,374 

1

 Begin ning with series for Decem ber 1992 forward, data are for Russia only. Data for all other for the Former Yugo slav Repub lic of Mace do nia. re pub lics of the former U.S.S.R. are reported under “Other Europe.” 3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates
 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recog- (Trucial States).
 

nized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ- 4

 Includes Alge ria, Gabon, Libya and Nige ria.
 ent states by the United States are reported under “Other Europe” as follows: Begin ning in
 

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994
 
88 CAP I TAL MOVEMENTS 

TA BLE CM-IV-5.—Total Claims by Type and Country, Sept. 30, 2001, Prelim i nary 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Finan cial claims 

Coun try Total claims Total Denom i nated in dollars 

De nom i nated in foreign Commer cial

cur ren cies claims 

(1) (2) (3) (4) (5) 

Eu rope: 

Austria ...................... 

Belgium-Luxembourg........... 

Bulgaria ..................... 

Czech Republic ............... 

Denmark .................... 

Finland ...................... 

France ...................... 

Germany .................... 

Greece ...................... 

Hungary ..................... 

Ireland ...................... 

Italy ........................ 

Netherlands .................. 

Norway...................... 

Poland ...................... 

Portugal ..................... 

Romania..................... 

Russia 1 ...................... 

Spain ....................... 

Sweden ..................... 

Switzerland .................. 

Turkey ...................... 

United Kingdom ............... 

Yugoslavia 2 ................... 

Other Europe ................. 

556 373 372 1 183 

1,037 677 640 37 360 

19 - - - 19 

60 29 29 - 31 

160 68 68 - 92 

365 13 12 1 352 

4,745 1,682 1,106 576 3,063 

3,091 1,112 602 510 1,979 

397 219 219 - 178 

52 - - - 52 

671 262 255 7 409 

1,462 553 324 229 909 

1,799 954 818 136 845 

240 157 129 28 83 

66 1 - 1 65 

80 2 1 1 78 

48 - - - 48 

129 49 48 1 80 

1,276 574 487 87 702 

369 164 155 9 205 

1,179 665 638 27 514 

438 294 266 28 144 

20,536 16,960 13,659 3,301 3,576 

33 - - - 33 

512 111 90 21 401 

Total Europe ................ 39,320 24,919 19,918 5,001 14,401 

Canada ....................... 7,705 4,580 3,953 627 3,125 

Latin America 

and Carib bean: 

Argentina .................... 

Bahamas .................... 

Bermuda .................... 

Brazil ....................... 

British West Indies ............. 

Chile........................ 

Colombia .................... 

Cuba ....................... 

Ecuador ..................... 

Guatemala ................... 

Jamaica ..................... 

Mexico ...................... 

Netherlands Antilles ............ 

Panama ..................... 

Peru ........................ 

Trinidad and Tobago ........... 

Uruguay ..................... 

Venezuela ................... 

Other Latin America 

and Caribbean............... 

852 410 396 14 442 

914 879 874 5 35 

1,982 1,456 1,450 6 526 

3,273 2,081 2,078 3 1,192 

29,346 29,222 29,207 15 124 

286 34 32 2 252 

303 76 74 2 227 

- - - - -

60 3 3 - 57 

89 28 27 1 61 

104 53 52 1 51 

4,356 2,910 2,783 127 1,446 

129 61 61 - 68 

149 47 47 - 102 

94 18 18 - 76 

60 - - - 60 

24 2 2 - 22 

385 80 78 2 305 

919 361 348 13 558 

Total Latin America 

and Caribbean ............. 43,325 37,721 37,530 191 5,604 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 89 

TA BLE CM-IV-5.—Total Claims by Type and Country, Sept. 30, 2001, Prelim i nary, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Finan cial claims 

Coun try Total claims Total Denom i nated in dollars 

De nom i nated in foreign Commer cial

cur ren cies claims 

(1) (2) (3) (4) (5) 

Asia: 

China: 

Mainland ................... 

Taiwan..................... 

Hong Kong ................... 

India ........................ 

Indonesia .................... 

Israel........................ 

Japan ....................... 

Korea ....................... 

Lebanon ..................... 

Malaysia ..................... 

Pakistan ..................... 

Philippines ................... 

Singapore .................... 

Syria ........................ 

Thailand ..................... 

Other Asia ................... 

1,262 248 245 3 1,014 

923 181 49 132 742 

598 290 82 208 308 

797 467 76 391 330 

366 181 180 1 185 

1,011 497 493 4 514 

4,198 1,761 464 1,297 2,437 

1,799 1,087 1,086 1 712 

16 - - - 16 

739 440 371 69 299 

58 5 5 - 53 

872 798 797 1 74 

1,330 459 448 11 871 

2 - - - 2 

243 99 84 15 144 

1,189 180 177 3 1,009 

Total Asia................... 15,403 6,693 4,557 2,136 8,710 

Af rica: 

Congo (formerly Zaire) .......... - - - - -

Egypt ....................... 284 82 78 4 202 

Ghana....................... 8 - - - 8 

Liberia....................... 29 28 28 - 1 

Morocco ..................... 27 1 - 1 26 

South Africa .................. 349 155 145 10 194 

Other Africa .................. 601 190 190 - 411 

To tal Africa ................. 1,298 456 441 15 842 

Other countries: 

Australia ..................... 1,948 694 632 62 1,254 

All other ..................... 360 197 178 19 163 

Total other 

countries .................. 2,308 891 810 81 1,417 

Total foreign

countries................. 109,359 75,260 67,209 8,051 34,099 

In ter na tional

and regional orgs.: 

International .................. 

European regional ............. 

Latin American regional ......... 

Asian regional................. 

African regional ............... 

Middle Eastern regional ......... 

1 - - - 1 

9 - - - 9 

2 - - - 2 

3 - - - 3 

- - - - -

- - - - -

Total international 

and regional ............... 15 - - - 15 

Grand total ................ 109,374 75,260 67,209 8,051 34,114 

1 Be gin ning with series for Decem ber 1992 forward, data for all other repub lics of the former ent states by the United States are reported under “Other Europe” as follows: Begin ning in 

U.S.S.R. are reported under “Other Europe.” De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recog- for the Former Yugo slav Repub lic of Mace do nia. 

nized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ-
90 CAP I TAL MOVEMENTS 

CHART CM-C.—Net Purchases of Long-Term
 

Do mes tic Secu ri ties by For eigners, Selected Countries
 

250 

(In billions of dollars) 

Note: To facil i tate compar i son of net pur­ chases during 2001 with those in prior years, the chart depicts data for all peri ods at an

an nu al ized rate. 

The data on this page repre sent for­ eign inves tors’ purchases and sales of 

long-term U.S. secu ri ties (that is, U.S.

Trea sury and Govern ment agency

bonds and notes, and U.S. corpo rate 

200 bonds and stocks) as reported to the

Trea sury Inter na tional Capi tal (TIC)

re port ing system. Foreign inves tors

also acquired U.S. equi ties through

merg ers that involve stock swaps. Net 

150 for eign acqui si tions of U.S. equi ties

through stock swaps amounted to $14

bil lion in 1999, $20 billion in 2000,

and $10 billion in 2001. (Stock swaps

data for the most recent quarter are

Fed eral Reserve Board/Treasury esti­ 100 mates and are subject to substan tial

re vi sions.) These stock swaps are not re ported under the TIC report ing sys­ tem. 

50 The data present aggre gate net pur­ chases on an annual basis for 1998 

through 2001. The figures show that

for eign ers’ annual net purchases 

0 (gross purchases minus gross sales) of

U.S. secu ri ties have maintained an ex­ tremely high level since 1998. 

An nual net foreign purchases of U.S. -50 se cu ri ties first surpassed $100 billion 

in 1993. In 2000, net foreign pur­ 1998 1999 2000 2001 2001 chases of U.S. secu ri ties set a record. 

Jan. - Dec. Oct. - Dec. In 2001, however, net acqui si tions

(in clud ing stock swaps) amounted to 

a new record of $540 billion. The pat- tern of net purchases was striking,

with very large purchases of corpo rate

bonds and stocks in the first half of 

the year giving way to strong pur­ chases of agency and Treasury secu ri­ ties in the second half. 

United Kingdom Ca rib bean banking centers 

Ja pan All other Asia All other countries 

All other Europe 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 

Coun try 1998 1999 2000 

2001 

Jan. - Dec. 

2001 

Oct. - Dec. 

United Kingdom. ................... 137,970 129,014 166,290 192,408 47,914 

All other Europe .................... 84,047 71,492 128,577 78,922 19,298 

Caribbean banking centers 1, 2. ........ 11,738 43,142 19,883 58,787 20,563 

Japan ............................ 20,261 43,366 52,006 58,661 39,920 

All other Asia....................... 11,050 34,168 52,151 110,997 38,222 

Subtotal ......................... 265,066 321,182 418,907 499,775 165,917 

All other countries. .................. 12,725 28,979 38,921 29,961 8,310 

Grand total ...................... 277,791 350,161 457,828 529,736 174,227 

1

 Includes Baha mas, Bermuda, British West Indies, Nether lands Antil les and Panama. 2

 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in report ing format. 
CAP I TAL MOVEMENTS 91 

SEC TION V.—U.S. Inter na tional Transac tions in Long-Term Secu ri ties 

TA BLE CM-V-1.—U.S. Transac tions with Foreigners in Long-Term Domes tic Secu ri ties by Type 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Mar ket able Treasury bonds and notes 

Net foreign purchases U.S. Govern ment corpo ra tions and

For eign countries fed erally sponsored agencies 

Cal en dar Of fi cial Other In ter na tional Gross foreign Gross foreign Net foreign Gross foreign Gross foreign year or month To tal in sti tu tions for eign ers and regional pur chases sales purchases pur chases sales 

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

1997............ 184,171 43,959 139,729 483 4,865,145 4,680,974 49,853 259,296 209,443 

1998............ 49,039 4,123 42,447 2,469 5,154,155 5,105,116 56,802 524,384 467,582 

1999............ -9,953 -9,861 -657 565 4,288,138 4,298,091 92,200 486,000 393,800 

2000............ -54,032 -6,302 -47,270 -460 3,870,511 3,924,543 152,842 728,930 576,088 

2001 - Jan. - Dec. p ... 18,472 3,489 15,669 -686 5,267,708 5,249,236 165,436 1,202,137 1,036,701 

2000 - Dec ........ -9,789 1,068 -10,972 115 336,144 345,933 9,930 75,999 66,069 

2001 - Jan. r........ -8,627 2,226 -10,320 -533 470,728 479,355 13,274 86,121 72,847 

Feb ........ 7,214 667 6,508 39 409,898 402,684 9,527 80,292 70,765 

Mar ........ 4,897 249 4,650 -2 446,523 441,626 19,544 104,309 84,765 

Apr ......... -13,711 -9,040 -4,477 -194 434,782 448,493 15,470 88,033 72,563 

May ........ 3,076 913 1,918 245 464,403 461,327 6,950 85,083 78,133 

June ........ -3,445 -3,243 6 -208 391,897 395,342 16,906 91,203 74,297 

July ........ -11,494 -741 -10,927 174 382,161 393,655 12,476 85,388 72,912 

Aug ........ 4,410 343 4,247 -180 426,540 422,130 11,986 99,896 87,910 

Sept ........ -1,990 2,549 -4,687 148 387,659 389,649 8,428 110,730 102,302 

Oct ......... 14,969 2,239 12,645 85 487,225 472,256 27,332 125,030 97,698 

Nov. p ....... 12,676 6,266 6,636 -226 589,200 576,524 14,313 120,751 106,438 

Dec. p ....... 10,497 1,061 9,470 -34 376,692 366,195 9,230 125,301 116,071 

Cor po rate and other secu ri ties 

Bonds 1 Stocks 

Cal en dar

year or month 

Net foreign pur chases Gross foreign pur chases Gross foreign Net foreign sales pur chases Gross foreign pur chases Gross foreign sales 

(10) (11) (12) (13) (14) (15) 

1997 ......................... 84,358 350,873 266,515 69,597 1,097,958 1,028,361 

1998 ......................... 121,930 381,262 259,332 50,020 1,573,696 1,523,676 

1999 ......................... 160,392 368,692 208,300 107,522 2,340,659 2,233,137 

2000 ......................... 184,128 479,456 295,328 174,890 3,605,196 3,430,306 

2001 - Jan. - Dec. p ................. 229,445 740,638 511,193 116,383 3,051,252 2,934,869 

2000 - Dec ...................... 19,052 43,126 24,074 11,127 286,161 275,034 

2001 - Jan ...................... 13,709 52,121 38,412 23,778 300,629 276,851 

Feb ...................... 29,501 67,337 37,836 9,435 258,218 248,783 

Mar ...................... 26,703 65,541 38,838 7,428 284,280 276,852 

Apr. r ..................... 21,730 60,897 39,167 6,627 249,736 243,109 

May ...................... 33,432 84,445 51,013 17,321 276,905 259,584 

June r ..................... 15,026 66,954 51,928 10,438 259,622 249,184 

July r ..................... 14,927 54,013 39,086 11,475 244,887 233,412 

Aug ...................... 12,713 57,739 45,026 7,708 247,288 239,580 

Sept ..................... 10,182 45,728 35,546 -11,515 193,466 204,981 

Oct ...................... 20,337 67,412 47,075 7,245 255,670 248,425 

Nov. p .................... 17,489 66,041 48,552 13,171 241,275 228,104 

Dec. p .................... 13,696 52,410 38,714 13,272 239,276 226,004 

1

 Data include transac tions in directly placed issues abroad by U.S. corpo ra tions and 

is sues of States and munic i pal i ties. 
92 CAP I TAL MOVEMENTS 

TA BLE CM-V-2.—U.S. Transac tions with Foreigners in Long-Term Foreign Secu ri ties by Type 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. Source: Treasury Inter na tional Capi tal Reporting System] 

Net foreign pur­ For eign bonds For eign stocks 

chases of for­ Net foreign pur­ Gross foreign Net foreign pur­ Gross foreign Cal en dar eign secu ri ties chases from pur chases from Gross foreign chases from pur chases from 

year or month from U.S. U.S. U.S. sales to U.S. U.S. U.S. 

Gross foreign 

sales to U.S. 

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

1997................. 

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

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

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

2001 - Jan. - Dec. p ........ 

2000 - Dec ............. 

2001 - Jan. r............. 

Feb. r ............ 

Mar. r ............ 

Apr. r............. 

May r............. 

June r ............ 

July r............. 

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

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

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

Nov. p ............ 

Dec. p ............ 

-89,083 -48,144 1,451,731 1,499,875 -40,939 756,018 796,957 

-11,137 -17,349 1,328,250 1,345,599 6,212 929,569 923,357 

9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663 

-17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273 

-19,855 30,641 1,157,821 1,127,180 -50,496 1,396,794 1,447,290 

-5,199 -1,191 83,713 84,904 -4,008 135,417 139,425 

-4,767 -1,922 116,783 118,705 -2,845 147,050 149,895 

-2,196 1,235 102,395 101,160 -3,431 129,789 133,220 

-11,452 -1,295 115,671 116,966 -10,157 132,419 142,576 

1,042 5,483 93,824 88,341 -4,441 120,550 124,991 

-5,465 2,267 101,383 99,116 -7,732 135,462 143,194 

-5,503 1,048 101,950 100,902 -6,551 119,750 126,301 

-716 5,629 91,585 85,956 -6,345 114,276 120,621 

7,299 9,405 87,584 78,179 -2,106 96,409 98,515 

12,655 10,324 87,081 76,757 2,331 99,580 97,249 

-2,788 308 94,389 94,081 -3,096 105,784 108,880 

1,854 -896 95,672 96,568 2,750 107,816 105,066 

-9,818 -945 69,504 70,449 -8,873 87,909 96,782 
CAP I TAL MOVEMENTS 93 

TA BLE CM-V-3.—Net Foreign Transac tions in Long-Term Domes tic Secu ri ties 

by Type and Country 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Mar ket able Treasury 

bonds and notes 

U.S. Govern ment corpo ra tions 

and Federal agency bonds Cor po rate bonds Cor po rate stocks 

2001 2001 2001 2001 

Coun try 

Cal en dar 

year

2000 

Jan. 

through

Dec. 

Oct. 

through

Dec. p 

Cal en dar 

year

2000 

Jan. 

through

Dec. 

Oct. 

through

Dec. p 

Cal en dar 

year

2000 

Jan. 

through

Dec. 

Oct. 

through

Dec. p 

Cal en dar 

year

2000 

Jan. 

through

Dec. 

Oct. 

through

Dec. p 

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

Eu rope: 

Austria ......... -613 

Belgium 1 ........ 73 

-838 

-598 

27 

47 

813 

1,318 

-230 

2,272 

278 

1,652 

360 

9,451 

312 

1,893 

41 

59 

1,076 

18,218 

707 

2,177 

180 

143 

Bulgaria ........ -10 120 -25 - - - - 54 12 - 20 -8 

Czech Republic .... 606 474 238 774 6 - 186 172 29 14 56 40 

Denmark ........ -1,373 -464 250 965 377 86 409 1,443 194 3,162 1,720 -281 

Finland......... 368 -191 188 272 132 104 341 195 40 836 638 192 

France ......... -4,146 -4,272 -4,132 58 2,036 634 2,158 2,992 567 5,727 5,914 1,224 

Germany........ -7,304 -1,668 737 2,489 6,511 1,843 1,578 5,851 1,812 31,752 8,423 2,202 

Greece......... -371 171 282 133 143 29 78 141 4 804 -18 52 

Hungary ........ -249 151 99 140 49 -35 13 40 - 140 13 -9 

Ireland ......... 1,047 185 555 1,577 522 699 2,352 1,245 388 4,926 1,928 804 

Italy .......... 2,069 

Luxembourg 1 ..... n.a. 

-2,008 

462 

-655 

246 

816 

n.a. 

-2,126 

624 

-114 

386 

308 

n.a. 

233 

3,205 

111 

260 

12,230 

n.a. 

2,246 

5,475 

837 

1,291 

Netherlands ...... 2,140 -6,728 -2,985 1,365 -960 -928 -235 2,498 220 4,915 10,920 2,919 

Norway ........ 1,179 2,726 1,501 -365 1,762 199 120 -230 -132 3,018 1,996 1,814 

Poland ......... -1,526 -1,320 -369 121 528 -9 26 -24 -50 38 9 1 

Portugal ........ 1,568 2,273 377 35 -31 -1 -28 144 -25 96 153 102 

Romania ........ 239 170 262 176 -234 89 - 1 1 1 -1 -

Russia 2 ........ 379 1,477 -658 41 343 -176 -23 2 - 141 2 4 

Spain ......... -802 -5,301 -2,469 7,176 658 -27 42 759 280 4,271 857 164 

Sweden ........ 1,082 -1,190 -38 598 529 241 1,292 246 -33 2,489 3,635 1,038 

Switzerland ...... -10,326 1,413 211 1,554 2,992 765 2,419 2,729 19 11,960 3,453 1,529 

Turkey ......... 1,104 -934 119 1,216 19 8 -721 -15 2 65 -19 -

United Kingdom .... -33,669 -7,186 1,992 30,185 44,768 12,035 111,038 116,328 25,288 58,736 38,498 8,599 

Channel Islands and 

Isle of Man 3 .... n.a. -179 -163 n.a. 419 199 n.a. 1,581 629 n.a. -698 -201 

Yugoslavia 4 ...... - n.a. n.a. - n.a. n.a. 32 n.a. n.a. -5 n.a. n.a. 

Other Europe ..... -2,169 2,745 1,130 1,278 198 90 -3,014 634 -13 44 - 59 

Total Europe ..... -50,704 -20,510 -3,233 52,735 61,307 18,047 128,182 142,429 29,703 164,654 88,104 22,695 

Canada ......... -550 -4,135 -543 10,111 1,310 414 3,176 3,285 1,838 5,956 10,979 2,375 

Latin America: 

Argentina ....... -3,374 -399 -1,654 899 1,558 -194 725 362 -107 746 593 498 

Brazil.......... 846 2,633 923 903 1,951 1,501 -79 -17 121 136 -139 12 

Chile .......... 68 240 525 147 2 4 -114 614 240 325 204 59 

Colombia ....... 842 192 466 -92 188 108 549 495 -81 210 -6 -69 

Ecuador ........ -727 8 2 40 45 15 79 100 13 48 56 -1 

Guatemala ....... - 37 62 16 54 28 33 71 34 30 16 2 

Mexico ......... 2,425 195 20 2,838 2,257 672 1,090 1,340 572 394 -673 -142 

Panama ........ -57 -150 15 484 686 193 379 537 149 368 40 197 

Peru .......... -18 99 75 486 611 111 22 13 2 46 37 18 

Uruguay ........ -345 -225 -202 192 275 75 229 277 86 243 193 49 

Venezuela ....... 1,288 290 -23 2,152 365 151 298 381 122 301 19 15 

Other Latin America 5 . -844 286 141 2,371 997 358 1,049 652 137 259 -41 -18 

Total Latin America . 104 3,206 350 10,436 8,989 3,022 4,260 4,825 1,288 3,106 299 620 

Ca rib bean: 

Bahamas ....... 353 -4,479 589 -4 472 23 640 1,797 455 -1,335 1,907 762 

Bermuda ........ -7,351 3,564 1,891 6,132 6,916 858 10,881 17,658 1,652 -10,052 -11,560 -831 

British West Indies 6 .. -3,386 n.a. n.a. 11,439 n.a. n.a. 12,972 n.a. n.a. -970 n.a. n.a. 

Cayman Islands 6 ... n.a. 12,966 8,397 n.a. 6,228 -847 n.a. 27,738 8,381 n.a. 3,730 2,473 

Cuba .......... - n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a. 

Jamaica ........ 7 23 1 -7 187 107 37 29 15 35 14 9 

Netherlands Antilles .. 5,379 -10,744 -4,555 1,782 120 236 846 845 421 -8,617 516 104 

Trinidad and Tobago . -20 17 - 16 -325 -170 14 88 -28 21 3 4 

Other Caribbean 5 ... n.a. 493 -2,777 n.a. -9 556 n.a. 1,659 -96 n.a. -71 1,115 

Total Caribbean ... -5,018 1,840 3,546 19,358 13,589 763 25,390 49,814 10,800 -20,918 -5,461 3,636 

See footnotes at end of table. 
94 CAP I TAL MOVEMENTS 

TA BLE CM-V-3.—Net Foreign Transac tions in Long-Term Domes tic Secu ri ties 

by Type and Country, con. 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Mar ket able Treasury 

bonds and notes 

U.S. Govern ment corpo ra tions 

and Federal agency bonds Cor po rate bonds Cor po rate stocks 

2001 2001 2001 2001 

Coun try 

Cal en dar 

year

2000 

Jan. 

through

Dec. 

Oct. 

through

Dec. p 

Cal en dar 

year

2000 

Jan. 

through

Dec. 

Oct. 

through

Dec. p 

Cal en dar 

year

2000 

Jan. 

through

Dec. 

Oct. 

through

Dec. p 

Cal en dar 

year

2000 

Jan. 

through

Dec. 

Oct. 

through

Dec. p 

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

Asia: 

China: 

Mainland ...... -3,971 19,117 7,641 18,819 25,979 6,437 808 6,688 2,264 -103 3 4 

Taiwan ....... -10,089 2,264 -172 3,877 5,417 3,464 972 2,250 571 -147 261 -15 

Hong Kong ...... -341 7,244 -243 8,669 17,843 3,402 1,853 4,186 787 215 676 213 

India ......... 1,409 935 -201 119 -17 2 28 38 10 -6 -15 14 

Indonesia ...... 227 -7,226 -2,061 8 10 34 15 96 38 158 74 -10 

Israel ......... 671 1,282 88 772 637 227 542 553 222 -1,102 -374 -183 

Japan ........ 10,580 17,774 22,756 23,802 28,018 13,288 15,554 6,081 2,249 2,070 6,788 1,627

Korea ........ 4,827 816 3,128 1,807 -1,114 -24 -795 831 37 -160 -76 -52 

Lebanon ....... -174 24 - 1 8 7 1 17 -2 249 23 5 

Malaysia ....... -219 1,642 1,196 25 232 112 106 66 30 3 -57 -14 

Pakistan ....... -2 40 - 1 3 2 1 2 -1 45 -8 1 

Philippines ...... 722 597 188 -67 300 70 213 247 17 17 -40 -7 

Singapore ...... -6,167 -7,917 441 317 2,905 1,029 1,276 5,401 944 10,788 13,078 2,361 

Syria ......... - - - 1 - - 1 - - 28 -10 -1 

Thailand ....... 1,202 378 344 -16 42 -6 51 18 - -58 -20 -18 

Oil-exporting 

countries 7 ..... 3,482 865 4,671 477 1,151 517 1,565 1,186 677 9,189 1,789 -370 

Other Asia ...... -519 156 222 15 104 121 18 -28 27 497 425 37 

Total Asia ..... 1,638 37,991 37,998 58,627 81,518 28,682 22,209 27,632 7,870 21,683 22,517 3,592 

Af rica: 

Congo (formerly Zaire)

Egypt......... Ghana ........ 

- -324 -- -811 

n.a. 

- -657 

n.a. 

-

11 

-

-1 

105 

n.a. 

-

55 

n.a. 

-2 

-14 

-

3 

28 

n.a. 

3 

7 n.a. 

-9 

-40 

-

-1 

-41 

n.a. 

-

-3 

n.a. Liberia ........ 323 -111 -32 772 -22 10 17 70 36 -20 -306 6 

Morocco ....... -230 111 - 4 50 - -2 - - -6 -3 1 

South Africa ..... -35 -97 -3 -53 4 - -37 177 27 271 -154 -12 

Oil-exporting

countries 8 ..... - -2 - -2 150 1 3 1 1 63 -43 -2 

Other Africa ..... -148 30 56 176 18 161 65 178 -3 156 182 -37 

Total Africa ..... -414 -880 -636 908 304 227 30 457 71 415 -366 

Other countries: 

Australia ....... New Zealand 9 .... 1,435 

n.a. 1,359 13 

744 

-6 

495 

n.a. -1,647 -77 

-450 

-46 

169 

n.a. -120 -116 

-63 

-135 

1,437 

n.a. 117 175 

575 

206 

All other countries .. -63 274 97 216 154 109 738 662 155 -1,432 -184 -15 

Total other 

countries ..... 1,372 1,646 835 711 -1,570 -387 907 426 -43 5 108 766 

Total foreign

countries .... -53,572 19,158 38,317 152,886 165,447 50,768 184,154 228,868 51,527 174,901 116,180 33,637 

In ter na tional

and regional orgs.: 

International ..... -483 -290 114 -45 42 166 -5 493 -14 -47 31 12 

European regional .. -122 -7 3 -5 - - -46 25 7 - - - Latin American 

regional ...... 76 41 19 9 10 20 -5 67 -3 100 159 40 

Caribbean regional 10 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Asian regional .... 63 -449 -311 2 -76 -77 - 4 4 2 -3 -1 

African regional ... 2 25 - - 13 -2 30 -12 1 -2 -1 -1 

Middle Eastern 

regional ...... 4 -6 - -5 - - - - - -64 17 1 

Total international 

and regional ... -460 -686 -175 -44 -11 107 -26 577 -5 -11 203 51 

Grand total .... -54,032 18,472 38,142 152,842 165,436 50,875 184,128 229,445 51,522 174,890 116,383 33,688 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com-
 

2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in bined “Other Latin America and Carib bean.”
 

“Other Europe.” 6 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in the data series.
 

3 Be fore Janu ary 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab
 

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by Emirates (Trucial States).
 

the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent 8 Includes Alge ria, Gabon, Libya, and Nige ria.
 

states by the United States are reported under “Other Europe” as follows: since Decem ber 9 Before Janu ary 2001, data included in “All other.” 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former 10 Before Janu ary 2001, data included in “Latin Ameri can regional.” Yu go slav Repub lic of Mace do nia.
 

-47 
CAP I TAL MOVEMENTS 95 

TA BLE CM-V-4.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During Fourth Quarter 2001, Prelim i nary 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. residents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket­ Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas ury U.S. 

and Gov’t. and Gov’t. Fed eral corps. Fed eral corps. Fi nanc­ and fed­ Fi nanc­ and fed­ ing Bank er ally ing Bank er ally To tal bonds spon­ other
 bonds spon­ Cor po rate and 

pur For eign secu ri ties ­ and sored 

Cor po rate and
 For eign secu ri ties To tal and sored other 

Country chases notes agencies Bonds Stocks
 Bonds Stocks sales notes agencies Bonds Stocks Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Eu rope: 

Austria ........ 4,482 2,028 817 158 988 194 297 4,282 2,001 539 117 808 650 167
 Belgium ........ 15,603 4,332 4,130 1,832 3,391 713 1,205 14,508 4,285 2,478 1,773 3,248 1,727 997
 Bulgaria ........ 33 - - 12 11 5 5 44 25 - - 19 - -
 Czech Republic .... 1,341 1,138 - 34 93 22 54 993 900 - 5 53 4 31
 Denmark ....... 11,162 7,591 470 819 1,223 341 718 10,756 7,341 384 625 1,504 294 608
 Finland ........ 2,662 1,466 182 87 423 23 481 2,330 1,278 78 47 231 77 619
 France ........ 128,307 69,723 8,732 2,884 34,338 3,941 8,689 128,197 73,855 8,098 2,317 33,114 4,464 6,349
 Germany ....... 88,890 46,166 7,464 3,501 18,783 6,192 6,784 82,333 45,429 5,621 1,689 16,581 6,079 6,934
 Greece ........ 2,261 1,359 49 39 334 305 175 1,626 1,077 20 35 282 77 135
 Hungary ........ 299 137 15 - 57 - 90 212 38 50 - 66 - 58
 Ireland......... 73,551 45,226 3,402 3,129 13,667 5,623 2,504 70,257 44,671 2,703 2,741 12,863 4,429 2,850
 Italy .......... 37,117 15,263 1,216 702 14,807 2,619 2,510 37,211 15,918 1,330 591 13,970 2,611 2,791
 Luxembourg ...... 19,843 3,658 4,013 1,874 7,167 1,348 1,783 16,889 3,412 3,627 1,614 5,876 864 1,496
 Netherlands ...... 72,949 46,658 5,302 1,849 12,024 1,712 5,404 71,716 49,643 6,230 1,629 9,105 1,244 3,865
 Norway ........ 46,319 34,397 3,722 880 3,529 2,995 796 42,768 32,896 3,523 1,012 1,715 3,042 580
 Poland ........ 1,889 1,535 88 - 8 216 42 2,214 1,904 97 50 7 142 14
 Portugal ........ 2,380 1,135 10 25 329 317 564 1,368 758 11 50 227 176 146
 Romania ....... 1,410 762 595 1 - 51 1 1,010 500 506 - - - 4
 Russia 1 ........ 6,969 3,518 3,306 1 53 31 60 7,806 4,176 3,482 1 49 43 55
 Spain ......... 12,794 4,982 657 351 2,873 665 3,266 14,527 7,451 684 71 2,709 684 2,928
 Sweden ........ 12,491 4,305 616 258 5,379 393 1,540 11,073 4,343 375 291 4,341 327 1,396
 Switzerland ...... 42,445 12,586 3,266 1,778 18,468 1,772 4,575 40,504 12,375 2,501 1,759 16,939 1,632 5,298
 Turkey......... 1,651 721 10 3 110 713 94 1,154 602 2 1 110 292 147
 United Kingdom .... 980,118 457,279 45,271 81,529 139,855 139,553 116,631 948,707 455,287 33,236 56,241 131,256 145,642 127,045
 Channel Islands and 
 Isle of Man 2 .... 4,528 454 1,030 904 1,344 211 585 3,924 617 831 275 1,545 156 500
 Yugoslavia 3 ...... 8 - - - 7 - 1 8 - - - 7 - 1
 

Other Europe ..... 11,375 8,099 668 266 1,146 311 885 10,251 6,969 578 279 1,087 380 958
 

Total Europe .... 1,582,877 774,518 95,031 102,916 280,407 170,266 159,739 1,526,668 777,751 76,984 73,213 257,712 175,036 165,972 

Canada ......... 119,520 60,082 3,577 5,444 26,615 8,835 14,967 115,694 60,625 3,163 3,606 24,240 9,413 14,647 

Latin America: 

Argentina ....... 6,093 304 429 300 1,282 3,320 458 6,946 1,958 623 407 784 2,622 552
 Brazil 

Chile ......... 4,966 2,450 123 582 584 899 328 3,665 1,925 119 342 525 601 153 

Colombia ....... 3,108 1,251 172 360 288 1,026 11 3,112 785 64 441 357 1,453 12 

Ecuador ........ 483 5 52 26 317 9 74 460 3 37 13 318 11 78 

Guatemala ...... 282 75 38 49 44 71 5 98 13 10 15 42 13 5 

Mexico ........ 11,132 4,506 727 842 891 2,328 1,838 10,031 4,486 55 270 1,033 2,429 1,758 

Panama ........ Peru .......... 3,084 

586 

89 

175 

605 

131 

336 

30 

925 

103 

922 

97 

207 

50 

2,192 

437 

74 

100 

412 

20 

187 

28 

728 

85 

617 

42 

174 

162 

Uruguay ........ Venezuela....... 2,131 

1,454 

552 

260 

211 

286 

140 

163 

433 

308 

697 

361 

98 

76 

1,690 

1,453 

754 

283 

136 

135 

54 

41 

384 

293 

276 

646 

86 

55 

Other Latin America .. 3,248 383 530 254 675 1,348 58 2,379 242 172 117 693 1,091 64 

......... 14,693 3,905 3,017 352 570 4,884 1,965 12,285 2,982 1,516 231 558 4,981 2,017
 

Total Latin America . 51,260 13,955 6,321 3,434 6,420 15,962 5,168 44,748 13,605 3,299 2,146 5,800 14,782 5,116 

Ca rib bean: 

Bahamas ....... 63,121 31,337 957 6,585 13,213 5,843 5,186 60,835 30,748 934 6,130 12,451 5,484 5,088 

Bermuda ....... 237,944 83,677 11,429 9,966 105,701 17,184 9,987 234,013 81,786 10,571 8,314 106,532 16,304 10,506 

British West Indies .. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Cayman Islands .... 582,030 183,411 165,513 34,902 154,183 18,243 25,778 565,087 175,014 166,360 26,521 151,710 18,436 27,046 

Cuba ......... - - - - - - - - - - - - - -

Jamaica ........ 1,397 1,026 158 18 25 162 8 1,175 1,025 51 3 16 70 10 

Netherlands Antilles.. 72,422 32,449 1,333 1,739 31,801 1,737 3,363 75,678 37,004 1,097 1,318 31,697 1,645 2,917 

Trinidad and Tobago . 151 - 85 4 22 40 - 324 - 255 32 18 18 1 

Other Caribbean.... 94,872 6,440 1,400 3,923 73,796 1,510 7,803 95,790 9,217 844 4,019 72,681 1,262 7,767 

Total Caribbean ... 1,051,937 338,340 180,875 57,137 378,741 44,719 52,125 1,032,902 334,794 180,112 46,337 375,105 43,219 53,335 

See footnotes at end of table. 
96 CAP I TAL MOVEMENTS 

TA BLE CM-V-4.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During Fourth Quarter 2001, Prelim i nary, con. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. residents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket- Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas ury U.S. 

and Gov’t. and Gov’t. Fed eral corps. Fed eral corps. Fi nanc- and fed- Fi nanc- and fed­ ing Bank er ally ing Bank er ally 

pur- and sored other To tal bonds spon- Cor po rate and bonds spon- Cor po rate and

For eign secu ri ties To tal and sored other 

Country chases notes agen cies Bonds Stocks Bonds Stocks sales notes agen cies Bonds Stocks 

For eign secu ri ties 

Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Asia: 

China: 

Mainland ...... Taiwan ....... 45,841 

13,098 

31,577 

3,263 

9,716 

4,358 

2,310 

702 

292 

1,534 

1,812 

1,299 

134 

1,942 

27,739 

9,366 

23,936 

3,435 

3,279 

894 

46 

131 

288 

1,549 

110 

627 

80 

2,730 

Hong Kong ...... India.......... Indonesia ....... 77,570 

2,053 

1,000 

42,050 

1,420 

691 

15,037 

2 

35 

1,639 

20 

41 

2,378 

212 

100 

2,611 

20 

54 

13,855 

379 

79 

72,559 

2,246 

2,957 

42,293 

1,621 

2,752 

11,635 -

1 

852 

10 

3 

2,165 

198 

110 

2,359 

6 

25 

13,255 

411 

66 

Israel ......... 6,590 3,639 528 390 1,110 83 840 6,138 3,551 301 168 1,293 59 766 

Japan ......... Korea ......... 239,286

17,611 

129,883

12,030 

43,172

2,460 

5,261

172 

15,807

103 

6,460

572 

38,703

2,274 

203,365

14,417 

107,127

8,902 

29,884

2,484 

3,012

135 

14,180

155 

9,433

327 

39,729

2,414 

Lebanon........ 290 1 7 4 218 23 37 292 1 - 6 213 26 46 

Malaysia ....... Pakistan........ 3,482

31 

2,173 - 130 

2 

53 

- 134 19 

741 

3 

251 

7 

1,436

27 

977 - 18 

- 23 1 

148 

18 

73 

- 197 8 

Philippines ...... Singapore ....... Syria ......... Thailand........ 1,546 

40,020

2 

3,152 

730 

13,875 - 2,920 

298 

3,945 -

3 

49 

2,974 -

11 

92 

11,630

2 

28 

220 

3,214 - 122 

157 

4,382 -

68 

1,312 

35,505

3 

2,766 

542 

13,434 - 2,576 

228 

2,916 -

9 

32 

2,030 -

11 

99 

9,269

3 

46 

255 

3,506 -

33 

156 

4,350 -

91 

Other Asia....... 19,580 9,441 1,827 1,508 5,855 443 506 13,353 4,548 1,189 804 6,188 221 403 

Total Asia ...... 471,152 253,693 81,520 15,134 39,514 17,677 63,614 393,481 215,695 52,838 7,264 35,922 17,060 64,702 

Af rica: 

Congo (formerly Zaire)

Egypt ......... Ghana ......... 

6 

456 

1 

- 127 --

55 

1 

3 

16 

-

-

76 

-

3 

137 -

-

45 

-

- 897 

1 

- 784 --

-

1 

-

9 

-

-

79 

-

-

21 

-

-

- Liberia ......... 311 18 36 39 163 28 27 265 50 26 3 157 1 28 

Morocco........ 17 - - - 7 - 10 6 - - - 6 - - South Africa ...... 595 26 - 38 101 22 408 517 29 - 11 113 1 363 

Other Africa ...... 1,587 270 525 33 343 236 180 1,909 214 363 35 382 117 798 

Total Africa ..... 2,973 441 617 129 690 426 670 3,595 1,077 390 58 737 140 1,193 

Other countries: 

Australia........ New Zealand...... 20,283 

1,053 

9,288 

316 

1,144 

24 

1,409 

27 

2,840 

341 

1,406 

116 

4,196 

229 

19,373 

1,092 

8,544 

322 

1,594 

70 

1,472 

162 

2,265 

135 

1,081 

118 

4,417 

All other countries... 2,157 918 621 182 226 105 105 1,894 821 512 27 241 139 154 

Total other 

countries...... Total foreign

countries..... 

In ter na tional and 

re gional orgs.: 

International...... European regional .. Latin American 

regional ....... Caribbean regional .. Asian regional..... African regional .... Middle Eastern 

regional ....... Total international 

and regional .... Grand total .... 

23,493 10,522 1,789 1,618 3,407 1,627 4,530 22,359 9,687 2,176 1,661 2,641 1,338 4,856 

3,303,212 1,451,551 369,730 185,812 735,794 259,512 300,813 3,139,447 1,413,234 318,962 134,285 702,157 260,988 309,821 

2,121 707 1,110 18 233 40 13 1,854 593 944 32 221 43 21 

681 25 - 8 - 13 635 956 22 - 1 - 67 866 

317 67 21 18 175 - 36 205 48 1 21 135 - - 10 - - - - - 10 16 - - - - - 16 

996 

9 

767 - 215 

6 

4 

3 

9 

- -- 1 - 1,38311 

1,078 - 292 

8 -2 

10 

1 -- 3 -

11 - - - 10 - 1 10 - - - 9 - 1 

4,145 1,566 1,352 51 427 53 696 4,435 1,741 1,245 56 376 110 907 

3,307,357 1,453,117 371,082 185,863 736,221 259,565 301,509 3,143,882 1,414,975 320,207 134,341 702,533 261,098 310,728 

1 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other 3 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by

Eu rope.” the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent 

2 Be fore Janu ary 2001, data included in United Kingdom. states by the United States are reported under “Other Europe” as follows: since Decem ber 

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former 

Yu go slav Repub lic of Mace do nia. 

4 

285 
CAP I TAL MOVEMENTS 97 

TA BLE CM-V-5.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During Calen dar Year 2001 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. residents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket- Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas- U.S. 

and Gov’t. ury and Gov’t. Federal corps. Fed eral corps.

Financ- and fed- Fi nanc- and fed­ ing Bank er ally ing Bank er ally 

pur- and sored other bonds spon- Cor po rate and To tal bonds spon- Cor po rate and 

For eign secu ri ties To tal and sored other 

Coun try chases notes agencies Bonds Stocks Bonds Stocks sales notes agencies Bonds Stocks 

For eign secu ri ties 

Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Europe: 

Austria....... 19,361 8,509 2,777 679 4,711 1,165 1,520 19,109 9,347 3,007 367 4,004 1,206 1,178 

Belgium 1 ..... 53,700 16,432 6,267 5,634 16,900 3,343 5,124 47,650 17,030 3,995 3,741 14,723 3,667 4,494 

Bulgaria ...... 777 305 - 59 319 18 76 629 185 - 5 299 19 121 

Czech Republic

Denmark ..... 52,694 32,394 3,715 3,595 7,996 1,685 3,309 49,469 32,858 3,338 2,152 6,276 1,231 3,614 

Finland ...... 17,833 7,438 849 325 1,834 158 7,229 15,281 7,629 717 130 1,196 146 5,463 

France ....... 492,281 238,302 14,946 11,566 175,865 12,599 39,003 483,780 242,574 12,910 8,574 169,951 13,076 36,695 

Germany ..... Greece ...... 354,524 

9,895 

164,607 

5,189 

25,235 

409 

12,470 

301 

80,786 28,382 

1,708 957 

43,044 

1,331 

333,400 

8,913 

166,275 18,724 

5,018 266 

6,619 

160 

72,363 

1,726 

25,966 

378 

43,453 

1,365 

Hungary ...... Ireland ....... 1,122 

296,346 

471 

188,671 

222 

11,868 

62 

10,115 

146 2 

51,806 17,574 

219 

16,312 

846 

290,348 

320 173 

188,486 11,346 

22 

8,870 

133 

49,878 

9 

14,560 

189 

17,208 

Italy ........ Luxembourg 1 ... Netherlands .... 153,218 

80,583 

214,505 

51,651 

11,688 

111,687 

3,458 

14,589 

14,442 

2,452 

8,624 

6,534 

67,029 12,343 

32,640 5,913 

45,294 8,283 

16,285 

7,129 

28,265 

156,055 

68,501 

205,217 

53,659 5,584 

11,226 13,965 

118,415 15,402 

2,219 

5,419 

4,036 

64,783 

27,165 

34,374 

11,426 

3,335 

7,907 

18,384 

7,391 

25,083 

Norway ...... 209,079 166,556 19,436 3,060 7,378 9,255 3,394 201,690 163,830 17,674 3,290 5,382 8,942 2,572 

Poland ....... 10,253 8,041 1,195 26 46 702 243 10,888 9,361 667 50 37 537 236 

Portugal ...... Romania ..... 11,444 

4,375 

7,311 

1,879 

183 

2,335 

283 

1 

1,388 657 

2 131 

1,622 

27 

9,755 

4,358 

5,038 214 

1,709 2,569 

139 - 1,235 

3 

490 

50 

2,639 

27 

.. 8,054 5,260 6 178 205 24 2,381 6,142 4,786 - 6 149 6 1,195 

Russia 2 ...... 37,724 17,890 19,208 5 306 93 222 35,984 16,413 18,865 3 304 162 237 

Spain ....... 67,151 34,241 2,711 1,146 11,199 4,520 13,334 70,185 39,542 2,053 387 10,342 4,251 13,610 

Sweden ...... 55,007 17,986 2,559 1,383 23,715 1,764 7,600 51,909 19,176 2,030 1,137 20,080 1,607 7,879 

Switzerland .... 168,826 38,677 10,892 8,328 77,292 7,870 25,767 155,576 37,264 7,900 5,599 73,839 6,865 24,109 

Turkey ....... 20,812 2,631 23 6 503 15,991 1,658 23,401 3,565 4 21 522 15,347 3,942 

United Kingdom .. 4,214,265 1,846,550 204,918 346,162 635,856 628,581 552,198 4,049,283 1,853,736 160,150 229,834 597,358 634,113 574,092 

Channel Islands 

and Isle of Man 3.. 16,158 1,365 2,051 3,288 6,361 879 2,214 14,846 1,544 1,632 1,707 7,059 848 2,056 

Yugoslavia 4 .... 8 - - - 7 - 1 8 - - - 7 - 1 

Other Europe ... 44,521 29,299 3,635 1,985 5,155 1,786 2,661 40,950 26,554 3,437 1,351 5,155 1,746 2,707 

Total Europe... 6,614,516 3,015,030 367,929 428,267 1,256,447 764,675 782,168 6,354,173 3,035,540 306,622 285,838 1,168,343 757,890 799,940 

Canada ....... 559,469 293,452 22,342 16,146 115,219 38,739 73,571 545,481 297,587 21,032 12,861 104,240 37,929 71,832 

Latin America: 

Venezuela

Argentina ..... 38,123 3,046 3,054 1,317 3,758 24,285 2,663 32,719 3,445 1,496 955 3,165 21,071 2,587 

Brazil ....... 57,715 16,499 9,178 1,310 1,794 18,046 10,888 55,909 13,866 7,227 1,327 1,933 20,758 10,798 

Chile........ 17,389 8,358 262 1,535 2,322 3,787 1,125 15,112 8,118 260 921 2,118 2,884 811 

Colombia ..... 11,723 3,978 1,431 1,972 1,082 3,164 96 11,798 3,786 1,243 1,477 1,088 4,110 94 

Ecuador ...... 1,560 19 180 170 959 93 139 1,349 11 135 70 903 86 144 

Guatemala .... 763 162 80 136 219 126 40 574 125 26 65 203 51 104 

Mexico ...... 59,234 28,089 2,608 3,498 3,937 10,557 10,545 50,721 27,894 351 2,158 4,610 6,239 9,469 

Panama ...... 10,607 543 1,540 1,587 3,462 2,784 691 9,512 693 854 1,050 3,422 2,723 770 

Peru ........ 1,932 229 764 98 290 295 256 1,277 130 153 85 253 193 463 

Uruguay ...... 6,729 1,380 646 598 1,522 2,001 582 5,231 1,605 371 321 1,329 1,264 341 ..... 7,280 2,194 785 579 1,532 1,871 319 6,128 1,904 420 198 1,513 1,798 295 

Other Latin 

America 5 .... 10,262 1,426 2,161 1,114 3,057 2,051 453 7,762 1,140 1,164 462 3,098 1,510 388 

Total Latin 

America .... 223,317 65,923 22,689 13,914 23,934 69,060 27,797 198,092 62,717 13,700 9,089 23,635 62,687 26,264 

Ca rib bean: 

Bahamas ..... 206,548 95,161 4,413 18,153 48,550 21,242 19,029 208,054 99,640 3,941 16,356 46,643 21,064 20,410 

Bermuda ..... 789,185 225,106 41,103 49,230 372,729 64,846 36,171 774,784 221,542 34,187 31,572 384,289 62,162 41,032 

Cayman Islands 6 .. 1,874,583 529,509 431,202 127,650 595,675 81,985 108,562 1,825,537 516,543 424,974 99,912 591,945 84,412 107,751 

Cuba ....... - - - - - - - - - - - - - - Jamaica ...... 3,527 1,975 740 41 85 645 41 2,916 1,952 553 12 71 305 23 

Netherlands 

Antilles...... 263,846 109,588 7,077 5,835 116,628 9,498 15,220 272,685 120,332 6,957 4,990 116,112 8,954 15,340 

Trinidad and 

Tobago ..... 820 122 222 166 101 162 47 922 105 547 78 98 63 31 

Other Caribbean 5 . 393,869 27,879 5,356 15,653 307,059 6,029 31,893 391,872 27,386 5,365 13,994 307,130 5,362 32,635 

Total Caribbean . 3,532,378 989,340 490,113 216,728 1,440,827 184,407 210,963 3,476,770 987,500 476,524 166,914 1,446,288 182,322 217,222 

See footnotes at end of table. 
98 CAP I TAL MOVEMENTS 

TA BLE CM-V-5.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During Calen dar Year 2001, con. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. resi dents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket- Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas ury U.S. 

and Gov’t. and Gov’t. Fed eral corps. Fed eral corps.

Financ- and fed- Fi nanc- and fed­ ing Bank er ally ing Bank er ally 

pur- and sored other bonds spon- Cor po rate and To tal bonds spon- Cor po rate and 

For eign secu ri ties To tal and sored other 

Country chases notes agen cies Bonds Stocks Bonds Stocks sales notes agen cies Bonds Stocks 

For eign secu ri ties 

Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Asia: 

China: 

Mainland .... 193,074 127,407 49,827 7,554 1,674 6,094 518 137,214 108,290 23,848 866 1,671 2,061 478 

Taiwan ..... 45,782 15,002 8,939 2,768 6,893 4,995 7,185 34,679 12,738 3,522 518 6,632 1,138 10,131 

Hong Kong .... 293,573 134,609 60,672 7,280 18,153 10,634 62,225 265,130 127,365 42,829 3,094 17,477 7,336 67,029

India ....... 9,578 7,282 28 48 804 53 1,363 9,344 6,347 45 10 819 15 2,108 

Indonesia..... 4,825 1,682 53 115 511 1,936 528 11,384 8,908 43 19 437 1,610 367 

Israel ....... 25,235 12,408 1,351 1,132 5,791 620 3,933 23,127 11,126 714 579 6,165 359 4,184

Japan ...... 843,603 413,946 131,556 20,650 70,518 42,216 164,717 804,999 396,172 103,538 14,569 63,730 42,394 184,596 

Korea....... 70,448 48,436 9,836 1,185 357 3,321 7,313 70,217 47,620 10,950 354 433 1,529 9,331 

Lebanon ..... 1,674 89 12 30 1,163 258 122 1,424 65 4 13 1,140 95 107 

Malaysia ..... 8,211 4,667 404 153 1,048 1,015 924 5,662 3,025 172 87 1,105 183 1,090 

Pakistan ..... 231 40 3 4 133 7 44 161 - - 2 141 3 15 

Philippines .... 5,428 2,800 708 369 466 651 434 4,325 2,203 408 122 506 579 507 

Singapore .... 177,654 52,720 17,256 12,424 52,125 19,280 23,849 161,402 60,637 14,351 7,023 39,047 18,987 21,357 

Syria ....... 45 - 1 - 27 2 15 103 - 1 - 37 2 63 

Thailand ..... 10,858 9,920 51 85 144 359 299 10,384 9,542 9 67 164 280 322 

Other Asia .... 77,478 25,274 8,609 5,135 33,966 1,252 3,242 70,641 24,253 7,354 3,977 31,752 847 2,458 

Total Asia ... 1,767,697 856,282 289,306 58,932 193,773 92,693 276,711 1,610,196 818,291 207,788 31,300 171,256 77,418 304,143 

Af rica: 

Congo (formerly

Zaire) ..... 27 - - 4 8 7 8 27 - 1 1 9 3 13 

Egypt ....... 958 210 126 53 277 197 95 1,512 1,021 21 25 318 74 53 

Ghana ...... 2 - 1 - - - 1 1 - 1 - - - -

Liberia ...... 1,261 76 107 123 793 69 93 1,614 187 129 53 1,099 28 118 

Morocco ..... 283 174 50 - 44 - 15 115 63 - - 47 - 5 

South Africa ... 2,785 532 20 213 577 29 1,414 2,955 629 16 36 731 41 1,502 

Other Africa ... 6,248 1,100 1,036 388 1,814 1,190 720 6,380 1,072 868 209 1,675 945 1,611 

Total Africa .. 11,564 2,092 1,340 781 3,513 1,492 2,346 12,604 2,972 1,036 324 3,879 1,091 3,302 

Other countries: 

Australia ..... 82,324 36,990 3,694 4,115 14,259 5,231 18,035 84,231 35,631 5,341 4,235 14,142 6,028 18,854 

New Zealand 7 .. 2,545 746 33 102 680 436 548 2,614 733 110 218 505 435 613 

All other 

countries .... 6,673 2,011 1,581 834 964 687 596 5,937 1,737 1,427 172 1,148 721 732 

Total other 

countries ... 91,542 39,747 5,308 5,051 15,903 6,354 19,179 92,782 38,101 6,878 4,625 15,795 7,184 20,199 

Total foreign

countries .. 12,800,483 5,261,866 1,199,027 739,819 3,049,616 1,157,420 1,392,735 12,290,098 5,242,708 1,033,580 510,951 2,933,436 1,126,521 1,442,902 

In ter na tional and

re gional orgs.: 

International ... 6,968 2,564 2,551 643 909 205 96 7,047 2,854 2,509 150 878 512 144 

European

regional..... 4,113 57 - 26 - 172 3,858 4,418 64 - 1 - 146 4,207 

Latin American 

regional..... 1,076 159 49 143 617 24 84 705 118 39 76 458 1 13 

Caribbean 

regional 8 .... 10 - - - - - 10 16 - - - - - 16 

Asian regional .. 3,584 3,036 489 4 50 - 5 4,110 3,485 565 - 53 - 7 

African regional . 50 26 21 3 - - - 25 1 8 15 1 - - Middle Eastern 

regional..... 66 - - - 60 - 6 50 6 - - 43 - 1 

Total international and 

regional .... 15,867 5,842 3,110 819 1,636 401 4,059 16,371 6,528 3,121 242 1,433 659 4,388 

Grand total .... 12,816,350 5,267,708 1,202,137 740,638 3,051,252 1,157,821 1,396,794 12,306,469 5,249,236 1,036,701 511,193 2,934,869 1,127,180 1,447,290 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as
 

2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in com bined “Other Latin America and Carib bean.”
 

“Other Europe.” 6 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in the data series.
 

3 Be fore Janu ary 2001, data included in United Kingdom. 7 Before Janu ary 2001, data included in “All other.”
 

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by 8 Before Janu ary 2001, data included in “Latin Ameri can regional.”
 

the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent
 

states by the United States are reported under “Other Europe” as follows: since Decem ber
 

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former
 

Yu go slav Repub lic of Mace do nia.
 
CAP I TAL MOVEMENTS 99
 

CHART CM-D.—Net Purchases of Long-Term

For eign Secu ri ties by U.S. Inves tors *
 

150 

100 

50 

0 

-50 

1997 1998 1999 2000 2001 2001 

Jan. - Dec. Oct. - Dec. 

(In billions of dollars) 

Note: To facil i tate compar i son of net purchases

dur ing 2001 with those in prior years, the chart

de picts data for all peri ods at an annu al ized rate. 

For eign bonds For eign stocks To tal foreign secu ri ties 

The data on this page repre sent

U.S. inves tors’ purchases and sales 

of long-term foreign secu ri ties as

re ported to the Treasury Inter na­ tional Capi tal (TIC) report ing sys­ tem. However, in the past several 

years, U.S. inves tors also have ac­ quired a substan tial amount of for­ eign stocks, mostly Euro pean, through mergers that involve stock 

swaps. Net acqui si tions through stock swaps amounted to $96 bil­ lion in 1998, $123 billion in 1999, 

$84 billion in 2000, and about $40

bil lion in 2001. (Stock swaps data for the most recent quarter are

Fed eral Reserve Board/Treasury

es ti mates and are subject to sub­ stan tial revi sions.) These stock 

swaps are not reported under the 

TIC report ing system. 

In clud ing the stock swaps, annual 

U.S. net purchases of long-term

for eign secu ri ties aver aged about 

$100 billion from the mid-1990s 

through 2000, without much varia­ tion from year to year. In the past

few years, the acqui si tions have 

been concen trated in foreign

stocks, as net purchases of foreign bonds have been negli gi ble, far be- low the levels of the mid-1990s. In 

2001, taking into account the esti­ mated $40 billion in foreign stocks

ac quired through mergers, U.S.

res i dents acquired approx i mately $90 billion in foreign stocks, 

almost in line with recent years.

Off setting this, however, was $31

bil lion in net sales of foreign

bonds. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 

Type 1997 1998 1999 2000 

2001 

Jan. - Dec. 

2001 

Oct. - Dec. 

Foreign bonds ..... 48,144 17,349 5,676 4,054 -30,641 1,533 

Foreign stocks ..... 40,939 -6,212 -15,640 13,088 50,496 9,219 

Total ......... 89,083 11,137 -9,964 17,142 19,855 10,752 

*Net purchases by U.S. inves tors equal net sales by foreign ers,or gross sales minus gross purchases of secu ri ties. 
100 

IN TRO DUC TION: Foreign Currency Posi tions 

The “Treasury Bulle tin” reports foreign currency holdings 

of large foreign exchange market partic i pants. These reports

pro vide infor ma tion on posi tions in deriv a tive instru ments, 

such as foreign exchange futures and options, that are increasingly used in estab lish ing foreign exchange posi tions but were 

not covered in the old reports. 

The infor ma tion is based on reports of large foreign exchange market partic i pants on holdings of six major foreign

cur ren cies (Cana dian dollar, German mark1, Japa nese yen, 

Swiss franc, pound sterling and euro) and the U.S. dollar. Posi tions in the U.S. dollar, which have been collected since Janu ary 1999, are intended to approx i mate "all other" currency

po si tions of report ing insti tu tions. U.S.-based businesses file a 

con sol i dated report for their domes tic and foreign subsid iaries, branches and agencies. U.S. subsid iar ies of foreign entities file only for themselves, not for their foreign parents. 

Fil ing is required by law (31 United States Code 5315; 31 

Code of Federal Regu la tions 128, Subpart C). 

Weekly and monthly reports must be filed throughout the 

cal en dar year by major foreign exchange market partic i pants, 

which are defined as market partic i pants with more than $50 

bil lion equiva lent in foreign exchange contracts on the last 

busi ness day of any calen dar quarter during the previ ous year 

(end March, June, Septem ber or Decem ber). Such contracts 

in clude the amounts of foreign exchange spot contracts 

bought and sold, foreign exchange forward contracts bought 

and sold, foreign exchange futures bought and sold, and one 

half the notional amount of foreign exchange options bought 

and sold. 

A quarterly report must be filed throughout the calen dar 

year by each foreign exchange market partic i pant that had 

more than $5 billion equiva lent in foreign exchange contracts 

on the last business day of any quarter the previ ous year (end 

March, June, Septem ber or Decem ber). 

This infor ma tion is published in seven sections corre sponding to each of the major curren cies covered by the reports. Tables I-1 through VII-1 present the currency data reported 

weekly by major market partic i pants. Tables I-2 through 

VII-2 present more detailed currency data of major market 

par tic i pants, based on monthly Treasury and FFIEC 035 reports. Tables I-3 through VII-3 present quarterly consol i dated

cur rency data reported by large market partic i pants and 

FFIEC report ers that do not file weekly reports.

Prin ci pal exchanged under cross-currency inter est rate 

swaps is reported as part of purchases or sales of foreign exchange. Such princi pal also was noted sepa rately on monthly 

and quarterly reports through Decem ber 1998, when this practice was discon tin ued. The net options posi tion, or the net 

delta-equivalent value of an options posi tion, is an esti mate of 

the rela tion ship between an option’s value and an equiva lent

cur rency hedge. The delta equiva lent value is defined as the 

prod uct of the first partial deriv a tive of an option valu a tion

for mula (with respect to the price of the under ly ing currency)

mul ti plied by the notional princi pal of the contract. 

1 As one of the euro area legacy curren cies, the German mark ceased to be legal tender effec- Ger man mark posi tions were collected for the Foreign Currency Posi tions tables. Follow ing this 

tive March 1, 2002. The fourth quarter of calen dar year 2001 is the final quarter for which data on pub li ca tion, the Treasury Bulle tin will no longer include such data. 
FOR EIGN CURRENCY POSI TIONS 101 

SEC TION I.—Cana dian Dollar Posi tions 

TA BLE FCP-I-1.—Weekly Report of Major Market Partic i pants 

[In millions of Cana dian dollars. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Ex change rate (Cana dian

Pur chased Sold Net options posi tions dol lars per U.S. dollar) 

Re port date (1) (2) (3) (4) 

07/04/01 ...................... 

07/11/01 ...................... 

07/18/01 ...................... 

07/25/01 ...................... 

08/01/01 ...................... 

08/08/01 ...................... 

08/15/01 ...................... 

08/22/01 ...................... 

08/29/01 ...................... 

09/05/01 ...................... 

09/12/01 ...................... 

09/19/01 ...................... 

09/26/01 ...................... 

10/03/01 ...................... 

10/10/01 ...................... 

10/17/01 ...................... 

10/24/01 ...................... 

10/31/01 ...................... 

11/07/01 ...................... 

11/14/01 ...................... 

11/21/01 ...................... 

11/28/01 ...................... 

12/05/01 ...................... 

12/12/01 ...................... 

12/19/01 ...................... 

12/26/01 ...................... 

357,724 364,786 668 1.5095 

359,470 364,090 344 1.5256 

366,342 365,282 -282 1.5362 

364,868 362,946 -193 1.5370 

363,527 361,910 -666 1.5376 

355,583 355,698 -61 1.5354 

360,849 358,936 -177 1.5277 

333,819 333,350 -326 1.5431 

335,491 337,627 -706 1.5456 

327,054 326,917 -495 1.5575 

338,768 337,286 -1,032 1.5655 

310,545 310,292 -309 1.5711 

319,999 319,780 -495 1.5734 

315,529 317,620 -560 1.5688 

321,809 321,373 52 1.5682 

323,305 320,560 -481 1.5698 

321,158 320,883 -610 1.5740 

324,449 324,096 -598 1.5888 

326,280 327,164 -557 1.5989 

302,417 299,192 -977 1.5926 

298,862 297,088 -1,294 1.6013 

306,556 306,080 -1,049 1.5851 

292,787 292,122 -971 1.5745 

313,004 312,001 -750 1.5671 

280,421 281,534 -117 1.5751 

274,036 278,096 -924 1.6015 
102 FOR EIGN CURRENCY POSI TIONS 

SEC TION I.—Cana dian Dollar Posi tions, con. 

TA BLE FCP-I-2.—Monthly Report of Major Market Partic i pants 

[In millions of Cana dian dollars. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward 

and future contracts Non-capital items Calls Puts 

Net delta 

Options posi tions Exchange 

Rate 

(Ca na dian

Dol lars per

Pur chased Sold Assets Lia bil i ties Bought Written Bought Written equiva lent U.S. dollar) 

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

1998 - Dec ....... 290,380 290,271 58,800 51,966 45,192 52,906 47,165 42,987 -4,347 1.532 

1999 - Dec ....... 301,513 299,988 48,848 46,733 29,403 32,548 24,040 25,542 43 1.447 

2000 - Dec ....... 367,705 350,994 73,277 69,548 19,300 20,492 18,100 19,909 1,286 1.500 

2001 - Jan........ 373,593 378,374 81,520 78,567 19,607 21,843 22,593 24,383 886 1.499 

Feb ....... 364,195 369,944 65,016 66,865 21,751 23,546 22,705 23,695 -622 1.537 

Mar ....... 377,240 383,503 64,301 62,363 26,046 27,532 24,170 24,306 -1,080 1.577 

Apr ........ 371,742 376,061 72,181 67,669 28,069 28,668 27,540 28,807 -630 1.537 

May ....... 388,532 390,427 76,282 76,382 31,523 31,877 30,780 33,724 278 1.539 

June....... 369,323 371,541 85,177 86,087 32,843 32,686 30,938 31,868 776 1.515 

July ....... 372,454 371,860 76,271 76,780 22,505 22,092 24,621 24,158 -281 1.533 

Aug ....... 335,295 334,566 73,093 72,741 27,846 27,982 31,858 32,739 80 1.551 

Sept ....... 318,517 317,865 70,546 73,476 26,672 27,149 29,366 30,323 -487 1.580 

Oct ........ 327,829 329,567 77,543 80,204 27,755 29,641 29,098 31,690 -77 1.589 

Nov ....... 307,590 306,671 72,917 76,868 26,038 27,693 28,821 30,492 -426 1.573 

Dec ....... 269,352 273,354 81,465 78,806 25,527 27,709 27,788 28,719 -601 1.592 

TA BLE FCP-I-3.—Quarterly Report of Large Market Partic i pants 

[In millions of Cana dian dollars. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Ex change 

rate 

Spot, forward (Ca na dian and future contracts Non-capital items Calls Puts Net delta dollars per

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equivalent U.S. dollar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1998 - Dec........ 30,214 30,372 62,426 54,635 1,383 n.a. 1,853 1,292 -129 1.532 

1999 - Mar ........ 42,926 40,252 49,479 52,069 373 229 875 341 -2,849 1.509 

June ....... 26,534 26,029 50,617 45,798 378 n.a. n.a. 358 n.a. 1.463 

Sept ....... 25,629 25,735 51,562 49,931 182 306 n.a. n.a. n.a. 1.468 

Dec ........ 21,393 22,581 63,004 65,217 168 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. 1.449 

June ....... 19,493 23,320 49,501 43,293 323 n.a. 406 290 -93 1.481 

Sept ....... 21,192 20,521 47,212 45,754 270 n.a. 257 212 -62 1.504 

Dec ........ 27,747 34,920 47,126 45,544 279 n.a. 316 366 36 1.500 

2001 - Mar ........ 21,626 30,472 46,819 43,788 n.a. n.a. 479 446 71 1.577 

June ....... 30,328 32,561 48,162 42,722 491 417 550 639 n.a. 1.515 

Sept ....... 28,889 31,714 50,363 45,664 646 334 670 659 -95 1.580 
FOR EIGN CURRENCY POSI TIONS 103 

SEC TION II.—German Mark Posi tions 

TA BLE FCP-II-1.—Weekly Report of Major Market Partic i pants 

[In millions of German marks. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Exchange rate (Deutsche 

Pur chased Sold Net options posi tions marks per U.S. dollar) 

Re port date (1) (2) (3) (4) 

07/04/01 ...................... 

07/11/01 ...................... 

07/18/01 ...................... 

07/25/01 ...................... 

08/01/01 ...................... 

08/08/01 ...................... 

08/15/01 ...................... 

08/22/01 ...................... 

08/29/01 ...................... 

09/05/01 ...................... 

09/12/01 ...................... 

09/19/01 ...................... 

09/26/01 ...................... 

10/03/01 ...................... 

10/10/01 ...................... 

10/17/01 ...................... 

10/24/01 ...................... 

10/31/01 ...................... 

11/07/01 ...................... 

11/14/01 ...................... 

11/21/01 ...................... 

11/28/01 ...................... 

12/05/01 ...................... 

12/12/01 ...................... 

12/19/01 ...................... 

12/26/01 ...................... 

10,476 9,934 n.a. 2.305 

10,456 n.a. n.a. 2.277 

10,453 n.a. n.a. 2.241 

10,447 n.a. n.a. 2.223 

10,434 n.a. n.a. 2.221 

10,493 n.a. n.a. 2.223 

10,473 n.a. n.a. 2.143 

12,095 n.a. n.a. 2.139 

10,309 n.a. n.a. 2.150 

10,332 n.a. n.a. 2.207 

n.a. n.a. n.a. 2.155 

n.a. n.a. n.a. 2.101 

10,196 n.a. n.a. 2.122 

n.a. n.a. n.a. 2.130 

n.a. n.a. n.a. 2.148 

n.a. n.a. n.a. 2.165 

n.a. n.a. n.a. 2.189 

n.a. n.a. n.a. 2.174 

n.a. n.a. n.a. 2.179 

n.a. n.a. n.a. 2.215 

n.a. n.a. n.a. 2.225 

n.a. n.a. n.a. 2.203 

n.a. n.a. n.a. 2.202 

n.a. n.a. n.a. 2.178 

n.a. n.a. n.a. 2.172 

n.a. n.a. n.a. 2.224 
104 FOR EIGN CURRENCY POSI TIONS 

SEC TION II.—German Mark Posi tions, con. 

TA BLE FCP-II-2.—Monthly Report of Major Market Partic i pants 

[In millions of German marks. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Ex change 

rate 

(Deutsche 

marks per 

U.S. 

Purchased Sold Assets Lia bil i ties Bought Written Bought Written equiva lent dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1998 - Dec........ 2,137,633 2,095,888 275,795 276,946 538,892 569,968 535,282 564,736 5,041 1.942 

1999 - Dec........ 27,357 35,643 8,371 11,700 9,254 11,991 14,709 11,246 n.a. 1.942 

2000 - Dec........ 11,153 n.a. 20,075 23,477 2,332 2,922 6,418 3,327 n.a. 2.077 

2001 - Jan ........ 12,459 n.a. 19,182 19,652 2,080 2,823 n.a. 2,660 n.a. 2.089 

Feb ........ 11,879 n.a. 19,111 19,503 n.a. 2,334 n.a. 2,718 n.a. 2.119 

Mar ........ 11,612 11,041 n.a. n.a. 1,320 n.a. n.a. 2,663 n.a. 2.229 

Apr ........ 11,342 10,779 n.a. n.a. 1,253 n.a. n.a. 2,407 n.a. 2.205 

May ....... 10,803 10,052 n.a. n.a. 1,244 n.a. n.a. 2,222 n.a. 2.314 

June ....... 10,252 n.a. n.a. n.a. 1,086 n.a. n.a. 2,149 n.a. 2.303 

July ........ 10,543 n.a. n.a. n.a. 1,108 n.a. n.a. 2,117 n.a. 2.234 

Aug ........ 10,209 n.a. n.a. n.a. 1,243 n.a. n.a. 2,090 n.a. 2.147 

Sept ....... n.a. n.a. n.a. n.a. 1,173 n.a. n.a. 2,436 n.a. 2.150 

Oct ........ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2.174 

Nov ........ n.a. n.a. n.a. n.a. 551 n.a. n.a. n.a. n.a. 2.183 

Dec ........ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2.194 

TA BLE FCP-II-3.—Quarterly Report of Large Market Partic i pants 

[In millions of German marks. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Ex change 

rate 

(Deut sche 

marks per 

U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiva lent dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1998 - Dec ........... 204,109 182,509 114,722 96,084 19,975 18,118 20,838 20,055 749 1.693 

1999 - Mar. ........... 35,238 30,884 78,296 77,336 5,273 3,681 6,945 3,443 -1,786 2.106 

June. .......... 29,882 24,365 69,238 69,965 2,430 1,973 n.a. 2,189 n.a. 1.891 

Sept. .......... 31,152 18,307 61,817 63,678 1,479 1,637 4,370 2,023 n.a. 1.829 

Dec. ........... 18,003 10,389 63,721 68,320 266 121 n.a. n.a. n.a. 1.942 

2000 - Mar. ........... 11,985 6,048 34,223 38,156 n.a. n.a. n.a. n.a. n.a. 2.047 

June........... 10,471 5,011 29,144 30,562 n.a. n.a. n.a. n.a. n.a. 2.051 

Sept ........... 9,645 n.a. 27,070 23,899 19 32 n.a. n.a. n.a. 2.218 

Dec ........... 10,587 4,802 36,052 28,045 n.a. n.a. n.a. n.a. n.a. 2.077 

2001 - Mar ........... 6,002 4,763 17,581 n.a. n.a. n.a. n.a. n.a. n.a. 2.224 

June........... 10,156 4,389 17,562 n.a. n.a. n.a. n.a. n.a. n.a. 2.303 

Sept ........... 9,437 n.a. 17,184 n.a. n.a. n.a. n.a. n.a. n.a. 2.150 
FOR EIGN CURRENCY POSI TIONS 105 

SEC TION III.—Japa nese Yen Posi tions 

TA BLE FCP-III-1.—Weekly Report of Major Market Partic i pants 

[In billions of Japa nese yen. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Exchange rate (Japa- Pur chased Sold Net options posi tions nese yen per U.S. dollar) 

Re port date (1) (2) (3) (4) 

07/04/01 ...................... 

07/11/01 ...................... 

07/18/01 ...................... 

07/25/01 ...................... 

08/01/01 ...................... 

08/08/01 ...................... 

08/15/01 ...................... 

08/22/01 ...................... 

08/29/01 ...................... 

09/05/01 ...................... 

09/12/01 ...................... 

09/19/01 ...................... 

09/26/01 ...................... 

10/03/01 ...................... 

10/10/01 ...................... 

10/17/01 ...................... 

10/24/01 ...................... 

10/31/01 ...................... 

11/07/01 ...................... 

11/14/01 ...................... 

11/21/01 ...................... 

11/28/01 ...................... 

12/05/01 ...................... 

12/12/01 ...................... 

12/19/01 ...................... 

12/26/01 ...................... 

186,410 192,398 768 124.50 

189,708 195,879 964 124.36 

184,440 190,111 920 123.93 

181,261 186,528 902 123.70 

181,580 187,294 892 124.51 

183,544 189,332 1,232 123.66 

190,904 196,339 1,331 119.46 

179,574 185,090 1,428 120.48 

183,195 188,146 1,376 120.21 

182,440 188,095 1,543 120.71 

180,177 184,940 1,334 119.56 

170,220 174,887 1,430 117.30 

175,821 180,570 1,248 117.89 

179,344 184,287 989 120.67 

171,281 175,608 879 120.39 

168,245 172,020 843 121.26 

166,174 170,134 356 122.91 

166,938 171,881 444 122.50 

167,463 171,263 491 120.94 

151,798 154,476 793 121.62 

147,762 149,317 698 123.11 

155,596 158,367 654 123.13 

158,615 161,274 579 124.22 

160,324 163,189 411 125.91 

153,716 156,440 727 128.01 

147,603 150,813 744 130.79 
106 FOR EIGN CURRENCY POSI TIONS 

SEC TION III.—Japa nese Yen Posi tions, con. 

TA BLE FCP-III-2.—Monthly Report of Major Market Partic i pants 

[In billions of Japa nese yen. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Ex change 

rate 

(Jap a nese 

yen per 

U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiva lent dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1998 - Dec ........ 
 

1999 - Dec ........ 
 

2000 - Dec ........ 
 

2001 - Jan......... 
 

Feb ........ 
 

Mar ........ 
 

Apr......... 
 

May ........ 
 

June........ 
 

July ........ 
 

Aug ........ 
 

Sept ........ 
 

Oct......... 
 

Nov ........ 
 

Dec ........ 
 

202,201 206,719 25,691 26,714 37,327 37,921 50,809 49,009 1,208 113.30 

146,349 149,278 27,233 24,011 22,474 21,436 36,816 39,114 1,050 102.31 

155,896 161,619 25,262 24,120 19,454 18,782 47,367 48,779 1,143 114.42 

168,151 173,708 28,085 27,095 23,836 22,479 52,912 53,769 1,099 116.42 

175,833 180,975 28,432 27,271 21,859 20,551 50,122 50,672 1,148 117.38 

186,047 193,150 29,381 27,724 25,896 22,866 54,665 56,582 1,565 126.26 

191,606 196,992 26,648 25,841 23,992 22,244 51,404 55,284 931 123.57 

191,297 196,511 31,383 30,042 32,331 29,948 58,816 60,183 1,098 119.20 

199,288 204,843 27,508 26,345 29,503 21,878 60,689 54,298 907 124.77 

186,735 191,954 26,456 26,241 23,345 22,692 54,659 53,837 912 125.09 

175,946 180,479 36,813 36,190 28,750 25,629 55,048 57,848 1,095 118.79 

181,655 186,474 33,481 34,172 28,119 27,023 55,794 56,816 1,191 119.23 

172,914 176,430 34,972 36,056 23,614 22,879 54,121 55,151 588 122.50 

158,790 161,136 32,115 32,023 20,905 19,859 52,762 53,639 645 123.44 

150,583 153,822 34,359 33,261 21,451 20,440 55,841 57,278 568 131.68 

TA BLE FCP-III-3.—Quarterly Report of Large Market Partic i pants 

[In billions of Japa nese yen. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Exchange 

rate 

(Jap a nese 

yen per U.S. 

Pur chased

Re port date (1) 

Sold 

(2) 

As sets 

(3) 

Li a bil i ties 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

equiv a lent 

(9) 

dol lar) 

(10) 

1998 - Dec ........ 12,356 10,415 9,057 8,606 1,045 n.a. 4,031 2,412 -269 113.30 

1999 - Mar ........ 10,407 11,415 8,382 7,703 498 1,041 1,088 748 69 118.90 

June ....... 11,020 12,124 9,073 9,372 669 854 1,172 579 -84 121.25 

Sept........ 12,546 13,169 9,697 10,067 510 947 1,580 675 -320 106.35 

Dec ........ 8,147 8,964 9,608 9,516 410 850 988 542 n.a. 102.31 

2000 - Mar ........ 9,940 10,052 6,827 6,463 697 1,267 1,229 821 n.a. 102.80 

June ....... 9,614 9,295 6,647 6,352 558 855 992 722 115 106.07 

Sept........ 7,826 7,612 6,232 6,901 580 984 1,068 748 100 108.21 

Dec ........ 7,538 8,215 6,392 5,286 455 663 727 409 16 114.42 

2001 - Mar ........ 11,408 11,719 6,538 6,018 473 667 1,174 512 -84 125.54 

June ....... 12,129 11,499 5,988 7,498 515 n.a. n.a. 1,049 28 124.77 

Sept........ 11,638 11,483 7,101 7,181 484 n.a. n.a. 450 -119 119.23 
FOR EIGN CURRENCY POSI TIONS 107 

SEC TION IV.—Swiss Franc Posi tions 

TA BLE FCP-IV-1.—Weekly Report of Major Market Partic i pants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Ex change rate (Swiss

Pur chased Sold Net options posi tions francs per U.S. dollar) 

Re port date (1) (2) (3) (4) 

07/04/01 ...................... 

07/11/01 ...................... 

07/18/01 ...................... 

07/25/01 ...................... 

08/01/01 ...................... 

08/08/01 ...................... 

08/15/01 ...................... 

08/22/01 ...................... 

08/29/01 ...................... 

09/05/01 ...................... 

09/12/01 ...................... 

09/19/01 ...................... 

09/26/01 ...................... 

10/03/01 ...................... 

10/10/01 ...................... 

10/17/01 ...................... 

10/24/01 ...................... 

10/31/01 ...................... 

11/07/01 ...................... 

11/14/01 ...................... 

11/21/01 ...................... 

11/28/01 ...................... 

12/05/01 ...................... 

12/12/01 ...................... 

12/19/01 ...................... 

12/26/01 ...................... 

417,225 412,590 -1,540 1.798 

428,121 424,899 -1,952 1.768 

449,902 446,425 -929 1.724 

439,194 436,046 -453 1.715 

447,538 446,535 37 1.715 

451,356 449,443 -415 1.710 

441,147 440,480 364 1.664 

421,132 418,819 -127 1.664 

412,376 411,233 661 1.668 

412,395 413,385 -77 1.706 

412,236 412,125 -529 1.655 

384,086 385,750 1,185 1.586 

389,453 391,009 1,240 1.599 

378,404 380,276 1,392 1.616 

365,924 367,604 1,419 1.629 

360,931 362,141 1,517 1.639 

354,349 353,988 -410 1.657 

360,530 359,691 -968 1.634 

359,341 358,836 180 1.637 

352,969 350,593 101 1.664 

317,119 318,151 363 1.653 

339,499 338,983 300 1.646 

331,889 330,998 -1 1.659 

358,919 358,050 -146 1.642 

294,647 295,878 -310 1.638 

286,128 285,928 -793 1.691 
108 FOR EIGN CURRENCY POSI TIONS 

SEC TION IV.—Swiss Franc Posi tions, con. 

TA BLE FCP-IV-2.—Monthly Report of Major Market Partic i pants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Exchange 

rate 

(Swiss francs 

per U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equivalent dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1998 - Dec ........ 

1999 - Dec ........ 

2000 - Dec ........ 

2001 - Jan......... 

Feb ........ 

Mar ........ 

Apr ......... 

May ........ 

June........ 

July ........ 

Aug ........ 

Sept ........ 

Oct ......... 

Nov ........ 

Dec ........ 

412,893 414,305 27,126 28,145 70,475 65,812 63,977 68,190 5,605 1.375 

349,124 346,571 24,262 24,361 63,446 66,092 62,096 58,039 -4,618 1.591 

384,097 394,184 67,268 70,627 59,915 58,196 55,747 52,701 -1,458 1.613 

436,796 433,839 63,925 71,067 67,328 65,876 65,774 64,726 -617 1.636 

451,013 452,591 58,303 67,451 69,573 67,026 66,148 62,639 -909 1.670 

458,004 454,115 64,769 70,358 69,198 62,517 66,363 68,282 -854 1.742 

460,733 454,368 62,361 66,898 66,703 63,763 60,449 56,134 -2,036 1.735 

489,278 483,098 65,605 67,766 76,411 66,750 63,620 66,723 -1,349 1.797 

423,227 420,597 55,723 59,780 62,916 56,424 62,313 60,380 -442 1.794 

425,747 425,111 55,661 60,539 55,354 50,837 52,559 50,838 -66 1.728 

391,997 392,065 52,265 59,718 63,769 60,695 61,730 58,227 729 1.664 

369,236 374,938 53,136 60,486 74,636 67,827 65,635 65,649 2,180 1.688 

358,640 357,116 53,792 59,659 47,498 46,773 48,008 44,645 225 1.634 

348,670 347,449 48,958 56,370 42,301 39,113 44,762 43,361 -54 1.642 

272,369 275,786 46,379 55,269 39,079 36,389 40,849 39,248 -818 1.658 

TA BLE FCP-IV-3.—Quar terly Report of Large Market Partic i pants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Ex change 

rate 

(Swiss 

francs per 

U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiva lent dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1998 - Dec ........ 

1999 - Mar ........ 

June........ 

Sept ........ 

Dec ........ 

2000 - Mar ........ 

June........ 

Sept ........ 

Dec ........ 

2001 - Mar ........ 

June........ 

Sept ........ 

29,714 27,460 25,805 17,734 2,858 2,958 1,723 1,455 -58 1.375 

27,949 24,485 n.a. 19,203 n.a. n.a. 1,184 1,076 -298 1.482 

29,910 31,341 25,543 21,297 1,748 n.a. 999 839 -418 1.551 

41,114 42,781 26,958 22,921 n.a. n.a. 4,829 n.a. 165 1.495 

28,025 30,321 25,346 22,075 n.a. n.a. 2,416 1,886 -251 1.591 

25,551 32,822 23,732 11,470 n.a. n.a. 2,481 2,495 164 1.664 

26,881 31,379 23,355 12,740 n.a. n.a. n.a. n.a. n.a. 1.634 

25,817 29,202 25,141 15,983 2,415 n.a. n.a. 3,679 n.a. 1.727 

24,618 24,262 22,570 12,256 1,254 n.a. n.a. 1,801 n.a. 1.613 

23,288 28,769 25,139 13,346 n.a. n.a. n.a. n.a. n.a. 1.736 

28,972 36,271 24,529 11,406 755 n.a. n.a. 1,694 n.a. 1.794 

19,564 27,598 27,084 11,057 n.a. n.a. n.a. n.a. n.a. 1.619 
FOR EIGN CURRENCY POSI TIONS 109 

SEC TION V.—Ster ling Posi tions 

TA BLE FCP-V-1.—Weekly Report of Major Market Partic i pants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Exchange rate (U.S.

Pur chased Sold Net options posi tions dollars per pound) 

Re port date (1) (2) (3) (4) 

07/04/01 ...................... 

07/11/01 ...................... 

07/18/01 ...................... 

07/25/01 ...................... 

08/01/01 ...................... 

08/08/01 ...................... 

08/15/01 ...................... 

08/22/01 ...................... 

08/29/01 ...................... 

09/05/01 ...................... 

09/12/01 ...................... 

09/19/01 ...................... 

09/26/01 ...................... 

10/03/01 ...................... 

10/10/01 ...................... 

10/17/01 ...................... 

10/24/01 ...................... 

10/31/01 ...................... 

11/07/01 ...................... 

11/14/01 ...................... 

11/21/01 ...................... 

11/28/01 ...................... 

12/05/01 ...................... 

12/12/01 ...................... 

12/19/01 ...................... 

12/26/01 ...................... 

537,155 539,954 889 1.407 

522,647 526,635 1,327 1.409 

519,995 524,345 1,422 1.419 

504,873 509,525 1,454 1.428 

523,857 526,162 1,367 1.434 

545,014 547,425 854 1.418 

544,419 546,754 1,047 1.440 

521,366 524,393 713 1.448 

517,845 521,186 151 1.451 

515,843 519,618 521 1.457 

508,214 513,239 775 1.471 

485,287 490,661 1,182 1.471 

493,415 493,921 1,004 1.474 

472,825 479,698 1,517 1.476 

482,652 483,558 499 1.451 

492,526 495,935 1,031 1.447 

495,842 500,992 937 1.429 

490,252 494,618 1,144 1.454 

500,849 504,612 974 1.464 

439,309 454,269 861 1.441 

439,329 444,695 876 1.417 

482,123 490,452 884 1.426 

442,168 451,101 941 1.416 

463,752 472,568 836 1.446 

424,758 431,970 1,107 1.451 

394,802 402,771 982 1.453 
110 FOR EIGN CURRENCY POSI TIONS 

SEC TION V.—Ster ling Posi tions, con. 

TA BLE FCP-V-2.—Monthly Report of Major Market Partic i pants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Spot, forward Exchange and future contracts Non-capital items Calls Puts rate 

Net delta (U.S. dollars 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent per pound 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1998 - Dec ...... 451,435 436,782 90,311 83,682 62,967 59,537 84,861 81,929 1,817 1.655 

1999 - Dec ...... 432,242 417,962 87,209 89,210 33,780 40,959 38,668 36,834 -1,112 1.618 

2000 - Dec ...... 479,669 474,813 132,953 130,552 52,002 49,853 34,026 35,250 1,692 1.492 

2001 - Jan....... 531,358 532,470 128,112 120,429 56,713 56,125 38,234 39,173 2,328 1.464 

Feb ...... 519,504 520,099 122,989 119,293 55,857 54,331 37,625 37,650 2,081 1.445 

Mar ...... 545,292 547,715 139,233 126,469 55,527 54,138 36,546 36,439 1,961 1.416 

Apr ....... 506,302 507,602 132,544 121,137 51,805 52,214 33,446 34,151 1,609 1.430 

May ...... 518,816 522,539 128,848 114,184 44,499 44,343 40,813 42,730 1,827 1.418 

June ...... 537,865 543,914 145,806 128,126 45,012 44,350 41,576 43,582 1,234 1.414 

July ...... 508,693 511,810 151,850 136,514 39,555 40,400 35,607 35,878 1,538 1.426 

Aug ...... 498,928 501,669 159,645 143,890 40,786 42,188 38,686 39,608 957 1.454 

Sept ...... 466,369 467,295 189,961 157,729 39,921 42,843 38,961 39,245 1,775 1.469 

Oct ....... 502,107 507,242 167,094 162,237 31,379 33,889 34,479 32,289 1,297 1.454 

Nov ...... 451,233 457,021 153,515 147,058 26,946 30,283 29,687 28,705 738 1.425 

Dec ...... 347,290 374,716 164,018 153,770 24,856 26,621 24,625 25,187 1,372 1.456 

TA BLE FCP-V-3.—Quar terly Report of Large Market Partic i pants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Spot, forward Exchange and future contracts Non-capital items Calls Puts rate 

Net delta (U.S. dollars

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equivalent per pound

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1998 - Dec .......... 41,798 52,331 55,012 40,001 1,785 1,655 4,116 2,774 -128 1.655 

1999 - Mar .......... 29,752 38,797 49,526 38,258 1,339 1,970 3,120 3,484 -468 1.612 

June ......... 33,120 38,967 61,274 50,042 1,672 1,822 1,855 n.a. -448 1.577 

Sept .......... 29,234 40,531 55,936 43,129 904 2,315 2,717 n.a. n.a. 1.647 

Dec .......... 20,076 28,844 60,608 49,434 1,095 1,514 2,415 n.a. n.a. 1.618 

2000 - Mar .......... 26,741 30,937 40,575 33,411 1,158 1,236 2,095 1,372 -758 1.593 

June ......... 28,019 32,192 44,947 34,944 1,581 1,505 1,702 1,275 -44 1.517 

Sept .......... 29,370 30,972 43,390 22,825 1,684 1,350 3,274 1,388 25 1.474 

Dec .......... 26,463 30,649 70,752 33,294 2,244 1,887 2,912 1,809 144 1.492 

2001 - Mar .......... 33,159 37,997 69,553 31,759 4,097 3,564 3,511 3,251 412 1.416 

June ......... 37,364 35,327 43,277 33,576 4,081 3,648 4,204 3,596 314 1.414 

Sept .......... 34,899 35,116 110,591 34,786 4,262 3,651 3,907 4,763 357 1.469 
FOR EIGN CURRENCY POSI TIONS 111 

SEC TION VI.—U.S. Dollar Posi tions 

TA BLE FCP-VI-1.—Weekly Report of Major Market Partic i pants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Pur chased Sold Net options posi tions Exchange rate 

Re port date (1) (2) (3) (4) 

07/04/01 ......................... 

07/11/01 ......................... 

07/18/01 ......................... 

07/25/01 ......................... 

08/01/01 ......................... 

08/08/01 ......................... 

08/15/01 ......................... 

08/22/01 ......................... 

08/29/01 ......................... 

09/05/01 ......................... 

09/12/01 ......................... 

09/19/01 ......................... 

09/26/01 ......................... 

10/03/01 ......................... 

10/10/01 ......................... 

10/17/01 ......................... 

10/24/01 ......................... 

10/31/01 ......................... 

11/07/01 ......................... 

11/14/01 ......................... 

11/21/01 ......................... 

11/28/01 ......................... 

12/05/01 ......................... 

12/12/01 ......................... 

12/19/01 ......................... 

12/26/01 ......................... 

5,234,110 5,226,004 4,551 n.a. 

5,229,534 5,219,618 6,064 n.a. 

5,186,700 5,178,942 6,815 n.a. 

5,140,107 5,121,009 4,102 n.a. 

5,150,211 5,128,980 5,564 n.a. 

5,220,684 5,206,087 4,873 n.a. 

5,342,354 5,325,284 3,870 n.a. 

4,998,609 4,973,047 407 n.a. 

5,075,650 5,048,391 1,753 n.a. 

5,034,402 5,006,415 736 n.a. 

4,990,616 4,958,252 2,315 n.a. 

4,856,430 4,821,968 -2,743 n.a. 

4,943,362 4,905,213 -1,714 n.a. 

4,868,792 4,857,873 -601 n.a. 

4,845,331 4,843,721 1,644 n.a. 

4,793,814 4,789,423 3,882 n.a. 

4,754,464 4,718,442 4,087 n.a. 

4,760,006 4,728,579 3,810 n.a. 

4,766,765 4,719,230 2,789 n.a. 

4,504,833 4,463,432 2,579 n.a. 

4,340,588 4,302,297 2,512 n.a. 

4,580,990 4,531,264 1,425 n.a. 

4,514,562 4,455,019 951 n.a. 

4,597,467 4,546,107 4,290 n.a. 

4,439,356 4,378,866 2,196 n.a. 

4,261,561 4,193,066 1,659 n.a. 
112 FOR EIGN CURRENCY POSI TIONS 

SEC TION VI.—U.S. Dollar Posi tions, con. 

TA BLE FCP-VI-2.—Monthly Report of Major Market Partic i pants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward Op tions posi tions 

and future contracts Non-capital items Calls Puts Net delta Exchange Pur chased Sold Assets Lia bil i ties Bought Written Bought Written equiva lent rate 

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

1999 - Dec ....... 4,429,626 4,470,268 - - 554,465 537,876 606,475 464,834 4,031 n.a. 

2000 - Dec ....... 4,880,774 4,897,055 - - 695,166 664,229 547,462 520,982 5,725 n.a. 

2001 - Jan........ 5,291,739 5,313,481 - - 762,660 742,011 509,357 473,894 7,219 n.a. 

Feb ....... 5,282,795 5,285,213 - - 771,999 749,286 485,719 453,785 5,250 n.a. 

Mar ....... 5,552,877 5,525,326 - - 776,733 743,610 502,802 475,194 6,115 n.a. 

Apr ........ 5,370,925 5,391,963 - - 765,363 748,670 500,640 497,152 6,399 n.a. 

May ....... 5,361,877 5,425,879 - - 833,741 819,194 568,800 562,535 2,709 n.a. 

June....... 5,419,266 5,418,760 - - 846,159 817,416 553,914 529,449 5,565 n.a. 

July ....... 5,236,086 5,226,660 - - 827,658 798,790 522,169 497,990 5,380 n.a. 

Aug ....... 4,955,089 4,918,782 - - 871,379 843,867 551,510 535,105 1,043 n.a. 

Sept ....... 4,946,337 4,895,539 - - 870,384 841,743 571,301 561,648 -857 n.a. 

Oct ........ 4,845,593 4,817,715 - - 729,728 696,645 465,585 460,166 2,265 n.a. 

Nov ....... 4,541,710 4,492,706 - - 741,688 717,156 473,358 461,638 1,848 n.a. 

Dec ....... 4,142,797 4,063,456 - - 746,818 721,053 464,039 461,091 243 n.a. 

TA BLE FCP-VI-3.—Quar terly Report of Large Market Partic i pants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta Exchange 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiva lent rate 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1999 - Mar ....... 344,488 346,419 - - 45,081 n.a. 24,808 31,891 -2,548 n.a. 

June ....... 355,215 381,986 - - 30,362 n.a. 14,682 34,477 -4,398 n.a. 

Sept ....... 369,911 399,707 - - 42,136 n.a. 16,652 32,959 n.a. n.a. 

Dec ....... 314,129 346,435 - - 39,682 n.a. 13,553 48,522 n.a. n.a. 

2000 - Mar ....... 355,039 356,538 - - 39,429 n.a. 18,542 45,725 n.a. n.a. 

June ....... 352,979 378,558 - - 32,348 55,153 43,881 47,262 1,031 n.a. 

Sept ....... 324,914 346,333 - - 19,704 28,846 24,183 29,783 116 n.a. 

Dec ....... 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. 

2001 - Mar ....... 371,877 391,251 - - 27,156 18,228 24,062 20,503 1,938 n.a. 

June ....... 358,652 401,829 - - 28,326 n.a. n.a. 17,413 n.a. n.a. 

Sept ....... 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 
FOR EIGN CURRENCY POSI TIONS 113 

SEC TION VII.—Euro Posi tions 

TA BLE FCP-VII-1.—Weekly Report of Major Market Partic i pants 

[In millions of euros. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Ex change rate (Euros per

Pur chased Sold Net options posi tions U.S. dollar) 

Re port date (1) (2) (3) (4) 

07/04/01 ...................... 

07/11/01 ...................... 

07/18/01 ...................... 

07/25/01 ...................... 

08/01/01 ...................... 

08/08/01 ...................... 

08/15/01 ...................... 

08/22/01 ...................... 

08/29/01 ...................... 

09/05/01 ...................... 

09/12/01 ...................... 

09/19/01 ...................... 

09/26/01 ...................... 

10/03/01 ...................... 

10/10/01 ...................... 

10/17/01 ...................... 

10/24/01 ...................... 

10/31/01 ...................... 

11/07/01 ...................... 

11/14/01 ...................... 

11/21/01 ...................... 

11/28/01 ...................... 

12/05/01 ...................... 

12/12/01 ...................... 

12/19/01 ...................... 

12/26/01 ...................... 

2,117,059 2,135,227 -6,588 1.179 

2,083,657 2,099,006 -9,449 1.164 

2,064,162 2,080,526 -7,820 1.146 

2,037,625 2,064,320 -6,922 1.137 

2,036,926 2,067,780 -6,866 1.135 

2,047,650 2,074,947 -8,699 1.136 

2,129,717 2,161,792 -8,450 1.096 

1,962,215 2,004,085 -6,722 1.094 

2,022,761 2,052,192 -8,084 1.099 

1,963,997 2,002,223 -8,670 1.128 

1,975,931 2,014,415 -7,923 1.102 

1,895,603 1,930,830 -6,563 1.074 

1,919,762 1,954,646 -7,146 1.083 

1,872,452 1,900,730 -7,378 1.089 

1,877,753 1,906,078 -7,961 1.098 

1,862,507 1,892,681 -9,359 1.107 

1,875,350 1,907,873 -6,125 1.119 

1,871,074 1,901,267 -6,499 1.111 

1,909,766 1,939,471 -7,424 1.114 

1,691,326 1,731,119 -8,255 1.132 

1,580,750 1,605,049 -6,980 1.138 

1,646,540 1,688,720 -6,281 1.126 

1,609,548 1,658,673 -5,348 1.126 

1,645,069 1,687,486 -6,245 1.114 

1,598,528 1,644,442 -3,009 1.111 

1,514,865 1,563,785 -3,860 1.137 
114 FOR EIGN CURRENCY POSI TIONS 

SEC TION VII.—Euro Posi tions, con. 

TA BLE FCP-VII-2.—Monthly Report of Major Market Partic i pants 

[In millions of euros. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward Op tions posi tions 

and future contracts Non-capital items Calls Puts Net delta Ex change 

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent rate 

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

1999 - Dec ....... 1,452,108 1,461,307 474,536 446,874 409,670 402,166 258,738 242,453 -7,254 0.993 

2000 - Dec ....... 1,950,622 1,943,752 657,186 619,882 261,374 248,948 256,884 277,614 -10,431 1.062 

2001 - Jan........ 2,160,168 2,157,290 663,015 614,349 271,549 260,356 234,456 254,047 -14,177 1.068 

Feb ....... 2,082,082 2,097,097 658,959 625,401 258,513 240,429 232,368 252,989 -14,353 1.083 

Mar ....... 2,158,801 2,177,484 656,005 670,869 271,314 254,810 250,412 268,501 -15,851 1.140 

Apr ........ 2,046,872 2,063,319 690,217 732,851 253,944 241,508 227,682 253,911 -9,721 1.127 

May ....... 2,052,632 2,066,415 732,181 763,897 259,621 252,416 284,968 318,475 -8,213 1.183 

June....... 2,139,029 2,150,482 686,946 717,479 279,084 255,817 308,857 332,665 -9,040 1.177 

July ....... 2,028,684 2,060,043 767,943 766,892 306,448 290,290 351,597 388,922 -7,122 1.142 

Aug ....... 1,927,625 1,960,117 874,835 854,433 295,185 282,873 336,373 362,094 -7,952 1.098 

Sept ....... 1,853,044 1,885,728 830,216 885,265 309,785 289,310 369,299 389,436 -9,737 1.099 

Oct ........ 1,883,428 1,916,679 944,829 936,710 238,407 220,991 223,741 246,506 -7,118 1.111 

Nov ....... 1,652,362 1,701,547 820,654 776,510 241,356 221,178 231,710 249,530 -5,041 1.116 

Dec ....... 1,464,662 1,516,730 784,605 724,175 213,086 197,235 211,261 231,581 -3,133 1.122 

TA BLE FCP-VII-3.—Quar terly Report of Large Market Partic i pants 

[In billions of euros. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward Op tions posi tions 

and future contracts Non-capital items Calls Puts Net delta Ex change 

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent rate 

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

1999 - Mar ....... 92,802 97,957 98,287 93,539 4,212 4,265 5,228 4,413 -1,083 0.929 

June....... 112,045 121,089 80,972 69,409 3,878 6,839 6,310 4,308 -2,644 0.967 

Sept ....... 144,979 139,983 113,959 93,954 6,487 5,727 6,741 4,983 -3,297 0.935 

Dec ....... 99,318 96,977 223,804 94,507 5,263 9,552 9,898 7,093 -3,795 0.993 

2000 - Mar ....... 157,837 137,611 222,847 87,591 7,762 12,088 12,578 10,024 -916 1.047 

June....... 152,605 143,345 226,923 87,974 10,660 11,704 13,871 12,373 -447 1.049 

Sept ....... 144,129 147,945 229,496 88,077 11,846 12,922 21,183 16,153 1,752 1.134 

Dec ....... 129,716 136,375 n.a. 96,884 10,791 9,851 13,261 10,361 1,483 1.062 

2001 - Mar ....... 158,727 155,397 n.a. 131,437 10,594 9,998 11,681 13,315 1,285 1.137 

June....... 167,044 167,048 187,306 140,910 16,275 n.a. n.a. 11,562 n.a. 1.177 

Sept ....... 161,577 152,442 n.a. 160,493 12,168 n.a. n.a. 10,563 n.a. 1.099 
115 

IN TRO DUC TION: Exchange Stabi li za tion Fund 

To stabi lize the exchange value of the dollar, the Exchange Stabi li za tion Fund (ESF) was estab lished pursu ant to 

chap ter 6, section 10 of the Gold Reserve Act of Janu ary 30, 

1934 (codi fied at 31 United States Code 5302), which authorized estab lish ment of a Treasury fund to be oper ated under the 

ex clu sive control of the Secre tary, with approval of the President. 

Sub se quent amendment of the Gold Reserve Act modified the origi nal purpose somewhat to reflect termi na tion of 

the fixed exchange rate system. 

Re sources of the fund include dollar balances, partially

in vested in U.S. Govern ment secu ri ties, spe cial drawing 

rights (SDRs), and balances of foreign curren cies. Princi pal 

sources of income (+) or loss (-) for the fund are profits (+) or 

losses (-) on SDRs and foreign exchange, as well as inter est 

earned on assets. 

• Ta ble ESF-1 pres ents the assets, lia bil i ties and capi tal 

of the fund. The figures are in U.S. dollars or their equiva lents 

based on current exchange rates computed accord ing to the accrual method of account ing. The capi tal account repre sents the 

orig i nal capi tal appro pri ated to the fund by Congress of $2 billion, minus a subse quent transfer of $1.8 billion to pay for the

ini tial U.S. quota subscrip tion to the Inter na tional Mone tary 

Fund. Gains and losses are reflected in the cumu la tive net income (+) or loss (-) account. 

• Ta ble ESF-2 shows the results of oper a tions by quarter. Figures are in U.S. dollars or their equiva lents computed

ac cord ing to the accrual method. “Profit (+) or loss (-) on foreign exchange” includes real ized profits or losses. “Adjustment for change in valu a tion of SDR holdings and allo ca tions”

re flects net gain or loss on reval u a tion of SDR holdings and allo ca tions for the quarter. 

TA BLE ESF-1.—Bal ances as of July 1, 2001, and Sept. 30, 2001 

[In thousands of dollars. Source: Office of the Assis tant Secre tary of the Treasury for Manage ment] 

July 1, 2001, 

through 

Assets, lia bil i ties and capi tal June 30, 2001 Sept. 30, 2001 Sept. 30, 2001 

As sets 

U.S. dollars: 

Held with Treasury: 

U.S. Govern ment secu ri ties ................. 10,040,958 -26,990 10,013,968 

Spe cial drawing rights 1 ....................... 10,408,856 510,481 10,919,337 

For eign exchange and secu ri ties: 

Euro pean euro ............................. 6,817,884 556,032 7,373,916 

Japa nese yen ............................. 7,595,657 324,391 7,920,048 

Ac counts receiv able .......................... 132,774 -6,253 126,521 

Total assets ............................... 34,996,129 1,357,661 36,353,790 

Li a bil i ties and capi tal 

Cur rent lia bil i ties: 

Accounts payable .......................... 164,195 -19,328 144,867 

Total current lia bil i ties ..................... 164,195 -19,328 144,867 

Other lia bil i ties: 

SDR certif i cates ............................ 2,200,000 - 2,200,000 

SDR allo ca tions ............................ 6,103,097 212,448 6,315,545 

Total other lia bil i ties ....................... 8,303,097 212,448 8,515,545 

Cap i tal: 

Capi tal account ............................ 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ...... 26,328,837 1,164,541 27,493,378 

Total capi tal ............................. 26,528,837 1,164,541 27,693,378 

Total lia bil i ties and capi tal ................ 34,996,129 1,357,661 36,353,790 

See footnote on the follow ing page. 
116 EX CHANGE STABI LI ZA TION FUND
 

TA BLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assis tant Secre tary of the Treasury for Manage ment] 

Current quarter Fis cal year to date 

July 1, 2001, Oct. 1, 2000, 

through through 

Sept. 30, 2001 Sept. 30, 2001 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange .................................. 

Adjust ment for change in valu a tion 

of SDR holdings and allo ca tions1 ...................... 

Inter est (+) or net charges (-) on: 

SDRs............................................ 

U.S. Govern ment secu ri ties .......................... 

Foreign exchange .................................. 

Commis sions........................................ 

832,749 -643,488 

166,169 -21,977 

35,795 169,716 

83,218 505,571 

68,069 330,841 

- -

Income from oper a tions ........................... 1,186,000 340,663 

Net income (+) or loss (-) ........................ 1,186,000 340,663 

1 Be gin ning July 1974, the Inter na tional Mone tary Fund adopted a technique for valu ing the Note.—Annual balance sheets for fiscal 1934 through 1940 appeared in the 1940 “Annual 

SDRs based on a weighted aver age of exchange rates for the curren cies of selected member Re port of the Secre tary of the Treasury” and those for succeed ing years appeared in subsecoun tries. The U.S. SDR holdings and allo ca tions are valued on this basis begin ning July	 quent reports through 1980. Quarterly balance sheets begin ning with Decem ber 31, 1938,

have been published in the “Treasury Bulle tin.” Data from incep tion to Septem ber 30, 1978, 

may be found on the statements published in the Janu ary 1979 “Treasury Bulle tin.” 1974. 
119 

IN TRO DUC TION: Airport and Airway Trust Fund 

The Airport and Airway Trust Fund was estab lished on 

the books of Treasury in fiscal 1971, accord ing to provi sions 

of the Airport and Airway Reve nue Act of 1970 [49 United 

States Code 1742(a), re pealed]. The Tax Equity and Fiscal 

Re spon si bil ity Act of 1982 (Public Law 97-248, dated Septem ber 3, 1982) rees tab lished the trust fund in the Inter nal

Rev e nue Code (26 United States Code 9502) effec tive Septem ber 1, 1982.

Trea sury transfers from the general fund to the trust fund 

amounts equiva lent to the taxes received from transpor ta tion 

of persons and property by air, gaso line and jet fuel used in

com mer cial and noncom mer cial aircraft, and an inter na tional

de par ture tax. The Omni bus Budget Recon cil i a tion Act of 

1990 (Public Law 101-508, dated Novem ber 5, 1990) increased rates for the excise taxes transferred to the fund. 

Trea sury bases these transfers on esti mates made by the

Sec re tary of the Treasury. These are subject to adjust ments in 

later transfers in the amount of actual tax receipts. 

The Taxpayers Relief Act of 1997 (Public Law 105-35),

ef fec tive Octo ber 1, 1997, extended the avia tion excise taxes 

for 10 years. The Act included other provi sions that: 

• Re tained the exist ing freight waybill and general aviation fuel/gas taxes. It also retained a special rule applied to 

flights between the conti nen tal United States and Alaska or 

Ha waii. The $6 depar ture tax is indexed to the Consumer Price 

In dex. Effec tive fiscal year 2001, the tax is $6.40. 

• Con verted the 10 percent ad valo rem tax on domes tic

pas sen ger tickets to a combi na tion of ad valo rem/flight segment tax over 3 years, begin ning Octo ber 1, 1997. Begin ning

Oc to ber 1999 through Septem ber 30, 2007, the tax is 7.5 percent, plus in 2001, a $2.75 tax per segment. 

• Im posed a new 7.5 percent tax on payments to airlines 

for frequent flyer and simi lar awards by banks and credit card 

com pa nies, merchants and frequent flyer program partners, 

such as other airlines, hotels or rental car compa nies, and other 

busi nesses. 

• In creased the current $6 inter na tional depar ture tax to 

$12 per passen ger and added a $12 inter na tional arrival tax, indexed to the Consumer Price Index. Effec tive 2001, the tax is 

$12.80. 

• Lowered tax rates on flights to certain rural airports to 

7.5 percent without a flight segment compo nent. 

• Trans ferred reve nues from the 4.3 cents-per-gallon

avi a tion fuel tax dedi cated to reduc ing the national defi cit 

from the general fund to the Airport and Airway Trust Fund. 

When the provi sions of 26 United States Code 9602(b) 

are met, amounts available in the fund exceed outlay requirements, Treasury invests excess amounts in public debt secu rities and credits the inter est to the fund. Addi tional sums from 

the general fund also are credited as autho rized and made 

avail able, by law, if they are needed to meet outlay requirements. 

Trea sury makes available to the Federal Avia tion Adminis tra tion (FAA), Depart ment of Transpor ta tion (DOT), 

amounts required for outlays to carry out the Airport and Airway program. The Secre tary of the Treasury makes other 

charges to the trust fund to transfer certain refunds of taxes and 

cer tain outfits, under section 34 of the Inter nal Reve nue Code 

(IRC).

An nual reports to Congress, required by 26 U.S.C. 9602 

(a), are submit ted by the Secre tary of the Treasury, after consul ta tion with the Secre tary of Transpor ta tion. These reports 

are required to cover the finan cial condi tion and results of oper a tions of the fund during the past fiscal year and those expected during the next 5 fiscal years. 
120 TRUST FUNDS 

TA BLE TF-10.—Air port and Airway Trust Fund 

Re sults of Oper a tions, Fiscal 2001 

[Source: DOT] 

De scrip tion IRC section (26 United States Code) Amount 

Bal ance Oct. 1, 2000 .......................................... ............................................... $13,934,971,740 

Re ceipts:

Ex cise taxes (transferred from general fund):

Liq uid fuel other than gaso line ............................... 4041........................................... 113,602,000 

Gas o line ................................................ 4081........................................... 707,542,000 

Trans por ta tion by airseats, berths, etc. ......................... 4261 (a) (b) ..................................... 6,594,019,000 

Use of inter na tional travel facil i ties ............................ 4261 (c) ........................................ 1,336,181,000 

Trans por ta tion of property, cargo ............................. 4271........................................... 492,590,000 

Gross excise taxes....................................... ............................................... 9,243,934,000 

Less refunds of taxes (reim bursed to general fund):

Liq uid fuel other than gaso line ................................. 4041........................................... 45,421,440 

Gas o line .................................................. ............................................... 7,138,000 

To tal refunds of taxes ...................................... ............................................... 52,559,440 

Net taxes ................................................ ............................................... 9,191,374,560 

In ter est on invest ments ...................................... ............................................... 882,478,720 

To tal receipts............................................. ............................................... 10,073,853,280 * 

Off setting collec tions .......................................... ............................................... 76,393,765 

Ex penses:

Op er a tions ................................................ ............................................... 5,069,198,182 

Grants in aid ............................................... ............................................... 2,016,689,266 

Fa cil ities and equipment...................................... ............................................... 2,265,579,281 

Re search, engi neer ing and devel op ment......................... ............................................... 167,248,967 

Air carri ers ................................................ ............................................... 5,619,346 

To tal expenses ........................................... ............................................... 9,524,335,042 

Off setting collec tions .......................................... ............................................... 76,393,765 

Bal ance Sept. 30, 2001 ........................................ ............................................... $14,484,489,978 

* Reflects third quarter fiscal 2000 receipts of $191.3 million. 

TA BLE TF-10.—Air port and Airway Trust Fund,
 

Ex pected Condi tion and Results of Oper a tions, Fiscal 2002-2006
 

[In millions of dollars. Source: DOT] 

2002 2003 2004 2005 

Bal ance Oct. 1 ................................................... 14,484 12,794 13,073 13,712 14,815 

Re ceipts: 

Ex cise taxes, net of refunds ....................................... 8,939 9,680 10,270 10,877 11,520 

In ter est on invest ments........................................... 869 623 657 724 781 

Off setting collec tions............................................. 224 136 136 136 136 

To tal receipts ................................................. 10,032 10,439 11,063 11,737 12,437 

Ex penses: 

Out lays ....................................................... 

Off setting collec tions............................................. 

-11,498 

-224 

-10,024 

-136 

-10,288 

-136 

-10,498 

-136 

-10,902 

-136 

Bal ance Sept. 30 ................................................. 12,794 13,073 13,712 14,815 16,214 

* Reflects third quarter fiscal year 2000 receipts of $191.3 million. 

2006 
121 

IN TRO DUC TION: Uranium Enrich ment 

De con tam i na tion and Decom mis sioning Fund 

The Uranium Enrich ment Decon tam i na tion and Decommis sioning Fund was estab lished on the books of the Treasury 

in fiscal 1993, accord ing to provi sions of the Energy Policy Act 

of 1992 (42 United States Code 2297g). Receipts repre sent (1) 

fees collected from domes tic public utili ties based on their pro 

rata share of purchases of sepa ra tive work units from the Depart ment of Energy (DOE) and (2) appro pri a tions toward the 

Gov ern ment contri bu tion based on the balance of sepa ra tive 

work unit purchases. 

Ex pen di tures from the fund are for the purpose of (1) decon tam i na tion and decom mis sion ing of the three gaseous diffu sion plants, (2) reme dial actions and related envi ron men tal

res to ra tion costs at the gaseous diffu sion plants and (3) reimburse ment to uranium/tho rium produc ers for the costs of decon tam i na tion, decom mis sion ing, recla ma tion and reme dial

ac tion of uranium/tho rium sites that are inci dent to sales to the 

U.S. Govern ment. 

Amounts available in the fund exceed ing current needs 

may be invested by the Secre tary of the Treasury in obli ga tions 

of the United States (1) having matu ri ties congru ent with the 

needs of the fund and (2) bearing inter est at rates deter mined 

ap pro pri ate, taking into consid er ation the current aver age market yield on outstand ing market able obli ga tions of the United 

States with remain ing peri ods to matu rity compa ra ble to these 

in vest ments. 

The Secre tary of the Treasury is required by 42 United 

States Code 2297g(b)(1) to provide an annual report to Congress, after consul ta tion with the Secre tary of Energy. This report must present the finan cial condi tion and the results of 

op er a tions of the fund during the preced ing fiscal year. 

The Energy Policy Act of 1992 (42 United States Code 

2297g-l, as amended) autho rizes funding to ensure annual depos its to the fund of $488.3 million before adjust ments for infla tion. The Act stipu lates that the Government deposit $338.3 

mil lion, adjusted for infla tion, annu ally. The Act also calls for 

de pos its of $150 million from domes tic public utility assessments. Between the fiscal years of 1993 and 2000, the total 

Gov ern ment contri bu tion amount autho rized by the Act was 

$3,328.9 million. During that time span, the Govern ment contrib uted only $2,702.7 million to the fund. The result ing shortfall in autho rized Govern ment contri bu tions is, therefore, 

$626.2 million. 

TA BLE TF-11.—Ura nium Enrich ment Decon tam i na tion and Decom mis sioning Fund 

Re sults of Oper a tions, Fiscal 2001 

[Source: DOE] 

Bal ance Oct. 1, 2000 ................................................................................................... .. $78 

Re ceipts: 

Fees collected................................................................................................... ...... 599,798,009 

Pen alties collected ................................................................................................... .. 17,180 

In ter est on invest ments.................................................................................................. 123,891,239 

To tal receipts ................................................................................................... ..... 723,706,428 

Out lays: 

DOE, decon tam i na tion and decom mis sion ing activ i ties ......................................................................... 328,288,596 

Cost of invest ments................................................................................................... .. 395,416,947 

To tal outlays ................................................................................................... ..... 723,705,543 

Bal ance Sept. 30, 2001 ................................................................................................... $963 

TA BLE TF-11.—Ura nium Enrich ment Decon tam i na tion and Decom mis sioning Fund 

Ex pected Condi tion and Results of Oper a tions, Fiscal 2002-2006 

[In thousands of dollars. Source: DOE] 

2002 2003 2004 2005 2006 

Bal ance Oct. 1 .............................................. 1 1 1 1 1 

Re ceipts: 

Fees collected ............................................. 

In ter est collected ........................................... 

605,637 

98,558 

610,556 

106,190 

615,606 

112,389 

620,789 

116,816 

626,110 

121,689 

To tal receipts ............................................. 704,195 716,746 727,995 737,605 747,799 

Out lays: 

DOE, decon tam i na tion and decom mis sion ing fund ................. 

Costs of invest ments ........................................ 

491,412 

212,783 

505,593 

211,153 

556,484 

171,511 

615,110 

122,495 

612,988 

134,811 

To tal outlays ............................................. 704,195 716,746 727,995 737,605 747,799 

Bal ance Sept. 30 ............................................. 1 1 1 1 1 
122 

IN TRO DUC TION: Black Lung Disabil ity Trust Fund 

The Black Lung Disabil ity Trust Fund was estab lished on 

the books of the Treasury in fiscal 1978 accord ing to the Black 

Lung Bene fits Reve nue Act of 1977 (Public Law 95-227). The 

Black Lung Bene fits Reve nue Act of 1981 (Public Law 

97-119) reestablished the fund in the Inter nal Reve nue Code 

(IRC), 26 United States Code 9501. 

The Consol i dated Omni bus Budget Recon cil i a tion Act of 

1985 (Public Law 99-272), enacted April 7, 1986, provided for 

an increase in the coal tax effec tive April 1, 1986, through Decem ber 31, 1995, and a 5-year forgive ness of inter est retro active to Octo ber 1, 1985. The 5-year mora to rium on inter est

pay ments ended on Septem ber 30, 1990. Payment of inter est 

on advances resumed in fiscal 1991. The Omni bus Budget

Rec on cil i a tion Act of 1987 (Public Law 100-203, title X, 

section 10503), signed Decem ber 22, 1987, extends the tempo rary increase in the coal tax through Decem ber 31, 2013. 

The Code desig nates the follow ing receipts to be appropri ated and transferred from the general fund of the Treasury 

to the trust fund: excise taxes on mined coal; taxable expen ditures of self-dealing by, and excess contri bu tions to, private 

black lung bene fit trusts; reim burse ments by respon si ble mine 

op er a tors; and related fines, penal ties and inter est charges. 

Es ti mates made by the Secre tary of the Treasury determine monthly transfers of amounts for excise taxes to the trust 

fund subject to adjust ments in later transfers to actual tax receipts.

Af ter retire ment of the current indebt ed ness, amounts 

avail able in the fund exceed ing current expen di ture requirements will be invested by the Secre tary of the Treasury in inter est-bearing public debt secu ri ties. Any inter est earned will 

be credited to the fund. Also credited, if neces sary, will be repay able advances from the general fund to meet outlay require ments exceed ing available reve nues. 

To carry out the program, amounts are made available to 

the Depart ment of Labor (DOL). Also charged to the fund are

ad min is tra tive expenses incurred by the Depart ment of Health 

and Human Services (HHS) and the Treasury, repay ments of 

ad vances from the general fund and inter est on advances. 

The Code requires the Secre tary of the Treasury to submit 

an annual report to Congress after consul ta tion with the Secretary of Labor and the Secre tary of HHS [26 United States Code 

9602(a)]. The report must present the finan cial condi tion and 

re sults of oper a tions of the fund during the past fiscal year and 

the expected condi tion and oper a tions of the fund during the 

next 5 fiscal years. 

TA BLE TF-12.—Black Lung Disabil ity Trust Fund 

Re sults of Oper a tions, Fiscal 2001 

[Source: DOL] 

Bal ance Oct. 1, 2000 ................................................................................................... .. $22,406,699 

Re ceipts: 

Ex cise taxes (transfered from general fund): 

$1.10 tax on under ground coal .......................................................................................... 94,194,000 

$0.55 tax on surface coal............................................................................................... 132,885,000 

4.4 percent tax on under ground coal...................................................................................... 208,201,000 

4.4 percent tax on surface coal .......................................................................................... 86,917,000 

Fi nes, penal ties and inter est ............................................................................................ 1,401,856 

Col lec tion—re spon si ble mine oper a tors ................................................................................... 3,750,861

Re cov ery of prior year funds ............................................................................................ 304,000 

Re pay able advances from the general fund ................................................................................ 505,000,000 

To tal receipts ................................................................................................... ... 1,032,653,717 

Net receipts ................................................................................................... .... 1,032,653,717 

Out lays: 

Trea sury admin is tra tive expenses ......................................................................................... 51,207 

Sal aries and expenses—DOL—de part men tal manage ment ..................................................................... 21,590,000 

Sal aries and expenses—DOL—Of fice of Inspec tor General ..................................................................... 318,000 

Sal aries and expenses—DOL—Em ploy ment Standards Admin is tra tion ............................................................ 30,293,000 

To tal outlays ................................................................................................... ..... 52,252,207 

Ex penses: 

Pro gram expenses—DOL................................................................................................ 396,928,484 

In ter est on repay able advances ........................................................................................... 567,813,681 

To tal expenses ................................................................................................... ... 964,742,165 

Bal ance Sept. 30, 2001 ................................................................................................... 38,066,043 

Cu mu la tive debt, end of year ............................................................................................... $7,253,556,899 
TRUST FUNDS 123 

TA BLE TF-12.—Black Lung Disabil ity Trust Fund, con.

Ex pected Condi tion and Results of Oper a tions, Fiscal 2002-2006 

[In thousands of dollars. Source: DOL] 

2002 2003 * 2004 * 2005 * 2006 * 

Bal ance Oct. 1 ............................................... 38,066 - - - -

Re ceipts: 

Ex cise taxes ............................................... 570,000 573,000 597,000 616,000 628,000 

Ad vances from the general fund................................ 464,000 3,851 - - -

Fi nes, penal ties and inter est................................... 2,000 2,000 2,000 2,000 2,000 

To tal receipts............................................. 1,036,000 578,851 599,000 618,000 630,000 

Out lays: 

Ben e fit payments ........................................... 388,283 360,371 345,371 331,371 316,371 

Ad min is tra tive expenses...................................... 54,651 55,629 55,629 55,629 55,629 

In ter est on repay able advances ................................ 593,000 3,851 5,244 6,831 8,327 

To tal outlays ............................................. 1,035,934 1,035,000 597,000 616,000 628,000 

Bal ance Sept. 30 ............................................. - - - - -

Cu mu la tive debt, end of year .................................... 7,695,557 7,699,408 7,716,506 7,524,997 7,323,482 

Note.—De tail may not add to totals due to rounding.	 * Reflects the admin is tra tion’s legis la tive proposal to restruc ture the trust fund’s debt, thus enabling the debt to be retired in fiscal 2040. 
124
 

IN TRO DUC TION: Harbor Mainte nance Trust Fund
 

The Harbor Mainte nance Trust Fund was estab lished on 

the books of the Treasury on April 1, 1987, accord ing to the 

Wa ter Resources Devel op ment Act of 1986 (Public Law 

99-662, Novem ber 17, 1986) (26 United States Code 9505). 

Amounts in the Harbor Mainte nance Trust Fund are available as provided by appro pri a tion acts for making expen ditures to carry out section 210(a) of the Wa ter Resources 

De vel op ment Act of 1986. The appro pri a tions act for the Depart ment of Transpor ta tion (DOT) for fiscal 1995 (Public Law 

103-331, Septem ber 28, 1994), section 339, waived collec tion 

of charges or tolls on the Saint Lawrence Seaway in accordance with section 13(b) of the Act of May 13, 1954 (as in effect on April 1, 1987). Legis la tion was passed in the North

Amer i can Free Trade Agreement Imple men ta tion Act (Public 

Law 103-182, section 683), which amends paragraph (3) of

sec tion 9505(c) of the IRC of 1986, to autho rize payment of up 

to $5 million annu ally to Trea sury for all expenses of admin istra tion incurred by the Treasury, the U.S. Army Corps of Engineers and the Depart ment of Commerce (Commerce) related 

to the admin is tra tion of subchapter A of chapter 36 (relat ing to 

har bor mainte nance tax). Section 201 of the Wa ter Resources 

De vel op ment Act of 1996 (Public Law 104-303) autho rizes 

use of the Harbor Mainte nance Trust Fund for construc tion of 

dredged mate rial disposal facil i ties asso ci ated with the oper ation and mainte nance of Federal navi ga tion projects for commer cial navi ga tion. 

A summary judgment issued Octo ber 25, 1995, by the 

United States Court of Inter na tional Trade in the case United 

States Shoe Corp. v. United States (Court No. 94-11-00668) 

found the Harbor Mainte nance fee uncon sti tu tional under the 

Ex port Clause of the Consti tu tion (Arti cle I, section 9, clause 

5) and enjoined the Customs Service from collect ing the fee. 

The deci sion was affirmed by the Supreme Court on 

March 31, 1998 (118 Supreme Court 1290). With the tax on

ex ports no longer collected, reve nues have been reduced by

ap prox i mately 30 percent. 

The Code requires the Secre tary of the Treasury to submit 

an annual report to Congress [26 United States Code 9602(a)]. 

The report must present the finan cial condi tion and results of 

op er a tions of the fund during the past fiscal year and the expected condi tion and oper a tions of the fund during the next 5 

fis cal years. 

TA BLE TF-13.—Har bor Mainte nance Trust Fund 

Re sults of Oper a tions, Fiscal 2001 

[Source: Depart ment of the Army Corps of Engi neers] 

Bal ance Oct. 1, 2000................................................................................................ $1,667,641,992 

Re ceipts: 

Ex cise taxes: 

Im ports ................................................................................................... .... 583,198,248 

Ex ports ................................................................................................... .... 2,455,492 

Do mes tic................................................................................................... ... 39,365,221 

Pas sen gers................................................................................................... . 10,308,480 

Zones admis sions............................................................................................... 86,284,828 

In ter est on invest ments........................................................................................... 89,156,370 

To tal receipts................................................................................................. 810,768,639 

Ex penses: 

Corps of Engi neers ............................................................................................... 643,600,890 

Saint Lawrence Seaway Devel op ment Corpo ra tion/DOT .................................................................. 12,975,391 

Trea sury admin is tra tive cost ........................................................................................ 2,993,400 

Op er ating expenses, miscel la neous returns ............................................................................ -

To tal expenses ................................................................................................. 659,569,681 

Bal ance Sept. 30, 2001.............................................................................................. $1,818,840,950 * 

* The source for fiscal 2001 begin ning and ending balance is from the Bureau of Public Debt, Office of Public Debt Account ing, Divi sion of Federal Invest ments, Trust Fund Manage ment Branch. 
TRUST FUNDS 125 

TA BLE TF-13.—Har bor Mainte nance Trust Fund, con.

Ex pected Condi tion and Results of Oper a tions, Fiscal 2002-2006 * 

[In millions of dollars. Source: Depart ment of the Army Corps of Engi neers] 

2002 2003 2004 2005 2006 

Bal ance Oct. 1 ............................................... 1,819.0 1,889.0 2,037.0 2,184.0 2,385.0 

Re ceipts: 

Har bor mainte nance fee ...................................... 733.0 823.0 839.0 909.0 972.0 

In ter est on invest ments ...................................... 91.0 96.0 102.0 109.0 122.0 

To tal receipts............................................. 824.0 919.0 941.0 1,018.0 1,094.0 

Out lays: 

Har bor Mainte nance Trust Fund, legis la tive proposal 

not subject to paygo ....................................... - - - - -

Corps of Engi neers oper a tion, mainte nance

and admin is tra tive expenses................................. 730.0 740.0 762.0 785.0 809.0 

Corps of Engi neers construc tion ............................... 8.0 15.0 16.0 16.0 16.0 

Saint Lawrence Seaway Devel op ment Corpo ra tion/DOT ............ 13.0 13.0 13.0 13.0 13.0 

Ad min is tra tive expenses for Treasury (Customs Service) ............ 3.0 3.0 3.0 3.0 3.0 

To tal outlays ............................................. 754.0 771.0 794.0 817.0 841.0 

Bal ance Sept. 30 ............................................. 1,889.0 2,037.0 2,184.0 2,385.0 2,638.0 

* Outyear projec tions are for planning purposes and are based on economic condi tions and agen cies’ best projec tions of reve nues and expen di tures. 
126 

IN TRO DUC TION: Hazard ous Substance Superfund 

The Hazard ous Substance Response Trust Fund was estab lished on the books of the Treasury in fiscal 1981, in accordance with section 221 of the Hazard ous Substance Response

Rev e nue Act of 1980 [42 United States Code 9631(a), repealed]. The trust fund was renamed the Hazard ous Substance 

Superfund (Superfund) and relo cated in accor dance with section 517 of the Superfund Amendments and Reauthorization 

Act of 1986 [Public Law 99-499, dated Octo ber 17, 1986 (26 

United States Code 9507)]. 

The author ity to collect excise taxes on petro leum and 

chem i cals, and an envi ron men tal tax for all corpo ra tions with 

mod i fied alter na tive taxable income in excess of $2 million,

ex pired in 1995. To imple ment the Superfund program, 

amounts are appro pri ated from the Superfund to the Envi ronmen tal Protec tion Agency (EPA) for program matic and admin is tra tive expenses. 

An annual report to Congress by the Secre tary of Treasury is required by 26 United States Code 9602(a). These reports present the finan cial condi tion of the Superfund and the

re sults of oper a tion for the past fiscal year, and its expected

con di tion during the next 5 fiscal years. 

TA BLE TF-14.—Haz ard ous Substance Superfund

Re sults of Oper a tions, Fiscal 2001 

[Source: EPA] 

Bal ance Oct. 1, 2000 ...................................................................................... ............... $1,262,000,000 

Re ceipts: 

Crude and petro leum .................................................................................... ............... 2,459,000

Cer tain chemi cals ....................................................................................... ............... 32,000

Cor po rate envi ron men tal ................................................................................. ............... 4,000,000

Gen eral fund appro pri a tion................................................................................ ............... 634,000,000 

Cost recov er ies......................................................................................... ............... 202,000,000

Fi nes and penal ties ..................................................................................... ............... 2,100,000

In ter est on invest ments .................................................................................. ............... 95,000,000

Off setting collec tions .................................................................................... ............... 354,000,000 

Agency for Toxic Substance and Disease Regis try offset ting collec tions .............................................. ............... 7,000,000 

To tal receipts......................................................................................... ............... 1,300,591,000 

Ex penses: 

EPA expense .......................................................................................... ............... 1,544,374,800

Na tional Oceanic and Atmo spheric Admin is tra tion expense ...................................................... ............... 2,450,000

Fed eral Emergency Manage ment Admin is tra tion expense ....................................................... ............... 1,100,000 

Agency for Toxic Substance and Disease Regis try and National Insti tute of Envi ron men tal Health Sciences expense ......... ............... 82,000,000 

De part ment of Inte rior expense ............................................................................ ............... 1,000,000

Oc cu pa tional Safety and Health Admin is tra tion ................................................................ ............... 650,000

De part ment of Justice expense ............................................................................ ............... 28,437,300 

U.S. Coast Guard expense................................................................................ ............... 5,487,900

Cen ters for Disease Control and Preven tion expense ........................................................... ............... 37,500,000 

To tal expenses ....................................................................................... ............... 1,703,000,000 

Bal ance Sept. 30, 2001 .................................................................................... ............... $859,591,000 

TA BLE TF-14.—Haz ard ous Substance Superfund, con.
 

Ex pected Condi tion and Results of Oper a tions, Fiscal 2002-2006
 

[In millions of dollars. Source: EPA] 

2002 2003 2004 2005 

Bal ance Oct. 1 ............................................... 860 427 28 -316 -705 

Re ceipts: 

In ter est on invest ments ...................................... 

Re cov eries, fines and penal ties ................................ 

143 

178 

96 

178 

84 

178 

59 

178 

59 

178 

Taxes .................................................... - - - - -

Off setting collections ........................................ 

Gen eral reve nues........................................... 

126 

635 

126 

700 

126 

651 

126 

670 

126 

670 

To tal receipts ............................................ 1,082 1,100 1,039 1,033 1,033 

Appropriations ............................................... 1,515 1,499 1,383 1,422 1,422 

Bal ance Sept. 30 ............................................. 427 28 -316 -705 -1,094 

 2006 
127 

IN TRO DUC TION: Highway Trust Fund 

The Highway Trust Fund was estab lished on the books of 

the Treasury in fiscal 1957, accord ing to provi sions of the 

High way Reve nue Act of 1956 (Act of June 29, 1956, chapter 

462, section 209). It has been amended and extended by various highway, surface transpor ta tion and other acts since 1959. 

Sec tion 9002 of the Transpor ta tion Equity Act for the 21st 

Cen tury (TEA-21) (Public Law 105-178) extended the Highway Trust Fund and its taxes through Septem ber 30, 2005. 

Amounts equiva lent to taxes on gaso line, diesel fuel, special motor fuels, certain tires, heavy trucks and trailers, and 

heavy vehi cle use are desig nated by the Act to be appro pri ated 

and transferred from the general fund of the Treasury to the 

trust fund. These transfers are made twice monthly based on

es ti mates by the Secre tary of the Treasury, subject to later adjust ments to reflect the amount of actual tax receipts. Amounts 

avail able in the fund exceed ing outlay require ments are invested in non-interest-bearing public debt secu ri ties. 

Within the fund is a mass transit account, funded by a portion of the excise tax collec tions under sections 4041 and 4081 

of the IRC (title 26 United States Code). The funds from this

ac count are used for expen di tures in accor dance with section 

5338 of title 49 United States Code, the Intermodal Surface 

Transportation Effi ciency Act of 1991 (Public Law 102-240), 

or the TEA-21. The remain ing excise taxes are included in a 

separate account within the trust fund commonly referred to as 

the highway account. Expenditures from this account are 

made accord ing to the provi sions of vari ous transpor ta tion 

acts. 

Amounts required for outlays to carry out the eli gi ble surface transpor ta tion programs are made available to the responsi ble oper at ing admin is tra tions within the Depart ment of 

Transportation. Other charges to the trust fund are made by the

Sec re tary of the Treasury for transfer of certain taxes to the 

Land and Water Conservation Fund and the Aquatic Resources Trust Fund. Funds also are transferred to the general 

fund of the Treasury for the payment of tax refunds. 

The Secre tary of the Treasury, in consul ta tion with the 

Sec re tary of Transpor ta tion, is required to submit annual reports to Congress by section 9602(a) of title 26 United States 

Code. These reports cover the finan cial condi tion and results 

of oper a tions of the fund for the past fiscal year and expected

con di tion and oper a tions during the next 5 fiscal years. 

TA BLE TF-15.—High way Trust Fund 

Re sults of Oper a tions, Fiscal 2001 

[Source: DOT] 

Descrip tion IRC section (26 United States Code) Amount 

Bal ance Oct. 1, 2000 ............................................................................................. $31,100,988,324 

Re ceipts:

Ex cise taxes (transferred from general fund):

Gas o hol .................................................. 6427 .............................................. 2,077,875,000 

Gas manu fac ture gaso hol .................................... 4041 ............................................... -

Trucks, buses, trailers ....................................... 4061 (a) (1) ......................................... -

Die sel and special motor fuels ................................. 4041 (a) (b) ......................................... 8,115,003,000 

Trucks.................................................... 4051 (a) ............................................ 2,441,039,000

Gas o line .................................................. 4081 .............................................. 20,059,032,000 

Tires used on highway vehi cles ................................ 4071 (a) (1) ......................................... -

Cash Manage ment Improve ment Act Interest ..................... 4071 ............................................... 781,525 

Use of certain vehi cles ....................................... 4481 ............................................... -

Fi nes and penal ties ............................................................................................. 16,092,794

To tal taxes .................................................................................................. 32,709,823,319 

Less: Transfer to land and water conser va tion fund................. 4081 ............................................... 1,000,000

Trans fer to aquatic reserve .................................. 4041 ............................................... 243,901,000 

Gross taxes ................................................................................................... 32,464,922,319 

Less refunds of taxes (reim bursed to general fund):

Die sel-powered vehi cle ..................................... 39 & 6420 ........................................... 262,000

Gas o line ................................................ 6421 ............................................... 285,188,000

Gas o hol .................................................. 6427 ............................................... 19,301,000

Die sel .................................................... 4081 ............................................... 654,291,430

Spe cial motor fuel .......................................... . 4081 ............................................... 1,168,010

Gas o line .................................................. 6412 ............................................... -

Gas to make gaso hol ........................................ 4041 ............................................... 21,466,000

Die sel fuel, bus use ......................................... 4041 ............................................... 13,620,400

Die sel .................................................... 4081 ............................................... -

Ex empt use ................................................................................................... -

To tal refunds of taxes ........................................................................................ 995,296,840 

Net taxes................................................................................................... . 31,469,625,479

In vest ment income: 

In ter est on invest ments .......................................................................................... -

Ac crued inter est income ........................................................................................ -

To tal invest ment income ....................................................................................... -

Net receipts ................................................................................................ $31,469,625,479 
128 TRUST FUNDS 

TA BLE TF-15.—High way Trust Fund 

Re sults of Oper a tions, Fiscal 2001, con. 

[Source: DOT] 

Descrip tion IRC section (26 United States Code) Amount 

Ex penses: 

Fed eral aid to highways ............................................................................................. $27,244,826,779 

Right-of-way revolv ing fund .......................................................................................... -19,218,077 

Na tional Highway Traffic Safety Admin is tra tion ........................................................................... 293,759,978 

Trust fund share of highway programs ................................................................................. -

Bal ti more-Washington Parkway ....................................................................................... 269,408 

High way safety research and devel op ment .............................................................................. 326,487 

Mount St. Helen’s (Agriculture) ....................................................................................... -

High way-related safety grants ........................................................................................ 133,654 

Al a bama highway bypass demon stra tion ............................................................................... 1,674,245 

Ur ban airport access safety demon stra tion .............................................................................. -

Intermodal urban demon stra tion ...................................................................................... 6,432,372 

Uni ver sity transpor ta tion center ....................................................................................... -

Carpool and vanpool grants.......................................................................................... 21,877 

Met ro pol i tan planning project......................................................................................... 81 

Na tional Park Service construc tion .................................................................................... 1,411,981 

Mo tor carrier safety grants/admin is tra tion ............................................................................... 199,082,283 

Mass transit ................................................................................................... ... 7,022,425,288 

Safety improve ment pro ject .......................................................................................... 865,302 

Safety economic devel op ment demon stra tion project ...................................................................... 32,055 

Rail road admin is tra tion ............................................................................................. 2,048,980 

Ve hic u lar and pedes trian safety demon stra tion........................................................................... 791 

High way demon stra tion ............................................................................................. 21,557,344 

Cor ri dor safety improve ment ......................................................................................... 7,343,148 

Bridge capac ity improve ment......................................................................................... 917,534 

High way railroad grade crossing ...................................................................................... 3,661,654 

Ur ban highway/cor ri dor bicy cle transpor ta tion demon stra tion ................................................................ 171,993 

Nu clear waste transpor ta tion safety.................................................................................... 902 

Ken tucky bridge demon stra tion program ................................................................................ 128 

Penn syl va nia recon struc tion demon stra tion project ....................................................................... -

Mineola grade crossing ............................................................................................. 1,116,730 

Tran sit program ................................................................................................... -

Ap pa la chian devel op ment projects .................................................................................... 9,389,909 

Mis cel la neous highway projects, fiscal year 2000 plus ..................................................................... 29,026,534 

Study of improve ments (Highway 8) ................................................................................... 257,941 

Climbing lane and highway safety demonstration projects .................................................................. 2,662,120 

High way demonstration ............................................................................................. -

To tal expenses .................................................................................................. 34,830,199,421 

Out lays:
 

Out lays to Cash Manage ment Improve ment Act .......................................................................... -
 

Bal ances expired or perma nently cancelled ............................................................................... -
 

Bal ance Sept. 30, 2001............................................................................................... $27,740,414,382
 
TRUST FUNDS 129 

TA BLE TF-15.—High way Trust Fund, con.

Ex pected Condi tion and Results of Oper a tions, Fiscal 2002-2006 

[In billions of dollars. Source: DOT] 

Com bined Statement Highway and Mass Transit Accounts 

2002 2003 2004 2005 2006 

Bal ance Oct. 1 ...................................................... 27.7 24.6 22.7 24.6 28.4 

Re ceipts: 

Ex cise taxes, net of refunds .......................................... 32.2 33.3 34.4 35.7 

In ter est, net....................................................... - - - - -

To tal receipts.................................................... 32.2 33.3 34.4 35.7 

Out lays............................................................ 35.4 35.1 32.6 31.9 

Bal ance Sept. 30 .................................................... 24.6 22.7 24.6 28.4 

Mass Transit Account 

2002 2003 2004 2005 

Bal ance Oct. 1 ...................................................... 7.4 5.8 4.3 3.1 2.0 

Re ceipts: 

Ex cise taxes, net of refunds .......................................... 4.6 4.7 4.8 5.0 5.1 

In ter est, net....................................................... - - - - -

To tal receipts .................................................... 4.6 4.7 4.8 5.0 5.1 

Out lays ............................................................ 6.1 6.2 6.1 6.1 6.2 

Bal ance Sept. 30 .................................................... 5.8 4.3 3.1 2.0 0.9 

High way Account 

2002 2003 2004 2005 

Bal ance Oct. 1 ...................................................... 20.4 18.7 18.4 21.5 26.4 

Re ceipts: 

Ex cise taxes, net of refunds .......................................... 27.7 28.6 29.6 30.7 31.8 

In ter est, net....................................................... - - - - -

To tal receipts.................................................... 27.7 28.6 29.6 30.7 31.8 

Out lays............................................................ 29.3 29.0 26.5 25.8 26.2 

Bal ance Sept. 30 .................................................... 18.7 18.4 21.5 26.4 32.1 

Un funded autho ri za tions (EOY) ......................................... 54.8 58.0 56.3 58.3 60.0 

24-month reve nue esti mate ............................................ 58.2 60.4 62.6 64.7 67.0 

36.9 

36.9 

32.3 

32.9 

 2006 

 2006 
130 TRUST FUNDS 

TA BLE TF-15A.—High way Trust Fund 

The follow ing infor ma tion is released accord ing to the 

pro vi sions of the Byrd Amendment [codi fied at 26 United 

States Code 9503(d)] and repre sents data concern ing the 

High way Trust Fund. The figure described as “unfunded autho ri za tions” is the latest esti mate received from the DOT for 

fis cal 2003. 

The 24-month reve nue esti mates for the highway and 

mass transit accounts, respec tively, include the latest estimates received from Treasury’s Office of Tax Analy sis for excise taxes, net of refunds. They repre sent net highway receipts 

for those peri ods begin ning at the close of fiscal 2003. 

High way Account 

[In billions of dollars. Source: DOT] 

Com mit ments (unobligated balances plus unpaid obli ga tions, FY 2003) .................................................................. 76.33 

less: 

Cash balance (FY 2003) ................................................................................................... .... 18.36 

Un funded autho ri za tions (FY 2003)............................................................................................... 57.97 

24-month reve nue esti mate (fiscal 2004 and 2005) .................................................................................. 60.35 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Com mit ments (unobligated balances plus unpaid obli ga tions, FY 2003) .................................................................. 0.24 

less: 

Cash balance (FY 2003) ................................................................................................... .... 4.34 

Un funded autho ri za tions (FY 2003)............................................................................................... -4.10 

24-month reve nue esti mate (fiscal 2004 and 2005) .................................................................................. 9.77 
131
 

IN TRO DUC TION: Inland Water ways Trust Fund
 

The Inland Water ways Trust Fund was estab lished by the

Trea sury in fiscal 1984, pursu ant to section 203 of the Inland 

Wa ter ways Reve nue Act of 1978 (Public Law 95-502) and

con tin ued pursu ant to section 1405 of the Water Resources 

De vel op ment Act of 1986 (Public Law 99-662, codi fied at 26 

United States Code 9506). Under 26 United States Code 

9506(b), amounts from taxes on fuel used in commer cial transpor ta tion on inland water ways, as deter mined by the Secre tary 

of the Treasury, are appro pri ated to the trust fund. 

The Techni cal and Miscel la neous Reve nue Act of 1988 

(Pub lic Law 100-647, approved Novem ber 10, 1988) increased the tax each year, 1990 through 1995. These amounts 

are transferred quarterly from the general fund based on estimates made by the Secre tary, subject to adjust ments in later 

trans fers to the amounts of actual tax receipts. 

The Secre tary of the Treasury invests in inter est-bearing

ob li ga tions of the United States that portion of the trust fund, 

in his judgment, not required to meet current withdraw als. The 

in ter est on, and proceeds from, the sale or redemp tion of any

ob li ga tion held in the trust fund is credited to the trust fund. 

The Inland Water ways Reve nue Act of 1978 (Public Law 

95-502) provides that amounts in the trust fund shall be available as provided, by appro pri a tions acts, for construc tion and 

re ha bil i ta tion expen di tures for navi ga tion on the inland and 

intracoastal water ways of the United States described in 33 

United States Code 1804. Expen di tures must be other wise autho rized by law.

An nual reports to Congress are required by 26 United 

States Code 9602(a) to be submit ted by the Secre tary of the 

Trea sury. These reports are required to cover the finan cial

con di tion and the results of oper a tions of the fund during the 

past fiscal year and its expected condi tion and oper a tions during the next 5 fiscal years. 

TA BLE TF-16.—Inland Water ways Trust Fund 

Re sults of Oper a tions, Fiscal 2001 

[Source: Depart ment of the Army Corps of Engi neers] 

Bal ance Oct. 1, 2000 ................................................................................................... .. $387,789,480 

Re ceipts: 

Fuel taxes/revenues ................................................................................................... . 112,683,000 

In ter est on invest ments.................................................................................................. 20,900,958 

To tal receipts ................................................................................................... ..... 133,583,958 

Trans fers: 

Corps of Engi neers ................................................................................................... .. 110,220,630 

Bal ance Sept. 30, 2001 ................................................................................................... $411,152,808 * 

* The source for fiscal 2001 begin ning and ending balance is from the Bureau of the Public 

Debt, Office of Public Debt Account ing, Divi sion of Federal Invest ments, Trust Fund Manage ment Branch. 

Ex pected Condi tion and Results of Oper a tions

Fis cal 2002-2006 * 

[In millions of dollars. Source: Depart ment of the Army Corps of Engi neers] 

2002 2003 2004 2005 

Bal ance Oct. 1 .............................................. 411.2 457.4 490.6 479.0 

Re ceipts: 

Fuel taxes ................................................. 105.5 106.9 108.3 109.7 111.1 

In ter est on invest ments

To tal receipts ............................................. 

23.0 

128.5 

26.3 

133.2 

28.2 

136.5 

27.5 

137.2 

26.6 

137.7 

Trans fers: 

Corps of Engi neers.......................................... 82.3 100.0 148.1 154.4 169.4 

Bal ance Sept. 30 ............................................. 457.4 490.6 479.0 461.9 430.1 

* Outyear projec tions are based on economic condi tions and agencies’ best projec tions of rev- e nues and expen di tures. 

 2006 

461.9 
132
 

IN TRO DUC TION: Leaking Under ground Storage Tank Trust Fund
 

The Leaking Under ground Storage Tank (LUST) Trust 

Fund was estab lished in fiscal 1981 accord ing to provi sions of 

the Compre hen sive Envi ron men tal Response, Compen sa tion 

and Lia bil ity Act of 1980 (Public Law 96-510, codi fied at 26 

United States Code 9508), as amended by the Superfund

Amend ments and Re-authorization Act of 1986 (Public Law 

99-499, dated Octo ber 17, 1986), sections 13163(c) and 

13242(d)(42) of the Omni bus Budget Recon cil i a tion Act of 

1993 (Public Law 103-66, dated August 10, 1993), and section 

1032(e)(13) of the Taxpayer Relief Act of 1987 (Public Law 

105-34, dated August 5, 1997). 

The LUST Trust Fund is financed by taxes collected on 

gas o line, diesel fuels, special motor fuels, avia tion fuels and 

fu els used in commer cial transpor ta tion on inland water ways. 

Amounts available in the LUST Trust Fund, exceed ing current expen di ture require ments, are invested by the Secre tary 

of the Treasury in inter est-bearing Govern ment secu ri ties 

(e.g., Treasury bills). All inter est earned is credited directly to 

the LUST Trust Fund. 

To carry out the LUST program, amounts are appro priated for the LUST Trust Fund to the EPA for program matic 

and admin is tra tive expenses. 

An annual report to Congress by the Secre tary of the 

Trea sury is required by 26 United States Code 9602(a). These

re ports present the finan cial condi tion of the LUST Trust Fund 

and results of oper a tions for the past fiscal year and its expected condi tion and oper a tions during the next 5 fiscal years. 

TA BLE TF-17.—Leaking Under ground Storage Tank Trust Fund 

Re sults of Oper a tions, Fiscal 2001 

[Source: EPA] 

Bal ance Oct. 1, 2000............................................................................................. $1,568,000,000 

Re ceipts: 

Taxes ................................................................................................... .... 179,000,000 

In ter est ................................................................................................... ... 18,000,000 

Gross tax receipts............................................................................................ 197,000,000 

Undisbursed balances: 

En vi ron men tal Protec tion Agency Leaking Under ground Storage Tank balances ............................................ 70,000,000 

To tal undisbursed balances .................................................................................... 70,000,000 

Ex penses: 

En vi ron men tal Protec tion Agency Leaking Under ground Storage Tank expenses ............................................ 72,000,000 

To tal expenses .............................................................................................. 72,000,000 

Bal ance Sept. 30, 2001 ........................................................................................... $1,693,000,000 

2002 2003 2004 2005 2006 

Bal ance Oct. 1 ...................................................... 1,693.0 1,907.8 2,142.5 2,391.4 2,658.6 

Re ceipts: 

Taxes ........................................................... 190.0 196.0 200.0 207.0 207.0 

Interest .......................................................... 96.8 112.7 124.9 138.2 138.2 

To tal receipts.................................................... 286.8 308.7 324.9 345.2 345.2 

Expenses .......................................................... 72.0 74.0 76.0 78.0 78.0 

Bal ance Sept. 30 .................................................... 1,907.8 2,142.5 2,391.4 2,658.6 2,925.8 
133 

IN TRO DUC TION: Nuclear Waste Fund 

The Nuclear Waste Fund was estab lished on the books of 

the Treasury in fiscal 1983, accord ing to section 302 of the Nuclear Waste Policy Act of 1982 [Public Law 97-425, codi fied 

at 42 United States Code 10222(c)]. Receipts repre sent fees 

col lected from public utili ties based on electric ity gener ated 

by nuclear power reac tors and spent nuclear fuel. Expen ditures from the fund are for purposes of radio ac tive waste disposal activ i ties. 

Amounts available in the fund exceed ing current needs 

may be invested by the Secre tary of the Treasury in obli ga tions 

of the United States (1) having matu ri ties in tandem with the 

needs of the waste fund and (2) bearing inter est at rates determined appro pri ate, taking into consid er ation the current average market yield on outstand ing market able obli ga tions of the 

United States with remain ing peri ods to matu rity compa ra ble 

to the matu ri ties of such invest ments, except that the inter est 

rate on such invest ments shall not exceed the aver age inter est 

rate appli ca ble to exist ing borrowings. 

An annual report to Congress by the Secre tary of the 

Trea sury, after consul ta tion with the Secre tary of the Department of Energy (DOE), is required by 42 United States Code 

10222(e)(1). This report must present the finan cial condi tion 

and the results of oper a tions of the waste fund during the preced ing fiscal year. 

TA BLE TF-18.—Nuclear Waste Fund 

Re sults of Oper a tions, Fiscal 2001 

[Source: DOE] 

Bal ance Oct. 1, 2000 ................................................................................................... .. $5,362,510 

Re ceipts: 

Fees collected................................................................................................... ...... 689,376,975 

Pen alties and inter est on fee payments ..................................................................................... 14,648 

In ter est on invest ments.................................................................................................. 1,242,673,051 

To tal receipts ................................................................................................... ..... 1,932,064,674 

Nonexpenditure transfers: 

SF-1151 transfers in (+) ................................................................................................. 11,938,362 

SF-1151 transfers out (-)................................................................................................. 11,938,362 

Net Nonexpenditure transfers ........................................................................................... -

Out lays: 

DOE radio ac tive waste disposal activ i ties ................................................................................... 198,164,231 

Cost of invest ments ................................................................................................... . 1,738,237,017 

To tal outlays ................................................................................................... ..... 1,936,401,248 

Bal ance Sept. 30, 2001 ................................................................................................... $1,025,936 
134 

IN TRO DUC TION: Refor es ta tion Trust Fund 

The Refor es ta tion Trust Fund was estab lished on the 

books of the Treasury in fiscal 1981 to continue through Septem ber 30, 1985, accord ing to provi sions of Title III—Refores ta tion, of the Recre ational Boating Safety and Facil ities

Im prove ment Act of 1980 [Public Law 96-451, codi fied at 16 

United States Code 1606a(a)]. 

The act provides that the Secre tary of the Treasury shall 

trans fer to the trust fund tariffs, limited to not more than $30 

mil lion for any fiscal year, received in the Treasury from October 1, 1979, through Septem ber 30, 1985, on (1) rough and primary wood products and wood waste; (2) lumber, flooring and 

mold ings; and (3) wood veneers, plywood, other 

wood-veneer assem blies and building boards. Public Law 

99-190, title II, 99 Statutes at Large 1245, extended the receipts for the trust fund. Amounts available in the refor es ta tion 

trust fund exceed ing current withdraw als are invested in interest-bearing obli ga tions of the United States or in obli ga tions

guar an teed as to both princi pal and inter est by the United 

States. The inter est on, and the proceeds from the sale or redemp tion of, any obli ga tions are credited to the trust fund. 

The Secre tary of the Depart ment of Agri cul ture is authorized to obli gate available sums in the trust fund (includ ing 

any amounts not obli gated in previ ous years) for (1) refor es tation and timber stand improve ment and (2) admin is tra tive 

costs of the Govern ment for these activ i ties.

An nual reports are required by 16 United States Code 

1606a(c) (1) to be submit ted by the Secre tary of the Treasury,

af ter consul ta tion with the Secre tary of Agri cul ture, on the finan cial condi tion and the results of the oper a tions of the trust 

fund during the past fiscal year and on its expected condi tion 

and oper a tions during the next fiscal year. 

TA BLE TF-19.—Refor es ta tion Trust Fund 

Re sults of Oper a tions, Fiscal 2001 

[Source: Depart ment of Agri cul ture] 

Bal ance Oct. 1, 2000 ................................................................................................... .. $25,310,510 

Re ceipts: 

Ex cise taxes (tariffs) ................................................................................................... . 30,000,000 

Re demp tion of invest ment ............................................................................................... -

To tal receipts ................................................................................................... ..... 30,000,000 

Ex penses: 

Ex pen di ture................................................................................................... ........ 26,013,639 

To tal expenses ................................................................................................... ... 26,013,639 

Ad just ment . ................................................................................................... ......... -

Bal ance Sept. 30, 2001 ................................................................................................... $29,296,871 

TA BLE TF-19.—Re for es ta tion Trust Fund
 

Ex pected Condi tion and Results of Oper a tions, Fiscal 2002
 

[In thousands of dollars. Source: Depart ment of Agri cul ture] 

Bal ance Oct. 1 ................................................................................................... ....... 29,297 

Re ceipts: 

Ex cise taxes (tariffs) ................................................................................................... . 30,000 

Re demp tion of invest ment ............................................................................................... 240 

To tal receipts ................................................................................................... ..... 30,240 

Out lays ................................................................................................... ............. 30,000 

Bal ance Sept. 30 ................................................................................................... ..... 29,537 
TRUST FUNDS 135
 

CHARTS TF-D and E.—Major Trust Funds 

[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various 

Government agencies. See tables TF-10, TF-12, TF-14, TF-15 and TF-18.] 

1800	 In ter est on 

Fis cal 2000-2001 1500 In vest ments, 

1200 

900 

2000 2001 

(In millions of dollars) 

600 

300 

* Inter est on these invest ments

0	 was zero. 

Nuclear Airport Hazardous * Highway 

Waste and Substance Trust Fund 

Fund Airway Superfund 

Trust Fund 

Re ceipts and 40 

Ex penses, 35

Fis cal 2001 

Receipts 

Expenses 

(In billions of dollars) 

30 

25 

20 

15 

10 

5 

0 

Highway Airport Nuclear Hazardous Black 

Trust Fund and Waste Substance Lung 

Airway Fund Superfund Trust Fund 

Trust Fund 
136 

IN TRO DUC TION: Aquatic Resources Trust Fund 

The Aquatic Resources Trust Fund was estab lished on the 

books of the Treasury pursu ant to the Defi cit Reduc tion Act of 

1984 [Public Law 98-369, divi sion A, title X, section 1016(a),

ap proved July 18, 1984]. The fund consists of two accounts: the 

Sport Fish Resto ra tion Account and Boat Safety Account. 

Mo tor boat fuel taxes are transferred, in amounts up to $70

mil lion per fiscal year, from the Highway Trust Fund to the 

Boat Safety Account. Author ity for such transfers expires on 

Oc to ber 1, 2003. 

Amounts equiva lent to the excise taxes received on sport

fish ing equipment and import duties on fishing tackle, yachts 

and pleasure craft are appro pri ated into the Sport Fish Resto ration Account. Motor boat fuel taxes not transferred to the Boat 

Safety Account or to the Land and Water Conser va tion Fund 

are transferred from the Highway Trust Fund to the Sport Fish

Res to ra tion Account. Transfers of motor boat fuel taxes from 

the Highway Trust Fund to the Land and Water Conser va tion 

Fund are limited to $1 million per fiscal year. In addi tion, pursu ant to the Omni bus Budget Recon cil i a tion Act of 1990 [Public Law 101-508, title XI, section 11211(i)(2) and (3)], small

en gine gaso line taxes are transferred to the Sport Fish Resto ration Account. 

Amounts in the Sport Fish Resto ra tion Account are used, 

as provided by appro pri a tions acts, for the purposes of carry ing 

out “An Act to provide that the United States shall aid the States 

in fish resto ra tion and manage ment projects, and for other purposes,” approved August 9, 1950 (as in effect on the date of enact ment of the Transpor ta tion Equity Act for the 21st Century 

(TEA-21) Resto ra tion Act), the purposes of section 7404(d) of 

the Transpor ta tion Equity for the 21st Century (as in effect on 

the date of enact ment of the TEA-21 Resto ra tion Act), and the 

Coastal Wetlands Planning, Protec tion and Resto ra tion Act (as 

in effect on the date of enact ment of the TEA-21 Resto ra tion 

Act). 

Amounts in the Boat Safety Account, as provided by appro pri a tions acts, are available to carry out the purposes of section 13106 of title 46, United States Code (as in effect on the 

date of enact ment of the TEA-21 Resto ra tion Act). 

When the provi sions of 26 United States Code 9602(b) are 

met, amounts available in the two accounts exceed ing outlay

re quire ments are invested in public debt secu ri ties with the inter est credited to the respec tive accounts. 

An nual reports to Congress, required by 26 United States 

Code 9602(a), are submit ted by the Secre tary of the Treasury. 

These reports are required to cover the finan cial condi tion and 

re sults of oper a tions of the fund during the past fiscal year and 

those expected during the next 5 fiscal years. 

TA BLE TF-20.—Aquatic Resources Trust Fund, Sport Fish Resto ra tion

Re sults of Oper a tions, Fiscal 2001 

[Source: Bureau of the Public Debt] 

Bal ance Oct. 1, 2000 ................................................................................................... .. $1,223,150,362 * 

Rev e nue: 

Tax reve nue: 

Gas, motorboat ................................................................................................... ..... 183,622,000 

Fish, equipment ................................................................................................... .... 117,494,716 

Electric trolling sonar................................................................................................... . 2,226,000 

Cus toms/im port duties .................................................................................................. 34,771,495 

Gas, motorboat, small engines ............................................................................................ 60,279,000 

To tal, tax revenue ................................................................................................... . 398,393,211 

In vest ment reve nue: 

In ter est on investments.................................................................................................. 72,480,828 

Loss on sale of securities ................................................................................................ -

To tal, invest ment revenue .............................................................................................. 72,480,828 

To tal revenue................................................................................................... ..... 470,874,039 

Nonexpenditure transfers: 

Trans fer to Inte rior ................................................................................................... .. 706,332,612 

Trans fer to U.S. Coast Guard ............................................................................................. 122,533,418 

Trans fer to Corps of Engi neers............................................................................................ 288,321,880 

To tal nonexpenditure transfers .......................................................................................... 1,117,187,910 

Bal ance Sept. 30, 2001 ................................................................................................... $576,836,490 

* Includes payables in the amounts of $84,195 for Boat Safety and $676,673,101 for Sport Fish Res to ra tion, reported on the balance sheet submit ted by the Office of Public Debt for Aquatic Re sources, Septem ber 30, 2000. 
TRUST FUNDS 137 

TA BLE TF-20.—Aquatic Resources Trust Fund, Sport Fish Resto ra tion

Ex pected Condi tion and Results of Oper a tions, Fiscal 2002-2006 

[In thousands of dollars. Source: Depart ment of the Interior] 

2002 2003 2004 2005 2006 

Bal ance Oct. 1 ...................................................... 576,836 598,306 621,739 662,214 695,867 

Re ceipts/Revenue: 

Taxes ........................................................... 418,000 427,000 450,000 462,000 474,000 

Interest .......................................................... 42,000 52,000 58,000 60,000 62,000 

Transfers ........................................................ - - - - -

To tal receipts.................................................... 460,000 479,000 508,000 522,000 536,000 

Ex penses: 

Ex penses/outlays .................................................. 312,198 333,607 343,171 360,339 373,134 

Transfers ........................................................ 126,332 121,960 124,354 128,008 129,772 

To tal Expenses .................................................. 438,530 455,567 467,525 488,347 502,906 

Bal ance Sept. 30 .................................................... 598,306 621,739 662,214 695,867 728,961 

TA BLE TF-20.—Aquatic Resources Trust Fund, Boat Safety

Re sults of Oper a tions, Fiscal 2001 

[Source: Bureau of the Public Debt] 

Bal ance Oct. 1, 2000 ................................................................................................... .. $77,025,430 

Rev e nue: 

In vest ment reve nue: 

In ter est on invest ments .................................................................................................. 3,990,608 

Loss on sale of securities ................................................................................................ -

To tal invest ment revenue ................................................................................................ 3,990,608 

To tal reve nue................................................................................................... ..... 3,990,608 

Nonexpenditure transfers: 

U.S. Coast Guard ................................................................................................... ... 84,195 

To tal nonexpenditure transfers .......................................................................................... 84,195 

Bal ance Sept. 30, 2001 ................................................................................................... $80,931,842 
138 TRUST FUNDS 

TA BLE TF-20.—Aquatic Resources Trust Fund, Boat Safety

Ex pected Condi tion and Results of Oper a tions, Fiscal 2002-2006 

[In thousands of dollars. Source: Depart ment of Transpor ta tion] 

2002 2003 2004 2005 2006 

Bal ance Oct. 1 ........................... $80,932 85,432 90,432 95,432 100,432 

Re ceipts/Rev e nue: 

Taxes ................................ - - - - -

Interest ............................... 4,500 5,000 5,000 5,000 5,000 

Transfers .............................. - - - - -

To tal receipts ......................... 4,500 5,000 5,000 5,000 5,000 

Ex penses: 

Ex penses/outlays ....................... - - - - -

Trans fers .............................. - - - - -

To tal Expenses ....................... - - - - -

Bal ance Sept. 30 ......................... $85,432 90,432 95,432 100,432 105,432 

Note.— Esti mates for fiscal 2003-2006 are subject to change by appro pri a tion and/or legisla tive ac tion to reauthorize transfer of motor boat fuel taxes to the Boat Safety Account. 
139 

IN TRO DUC TION: Oil Spill Lia bil ity Trust Fund 

The Oil Spill Lia bil ity Trust Fund was estab lished on the 

books of the Treasury by section 8033 of the Omni bus Budget

Rec on cil i a tion Act of 1986 (Public Law 99-509). It was made

ef fec tive on Janu ary 1, 1990, by section 7811(m)(3) of the Om­ ni bus Budget Recon cil i a tion Act of 1989 (Public Law 

101-239) and amended by section 9001of the Oil Pollu tion Act 

of 1990 (Public Law 101-380). 

Amounts equiva lent to the taxes received from the envi­ ron men tal tax on petro leum, but only to the extent of the Oil 

Spill Lia bil ity Trust Fund rate, are appro pri ated to the fund. 

The tax is not applied during any calen dar quarter if the Secre­ tary of the Treasury esti mates that, as of the close of the preced­ ing calen dar quarter, the unobligated balance in the fund

ex ceeds $1 billion.

Cer tain amounts were transferred from other funds and 

were appro pri ated to the Oil Spill Lia bil ity Trust Fund as provided by 26 United States Code 9509(b). Certain paid penal ties

and amounts recov ered for damages are also appro pri ated to 

the fund. 

Amounts in the fund are available for oil spill cleanup

costs and certain other related purposes as provided by appro­ pri a tions acts or section 6002(b) of the Oil Pollu tion Act of 

1990 (Public Law 101-380). 

When the provi sions of 26 United States Code 9602(b) are

met, amounts available in the fund exceed ing outlay require­ ments are invested in public debt secu ri ties. Inter est is credited 

to the fund.

An nual reports to Congress, required by 26 United States

Code 9602(a), are submit ted by the Secre tary of the Treasury.

These reports are required to cover the finan cial condi tion and

re sults of oper a tions of the fund during the past fiscal year and

those expected during the next 5 fiscal years. 

TA BLE TF-21.—Oil Spill Lia bil ity Trust Fund 

Re sults of Oper a tions, Fiscal 2001 

[Source: Bureau of the Public Debt] 

Bal ance Oct. 1, 2000 ................................................................................................... .. $1,163,605,600 * 

Rev e nue:

Tax on crude oil/petro leum products........................................................................................ - Other income ................................................................................................... ...... 129,931 

Trans-Alaska Pipeline lia bil ity fund deposit................................................................................... - Cost recoveries ................................................................................................... ..... 59,975,947

Fi nes and penalties................................................................................................... .. 3,653,646 

Net reve nue before interest ............................................................................................. 63,759,524 

In vest ment Income: In ter est on invest ments .................................................................................................. 67,566,733

Re al ized loss................................................................................................... ....... -

To tal invest ment income ............................................................................................... 67,566,733 

To tal reve nue................................................................................................... ..... 131,326,257 

Ex pen di tures:

Trea sury admin is tra tive expense - BPD ..................................................................................... 22,254 

Non-expenditure transfers:

Trans fer to Denali commis sion ............................................................................................ 11,360,875

Trans fer to Inte rior ................................................................................................... .. 6,104,540

Trans fer to EPA ................................................................................................... .... 14,967,000

Trans fer to DOT ................................................................................................... .... 7,471,526

Trans fer to U.S. Coast Guard ............................................................................................. 294,241,201

Trans fer to North Pacific ................................................................................................. 5,000,000

To tal Nonexpenditures transfers ......................................................................................... 339,145,142 

To tal expen di ture/nonexpenditure transfers ................................................................................ 339,167,396 

Bal ance Sept. 30, 2001 ................................................................................................... $955,764,461 

* In cludes a payable in the amount of $169,637,546 reported on the balance sheet submit ted by the Office of Public Debt Account ing, Septem ber 30, 2000. 

TA BLE TF-21.—Oil Spill Lia bil ity Trust Fund
 

Ex pected Condi tion and Results of Oper a tions, Fiscal 2002-2006
 

[In millions of dollars. Source: Depart ment of Transportation] 

2002 2003 2004 2005 2006 

Bal ance, Oct. 1 ........................... 956 807 665 511 341 

Estimated receipts ........................ 

Es ti mated expenses ....................... 

100 

248 

102 

244 

93 

247 

85 

255 

76 

258 

Bal ance Sept. 30........................ 807 665 511 341 159 
140 

IN TRO DUC TION: Vaccine Injury Compen sa tion Trust Fund 

The Vaccine Injury Compen sa tion Trust Fund was created 

on the books of the Treasury by section 9202 of the Reve nue 

Act of 1987 (Public Law 100-203, approved Decem ber 22, 

1987). Excise taxes on diphthe ria, pertus sis, teta nus, measles, 

mumps, rubella, polio, hepa ti tis B, haemophilus influ enza type 

b, varicella, rotavirus and pneumococcal conju gate vaccines 

(26 United States Code 4131) are appro pri ated into the fund, 

which is a source of funds to pay claims for compen sa tion for 

vac cine-related injury or death occur ring after Octo ber 1, 

1988. 

An nual reports to Congress, required by 26 United States 

Code 9602(a), are submit ted by the Secre tary of the Treasury. 

These reports are required to cover the finan cial condi tion and 

re sults of oper a tions of the fund during the past fiscal year and 

those expected during the next 5 fiscal years. 

TA BLE TF-22.—Vac cine Injury Compen sa tion Trust Fund 

Re sults of Oper a tions, Fiscal 2001 

[Source: Bureau of the Public Debt] 

Bal ance Oct. 1, 2000 ................................................................................................... .. $1,587,775,007 

Re ceipts:

Ex cise tax receipts ................................................................................................... .. 117,758,250 

In ter est on invest ments .................................................................................................. 84,499,515 

To tal receipts ................................................................................................... ..... 202,257,766 

Out lays: 

U.S. Court of Federal Claims expenses ..................................................................................... 2,081,214 

U.S. Depart ment of Justice expenses....................................................................................... 4,881,385 

To tal outlays ................................................................................................... ..... 6,962,599 

Non-expenditure transfers: 

Trans fer to Health Resources ............................................................................................. 80,595,197 

To tal outlays/transfers ................................................................................................. 87,557,796 

Bal ance Sept. 30, 2001 ................................................................................................... $1,702,474,976 

TA BLE TF-22.—Vaccine Injury Compen sa tion Trust Fund
 

Ex pected Condi tion and Results of Oper a tions, Fiscal 2002-2006
 

[In thousands of dollars. Source: Depart ment of Health and Human Services ] 

2002 2003 2004 2005 

Bal ance Oct. 1 ............................ 1,702,475 1,815,806 1,929,263 2,040,545 2,151,519 

Re ceipts ................................. 123,000 125,000 125,000 127,000 128,000 

In ter est on investments .................... 82,035 84,375 86,625 88,965 91,260 

To tal receipts .......................... 205,035 209,375 211,625 215,965 219,260 

Out lays: 

U.S. Court of Federal Claims................ 2,980 2,980 2,980 2,980 2,980 

U.S. Depart ment of Justice expenses ......... 4,028 4,028 4,028 4,028 4,028 

To tal outlays ........................... 7,008 7,008 7,008 7,008 7,008 

Non-expenditure transfers: 

Trans fers to Health Resources .............. 84,696 88,910 93,335 97,983 102,964 

To tal outlays/transfers ................... 91,704 95,918 100,343 104,991 109,972 

Bal ance Sept. 30........................... 1,815,806 1,929,263 2,040,545 2,151,519 2,260,807 

 2006 
141
 

IN TRO DUC TION: Wool Research, Devel op ment,
 

and Promo tion Trust Fund
 

The Wool Research, Devel op ment, and Promo tion Trust 

Fund was estab lished in fiscal 2000 with a sunset provi sion effec tive Janu ary, 1, 2004, accord ing to provi sions of the Trade 

and Devel op ment Act of 2000 (Public Law 106-200, signed 

May 18, 2000). 

The Act provides that the Secre tary of the Treasury shall 

trans fer to the trust fund out of the general fund of the U.S. Treasury amounts deter mined to be equiva lent to the duty received 

on arti cles under chapters 51 and 52 of the Harmo nized Tariff 

Sched ule of the United States. The amount to be transferred is 

lim ited to $2,500,000 in any fiscal year and may be invested in 

U.S. Treasury secu ri ties. 

The Secre tary of Agri cul ture is autho rized to provide 

grants to a nation ally recog nized council estab lished for the devel op ment of the United States wool market for the devel opment of the United States wool market for the follow ing

pur poses: 

• As sist United States wool produc ers in improv ing the 

qual ity of wool and wool produc tion methods for wool produced in the United States. 

• Dis sem i nate infor ma tion on improve ments to United 

States wool produc ers. 

• As sist United States wool produc ers in devel op ing and 

pro mot ing the wool market. 

An nual reports to Congress are required on the finan cial

con di tion and the results of the oper a tions of the trust fund during the past fiscal year and on its expected condi tion and oper ations during the next fiscal year. 

TA BLE TF-23.—Wool Research, Devel op ment, and Promotion Trust Fund 

Re sults of Oper a tions, Fiscal 2001 

[In thousands of dollars. Source: Depart ment of Agri cul ture] 

Bal ance Oct. 1, 2000................................................................................................... 2,250 

Re ceipts: 

Har mo nized Tariff ................................................................................................... 2,250 

To tal Receipts................................................................................................... .. 2,250 

Ex penses: 

Ex pen di ture ................................................................................................... ..... 4,500 

To tal Expenses ................................................................................................... . 4,500 

Bal ance Sept. 30, 2001................................................................................................. -

TA BLE TF-23.—Wool Research, Devel op ment, and Promotion Trust Fund 

Ex pected Condi tion and Results of Oper a tions, Fiscal 2002 

[In thousands of dollars. Source: Depart ment of Agri cul ture] 

Bal ance Oct. 1................................................................................................... ..... -

Re ceipts: 

Har mo nized Tariff ................................................................................................... 2,250 

To tal Receipts................................................................................................... .. 2,250 

Ex penses: 

Ex pen di ture ................................................................................................... ..... 2,250 

To tal Expenses ................................................................................................... . 2,250 

Bal ance Sept. 30................................................................................................... ... -
142 TECH NI CAL PAPERS 

Re search Paper Series 

Avail able through the Office of the Assis tant Secre tary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil. 

December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 

Copies may be obtained by writing to: 

Ann Bailey, Depart ment of the Treasury 

1500 Pennsyl va nia Ave., NW., Room 4409 

Wash ing ton, D.C. 20220 

Tele phone (202) 622-1519, or fax (202) 622-1294 
143
 

Glos sary
 

With Refer ences to Appli ca ble Sections and Tables 

Source: Finan cial Manage ment Service 

Ac crued discount (SBN-1, -2, -3)—In ter est that accu mu lates 

on savings bonds from the date of purchase until the date of redemp tion or final matu rity, whichever comes first. Series A, B, 

C, D, E, EE, F, I and J are discount or accrual type

bonds—mean ing princi pal and inter est are paid when bonds 

are redeemed. Series G, H, HH and K are current-income 

bonds, and the semian nual inter est paid to their holders is not 

in cluded in accrued discount. 

Amounts outstand ing and in circu la tion (USCC)—In­ cludes all issues by the Bureau of the Mint purposely intended 

as a medium of exchange. Coins sold by the Bureau of the Mint 

at premium prices are excluded; however, uncirculated coin 

sets sold at face value plus handling charge are included. 

Aver age discount rate (PDO-2, -3)—In Treasury bill auctions, purchas ers tender compet i tive bids on a discount rate basis. The aver age discount rate is the weighted, or adjusted,

av er age of all bids accepted in the auction. 

Bud get author ity (“Federal Fiscal Oper a tions”)—Congress passes laws giving budget author ity to Govern ment entities, which gives the agencies the power to spend Federal 

funds. Congress can stipu late vari ous crite ria for the spending 

of these funds. For exam ple, Congress can stipu late that a 

given agency must spend within a specific year, number of 

years, or any time in the future. 

The basic forms of budget author ity are appro pri a tions, au­ thor ity to borrow, con tract author ity, and author ity to obli gate 

and expend offset ting receipts and collec tions. The period of 

time during which Congress makes funds available may be

spec i fied as 1-year, multi ple-year or no-year. The available 

amount may be classi fied as either defi nite or indef i nite; a specific amount or an unspec i fied amount can be made available. 

Au thor ity also may be classi fied as current or perma nent. Perma nent author ity requires no current action by Congress. 

Bud get defi cit—The total, cumu la tive amount by which bud- get outlays (spending) exceed budget receipts (income). 

Cash manage ment bills (PDO-2)—Mar ket able Treasury 

bills of irreg u lar matu rity lengths, sold peri od i cally to fund 

short-term cash needs of Treasury. Their sale, having higher

min i mum and multi ple purchase require ments than those of 

other issues, is gener ally restricted to compet i tive bidders. 

Com pet i tive tenders (“Trea sury Financing Oper ations”)—A bid to purchase a stated amount of one issue of

Trea sury secu ri ties at a speci fied yield or discount. The bid is 

ac cepted if it is within the range accepted in the auction. (See

Non com pet i tive tenders.) 

Cou pon issue—The issue of bonds or notes (public debt). 

Cur rency no longer issued (USCC)—Old and new series 

gold and silver certif i cates, Federal Reserve notes, national 

bank notes and 1890 Series Treasury notes. 

Cur rent income bonds (“U.S. Savings Bonds and 

Notes”)—Bonds paying semian nual inter est to holders. Interest is not included in accrued discount. 

Debt outstand ing subject to limi ta tion (FD-6)—The debt 

in curred by the Treasury subject to the statu tory limit set by

Con gress. Until World War I, a specific amount of debt was 

au tho rized to each sepa rate secu rity issue. Begin ning with the 

Sec ond Liberty Loan Act of 1917, the nature of the limi ta tion 

was modi fied until, in 1941, it devel oped into an overall limit 

on the outstand ing Federal debt. As of December 2001, the 

debt limit was $5,950,000 million; the limit may change from 

year to year. 

The debt subject to limi ta tion includes most of Treasury’s 

pub lic debt except secu ri ties issued to the Federal Financing 

Bank, upon which there is a limi ta tion of $15 billion, and certain cate go ries of older debt (total ing approx i mately $595 million as of Febru ary 1991). 

Dis count—The inter est deducted in advance when purchasing notes or bonds. (See Accrued discount.) 

Dis count rate (PDO-2)—The differ ence between par value 

and the actual purchase price paid, annu al ized over a 360-day 

year. Be cause this rate is less than the actual yield (coupon-equivalent rate), the yield should be used in any compar i- son with coupon issue secu ri ties. 

Dol lar coins (USCC)—In clude standard silver and nonsilver 

coins. 

Do mes tic series (FD-2)—Non mar ket able, inter est and 

non-interest-bearing secu ri ties issued peri od i cally by Trea­ sury to the Reso lu tion Funding Corpo ra tion (RFC) for investment of funds autho rized under section 21B of the Federal 

Home Loan Bank Act (12 United States Code 1441b). 

Fed eral intrafund transac tions (“Federal Fiscal Oper ations”)—Intrabudgetary transac tions in which payments and 

re ceipts both occur within the same Federal fund group (Federal funds or trust funds). 

Fed eral Reserve notes (USCC)—Is sues by the U.S. Govern­ ment to the public through the Federal Reserve Banks and 

their member banks. They repre sent money owed by the Govern ment to the public. Currently, the item “Federal Reserve 

notes—amounts outstand ing” consists of new series issues. 

The Federal Reserve note is the only class of currency currently issued. 

For eign (“Foreign Currency Posi tions,” IFS-2, -3)—Lo cations other than those included under the defi ni tion of the 

United States. (See United States.) 

For eigner (“Capi tal Movements,” IFS-2)—All insti tu tions 

and indi vid u als living outside the United States, includ ing 

U.S. citi zens living abroad, and branches, subsid iar ies, and 

other affil i ates abroad of U.S. banks and business concerns;

cen tral govern ments, central banks, and other offi cial insti tu­ tions of countries other than the United States; and inter national and regional orga ni za tions, wherever located. Also 

re fers to persons in the United States to the extent that they are 

known by report ing insti tu tions to be acting for foreign ers. 
144
 

Glos sary
 

For eign offi cial insti tu tions (“Capi tal Movements”)—Includes central govern ments of foreign countries, includ ing all 

de part ments and agencies of national govern ments; central 

banks, exchange author i ties, and all fiscal agents of foreign

na tional govern ments that under take activ i ties simi lar to those 

of a treasury, central bank, or stabi li za tion fund; diplo matic 

and consular estab lish ments of foreign national govern ments; 

and any inter na tional or regional orga ni za tion, includ ing sub- or di nate and affil i ate agencies, created by treaty or conven tion

be tween sover eign states. 

For eign public borrower (“Capi tal Movements”)—Includes foreign offi cial insti tu tions, as defined above, the corpo ra tions and agencies of foreign central govern ments,

in clud ing devel op ment banks and insti tu tions, and other agencies that are major ity-owned by the central govern ment or its 

de part ments; and state provin cial and local govern ments of 

for eign countries and their depart ments and agencies. 

For eign-targeted issue (PDO-1, -3)—For eign-targeted issues were notes sold between Octo ber 1984 and Febru ary 

1986 to foreign insti tu tions, foreign branches of U.S. insti tutions, foreign central banks or mone tary author i ties, or to inter na tional orga ni za tions in which the United States held 

mem ber ship. Sold as compan ion issues, they could be converted to domes tic (normal) Treasury notes with the same ma­ tu rity and inter est rates. Inter est was paid annu ally. 

Frac tional coins (USCC)—Coins minted in denom i na tions 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Gov ern ment account series (FD-2)—Cer tain trust fund statutes require the Secre tary of the Trea sury to apply monies held 

by these funds toward the issu ance of nonmar ket able special 

se cu ri ties. These secu ri ties are sold directly by Treasury to a 

spe cific Govern ment agency, trust fund or account. Their rate 

is based on an aver age of market yields on outstand ing Trea­ sury obli ga tions, and they may be redeemed at the option of 

the holder. Roughly 80 percent of these are issued to five holders: the Federal Old-age and Survi vors Insur ance Trust Fund; 

the civil service retire ment and disabil ity fund; the Federal 

Hos pi tal Insur ance Trust Fund; the mili tary retire ment fund; 

and the Unem ploy ment Trust Fund. 

Interfund transac tions (“Federal Fiscal Oper ations”)—Trans ac tions in which payments are made from one 

fund group (either Federal funds or trust funds) to a receipt account in another group. 

In ter na tional Mone tary Fund (“Exchange Stabi li za tion 

Fund,” IFS-1)—(IMF) Estab lished by the United Nations, 

the IMF promotes inter na tional trade, stabil ity of exchange 

and mone tary coop er a tion. Members are allowed to draw from 

the fund. 

Intrabudgetary transac tions (“Federal Fiscal Oper ations”)—These occur when payment and receipt both occur 

within the budget, or when payment is made from off-budget

Fed eral enti ties whose budget author ity and outlays are excluded from the budget totals. 

Ma tured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstand ing savings bonds and notes that have 

reached final matu rity and no longer earn inter est. Includes all 

Se ries A-D, F, G, I, J and K bonds. Series E bonds (issued between May 1941 and Novem ber 1965), Series EE (issued 

since Janu ary 1980), Series H (issued from June 1952 through

De cem ber 1979), and savings notes issued between May 1967 

and Octo ber 1970 have a final matu rity of 30 years. Series HH 

bonds (issued since Janu ary 1980) mature after 20 years. 

Non com pet i tive tenders (“Trea sury Financing Oper ations”)—Of fers by an inves tor to purchase Treasury secu rities at the price equiva lent to the weighted aver age discount 

rate or yield of accepted compet i tive tenders in a Treasury auction. Noncom pet i tive tenders are always accepted in full. 

Off-budget Federal enti ties (“Federal Fiscal Oper a­ tions”)—Fed erally owned and controlled enti ties whose 

trans ac tions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or defi cit are 

not included in budget receipts, outlays or defi cits. Their budget author ity is not included in totals of the budget. 

Out lays (“Federal Fiscal Oper a tions”)—Pay ments on obliga tions in the form of cash, checks, the issu ance of bonds or 

notes, or the matur ing of inter est coupons. 

Own foreign offices (“Capi tal Movements”)—Re fers to 

U.S. report ing insti tu tions’ parent orga ni za tions, branches 

and/or major ity-owned subsid iar ies located outside the 

United States. 

Par value—The face value of bonds or notes, includ ing interest. 

Quar terly financ ing (“Trea sury Financing Oper ations”)—Trea sury has histor i cally offered packages of sev­ eral “coupon” secu rity issues on the 15th of Febru ary, May,

Au gust and Novem ber, or on the next working day. These issues currently consist of a 3-year note, a 10-year note and a 

30-year bond. Treasury sometimes offers addi tional amounts 

of outstand ing long-term notes or bonds, rather than selling 

new secu rity issues. (See Reopening.) 

Re ceipts (“Federal Fiscal Oper a tions”)—Funds collected 

from selling land, capi tal or services, as well as collec tions 

from the public (budget receipts), such as taxes, fines, duties 

and fees. 

Re opening (PDO-3, -4)—The offer for sale of addi tional 

amounts of outstand ing issues, rather than an entirely new is- sue. A reopened issue will always have the same matu rity date, 

CUSIP-number and inter est rate as the origi nal issue. 

Spe cial drawing rights (“Exchange Stabi li za tion Fund,” 

IFS-1)—In ter na tional assets created by IMF that serve to increase inter na tional liquid ity and provide addi tional inter na­ tional reserves. SDRs may be purchased and sold among

el i gi ble holders through IMF. (See IMF.) 

SDR allo ca tions are the counter part to SDRs issued by IMF 

based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as lia bil i ties, 

they must be redeemed by ESF only in the event of liqui da tion 

of, or U.S. withdrawal from, the SDR depart ment of IMF or 

can cel la tion of SDRs. 

SDR certif i cates are issued to the Federal Reserve System 

against SDRs when SDRs are legal ized as money. Proceeds of 

mon e ti za tion are depos ited into an ESF account at the Federal 

Re serve Bank of New York. 

Spot (“Foreign Currency Posi tions”)—Due for receipt or 

de liv ery within 2 workdays. 
145
 

Glos sary
 

State and local govern ment series (FD-2)—(SLUGs) Special nonmar ket able certif i cates, notes and bonds offered to 

State and local govern ments as a means to invest proceeds 

from their own tax-exempt financ ing. Inter est rates and maturi ties comply with IRS arbi trage provi sions. SLUGs are of­ fered in both time deposit and demand deposit forms. Time 

de posit certif i cates have matu ri ties of up to 1 year. Notes ma­ ture in 1 to 10 years and bonds mature in more than 10 years.

De mand deposit secu ri ties are 1-day certif i cates rolled over 

with a rate adjust ment daily. 

Stat u tory debt limit (FD-6)—By Act of Congress there is a 

limit, either tempo rary or perma nent, on the amount of public 

debt that may be outstand ing. When this limit is reached, Treasury may not sell new debt issues until Congress increases or 

ex tends the limit. For a detailed listing of changes in the limit 

since 1941, see the Budget of the United States Govern ment. 

(See debt outstand ing subject to limi ta tion.) 

STRIPS (PDO-1, -3)—Sep a rate Trading of Regis tered Interest and Princi pal Secu ri ties. Long-term notes and bonds may 

be divided into princi pal and inter est-paying compo nents, 

which may be transferred and sold in amounts as small as 

$1,000. STRIPS are sold at auction at a mini mum par amount,

vary ing for each issue. The amount is an arithme tic function of 

the issue’s inter est rate. 

Trea sury bills—The shortest term Federal secu rity (matu rity 

dates normally varying from 3 to 12 months), they are sold at a 

dis count. 

Trust fund transac tion (“Federal Fiscal Oper ations”)—An intrabudgetary transac tion in which both pay­ ments and receipts occur within the same trust fund group. 

United States—In cludes the 50 States, District of Colum bia,

Com mon wealth of Puerto Rico, Ameri can Samoa, Midway

Is land, Virgin Islands, Wake Island and all other terri to ries and 

pos ses sions. 

U.S. notes (USCC)—Le gal tender notes of five differ ent issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 

($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 

notes).