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FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

MARCH 2010
Additional Financial Management Service 

Releases on Federal Finances

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BULLETIN

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The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

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March 2010 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 19 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 19

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 21 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 22 

FD-2.—Debt Held by the Public ......................................................................................................................................... 23 

FD-3.—Government Account Series................................................................................................................................... 24 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 25 

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

 Private Investors .................................................................................................................................................... 26 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 27 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 28

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 30 

TREASURY FINANCING ................................................................................................................................................. 31 

PDO-1.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 37 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 38 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 39 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 40 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 41

MARKET YIELDS 

Introduction.—Market Yields.............................................................................................................................................. 42 

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 42 

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 43 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 43 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 44
March 2010 

IV 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 47 

IFS-1.—U.S. Reserve Assets............................................................................................................................................... 47 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 48 

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

 Residents of Foreign Countries.............................................................................................................................. 49

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 50 

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

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 53 

CM-I-2.—Total Liabilities by Country................................................................................................................................ 54 

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 56 

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

 with Respect to Selected Countries...................................................................................................................... 58 

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

CM-II-1.—Total Claims by Type........................................................................................................................................ 59 

CM-II-2.—Total Claims by Country ................................................................................................................................... 60 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 62 

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

 with Respect to Selected Countries...................................................................................................................... 64

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

 in the United States 

CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 65 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 66 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 68 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 70 

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

CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 72 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 73 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 74 

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

 and Country, during (fourth quarter)................................................................................................................. 76 

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

 and Country, during (calendar year) ................................................................................................................. 78 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 80 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 81

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

 Businesses in the United States 

CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 82

CM-V-2.—Gross Total of Holdings with Negative Fair Values, by Country ..................................................................... 83 

CM-V-3.—Gross Total of Holdings with Positive Fair Values, by Country....................................................................... 84 

CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract................... 85 

CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Country .................. 86 
March 2010 

V

Contents 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 87 

SECTION I.—Canadian Dollar Positions 

FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 88 

FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 89 

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 89 

SECTION II.—Japanese Yen Positions 

FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 90 

FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 91 

FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 91 

SECTION III.—Swiss Franc Positions 

FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 92 

FCP-III-2.—Monthly Report of Major Market Participants................................................................................................ 93 

FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................... 93 

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 100 

ESF-1.—Balance Sheet ..................................................................................................................................................... 100 

ESF-2.—Income and Expense........................................................................................................................................... 101

SPECIAL REPORTS 

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

Introduction.—Financial Report Excerpt........................................................................................................................... 105 

Financial Report Excerpt ................................................................................................................................................... 106 

TRUST FUNDS 

Introduction.—Airport and Airway Trust Fund................................................................................................................. 119 

TF-1.—Airport and Airway Trust Fund ............................................................................................................................ 120 

Introduction.—Uranium Enrichment Decontamination and Decommissioning Fund....................................................... 121 

TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund................................................................... 122 

Introduction.—Black Lung Disability Trust Fund............................................................................................................. 123 

TF-3.—Black Lung Disability Trust Fund ........................................................................................................................ 124 

Introduction.—Harbor Maintenance Trust Fund ............................................................................................................... 126 
March 2010 

VI 

Contents 

TF-4.—Harbor Maintenance Trust Fund........................................................................................................................... 126 

Introduction.—Hazardous Substance Superfund............................................................................................................... 128 

TF-5.—Hazardous Substance Superfund........................................................................................................................... 128 

Introduction.—Highway Trust Fund ................................................................................................................................. 130 

TF-6.—Highway Trust Fund ............................................................................................................................................. 131 

Introduction.—Inland Waterways Trust Fund................................................................................................................... 134 

TF-7.—Inland Waterways Trust Fund............................................................................................................................... 134 

Introduction.—Leaking Underground Storage Tank Trust Fund....................................................................................... 135 

TF-8.—Leaking Underground Storage Tank Trust Fund .................................................................................................. 135 

Introduction.—Nuclear Waste Fund.................................................................................................................................. 136 

TF-9.—Nuclear Waste Fund.............................................................................................................................................. 136 

TF-A.—Chart: Major Trust Funds, Interest on Investments.............................................................................................. 137 

TF-B.—Chart: Major Trust Funds, Receipts and Expenses .............................................................................................. 137 

Introduction.—Reforestation Trust Fund........................................................................................................................... 138 

TF-10.—Reforestation Trust Fund .................................................................................................................................... 138 

Introduction.— Sport Fish Restoration and Boating Safety Trust Fund............................................................................ 139 

TF-11.—Sport Fish Restoration and Boating Safety Trust Fund....................................................................................... 140 

Introduction.—Oil Spill Liability Trust Fund.................................................................................................................... 142 

TF-12.—Oil Spill Liability Trust Fund ............................................................................................................................. 143 

Introduction.—Vaccine Injury Compensation Trust Fund ................................................................................................ 144 

TF-13.—Vaccine Injury Compensation Trust Fund .......................................................................................................... 144 

Introduction.—Wool Research, Development, and Promotion Trust Fund....................................................................... 145 

TF-14.—Wool Research, Development, and Promotion Trust Fund................................................................................. 145

 

RESEARCH PAPER SERIES........................................................................................................................................... 146

GLOSSARY ...................................................................................................................................................................... 148

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

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

rounding; p = Preliminary; n.a. = Not available; r = Revised. 
March 2010 

VII

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
March 2010 

3

Growth of Real GDP

5.4

1.4

0.1

3.0

1.2

2.1 1.5

-6.4

-0.7

5.7

2.1 2.2

-5.4

3.6

1.7

-2.7

-0.7

3.2

4.1

3.1

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

2005 2006 2007 2008 2009

(Quarterly percent change at annual rate)

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of February 19, 2010

Introduction 

The economy expanded for a second straight quarter in 

the last 3 months of 2009, after a year and a half of nearly 

steady contraction. Financial as well as economic conditions 

have stabilized, and improvement in economic activity has 

become much more broad-based; final sales have risen for 

three straight quarters. Labor market conditions also 

improved in 2009, but the job market remains very weak and 

recovery in employment this year is likely to be slow and to 

lag behind GDP growth. 

Measured on a 12-month basis, headline consumer prices 

were down in 8 of the 12 months of 2009, reflecting the 

substantial decline in oil and commodity prices from peak 

levels reached in summer 2008. Core inflation (a measure 

excluding food and energy prices) has remained wellcontained for over a year, held in check by excess capacity 

and labor market slack. Conditions in housing have been 

stabilizing and financial markets have been improving for 

about a year. Stock market indexes posted double-digit gains 

last year, but have been roughly flat to somewhat lower in 

the current year to date. Treasury bond yields have remained 

fairly steady for the past several months. Most economists 

predict moderate economic growth through 2010. The 

economy has been supported by a wide variety of measures 

implemented under the American Recovery and 

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

as well as efforts to restore financial stability and improve 

conditions in housing markets. Although some of these 

measures are being further enhanced, most of the fiscal 

stimulus will have been implemented by the end of this year; 

in addition, most of the special monetary policy supports 

will be removed by the end of the first quarter of 2010. 

Growth 

Economic conditions continued to improve in the fourth 

quarter of 2009. Real GDP rose at a strong 5.7 percent 

annual rate, following a 2.2 percent rise in the third quarter. 

A sharp slowdown in inventory liquidation accounted for 

much of the surge, contributing 3.4 percentage points to 

fourth quarter growth. Excluding inventories, final sales rose 

a solid 2.2 percent in the fourth quarter and nearly every 

major component of GDP grew. Consumer spending, 

residential investment, and exports each rose for the second 

straight quarter. Business investment grew for the first time 

since mid-2008: purchases of equipment and software rose 

at the fastest pace since early 2006, although business 

spending on structures fell further. Government spending 

edged down in the fourth quarter, as a small decline in state 

and local government expenditures more than offset a 0.1 

percent increase in federal outlays. 

Over the four quarters of 2009, consumer spending-which 

accounts for about 70 percent of GDP–rose by 1.1 percent, 

following a 1.8 percent decline the previous year (the largest 

four-quarter drop in this GDP component since 1974). 

Consumer spending rose 2.0 percent in the fourth quarter of 

2009, slowing from the third quarter’s 2.8 percent rise, but 

still contributing 1.4 percentage points to real GDP growth. 

Residential investment–mostly residential homebuilding–

now accounts for only about 3-1/2 percent of GDP after 

falling sharply since early 2006. After several quarters of 

steep declines, residential investment surged 19 percent in 

the third quarter of 2009, and grew by a more moderate 5.7 

percent in the fourth quarter. Monthly housing measures 

(starts, sales, inventories, and prices) remain weak, but signs 

of recovery are emerging. In January, single-family starts 

were up 36 percent from a year earlier, but were still running 

at less than half of 2007’s pace. Likewise, sales of existing 

single family homes posted a record monthly decline of 16.7 

percent in December, but the level is still above that of 

August 2009, the month before the first-time homebuyer tax 

incentive began boosting sales significantly. By July 2009, 

new single family home sales had climbed to a level 27 

percent above their January 2009 lows. Although levels have 

since trended lower, and sales fell 7.6 percent in December, 

the level remains above the January low. Inventories of 

unsold new and existing homes continued to shrink in 

December. The number of unsold new single-family homes 

is at a 38-year low. 
4 PROFILE OF THE ECONOMY 

March 2010 

Higher levels of home sales and declining inventories 

have helped stabilize house prices; 12-month declines in 

prices have slowed. The Federal Housing Financing 

Authority (FHFA) purchase-only house price index has been 

stable since November 2008 and rose 0.7 percent in 

November 2009. On a 12-month basis, the index rose 5 

percent–the first yearly gain in over 2 years. The Standard & 

Poor’s (S&P)/Case-Shiller composite home price indexes 

edged down in November, but the year-over-year declines 

slowed to 4.5 percent (10-city index) and to 5.3 percent (20-

city index), the smallest decreases in 2-1/2 years. 

Business activity outside of homebuilding declined in 

2008 and the first three quarters of 2009, including a record 

plunge during the first quarter. The pace of decline 

moderated during 2009, however, and in the fourth quarter, 

nonresidential fixed investment–about 10 percent of GDP–

grew by nearly 3 percent at an annual rate. Outlays for 

equipment and software increased more than 13 percent in 

the fourth quarter, although investment in structures fell by 

over 15 percent. Altogether, business fixed investment added 

0.4 percentage point to real GDP growth in the fourth 

quarter, the first positive contribution since the second 

quarter of 2007. 

Exports account for about 12 percent of GDP, while 

imports, which are subtracted from GDP, account for about 

17 percent. Export growth was a key driver of overall 

economic growth in 2007 and most of 2008, but as the 

world-wide recession worsened exports declined. However, 

the decline in exports was more than matched by declines in 

imports. In the fourth quarter of 2009, exports grew by more 

than 18 percent (after rising at nearly that pace in the third 

quarter). Imports grew 10.5 percent (slowing from the 21 

percent pace of the previous quarter) and net exports 

contributed 0.5 percentage point to fourth quarter growth in 

real GDP. 

Although the U.S. trade balance (which measures trade 

in goods and services) and the current account (which also 

includes investment income flows and unilateral transfers) 

remain in deficit, both deficits have narrowed appreciably in 

recent years. The merchandise trade deficit reached $840 

billion in 2008, but declined to $517 billion in 2009. The 

current account balance has been in deficit almost 

continuously since the early 1980s, and in 2006, reached a 

record $804 billion, equivalent to 6.0 percent of GDP. In the 

third quarter of 2009, (latest data available) the current 

account deficit had narrowed further to about $430 billion, 

equivalent to 3.0 percent of GDP. 

Public sector purchases–which account for roughly 20 

percent of GDP–edged down 0.2 percent at an annual rate in 

the fourth quarter, making virtually no contribution to GDP 

growth. Federal spending edged up 0.1 percent in the fourth 

quarter, after jumping by 11 percent and 8 percent in the 

second and third quarters, respectively. State and local 

government spending fell 0.3 percent, after declining by 0.6 

percent in the third quarter. 

Labor Markets 

Labor market conditions deteriorated through 2008 and 

worsened during the first part of 2009, but conditions 

moderated through January 2010. From the beginning of the 

recession in December 2007 through January 2010, 8.4 

million jobs have been lost, including roughly 4.8 million 

jobs in 2009 alone. Nonfarm payrolls fell by an average of 

753,000 per month during the first quarter of 2009, but job 

losses started to slow in the second quarter, such that by the 

end of January 2010, the average decline in employment was 

just 35,000. The unemployment rate generally trended 

higher during 2009, peaking at 10.1 percent in October–a 

26-year high and 5.7 percentage points above the March 

2007 low of 4.4 percent. By January 2010, the 

unemployment rate had declined to 9.7 percent. A measure 

of unemployment that includes workers who are 

underemployed and those who are only marginally attached 

to the labor force reached a record high of 17.4 percent in 

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

level of 8.8 percent in December 2007. This broader 

measure declined to 16.5 percent in January 2010. 

Job losses have been spread broadly across most sectors; 

from the start of the recession through January 2010, 

construction payrolls fell 1.9 million, transportation payrolls 

fell by more than 400,000, and payrolls in the 

leisure/hospitality and finance/insurance/real estate sectors 

each fell by roughly 600,000. While the labor market still 

remains weak, signs of stability have emerged in several 

sectors. For example, although manufacturing payrolls 

declined by 2.1 million from the start of the recession 

through December 2009, manufacturing employment rose by 

11,000 in January 2010, the first increase for this series in 3 

years. Federal Government employment increased 33,000 in 

January, and employment in private service-producing 

industries, including retail trade and temporary help, rose by 

48,000. A few sectors have seen job growth throughout the 

recession: since December 2007, the health care and 

education sectors have together added nearly 800,000 

payroll jobs, including a net gain of about 550,000 jobs in 

health care. 
PROFILE OF THE ECONOMY 5 

March 2010 

-3

-2

-1

0

1

2

3

4

5

6

7

98 99 00 01 02 03 04 05 06 07 08 09 10

Excluding food and energy Total

Consumer Prices

(Percent change from a year earlier)

Food

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

00 01 02 03 04 05 06 07 08 09 10

(Percent)

Jan. 2010

9.7%

Payroll Employment

158 140 179

99

-13

95

-31

-191

-334

-652

-753

-478

-270

-103

-900

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

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

(Average monthly change in thousands

from end of quarter to end of quarter)

2006 2007 2008 2009

Inflation 

Headline inflation peaked at 5.6 percent in the year 

through July 2008, boosted by surging food and energy 

prices. Since then, the headline measure has retreated 

noticeably on a 12-month basis, mainly due to declines in 

energy prices, persistent economic slack, and to a lesser 

extent, slowing food price inflation. On a 12 month basis, 

energy prices were down 14 percent through October 2009, 

but more recent price increases were reflected in the 19.1 

percent rise in the energy index in the year through January 

2010. Headline consumer prices fell on a 12-month basis in 

8 of 12 months last year, but were up 2.6 percent in the year 

through January 2010, well above the zero rate in the year 

ending January 2009. For the most recent 3 months, headline 

consumer prices rose at an annual rate of 2.3 percent (with 

energy prices rising nearly 26 percent at an annual rate over 

the same period). Core consumer prices (excluding food and 

energy) rose by 1.6 percent in the year through January 

2010, slightly slower than the rise in the previous year 

through January 2009. In the 3 months ending in January 

2010, the rate of core price inflation was zero, indicating 

underlying inflation pressures remain well-contained. 

Oil prices have risen since late 2008, but are well-below 

the record highs reached in mid-summer 2008. The retail 

price of regular gasoline hit a record of $4.11 per gallon in 

early July 2008, then dropped to $1.61 in late December 

2008. As of mid-February 2010 the price had risen to $2.61 

per gallon, $1.00 higher than the December 2008 low and 

nearly 65 cents higher than a year ago. The front-month 

futures price for West Texas Intermediate (WTI) crude oil 

traded to a record $147 per barrel in mid-July 2008, but has 

since dropped and averaged just under $80 per barrel in 

January 2010. 

Food prices rose rapidly over much of 2007 and 2008, 

remaining above the overall inflation rate, but have since 

declined. In the 12 months through January 2010, consumer 

food prices fell 0.4 percent, contrasting sharply with the 5.3 

percent rise of the previous year. 
6 PROFILE OF THE ECONOMY 

March 2010 

Federal Budget 

The federal budget deficit widened to $1.4 trillion in 

fiscal year 2009 (10 percent of GDP), well above the $459 

billion in fiscal year 2008 (3.2 percent of GDP). This 

deterioration followed 3 years of improvement that had 

trimmed the deficit to $162 billion (1.2 percent of GDP) in 

fiscal year 2007. 

New economic and budget projections were released 

early in 2010 as part of the Fiscal Year 2011 Budget. The 

federal budget is projected to show a deficit of $1,556 billion 

in fiscal year 2010 which is $143 billion higher than last 

year’s deficit of $1,413 billion. The fiscal year 2010 deficit 

is projected to be 10.6 percent of GDP in fiscal year 2010, 

the highest percentage since 1945 (when it was 22 percent). 

The deficit is projected to shrink by $289 billion in fiscal 

2011 to $1,267 billion and continue to diminish each year 

through 2014. The deficit as a share of GDP declines to 3.9 

percent by 2015 and continues to decline to 3.6 percent of 

GDP through 2018. During 2016-2020, the deficit is 

projected to average 3.8 percent of GDP. Much of that 

deficit is due to interest costs. The primary deficit–receipts 

less spending excluding interest payments–averages 0.5 

percent of GDP during 2016-2020. 

Economic Policy 

Key fiscal and monetary policy actions taken over the 

past few years have kept the economy from contracting even 

further, and continue to set the stage for recovery in 2010 

and beyond. 

On the fiscal policy side, the ARRA authorizes the 

government to spend $787 billion towards stimulating 

domestic demand, including $288 billion in tax benefits, 

$275 billion in contracts, grants, and loans, and $224 billion 

in entitlements. As of late January 2010, a total of more than 

$270 billion in funds had been paid out. This spending will 

continue to provide an important boost to economic activity 

in 2010. Specifically, the Recovery Act is expected to create 

or save an estimated 3.5 million jobs in a range of industries 

from clean energy to health care. The ARRA is also helping 

to bolster incomes and support consumer spending: 

government estimates suggest that as of May 2009, nominal 

disposable personal income was about $207 billion (nearly 2 

percent) higher than it otherwise would have been without 

the Making Work Pay tax cuts or the one-time payments to 

eligible recipients (mostly Social Security recipients). More 

recently, the government announced an extension of the 

first-time home buyer tax credit as well as a new Small 

Business Jobs and Wages Tax Credit. 

Partly in response to rising financial market stress, as 

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

Federal Reserve began easing monetary policy in August 

2007. It has since cut the rate dramatically to a target range 

of 0 percent to 0.25 percent at the December 2008 Federal 

Open Market Committee (FOMC) meeting, which brought 

the target to its lowest level in history. The target range was 

maintained at the FOMC’s most recent meeting in late 

January 2010, when the Committee observed continued 

strengthening in economic activity, supportive financial 

market conditions, and subdued inflation. The Federal 

Reserve responded to financial market stresses and the 

weakened economy by significantly expanding its tools to 

increase liquidity in credit markets and easing lending terms 

to sectors that needed a temporary injection. These include a 

variety of facilities and funds directed at specific financial 

markets, including commercial paper and money market 

funds. At the most recent FOMC meeting, the Committee 

reaffirmed its schedule for removing these supports. 

Purchases of about $300 billion of Treasury securities were 

already completed at the end of October 2009, and most of 

the special liquidity facilities were closed on February 1, 

2010, including the temporary swap arrangements with 

foreign central banks. The final auction for the Term 

Auction Facility (TAF) will be on March 8, 2010. The 

anticipated expiration dates for the Term Asset-Backed 

Securities Loan Facility remain June 30, 2010 (for 

commercial mortgage-backed securities), and March 31, 

2010 (for loans backed by all other types of collateral). 

On an inter-meeting basis, the Federal Reserve’s Board 

of Governors announced in mid-February that, “in light of 

continued improvement in financial market conditions” it 

had unanimously approved several modifications to the 

terms of its discount window lending programs. The most 

notable change was the increase in the discount rate from 

0.50 percent to 0.75 percent. The Board also announced that 

it was shortening the typical maximum maturity for primary 

credit loans to overnight, and was raising the minimum bid 

rate for the TAF by 0.25 percentage point to 0.50 percentage 

point. 

Financial Markets 

Financial markets came under unprecedented stress in 

the fall of 2008, but a wide range of financial stability 

measures and the boost to the economy through the ARRA 

have helped stabilize markets. Credit flows began picking up 

early in 2009 and have since improved substantially; 

measures of risk tolerance and volatility have largely 

returned to pre-crisis levels. 

The S&P 500 index rose 23.5 percent in 2009, 

rebounding from a 38.5 percent plunge in 2008, the sharpest 

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

containing only 90 stocks, dropped 47 percent). Measured 

from the S&P 500’s 12-year low in mid-March 2009, the 

index surged 65 percent through the end of that year. Thus 

far in 2010, however, the index has declined by about 1.0 

percent. The S&P stock market volatility index (VIX), often 

used as a measure of financial market uncertainty, surged to 

an all-time high of 80 percent in late October 2008, after 

hovering in a range of 20 to 30 percent for most of 2008. 

The VIX has since retreated, and as of mid-February 2010, 

stood at about 23 percent. 
PROFILE OF THE ECONOMY 7 

March 2010 

Long-Term Interest Rate Spreads

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2006 2007 2008 2009 2010

(Percent)

Corporate Baa to

Treasury Ten-Year

 Yield Spread

Treasury Two-Year to

Ten-Year Yield Spread

Short-Term Interest Rate Spreads

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2006 2007 2008 2009 2010

(Percent)

TED Spread

Libor-OIS Spread

Long-term Treasury interest rates have responded to a 

variety of factors, including flight-to-quality flows in 

response to financial market pressures, as well as concerns 

about the increase in supply that will be necessary to fund 

the government’s emergency support programs. After 

trading between 3.5 percent and 4.5 percent for most of 

2008, the yield dropped off sharply starting in midNovember 2008, reaching a low of 2.1 percent in late 

December 2008. Since then, the 10-year note yield has 

generally trended higher, and over the past several months 

has traded in a more stable range. The yield stood at about 

3.8 percent as of mid-February 2010. The 3-month Treasury 

bill yield, by contrast, generally trended lower throughout 

2008 under the relatively steady influence of safe-haven 

demand for short-term liquid assets. The yield fell almost to 

zero–reaching a record low–by the end of December 2008, 

but rose during the first half of 2009, trading in the range of 

0.2 percent. Since late August 2009, however, the 3-month 

yield has declined, trading to a low of 0.02 percent as 

recently as mid-December 2009. Since then, the rate has 

trended somewhat higher, and reached 0.10 percent in midFebruary 2010. The 2- to 10-year Treasury yield spread, one 

measure of the steepness of the yield curve, widened 

noticeably starting in mid-2007, when it was roughly 20 

basis points, to an average 280 basis points in January 2010. 

In the current economic environment, a steepening yield 

curve may suggest a higher probability of economic 

recovery. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

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

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

averaged less than 50 basis points before the crisis began to 

worsen in August 2007 and rose to an all-time high of nearly 

460 basis points in early October 2008. Improvements in 

short-term credit availability narrowed the spread to about 

15 basis points in late September 2009, but the spread had 

widened to 25 basis points in mid-November, before 

retracing again to 15 basis points as of mid-February. The 

spread between the Baa corporate bond yield and the 10-year 

Treasury yield averaged 170 basis points through most of 

2007, before the financial market turmoil emerged. It peaked 

at nearly 620 basis points in December 2008 and has 

subsequently narrowed. However, since September 2009, 

this spread has remained in the range of 250 to 300 basis 

points (it stood at 270 basis points in mid-February 2010)- 

still very high by historical standards. 

Rates for conforming mortgages have remained 

relatively stable over the past several months, and jumbo 

mortgage rates have started to trend lower. The interest rate 

for a 30-year conforming fixed-rate mortgage rose to about 

5.5 percent at the end of 2009, but has since trended lower, 

reaching 5.2 percent as of mid-February. 
8 PROFILE OF THE ECONOMY 

March 2010 

Foreign Exchange Rates 

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) has depreciated significantly from 

its peak in February 2002, but most recently, has begun to 

stabilize. Between February 2002 and January 2009, the 

exchange value of the dollar compared to an index of these 

currencies fell by about 16 percent. Between October 2007 

and October 2009, however, the dollar appreciated by 

roughly 4.0 percent against these currencies. Over the longer 

timeframe, the dollar depreciated by about 33 percent 

against the yen, and by 34 percent against the euro. Over the 

past 2 years, the dollar has depreciated by about 16 percent 

against the yen, but has appreciated by about 3.0 percent 

against the euro. The dollar has appreciated against an index 

of currencies of 19 other important trading partners 

(including China, India, and Mexico). Between February 

2002 and January 2009, the dollar firmed by about 1 percent 

against this basket of currencies, and over the past 2 years, 

appreciated by about 5.0 percent. 
March 2010 

9

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

March 2010 

10 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source 

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

First-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the first quarter of fiscal 

year 2010 supplements fiscal data reported in the 

December issue of the “Treasury Bulletin.” At the 

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

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $207.7 billion for the first 

quarter of fiscal year 2010. This is a decrease of $47.6 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $34.8 billion and non-withheld 

receipts decreased by $3.3 billion during this period. 

Refunds increased by $9.5 billion over the comparable fiscal 

year 2009 quarter. There was an increase of $2.6 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2009. 

Corporate income taxes—Net corporate income tax 

receipts were $33.9 billion for the first quarter of fiscal year 

2010. This is a decrease of $16.4 billion compared to the prior 

year first quarter. The $16.4 billion change is comprised of a 

decrease of $7.9 billion in estimated and final payments, and 

an increase of $8.6 billion in corporate refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of fiscal 

year 2010 were $189.0 billion, a decrease of $4.6 billion over 

the comparable prior year quarter. Receipts to the Federal 

Old-Age and Survivors Insurance, Federal Disability 

Insurance, and Federal Hospital Insurance trust funds changed 

by -$1.1 billion, -$0.2 billion, and -$3.3 billion respectively. 

There was a -$10.4 billion accounting adjustment for prior 

years employment tax liabilities made in the first quarter of 

fiscal year 2010, while there was a -$7.8 billion adjustment in 

the first quarter of fiscal year 2009. 

Unemployment insurance—Unemployment insurance 

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

2010 were $5.4 billion, an increase of $0.2 billion over the 

comparable quarter of fiscal year 2009. Net State taxes 

deposited in the U.S. Treasury increased by $0.4 billion to 

$4.8 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.1 billion to $0.6 billion. 
FEDERAL FISCAL OPERATIONS 

March 2010 

11

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the 

first quarter of fiscal year 2010. This was a negligible 

change from the comparable quarter of fiscal year 2009. 

Excise taxes—Net excise tax receipts for the first 

quarter of fiscal year 2010 were $16.3 billion, an increase of 

$1.9 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.5 billion, an 

increase of $0.1 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $4.0 billion for the first quarter of fiscal year 2010. 

These receipts represent a decrease of $2.6 billion over the 

same quarter in fiscal year 2009. 

Customs duties—Customs duties net of refunds were 

$5.9 billion for the first quarter of fiscal year 2010. This is a 

decrease of $1.0 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts for 

the first quarter of fiscal year 2010 were $24.3 billion, an 

increase of $10.5 billion over the comparable prior year 

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

Federal Reserve banks increasing by $9.5 billion. 

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

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

 First quarter 

 Oct. - Dec. 

Actual fiscal 

year to date 2010 

Total on- and off-budget results: 

Total receipts ............................................................... 487,777 487,777

On-budget receipts .................................................. 345,037 345,037

Off-budget receipts .................................................. 142,740 142,740

Total outlays................................................................. 876,284 876,284

On-budget outlays.................................................... 739,744 739,744

Off-budget outlays.................................................... 136,539 136,539

Total surplus or deficit (-) ............................................. -388,507 -388,507

On-budget surplus or deficit (-)................................ -394,708 -394,708

Off-budget surplus or deficit (-)................................ 6,201 6,201

Means of financing: 

Borrowing from the public............................................ 261,730 261,730

Reduction of operating cash........................................ 81,670 81,670

Other means ................................................................ 45,107 45,107

Total on- and off-budget financing........................... 388,507 388,507

First-Quarter Net Budget Receipts by Source, Fiscal Year 2010 

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

Source Oct. Nov. Dec. 

Individual income taxes...................................................... 61.2 47.9 98.6 

Corporate income taxes..................................................... -4.5 -2.1 40.5 

Employment and general retirement.................................. 61.6 66.5 61.0 

Unemployment insurance .................................................. 1.3 3.6 0.5 

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

Excise taxes ....................................................................... 4.3 6.1 5.9 

Estate and gift taxes .......................................................... 1.6 1.0 1.4 

Customs duties .................................................................. 2.2 1.9 1.9 

Miscellaneous receipts....................................................... 7.2 8.3 8.8

Total budget receipts ..................................................... 135.3 133.6 218.9

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

March 2010 

12 

CHART FFO-A.—

Monthly Receipts and Outlays, 2008-2009

(In billions of dollars) 

-50

0

50

100

150

200

250

300

350

DJ F MAMJ J A SOND

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

100

200

300

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Misc. 

receipts 

Excise

taxes

Custom

duties

Estate/gift

taxes

* Prior-year data are for the comparable year.

2009

2008 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2008-2009

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

March 2010 

13

TABLE FFO-1.—Summary of Fiscal Operations 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] All highlighted numbers have been revised.

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts 

 (1) 

 On-budget

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from 

the public– 

Federal securities

Public debt 

securities 

(10) 

 

2005 ............................ 2,153,121 1,575,646 577,475 2,471,418 2,069,208 402,210 -318,298 -493,562 175,265 551,329 

2006 ............................ 2,406,328 1,797,946 608,382 2,654,525 2,232,456 422,069 -248,197 -434,510 186,313 546,436 

2007 ............................ 2,567,447 1,932,359 635,088 2,728,970 2,275,334 453,636 -161,527 -342,978 181,452 499,976 

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

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

2010 - Est.................... 2,165,119 1,529,936 635,183 3,720,701 3,163,742 556,959 -1,555,582 -1,633,806 78,224 1,909,791 

2011 - Est.................... 2,567,181 1,893,113 674,068 3,833,860 3,255,667 578,193 -1,266,679 -1,362,554 95,875 1,356,654 

2008 - Dec................... 237,786 191,014 46,772 289,540 296,047 -6,507 -51,754 -105,033 53,279 41,709 

2009 - Jan ................... 226,090 161,443 64,647 289,548 241,783 47,765 -63,457 -80,339 16,882 -64,215 

Feb .................. 87,312 34,117 53,195 281,171 226,535 54,635 -193,860 -192,418 -1,440 245,229 

Mar .................. 128,926 71,476 57,450 320,514 266,430 54,084 -191,589 -194,954 3,365 249,178 

Apr................... 266,206 195,823 70,383 287,113 237,808 49,305 -20,907 -41,985 21,078 114,465 

May.................. 117,217 64,074 53,143 306,868 250,778 56,090 -189,651 -186,703 -2,947 82,882 

June................. 215,340 155,450 59,890 309,671 308,442 1,230 -94,332 -152,992 58,660 221,645 

July .................. 151,480 101,796 49,685 332,160 282,211 49,950 -180,680 -180,415 -265 123,452 

Aug .................. 145,530 96,157 49,372 249,084 194,015 55,069 -103,555 -97,857 -5,697 142,701 

Sept................. 218,880 166,660 52,220 264,088 206,652 57,436 -45,207 -39,991 -5,216 97,913 

Oct................... 135,294 88,656 46,638 311,658 258,633 53,025 -176,364 -169,977 -6,387 -13,142 

Nov .................. 133,564 83,287 50,277 253,853 197,778 56,075 -120,289 -114,491 -5,798 219,012 

Dec .................. 218,919 173,093 45,825 310,773 283,333 27,439 -91,854 -110,240 18,386 197,876 

Fiscal year 2010 to date ... 487,777 345,036 142,740 876,284 739,744 136,539 -388,507 -394,708 6,201 403,746 

 

Means of financing—net transactions, con. 

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

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government

accounts 

(12) 

Total 

10+11-12

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the 

IMF (deduct)

 (17) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

 

2005 ...................................... -547 254,096 296,687 -669 -4,537 -182 -6,195 9,250 778 318,298 

2006 ...................................... -245 309,215 236,975 16,447 410 196 -6,626 20,983 666 248,197 

2007 ...................................... -433 293,218 206,325 23,110 646 1,314 -2,157 -22,667 - 160,745 

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

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

2010 - Est.............................. 973 157,818 1,752,946 -5,265 * * * -202,629 * 1,555,582 

2011 - Est.............................. 759 156,742 1,200,671 -200,000 * * * -133,992 * 1,266,679 

2008 - Dec ............................ 100 66,695 -24,887 -135,809 317 577 339 -58,124 190 51,755 

2009 - Jan ............................. -265 -15,667 -48,813 -170,896 -293 444 -2 -58,477 - 63,457 

Feb ............................ -337 -15,802 260,695 30,572 -134 361 -64 -36,100 - 193,860 

Mar ............................ -196 -4,552 253,534 42,503 168 -661 584 -19,351 - 191,589 

Apr............................. -145 17,030 97,290 69,302 16 -137 51 -7,151 - 20,907 

May ........................... -145 -4,312 87,049 -120,986 314 -642 3,791 -14,921 - 189,651 

June .......................... 12 67,607 154,050 100,720 25 75 71 41,159 - 94,318 

July............................ 212 -37,157 160,822 -22,982 7 -201 457 -2,861 - 180,680 

Aug............................ -151 -5,464 148,014 336 43,216 195 124 7,260 - 111,403 

Sept........................... 865 29,269 69,509 -19,951 2,285 1,251 774 -98,731 -190 44,767 

Oct............................. -43 47,496 -60,681 -238,549 202 160 129 -1,013 - 176,364 

Nov............................ 50 -4,981 224,044 79,481 1,233 -1,106 -2,523 -26,670 - 120,289 

Dec............................ 287 4,472 7,805 193,594 52,614 27,193 11,384 283,978 100 7,098 Fiscal year 2010 to date........... 294 46,987 171,168 34,526 54,049 26,247 8,990 256,295 100 303,751 

Note.—These estimates are based on the Fiscal Year 2011 Budget, released by the Office 

of Management and Budget on February 1, 2010. 

Note.—This issue includes a reclassification of gift and donation receipts from 

Governmental Receipts to Proprietary Receipts from the Public. 

* Less than $500,000. 

- No Transactions 

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

March 2010 

14 

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds

 (10) 

 Net 

 (11) 

 

2005 .................. 786,559 320,942 180,279 927,222 307,095 28,814 278,281 1,205,503 746,129 2,585 743,544 

2006 .................. 848,954 387,307 192,354 1,043,908 380,925 27,010 353,915 1,397,823 788,024 2,213 785,811 

2007 .................. 928,583 437,668 202,779 1,163,472 395,534 25,292 370,243 1,533,715 822,216 2,220 819,996 

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

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

 

2010 - Est.......... 935,771 - - 935,771 156,741 - 156,741 1,092,512 815,657 - 815,657 

2011 - Est 1,121,296 - - 1,121,296 296,902 - 296,902 1,418,198 866,514 - 866,514 

 

2008 - Dec......... 103,431 8,187 2,738 108,880 51,345 3,052 48,293 157,173 63,790 - 63,790 

2009 - Jan ......... 75,792 54,612 5,945 124,459 9,734 5,202 4,532 128,991 82,939 - 82,939 

Feb ........ 74,704 4,120 70,107 8,717 4,696 6,751 -2,056 6,661 67,267 - 67,267 

Mar ........ 83,889 8,792 51,455 41,227 22,315 18,923 3,392 44,619 72,657 - 72,657 

Apr......... 62,502 130,795 56,629 136,668 27,519 12,974 14,545 151,213 90,637 - 90,637 

May........ 58,335 4,082 36,198 26,218 6,211 7,615 -1,404 24,814 67,367 - 67,367 

June....... 64,528 33,930 5,523 92,935 40,772 8,243 32,529 125,464 76,604 - 76,604 

July ........ 67,013 4,774 6,928 64,859 8,034 5,457 2,577 67,436 63,610 - 63,610 

Aug ........ 62,305 3,927 3,742 62,489 4,135 -818 4,953 67,442 63,181 - 63,181 

Sept....... 61,881 41,039 483 102,437 36,996 8,203 28,793 131,230 70,392 2,511 67,881 

Oct......... 62,238 12,176 13,166 61,248 7,819 12,324 -4,505 56,743 61,207 - 61,207 

Nov ........ 60,415 3,509 16,066 47,858 4,275 6,374 -2,099 45,759 66,173 - 66,173 

Dec ........ 93,375 7,449 2,199 98,625 45,500 4,970 40,530 139,155 60,587 - 60,587 

 

Fiscal year 2010 

 to date................ 216,028 23,134 31,431 207,731 57,594 23,668 33,926 241,657 187,967 - 187,967 

 

Social insurance and retirement receipts, con. 

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

Railroad retirement 

Fiscal year 

or month 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

 

2005 ............................ 4,123 3 4,119 747,663 42,120 119 42,001 4,409 50 4,460 

2006 ............................ 4,234 2 4,231 790,042 43,559 139 43,420 4,308 50 4,358 

2007 ............................ 4,263 2 4,261 824,257 41,216 125 41,091 4,207 51 4,258 

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

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

 

2010 - Est.................... 4,163 - 4,163 819,820 51,496 - 51,496 4,413 27 4,440 

2011 - Est.................... 4,180 - 4,180 870,694 60,146 - 60,146 4,250 26 4,276 

 

2008 - Dec .................. 369 * 368 64,158 245 3 242 391 3 394 

2009 - Jan ................... 353 * 353 83,292 1,154 6 1,149 316 4 320 

Feb.................. 538 * 538 67,805 3,349 1 3,348 320 2 323 

Mar.................. 425 * 425 73,081 348 11 338 321 3 324 

Apr................... 352 5 348 90,985 7,078 20 7,058 320 4 323 

May ................. 410 -2 412 67,779 12,694 9 12,685 387 3 390 

June ................ -112 * -113 76,491 424 -23 447 366 3 369 

July.................. 392 -1 393 64,003 3,286 51 3,235 334 3 338 

Aug.................. 387 -1 388 63,569 3,957 10 3,947 313 3 315 

Sept................. 330 * 330 68,212 467 9 458 325 3 329 

Oct................... 345 * 345 61,552 1,351 5 1,346 387 3 390 

Nov.................. 357 * 357 66,530 3,651 3 3,648 317 3 320 

 Dec. ................. 377 * 377 60,963 457 4 453 408 3 411 

 

Fiscal year 2010 to date.... 1,079 - 1,079 189,045 5,459 12 5,447 1,112 9 1,121 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

March 2010 

15

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

Deposits of 

earnings by 

Federal 

Reserve banks

(42) 

Universal 

service 

fund and all

other 

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget

(46) 

 

2005 ....................... 73,093 25,606 841 24,764 24,198 820 23,378 19,297 12,961 32,258 1,575,646 577,475 

2006 ....................... 73,962 28,688 811 27,877 25,701 891 24,810 29,945 14,092 44,037 1,797,946 608,382 

2007 ....................... 65,069 26,978 934 26,044 27,548 1,538 26,010 32,043 14,960 47,003 1,932,359 635,088 

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

2009 ....................... 62,484 24,677 1,195 23,482 23,546 1,092 22,454 34,318 17,172 51,490 1,450,355 654,010 2010 - Est............... 73,204 17,011 - 17,011 23,787 - 23,787 77,083 5,766 82,849 1,529,936 635,183 

2011 - Est............... 74,288 25,035 - 25,035 27,445 - 27,445 79,341 7,758 87,099 1,893,113 674,068 2008 - Dec ............. 5,185 2,293 107 2,186 2,165 127 2,038 4,826 1,584 6,410 191,014 46,772 

2009 - Jan .............. 5,042 2,432 46 2,387 2,134 50 2,085 1,361 1,463 2,824 161,443 64,647 

Feb ............. 4,248 1,438 195 1,244 1,743 61 1,682 192 1,810 2,002 34,117 53,195 

Mar ............. 4,994 2,048 130 1,919 1,636 114 1,522 652 1,477 2,129 71,476 57,450 

Apr.............. 5,642 4,060 84 3,976 1,960 82 1,878 4,005 1,127 5,132 195,823 70,383 

May ............ 5,427 1,549 92 1,457 1,459 76 1,383 1,959 1,323 3,282 64,074 53,143 

June ........... 6,735 1,051 68 983 1,614 116 1,498 1,992 1,361 3,353 155,450 59,890 

July............. 7,057 2,030 105 1,926 2,108 35 2,073 3,727 1,686 5,413 101,796 49,685 

Aug............. 1,944 1,494 98 1,396 1,649 195 1,455 4,140 1,321 5,461 96,157 49,372 

Sept............ 6,978 1,712 75 1,637 2,039 56 1,983 6,524 1,529 8,053 166,661 52,220 

Oct.............. 4,347 1,659 103 1,556 2,230 71 2,159 5,665 1,537 7,201 88,655 46,638 

Nov............. 6,104 1,159 110 1,049 2,030 118 1,912 6,467 1,775 8,242 83,288 50,277 

Dec............. 5,868 1,437 76 1,361 1,950 97 1,853 7,132 1,721 8,853 173,093 45,825 

Fiscal year 2010 

 to date....................... 16,319 4,255 289 3,966 6,210 286 5,924 19,264 5,033 24,296 345,036 142,740 

Note.—These estimates are based on the Fiscal Year 2011 Budget, released by the Office 

of Management and Budget on February 1, 2010. 

Note.—This issue includes a reclassification of gift and donation receipts from 

Governmental Receipts to Proprietary Receipts from the Public. 

- No transactions. 

Detail may not add to totals due to rounding. 

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

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

Excise taxes 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Fiscal year 

or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net 

 (34) 

 

2005.............................. 794,123 10,415 101 10,314 610 - 610 38,897 1,007 37,890 25,272 994 24,278

2006.............................. 837,820 10,531 105 10,425 607 - 607 39,433 891 38,543 25,509 1,123 24,386

2007.............................. 869,607 11,535 67 11,468 639 - 639 40,402 1,040 39,362 18,734 5,134 13,600

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

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

2010 - Est ..................... 875,756 11,798 - 11,798 638 - 638 36,237 - 36,237 24,531 - 24,531

2011 - Est ..................... 935,116 12,493 - 12,493 647 - 647 37,080 - 37,080 24,068 - 24,068 

2008 - Dec .................... 64,794 898 - 898 50 - 50 3,021 - 3,021 1,384 169 1,216

2009 - Jan..................... 84,760 876 - 876 49 - 49 2,946 - 2,946 1,192 21 1,171

Feb.................... 71,476 928 71 857 59 - 59 2,830 355 2,475 1,023 166 857

Mar.................... 73,743 854 - 854 48 - 48 2,736 - 2,736 1,504 148 1,356

Apr .................... 98,366 955 - 955 53 - 53 3,055 - 3,055 1,695 116 1,579

May ................... 80,854 1,092 10 1,082 74 - 74 3,141 300 2,842 1,589 160 1,430

June .................. 77,307 1,167 - 1,167 61 - 61 3,364 - 3,364 2,349 207 2,142

July.................... 67,576 1,323 - 1,323 69 - 69 3,821 - 3,821 1,927 84 1,843

Aug.................... 67,831 694 21 673 58 - 58 2,754 256 2,498 3,140 4,425 -1,285

Sept................... 68,999 685 8 677 57 - 57 4,255 135 4,119 3,530 1,405 2,125

Oct .................... 63,288 178 - 178 10 - 10 597 - 597 3,639 77 3,562

Nov.................... 70,498 968 - 968 60 - 60 3,266 - 3,266 1,989 178 1,811

Dec.................... 61,828 886 - 886 55 - 55 2,988 - 2,988 2,147 207 1,940 

Fiscal year 2010 to date.... 195,614 2,032 - 2,032 125 - 125 6,851 - 6,851 7,775 462 7,313

 
FEDERAL FISCAL OPERATIONS 

March 2010 

16 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

2005 ....................... 3,972 5,543 85,308 6,145 474,356 72,857 21,274 581,398 38,715 42,448 9,284 22,366 46,943

2006 ....................... 4,101 5,820 93,533 6,373 499,337 93,366 19,651 614,272 69,033 42,434 9,036 23,320 43,139

2007 ....................... 4,292 6,008 84,423 6,477 528,575 66,372 20,117 671,983 39,172 45,559 10,467 23,351 47,543

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

2009 ....................... 4,701 6,643 114,436 10,720 636,772 53,387 23,684 796,266 51,720 61,018 11,778 27,713 138,156

 2010 - Est............... 5,423 7,159 142,016 16,714 692,031 106,944 38,278 868,762 52,903 62,518 12,042 30,333 209,265

2011 - Est............... 5,579 7,512 145,748 11,500 721,285 94,261 44,390 934,426 54,723 53,082 14,045 31,924 116,902 

2008 - Dec.............. 703 528 11,518 1,119 60,483 6,042 2,026 63,496 5,907 4,145 986 2,570 11,408

2009 - Jan .............. 342 503 10,852 777 47,007 5,921 1,601 73,146 4,210 3,737 789 1,890 9,750

Feb ............. 324 497 10,278 1,235 48,257 6,591 1,616 61,626 3,631 3,510 832 1,895 9,625

Mar ............. 356 535 9,057 655 49,427 5,351 1,907 60,161 4,333 3,828 859 2,141 12,388

Apr.............. 361 527 7,884 1,035 51,702 5,653 1,909 72,702 3,989 3,507 1,084 1,774 13,000

May............. 355 639 8,026 978 50,489 8,689 2,217 67,699 3,525 3,811 901 2,466 12,194

June............ 436 564 8,881 1,124 53,691 -12,422 1,907 68,518 4,748 20,752 1,594 2,887 14,477

July ............. 364 599 7,270 809 58,036 6,639 2,078 88,970 4,161 3,791 1,026 2,454 14,688

Aug ............. 370 502 8,743 723 45,632 8,016 1,432 51,915 3,361 3,333 934 2,607 13,887

Sept ............ 370 572 9,160 772 60,349 3,012 3,181 66,698 4,376 3,035 1,006 2,474 14,681

Oct.............. 362 695 15,246 810 67,754 7,588 2,375 85,897 4,114 3,954 1,004 1,642 11,759

Nov ............. 518 542 10,421 1,007 45,602 7,729 2,102 52,485 3,920 3,983 1,160 3,885 13,506

Dec ............. 404 576 12,891 875 63,015 7,771 2,685 70,104 3,907 5,863 1,148 2,304 17,011

 Fiscal year 2010 

 to date .................... 1,284 1,813 38,558 2,692 176,371 23,088 7,162 208,486 11,941 13,800 3,312 7,831 42,276 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, other

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense,

civil 

programs

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration

(23) 

International 

Assistance 

Program

(24) 

 

2005 ....................... 12,752 56,597 352,350 57,926 69,815 4,720 43,483 7,911 7,689 17 15,021 

2006 ....................... 12,949 60,141 405,872 58,865 69,778 6,946 44,434 8,322 5,378 22 13,920 

2007 ....................... 13,739 61,701 429,978 60,619 72,792 3,918 47,111 8,258 2,957 29 12,750 

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

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

 

2010 - Est............... 25,726 90,944 425,127 77,853 124,565 10,536 54,317 11,301 715 1,782 23,899 

2011 - Est............... 28,745 86,665 499,125 94,425 124,215 6,929 55,719 11,177 500 2,279 24,343 

 

2008 - Dec ............. 2,036 6,253 97,775 19,399 10,965 906 5,683 743 55 65 -177 

2009 - Jan .............. 1,482 4,245 3,133 29,355 7,496 369 6,957 581 71 16 809 

Feb............. 1,384 4,182 10,311 37,178 7,670 402 5,469 647 50 -52 924 

Mar............. 1,465 4,451 19,830 63,135 4,378 501 4,613 689 58 306 608 

Apr.............. 1,368 4,748 24,847 13,539 8,014 447 3,235 617 57 -8 3,122 

May ............ 1,329 5,382 20,600 21,968 8,825 538 4,599 634 65 -66 999 

June ........... 1,764 6,645 106,612 38,132 8,327 544 4,562 838 48 49 2,548 

July............. 1,879 7,502 19,813 23,564 11,443 707 4,668 639 78 81 526 

Aug............. 972 7,438 27,375 -585 4,388 566 3,429 695 82 -24 -238 

Sept............ 3,682 10,237 15,234 -14,153 8,327 597 4,902 691 56 5 1,124 

Oct.............. 1,535 7,577 22,832 2,678 13,263 661 3,489 806 51 78 2,366 

Nov............. 1,680 6,050 17,928 5,811 4,884 813 4,747 770 40 326 912 

Dec............. 2,892 7,642 104,632 19,130 12,472 995 4,736 443 48 -213 1,475 

 Fiscal year 2010 

 to date ..................... 6,107 21,269 145,392 27,619 30,619 2,469 12,972 2,019 139 191 4,753 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

March 2010 

17

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

 Offbudget 

 (36) 

 

2005 .................. 15,600 5,400 59,500 2,503 561,333 14,407 -58,919 -160,992 -6,144 -160 2,069,208 402,210 

2006 .................. 15,125 5,510 62,400 905 585,742 12,346 -60,856 -169,295 -7,282 -113 2,232,456 422,069 

2007 .................. 15,861 5,488 58,431 1,175 621,761 18,265 -61,774 -177,963 -6,762 -13,700 2,275,334 453,636 

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

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

 

2010 - Est.......... 19,123 7,819 71,603 5,978 768,975 8,427 18,750 -191,396 - -79,731 3,163,742 556,959 

2011 - Est.......... 17,863 7,647 73,463 1,388 789,553 36,058 21,676 -192,811 - -90,476 3,255,667 578,193 

 

2008 - Dec ........ 1,810 447 5,335 101 58,693 304 -4,968 -86,222 -594 - 296,047 -6,507

2009 - Jan ......... 1,185 437 6,624 74 60,358 7,094 -4,211 3,196 -248 * 241,783 47,765 

Feb ........ 1,345 426 5,870 1,285 59,839 5,676 -4,894 483 -364 -6,577 226,535 54,635 

Mar ........ 1,677 445 6,730 72 56,394 10,012 -4,569 -864 -414 - 266,430 54,084 

Apr......... 1,518 449 6,868 73 59,854 1,560 -4,346 -3,658 -317 - 237,808 49,305 

May ....... 1,631 443 5,627 86 73,473 5,952 -5,325 -667 -488 -724 250,778 56,090 

June ...... 1,750 557 5,459 89 64,869 -6,099 -4,903 -88,313 -963 * 308,442 1,230

July........ 1,570 589 6,632 96 64,625 2,894 -4,644 -940 -443 - 282,211 49,950 

Aug........ 1,584 667 6,320 94 56,982 5,920 -4,712 -2,896 -427 - 194,015 55,069 

Sept....... 2,190 531 5,226 114 61,236 -111 -5,124 175 -534 - 206,652 57,436 

Oct......... 1,071 528 6,346 96 65,202 3,598 -20,351 -3,202 -165 * 258,633 53,025 

Nov........ 1,582 527 6,034 122 57,495 3,434 -5,154 -290 -714 * 197,778 56,075 

Dec........ 1,998 480 5,931 121 95,398 -43,843 -5,104 -86,585 -362 -66 283,333 27,439 

 Fiscal year 2010 

to date................ 4,651 1,535 18,311 339 218,095 -36,811 -30,609 -90,077 -1,241 -66 739,744 136,539 

 

Note.—These estimates are based on the Fiscal Year 2011 Budget, released by the Office 

of Management and Budget on February 1, 2010. 

Note.—This issue includes a reclassification of gift and donation receipts from 

Governmental Receipts to Proprietary Receipts from the Public. 

* Less than $500,000. 

- No transactions. 

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

March 2010 

18 

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

December 2009 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 207,728 2 - 207,731 255,292 6 - 255,298

Corporation income taxes........................................... 33,925 - - 33,925 50,368 - - 50,368

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 142,740 142,740 144,026 144,026

Employment and general retirement (on-budget)... - - 46,305 46,305 - - 49,645 49,645

Unemployment insurance ....................................... - - 5,448 5,448 - - 5,225 5,225

Other retirement...................................................... - - 1,121 1,121 - - 1,110 1,110

Excise taxes ................................................................ 6,582 214 9,524 16,319 4,316 273 9,828 14,417

Estate and gift taxes ................................................... 3,966 - - 3,966 6,557 - - 6,557

Customs duties ........................................................... 3,615 2,000 309 5,924 4,222 2,273 402 6,897

Miscellaneous receipts................................................ 19,625 4,287 384 24,296 10,128 3,526 188 13,842

Total receipts....................................................... 275,442 6,504 205,830 487,776 330,882 6,078 210,423 547,384

(On-budget)..................................................... 275,442 6,504 63,090 345,036 330,882 6,078 66,398 403,358

(Off-budget)..................................................... - - 142,740 142,740 - - 144,026 144,026

 

Budget outlays: 

Legislative branch ....................................................... 1,194 98 -7 1,284 1,104 318 * 1,423

Judicial branch ............................................................ 1,477 322 14 1,813 1,380 313 14 1,707

Department of Agriculture ........................................... 29,099 9,212 247 38,558 23,625 10,357 303 34,285

Department of Commerce........................................... 2,569 122 * 2,691 2,197 416 * 2,613

Department of Defense-military .................................. 173,377 2,985 8 176,370 170,480 1,702 * 172,181

Department of Education ............................................ 23,094 -6 * 23,088 15,941 -7 3 15,937

Department of Energy................................................. 7,788 -625 - 7,162 6,320 -484 * 5,836

Department of Health and Human Services ............... 162,674 -28 45,841 208,487 129,377 * 55,456 184,832

Department of Homeland Security.............................. 12,093 -233 80 11,940 13,505 1,811 69 15,385

Department of Housing and Urban Development....... 13,800 -1 * 13,799 11,678 36 * 11,714

Department of the Interior........................................... 3,156 54 103 3,313 2,807 -196 142 2,752

Department of Justice ................................................. 7,406 466 -41 7,831 6,543 650 -69 7,125

Department of Labor................................................... 31,253 48 10,975 42,276 9,371 279 13,816 23,466

Department of State.................................................... 5,691 206 209 6,106 5,864 111 131 6,106

Department of Transportation..................................... 6,645 17 14,608 21,269 2,668 -157 15,665 18,177

Department of the Treasury: 

Interest on the public debt....................................... 145,392 - - 145,392 135,318 - - 135,318

Other ....................................................................... 27,129 299 190 27,618 106,916 -527 179 106,568

Department of Veterans Affairs .................................. 31,054 -648 212 30,618 26,968 -587 206 26,588

Corps of Engineers ..................................................... 2,081 183 205 2,469 1,938 201 30 2,169

Other defense civil programs...................................... 68,654 -9,645 -46,037 12,973 61,812 -8,220 -38,749 14,843

Environmental Protection Agency............................... 3,451 -76 -1,356 2,019 2,290 -71 -178 2,041

Executive Office of the President................................ 138 * * 138 177 * - 177

General Services Administration ................................ 22 169 * 191 49 -36 - 13

International Assistance Program............................... 4,489 -133 398 4,753 5,114 -152 -583 4,378

National Aeronautics and Space Administration ........ 4,649 2 * 4,651 4,723 -4 * 4,719

National Science Foundation...................................... 1,502 38 -7 1,534 1,384 27 5 1,416

Office of Personnel Management ............................... 2,391 -559 16,479 18,310 2,216 -623 15,355 16,947

Small Business Administration ................................... 338 2 * 340 265 * * 265

Social Security Administration .................................... 20,621 -126 197,599 218,095 16,782 -13 153,151 169,920

Other independent agencies....................................... 3,081 -41,245 1,353 -36,811 3,288 3,895 10,275 17,458

Undistributed offsetting receipts: 

Interest .................................................................... - - -90,078 -90,078 - - -88,076 -88,076

Other ....................................................................... -992 -11,413 -19,512 -31,916 -846 -20,283 -17,285 -38,413

Total outlays........................................................ 795,320 -50,517 131,481 876,284 771,255 -11,245 119,860 879,870

(On-budget)..................................................... 795,273 -51,504 -4,025 739,744 771,146 -10,840 28,111 788,417

(Off-budget)..................................................... 46 987 135,505 136,539 109 -404 91,749 91,453

Surplus or deficit (-)............................................. -519,877 57,020 74,350 -388,507 -440,372 17,323 90,564 -332,486

(On-budget)..................................................... -519,830 58,007 67,115 -394,708 -440,264 16,918 38,287 -385,059

(Off-budget)..................................................... -46 -987 7,235 6,201 -109 404 52,277 52,572

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
March 2010 

19

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating 

cash is maintained in accounts with the Federal Reserve 

banks (FRBs) and branches, as well as in tax and loan 

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

are depleted, funds are called in (withdrawn) from thousands 

of tax and loan accounts at financial institutions throughout 

the country. 

Under authority of Public Law 95-147 (codified at 31 

United States Code 323), Treasury implemented a program 

on November 2, 1978, to invest a portion of its operating 

cash in obligations of depositaries maintaining tax and loan 

accounts. Under the Treasury tax and loan (TT&L) 

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

through financial institutions and to leave the funds in TT&L 

depositaries and in the financial communities in which they 

arise until Treasury needs the funds for its operations. In this 

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

remit the funds to the Treasury account at FRBs do so as 

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

cases, this involves a transfer of funds from a customer’s 

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 2 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

2005 ................................................ 7,485,532 468,563 7,955,702 1,339,363 1,338,425 

2006 ................................................ 7,839,784 501,945 8,340,659 1,478,945 1,463,568 

2007 ................................................ 8,455,356 528,724 8,983,992 1,571,322 1,548,300 

2008 ................................................ 9,947,954 530,425 10,151,438 1,602,823 1,633,393 

2009 ................................................ 11,577,153 482,146 12,118,510 1,398,542 1,435,675 

 

2008 - Dec....................................... 799,185 55,150 989,379 161,413 162,177 

2009 - Jan ....................................... 912,889 40,310 1,124,877 120,405 119,623 

Feb ...................................... 828,709 34,888 833,021 108,724 108,729 

Mar ...................................... 1,010,666 41,716 1,009,644 133,781 134,015 

Apr....................................... 1,053,394 44,467 1,028,822 125,868 125,604 

May...................................... 830,049 33,823 984,841 95,184 95,201 

June..................................... 1,071,115 41,660 1,012,006 130,518 130,566 

July ...................................... 1,038,765 37,981 1,099,764 99,192 99,156 

Aug ...................................... 910,038 33,639 943,317 94,114 94,138 

Sept..................................... 808,315 42,353 870,664 118,991 118,946 

Oct....................................... 767,671 34,033 1,040,254 94,595 94,594 

Nov ...................................... 902,202 35,042 857,729 93,531 93,565 

Dec ...................................... 1,080,487 51,067 1,054,156 147,388 147,388 

 

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

March 2010 

20 

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

and Tax and Loan Note Account Balances, con. 1

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

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note 

accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan

note 

accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note 

accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan

note 

accounts 

(13) 

 

2005 ...................................... 4,381 31,300 9,849 78,251 3,159 30 5,025 19,819 

2006 ...................................... 5,451 46,676 7,507 93,784 2,637 78 5,019 20,614 

2007 ...................................... 5,539 69,698 29,504 98,264 3,239 75 5,216 23,961 

2008 ...................................... 32,988 39,129 32,988 135,752 2,973 - 5,181 17,751 

2009 ...................................... 108,324 1,996 136,672 79,897 3,987 284 52,381 4,161 

 

2008 - Dec............................. 106,123 1,199 132,738 2,181 41,646 1,199 90,197 1,912 

2009 - Jan ............................. 23,548 1,981 106,123 2,043 23,548 1,199 46,983 1,927 

Feb ............................ 23,502 1,976 75,506 2,124 20,266 1,756 36,532 1,960 

Mar ............................ 67,151 1,742 114,510 2,114 23,502 1,206 62,945 1,917 

Apr............................. 136,194 2,005 136,194 2,027 23,684 1,830 59,078 1,973 

May............................ 15,222 1,988 84,855 2,076 11,048 1,746 51,840 1,961 

June........................... 115,984 1,940 132,837 2,140 7,384 1,691 64,483 1,965 

July ............................ 92,971 1,976 92,971 2,016 17,168 1,862 50,429 1,959 

Aug ............................ 93,333 1,951 93,333 2,021 8,802 1,915 39,934 1,978 

Sept........................... 108,324 1,996 108,324 2,168 4,500 284 35,050 1,894 

Oct............................. 19,721 1,997 89,598 2,010 15,570 1,805 45,107 1,954 

Nov ............................ 99,236 1,962 107,219 2,630 11,236 1,880 52,320 1,999 

Dec ............................ 186,632 1,962 186,632 2,026 18,152 1,715 82,660 1,959 

 

 

1 This report does not include Supplementary Financing Program balances.

2

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

other than Government account series, and taxes. 

3

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, 

redemptions of securities other than Government account series, and investment (transfer) 

of excess funds out of this account to the tax and loan note accounts. 

4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 

depositaries as follows: withheld income taxes beginning March 1948; taxes on employers 

and employees under the Federal Insurance Contributions Act beginning January 1950 

and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act 

taxes beginning April 1970; and individual estimated income taxes beginning October 

1988. 
March 2010 

21

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

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

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

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

March 2010

22 

TABLE FD-1.—Summary of Federal Debt

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency

securities

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency

securities

(9) 

 

2005............................... 7,956,346 7,932,710 23,637 3,331,333 3,331,332 1 4,625,013 4,601,378 23,636 

2006............................... 8,530,366 8,506,974 23,392 3,663,773 3,663,766 7 4,866,593 4,843,208 23,385 

2007............................... 9,030,612 9,007,653 22,959 3,958,417 3,958,411 6 5,072,195 5,049,242 22,953 

2008............................... 10,047,828 10,024,725 23,104 4,210,491 4,210,485 6 5,837,337 5,814,240 23,098 

2009............................... 11,933,031 11,909,828 23,203 4,355,292 4,355,291 1 7,577,739 7,554,537 23,202 

 

2008 - Dec ..................... 10,723,156 10,699,805 23,352 4,327,160 4,327,154 6 6,395,996 6,372,651 23,346 

2009 - Jan...................... 10,655,167 10,632,080 23,087 4,311,381 4,311,375 6 6,343,786 6,320,705 23,081 

Feb..................... 10,899,894 10,877,144 22,750 4,295,278 4,295,273 6 6,604,615 6,581,871 22,744 

Mar..................... 11,149,495 11,126,941 22,554 4,290,609 4,290,603 6 6,858,886 6,836,338 22,548 

 Apr ..................... 11,261,000 11,238,592 22,409 4,305,333 4,305,326 6 6,955,667 6,933,266 22,403 

May .................... 11,343,863 11,321,599 22,264 4,301,352 4,301,350 2 7,042,511 7,020,249 22,262 

June ................... 11,567,551 11,545,275 22,276 4,368,813 4,368,811 2 7,198,738 7,176,464 22,274 

July..................... 11,691,765 11,669,276 22,489 4,331,562 4,331,561 1 7,360,203 7,337,715 22,488 

Aug..................... 11,835,208 11,812,870 22,338 4,326,507 4,326,506 1 7,508,701 7,486,364 22,337 

Sept.................... 11,933,031 11,909,828 23,203 4,355,292 4,355,291 1 7,577,739 7,554,537 23,202 

Oct ..................... 11,916,251 11,893,090 23,160 4,401,771 4,401,769 2 7,514,480 7,491,321 23,158 

Nov..................... 12,136,257 12,113,047 23,210 4,397,288 4,397,286 2 7,738,969 7,715,761 23,208 

Dec..................... 12,334,846 12,311,349 23,497 4,496,990 4,496,990 2 7,837,858 7,814,359 23,494 

 

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

End of fiscal 

year or month 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount

(17) 

Accrual

amount

(18) 

 

2005 ............................... 7,956,346 53,546 7,902,800 3,331,333 18,145 3,313,188 4,625,013 35,401 4,589,612 

2006 ............................... 8,530,366 81,375 8,448,991 3,663,773 41,370 3,622,403 4,866,593 40,005 4,826,588 

2007 ............................... 9,030,612 82,078 8,948,534 3,958,417 42,796 3,915,621 5,072,195 39,282 5,032,913 

2008 ............................... 10,047,828 64,135 9,983,694 4,210,491 27,432 4,183,059 5,837,337 36,703 5,800,635 

2009 ............................... 11,933,031 59,219 11,873,812 4,355,292 25,467 4,329,825 7,577,739 33,752 7,543,987 

 

2008 - Dec ..................... 10,723,156 62,737 10,660,419 4,327,160 28,271 4,298,889 6,395,996 34,466 6,361,529 

2009 - Jan ...................... 10,655,167 59,228 10,595,939 4,311,381 28,158 4,283,222 6,343,786 31,070 6,312,717 

Feb ..................... 10,899,894 59,063 10,840,831 4,295,278 27,859 4,267,420 6,604,616 31,204 6,573,411 

Mar ..................... 11,149,495 59,682 11,089,813 4,290,609 27,741 4,262,868 6,858,886 31,941 6,826,945 

Apr...................... 11,261,000 56,868 11,204,133 4,305,333 25,434 4,279,898 6,955,667 31,434 6,924,234 

May .................... 11,343,863 56,993 11,286,870 4,301,352 25,766 4,275,585 7,042,511 31,227 7,011,284 

June ................... 11,567,551 59,024 11,508,527 4,368,813 25,620 4,343,192 7,198,738 33,404 7,165,335 

July..................... 11,691,765 59,573 11,632,192 4,331,562 25,542 4,306,020 7,360,203 34,031 7,326,172 

Aug..................... 11,835,208 60,466 11,774,742 4,326,507 25,951 4,300,556 7,508,701 34,515 7,474,185 

Sept.................... 11,933,031 59,219 11,873,812 4,355,292 25,467 4,329,825 7,577,739 33,752 7,543,987 

Oct...................... 11,916,251 55,623 11,860,628 4,401,771 24,450 4,377,321 7,514,480 31,173 7,483,306 

Nov..................... 12,136,257 56,860 12,079,397 4,397,288 24,948 4,372,340 7,738,969 31,912 7,707,057 

Dec..................... 12,334,846 57,286 12,277,560 4,496,990 24,854 4,472,136 7,837,857 32,432 7,805,424 

 
FEDERAL DEBT 

March 2010 

23

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

2005 ....................................... 203,645 - 3,086 67,961 225,283 29,995 5,214 

2006 ....................................... 203,656 - 2,986 78,129 238,835 29,995 5,715 

2007 ....................................... 197,126 - 2,986 88,153 296,513 29,995 6,126 

2008 ....................................... 194,253 - 2,986 107,498 260,238 29,995 3,569 

2009 ....................................... 192,452 - 4,886 118,636 216,488 29,995 1,466 

 

2008 - Dec ............................. 194,075 - 3,986 115,117 249,318 29,995 2,637 

2009 - Jan .............................. 193,810 - 4,986 115,508 244,800 29,995 2,037 

Feb ............................. 194,057 - 4,986 117,375 241,929 29,995 1,846 

Mar ............................. 193,975 - 5,986 119,543 240,096 29,995 1,594 

Apr.............................. 193,998 - 6,986 119,871 238,195 29,995 1,628 

May ............................ 193,871 - 6,486 119,353 235,523 29,995 1,540 

June ........................... 193,592 - 5,986 119,112 232,965 29,995 1,522 

July............................. 193,267 - 5,486 119,570 223,901 29,995 1,574 

Aug............................. 192,822 - 4,486 118,945 218,336 29,995 1,556 

Sept............................ 192,452 - 4,886 118,636 216,488 29,995 1,466 

Oct.............................. 192,172 - 4,386 119,127 215,785 29,995 1,492 

Nov............................. 191,799 - 4,386 119,919 212,891 29,995 1,501 

Dec............................. 191,298 - 4,386 119,932 214,138 29,995 1,411 

 

 

TABLE FD-2.—Debt Held by the Public

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

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

Nonmarketable 

Total 

(7) 

 

2005 .................................. 4,601,239 4,066,053 910,323 2,328,213 520,507 307,011 535,186 

2006 .................................. 4,843,121 4,283,804 908,474 2,445,307 534,473 395,550 559,317 

2007 .................................. 5,049,306 4,428,405 954,607 2,456,100 560,922 456,776 620,900 

2008 .................................. 5,808,692 5,210,151 1,484,332 2,623,364 578,504 523,951 598,540 

2009 .................................. 7,551,862 6,987,937 1,986,173 3,772,964 677,491 551,308 563,924 

 

2008 - Dec ........................ 6,369,319 5,774,190 1,861,187 2,791,514 591,867 529,622 595,129 

2009 - Jan ......................... 6,317,299 5,726,162 1,792,889 2,825,174 591,890 516,209 591,137 

Feb ........................ 6,579,163 5,988,974 1,979,787 2,891,334 606,670 511,183 590,189 

Mar ........................ 6,833,543 6,242,353 2,027,691 3,084,283 617,628 512,751 591,190 

 Apr......................... 6,930,825 6,340,151 1,988,380 3,204,051 618,353 529,367 590,674 

May ....................... 7,019,322 6,432,553 2,059,387 3,210,872 631,734 530,561 586,768 

June ...................... 7,174,912 6,591,740 2,000,458 3,417,319 642,050 531,913 583,173 

July........................ 7,335,598 6,761,806 2,014,176 3,546,950 653,069 547,611 573,793 

Aug........................ 7,484,145 6,918,004 2,062,265 3,638,049 665,744 551,947 566,141 

Sept....................... 7,551,862 6,987,937 1,986,173 3,772,964 677,491 551,308 563,924 

Oct......................... 7,487,887 6,924,930 1,852,331 3,816,792 689,021 566,786 562,957 

Nov........................ 7,712,387 7,151,894 1,844,698 4,038,278 701,634 567,285 560,493 

Dec........................ 7,811,009 7,249,848 1,787,913 4,179,412 714,672 567,851 561,161 
FEDERAL DEBT 

March 2010

24 

End of fiscal 

year or month 

Federal 

Savings and 

Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance Trust 

Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life

Insurance 

Fund 

(14) 

Postal 

Service Fund

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

Unemployment Trust 

Fund 

(18) 

Other 

(19) 

 

2005 ..................... 3,123 17,204 8,271 10,597 1,218 570 - 54,806 427,868 

2006 ..................... 3,029 33,061 10,998 10,189 4,233 477 - 66,213 484,104 

2007 ..................... 3,182 39,248 12,205 9,752 979 596 - 74,923 555,118 

2008 ..................... 3,320 59,090 12,811 9,272 1,605 624 - 72,432 614,991 

2009 ..................... 3,313 61,764 11,484 8,735 4,239 405 - 19,628 683,808 

 

2008 - Dec ........... 3,325 59,850 10,386 9,294 1,200 364 - 61,805 689,981 

2009 - Jan ............ 3,325 56,323 9,886 9,205 1,000 469 - 53,958 682,586 

 Feb ........... 3,326 57,782 9,545 9,123 1,000 501 - 48,370 682,383 

 Mar ........... 3,327 63,639 9,738 9,020 1,200 525 - 38,252 683,460 

 Apr............ 3,327 62,801 10,208 8,921 1,000 452 - 30,292 685,674 

 May .......... 3,317 63,006 9,102 8,841 1,200 431 - 38,141 686,004 

 June ......... 3,317 64,716 8,695 8,995 1,200 450 - 30,099 684,649 

 July........... 3,317 56,833 7,207 8,910 1,009 600 - 22,744 683,601 

 Aug........... 3,318 61,516 12,160 8,828 1,009 410 - 22,762 684,875 

 Sept.......... 3,313 61,764 11,484 8,735 4,239 405 - 19,628 683,808 

 Oct............ 3,311 55,813 8,001 8,652 1,000 467 - 17,476 762,719 

 Nov........... 3,331 61,254 8,501 8,580 1,000 355 - 17,298 661,011 

 Dec........... 3,330 75,946 7,559 8,727 1,000 577 - 16,235 761,521 

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

2005 .................. 3,380,605 10,047 32,733 29,485 15,238 193,263 660,109 277,268 22,646 1,616,159 

2006 .................. 3,722,747 7,893 46,216 31,282 15,711 202,178 689,812 302,186 22,036 1,793,129 

2007 .................. 4,026,772 7,931 47,515 32,965 16,436 213,830 702,043 319,377 22,410 1,968,262 

2008 .................. 4,297,677 7,674 29,937 34,397 16,847 216,487 729,705 318,741 19,093 2,150,651 

2009 .................. 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668 2,296,316 

 

2008 - Dec ........ 4,421,658 7,855 25,496 35,032 17,661 215,810 738,870 321,910 19,415 2,203,404 

2009 - Jan ......... 4,406,044 7,362 24,355 35,079 14,107 216,320 734,906 318,373 19,475 2,219,315 

 Feb ........ 4,391,447 7,357 22,681 35,278 14,652 214,514 731,109 314,163 19,698 2,219,965 

 Mar ........ 4,388,682 7,186 23,739 35,294 15,004 212,929 727,303 314,082 19,741 2,224,243 

 Apr......... 4,403,906 6,848 21,598 35,298 15,106 213,778 723,442 321,142 19,916 2,244,103 

 May ....... 4,399,423 7,371 17,589 35,773 15,102 211,735 720,053 317,045 20,058 2,244,655 

 June ...... 4,468,613 7,803 20,675 35,806 15,104 215,111 737,529 324,823 9,974 2,299,667 

 July........ 4,431,781 8,068 20,144 35,822 15,106 212,878 733,688 310,462 10,027 2,301,365 

 Aug........ 4,425,942 8,108 13,099 36,116 15,359 210,285 729,854 309,906 10,245 2,298,092 

 Sept....... 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668 2,296,316 

 Oct......... 4,501,135 7,804 15,661 36,235 18,816 205,094 754,133 300,242 10,726 2,294,985 

 Nov........ 4,497,408 7,457 14,205 36,661 19,241 302,653 750,372 302,653 10,979 2,291,857 

 Dec........ 4,597,132 6,710 59,460 36,726 19,241 199,760 765,793 304,612 11,155 2,318,780 

 
FEDERAL DEBT 

March 2010 

25

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Federal 

Communications 

Commission 

(6) 

 

2005 ............................ 23,637 146 160 23,097 235 1 

2006 ............................ 23,392 112 156 22,899 225 * 

2007 ............................ 22,959 85 152 22,506 215 -1 

2008 ............................ 23,104 69 150 22,680 204 * 

2009 ............................ 23,203 33 144 22,834 193 * 

 

2008 - Dec .................. 23,352 69 151 22,926 204 * 

2009 - Jan ................... 23,087 69 152 22,661 204 * 

Feb .................. 22,750 69 145 22,337 199 * 

Mar .................. 22,554 33 146 22,177 199 * 

Apr................... 22,409 33 147 22,031 199 * 

May ................. 22,264 33 148 21,884 199 * 

June ................ 22,276 33 149 21,896 199 * 

July.................. 22,489 33 150 22,107 199 * 

Aug.................. 22,338 33 143 21,970 193 * 

Sept................. 23,203 33 144 22,834 193 * 

Oct................... 23,160 33 145 22,790 193 * 

Nov.................. 23,210 33 146 22,839 193 * 

Dec.................. 23,497 33 147 23,125 193 * 

 

 

Note.—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

March 2010

26 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 

2006 ............................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 

2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 4 yrs. 10 mos. 

2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 4 yrs. 1 mo. 

2009 ............................... 6,228,565 2,604,676 2,074,723 994,689 350,550 203,928 4 yrs. 1 mo. 

 

2008 - Dec...................... 5,307,633 2,406,537 1,607,484 776,147 354,202 163,262 3 yrs. 10 mos. 

2009 - Jan ...................... 5,260,475 2,331,996 1,631,789 773,548 360,402 162,741 3 yrs. 11 mos. 

Feb ..................... 5,505,532 2,543,867 1,659,368 776,956 358,570 166,771 3 yrs. 11 mos. 

Mar ..................... 5,759,709 2,601,162 1,790,274 833,981 357,716 176,575 3 yrs. 11 mos. 

Apr...................... 5,800,248 2,601,043 1,792,321 875,653 376,004 155,227 3 yrs. 11 mos. 

May..................... 5,815,094 2,660,151 1,762,962 856,289 367,080 168,611 3 yrs. 11 mos. 

June.................... 5,943,636 2,611,596 1,891,559 900,239 361,806 178,436 3 yrs. 11 mos. 

July ..................... 6,065,512 2,636,005 1,964,000 916,972 360,698 187,837 4 yrs. 0 mos. 

Aug ..................... 6,179,984 2,669,428 2,014,501 951,363 352,756 191,935 4 yrs. 0 mos. 

Sept.................... 6,228,565 2,604,676 2,074,723 994,689 350,550 203,928 4 yrs. 1 mo. 

Oct...................... 6,138,150 2,481,258 2,073,374 1,019,112 349,067 215,339 4 yrs. 3 mos. 

Nov ..................... 6,386,026 2,462,190 2,259,073 1,084,264 349,156 231,343 4 yrs. 3 mos. 

Dec ..................... 6,483,901 2,415,461 2,337,392 1,137,420 349,280 244,348 4 yrs. 4 mos. 

 

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

March 2010 

27

TABLE FD-6.—Debt Subject to Statutory Limit

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

Debt subject to limit Securities outstanding 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

2005 ................................................ 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 

2006 ................................................ 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 

2007 ................................................ 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 

2008 ................................................ 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 

2009 ................................................ 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 

 

2009 - Dec....................................... 11,315,000 10,640,274 10,640,223 51 10,699,805 51 59,583 

2009 - Jan ....................................... 11,315,000 10,569,310 10,569,296 14 10,632,080 14 62,784 

Feb ...................................... 12,104,000 10,814,630 10,814,616 14 10,877,145 14 62,529 

Mar ...................................... 12,104,000 11,066,217 11,066,203 14 11,126,941 14 60,738 

Apr....................................... 12,104,000 11,178,827 11,178,813 14 11,238,592 14 59,779 

May...................................... 12,104,000 11,260,445 11,260,430 14 11,321,600 14 61,170 

June..................................... 12,104,000 11,487,470 11,487,456 14 11,545,275 14 57,819 

July ...................................... 12,104,000 11,611,178 11,611,163 14 11,669,277 14 58,113 

Aug ...................................... 12,104,000 11,755,205 11,755,191 14 11,812,870 14 57,678 

Sept..................................... 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 

Oct....................................... 12,104,000 11,836,629 11,836,615 14 11,893,091 14 56,475 

Nov ...................................... 12,104,000 12,057,363 12,057,348 14 12,113,048 14 55,699 

Dec ...................................... 12,394,000 12,254,530 12,254,506 24 12,311,350 24 56,843 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

March 2010

28 

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

 Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2005 ................................................ 211,763 26,851 18,489 12,608 461 1,979 

2006 ................................................ 228,065 22,578 20,432 12,911 485 1,358 

2007 ................................................ 219,079 10,662 22,803 13,803 420 1,448 

2008 ................................................ 252,783 9,691 24,789 14,780 479 1,456 

2009 ................................................ 747,566 11,617 26,074 16,675 481 778 

 

2008 - Dec ...................................... 357,973 9,673 25,659 15,171 490 1,456 

2009 - Jan ....................................... 410,516 12,043 25,921 15,291 494 1,456 

Feb ...................................... 432,532 12,499 26,194 15,407 495 1,456 

Mar ...................................... 479,064 13,567 26,761 15,533 497 1,456 

Apr....................................... 691,504 11,393 27,145 15,685 499 1,461 

May ..................................... 706,075 11,625 27,584 15,834 502 1,461 

June .................................... 748,498 11,023 26,084 16,599 497 1,461 

July...................................... 774,408 10,581 26,084 16,599 497 1,461 

Aug...................................... 789,194 10,360 25,912 17,026 477 730 

Sept..................................... 747,566 11,617 26,074 16,675 481 778 

Oct....................................... 817,593 17,361 26,255 16,872 485 778 

Nov...................................... 845,306 18,619 26,388 17,088 488 778 

Dec...................................... 876,706 22,264 26,536 17,491 495 778 

 

 Department 

 of Energy 

Department of Housing 

 and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

 Bonneville Power 

 Administration 

 (8) 

 Federal Housing 

 Administration 

 (9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2005 ................................................ 104,471 2,777 7,548 239 12,413 

2006 ................................................ 105,522 2,482 6,258 - 16,618 

2007 ................................................ 103,973 2,241 4,573 - 17,609 

2008 ................................................ 128,331 2,186 4,832 - 21,957 

2009 ................................................ 234,918 2,130 4,420 - 47,107 

 

2008 - Dec ...................................... 145,131 2,151 4,832 - 22,868 

2009 - Jan....................................... 167,659 2,246 4,832 - 27,938 

Feb...................................... 168,602 2,246 4,832 - 31,124 

Mar...................................... 174,838 2,161 4,832 - 40,926 

Apr ...................................... 178,690 2,221 4,932 - 39,815 

 May ..................................... 188,280 2,111 5,107 - 41,481 

 June .................................... 209,413 2,151 5,107 - 41,884 

 July...................................... 214,585 2,042 5,107 - 41,651 

 Aug...................................... 224,647 2,042 5,107 - 41,703 

Sept..................................... 234,918 2,130 4,420 - 47,107 

Oct ...................................... 253,449 2,240 4,420 - 46,207 

Nov...................................... 257,758 2,262 4,420 - 46,789 

Dec...................................... 265,070 2,314 4,420 - 46,364 

 
FEDERAL DEBT 

March 2010 

29

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2005 ...................................... 5,848 2,973 7,695 7,411 

2006 ...................................... 4,911 2,958 9,303 22,249 

2007 ...................................... 4,364 2,945 11,366 22,872 

2008 ...................................... 2,929 3,096 9,463 28,793 

2009 ...................................... 3,805 3,359 10,873 385,328 

 

2008 - Dec ............................ 3,151 3,990 9,463 113,939 

2009 - Jan ............................. 3,309 4,294 9,463 135,570 

Feb ............................ 3,309 4,555 8,310 153,501 

Mar ............................ 3,309 4,857 8,902 181,425 

Apr............................. 3,479 5,160 8,902 392,121 

May ........................... 3,943 5,463 9,632 393,053 

June .......................... 4,028 2,400 10,124 417,727 

July............................ 4,355 2,734 10,124 438,587 

Aug............................ 3,664 3,029 10,656 443,841 

Sept........................... 3,805 3,359 10,873 385,328 

Oct............................. 4,003 3,693 10,873 430,956 

Nov............................ 4,021 3,998 11,554 451,142 

Dec............................ 4,701 4,337 11,554 467,771 

 

Note.—Detail may not add to totals due to rounding. 
March 2010 

30 

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows the 

Secretary of Treasury to borrow money by issuing Treasury 

securities. The Secretary determines the terms and conditions of 

issue, conversion, maturity, payment, and interest rate. New 

issues of Treasury notes mature in 2 to 10 years. Bonds mature 

in more than 10 years from the issue date. Each outstanding 

marketable security is listed in the “Monthly Statement of the 

Public Debt of the United States.” The information in this 

section of the “Treasury Bulletin” pertains only to marketable 

Treasury securities. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week bills. 

High yields on accepted tenders and the dollar value of total 

bids are presented, with the dollar value of awards made on 

both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million for bills and $5 million for notes and bonds in each 

auction of securities. 

• Table PDO-2 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. Issues of cash 

management bills also are presented. 

Note: Additional information, including maturity 

schedules of interest-bearing marketable public debt securities 

other than regular weekly and 52-week Treasury bills 

outstanding, can now be found on the Bureau of Public Debt’s 

website at http://www.treasurydirect.gov/govt/reports/pd/pd_ 

pdotables_downloadable_files.htm. 

Note: On April 30, 2008, Treasury announced the 

reintroduction of the 52-week bill. The first auction of this 

security took place on June 3, 2008. 

Note: Cash managements bills that are identified below are 

issued as part of the Supplementary Financing Program (SFP). 

For more details about the SFP, visit www.treasury.gov/ 

press/releases/hp1144.htm or call 202-622-2960. 

Note: On February 4, 2009, Treasury announced the 

reintroduction of the 7-year note. The first auction of this 

security took place on February 26, 2009.

TREASURY FINANCING: OCTOBER-DECEMBER 

[Source: Bureau of the Public Debt, Office of Financing] 

O C T O B E R 

Cash Management Bills 

On October 6, 2009, Treasury announced it would auction 

$10,000 million of 16-day bills. They were issued October 13 

and matured October 29. The issue was to raise new cash. 

Treasury auctioned the bills on October 8. Tenders totaled 

$62,951 million; Treasury accepted $10,000 million. The high 

bank discount rate was 0.040 percent. 

On October 19, Treasury announced it would auction 

$15,000 million of 42-day bills. They were issued October 29 

and matured December 10. The issue was part of the SFP. 

Treasury auctioned the bills on October 21. Tenders totaled 

$78,313 million; Treasury accepted $15,000 million. The high 

bank discount rate was 0.060 percent. 

On October 26, Treasury announced it would auction 

$25,000 million of 300-day bills. They were issued October 30 

and will mature August 26, 2010. The issue was to raise new 

cash. Treasury auctioned the bills on October 28. Tenders 

totaled $96,196 million; Treasury accepted $25,000 million. 

The high bank discount rate was 0.315 percent. 

Auction of 3-Year Notes 

On October 1, 2009, Treasury announced it would auction 

$39,000 million of 3-year notes. The issue was to refund 

$14,395 million of securities maturing October 15 and to raise 

new cash of approximately $63,605 million. 

The 3-year notes of Series AD-2012 were dated and issued 

October 15. They are due October 15, 2012, with interest 

payable on April 15 and October 15 until maturity. Treasury set 

an interest rate of 1-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on October 6. Tenders totaled $107,625 

million; Treasury accepted $39,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.445 percent with the equivalent price of 

$99.795210. Treasury accepted in full all competitive tenders at 

yields lower than 1.445 percent. Tenders at the high yield were 

allotted 61.96 percent. The median yield was 1.387 percent, and 

the low yield was 1.320 percent. Noncompetitive tenders 

totaled $72 million. Competitive tenders accepted from private 

investors totaled $38,828 million. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2010 

 

31

In addition to the $39,000 million of tenders accepted in 

the auction process, Treasury accepted $305 million from FRBs 

for their own accounts. The minimum par amount required for 

Separate Trading of Registered Interest and Principal Securities 

(STRIPS) of notes of Series AD-2012 is $100. 

Auction of 9-Year 9-Month 1-7/8 Percent Treasury 

Inflation Protected Security (TIPS) 

On October 1, 2009, Treasury announced it would auction 

$7,000 million of 9-year 9-month 1-7/8 percent TIPS. The issue 

was to refund $14,395 million of securities maturing October 

15 and to raise new cash of approximately $63,605 million. 

The 9-year 9-month TIPS of Series D-2019 were dated 

July 15 and issued October 15. They are due July 15, 2019, 

with interest payable on January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on October 5. Tenders totaled $21,839 

million; Treasury accepted $7,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.510 percent with an equivalent adjusted price 

of $104.288697. Treasury accepted in full all competitive 

tenders at yields lower than 1.510 percent. Tenders at the high 

yield were allotted 14.26 percent. The median yield was 1.430 

percent, and the low yield was 1.350 percent. Noncompetitive 

tenders totaled $154 million. Competitive tenders accepted 

from private investors totaled $6,846 million. Adjusted accrued 

interest of $4.73255 per $1,000 must be paid for the period 

from July 15 to October 15. Both the unadjusted price of 

$103.296022 and the unadjusted accrued interest of $4.68750 

were adjusted by an index ratio of 1.00961, for the period from 

July 15 to October 15. 

In addition to the $7,000 million of tenders accepted in the 

auction process, Treasury accepted $55 million from Federal 

Reserve Banks (FRBs) for their own accounts. The minimum 

par amount required for STRIPS of TIPS of Series D-2019 is 

$100. 

Auction of 9-Year 10-Month 3-5/8 Percent Notes 

On October 1, 2009, Treasury announced it would auction 

$20,000 million of 9-year 10-month 3-5/8 percent notes. The 

issue was to refund $14,395 million of securities maturing 

October 15 and to raise new cash of approximately $63,605 

million. 

The 9-year 10-month notes of series E-2019 were dated 

August 15, and issued October 15. They are due August 15, 

2019, with interest payable on February 15 and August 15 until 

maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on October 7. Tenders totaled $60,265 

million; Treasury accepted $20,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.210 percent with an equivalent price of 

$103.470013. Treasury accepted in full all competitive tenders 

at yields lower than 3.210. Tenders at the high yield were 

allotted 12.77 percent. The median yield was 3.167 percent, and 

the low yield was 3.090 percent. Noncompetitive tenders 

totaled $42 million. Competitive tenders accepted from private 

investors totaled $19,858 million. Accrued interest of 6.00883 

per $1,000 must be paid for the period from August 15 to 

October 15. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $156 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of series E-2019 is $100. 

Auction of 29-Year 10-Month 4-1/2 Percent Bonds 

On October 1, 2009, Treasury announced it would auction 

$12,000 million of 29-year 10-month 4-1/2 percent bonds. The 

issue was to refund $14,395 million of securities maturing 

October 15 and to raise new cash of approximately $63,605 

million. 

The 29-year 10-month bonds of August 2039 were dated 

August 15 and issued October 15. They are due August 15, 

2039, with interest payable on February 15 and August 15 until 

maturity. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on October 8. Tenders totaled $28,441 

million; Treasury accepted $12,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 4.009 percent with an equivalent price of 

$108.490231. Treasury accepted in full all competitive tenders 

at yields lower than 4.009 percent. Tenders at the high yield 

were allotted 27.53 percent. The median yield was 3.930 

percent, and the low yield was 3.825 percent. Noncompetitive 

tenders totaled $19 million. Competitive tenders accepted from 

private investors totaled $11,981 million. Accrued interest of 

$7.45924 per $1,000 must be paid for the period from August 

15 to October 15. 

In addition to the $12,000 million of tenders accepted in 

the auction process, Treasury accepted $94 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of Bonds of August 2039 is $100. 
32 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2010 

52-Week Bills 

On October 15, 2009, Treasury announced it would 

auction $27,000 million of 364-day Treasury bills. They were 

issued October 22, and will mature October 21, 2010. The issue 

was to refund $165,999 million of all maturing bills and pay 

down approximately $54,999 million. Treasury auctioned the 

bills on October 20. Tenders totaled $110,876 million; Treasury 

accepted $27,000 million, which included $190 million of 

noncompetitive tenders from the public. The high bank discount 

rate was 0.375 percent. 

Auction of 4-Year 6-Month 1-1/4 Percent Treasury 

Inflation Protected Security (TIPS) 

On October 22, 2009, Treasury announced it would 

auction $7,000 million of 4-year 6-month 1-1/4 percent TIPS. 

The issue was to raise new cash of approximately $7,000 

million. 

The 4-year 6-month TIPS of Series K-2014 were dated 

October 15 and issued October 30. They are due April 15, 2014, 

with interest payable on April 15 and October 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on October 26. Tenders totaled $21,675 

million; Treasury accepted $7,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 0.769 percent with an equivalent adjusted price 

of $104.115658. Treasury accepted in full all competitive 

tenders at yields lower than 0.769 percent. Tenders at the high 

yield were allotted 38.26 percent. The median yield was 0.720 

percent, and the low yield was 0.595 percent. Noncompetitive 

tenders totaled $236 million. Competitive tenders accepted 

from private investors totaled $6,764 million. Adjusted accrued 

interest of $0.52526 per $1,000 must be paid for the period 

from October 15 to October 30. Both the unadjusted price of 

$102.104205 and the unadjusted accrued interest of $0.51511 

were adjusted by an index ratio of 1.01970, for the period from 

October 15 to October 30. The minimum par amount required 

for STRIPS of TIPS of Series K-2014 is $100. 

N O V E M B E R 

Auction of 2-Year Notes 

On October 22, 2009, Treasury announced it would 

auction $44,000 million of 2-year notes. The issue was to 

refund $21,006 million of securities maturing October 31 and to 

raise new cash of approximately $94,994 million. 

The 2-year notes of Series AD-2011 were dated October 

31 and issued November 2. They are due October 31, 2011, 

with interest payable on April 30 and October 31 until maturity. 

Treasury set an interest rate of 1 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on October 27. Tenders totaled $159,875 

million; Treasury accepted $44,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.020 percent with an equivalent price of 

$99.960585. Treasury accepted in full all competitive tenders at 

yields lower than 1.020 percent. Tenders at the high yield were 

allotted 3.21 percent. The median yield was 0.980 percent, and 

the low yield was 0.800 percent. Noncompetitive tenders 

totaled $437 million. Competitive tenders accepted from private 

investors totaled $43,463 million. Accrued interest of $0.05525 

per $1,000 must be paid for the period from October 31 to 

November 2. 

In addition to the $44,000 million of tenders accepted in 

the auction process, Treasury accepted $1,085 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AD-2011 is $100. 

Auction of 5-Year Notes 

On October 22, 2009, Treasury announced it would 

auction $41,000 million of 5-year notes. The issue was to 

refund $21,006 million of securities maturing October 31 and to 

raise new cash of approximately $94,994 million. 

The 5-year notes of Series S-2014 were dated October 31 

and issued November 2. They are due October 31, 2014, with 

interest payable on April 30 and October 31 until maturity. 

Treasury set an interest rate of 2-3/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on October 28. Tenders totaled $107,906 

million; Treasury accepted $41,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 2.388 percent with an equivalent price of 

$99.938982. Treasury accepted in full all competitive tenders at 

yields lower than 2.388 percent. Tenders at the high yield were 

allotted 2.81 percent. The median yield was 2.300 percent, and 

the low yield was 2.140 percent. Noncompetitive tenders 

totaled $122 million. Competitive tenders accepted from private 

investors totaled $40,878 million. Accrued interest of $0.13122 

per $1,000 must be paid for the period from October 31 to 

November 2. 

In addition to the $41,000 million of tenders accepted in 

the auction process, Treasury accepted $1,011 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series S-2014 is $100. 

Auction of 7-Year Notes 

On October 22, 2009, Treasury announced it would 

auction $31,000 million of 7-year notes. The issue was to 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2010 

 

33

refund $21,006 million of securities maturing October 31 and to 

raise new cash of approximately $94,994 million. 

The 7-year notes of Series Q-2016 were dated October 31 

and issued November 2. They are due October 31, 2016, with

interest payable on April 30 and October 31 until maturity. 

Treasury set an interest rate of 3-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on October 29. Tenders totaled $82,206 

million; Treasury accepted $31,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.141 percent with an equivalent price of 

$99.899963. Treasury accepted in full all competitive tenders at 

yields lower than 3.141 percent. Tenders at the high yield were 

allotted 46.79 percent. The median yield was 3.020 percent, and 

the low yield was 2.850 percent. Noncompetitive tenders 

totaled $34 million. Competitive tenders accepted from private 

investors totaled $30,966 million. Accrued interest of $0.17265 

per $1,000 must be paid for the period from October 31 to 

November 2. 

In addition to the $31,000 million of tenders accepted in 

the auction process, Treasury accepted $764 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series Q-2016 is $100. 

November Quarterly Financing 

On November 4, 2009, Treasury announced it would 

auction $40,000 million of 3-year notes, $25,000 million of 10-

year notes and $16,000 million of 30-year bonds to refund 

$38,469 million of securities maturing on November 15 and to 

raise new cash of approximately $42,531 million. 

The 3-year notes of Series AE-2012 were dated November 

15 and issued November 16. They are due November 15, 2012, 

with interest payable on May 15 and November 15 until 

maturity. Treasury set an interest rate of 1-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on November 9. Tenders totaled $133,223 

million; Treasury accepted $40,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.404 percent with an equivalent price of 

$99.915148. Treasury accepted in full all competitive tenders at 

yields lower than 1.404 percent. Tenders at the high yield were 

allotted 38.42 percent. The median yield was 1.370 percent, and 

the low yield was 1.250 percent. Noncompetitive tenders 

totaled $176 million. Competitive tenders accepted from private 

investors totaled $39,725 million. Accrued interest of $0.03798 

per $1,000 must be paid for the period from November 15 to 

November 16. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $4,973 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series AE-2012 is $100. 

The 10-year notes of Series F-2019 were dated November 

15 and issued November 16. They are due November 15, 2019, 

with interest payable on May 15 and November 15 until 

maturity. Treasury set an interest rate of 3-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on November 10. Tenders totaled $70,135 

million; Treasury accepted $25,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.470 percent with an equivalent price of 

$99.203098. Treasury accepted in full all competitive tenders at 

yields lower than 3.470 percent. Tenders at the high yield were 

allotted 82.49 percent. The median yield was 3.420 percent, and 

the low yield was 3.250 percent. Noncompetitive tenders 

totaled $106 million. Competitive tenders accepted from private 

investors totaled $24,794 million. Accrued interest of $0.09323 

per $1,000 must be paid for the period from November 15 to 

November 16. 

In addition to the $25,000 million of tenders accepted in 

the auction process, Treasury accepted $3,108 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series F-2019 is $100. 

The 30-year bonds of November 2039 were dated 

November 15 and issued November 16. They are due 

November 15, 2039, with interest payable on May 15 and 

November 15 until maturity. Treasury set an interest rate of 4-

3/8 percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on November 12. Tenders totaled $36,150 

million; Treasury accepted $16,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 4.469 percent with an equivalent price of 

$98.454984. Treasury accepted in full all competitive tenders at 

yields lower than 4.469 percent. Tenders at the high yield were 

allotted 18.01 percent. The median yield was 4.388 percent, and 

the low yield was 4.284 percent. Noncompetitive tenders 

totaled $28 million. Competitive tenders accepted from private 

investors totaled $15,972 million. Accrued interest of $0.12086 

per $1,000 must be paid for the period from November 15 to 

November 16. 

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $1,989 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Bonds of November 2039 is $100. 
34 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2010 

52-Week Bills 

On November 12, 2009, Treasury announced it would 

auction $27,000 million of 364-day Treasury bills. They were 

issued November 19, and will mature November 18, 2010. The 

issue was to refund $141,003 million of all maturing bills and to 

pay down approximately $21,003 million. Treasury auctioned 

the bills on November 17. Tenders totaled $93,597 million; 

Treasury accepted $27,000 million. That included $190 million 

of noncompetitive tenders from the public. The high bank 

discount rate was 0.315 percent. 

Auction of 2-Year Notes 

On November 19, 2009, Treasury announced it would 

auction $44,000 million of 2-year notes. The issue was to 

refund $21,001 million of securities maturing November 30 and 

to raise new cash of approximately $96,999 million. 

The 2-year notes of Series AE-2011 were dated and issued 

November 30. They are due November 30, 2011, with interest 

payable on May 31 and November 30 until maturity. Treasury 

set an interest rate of 0-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on November 23. Tenders totaled $138,985 

million; Treasury accepted $44,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 0.802 percent with an equivalent price of 

$99.897034. Treasury accepted in full all competitive tenders at 

yields lower than 0.802 percent. Tenders at the high yield were 

allotted 95.78 percent. The median yield was 0.770 percent, and 

the low yield was 0.655 percent. Noncompetitive tenders 

totaled $417 million. Competitive tenders accepted from private 

investors totaled $43,483 million. 

In addition to the $44,000 million of tenders accepted in 

the auction process, Treasury accepted $1,321 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AE-2011 is $100. 

Auction of 5-Year Notes 

On November 19, 2009, Treasury announced it would 

auction $42,000 million of 5-year notes. The issue was to 

refund $21,001 million of securities maturing November 30 and 

to raise new cash of approximately $96,999 million. 

The 5-year notes of Series T-2014 were dated and issued 

November 30. They are due November 30, 2014, with interest 

payable on May 31 and November 30 until maturity. Treasury 

set an interest rate of 2-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on November 24. Tenders totaled $118,040 

million; Treasury accepted $42,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 2.175 percent with an equivalent price of 

$99.764325. Treasury accepted in full all competitive tenders at 

yields lower than 2.175 percent. Tenders at the high yield were 

allotted 67.34 percent. The median yield was 2.100 percent, and 

the low yield was 1.940 percent. Noncompetitive tenders 

totaled $118 million. Competitive tenders accepted from private 

investors totaled $41,832 million. 

In addition to the $42,000 million of tenders accepted in 

the auction process, Treasury accepted $1,261 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series T-2014 is $100. 

Auction of 7-Year Notes 

On November 19, 2009, Treasury announced it would 

auction $32,000 million of 7-year notes. The issue was to 

refund $21,001 million of securities maturing November 30 and 

to raise new cash of approximately $96,999 million. 

The 7-year notes of Series R-2016 were dated and issued 

November 30. They are due November 30, 2016, with interest 

payable on May 31 and November 30 until maturity. Treasury 

set an interest rate of 2-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on November 25. Tenders totaled $88,265 

million; Treasury accepted $32,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 2.835 percent with an equivalent price of 

$99.463748. Treasury accepted in full all competitive tenders at 

yields lower than 2.835 percent. Tenders at the high yield were 

allotted 87.98 percent. The median yield was 2.750 percent, and 

the low yield was 2.650 percent. Noncompetitive tenders 

totaled $24 million. Competitive tenders accepted from private 

investors totaled $31,976 million. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $961 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series R-2016 is $100. 

D E C E M B E R 

Cash Management Bills 

On December 7, 2009, Treasury announced it would 

auction $12,000 million of 4-day bills. They were issued 

December 10 and matured December 14. The issue was to raise 

new cash. Treasury auctioned the bills on December 8. Tenders 

totaled $70,400 million; Treasury accepted $12,000 million. 

The high bank discount rate was 0.070 percent. 

On December 7, Treasury announced it would auction 

$15,000 million of 19-day bills. They were issued December 10 

and matured December 29. The issue was part of the SFP. 

Treasury auctioned the bills on December 9. Tenders totaled 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2010 

 

35

$80,656 million; Treasury accepted $15,000 million. The high 

bank discount rate was 0.080 percent. 

On December 29, Treasury announced it would auction 

$5,000 million of 36-day bills. They were issued December 30 

and will mature February 04, 2010. The issue was part of the 

SFP. Treasury auctioned the bills on December 30. Tenders 

totaled $33,315 million; Treasury accepted $5,001 million. The 

high bank discount rate was 0.000 percent. 

Auction of 3-Year Notes 

On December 3, 2009, Treasury announced it would 

auction $40,000 million of 3-year notes. The issue was to 

refund $14,604 million of securities maturing December 15 and 

to raise new cash of approximately $59,396 million. 

The 3-year notes of Series AF-2012 were dated and issued 

December 15. They are due December 15, 2012, with interest 

payable on June 15 and December 15 until maturity. Treasury 

set an interest rate of 1-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on December 8. Tenders totaled $119,330 

million; Treasury accepted $40,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.223 percent with the equivalent price of 

$99.712191. Treasury accepted in full all competitive tenders at 

yields lower than 1.223 percent. Tenders at the high yield were 

allotted 50.40 percent. The median yield was 1.167 percent, and 

the low yield was 1.030 percent. Noncompetitive tenders 

totaled $75 million. Competitive tenders accepted from private 

investors totaled $39,825 million. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $215 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series AF-2012 is $100. 

Auction of 9-Year 11-Month 3-3/8 Percent Notes 

On December 3, 2009, Treasury announced it would 

auction $21,000 million of 9-year 11-month 3-3/8 percent 

notes. The issue was to refund $14,604 million of securities 

maturing December 15 and to raise new cash of approximately 

$59,396 million. 

The 9-year 11-month notes of Series F-2019 were dated 

November 15 and issued December 15. They are due 

November 15, 2019, with interest payable on May 15 and 

November 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on December 9. Tenders totaled $55,063 

million; Treasury accepted $21,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.448 percent with an equivalent price of 

$99.387238. Treasury accepted in full all competitive tenders at 

yields lower than 3.448 percent. Tenders at the high yield were 

allotted 67.28 percent. The median yield was 3.360 percent, and 

the low yield was 3.300 percent. Noncompetitive tenders 

totaled $45 million. Competitive tenders accepted from private 

investors totaled $20,955 million. Accrued interest of $2.79696 

per $1,000 must be paid for the period from November 15 to 

December 15. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $113 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series F-2019 is $100. 

Auction of 29-Year 11-Month 4-3/8 Percent Bonds 

On December 3, 2009, Treasury announced it would 

auction $13,000 million of 29-year 11-month 4-3/8 percent 

bonds. The issue was to refund $14,604 million of securities 

maturing December 15 and to raise new cash of approximately 

$59,396 million. 

The 29-year 11-month bonds of November 2039 were 

dated November 15 and issued December 15. They are due 

November 15, 2039, with interest payable on May 15 and 

November 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on December 10. Tenders totaled $31,830 

million; Treasury accepted $13,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 4.520 percent with an equivalent price of 

$97.627644. Treasury accepted in full all competitive tenders at 

yields lower than 4.520 percent. Tenders at the high yield were 

allotted 40.62 percent. The median yield was 4.420 percent, and 

the low yield was 4.310 percent. Noncompetitive tenders 

totaled $18 million. Competitive tenders accepted from private 

investors totaled $12,982 million. Accrued interest of $3.62569 

per $1,000 must be paid for the period from November 15 to 

December 15. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $70 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of Bonds of November 2039 is $100. 

52-Week Bills 

On December 10, 2009, Treasury announced it would 

auction $27,000 million of 364-day Treasury bills. They were 

issued December 17, and will mature December 16, 2010. The 

issue was to refund $152,999 million of all maturing bills and to 

pay down approximately $36,999 million. Treasury auctioned 

the bills on December 15. Tenders totaled $83,272 million; 

Treasury accepted $27,000 million. That included $171 million 

of noncompetitive tenders from the public. The high bank 

discount rate was 0.410 percent. 
36 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2010 

Auction of 2-Year Notes 

On December 23, 2009, Treasury announced it would 

auction $44,000 million of 2-year notes. The issue was to 

refund $23,000 million of securities maturing December 31 and 

to raise new cash of approximately $95,000 million. 

The 2-year notes of Series AF-2011 were dated and issued 

December 31. They are due December 31, 2011, with interest 

payable on June 30 and December 31 until maturity. Treasury 

set an interest rate of 1 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on December 28. Tenders totaled $128,029 

million; Treasury accepted $44,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.089 percent with an equivalent price of 

$99.824397. Treasury accepted in full all competitive tenders at 

yields lower than 1.089 percent. Tenders at the high yield were 

allotted 59.68 percent. The median yield was 1.040 percent, and 

the low yield was 0.963 percent. Noncompetitive tenders 

totaled $372 million. Competitive tenders accepted from private 

investors totaled $43,628 million. 

In addition to the $44,000 million of tenders accepted in 

the auction process, Treasury accepted $1,304 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AF-2011 is $100. 

Auction of 5-Year Notes 

On December 23, 2009, Treasury announced it would 

auction $42,000 million of 5-year notes. The issue was to 

refund $23,000 million of securities maturing December 31 and 

to raise new cash of approximately $95,000 million. 

The 5-year notes of Series U-2014 were dated and issued 

December 31. They are due December 31, 2014, with interest 

payable on June 30 and December 31 until maturity. Treasury 

set an interest rate of 2-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on December 29. Tenders totaled $108,683 

million; Treasury accepted $42,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 2.665 percent with an equivalent price of 

$99.813909. Treasury accepted in full all competitive tenders at 

yields lower than 2.665 percent. Tenders at the high yield were 

allotted 31.16 percent. The median yield was 2.600 percent, and 

the low yield was 2.538 percent. Noncompetitive tenders 

totaled $109 million. Competitive tenders accepted from private 

investors totaled $41,891 million. 

In addition to the $42,000 million of tenders accepted in 

the auction process, Treasury accepted $1,245 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series U-2014 is $100. 

Auction of 7-Year Notes 

On December 23, 2009, Treasury announced it would 

auction $32,000 million of 7-year notes. The issue was to 

refund $23,000 million of securities maturing December 31 and 

to raise new cash of approximately $95,000 million. 

The 7-year notes of Series S-2016 were dated and issued 

December 31. They are due December 31, 2016, with interest 

payable on June 30 and December 31 until maturity. Treasury 

set an interest rate of 3-1/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on December 30. Tenders totaled $86,913 

million; Treasury accepted $32,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.345 percent with an equivalent price of 

$99.411474. Treasury accepted in full all competitive tenders at 

yields lower than 3.345 percent. Tenders at the high yield were 

allotted 55.69 percent. The median yield was 3.290 percent, and 

the low yield was 3.200 percent. Noncompetitive tenders 

totaled $52 million. Competitive tenders accepted from private 

investors totaled $31,948 million. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $948 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series S-2016 is $100. 
PUBLIC DEBT OPERATIONS 

March 2010 

37

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

Issue date 

Maturity date 

(1) 

Number 

of days to 

 maturity 1

(2) 

Amount

of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

On

 competitive

 basis 

 (5) 

On non-

 competitive

 basis 3 

 (6) 

High 

price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate

(percent) 4

 (9) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 2009 - Oct. 01 ................ 2009 - Oct. 29 28 84,521.0 25,781.6 21,728.4 271.7 99.996889 0.040 0.041

 Dec. 31 91 109,423.6 30,000.0 28,300.1 1,270.4 99.970931 0.115 0.117

 2010 - Apr. 01 182 110,276.9 29,000.2 27,598.9 976.3 99.903944 0.190 0.193

Oct. 08................. 2009 - Nov. 05 28 121,053.5 30,285.7 23,693.9 306.7 99.996889 0.040 0.041

 2010 - Jan. 07 91 110,222.1 30,000.0 28,354.7 1,304.0 99.981042 0.075 0.076

 Apr. 08 182 104,680.9 30,000.2 28,747.7 852.6 99.924167 0.150 0.152

Oct. 15................. 2009 - Nov. 12 28 105,790.4 26,418.7 23,702.7 298.0 99.996111 0.050 0.051

 2010 - Jan. 14 91 118,929.4 30,000.3 28,413.9 1,286.4 99.982306 0.070 0.071

 Apr. 15 182 113,947.2 30,000.7 28,469.3 1,006.5 99.924167 0.150 0.152

Oct. 22................. 2009 - Nov. 19 28 113,928.2 29,938.0 23,737.1 257.9 99.996500 0.045 0.046

 2010 - Jan. 21 91 120,950.8 30,000.1 28,474.7 1,325.4 99.979778 0.080 0.081

 Apr. 22 182 107,192.5 30,000.4 28,772.3 888.1 99.914056 0.170 0.173

Oct. 29................. 2009 - Nov. 27 29 133,205.5 31,781.8 26,720.2 280.0 99.996375 0.045 0.046

 2010 - Jan. 28 91 110,331.5 29,000.0 26,646.7 1,360.3 99.981042 0.075 0.076

 Apr. 29 182 104,158.9 30,000.1 28,208.2 902.2 99.906472 0.185 0.188

Nov. 05 ................ 2009 - Dec. 03 28 128,209.4 34,285.4 27,714.3 286.1 99.997278 0.035 0.035

 2010 - Feb. 04 91 121,231.2 29,000.1 27,417.0 1,283.1 99.984833 0.060 0.061

 May 06 182 111,955.1 30,000.3 28,749.2 876.1 99.914056 0.170 0.173

Nov. 12 ................ 2009 - Dec. 10 28 132,327.6 32,418.4 29,740.8 259.7 99.995333 0.060 0.061

 2010 - Feb. 11 91 114,631.3 30,000.4 28,746.9 1,253.5 99.983569 0.065 0.066

 May 13 182 112,318.2 31,000.5 29,587.3 938.2 99.916583 0.165 0.167

Nov. 19 ................ 2009 - Dec. 17 28 127,165.6 37,938.9 31,753.9 247.1 99.996111 0.050 0.051

 2010 - Feb. 18 91 118,279.1 30,000.7 28,537.8 1,412.9 99.983569 0.065 0.066

 May 20 182 113,207.9 31,000.3 29,873.9 851.4 99.916583 0.165 0.167

Nov. 27 ................ 2009 - Dec. 24 27 144,047.3 35,782.2 30,835.9 246.0 99.995500 0.060 0.061

 2010 - Feb. 25 90 114,180.3 30,000.2 27,870.2 1,139.9 99.990000 0.040 0.041

 May 27 181 111,738.5 31,000.4 29,104.1 896.3 99.929611 0.140 0.142

Dec. 03 ................ 2009 - Dec. 31 28 132,555.1 37,285.3 30,732.6 267.6 99.993389 0.085 0.086

 2010 - Mar. 04 91 116,767.1 30,000.4 28,670.1 1,032.4 99.984833 0.060 0.061

 June 03 182 110,191.7 31,000.6 29,847.2 853.4 99.924167 0.150 0.152

Dec. 10 ................ Jan. 07 28 157,012.4 31,422.1 28,711.1 292.9 100.000000 0.000 0.000

 Mar. 11 91 124,314.2 30,000.4 28,535.4 1,164.9 99.987361 0.050 0.051

 June 10 182 111,439.0 31,000.1 29,984.6 915.4 99.916583 0.165 0.167

Dec. 17 ................ Jan. 14 28 127,303.1 33,940.3 27,731.1 271.1 100.000000 0.000 0.000

 Mar. 18 91 110,824.7 30,000.0 28,612.4 1,187.6 99.989889 0.040 0.041

 June 17 182 113,006.3 31,000.1 30,025.7 774.3 99.919111 0.160 0.162

Dec. 24 ................ Jan. 21 28 118,030.8 31,782.2 27,768.7 232.0 99.999611 0.005 0.005

 Mar. 25 91 98,489.9 30,000.4 28,754.0 1,196.4 99.982306 0.070 0.071

 June 24 182 110,412.2 31,000.2 29,960.5 839.7 99.914056 0.170 0.173

Dec. 31 ................ Jan. 28 28 97,214.4 29,285.3 21,723.8 276.5 99.999222 0.010 0.010

 Apr. 01 91 94,925.0 28,000.0 25,874.2 1,125.8 99.972194 0.110 0.112

 July 01 182 103,411.1 29,000.5 27,270.5 729.9 99.898889 0.200 0.203

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

March 2010

38 

TABLE PDO-2.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and

equivalent price 

for notes and 

bonds 

(6) 

 

10/08/2009 10/13/2009 0.040% bill—10/29/09 16d 62,951 10,000 

10/05/2009 10/15/2009 1.875% TIPS—07/15/19-D 9y 9m 21,894 7,055 1.510 - 104.288697 

10/06/2009 10/15/2009 1.375% note—10/15/12-AD 3y 107,930 39,305 1.445 - 99.795210 

10/07/2009 10/15/2009 3.625% note—08/15/19-E 9y 10m 60,421 20,156 3.210 - 103.470013 

10/08/2009 10/15/2009 4.500% bond—08/15/39 29y 10m 28,535 12,094 4.009 - 108.490231 

10/20/2009 10/22/2009 0.375% bill—10/21/10 364d 110,876 27,000 

10/21/2009 10/29/2009 0.060% bill—12/10/09 42d 78,313 15,000 

10/26/2009 10/30/2009 1.250% TIPS—04/15/14-K 4y 6m 21,675 7,000 0.769 - 104.115658 

10/28/2009 10/30/2009 0.315% bill—08/26/10 300d 96,196 25,000 

10/27/2009 11/02/2009 1.000% note—10/31/11-AD 2y 160,960 45,085 1.020 - 99.960585 

10/28/2009 11/02/2009 2.375% note—10/31/14-S 5y 108,916 42,011 2.388 - 99.938982 

10/29/2009 11/02/2009 3.125% note—10/31/16-Q 7y 82,970 31,764 3.141 - 99.899963 

11/09/2009 11/16/2009 1.375% note—11/15/12-AE 3y 138,197 44,974 1.404 - 99.915148 

11/10/2009 11/16/2009 3.375% note—11/15/19-F 10y 73,243 28,108 3.470 - 99.203098 

11/12/2009 11/16/2009 4.375% bond—11/15/39 30y 38,140 17,989 4.469 - 98.454984 

11/17/2009 11/19/2009 0.315% bill—11/18/10 364d 93,597 27,000 

11/23/2009 11/30/2009 0.750% note—11/30/11-AE 2y 140,306 45,321 0.802 - 99.897034 

11/24/2009 11/30/2009 2.125% note—11/30/14-T 5y 119,302 43,261 2.175 - 99.764325 

11/25/2009 11/30/2009 2.750% note—11/30/16-R 7y 89,226 32,961 2.835 - 99.463748 

12/08/2009 12/10/2009 0.070% bill—12/14/09 4d 70,400 12,000 

12/09/2009 12/10/2009 0.080% bill—12/29/09 19d 80,656 15,000 

12/08/2009 12/15/2009 1.125% note—12/15/12-AF 3y 119,545 40,215 1.223 - 99.712191 

12/09/2009 12/15/2009 3.375% note—11/15/19-F 9y 11m 55,176 21,113 3.448 - 99.387238 

12/10/2009 12/15/2009 4.375% bond—11/15/39 29y 11m 31,900 13,070 4.520 - 97.627644 

12/15/2009 12/17/2009 0.410% bill—12/16/10 364d 83,272 27,000 

12/30/2009 12/30/2009 0.000% bill—02/04/10 36d 33,315 5,001 

12/28/2009 12/31/2009 1.000% note—12/31/11-AF 2y 129,333 45,304 1.089 - 99.824397 

12/29/2009 12/31/2009 2.625% note—12/31/14-U 5y 109,928 43,245 2.665 - 99.813909 

12/30/2009 12/31/2009 3.250% note—12/31/16-S 7y 87,861 32,948 3.345 - 99.411474 

 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
March 2010 

39

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

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

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

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

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

March 2010 

40 

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal

Reserve banks

(6) 

 

2005 ................................................ 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

2006 ................................................ 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

2007 ................................................ 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913 

2008 ................................................ 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486 

2009 ................................................ 11,933,031 11,909,828 4,355,292 - 4,355,292 894,655 

 

2008 - Dec....................................... 10,723,156 10,699,805 4,327,160 - 4,327,160 489,694 

2009 - Jan ....................................... 10,655,167 10,632,080 4,311,381 - 4,311,381 499,079 

Feb ...................................... 10,899,894 10,877,144 4,295,278 - 4,295,278 508,952 

Mar ...................................... 11,149,495 11,126,941 4,290,609 - 4,290,609 538,647 

Apr....................................... 11,261,000 11,238,592 4,305,333 - 4,305,333 612,614 

May...................................... 11,343,863 11,321,599 4,301,352 - 4,301,352 681,000 

June..................................... 11,567,551 11,545,275 4,368,813 - 4,368,813 748,064 

July ...................................... 11,691,765 11,669,276 4,331,562 - 4,331,562 805,843 

Aug ...................................... 11,835,208 11,812,870 4,326,507 - 4,326,507 860,823 

Sept..................................... 11,933,031 11,909,828 4,355,292 - 4,355,292 894,655 

Oct....................................... 11,916,251 11,893,090 4,401,771 - 4,401,771 917,673 

Nov ...................................... 12,136,257 12,113,047 4,397,288 - 4,397,288 925,780 

Dec ...................................... 12,334,846 12,311,350 4,496,990 - 4,496,990 930,593 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable

(8) 

Nonmarketable 

(9) 

Total 

outstanding 

(10) 

 Held by 

 private 

 investors 

 (11) 

 

2005 .................................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

2006 .................................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,959 

2008 .................................................................... 5,329,748 4,751,490 578,258 23,104 23,104 

2009 .................................................................... 6,659,882 6,115,078 544,804 23,203 23,203 

 

2008 - Dec........................................................... 5,882,951 5,307,950 575,001 23,352 23,352 

2009 - Jan ........................................................... 5,821,620 5,250,837 570,783 23,087 23,087 

Feb .......................................................... 6,072,915 5,503,440 569,475 22,750 22,750 

Mar .......................................................... 6,297,685 5,727,474 570,212 22,554 22,554 

Apr........................................................... 6,320,645 5,750,777 569,868 22,409 22,409 

May.......................................................... 6,339,248 5,773,270 565,978 22,264 22,264 

June......................................................... 6,428,398 5,864,046 564,352 22,276 22,276 

July .......................................................... 6,531,871 5,976,937 554,933 22,489 22,489 

Aug .......................................................... 6,625,541 6,078,417 547,124 22,338 22,338 

Sept......................................................... 6,659,882 6,115,078 544,804 23,203 23,203 

Oct........................................................... 6,573,647 6,029,960 543,687 23,160 23,160 

Nov .......................................................... 6,789,980 6,248,793 541,187 23,210 23,210 

Dec .......................................................... 6,883,767 6,341,903 541,863 23,496 23,496 

 
OWNERSHIP OF FEDERAL SECURITIES 

March 2010 

41

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Intragovernmental 

Holdings 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S.

savings

bonds 5

(5) 

 Private 6

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign

 and inter-

 national 8

 (11) 

 Other 

 investors 9

 (12) 

 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 150.2 196.9 120.0 222.3 306.3 1,085.0 679.1 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 149.0 194.9 116.5 205.4 309.3 1,060.7 544.8 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 147.9 185.5 113.7 207.8 307.9 1,038.8 529.9 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 145.0 179.1 110.2 225.7 310.0 1,015.2 509.0 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 153.4 177.3 109.1 225.3 316.9 1,012.5 525.5 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 324.8 983.3 380.3 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.2 992.2 433.1 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 145.8 155.1 105.7 261.9 328.4 1,040.1 410.7 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 152.7 163.3 114.0 266.1 327.6 1,057.2 388.8 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 152.1 153.9 122.0 253.8 333.6 1,123.1 313.8 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 154.5 156.3 130.4 256.8 338.6 1,188.6 297.0 

 Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 153.8 158.9 139.7 281.0 354.7 1,235.6 277.4 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.4 196.9 165.8 162.1 139.5 296.6 350.0 1,275.2 330.4 

 June ....... 6,670.1 3,505.4 3,164.7 145.1 199.1 170.2 161.3 138.7 302.3 347.9 1,371.9 328.2 

 Sept........ 6,783.2 3,515.3 3,268.0 146.8 201.5 167.7 155.5 137.4 287.1 357.7 1,443.3 371.1 

 Dec......... 6,998.0 3,620.1 3,377.9 153.1 203.8 172.1 148.6 136.5 280.8 364.2 1,523.1 395.6 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.8 204.4 169.8 143.6 141.0 280.8 374.1 1,670.0 356.3 

 June ....... 7,274.3 3,742.8 3,531.5 158.6 204.6 173.3 134.9 144.1 258.7 381.2 1,735.4 340.6 

 Sept........ 7,379.1 3,772.0 3,607.0 138.5 204.1 174.0 140.8 147.4 255.0 381.7 1,794.5 371.0 

 Dec......... 7,596.1 3,905.6 3,690.6 125.0 204.4 173.7 151.0 149.7 254.1 389.1 1,849.3 394.3 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 141.8 204.2 177.3 158.0 152.4 261.1 412.0 1,952.2 396.4 

 June ....... 7,836.5 4,033.5 3,803.0 126.9 204.2 181.0 171.3 155.0 248.7 444.0 1,877.5 394.5 

 Sept........ 7,932.7 4,067.8 3,864.9 125.3 203.6 184.2 164.8 159.0 244.7 467.6 1,929.6 386.0 

 Dec......... 8,170.4 4,199.8 3,970.6 117.1 205.1 184.9 153.8 160.4 251.3 481.4 2,033.9 382.6 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 115.3 205.9 186.7 153.0 161.3 248.7 486.1 2,082.1 475.0 

 June ....... 8,420.0 4,389.2 4,030.8 117.1 205.2 192.1 150.9 161.2 244.2 499.4 1,977.8 482.8 

 Sept........ 8,507.0 4,432.8 4,074.2 113.5 203.6 201.9 155.6 160.6 235.7 502.1 2,025.3 475.8 

 Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 207.5 157.1 159.0 250.7 516.9 2,103.1 410.6 

2007 - Mar......... 8,849.7 4,576.6 4,273.1 119.7 200.3 221.7 159.2 150.8 264.5 535.0 2,194.8 427.1 

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 232.5 160.2 142.1 267.7 580.3 2,192.0 268.7 

 Sept........ 9,007.7 4,738.0 4,269.7 119.6 197.1 246.7 165.6 133.4 306.3 541.4 2,235.3 324.1 

 Dec......... 9,229.2 4,833.5 4,395.7 129.7 196.4 257.6 168.8 123.3 362.9 531.5 2,353.2 272.2 

2008 - Mar......... 9,437.6 4,694.7 4,742.9 125.3 195.3 270.5 169.4 129.4 484.4 521.6 2,505.8 341.2 

 June ....... 9,492.0 4,685.8 4,806.2 112.7 194.9 276.7 169.1 135.5 477.2 513.4 2,587.2 339.4 

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.2 292.5 171.6 140.6 656.1 499.3 2,799.5 448.3 

 Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.0 297.2 174.6 160.5 768.8 483.1 3,075.9 634.4 

2009 - Mar......... 11,126.9 4,785.2 6,341.7 129.1 193.9 305.9 173.2 179.7 716.0 477.9 3,264.6 901.4 

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.5 312.4 172.7 189.7 695.0 488.4 3,382.1 943.8 

 Sept........ 11,909.8 5,127.1 6,782.7 199.0 192.4 324.5 176.7 196.3 643.0 502.5 3,497.4 1,050.9 

 Dec......... 12,311.4 5,276.9 7,034.5 n.a. 191.3 n.a. n.a. n.a. n.a. n.a. 3,614.0 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information see: 

http://www.treas.gov/tic/ticsec2.shtml. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
 

March 2010

42 

INTRODUCTION: Market Yields

The table in this section presents yields on Treasury 

marketable securities for maturities ranging from 1 month to 

30 years. 

Table MY-1 lists Treasury market bid yields at constant 

maturities for bills, notes, and bonds. These Constant 

Maturity Treasury rates (CMTs) are interpolated from the 

Treasury yield curve and published daily at Treasury’s 

Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The 

yield curve is fitted daily using a hermite cubic spline. For 

inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

quoted in the secondary bond market as of approximately 

3:30 p.m. each trading day. CMT yields are based on 

semiannual interest payments and are read at constant 

maturity points to develop a consistent data series. 

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

Treasury discontinued the 30-year constant maturity 

yield during the time period February 18, 2002, through 

February 8, 2006. Thus, 30-year yields for that time frame 

are not available. 

Note: This is the last time the MY Data will appear in the 

Treasury Bulletin. It can be found on the Office of Debt 

Management’s Web site at: http://www.treas.gov/offices/ 

domestic-finance/debt-management/interest-rate/. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

[In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Period 

1-mo. 

(1) 

3-mo. 

(2) 

6-mo. 

(3) 

1-yr.

(4) 

2-yr. 

(5) 

3-yr.

(6) 

5-yr. 

(7) 

7-yr. 

(8) 

10-yr. 

(9) 

20-yr.

(10) 

 30-yr.

 (11) 

 

Monthly average: 

2009 - Jan ..................................... 0.05 0.13 0.30 0.44 0.81 1.13 1.60 1.98 2.52 3.46 3.13 

Feb .................................... 0.22 0.30 0.46 0.62 0.98 1.37 1.87 2.30 2.87 3.83 3.59 

Mar .................................... 0.10 0.22 0.43 0.64 0.93 1.31 1.82 2.42 2.82 3.78 3.64 

Apr..................................... 0.10 0.16 0.35 0.55 0.93 1.32 1.86 2.47 2.93 3.84 3.76 

May.................................... 0.14 0.18 0.30 0.50 0.93 1.39 2.13 2.81 3.29 4.22 4.23 

June................................... 0.10 0.18 0.31 0.51 1.18 1.76 2.71 3.37 3.72 4.51 4.52 

July .................................... 0.15 0.18 0.28 0.48 1.02 1.55 2.46 3.14 3.56 4.38 4.41 

Aug .................................... 0.12 0.17 0.27 0.46 1.12 1.65 2.57 3.21 3.59 4.33 4.37 

Sept................................... 0.06 0.12 0.21 0.40 0.96 1.48 2.37 3.02 3.40 4.14 4.19 

Oct..................................... 0.04 0.07 0.16 0.37 0.95 1.46 2.33 2.96 3.39 4.16 4.19 

Nov .................................... 0.05 0.05 0.15 0.31 0.80 1.32 2.23 2.92 3.40 4.24 4.31 

Dec .................................... 0.03 0.05 0.17 0.37 0.87 1.38 2.34 3.07 3.59 4.40 4.49 

 

End of month: 

2009 - Jan ..................................... 0.15 0.24 0.36 0.51 0.94 1.32 1.85 2.27 2.87 3.86 3.58 

Feb .................................... 0.16 0.26 0.45 0.72 1.00 1.40 1.99 2.69 3.02 3.98 3.71 

Mar .................................... 0.17 0.21 0.43 0.57 0.81 1.15 1.67 2.28 2.71 3.61 3.56 

Apr..................................... 0.04 0.14 0.29 0.49 0.91 1.38 2.02 2.70 3.16 4.10 4.05 

May.................................... 0.14 0.14 0.30 0.47 0.92 1.42 2.34 3.06 3.47 4.34 4.34 

June................................... 0.17 0.19 0.35 0.56 1.11 1.64 2.54 3.19 3.53 4.30 4.32 

July .................................... 0.14 0.18 0.26 0.48 1.13 1.62 2.53 3.14 3.52 4.29 4.31 

Aug .................................... 0.11 0.15 0.24 0.43 0.97 1.49 2.39 3.03 3.40 4.14 4.18 

Sept................................... 0.06 0.14 0.18 0.40 0.95 1.45 2.31 2.93 3.31 4.02 4.03 

Oct..................................... 0.01 0.05 0.16 0.37 0.90 1.43 2.31 2.98 3.41 4.19 4.23 

Nov .................................... 0.08 0.06 0.15 0.27 0.67 1.12 2.01 2.69 3.21 4.07 4.20 

Dec .................................... 0.04 0.06 0.20 0.47 1.14 1.70 2.69 3.39 3.85 4.58 4.63 

 

* Rates are from the Treasury yields curve. 
March 2010 

43

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, December 31, 2009 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,123,677,828,906 $1,081,471,810,544 $1,080,986,863,883 $240,892,466 $244,054,195

Less amounts held by: 

The Treasury....................................... 255,506,891 7,224,465 7,193,596 7,505 23,364

FRBs ................................................... 195,194,491,924 193,141,389,957 193,141,372,050 - 17,907

Amounts in circulation............................. $928,227,830,091 $888,323,196,122 $887,838,298,237 $240,884,961 $244,012,924

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $42,206,018,362 $5,446,949,008 $36,759,069,354 

Less amounts held by: 

The Treasury....................................... 248,282,426 200,899,410 47,383,016 

FRBs ................................................... 2,053,101,967 877,715,284 1,175,386,683 

Amounts in circulation............................. $39,904,633,969 $4,368,334,314 $35,536,299,655 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

March 2010

44 

TABLE USCC-2.—Amounts Outstanding and in Circulation, December 31, 2009 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $9,573,049,736 $9,430,501,798 $143,503 $142,404,435 

$2 ................................................................................ 1,726,800,156 1,594,713,814 132,073,718 12,624 

$5 ................................................................................ 11,196,491,570 11,061,401,145 108,646,510 26,443,915 

$10 .............................................................................. 16,227,060,490 16,206,186,140 6,300 20,868,050 

$20 .............................................................................. 127,546,114,720 127,526,003,340 3,840 20,107,540 

$50 .............................................................................. 65,349,731,350 65,338,227,100 500 11,503,750 

$100 ............................................................................ 656,390,796,000 656,368,790,400 - 6 22,005,600 

$500 ............................................................................ 142,257,500 142,049,500 5,500 202,500 

$1,000 ......................................................................... 165,604,000 165,355,000 5,000 244,000 

$5,000 ......................................................................... 1,780,000 1,710,000 - 70,000 

$10,000 ....................................................................... 3,510,000 3,360,000 - 150,000 

Fractional notes 4 ........................................................ 600 - 90 510 

Total currency ......................................................... $888,323,196,122 $887,838,298,237 $240,884,961 $244,012,924 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Dec. 31, 2009....................................................................................... 928,228 $3,008 

Nov. 30, 2009....................................................................................... 922,976 2,993 

Oct. 31, 2009........................................................................................ 913,765 2,967 

Sept. 30, 2005...................................................................................... 766,487 2,578 

Sept. 30, 2000...................................................................................... 568,614 2,061 

Sept. 30, 1995...................................................................................... 409,272 1,553 

Sept. 30, 1990...................................................................................... 278,903 1,105 

Sept. 30, 1985...................................................................................... 187,337 782 

Sept. 30, 1980...................................................................................... 129,916 581 

June 30, 1975 ...................................................................................... 81,196 380 

June 30, 1970 ...................................................................................... 54,351 265 

June 30, 1965 ...................................................................................... 39,719 204 

June 30, 1960 ...................................................................................... 32,064 177 

June 30, 1955 ...................................................................................... 30,229 183 

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

5

 Based on Bureau of the Census’ estimates of population. 

6

 Represents prior month adjustment. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
March 2010 

47

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary

Fund 1, 5

(5) 

 

2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040 

2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244 

2008 ................................................................................... 77,648 11,041 9,340 49,584 7,683 

 

2009 - Jan .......................................................................... 75,364 11,041 9,047 47,595 7,680 

Feb ......................................................................... 73,199 11,041 8,913 45,628 7,616 

Mar ......................................................................... 74,958 11,041 9,082 46,634 8,201 

Apr.......................................................................... 75,115 11,041 9,098 46,725 8,250 

May......................................................................... 81,738 11,041 9,412 49,247 12,037 

June........................................................................ 81,489 11,041 9,437 48,897 12,113 

July ......................................................................... 82,931 11,041 9,444 49,876 12,571 

Aug ......................................................................... 126,846 11,041 52,660 50,453 12,692 

Sept........................................................................ 134,296 11,041 57,945 51,840 13,470 

Oct.......................................................................... 134,690 11,041 58,147 51,903 13,599 

Nov ......................................................................... 135,020 11,041 59,381 53,525 11,073 

Dec ......................................................................... 130,760 11,041 57,814 50,520 11,385 

2010 - Jan .......................................................................... 129,960 11,041 57,316 50,217 11,386 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. Recent allocations are as follows: August 2009—$43,069 million and 

September 2009—$4,529 million. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. Excludes 

outstanding reciprocal currency swaps with foreign central banks. At end-January 

2010 swaps outstanding were $100 million with the Bank of Japan. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

March 2010 

48 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2, 6

(10) 

Liabilities

to nonmonetary

international and 

regional 

organizations 7

(11) 

 2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 

2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 

Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 

2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 

2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 

Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 

2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 

2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 

Series Break........... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 

2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 

2005 - June 8 ........ 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502 

Series Break .......... 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905 

2005 ....................... 5,371,689 2,012,633 498,510 1,102,333 948 410,842 1,895,920 1,415,705 769,564 646,141 47,431 

2006 - June 8 ......... 6,067,606 2,070,222 493,689 1,112,617 986 462,930 2,189,215 1,747,236 1,041,237 705,999 60,933 

Series Break .......... 6,056,316 2,275,684 493,689 1,211,819 986 569,190 2,189,215 1,536,930 1,041,237 495,693 54,487 

2006 ....................... 6,500,815 2,372,146 461,656 1,271,174 1,026 638,290 2,415,205 1,663,272 1,102,362 560,910 50,192 

2007 - June 8.......... 7,095,223 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,922,800 1,257,884 664,916 50,129 

Series Break .......... 7,206,880 2,795,998 495,176 1,450,593 1,067 849,161 2,607,127 1,756,192 1,257,884 498,308 47,563 

2007 ....................... 7,676,097 2,960,682 596,660 1,443,691 1,111 919,220 2,769,850 1,901,789 1,311,466 590,323 43,776 

2008 - June ............ 7,983,481 3,098,974 573,913 1,523,888 1,155 1,000,017 2,581,158 2,260,912 1,544,903 716,009 42,437 

Series Break .......... 8,009,073 3,330,189 573,913 1,683,160 1,155 1,071,960 2,581,158 2,053,862 1,544,903 508,959 43,864 

 

2008 - Dec. r .......... 8,113,063 3,383,265 707,875 1,679,583 1,203 994,604 2,764,595 1,911,514 1,289,382 622,132 53,689 

2009 - Jan. r........... 8,092,543 3,392,677 726,800 1,677,643 1,211 987,023 2,801,036 1,843,771 1,208,740 635,031 55,058 

Feb. r .......... 7,972,569 3,405,941 745,250 1,675,684 1,218 983,789 2,686,246 1,826,961 1,168,144 658,817 53,420 

Mar. r .......... 8,004,396 3,427,151 741,019 1,704,710 1,227 980,195 2,677,159 1,852,425 1,166,933 685,492 47,661 

Apr. r........... 8,009,563 3,439,316 738,117 1,721,835 1,234 978,129 2,665,364 1,862,422 1,152,066 710,356 42,461 

May r........... 8,037,594 3,462,529 784,622 1,700,072 1,243 976,592 2,677,608 1,857,478 1,147,490 709,988 39,978 

June r.......... 7,956,425 3,464,490 770,327 1,722,570 1,251 970,342 2,545,022 1,910,539 1,122,947 787,592 36,373 

July r........... 7,990,071 3,501,295 799,807 1,738,291 1,259 961,938 2,529,208 1,925,265 1,122,819 802,446 34,302 

Aug ............. 8,060,933 3,502,561 789,616 1,751,474 1,268 960,203 2,597,978 1,926,998 1,109,046 817,952 33,395 

Sept ............ 8,157,526 3,492,630 769,047 1,770,440 1,276 951,867 2,654,772 1,977,611 1,134,539 843,072 32,512 

Oct .............. 8,134,977 3,514,994 777,331 1,785,483 1,285 950,895 2,629,514 1,957,735 1,090,918 866,817 32,733 

Nov. p ......... 8,224,817 3,520,053 749,055 1,816,667 1,293 953,038 2,615,048 2,056,800 1,103,345 953,455 32,915 

Dec. p ......... 8,249,878 3,502,301 712,982 1,838,644 1,302 949,373 2,633,342 2,080,921 1,079,406 1,001,515 33,313 

 

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-June 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, 

end-June 2007, and end-June 2008 respectively, and are comparable to those shown for 

the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions, and brokers in the United States. Data generally correspond 

to statistics following in this section and in the “Capital Movements” section. Table 

excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury 

letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by 

international and regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

March 2010 

49

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Venezuela 2

(4) 

 

2004 .............................................................................. 1,630 1,630 825 805 

2005 .............................................................................. 948 948 77 871 

2006 .............................................................................. 1,026 1,026 82 944 

2007 .............................................................................. 1,111 1,111 88 1,022 

 

2008 - Dec..................................................................... 1,203 1,203 95 1,108 

2009 - Jan ..................................................................... 1,211 1,211 96 1,115 

Feb..................................................................... 1,218 1,218 96 1,122 

Mar..................................................................... 1,227 1,227 97 1,130 

Apr ..................................................................... 1,234 1,234 97 1,137 

May .................................................................... 1,243 1,243 98 1,145 

June................................................................... 1,251 1,251 98 1,152 

July .................................................................... 1,259 1,259 99 1,160 

Aug .................................................................... 1,268 1,268 100 1,168 

Sept ................................................................... 1,276 1,276 100 1,176 

Oct ..................................................................... 1,285 1,285 101 1,184 

Nov .................................................................... 1,293 1,293 101 1,192 

Dec .................................................................... 1,302 1,302 102 1,200 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

March 2010 

50 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website 

information.)TIC data aggregates are also published in the 

Federal Reserve Bulletin and are used in the U.S. international 

transactions and investment position compilations published 

by the Department of Commerce in the Survey of Current 

Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe”. 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. 
CAPITAL MOVEMENTS 

March 2010 

51

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007, 

with data on holdings beginning from end-December 2005, 

and data on net settlements beginning from the first quarter 

of 2006. 

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Effective with the December 2009 Treasury Bulletin, a 

number of data reporters were reclassified in the TIC system 

as bank holding companies, beginning with the reports as of 

the fourth quarter of 2008. These data reporters are now 

included in the monthly bank-reported statistics and are no 

longer reporting as nonbanks. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported 

by banks, other depository institutions, and securities 

brokers and dealers in the United States. BHCs/FHCs also 

report for their domestic nonbank and non-securities firm 

affiliates, other than their insurance affiliates, which report 
CAPITAL MOVEMENTS 

March 2010 

52 

separately on the C-series forms. Data on respondents’ own 

dollar claims are collected monthly on Form BC. 

Information on claims held for domestic customers as well 

as on claims denominated in foreign currencies is collected 

on a quarterly basis only on Forms BQ-1 and BQ-2, 

respectively. Effective with reports filed as of February 28, 

2003, reporting coverage was expanded as outlined in 

Section I. Additionally, columns were added for separate 

reporting of issued by foreigners. Further, the foreigner 

category, negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

• Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

• Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

Table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

• Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the 

reporter. The fair (market) value is generally defined as the 

amount for which a derivative contract could be exchanged 

in a current transaction between willing parties, other than in 

a forced or liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the 

terms of derivatives contracts such as the periodic settlement 

under a swap agreement and the daily settlement of an 

exchange-traded contract. In calculating net settlements, 

U.S. receipts of cash from foreign persons are positive 

amounts (+), and U.S. payments of cash to foreign persons 

are negative amounts (-). Items excluded from net 

settlements are: (a) collateral including initial and 

maintenance margins, whether or not in the form of cash; 

and (b) purchases of underlying commodities, securities, or 

other noncash assets. (e.g., the purchase/sale by foreigners of 

a long-term security is reported on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative 

and by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

March 2010 

53

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2009 

Type of Liability 

 Calendar 

 Year 

 2008 r June r July r Aug. r Sept. Oct. Nov. Dec. p 

Total liabilities to all foreigners............................... 4,799,115 4,458,898 4,469,688 4,514,219 4,574,455 4,513,959 4,483,768 4,442,541 

Payable in dollars............................................... 4,533,384 4,230,950 4,241,740 4,286,271 4,363,300 4,302,804 4,272,613 4,231,386 

Foreign official institutions ............................. 707,875 770,327 799,807 789,616 769,047 777,331 749,055 712,982 

Deposits, excluding negotiable CDs.......... 60,834 41,132 43,829 44,404 43,313 53,670 52,028 49,743 

U.S. Treasury bills and certificates ............ 457,876 571,876 606,570 607,284 597,722 597,987 586,612 534,295 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 62,665 43,213 34,673 28,210 22,558 20,175 24,783 24,629 

Other liabilities............................................ 126,500 114,106 114,735 109,718 105,454 105,499 85,632 104,315 

Foreign banks (including own foreign 

offices) and other foreigners .................... 3,789,279 3,440,900 3,424,958 3,479,955 3,579,185 3,510,306 3,508,267 3,502,622 

Deposits, excluding negotiable CDs.......... 1,710,767 1,447,974 1,440,254 1,526,707 1,572,235 1,597,962 1,581,153 1,647,625 

U.S. Treasury bills and certificates ............ 282,482 276,726 257,504 254,306 264,522 225,860 218,859 218,558 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 533,462 497,032 487,509 478,419 472,644 469,697 457,131 442,792 

Other liabilities............................................ 1,262,568 1,219,168 1,239,691 1,220,523 1,269,784 1,216,787 1,251,124 1,193,647 

International and regional organizations 1 ..... 36,230 19,723 16,975 16,700 15,068 15,167 15,291 15,782 

Deposits, excluding negotiable CDs.......... 9,075 9,272 8,299 8,431 8,023 7,522 8,053 7,586 

U.S. Treasury bills and certificates ............ 16,196 6,314 5,005 4,967 3,965 4,083 3,589 3,176 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 5,939 2,169 1,839 1,526 1,386 1,494 1,618 1,412 

Other liabilities............................................ 5,020 1,968 1,832 1,776 1,694 2,068 2,031 3,608 

Payable in foreign currencies 2 .......................... 265,731 227,948 227,948 227,948 211,155 211,155 211,155 211,155 

Sector: 

Banks and other foreigners........................ 264,698 227,069 227,069 227,069 210,126 210,126 210,126 210,126 

International and regional organizations 1 ...... 1,033 879 879 879 1,029 1,029 1,029 1,029 

Major currencies: 

Canadian dollars ........................................ 10,429 11,430 11,430 11,430 12,876 12,876 12,876 12,876 

Euro............................................................ 126,368 118,876 118,876 118,876 108,381 108,381 108,381 108,381 

United Kingdom pounds sterling................ 14,635 11,637 11,637 11,637 8,834 8,834 8,834 8,834 

Japanese yen............................................. 74,417 50,726 50,726 50,726 47,481 47,481 47,481 47,481 

Memoranda: 

Respondents’ own liabilities payable in 

dollars........................................................ 3,174,764 2,833,620 2,848,640 2,911,559 3,000,503 2,983,508 2,980,021 

 

3,006,524 

Liabilities to own foreign offices..................... 2,123,824 1,915,644 1,936,730 2,014,385 2,099,071 2,085,599 2,084,948 2,096,075 

Liabilities collaterized by repurchase 

agreements ............................................ 584,397 583,387 587,167 567,786 560,813 552,250 568,616 529,306 

Foreign official institutions ..................... 116,275 96,407 96,297 91,259 88,217 89,082 70,461 90,604 

Foreign banks and other foreigners....... 464,946 486,022 489,448 475,528 471,554 461,462 496,662 436,193 

International and regional organizations 1..... 3,176 958 1,422 999 1,042 1,706 1,493 2,509 

Reported by IBFs ....................................... 608,884 486,153 477,871 480,557 505,588 506,082 504,086 563,771 

Respondents’ own liabilities payable in 

 foreign currencies 2 ..................................... 255,523 220,920 220,920 220,920 205,160 205,160 205,160 205,160 

Reported by IBFs ....................................... 62,009 42,906 42,906 42,906 44,013 44,013 44,013 44,013 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 1,368,828 1,404,358 1,400,128 1,381,740 1,368,792 1,325,291 1,298,587 1,230,857 

Payable in dollars....................................... 1,358,620 1,397,330 1,393,100 1,374,712 1,362,797 1,319,296 1,292,592 1,224,862 

of which: other short-term negotiable 

securities and negotiable CDs............ 340,510 282,214 264,834 250,419 242,943 237,975 229,579 226,143 

 of which: short-term U.S. Government 

agency securities ................................ 102,088 88,877 78,863 69,789 63,261 60,713 55,209 53,375 

 of which: negotiable CDs ...................... 87,853 66,834 63,126 65,231 65,359 70,179 69,352 65,425 

Payable in foreign currencies 2 .................. 10,208 7,028 7,028 7,028 5,995 5,995 5,995 5,995 

 

 1

 Principally the Bank for International Settlements, the International Bank for 

Reconstruction and Development (World Bank), and the Inter-American Development 

Bank. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

March 2010 

54 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 

Country 2006 2007 2008 r Aug. r Sept. Oct. Nov. Dec. p 

Europe: 

Austria ............................................... 3,934 3,575 2,716 2,195 2,282 2,097 3,101 1,960

Belgium ............................................ 15,595 22,437 16,255 15,838 16,688 14,134 17,089 14,653

Bulgaria ............................................. 88 148 125 420 124 138 140 151

Cyprus 1 ............................................ 634 1,068 783 1,141 1,425 1,262 769 1,780

Czech Republic................................. 1,353 1,433 681 727 732 1,221 898 887

Denmark............................................ 969 791 4,503 2,638 3,170 2,931 2,984 3,285

Finland............................................... 3,362 1,456 1,606 1,537 1,547 1,521 1,563 1,704

France ............................................... 83,606 73,355 59,315 53,544 60,198 62,762 62,302 59,099

Germany............................................ 92,815 145,955 158,358 149,015 135,118 130,100 131,320 130,954

Greece............................................... 1,488 1,357 2,004 1,013 1,243 1,219 1,170 1,130

Hungary............................................. 820 1,219 781 1,431 1,351 1,331 626 555

Iceland 1 ............................................ 431 667 1,096 760 598 689 820 808

Ireland ............................................... 84,414 123,913 177,971 148,837 146,089 131,910 128,711 143,892

Italy.................................................... 9,301 10,421 8,585 11,612 10,338 8,834 8,487 8,554

Kazakhstan 1 ..................................... 6,145 5,945 13,762 9,851 8,822 10,845 9,648 10,422

Luxembourg ..................................... 73,989 108,463 118,175 86,884 95,332 82,345 80,229 88,373

Monaco 1 .......................................... 380 206 314 232 148 266 156 178

Netherlands....................................... 26,781 26,125 36,154 33,031 35,612 24,641 23,810 17,876

Norway .............................................. 42,401 48,309 17,941 3,836 3,708 3,075 2,933 2,407

Poland ............................................... 7,475 19,651 4,731 6,116 5,592 6,957 6,753 4,931

Portugal............................................. 2,720 2,999 2,166 1,378 1,762 1,364 2,160 1,763

Romania............................................ 492 581 647 3,845 2,475 758 726 594

Russia .............................................. 62,736 104,741 73,139 75,578 77,759 79,799 83,383 74,687

Serbia and Montenegro .................... 295 532 182 337 397 308 192 300

Spain ................................................. 9,805 13,022 17,408 13,597 15,002 13,856 14,259 14,562

Sweden ............................................. 3,890 7,723 3,926 5,116 6,388 6,805 5,341 5,643

Switzerland........................................ 63,546 58,468 57,506 64,269 62,892 58,604 60,947 56,544

Turkey ............................................... 10,457 12,139 20,281 20,528 19,204 21,103 22,776 22,392

Ukraine 1 ............................................ 919 1,392 4,071 3,379 4,010 2,994 3,766 3,170

United Kingdom................................. 926,069 1,051,764 746,954 690,870 729,463 744,339 754,888 761,466

Channel Islands ............................... 33,857 25,391 11,939 27,578 44,425 19,447 15,543 14,564

All other Europe 1 .............................. 3,852 4,897 7,961 7,329 7,220 8,313 7,831 9,130

Total Europe.................................. 1,574,620 1,880,143 1,572,037 1,444,461 1,501,113 1,445,969 1,455,321 1,458,415

Memo: Euro Area 2 .......................................... 407,811 533,078 601,827 520,284 523,237 476,550 475,460 486,766

Memo: European Union 3 ................ 1,349,799 1,619,013 1,365,103 1,232,328 1,273,548 1,242,368 1,248,303 1,265,089

Canada.................................................. 49,396 68,274 78,649 72,274 81,779 78,379 78,403 88,839

Latin America: 

Argentina........................................... 10,628 12,090 12,895 13,003 13,311 13,074 12,727 12,618

Belize 4 .............................................. 484 307 299 364 335 318 330 323

Bolivia 4 ............................................ 2,123 2,559 4,544 3,105 3,193 3,040 3,198 2,950

Brazil ................................................. 16,271 24,887 17,757 55,630 59,063 68,539 62,793 62,267

Chile .................................................. 16,926 15,731 15,871 10,738 10,150 11,007 10,933 11,667

Colombia ........................................... 11,702 11,038 10,385 18,312 18,958 18,232 17,459 17,604

Costa Rica 4 ..................................... 2,967 2,502 2,005 2,065 1,946 1,672 1,958 1,954

Ecuador............................................. 3,431 3,296 3,600 3,930 3,710 3,786 3,825 3,906

El Salvador 4 ..................................... 1,964 2,352 2,944 2,994 2,700 2,649 2,591 2,836

Guatemala......................................... 1,444 1,851 1,873 2,312 2,145 2,118 2,132 2,149

Guyana 4 .......................................... 98 141 276 228 358 217 369 208

Honduras 4 ....................................... 2,594 2,162 1,570 1,319 1,452 1,397 1,457 1,408

Mexico............................................... 45,846 53,234 71,023 50,525 54,480 60,287 54,471 49,521

Nicaragua 4 ....................................... 238 215 301 492 506 487 476 491

Panama............................................. 7,183 7,062 10,868 9,143 9,921 9,503 10,153 9,659

Paraguay 4 ........................................ 672 693 667 794 810 774 735 716

Peru................................................... 4,281 5,286 4,710 5,768 5,509 4,825 5,229 4,961

Suriname 4 ........................................ 128 128 157 277 261 272 302 279

Uruguay............................................. 6,139 6,503 7,505 6,799 6,603 7,417 7,615 7,746

Venezuela ......................................... 22,883 23,588 26,815 24,897 24,822 26,155 26,256 25,619

All other Latin America 4.................... 8 15 48 64 62 57 58 59

Total Latin America ....................... 158,010 175,640 196,113 212,759 220,295 235,826 225,067 218,941

Caribbean: 

Anguilla 5 .......................................... 3,149 13,065 10,914 8,686 8,833 8,467 8,812 9,540

Antigua and Barbuda 5 ..................... 186 217 115 93 96 97 111 116

Aruba 5............................................... 408 265 737 678 656 617 565 573

Bahamas ........................................... 257,200 286,669 336,492 254,895 275,140 271,955 275,995 288,130

Barbados 5 ........................................ 18,680 21,602 17,056 11,888 11,454 13,182 12,122 10,417

Bermuda............................................ 55,502 49,865 54,348 44,075 43,150 41,287 43,437 40,275

British Virgin Islands 5 ...................... 22,082 35,092 44,473 40,879 35,074 37,284 36,106 34,194

Cayman Islands ............................... 1,316,517 1,488,182 1,515,272 1,529,100 1,532,532 1,518,810 1,490,374 1,473,380

Cuba.................................................. 82 80 89 99 104 110 92 92

Dominican Republic 5 ....................... 3,895 3,813 3,089 3,459 3,285 3,046 2,982 3,237

French West Indies 5 ........................ 19 35 26 41 30 31 29 34

Haiti 5 ................................................. 495 555 540 478 529 549 539 686

Jamaica............................................. 1,056 1,358 1,023 944 964 839 959 883

Netherlands Antilles .......................... 8,503 10,131 8,531 6,364 7,233 8,758 9,633 8,376

See footnotes at end of table.
CAPITAL MOVEMENTS 

March 2010 

55

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 

Country 2006 2007 2008 r Aug. r Sept. Oct. Nov. Dec. p

 

Caribbean, con. 

St. Kitts and Nevis 5 ....................... 90 122 138 97 141 252 136 140

Trinidad and Tobago...................... 3,354 3,389 3,955 3,846 3,844 3,561 3,883 4,027

Turks and Caicos Islands 5 ............ 165 213 227 114 204 169 120 105

All other Caribbean 5 ...................... 157 189 170 119 125 129 114 129

Total Caribbean.......................... 1,691,540 1,914,842 1,997,195 1,905,855 1,923,394 1,909,142 1,886,009 1,874,334

Asia: 

Bangladesh 6 .................................. 824 889 3,479 5,244 5,173 5,109 5,655 4,510

China, Mainland ............................ 44,474 94,369 226,162 178,296 162,169 163,102 133,448 106,088

Hong Kong ..................................... 44,639 47,133 54,550 95,148 101,174 106,967 128,098 129,729

India................................................ 18,813 18,257 28,834 38,025 35,962 33,391 30,186 26,585

Indonesia........................................ 4,386 5,223 10,005 17,164 18,580 20,377 20,052 21,679

Israel............................................... 7,327 7,812 20,859 23,147 20,847 19,437 18,396 16,990

Japan.............................................. 141,655 190,122 241,826 194,369 194,037 187,718 188,994 183,520

Jordan 6 ......................................... 2,146 1,179 2,247 2,612 2,327 2,811 2,658 2,528

Korea, South .................................. 28,099 35,215 16,076 12,981 12,582 14,221 14,004 12,873

Laos 6 ............................................ 120 380 66 159 182 84 67 74

Lebanon ......................................... 1,168 1,032 1,434 1,514 1,427 1,586 1,560 1,423

Malaysia ......................................... 3,847 2,852 2,226 3,164 2,938 2,540 2,976 2,291

Pakistan.......................................... 1,282 1,464 4,186 5,805 5,759 4,456 2,639 3,821

Philippines...................................... 3,857 4,927 9,561 5,165 4,226 4,039 5,059 5,370

Singapore....................................... 30,831 38,704 45,171 41,689 38,007 33,818 32,333 28,425

Syria ............................................... 25 24 65 34 34 44 38 34

Taiwan............................................ 22,952 25,952 30,705 35,277 32,482 31,774 32,185 29,767

Thailand.......................................... 8,319 14,189 18,749 20,472 16,655 15,499 15,454 17,044

Yemen 6 ......................................... 179 202 212 672 579 451 412 336

Oil exporting countries 7 ................. 70,314 80,593 118,692 105,298 102,873 103,202 105,605 106,192

All other Asia 6 ............................... 5,893 5,052 7,133 5,598 5,589 5,467 6,233 7,552

Total Asia ................................... 441,150 575,570 842,238 791,833 763,602 756,093 746,052 706,831

Africa: 

Botswana 8 .................................... 236 925 376 284 982 243 309 307

Egypt .............................................. 2,252 3,683 9,401 11,726 11,963 12,063 17,413 17,484

Ghana............................................. 389 346 316 366 313 480 394 289

Kenya 8 .......................................... 234 612 342 564 636 591 552 477

Liberia............................................. 469 422 453 1,020 1,033 839 786 630

Mauritius 8 ...................................... 641 6,436 1,050 1,591 1,410 1,439 1,581 1,662

Morocco.......................................... 198 180 379 782 713 888 647 341

Mozambique 8 ............................... 87 126 141 87 118 126 87 232

South Africa.................................... 1,565 1,649 3,088 2,771 1,825 1,960 2,212 2,685

Tanzania 8 ..................................... 363 407 682 358 384 460 454 480

Uganda 8 ....................................... 926 1,233 329 479 437 469 385 433

Zambia 8 ........................................ 143 190 141 125 167 220 210 236

Zimbabwe 8 ................................... 78 105 88 127 127 101 270 277

Oil exporting countries 9 ................ 4,457 6,131 4,380 4,636 5,198 4,779 5,773 7,116

All other Africa 8 ............................. 2,981 3,443 6,605 9,336 9,579 11,217 10,229 8,256

Total Africa ................................. 15,019 25,888 27,771 34,252 34,885 35,875 41,302 40,905

Other countries: 

Australia ......................................... 26,178 14,891 33,024 21,951 20,804 23,676 23,545 25,080

New Zealand ................................. 4,543 3,190 3,838 5,217 5,553 5,726 4,705 5,404

French Polynesia 10 ....................... 63 83 143 160 167 181 172 176

All other 10 ...................................... 18,704 19,455 10,844 7,878 6,766 6,896 6,872 6,805

Total other ................................. 49,488 37,619 47,849 35,206 33,290 36,479 35,294 37,465

All countries........................................ 3,979,223 4,677,976 4,761,852 4,496,640 4,558,358 4,497,763 4,467,448 4,425,730

International and regional orgs: 

International organizations............ 26,862 24,236 32,571 13,339 11,875 12,321 12,782 13,494

Regional organizations 11 ............. 4,274 4,098 4,692 4,240 4,222 3,875 3,538 3,317

Total international and 

 regional organizations............. 31,136 28,334 37,263 17,579 16,097 16,196 16,320 16,811

Grand total ............................. 4,010,359 4,706,310 4,799,115 4,514,219 4,574,455 4,513,959 4,483,768 4,442,541

 

1

 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are included 

in “All other Europe.” 

2

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania. 

4 Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, Honduras, 

Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the British 

Virgin Islands, the Dominican Republic, the French West Indies (primarily Guadeloupe and 

Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands are included in “All 

other Caribbean.” 

6

 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All other Asia.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

8

 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, Uganda, 

Zambia, and Zimbabwe are included in “All other Africa.” 

9

 Includes Algeria, Gabon, Libya, and Nigeria. 

10 Before June 2006, data for French Polynesia are included in “All other.” 11 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

March 2010 

56 

TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2009, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

liabilities 2 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Europe: 

Austria .............................. 1,960 1,939 949 991 594 245 401 386 10 217 86 21

Belgium............................. 14,653 14,498 5,004 9,493 3,575 419 2,880 2,184 4,401 942 96 155

Cyprus .............................. 1,780 1,778 1,750 28 1,376 300 28 - - 4 70 2

Czech Republic................. 887 879 129 750 15 65 750 - - 48 1 8

Denmark........................... 3,285 3,259 1,238 2,021 573 156 1,851 30 47 590 12 26

Finland.............................. 1,704 1,551 338 1,213 59 82 408 143 619 120 120 153

France .............................. 59,099 51,085 44,745 6,340 14,968 1,768 5,890 91 234 13,632 14,502 8,014

Germany........................... 130,954 80,795 69,728 11,067 30,140 2,867 7,241 1,882 634 37,602 429 50,159

Greece.............................. 1,130 1,066 837 229 109 625 216 4 9 93 10 64

Hungary............................ 555 524 262 262 121 74 244 3 6 70 6 31

Ireland............................... 143,892 141,576 41,372 100,204 15,561 3,181 24,908 50,299 21,343 11,381 14,903 2,316

Italy................................... 8,554 7,858 5,578 2,281 3,575 1,029 2,078 4 20 1,108 45 696

Kazakhstan....................... 10,422 10,414 3,599 6,815 3,558 21 6,815 - - - 20 8

Luxembourg...................... 88,373 87,410 11,930 75,480 5,258 2,666 35,949 21,685 16,108 471 5,273 963

Monaco............................. 178 176 96 80 44 51 79 - 1 1 - 2

Netherlands ...................... 17,876 17,396 8,605 8,791 3,656 3,021 5,942 1,324 374 1,371 1,708 480

Norway ............................. 2,407 2,357 1,515 842 193 336 819 - 22 968 19 50

Poland .............................. 4,931 4,776 869 3,907 376 189 2,910 995 2 303 1 155

Portugal ............................ 1,763 1,748 1,534 214 448 550 194 16 2 534 4 15

Romania ........................... 594 593 491 102 42 57 100 1 1 384 8 1

Russia............................... 74,687 74,257 12,536 61,721 9,266 707 61,216 503 2 2,435 128 430

Spain ................................ 14,562 13,662 8,450 5,213 3,883 2,276 5,022 68 65 2,283 65 900

Sweden............................. 5,643 5,417 1,362 4,055 356 217 2,056 567 1,081 427 713 226

Switzerland ....................... 56,544 54,805 25,754 29,051 9,480 2,868 25,013 3,890 139 12,439 976 1,739

Turkey............................... 22,392 22,320 3,989 18,331 2,301 195 18,302 22 4 1,491 5 72

Ukraine ............................. 3,170 3,155 3,155 - 2,217 86 - - - 838 14 15

United Kingdom ................ 761,466 711,263 691,598 19,665 262,213 20,215 12,894 1,218 2,210 203,538 208,975 50,203

Channel Islands................ 14,564 14,412 10,851 3,561 3,816 1,574 1,771 1,206 493 178 5,374 152

All other Europe.................. 10,389 10,372 8,609 1,763 2,499 764 1,609 132 13 5,301 54 17

Total Europe .................. 1,458,415 1,341,342 966,873 374,469 380,273 46,604 227,585 86,653 47,840 298,770 253,617 117,073

Memo: Euro Area 4 ........ 486,766 422,824 201,035 221,789 83,260 19,159 91,279 78,205 43,822 69,784 37,315 63,942

Canada ................................... 88,839 82,011 70,154 11,857 5,353 8,028 5,062 2,610 2,892 49,483 8,583 6,828

Latin America: 

Argentina............................ 12,618 12,431 11,301 1,130 643 10,250 800 68 256 202 212 187

Belize.................................. 323 321 278 43 68 144 3 1 39 65 1 2

Bolivia................................. 2,950 2,922 1,445 1,477 180 1,255 894 266 317 9 1 28

Brazil................................... 62,267 61,927 19,008 42,919 5,745 5,843 41,896 460 482 5,039 2,462 340

Chile ................................... 11,667 11,532 8,856 2,676 4,220 3,471 1,778 820 50 1,143 50 135

Colombia ............................ 17,604 17,542 5,955 11,587 1,485 4,096 11,234 244 101 348 34 62

Costa Rica.......................... 1,954 1,949 1,031 918 444 447 848 34 35 137 4 5

Ecuador.............................. 3,906 3,867 3,556 311 898 2,549 130 33 66 55 136 39

El Salvador......................... 2,836 2,829 1,545 1,284 534 634 544 438 302 361 16 7

Guatemala.......................... 2,149 2,102 1,821 281 308 1,115 208 51 22 386 12 47

Honduras............................ 1,408 1,405 1,322 83 597 713 11 3 69 12 - 3

Mexico................................ 49,521 48,403 42,463 5,940 17,691 21,891 3,812 1,343 750 1,784 1,132 1,118

Panama.............................. 9,659 9,560 7,746 1,814 4,116 3,326 1,380 270 158 257 53 99

Paraguay............................ 716 714 690 24 113 559 2 10 12 11 7 2

Peru.................................... 4,961 4,875 3,894 981 1,870 1,461 354 578 41 561 10 86

Uruguay.............................. 7,746 7,684 5,688 1,996 1,089 2,453 1,493 148 345 1,833 323 62

Venezuela .......................... 25,619 24,834 23,523 1,311 2,922 17,663 139 614 557 2,630 309 785

All other Latin America....... 1,037 1,037 1,002 35 389 486 1 12 22 126 1 -

Total Latin America........ 218,941 215,934 141,124 74,810 43,312 78,356 65,527 5,393 3,624 14,959 4,763 3,007

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2010 

57

TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2009, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

 liabilities 2

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations 

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Caribbean: 

Aruba........................................ 573 572 510 62 71 381 8 14 40 16 42 1

Bahamas.................................. 288,130 287,796 285,671 2,125 240,222 5,855 1,275 337 182 37,424 2,501 334

Barbados.................................. 10,417 10,388 1,685 8,703 1,189 444 5,397 1,429 1,868 13 48 29

Bermuda .................................. 40,275 38,720 16,632 22,088 904 13,294 14,195 6,817 804 252 2,454 1,555

British Virgin Islands ................ 34,194 33,212 19,205 14,007 84 17,984 11,570 1,467 501 - 1,606 982

Cayman Islands....................... 1,473,380 1,454,833 1,167,815 287,018 535,637 124,111 45,231 14,642 2,540 617,970 114,702 18,547

Dominican Republic................. 3,237 3,219 3,034 185 511 2,127 24 140 21 386 10 18

Haiti 7........................................ 686 686 667 19 289 272 - 4 15 103 3 -

Jamaica.................................... 883 789 769 20 271 385 16 - 4 104 9 94

Netherlands Antilles................. 8,376 8,361 7,343 1,018 1,502 4,198 609 362 46 369 1,275 15

Trinidad and Tobago................ 4,027 3,814 2,795 1,019 1,603 819 893 84 7 365 43 213

All other Caribbean 10,156 9,075 8,924 151 140 8,446 61 42 48 7 331 1,081

Total Caribbean.................. 1,874,334 1,851,465 1,515,050 336,415 782,423 178,316 79,279 25,338 6,076 657,009 123,024 22,869

Asia: China, Mainland....................... 106,088 106,013 34,495 71,518 21,129 3,364 69,735 639 766 10,125 255 75

Hong Kong............................... 129,729 128,056 23,482 104,574 7,889 5,917 92,454 11,679 329 9,242 546 1,673

India ......................................... 26,585 26,497 7,178 19,319 1,960 1,968 7,542 11,649 10 3,089 279 88

Indonesia ................................. 21,679 21,668 7,002 14,666 4,061 277 13,764 887 15 2,562 102 11

Israel ........................................ 16,990 16,791 8,197 8,594 1,024 2,141 8,341 134 118 5,005 28 199

Japan ....................................... 183,520 137,068 59,196 77,872 27,104 8,261 71,633 4,152 245 23,873 1,800 46,452

Jordan ...................................... 2,528 2,528 1,337 1,191 841 56 1,080 - 111 436 4 -

Korea, South............................ 12,873 12,010 7,943 4,067 3,335 801 823 2,372 835 3,674 170 863

Malaysia................................... 2,291 2,285 1,398 887 894 171 801 80 4 321 14 6

Pakistan ................................... 3,821 3,821 3,126 695 770 197 623 40 2 2,154 35 -

Philippines................................ 5,370 5,353 3,973 1,380 2,009 536 1,273 3 50 1,138 344 17

Singapore................................. 28,425 27,707 23,637 4,070 18,915 1,620 3,351 505 151 3,053 112 718

Taiwan...................................... 29,767 29,687 26,931 2,756 6,368 6,557 2,212 141 370 13,730 309 80

Thailand ................................... 17,044 17,039 1,845 15,194 921 319 15,144 31 10 599 15 5

All other Asia............................ 120,121 120,069 52,091 67,978 16,032 2,493 60,697 6,202 1,062 32,419 1,164 52

Total Asia............................. 706,831 656,592 261,831 394,761 113,252 34,678 349,473 38,514 4,078 111,420 5,177 50,239

Africa: Egypt........................................ 17,484 17,483 3,785 13,698 1,150 178 13,652 - 46 2,456 1 1

Ghana ...................................... 289 289 289 - 173 50 - - - 66 - -

Kenya....................................... 477 477 298 179 167 91 177 - 2 39 1 -

Liberia ...................................... 630 621 345 276 9 218 275 - - 118 1 9

Morocco ................................... 341 341 335 6 267 42 1 2 2 25 2 -

South Africa ............................. 2,685 2,607 2,442 165 1,452 191 138 15 12 707 92 78

All other Africa.......................... 18,999 18,668 15,168 3,500 8,556 1,883 3,467 31 2 4,516 213 331

Total Africa........................... 40,905 40,486 22,662 17,824 11,774 2,653 17,710 48 64 7,927 310 419

Other countries: Australia ................................... 25,080 21,530 14,368 7,162 8,860 1,649 5,332 1,421 91 3,248 929 3,550

New Zealand............................ 5,404 5,307 2,361 2,946 970 250 2,885 50 9 1,109 34 97

All other.................................... 6,981 937 907 30 264 353 - - 30 279 11 6,044

Total other........................... 37,465 27,774 17,636 10,138 10,094 2,252 8,217 1,471 130 4,636 974 9,691

All countries.................................. 4,425,730 4,215,604 2,995,330 1,220,274 1,346,481 350,887 752,853 160,027 64,704 1,144,204 396,448 210,126

International and regional 

orgs: International organizations....... 13,494 12,669 9,217 3,452 - 6,222 2,571 282 599 - 2,995 825

Regional organizations 5.......... 3,317 3,113 1,977 1,136 - 1,364 605 409 122 - 613 204

Total International and 

 regional organizations ...... 16,811 15,782 11,194 4,588 - 7,586 3,176 691 721 - 3,608 1,029

Grand total ...................... 4,442,541 4,231,386 3,006,524 1,224,862 1,346,481 358,473 756,029 160,718 65,425 1,144,204 400,056 211,155

1

 Excludes negotiable certificates of deposit. 

2

 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in 

the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 

3

 Foreign currency data are as of the previous quarter-end. 

4

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

March 2010 

58 

0

500

1000

1500

 2005 2006 2007 2008 Dec. 2009

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2005 2006 2007 2008 Dec. 2009 

 

United Kingdom............................ 590,505 926,069 1,051,764 746,954 761,466

All other Europe ........................... 691,138 648,551 828,379 825,083 696,949

Caribbean banking centers 1 ......... 1,200,444 1,666,987 1,877,001 1,969,984 1,854,014

Japan............................................ 161,951 141,655 190,122 241,826 183,520

All other Asia ................................ 256,934 299,495 385,448 600,412 523,311

Subtotal ...................................... 2,900,972 3,682,757 4,332,714 4,384,259 4,019,260

All other countries ........................ 285,773 327,602 373,596 414,856 423,281

Grand total.................................. 3,186,745 4,010,359 4,706,310 4,799,115 4,442,541

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

U.S. liabilities to foreigners reported 

by U.S. banks were recorded at $4.4 

trillion in December 2009, a 

decrease of $357 billion from 

yearend 2008. U.S. banking 

liabilities include foreign holdings 

of U.S. short-term securities but 

exclude foreign holdings of U.S. 

long-term securities. U.S. banking 

liabilities increased about $93 

billion in 2008. However, that 

increase is primarily attributable to 

the addition of several new bank 

holding companies to the reporter 

panel. U.S. banking liabilities 

increased about $696 billion in 2007 

and about $824 billion in 2006. 

However, much of the increase in 

liabilities to foreigners in 2006 

reflects changes in coverage in the 

bank-reported data in the first and 

second quarters of 2006. Between 

June and December of 2006, when 

data were reported on a consistent 

basis, banking liabilities increased 

about $250 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on this 

page show that almost 60 percent of 

U.S. banking liabilities is currently 

recorded against the United 

Kingdom and banking centers in the 

Caribbean. These financial centers 

recorded most of the growth in 

banking liabilities in the years just 

before the financial crisis and also 

most of the decline since 2007. The 

United Kingdom, in particular, saw 

a sharp fall in recorded banking 

liabilities in 2008. However, the 

crisis affected other areas as well; 

U.S. banking liabilities to all other 

Europe and Asia, including Japan, 

also declined during 2009. 
 CAPITAL MOVEMENTS 

March 2010 

59

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

TABLE CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 

Type of Claim 

Calendar 

Year 

2007 Sept. Dec. r Mar. r June Sept. p 

 

Total claims.............................................................. 3,811,848 3,792,562 3,610,168 3,659,786 3,714,944 3,975,190 

Payable in dollars.................................................. 3,567,042 3,580,691 3,298,483 3,394,954 3,437,421 3,690,029 

Own claims on foreigners................................... 2,795,389 2,886,647 2,537,936 2,646,591 2,671,309 2,784,330 

Foreign official institutions............................... 110,093 79,750 47,272 32,061 32,083 34,554 

Foreign banks, including own foreign 

offices........................................................... 2,068,427 2,169,609 2,004,533 2,092,390 2,112,190 2,200,733 

All other foreigners .......................................... 616,869 637,288 486,131 522,140 527,036 549,043 

Claims of domestic customers.............................. 771,653 694,044 760,547 748,363 766,112 905,699 

Payable in foreign currencies .................................. 244,806 211,871 311,685 264,832 277,523 285,161 

Own claims on foreigners ..................................... 170,113 142,848 268,966 228,369 231,356 239,160 

of which: 

Canadian dollars.............................................. 32,718 22,939 21,395 25,258 28,354 39,646 

Euros................................................................ 75,137 52,191 151,343 115,669 102,466 110,828 

United Kingdom pounds sterling...................... 15,804 10,703 15,996 21,344 25,739 22,445 

Japanese yen................................................... 23,911 28,976 46,055 38,781 38,135 28,510 

Claims of domestic customers.............................. 74,693 69,023 42,719 36,463 46,167 46,001 

of which: 

Canadian dollars.............................................. 3,008 4,637 4,597 4,653 5,367 7,129 

Euros................................................................ 60,501 52,844 31,132 25,172 31,934 29,407 

United Kingdom pounds sterling...................... 3,160 3,618 1,137 1,882 3,186 4,244 

Japanese yen................................................... 2,817 2,799 2,655 1,785 2,050 2,400 

Memoranda: 

Total own claims on foreigners ............................. 2,965,502 3,029,495 2,806,902 2,874,960 2,902,665 3,023,490 

Non-negotiable deposits .................................... 1,059,631 1,110,779 1,205,970 1,306,818 1,373,706 1,412,471 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 48,082 31,990 15,256 15,190 15,894 19,554 

Resale agreements ............................................ 770,703 754,280 474,689 554,308 539,096 552,565 

Other................................................................... 1,087,086 1,132,446 1,110,987 998,644 973,969 1,038,900 

Claims on own foreign offices............................... 1,929,030 1,961,297 1,761,286 1,854,264 1,892,940 1,980,015 

Claims reported by IBFs ....................................... 686,623 520,314 514,225 572,127 552,975 591,699 

Payable in dollars............................................... 644,202 493,385 468,962 530,704 516,335 554,610 

Payable in foreign currencies............................. 42,421 26,929 45,263 41,423 36,640 37,089 

Total claims held for domestic customers ............ 846,346 763,067 803,266 784,826 812,279 951,700 

Non-negotiable deposits .................................... 457,828 398,408 486,473 419,690 374,491 383,660 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 340,734 319,091 286,752 339,838 406,765 536,262 

Other ..................................................................... 47,784 45,568 30,041 25,298 31,023 31,778 

 

 
CAPITAL MOVEMENTS 

March 2010 

60 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 

Country 

 Calendar 

 year 

 2007 Mar. June Sept. Dec. r Mar. r June Sept. p

 

Europe: 

Austria .................................................... 8,083 8,017 9,377 8,684 5,133 4,800 5,686 4,356

Belgium................................................... 26,646 28,005 36,454 24,424 16,730 20,448 14,352 20,309

Bulgaria .................................................. 30 52 56 55 43 18 29 17

Czech Republic ...................................... 4,049 2,666 2,276 273 226 107 156 143

Denmark................................................. 10,314 10,986 10,789 8,461 9,775 9,753 12,296 11,083

Finland.................................................... 30,533 27,748 32,299 29,104 25,139 26,234 23,714 25,358

France .................................................... 204,433 237,869 227,520 208,995 185,134 188,220 198,175 226,497

Germany................................................. 81,120 94,873 98,472 88,380 77,032 99,469 125,645 122,858

Greece.................................................... 1,658 1,967 1,837 1,469 1,230 959 1,207 1,017

Hungary.................................................. 378 249 241 336 413 268 290 1,281

Ireland..................................................... 80,906 101,304 107,731 92,845 86,438 68,090 59,897 73,883

Italy ......................................................... 51,856 63,532 63,965 61,599 52,086 52,181 55,814 58,869

Kazakhstan 1 .......................................... 688 732 665 544 544 504 420 400

Luxembourg ........................................... 27,017 25,387 22,512 20,891 18,497 16,536 16,122 20,303

Netherlands ............................................ 63,711 72,611 75,681 67,911 72,967 78,941 81,982 81,381

Norway ................................................... 29,105 27,315 25,063 31,117 18,769 14,614 14,995 15,774

Poland .................................................... 8,242 17,109 17,276 11,678 1,712 1,543 2,246 698

Portugal .................................................. 3,113 3,672 2,988 2,392 1,881 4,206 4,017 2,163

Romania ................................................. 195 179 204 160 155 150 128 138

Russia..................................................... 1,869 1,639 2,437 2,776 2,212 1,901 1,640 1,821

Spain ...................................................... 32,753 56,322 62,338 55,674 59,303 49,887 52,044 52,898

Sweden................................................... 34,964 28,652 36,430 30,472 17,152 17,748 22,669 27,170

Switzerland............................................. 201,003 184,176 133,985 123,180 112,018 118,074 95,974 96,730

Turkey..................................................... 3,735 3,989 4,055 4,159 3,695 3,870 4,358 4,190

United Kingdom...................................... 1,111,135 1,186,193 1,080,469 1,141,194 969,261 1,022,268 1,073,275 1,151,679

Channel Islands...................................... 35,468 20,776 18,367 16,167 19,461 18,601 19,908 21,045

All other Europe 1 ................................... 3,632 3,421 3,185 3,216 2,860 3,362 3,051 3,786

Total Europe ........................................ 2,056,636 2,209,439 2,076,671 2,036,157 1,759,866 1,822,751 1,890,090 2,025,845

Memo: Euro Area 2 .............................. 611,829 722,764 742,487 663,429 602,212 610,938 639,960 692,080

Memo: European Union 3 .................... 1,782,800 1,968,885 1,890,251 1,856,149 1,601,039 1,662,804 1,751,058 1,884,306

Canada...................................................... 140,166 160,826 141,640 147,164 154,344 144,046 146,900 174,712

Latin America: 

Argentina ................................................ 4,251 4,349 4,550 5,087 4,227 3,899 6,504 3,948

Bolivia 4 .................................................. 169 172 166 190 141 139 139 190

Brazil....................................................... 31,500 28,283 38,986 32,071 33,818 28,957 31,098 35,350

Chile ....................................................... 9,829 10,270 11,379 11,884 10,177 9,972 11,231 11,880

Colombia ................................................ 4,972 4,955 4,781 4,658 4,241 3,423 3,108 2,861

Costa Rica 4............................................ 1,028 1,217 1,304 1,234 1,306 1,227 1,041 1,024

Ecuador.................................................. 993 939 812 852 806 716 627 573

El Salvador 4........................................... 831 797 772 801 903 856 754 610

Guatemala.............................................. 1,348 1,358 1,433 1,411 1,273 1,319 1,162 1,096

Honduras 4.............................................. 494 493 484 506 533 560 465 412

Mexico .................................................... 24,582 26,865 26,011 27,060 27,581 27,403 25,836 23,904

Nicaragua ............................................... 83 93 131 112 134 112 92 72

Panama .................................................. 4,118 4,813 5,301 5,210 4,820 3,751 3,307 3,696

Paraguay 4.............................................. 108 130 158 174 153 121 114 89

Peru ........................................................ 3,092 4,487 4,978 4,964 4,590 3,687 3,338 2,940

Uruguay.................................................. 415 406 396 419 413 382 415 375

Venezuela .............................................. 2,580 2,153 2,109 2,082 1,635 1,558 1,568 1,612

All other Latin America 4......................... 70 194 52 70 92 103 75 72

Total Latin America.............................. 90,463 91,974 103,803 98,785 96,843 88,185 90,874 90,704

Caribbean: 

Anguilla 5 ................................................ 6,493 8,151 8,248 13,151 10,375 7,785 7,639 7,737

Bahamas ................................................ 238,924 275,145 212,868 219,149 286,370 244,836 198,061 237,749

Barbados 5.............................................. 445 557 595 696 1,324 903 773 769

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2010 

61

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 

Country 

Calendar 

year 

2007 Mar. June Sept. Dec. r Mar. r June Sept. p

 

Caribbean, con. 

Bermuda...................................... 12,378 22,207 18,220 17,426 15,765 16,073 10,713 10,794

British Virgin Islands 5.................. 4,857 17,010 16,675 18,814 6,744 8,065 8,848 8,824

Cayman Islands........................... 972,317 1,037,505 1,074,223 999,004 1,054,095 1,063,022 1,049,872 1,069,799

Dominican Republic 5 .................. 686 720 796 763 787 782 769 673

Haiti 5............................................ 46 52 76 76 92 58 53 69

Jamaica ....................................... 687 751 850 832 805 471 447 434

Netherlands Antilles .................... 4,624 9,826 6,594 6,468 5,980 8,127 7,803 5,366

Trinidad and Tobago ................... 673 725 810 607 730 535 683 506

All other Caribbean 5 ................... 770 786 676 555 455 501 438 637

Total Caribbean........................ 1,242,900 1,373,435 1,340,631 1,277,541 1,383,522 1,351,158 1,286,099 1,343,357

Asia: 

China, Mainland. ......................... 19,359 17,655 21,230 11,162 3,370 3,128 5,110 4,464

Hong Kong .................................. 10,263 10,591 10,040 14,755 12,962 7,685 7,297 13,082

India............................................. 4,588 4,620 5,984 6,182 6,211 6,474 6,845 7,604

Indonesia..................................... 1,030 1,089 1,243 1,168 1,120 1,098 999 946

Israel............................................ 5,031 4,912 4,907 3,595 2,621 2,151 1,832 3,730

Japan........................................... 97,856 124,194 98,861 91,210 93,757 132,546 170,495 193,825

Jordan 6........................................ 54 21 25 30 23 32 24 36

Korea, South ............................... 28,247 28,428 22,063 16,459 13,606 12,326 12,537 12,120

Lebanon....................................... 51 52 48 66 56 68 62 59

Malaysia ...................................... 1,989 1,634 1,586 1,235 734 641 471 508

Pakistan....................................... 164 64 115 195 76 51 45 19

Philippines ................................... 1,271 1,835 1,517 930 1,083 767 821 1,224

Singapore .................................... 6,662 8,176 7,758 7,306 9,625 8,563 9,499 8,506

Taiwan......................................... 1,641 4,036 2,992 3,032 1,373 1,459 2,069 1,398

Thailand....................................... 5,978 2,483 1,194 203 181 143 283 226

Asian oil exporters 7 .................... 23,932 14,672 13,998 11,437 10,738 11,446 9,817 11,424

All other Asia 6 ............................. 799 1,475 937 954 729 2,481 650 593

Total Asia.................................. 208,915 225,937 194,498 169,919 158,265 191,059 228,856 259,764

Africa: 

Cameroon 8.................................. 11 9 10 10 33 33 22 20

Egypt ........................................... 1,488 1,773 1,940 2,014 1,288 852 1,034 1,026

Ghana.......................................... 30 42 53 62 18 60 74 98

Liberia.......................................... 331 341 270 328 355 380 370 398

Morocco....................................... 50 45 55 30 33 9 21 7

South Africa................................. 730 624 525 1,022 721 775 641 867

African oil exporters 9 .................. 453 1,301 834 1,123 923 363 382 331

All other Africa 8 ........................... 6,570 13,669 16,915 1,443 3,123 3,009 6,341 5,184

Total Africa ............................... 9,663 17,804 20,602 6,032 6,494 5,481 8,885 7,931

Other countries: 

Australia....................................... 43,465 36,869 44,099 40,826 36,071 41,359 51,299 55,401

New Zealand ............................... 4,541 6,125 6,104 6,170 5,984 6,688 6,410 8,133

All other ....................................... 316 486 425 526 598 593 546 560

Total other countries................. 48,322 43,480 50,628 47,522 42,653 48,640 58,255 64,094

Total foreign countries ........... 3,797,065 4,122,895 3,928,473 3,783,120 3,601,987 3,651,320 3,709,959 3,966,407

International and regional orgs: 

International organizations.......... 13,581 13,921 7,592 7,227 5,016 6,107 4,226 6,792

Regional organizations 10 ............ 1,202 1,043 722 2,215 3,165 2,359 759 1,991

Total international 

 and regional organizations ......... 14,783 14,964 8,314 9,442 8,181 8,466 4,985 8,783

 Grand total ............................ 3,811,848 4,137,859 3,936,787 3,792,562 3,610,168 3,659,786 3,714,944 3,975,190

1

 Before June 2006, data for Kazakhstan are included in “All other Europe.” 

2 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

As of January 2007, also includes Bulgaria and Romania. 

4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay 

are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican 

Republic, and Haiti are included in “All other Caribbean.” 

6

 Before June 2006, data for Jordan are included in “All other Asia.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Before June 2006, data for Cameroon are included in “All other Africa.” 

9 Includes Algeria, Gabon, Libya, and Nigeria. 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2010 

62 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2009 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total 

own 

claims

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Total 

customer 

claims 

(7) 

Payable 

in 

dollars 

(8) 

Payable in

foreign

currencies

(9) 

Europe: 

Austria ............................................... 4,356 3,103 3,087 1,115 1,972 16 1,253 760 493

Belgium.............................................. 20,309 18,397 17,500 16,373 1,127 897 1,912 932 979

Czech Republic ................................. 143 135 104 103 1 31 8 1 7

Denmark............................................ 11,083 975 804 389 415 171 10,108 9,698 410

Finland............................................... 25,358 22,307 21,891 21,839 52 416 3,050 2,680 370

France ............................................... 226,497 165,760 152,853 121,330 31,523 12,907 60,737 55,493 5,244

Germany............................................ 122,858 85,977 74,062 52,250 21,812 11,915 36,881 27,773 9,108

Greece............................................... 1,017 518 106 11 95 412 499 - 498

Hungary............................................. 1,281 1,278 1,244 84 1,160 34 3 - 3

Ireland................................................ 73,883 56,423 55,203 42,890 12,313 1,220 17,460 16,685 775

Italy .................................................... 58,869 46,852 45,477 45,245 232 1,375 12,017 8,813 3,204

Kazakhstan........................................ 400 400 400 308 92 - - - -

Luxembourg ...................................... 20,303 11,506 10,211 3,686 6,525 1,295 8,797 8,379 418

Netherlands ....................................... 81,381 54,019 51,506 14,140 37,366 2,513 27,362 25,451 1,911

Norway .............................................. 15,774 4,656 4,605 3,747 858 51 11,118 10,893 225

Poland ............................................... 698 678 648 642 6 30 20 - 20

Portugal ............................................. 2,163 1,194 1,088 692 396 106 969 525 444

Romania ............................................ 138 138 118 1 117 20 - - -

Russia................................................ 1,821 1,735 1,678 1,491 187 57 86 86 -

Spain ................................................. 52,898 42,794 39,656 39,140 516 3,138 10,105 7,997 2,108

Sweden.............................................. 27,170 3,337 2,669 1,434 1,235 668 23,833 23,538 295

Switzerland........................................ 96,730 87,980 78,365 70,135 8,230 9,615 8,750 8,670 80

Turkey................................................ 4,190 4,153 3,136 2,461 675 1,017 37 6 31

United Kingdom................................. 1,151,679 930,041 825,001 651,869 173,132 105,040 221,638 214,525 7,113

Channel Islands .................................. 21,045 9,296 9,099 2,306 6,793 197 11,749 11,120 629

All other Europe ................................ 3,803 2,006 1,692 775 917 314 1,796 1,443 353

Total Europe ................................... 2,025,845 1,555,657 1,402,202 1,094,455 307,747 153,455 470,188 435,470 34,718

Memo: Euro Area 1 ............................... 692,080 509,501 473,116 359,023 114,093 36,385 182,579 156,717 25,862

Canada................................................. 174,712 115,736 83,246 65,474 17,772 32,490 58,976 51,775 7,201

Latin America: 

Argentina ........................................... 3,948 3,918 3,766 683 3,083 152 30 16 14

Bolivia................................................ 190 189 102 - 102 87 1 1 -

Brazil.................................................. 35,350 35,114 33,588 15,911 17,677 1,526 236 209 27

Chile .................................................. 11,880 11,876 11,474 6,568 4,906 402 4 3 1

Colombia ........................................... 2,861 2,861 2,582 888 1,694 279 - - -

Costa Rica ........................................ 1,024 1,024 997 153 844 27 - - -

Ecuador............................................. 573 560 559 73 486 1 13 13 -

El Salvador ....................................... 610 610 584 232 352 26 - - -

Guatemala......................................... 1,096 1,096 1,052 543 509 44 - - -

Honduras .......................................... 412 387 386 122 264 1 25 25 -

Mexico ............................................... 23,904 23,794 22,791 795 21,996 1,003 110 11 99

Panama ............................................. 3,696 3,696 3,581 2,409 1,172 115 - - -

Peru ................................................... 2,940 2,929 2,893 970 1,923 36 11 8 3

Uruguay............................................. 375 374 360 26 334 14 1 1 -

Venezuela ......................................... 1,612 1,523 1,388 207 1,181 135 89 89 -

All other Latin America ..................... 233 232 232 57 175 - 1 1 -

Total Latin America......................... 90,704 90,183 86,335 29,637 56,698 3,848 521 377 144

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2010 

63

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2009, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total 

own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners

(5) 

Payable in

foreign 

currencies

(6) 

Total 

customer

claims 

(7) 

Payable

in 

dollars

(8) 

Payable in 

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 237,749 156,463 156,143 150,152 5,991 320 81,286 81,257 29 

Bermuda............................................ 10,794 10,794 8,331 90 8,241 2,463 - - - 

British Virgin Islands ......................... 8,824 8,777 6,999 88 6,911 1,778 47 47 - 

Cayman Islands................................. 1,069,799 794,434 772,764 678,605 94,159 21,670 275,365 274,009 1,356 

Dominican Republic ......................... 673 673 659 190 469 14 - - - 

Jamaica ............................................. 434 434 415 49 366 19 - - - 

Netherlands Antilles .......................... 5,366 5,364 5,132 254 4,878 232 2 2 - 

Trinidad and Tobago ......................... 506 506 501 87 414 5 - - - 

All other Caribbean ........................... 9,212 9,211 7,288 297 6,991 1,923 1 1 - 

Total Caribbean.............................. 1,343,357 986,656 958,232 829,812 128,420 28,424 356,701 355,316 1,385 

Asia: 

China, Mainland ................................ 4,464 4,315 4,035 3,449 586 280 149 45 104 

Hong Kong ........................................ 13,082 12,957 12,510 10,531 1,979 447 125 28 97 

India................................................... 7,604 7,326 7,189 5,330 1,859 137 278 256 22 

Indonesia........................................... 946 893 872 703 169 21 53 23 30 

Israel.................................................. 3,730 3,582 3,493 3,324 169 89 148 138 10 

Japan................................................. 193,825 174,360 160,507 147,990 12,517 13,853 19,465 18,420 1,045 

Korea, South ..................................... 12,120 11,700 10,035 9,266 769 1,665 420 394 26 

Malaysia ............................................ 508 494 449 141 308 45 14 3 11 

Pakistan............................................. 19 18 17 15 2 1 1 - 1 

Philippines ......................................... 1,224 1,201 1,183 1,087 96 18 23 1 22 

Singapore .......................................... 8,506 8,391 7,765 6,391 1,374 626 115 6 109 

Taiwan............................................... 1,398 1,244 989 613 376 255 154 4 150 

Thailand............................................. 226 210 182 146 36 28 16 6 10 

All other Asia ..................................... 12,112 11,996 11,774 9,705 2,069 222 116 105 11 

Total Asia........................................ 259,764 238,687 221,000 198,691 22,309 17,687 21,077 19,429 1,648 

Africa: 

Egypt ................................................. 1,026 726 722 196 526 4 300 1 299 

Ghana................................................ 98 97 96 85 11 1 1 1 - 

Liberia................................................ 398 398 398 1 397 - - - - 

Morocco............................................. 7 6 4 4 - 2 1 - 1 

South Africa....................................... 867 631 556 504 52 75 236 - 236 

All other Africa ................................... 5,535 5,428 5,148 233 4,915 280 107 96 11 

Total Africa ..................................... 7,931 7,286 6,924 1,023 5,901 362 645 98 547 

Other countries: 

Australia............................................. 55,401 21,929 20,464 16,002 4,462 1,465 33,472 33,148 324 

New Zealand ..................................... 8,133 1,849 420 191 229 1,429 6,284 6,250 34 

All other ............................................. 560 560 560 2 558 - - - - 

Total other countries....................... 64,094 24,338 21,444 16,195 5,249 2,894 39,756 39,398 358 

Total foreign countries ................. 3,966,407 3,018,543 2,779,383 2,235,287 544,096 239,160 947,864 901,863 46,001 

International and regional orgs: 

International organizations................ 6,792 4,228 4,228 - 4,228 - 2,564 2,564 - 

Regional organizations 2.................... 1,991 719 719 - 719 - 1,272 1,272 - 

Total international and regional 

 organizations ................................ 8,783 4,947 4,947 - 4,947 - 3,836 3,836 - 

 Grand total .................................. 3,975,190 3,023,490 2,784,330 2,235,287 549,043 239,160 951,700 905,699 46,001 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

March 2010 

64 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2005 2006 2007 2008 Sept. 2009 

United Kingdom................................. 627,105 938,123 1,111,135 969,261 1,151,679

All other Europe................................. 604,908 672,126 945,501 790,605 874,166

Caribbean banking centers 1 ............. 870,441 1,061,389 1,237,218 1,373,774 1,336,228

Japan................................................. 114,713 157,671 97,856 93,757 193,825

All other Asia ..................................... 92,387 89,770 111,059 64,508 65,939

Subtotal............................................ 2,309,554 2,919,079 3,502,769 3,291,905 3,621,837

All other countries.............................. 190,845 221,485 309,079 318,263 353,353

Grand total....................................... 2,500,399 3,140,564 3,811,848 3,610,168 3,975,190

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In September 2009, U.S. claims 

on foreigners reported by U.S. 

banks amounted to about $4 

trillion, an increase of $365 

billion from that recorded at 

yearend 2008. U.S. banking 

claims include holdings of 

foreign short-term securities but 

exclude holdings of foreign 

long-term securities. U.S. 

banking claims decreased $202 

billion in 2008, but increased 

$671 billion in 2007 and $640 

billion in 2006. Part of the 2006 

increase reflects changes in 

coverage in the bank-reported 

data in the first and second 

quarters of 2006. Between June 

and December of 2006, when 

data were reported on a 

consistent basis, banking claims 

increased about $209 billion. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

More than 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers recorded much 

of the growth in U.S. banking 

claims since 2007. However, 

claims against Japan also grew 

rapidly in 2009, accounting for 

nearly 30 percent of the overall 

increase in U.S. banking claims 

on foreigners. Despite the 

turmoil in financial markets 

over the past two years, the 

geographic distribution of U.S. 

banking claims on foreigners is 

similar now to that of 2006. 

0

200

400

600

800

1000

1200

1400

1600

 2005 2006 2007 2008 Sept. 2009

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
CAPITAL MOVEMENTS 

March 2010 

65

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2008 2009 

Type of liability or claim 2005 2006 2007 Sept. Dec. r Mar. r June Sept. p

Total liabilities ................................................... 76,710 89,217 103,835 108,356 87,630 76,708 83,309 83,660

Payable in dollars.......................................... 58,728 72,331 79,161 92,313 69,124 61,042 60,415 62,476

Financial.................................................... 24,003 35,033 26,474 26,589 18,650 15,947 13,910 13,247

Short-term negotiable securities........... 3,248 8,266 1,983 3,020 2,740 2,869 1,872 1,210

Other ..................................................... 20,755 26,767 24,491 23,569 15,910 13,078 12,038 12,037

Commercial............................................... 34,725 37,298 52,687 65,724 50,474 45,095 46,505 49,229

Trade payables ..................................... 21,751 24,101 26,261 32,599 18,811 18,990 20,848 23,408

Advance receipts and other.................. 12,974 13,197 26,426 33,125 31,663 26,105 25,657 25,821

Payable in foreign currencies ....................... 17,982 16,886 24,674 16,043 18,506 15,666 22,894 21,184

By major foreign currency: 

Canadian dollars................................... 2,525 3,536 2,162 1,910 2,235 1,947 3,461 3,305

Euros..................................................... 5,041 5,239 9,075 6,010 6,487 3,303 6,542 7,290

United Kingdom pounds sterling........... 3,640 4,494 4,267 3,395 1,361 1,403 1,557 1,722

Japanese yen........................................ 2,326 1,770 3,908 2,955 962 949 889 772

Other ..................................................... 4,450 1,847 5,262 1,773 7,461 8,064 10,445 8,095

By type of liability: 

Financial................................................ 15,246 13,679 21,445 13,037 15,632 12,489 17,403 17,896

Short-term negotiable securities....... 5,802 3,351 2,940 3,143 2,108 1,294 3,893 3,962

Other ................................................. 9,444 10,328 18,505 9,894 13,524 11,195 13,510 13,934

Commercial........................................... 2,736 3,207 3,229 3,006 2,874 3,177 5,491 3,288

Trade payables ................................. 1,299 1,572 1,605 1,364 1,334 1,277 3,628 1,219

Advance receipts and other.............. 1,437 1,635 1,624 1,642 1,540 1,900 1,863 2,069

Total claims....................................................... 144,950 126,032 136,416 166,815 107,476 106,353 107,015 95,519

Payable in dollars.......................................... 105,700 100,031 110,070 143,981 83,810 84,795 83,216 76,715

Financial.................................................... 75,802 66,871 66,726 98,399 43,223 40,459 39,477 33,959

Non-negotiable deposits ....................... 42,140 28,380 28,393 34,979 12,539 11,666 12,762 10,463

Negotiable CDs and short-term 

negotiable instruments.......................... 12,888 2,624 1,168 857 1,133 945 905 726

Other ..................................................... 20,774 35,867 37,165 62,563 29,551 27,848 25,810 22,770

Commercial............................................... 29,898 33,160 43,344 45,582 40,587 44,336 43,739 42,756

Trade receivables ................................. 26,080 29,388 37,108 39,565 31,161 32,638 32,031 31,838

Advance payments and other............... 3,818 3,772 6,236 6,017 9,426 11,698 11,708 10,918

Payable in foreign currencies ....................... 39,250 26,001 26,346 22,834 23,666 21,558 23,799 18,804

By major foreign currency: 

Canadian dollars................................... 9,829 9,194 5,371 5,546 2,409 1,888 2,398 2,220

Euros..................................................... 10,643 6,951 10,833 8,310 5,140 5,318 5,264 3,207

United Kingdom pounds sterling........... 8,341 4,675 4,210 3,701 1,922 1,749 1,754 1,707

Japanese yen........................................ 3,724 1,027 1,378 1,117 451 545 669 580

Other ..................................................... 6,713 4,154 4,554 4,160 13,744 12,058 13,714 11,090

By type of claim: 

Financial................................................ 35,592 21,775 21,305 19,661 19,851 17,678 18,661 15,662

Non-negotiable deposits ................... 8,009 3,529 1,498 1,566 1,968 1,734 2,002 2,156

Short-term negotiable securities....... 292 120 77 93 86 111 133 133

Other ................................................. 27,291 18,126 19,730 18,002 17,797 15,833 16,526 13,373

Commercial........................................... 3,658 4,226 5,041 3,173 3,815 3,880 5,138 3,142

Trade receivables ............................. 3,151 3,414 4,684 2,910 3,595 3,647 4,952 2,945

Advance payments and other........... 507 812 357 263 220 233 186 197
CAPITAL MOVEMENTS 

March 2010 

66 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2008 2009 

Country 2004 2005 2006 2007 Sept. Dec. r Mar. June Sept. p

Europe: 

Austria................................. 146 68 91 230 79 95 97 83 87

Belgium .................................. 74 73 181 492 873 427 389 375 191

Bulgaria.................................. 2 - 44 36 4 1 2 4 -

Czech Republic...................... 34 17 14 25 34 45 49 41 49

Denmark................................. 41 78 132 937 164 161 82 149 105

Finland ................................... 38 20 140 63 192 79 134 108 103

France.................................... 2,368 2,631 2,562 3,165 3,185 4,801 4,110 3,272 3,408

Germany ................................ 3,935 3,646 12,391 4,977 3,613 3,746 3,408 4,521 5,677

Greece ................................... 248 401 182 187 300 241 250 220 236

Hungary.................................. 14 12 18 46 24 30 22 25 22

Ireland .................................... 1,070 1,636 316 1,569 1,579 2,067 1,524 1,690 1,578

Italy......................................... 795 1,174 1,040 1,196 1,398 509 399 518 552

Luxembourg ........................... 824 378 977 235 369 837 627 652 608

Netherlands............................ 668 895 1,709 1,194 1,162 1,728 1,410 1,125 1,460

Norway................................... 1,365 3,537 545 721 475 385 380 543 677

Poland.................................... 151 229 330 385 350 269 240 239 202

Portugal.................................. 22 39 27 205 43 35 35 46 26

Romania................................. 33 4 9 6 57 71 85 84 82

Russia .................................... 74 64 110 306 523 524 424 337 440

Serbia and Montenegro 

(formerly Yugoslavia)......... 2 4 1 3 1 6 5 4 5

Spain...................................... 591 399 269 533 787 816 675 550 601

Sweden .................................. 800 747 952 438 264 274 247 242 221

Switzerland ............................ 1,078 1,237 1,070 1,705 2,984 2,333 2,467 1,838 2,216

Turkey .................................... 180 137 261 754 757 709 769 908 1,321

United Kingdom ..................... 32,878 15,093 17,339 23,350 19,578 14,916 11,695 13,775 12,985

Channel Islands and 

Isle of Man ......................... 2 501 15 208 120 95 82 95 126

Other Europe ......................... 286 250 421 539 628 435 534 598 824

Total Europe ...................... 47,720 33,271 41,146 43,505 39,543 35,635 30,141 32,042 33,802

Canada....................................... 4,578 4,905 7,694 7,767 7,376 5,960 5,703 7,185 6,918

Latin America: 

Argentina................................ 59 148 138 156 114 89 83 158 94

Brazil ...................................... 321 288 264 940 1,109 626 643 590 616

Chile ....................................... 91 387 406 546 437 353 378 390 301

Colombia................................ 84 106 208 356 393 332 456 575 536

Ecuador.................................. 26 10 89 33 142 30 74 40 85

Guatemala ............................. 10 23 25 10 10 8 11 10 12

Mexico.................................... 1,968 2,234 2,150 2,848 2,655 1,579 1,663 2,102 2,031

Panama.................................. 7 56 57 85 105 166 119 201 280

Peru........................................ 17 8 6 36 57 34 36 42 35

Uruguay.................................. 2 2 13 20 13 12 14 5 10

Venezuela .............................. 451 681 353 575 1,338 413 575 825 660

Other Latin America............... 113 105 24 106 50 50 61 64 71

Total Latin America............... 3,149 4,048 3,733 5,711 6,423 3,692 4,113 5,002 4,731

Caribbean: 

Bahamas................................ 32 70 70 89 111 52 58 127 44

Bermuda..................................... 9,230 1,704 777 707 783 723 758 1,583 931

Cayman Islands ..................... 7,279 6,522 12,804 15,969 14,495 10,354 8,385 8,559 8,178

Cuba....................................... - - - - - - 10 - -

Jamaica.................................. 24 14 20 18 35 37 30 29 19

Netherlands Antilles............... 14 13 2 4 5 6 2 10 3

Trinidad and Tobago.............. 15 44 25 74 72 60 45 59 41

Other Caribbean .................... 729 936 761 803 778 444 762 899 876

Total Caribbean ................. 17,323 9,303 14,459 17,664 16,279 11,676 10,050 11,266 10,092

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2010 

67

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2008 2009 

Country 2004 2005 2006 2007 Sept. Dec. r Mar. r June Sept. p

Asia: 

China, Mainland. ....................... 3,983 3,825 1,297 857 5,437 4,769 4,587 4,511 4,463

Hong Kong ................................ 668 746 564 981 989 593 567 706 886

India........................................... 103 158 418 1,447 1,263 1,082 1,113 1,093 951

Indonesia................................... 74 89 57 172 414 366 369 377 464

Israel.......................................... 302 613 385 293 315 292 244 216 232

Japan......................................... 5,869 7,354 7,210 6,888 7,578 6,190 6,126 6,275 6,274

Korea, South ............................. 723 1,743 1,350 1,213 1,585 1,314 764 813 875

Lebanon .................................... 35 42 11 9 11 15 6 8 8

Malaysia .................................... 256 335 471 562 348 363 462 477 429

Pakistan..................................... 171 230 171 172 71 28 45 25 28

Philippines................................. 117 109 95 89 117 107 87 81 67

Singapore.................................. 822 1,823 2,839 4,255 4,488 3,767 1,754 1,912 1,786

Syria .......................................... 21 4 8 8 9 3 3 3 116

Taiwan....................................... 491 1,010 1,093 1,019 815 722 676 800 866

Thailand..................................... 79 212 599 380 396 295 305 301 414

Oil-exporting countries1............. 2,946 4,159 3,955 7,158 10,382 6,378 5,708 6,712 6,528

Other Asia ................................. 303 298 156 377 302 460 234 291 275

Total Asia .............................. 16,963 22,750 20,679 25,880 34,520 26,744 23,050 24,601 24,662

Africa: 

Congo (formerly Zaire).............. - - - - - - - - -

Egypt ......................................... 132 119 132 280 297 293 289 338 273

Ghana........................................ 2 1 6 12 2 5 4 3 3

Liberia........................................ 14 1 3 6 85 64 65 67 62

Morocco..................................... 44 42 42 190 120 112 102 81 96

South Africa............................... 36 950 35 52 296 256 283 273 290

Oil-exporting countries 2............ 518 590 283 655 919 764 773 784 993

Other Africa ............................... 332 210 379 294 529 341 379 263 389

Total Africa ............................ 1,078 1,913 880 1,489 2,248 1,835 1,895 1,809 2,106

Other countries: 

Australia .................................... 1,047 397 560 1,658 1,810 1,925 1,617 1,246 1,141

New Zealand ............................. 51 38 36 91 78 92 97 126 157

All other ..................................... 98 83 15 25 33 30 31 31 25

Total other countries ............. 1,196 518 611 1,774 1,921 2,047 1,745 1,403 1,323

Total foreign countries ...... 92,007 76,708 89,202 103,790 108,310 87,589 76,697 83,307 83,634

International and regional orgs: 

International organizations........ - - - 2 - 7 2 - -

Regional organizations 3 ........... 2 2 15 43 46 34 9 2 26

Total international and 

 regional organizations......... 2 2 15 45 46 41 11 2 26

Grand total ........................ 92,009 76,710 89,217 103,835 108,356 87,630 76,708 83,309 83,660

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2010 

68 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2008 2009 

Country 2004 2005 2006 2007 Sept. Dec. r Mar. r June Sept. p

Europe: 

Austria.......................................... 1,816 2,159 2,031 2,039 2,495 1,951 1,914 1,855 1,837

Belgium ........................................ 2,307 1,822 419 807 3,059 393 721 465 344

Bulgaria........................................ 37 29 3 6 6 6 4 4 7

Czech Republic............................ 64 49 50 134 93 85 94 105 83

Denmark....................................... 494 341 149 184 287 74 104 80 82

Finland ......................................... 617 336 591 805 442 541 641 595 602

France.......................................... 3,713 5,063 3,420 6,061 14,539 2,736 2,607 2,201 2,358

Germany ...................................... 6,787 4,238 10,148 4,926 5,903 8,621 6,304 4,652 3,814

Greece ......................................... 199 380 163 250 244 192 191 210 194

Hungary........................................ 46 57 45 153 107 95 95 87 65

Ireland .......................................... 1,672 795 858 968 3,544 1,814 1,346 2,126 1,182

Italy............................................... 2,434 3,702 2,337 2,515 1,680 1,195 1,897 1,897 1,725

Luxembourg ................................. 127 391 352 919 547 183 194 220 155

Netherlands.................................. 7,883 3,387 3,570 3,989 3,145 2,092 2,392 2,069 2,334

Norway......................................... 229 402 366 325 413 271 322 300 230

Poland.......................................... 57 58 99 153 165 132 123 151 159

Portugal........................................ 146 60 64 89 82 76 89 68 56

Romania....................................... 47 22 36 60 57 54 53 66 85

Russia .......................................... 157 359 774 1,326 714 694 616 810 832

Serbia and Montenegro 

(formerly Yugoslavia)............... 14 17 10 15 13 14 15 17 14

Spain............................................ 1,242 2,032 1,425 1,625 2,227 1,072 969 1,009 996

Sweden ........................................ 648 503 652 689 514 450 490 555 496

Switzerland .................................. 2,506 1,876 1,424 2,143 1,743 1,788 1,646 1,691 1,600

Turkey .......................................... 594 638 420 732 589 593 548 579 627

United Kingdom ........................... 27,699 24,772 17,483 23,662 34,893 17,983 20,317 17,807 15,261

Channel Islands and 

Isle of Man ............................... 25 16 19 109 91 419 649 507 438

Other Europe ............................... 607 1,315 1,267 1,465 2,166 1,107 554 472 405

Total Europe ............................ 62,171 54,820 48,175 56,149 79,758 44,631 44,895 40,598 35,981

Canada............................................. 8,429 16,122 17,520 16,418 16,214 10,551 9,172 10,653 9,797

Latin America: 

Argentina...................................... 406 350 470 463 506 473 434 415 412

Brazil ............................................ 2,758 2,972 2,927 2,682 2,729 2,365 2,106 2,067 2,090

Chile ............................................. 346 303 299 404 644 540 497 469 359

Colombia...................................... 295 299 349 449 558 429 453 373 412

Ecuador........................................ 86 95 119 160 250 173 132 104 93

Guatemala ................................... 90 100 116 200 189 180 152 162 157

Mexico.......................................... 3,756 4,108 3,242 3,505 4,095 3,089 2,887 3,270 3,000

Panama........................................ 177 198 266 323 441 408 420 372 351

Peru.............................................. 95 117 164 196 349 270 232 180 162

Uruguay........................................ 13 5 12 33 110 106 88 89 88

Venezuela .................................... 474 539 481 669 608 657 732 1,676 1,618

Other Latin America..................... 504 485 376 431 453 435 366 370 389

Total Latin America...................... 9,000 9,571 8,821 9,515 10,932 9,125 8,499 9,547 9,131

Caribbean: 

Bahamas...................................... 1,631 1,631 3,949 2,200 6,703 353 508 400 477

Bermuda............................................ 5,358 2,238 1,734 1,704 2,477 1,722 1,790 2,843 1,600

Cayman Islands ........................... 36,320 36,416 26,051 16,987 24,338 19,513 16,408 18,532 14,718

Cuba............................................. 8 12 2 10 - - 2 - -

Jamaica........................................ 67 70 60 106 86 79 78 58 91

Netherlands Antilles..................... 37 42 30 118 62 112 92 88 104

Trinidad and Tobago.................... 120 119 125 172 92 111 110 79 86

Other Caribbean .......................... 1,085 1,721 1,264 1,518 1,272 1,013 1,122 1,040 1,085

Total Caribbean ....................... 44,626 42,249 33,215 22,815 35,030 22,903 20,110 23,040 18,161

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2010 

69

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2008 2009 

Country 2004 2005 2006 2007 Sept. Dec. r Mar. r June Sept. p

Asia: 

China, Mainland........................ 3,688 4,958 1,772 1,913 2,165 1,455 2,545 1,576 2,764

Hong Kong ................................ 701 941 1,009 8,762 1,220 809 825 959 936

India .......................................... 643 413 654 812 891 695 634 693 865

Indonesia................................... 393 445 231 206 332 273 342 560 288

Israel ......................................... 482 403 360 601 586 635 431 327 381

Japan ........................................ 2,848 2,696 3,349 5,518 5,300 4,578 4,163 3,453 2,268

Korea, South ............................. 1,569 1,244 1,143 1,272 1,247 980 2,108 2,427 2,267

Lebanon .................................... 15 22 19 19 34 44 28 22 20

Malaysia.................................... 549 536 270 362 271 275 234 235 222

Pakistan .................................... 43 57 86 115 48 33 49 30 63

Philippines................................. 503 275 109 109 89 63 66 60 76

Singapore.................................. 1,600 1,944 1,811 2,809 2,253 1,448 3,607 3,547 3,447

Syria .......................................... 14 6 10 1 - 12 4 14 13

Taiwan....................................... 892 853 972 1,240 1,100 976 998 1,595 1,070

Thailand .................................... 326 295 312 416 373 330 351 350 343

Oil-exporting countries 1............ 1,208 1,800 1,814 2,552 2,846 3,392 3,159 3,160 2,906

Other Asia ................................. 309 408 328 513 197 179 135 168 206

Total Asia .............................. 15,783 17,296 14,249 27,220 18,952 16,177 19,679 19,176 18,135

Africa: 

Congo (formerly Zaire).............. 1 1 11 6 5 5 - -1

Egypt......................................... 159 194 165 296 267 362 178 216 163

Ghana ....................................... 4 16 3 8 3 7 266

Liberia ....................................... 102 98 73 54 53 54 51 49 49

Morocco .................................... 33 23 21 21 23 24 13 23 31

South Africa .............................. 193 1,075 221 254 331 356 330 328 347

Oil-exporting countries 2............ 162 295 332 350 396 300 316 367 366

Other Africa............................... 281 419 411 400 717 495 498 505 488

Total Africa............................ 935 2,121 1,237 1,389 1,795 1,603 1,388 1,494 1,451

Other countries: 

Australia .................................... 1,588 2,144 2,365 2,467 3,748 2,194 2,340 2,292 2,668

New Zealand............................. 441 420 351 145 167 72 68 90 74

All other..................................... 245 207 76 37 17 13 14 12 6

Total other countries ............. 2,274 2,771 2,792 2,649 3,932 2,279 2,422 2,394 2,748

Total foreign countries ...... 143,218 144,950 126,009 136,155 166,613 107,269 106,165 106,902 95,404

International and regional orgs: 

International organizations........ 3 - 4 150 28 21 46 38 40

Regional organizations 3 ........... 11 - 19 111 174 186 142 75 75

Total international and 

 regional organizations......... 14 - 23 261 202 207 188 113 115

Grand total ........................ 143,232 144,950 126,032 136,416 166,815 107,476 106,353 107,015 95,519

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2010 

70 

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

Country, September 30, 2009, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

(6) 

 

Europe: 

Austria ............................................... 87 37 50 1,837 1,773 64 

Belgium ............................................ 191 81 110 344 187 157 

Bulgaria ............................................ - - - 7 - 7 

Czech Republic................................ 49 - 49 83 3 80 

Denmark........................................... 105 10 95 82 9 73 

Finland.............................................. 103 63 40 602 95 507 

France .............................................. 3,408 1,621 1,787 2,358 500 1,858 

Germany........................................... 5,677 4,259 1,418 3,814 2,087 1,727 

Greece.............................................. 236 27 209 194 107 87 

Hungary............................................ 22 6 16 65 18 47 

Ireland .............................................. 1,578 661 917 1,182 909 273 

Italy................................................... 552 - 552 1,725 13 1,712 

Luxembourg ..................................... 608 405 203 155 98 57 

Netherlands...................................... 1,460 466 994 2,334 1,248 1,086 

Norway ............................................. 677 53 624 230 115 115 

Poland .............................................. 202 1 201 159 22 137 

Portugal............................................ 26 5 21 56 1 55 

Romania........................................... 82 - 82 85 34 51 

Russia .............................................. 440 71 369 832 250 582 

Serbia and Montenegro 

(formerly Yugoslavia) ................... 5 - 5 14 - 14 

Spain ................................................ 601 218 383 996 407 589 

Sweden ............................................ 221 15 206 496 219 277 

Switzerland....................................... 2,216 786 1,430 1,600 640 960 

Turkey .............................................. 1,321 35 1,286 627 460 167 

United Kingdom................................ 12,985 10,068 2,917 15,261 10,413 4,848 

Channel Islands and 

Isle of Man.................................... 126 87 39 438 409 29 

Other Europe.................................... 824 60 764 405 182 223 

Total Europe................................. 33,802 19,035 14,767 35,981 20,199 15,782 

Canada................................................. 6,918 2,305 4,613 9,797 6,630 3,167 

Latin America: 

Argentina.......................................... 94 10 84 412 25 387 

Brazil ................................................ 616 23 593 2,090 1,072 1,018 

Chile ................................................. 301 15 286 359 76 283 

Colombia .......................................... 536 104 432 412 15 397 

Ecuador............................................ 85 1 84 93 6 87 

Guatemala........................................ 12 1 11 157 43 114 

Mexico.............................................. 2,031 61 1,970 3,000 1,000 2,000 

Panama............................................ 280 15 265 351 212 139 

Peru.................................................. 35 - 35 162 31 131 

Uruguay............................................ 10 - 10 88 1 87 

Venezuela ........................................ 660 15 645 1,618 161 1,457 

Other Latin America ......................... 71 1 70 389 116 273 

Total Latin America........................... 4,731 246 4,485 9,131 2,758 6,373 

Caribbean: 

Bahamas .......................................... 44 - 44 477 427 50 

Bermuda................................................. 931 25 906 1,600 578 1,022 

Cayman Islands................................... 8,178 7,463 715 14,718 14,286 432 

Cuba................................................. - - - - - - 

Jamaica............................................ 19 - 19 91 43 48 

Netherlands Antilles ......................... 3 - 3 104 - 104 

Trinidad and Tobago........................ 41 3 38 86 36 50 

Other Caribbean............................... 876 103 773 1,085 372 713 

Total Caribbean............................ 10,092 7,594 2,498 18,161 15,742 2,419 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2010 

71

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

Country, September 30, 2009, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

(6) 

Asia: 

China, Mainland ................................ 4,463 60 4,403 2,764 126 2,638 

Hong Kong ........................................ 886 38 848 936 104 832 

India................................................... 951 18 933 865 174 691 

Indonesia........................................... 464 18 446 288 181 107 

Israel.................................................. 232 2 230 381 19 362 

Japan................................................. 6,274 976 5,298 2,268 473 1,795 

Korea, South ..................................... 875 53 822 2,267 299 1,968 

Lebanon ............................................ 8 - 8 20 2 18 

Malaysia ............................................ 429 1 428 222 31 191 

Pakistan............................................. 28 3 25 63 - 63 

Philippines......................................... 67 3 64 76 19 57 

Singapore.......................................... 1,786 1 1,785 3,447 98 3,349 

Syria .................................................. 116 113 3 13 - 13 

Taiwan............................................... 866 3 863 1,070 10 1,060 

Thailand............................................. 414 3 411 343 193 150 

Other Asia ......................................... 275 47 228 206 36 170 

Total Asia ........................................ 24,662 1,408 23,254 18,135 1,979 16,156 

Africa: 

Congo (formerly Zaire)...................... - - - 1 - 1 

Egypt ................................................. 273 - 273 163 9 154 

Ghana................................................ 3 1 2 6 1 5 

Liberia................................................ 62 57 5 49 43 6 

Morocco............................................. 96 1 95 31 1 30 

South Africa....................................... 290 250 40 347 204 143 

Other Africa ....................................... 389 22 367 488 211 277 

Total Africa .................................... 2,106 331 1,775 1,451 544 907 

Other countries: 

Australia ............................................ 1,141 220 921 2,668 1,732 936 

New Zealand ..................................... 157 2 155 74 13 61 

All other ............................................. 25 2 23 6 2 4 

Total other countries ..................... 1,323 224 1,099 2,748 1,747 1,001 

Total foreign countries .............. 83,634 31,143 52,491 95,404 49,599 45,805 

International and regional orgs: 

International organizations................ - - - 40 22 18 

 Regional organizations 1 .................. 26 - 26 75 - 75 

Total international and 

 regional organizations............. 26 - 26 115 22 93 

Grand total ................................ 83,660 31,143 52,517 95,519 49,621 45,898 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

March 2010 

72

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchases 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International

and regional

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign

 purchases 

 (8) 

Gross foreign

sales 

(9) 

2005 ................................. 338,112 68,689 266,471 2,952 10,051,248 9,713,136 219,256 1,097,458 878,202 

2006 ......................................... 195,536 69,639 125,075 822 10,957,936 10,762,400 286,464 1,572,160 1,285,696 

2007 ......................................... 197,967 2,994 196,021 -1,048 15,127,526 14,929,559 218,979 2,050,451 1,831,472 

2008 r ....................................... 315,036 76,620 238,859 -443 14,628,200 14,313,164 -39,041 2,589,604 2,628,645 

2009 - Jan. - Dec. p.................. 538,520 159,061 379,383 76 11,593,432 11,054,912 -11,493 1,043,178 1,054,671 

 

2008 - Dec. r ............................ 14,584 3,851 11,436 -703 668,008 653,424 -37,311 112,929 150,240 

2009 - Jan. r............................. 10,924 -1,940 12,899 -35 621,144 610,220 -15,636 105,633 121,269 

Feb. r............................ 21,735 -1,959 23,786 -92 702,379 680,644 2,035 120,088 118,053 

Mar. r ............................ 55,241 29,026 26,675 -460 903,935 848,694 -15,666 91,538 107,204 

Apr. r............................. 41,969 17,125 24,864 -20 733,806 691,837 -2,372 104,612 106,984 

May r ............................ -22,576 -21,763 -368 -445 786,884 809,460 13,141 91,436 78,295 

June r .......................... 100,499 22,498 77,604 397 1,256,727 1,156,228 7,877 102,376 94,499 

July r............................. 31,252 15,721 14,854 677 942,876 911,624 -4,437 73,986 78,423 

Aug............................... 28,057 13,183 15,506 -632 1,065,820 1,037,763 4,593 77,437 72,844 

Sept.............................. 44,685 18,966 25,120 599 1,108,117 1,063,432 -1,627 73,910 75,537 

Oct................................ 38,910 15,043 23,745 122 1,215,277 1,176,367 -5,358 73,649 79,007 

Nov. p........................... 117,880 31,184 86,638 58 1,194,248 1,076,368 5,908 66,894 60,986 

Dec. p........................... 69,944 21,977 48,060 -93 1,062,219 992,275 49 61,619 61,570 

Corporate and other securities 

Bonds * Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

 

2005 .............................................................................. 372,222 1,277,006 904,784 81,950 4,731,749 4,649,799 

2006 .............................................................................. 510,806 1,678,464 1,167,658 150,415 6,868,571 6,718,156 

2007 .............................................................................. 393,355 1,913,307 1,519,952 195,521 10,639,315 10,443,794 

2008 r ........................................................................... 94,196 1,467,504 1,373,308 41,485 12,016,708 11,975,223 

2009 - Jan. - Dec. p....................................................... -40,745 1,189,503 1,230,248 152,835 6,655,532 6,502,697 

 

2008 - Dec. r ................................................................. 41,682 139,661 97,979 4,096 572,642 568,546 

2009 - Jan. r .................................................................. -7,345 93,443 100,788 2,778 517,209 514,431 

Feb. r................................................................. 2,994 133,845 130,851 -4,204 500,732 504,936 

Mar. r ................................................................. 7,370 131,686 124,316 14,759 630,631 615,872 

Apr. r.................................................................. -9,365 86,452 95,817 3,913 560,480 556,567 

May r ................................................................. 819 103,312 102,493 17,883 566,651 548,768 

June r ................................................................ -2,861 107,448 110,309 19,880 574,139 554,259 

July r.................................................................. -10,823 90,973 101,796 29,792 541,723 511,931 

Aug .................................................................... -5,668 87,650 93,318 12,256 513,106 500,850 

Sept................................................................... -2,515 94,617 97,132 15,672 538,439 522,767 

Oct..................................................................... -844 100,306 101,150 10,298 603,120 592,822 

Nov. p................................................................ -4,564 82,303 86,867 9,662 551,815 542,153 

Dec. p................................................................ -7,943 77,468 85,411 20,146 557,487 537,341 

 

 

* Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
 CAPITAL MOVEMENTS 

March 2010 

73

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from

U.S. 

(2) 

Gross foreign 

purchases from

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign

purchases from

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2005 ..................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 

2006 ..................................................... -250,907 -144,452 1,879,713 2,024,165 -106,455 3,636,185 3,742,640 

2007 ..................................................... -229,223 -133,923 2,971,803 3,105,726 -95,300 5,215,764 5,311,064 

2008 r ................................................... 86,873 66,430 2,270,808 2,204,378 20,443 5,438,427 5,417,984 

2009 - Jan. - Dec. p.............................. -197,572 -138,249 1,952,116 2,090,365 -59,323 3,170,194 3,229,517 

 

2008 - Dec. r ........................................ 12,728 12,243 105,394 93,151 485 251,813 251,328 

2009 - Jan. r......................................... -23,806 -26,920 115,180 142,100 3,114 235,457 232,343 

Feb. r........................................ 1,526 -112 103,180 103,292 1,638 211,722 210,084 

Mar. r ........................................ -936 -344 127,519 127,863 -592 252,783 253,375 

Apr. r......................................... -22,697 -13,769 131,231 145,000 -8,928 250,662 259,590 

May r ........................................ -26,862 -16,051 144,370 160,421 -10,811 255,645 266,456 

June r ....................................... -33,429 -19,514 192,283 211,797 -13,915 292,967 306,882 

July r......................................... -28,396 -14,174 182,628 196,802 -14,222 255,855 270,077 

Aug ........................................... -2,858 10,024 139,138 129,114 -12,882 250,641 263,523 

Sept.......................................... -15,000 -15,530 202,912 218,442 530 287,316 286,786 

Oct............................................ -23,691 -19,364 232,592 251,956 -4,327 322,827 327,154 

Nov. p....................................... -2,523 -5,106 198,859 203,965 2,583 283,529 280,946 

Dec. p....................................... -18,900 -17,389 182,224 199,613 -1,511 270,790 272,301 

 
CAPITAL MOVEMENTS 

March 2010 

74

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2009 2009 2009 2009 

Country 

 Calendar 

 year 

 2008 r 

 (1) 

 Jan. 

through 

Dec. 

(2) 

 Oct. 

 through 

 Dec. p 

 (3) 

Calendar

year 

2008 r 

(4) 

Jan. 

through

Dec.

 (5) 

Oct. 

 through

 Dec. p

 (6) 

 Calendar 

 year 

 2008 r 

 (7) 

Jan. 

through

Dec.

 (8) 

Oct. 

 through 

 Dec. p 

 (9) 

Calendar 

year 

2008 r 

(10) 

Jan. 

through

Dec. 

(11) 

Oct. 

through

Dec. p 

(12) 

Europe: 

Austria............................. -1,054 -756 -65 -282 -184 -51 -344 252 -103 424 179 -147

Belgium........................... -1,941 -752 -61 -1,708 2,379 563 -11,046 -13,807 -3,548 -1,092 2,468 484

Bulgaria........................... 8 -4 -11 -5 - - -13 - - -7 -5 -4

Cyprus 1 .......................... 63 -244 -41 -23 -73 19 32 1 1 137 58 13

Czech Republic............... -288 74 -68 -900 -147 - -71 -11 -1 174 244 -1

Denmark ......................... 349 1,526 1,310 -1,883 -47 1 -513 37 142 391 445 126

Finland............................ 361 805 278 -36 -52 -25 -84 319 81 -36 623 -149

France............................. -15,361 17,791 5,081 2,737 12,963 712 -1,986 -3,897 564 -7,182 174 -2,670

Germany ......................... 591 -1,324 -589 -3,391 -838 -134 5,393 -1,653 -938 -19,393 767 461

Greece............................ 180 124 20 103 -150 8 56 -24 -17 -491 66 47

Hungary .......................... -237 86 -208 42 -141 -120 -133 35 -51 163 233 20

Ireland............................. -4,270 -3,046 2,551 -3,082 -4,487 -1,067 -15,300 -12,045 -2,435 771 1,611 729

Italy ................................. 688 2,780 3,733 -1,245 87 379 157 148 -37 -1,928 -320 341

Kazakhstan 1................... 1,644 250 -492 -337 142 150 -23 28 - 17 13 6

Luxembourg.................... -7,247 7,669 -165 -27,063 6,679 1,205 -9,314 -2,710 -926 -7,654 1,940 865

Monaco 1......................... -102 -360 -47 94 72 87 166 106 52 -70 -100 63

Netherlands .................... -4,790 1,419 42 -1,076 -739 -79 -342 -1,746 -38 -1,573 3,285 1,905

Norway............................ 32,812 10,803 3,915 -6,500 -2,984 -2,116 -1,555 -1,445 -729 7,505 9,056 1,752

Poland............................. 5,854 2,123 1,277 1,091 104 100 -14 2 6 -90 -27 -30

Portugal .......................... 1,091 48 61 55 -203 -8 48 -9 -1 147 397 43

Romania ......................... -219 -629 128 -532 -2 - 9 3 3 -4 -6 -4

Russia............................. 11,193 -16,479 -1,196 -3,582 -965 1 548 60 1 48 -16 -2

Serbia and Montenegro 2... -96 -96 -30 -9 - - -1 - -2 1 2

Spain............................... -8,021 409 1,122 -946 -49 -230 -1,017 -37 -155 - 156 -156

Sweden........................... -3,141 4,594 885 -3,225 -1,202 131 -519 -1,836 -718 5,070 3,469 517

Switzerland ..................... 1,143 15,811 8,796 -2,008 -4,580 -1,079 11,930 -1,540 -759 5,529 8,665 938

Turkey............................. -1,650 -4,415 -1,999 690 - - 12 319 - -7 11 -16

Ukraine 1 ......................... -1,658 -758 -161 -591 -49 -20 95 -2 -2 -35 -2 -

United Kingdom .............. 188,483 171,036 85,396 77,613 20,291 5,915 31,673 -12,277 -4,813 30,031 33,781 7,450

Channel Islands .............. 1,368 -1,011 -738 -1,570 9 86 -12,554 -326 357 598 1,132 745

All other Europe 1 ............ 216 -958 -776 -834 -2,052 -303 -589 -362 -56 176 127 37

Total Europe ............... 195,970 206,516 107,949 21,597 23,782 4,125 -5,299 -52,417 -14,120 11,621 68,425 13,365

Memo: Euro Area 3.............. -39,656 24,930 11,965 -35,983 15,067 1,262 -33,884 -35,232 -7,582 -37,735 11,544 1,834

Memo: European Union 4 .... 151,103 203,373 100,684 35,278 33,848 7,352 -3,516 -49,521 -13,011 -1,949 49,681 9,908

Canada ............................... -6,354 41,253 16,284 5,453 2,212 -1,354 7,179 6,772 531 7,390 -1,555 -468

Latin America: 

Argentina ........................ -162 -352 -40 -223 54 12 431 538 86 381 622 247

Brazil............................... -10,206 -7,236 15,886 469 575 89 744 976 -30 1,435 22 -11

Chile ............................... 4,704 -2,077 -781 -1,015 184 -28 123 18 -83 818 112 -174

Colombia......................... 1,395 -2,707 -253 1,732 -524 1,033 369 352 64 3 638 393

Ecuador .......................... 203 -310 -4 270 -82 5 5 71 20 2 -33 -9

Costa Rica 5 .................... 45 170 37 -178 285 93 -353 115 14 114 219 179

Guatemala ...................... -348 261 505 -7 16 7 18 -53 -3 5 11 6

Mexico ............................ -7,091 9,701 10,153 5,042 -11,169 -1,619 1,757 3,723 435 516 2,135 1,808

Panama .......................... 140 79 -42 276 764 132 401 559 223 418 583 475

Peru ................................ 3,566 -430 -12 527 -1,024 -409 369 102 5 -213 386 16

Uruguay .......................... 732 -1,018 -547 -98 -143 -40 396 617 69 211 382 119

Venezuela....................... -402 -167 -52 -3 353 68 -15 174 -23 261 374 76

All other Latin America 5 ... -738 351 143 10 -203 -215 32 339 122 42 52 8

Total Latin America..... -8,162 -3,735 24,993 6,802 -10,914 -872 4,277 7,531 899 3,993 5,503 3,133

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2010 

75

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2009 2009 2009 2009 

Country 

Calendar 

year 

2008 r 

(1) 

 Jan. 

through 

Dec. 

(2) 

 Oct. 

 through

 Dec. p 

 (3) 

Calendar

year 

2008 r

(4) 

Jan. 

through 

Dec. 

 (5) 

Oct. 

 through

 Dec. p

 (6) 

Calendar 

year 

2008 r 

(7) 

Jan. 

through

Dec. 

 (8) 

Oct. 

 through 

 Dec. p 

 (9) 

Calendar 

year 

2008 r 

(10) 

Jan. 

through 

Dec. 

(11) 

Oct. 

through

Dec. p 

(12) 

Caribbean: 

Anguilla 6 ................................... -805 -2,359 -771 -211 -658 -25 -269 260 108 -2,232 923 -145

Bahamas ................................... -12,701 -6 -3,446 2,197 -680 128 197 1,422 -272 -1,964 -657 -1,410

Barbados 6 ................................. -11 581 203 308 527 329 219 1,125 51 117 -55 61

Bermuda .................................... 9,169 5,789 790 -37,985 3,002 -513 -380 3,263 967 -1,179 -2,537 -2,014

British Virgin Islands 6 ................ 2,309 -5,332 -443 583 -163 88 -6,314 52 42 -4,562 9,257 2,698

Cayman Islands......................... 34,468 2,419 21,155 -51,493 -22,961 173 28,932 -3,605 -675 -30,244 26,679 13,748

Cuba.......................................... - - -- - - - - - - - -

Jamaica ..................................... -11 35 -2 -232 21 40 22 46 4 20 -13 -1

Netherlands Antilles................... -4,682 4,582 1,522 593 -270 63 30 203 416 -4,688 1,524 705

Trinidad and Tobago.................. 112 810 497 198 -122 -64 -6 -181 -125 -21 225 44

All other Caribbean 6.................. 112 74 26 -90 884 18 85 244 15 60 159 60

Total Caribbean ..................... 27,960 6,593 19,531 -86,132 -20,420 237 22,516 2,829 531 -44,693 35,505 13,746

Asia: 

China, Mainland......................... 84,743 123,456 26,579 16,646 -24,671 -7,859 29,641 -4,050 -1,328 -656 4,028 2,190

Hong Kong................................. 6,241 -929 -3,620 24,525 10,242 4,196 7,005 2,867 -131 27,382 6,335 3,101

India........................................... 2,048 5,487 1,400 -326 1 -6 97 -27 -40 1,345 -1,758 -156

Indonesia................................... -5,875 -3,608 696 146 -63 -5 19 217 -2 -27 29 28

Israel.......................................... -2,111 441 573 -240 176 -67 617 -223 -49 967 1,540 578

Japan......................................... 6,097 129,526 20,687 5,923 -13,462 -4,953 22,304 -1,598 -2,868 22,494 13,754 405

Korea, South.............................. -11,169 7,738 501 -16,320 14,657 8,607 630 -228 1,071 2,753 1,707 -64

Lebanon..................................... -26 35 -1 -3 3 -2 -3 100 15 81 49 2

Malaysia .................................... -944 1,990 148 2,141 -951 211 308 485 -24 26 213 16

Pakistan..................................... 19 -47 63 -1,264 -4 - -72 9 7 -5 -39 -7

Philippines ................................. -2,118 -15 518 13 -188 -15 83 -152 -76 -2 39 -1

Singapore .................................. -7,054 5,196 3,633 -1,878 -2,868 -1,625 -1,083 -3,054 -164 5,836 12,006 1,763

Syria .......................................... - - -- - - -3 - 5 38 2

Taiwan....................................... 5,828 7,825 1,732 2,544 15,083 2,804 1,631 4,981 814 101 1,248 644

Thailand..................................... -2,869 4,819 4,930 264 -885 -141 160 1 -7 -24 -7 -14

Oil exporting countries 7 ............. 24,913 -520 -1,847 -14,468 1,483 -1,488 3,512 -4,041 -1,026 7,196 3,531 151

All other Asia.............................. 1,170 -957 -1,127 -112 -675 19 -101 -526 24 59 83 18

Total Asia .............................. 98,893 280,437 54,865 17,591 -2,122 -324 64,748 -5,236 -3,784 67,531 42,796 8,656

Africa: 

Egypt ......................................... 1,093 -894 -740 -1,702 -189 - -22 80 -2 5 -34 -15

Liberia........................................ -86 -189 -61 23 -35 -7 -301 108 8 -2,587 -22 92

Morocco..................................... -269 5 -15 -2,371 -1,710 -331 1 111 4 -3 -4 -1

South Africa ............................... -2,294 -111 382 -109 -448 -16 -66 -88 -17 339 99 89

Oil exporting countries 8 ............. 11,416 5,225 1,354 654 -108 4 152 114 4 -2,626 5 -14

All other Africa ........................... 441 492 -7 -94 -50 -81 71 94 19 241 -733 138

Total Africa ............................ 10,301 4,528 913 -3,599 -2,540 -431 -165 419 16 -4,631 -689 289

Other countries: 

Australia..................................... -3,009 2,628 1,857 -81 158 -583 322 432 2,393 246 3,016 1,198

New Zealand.............................. -153 225 247 315 -76 -45 2 16 42 -21 610 129

All other countries ...................... 33 -1 8 16 50 4 2 21 11 20 -778 52

Total other countries.............. -3,129 2,852 2,112 250 132 -624 326 469 2,446 245 2,848 1,379

Total foreign countries ....... 315,479 538,444 226,647 -38,038 -9,870 757 93,582 -39,633 -13,481 41,456 152,833 40,100

International and regional orgs: 

International organizations......... -190 -6 -11 -141 -1,198 -71 613 -999 202 17 -4 2

Regional organizations 9 ............ -253 82 98 -862 -425 -87 1 -113 -72 12 6 4

Total international and 

 regional organizations.............. -443 76 87 -1,003 -1,623 -158 614 -1,112 130 29 2 6

Grand total......................... 315,036 538,520 226,734 -39,041 -11,493 599 94,196 -40,745 -13,351 41,485 152,835 40,106

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All 

other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “All other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the 

former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

4

 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As 

of January 2007, also includes Bulgaria and Romania. 

5

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included 

in “All other Caribbean.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2010 

76

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2009, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

Total 

 purchases 

 (1) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

Total

 sales

 (8) 

 Marketable

Treasury 

 and 

 Federal 

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

 (11) 

Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria..................................... 2,338 380 223 141 477 646 470 2,769 445 274 244 624 262 920

Belgium................................... 11,552 1,153 1,200 547 4,640 2,811 1,201 18,955 1,214 637 4,095 4,156 7,893 960

Bulgaria................................... 40 15 - - 24 1 - 57 26 - - 28 3 -

Cyprus 1 .................................. 1,310 2 60 1 104 302 841 1,326 44 41 - 91 472 678

Czech Republic....................... 2,465 2,033 - - 307 18 107 2,534 2,101 - 1 308 - 124

Denmark ................................. 12,124 2,211 83 532 1,757 6,526 1,015 7,881 901 82 390 1,631 3,746 1,131

Finland.................................... 2,516 723 41 148 582 321 701 13,253 445 66 67 731 11,606 338

France..................................... 827,891 571,615 5,541 4,060 207,597 12,447 26,631 818,922 566,534 4,830 3,496 210,267 9,220 24,575

Germany ................................. 65,264 19,399 2,355 2,526 12,505 20,447 8,032 61,016 19,989 2,488 3,464 12,044 16,577 6,454

Greece.................................... 1,052 125 18 10 485 27 387 1,633 104 10 27 438 502 551

Hungary .................................. 1,049 221 65 - 505 137 121 1,252 429 185 51 485 37 65

Ireland..................................... 75,666 39,417 6,683 3,438 9,948 6,946 9,234 74,162 36,866 7,750 5,873 9,219 5,785 8,669

Italy ......................................... 23,185 7,080 615 269 8,418 3,255 3,548 17,582 3,347 236 306 8,077 2,239 3,378

Kazakhstan 1........................... 3,352 2,857 150 - 17 305 23 3,495 3,349 - - 11 115 20

Luxembourg............................ 28,865 2,214 3,541 3,643 10,573 3,847 5,047 43,362 2,378 2,336 4,569 9,708 19,879 4,492

Monaco 1................................. 1,050 24 87 62 671 127 79 870 71 - 10 608 80 101

Netherlands............................. 42,981 4,783 1,551 2,269 14,201 5,720 14,457 42,082 4,741 1,631 2,307 12,296 7,511 13,596

Norway.................................... 41,375 13,528 9,944 858 11,497 1,896 3,652 41,369 9,613 12,060 1,587 9,745 5,420 2,944

Poland..................................... 5,294 4,697 100 7 72 182 236 4,428 3,420 - 1 102 534 371

Portugal .................................. 1,860 223 13 16 1,021 210 377 2,186 162 21 17 978 637 371

Romania ................................. 464 403 - 3 56 - 2 338 275 - - 60 - 3

Russia..................................... 9,413 8,517 1 5 418 18 454 10,651 9,713 - 4 420 29 485

Serbia and Montenegro 2 ........ 121 90 - - 12 - 19 132 120 - - 10 - 2

Spain....................................... 17,670 6,810 80 450 2,275 4,898 3,157 14,714 5,688 310 605 2,431 3,130 2,550

Sweden................................... 21,620 6,498 636 142 4,488 5,233 4,623 17,636 5,613 505 860 3,971 2,640 4,047

Switzerland ............................. 61,666 14,189 730 3,632 25,175 3,021 14,919 53,168 5,393 1,809 4,391 24,237 3,005 14,333

Turkey..................................... 2,491 1,974 - - 199 79 239 4,701 3,973 - - 215 25 488

Ukraine 1 ................................. 219 126 30 - 18 43 2 383 287 50 2 18 26 -

United Kingdom ...................... 2,561,305 1,696,994 43,928 107,556 239,307 197,410 276,110 2,463,419 1,611,598 38,013 112,369 231,857 195,077 274,505

Channel Islands ...................... 14,779 1,233 261 1,401 8,635 707 2,542 14,621 1,971 175 1,044 7,890 536 3,005

All other Europe 1 .................... 3,399 567 697 74 695 307 1,059 4,523 1,343 1,001 130 658 697 695

Total Europe ....................... 3,844,377 2,410,102 78,633 131,790 566,679 277,888 379,285 3,743,421 2,302,153 74,508 145,910 553,314 297,683 369,853

Memo: Euro Area 3...................... 1,102,582 653,989 21,931 17,563 273,050 61,928 74,121 1,112,441 642,024 20,669 25,145 271,216 85,839 67,548

Canada ....................................... 320,710 119,394 3,725 10,644 79,931 50,312 56,704 313,259 103,110 5,079 10,113 80,399 54,671 59,887

Latin America: 

Argentina ................................ 5,117 245 63 260 2,089 1,450 1,010 4,224 285 51 174 1,842 889 983

Brazil....................................... 62,651 41,824 217 482 4,872 3,526 11,730 62,175 25,938 128 512 4,883 10,665 20,049

Chile........................................ 11,116 3,256 416 202 3,767 1,979 1,496 11,691 4,037 444 285 3,941 1,442 1,542

Colombia................................. 9,040 3,180 1,341 187 1,758 2,154 420 8,213 3,433 308 123 1,365 2,652 332

Costa Rica 4 ............................ 941 500 12 53 202 107 67 862 504 7 33 211 52 55

Ecuador .................................. 1,033 223 117 51 560 61 21 674 186 24 37 381 32 14

Guatemala .............................. 846 625 8 16 143 34 20 398 120 1 19 137 112 9

Mexico .................................... 40,284 20,537 2,085 1,222 7,234 2,810 6,396 30,623 10,384 3,704 787 5,426 4,461 5,861

Panama .................................. 6,119 424 291 684 2,428 1,723 569 5,745 466 159 461 1,953 2,003 703

Peru ........................................ 5,144 718 61 97 1,599 704 1,965 4,956 730 470 92 1,583 702 1,379

Uruguay .................................. 4,778 1,220 35 307 1,205 1,445 566 4,968 1,767 75 238 1,086 1,298 504

Venezuela............................... 3,803 222 105 160 1,544 1,519 253 4,831 274 37 183 1,468 2,683 186

All other Latin America 4.......... 1,434 560 68 208 301 225 72 1,831 417 283 86 293 700 52

Total Latin America............. 152,306 73,534 4,819 3,929 27,702 17,737 24,585 141,191 48,541 5,691 3,030 24,569 27,691 31,669

Caribbean: 

Anguilla 5................................. 116,286 2,418 1 373 95,398 97 17,999 117,031 3,189 26 265 95,543 226 17,782

Bahamas................................. 151,055 69,642 1,086 19,967 41,008 7,585 11,767 156,772 73,088 958 20,239 42,418 7,026 13,043

Barbados 5 .............................. 2,229 682 512 121 516 278 120 2,288 479 183 70 455 982 119 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2010 

77

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2009, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Bonds

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

Total 

 sales

(8) 

Marketable 

Treasury 

and 

Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

 Bonds

 (11)

 Stocks

 (12) 

Bonds

 (13) 

Stocks

 (14)

Caribbean, con. 

Bermuda ................................... 222,023 15,671 6,490 8,911 102,201 65,155 23,595 223,167 14,881 7,003 7,944 104,215 65,094 24,030

British Virgin Islands 5 ............... 152,273 34,957 336 4,292 84,303 4,851 23,534 148,311 35,400 248 4,250 81,605 3,752 23,056

Cayman Islands ........................ 1,336,506 324,683 33,562 58,681 635,591 127,215 156,774 1,296,405 303,528 33,389 59,356 621,843 122,021 156,268

Cuba ......................................... -------------- Jamaica .................................... 1,660 1,516 93 7 29 7 8 1,613 1,518 53 3 30 2 7

Netherlands Antilles .................. 24,488 9,508 538 1,050 5,800 5,048 2,544 19,879 7,986 475 634 5,095 2,781 2,908

Trinidad and Tobago................. 1,831 920 182 74 181 397 77 1,402 423 246 199 137 309 88

All other Caribbean 5 ................. 1,459 276 164 72 701 148 98 1,302 250 146 57 641 90 118

Total Caribbean.................... 2,009,810 460,273 42,964 93,548 965,728 210,781 236,516 1,968,170 440,742 42,727 93,017 951,982 202,283 237,419

Asia: 

China, Mainland........................ 73,917 58,320 282 405 6,842 4,232 3,836 49,250 31,741 8,141 1,733 4,652 490 2,493

Hong Kong............................ 115,408 15,775 8,906 2,003 11,067 5,854 71,803 110,741 19,395 4,710 2,134 7,966 4,547 71,989

India...................................... 8,804 4,090 - 50 303 29 4,332 9,059 2,690 6 90 459 1,030 4,784

Indonesia .............................. 3,071 1,193 53 19 296 265 1,245 2,531 497 58 21 268 554 1,133

Israel..................................... 68,571 61,240 426 400 4,136 642 1,727 67,454 60,667 493 449 3,558 528 1,759

Japan.................................... 276,115 166,046 28,754 6,063 16,092 14,681 44,479 266,528 145,359 33,707 8,931 15,687 14,963 47,881

Korea, South......................... 37,788 12,558 12,626 1,773 699 3,552 6,580 27,136 12,057 4,019 702 763 2,728 6,867

Lebanon................................ 723 23 1 67 544 28 60 710 24 3 52 542 9 80

Malaysia................................ 3,743 486 1,372 186 291 458 950 4,176 338 1,161 210 275 962 1,230

Pakistan................................ 144 70 - 8 32 11 23 67 7 - 1 39 - 20

Philippines ............................ 3,236 1,949 21 42 253 564 407 3,767 1,431 36 118 254 1,773 155

Singapore ............................. 65,073 37,438 1,008 2,150 10,194 3,133 11,150 59,999 33,805 2,633 2,314 8,431 2,094 10,722

Syria ..................................... 27 - - - 27 - - 25 - - - 25 - -

Taiwan .................................. 25,438 4,775 6,893 1,401 5,233 853 6,283 18,800 3,043 4,089 587 4,589 497 5,995

Thailand................................ 9,243 7,901 56 - 189 101 996 4,375 2,971 197 7 203 122 875

All other Asia......................... 28,749 10,031 6,448 586 7,146 2,618 1,920 35,322 13,005 7,917 1,588 6,977 4,323 1,512

Total Asia.......................... 720,050 381,895 66,846 15,153 63,344 37,021 155,791 659,940 327,030 67,170 18,937 54,688 34,620 157,495

Africa: 

Egypt .................................... 785 39 6 3 164 21 552 1,477 779 6 5 179 30 478

Liberia................................... 777 19 6 36 575 12 129 810 80 13 28 483 68 138

Morocco................................ 144 51 2 4 39 6 42 465 66 333 - 40 2 24

South Africa .......................... 4,820 3,121 101 12 320 149 1,117 4,784 2,739 117 29 231 733 935

All other Africa ...................... 5,501 2,801 29 67 467 531 1,606 3,577 1,454 106 44 343 332 1,298

Total Africa ....................... 12,027 6,031 144 122 1,565 719 3,446 11,113 5,118 575 106 1,276 1,165 2,873

Other countries: 

Australia................................ 68,232 17,342 2,809 4,395 6,894 16,536 20,256 82,222 15,485 3,392 2,002 5,696 35,349 20,298

New Zealand......................... 2,065 354 297 96 451 673 194 2,429 107 342 54 322 1,413 191

All other ................................ 254 19 6 39 113 8 69 630 11 2 28 61 14 514

Total other countries ......... 70,551 17,715 3,112 4,530 7,458 17,217 20,519 85,281 15,603 3,736 2,084 6,079 36,776 21,003

Total foreign countries .. 7,129,831 3,468,944 200,243 259,716 1,712,407 611,675 876,846 6,922,375 3,242,297 199,486 273,197 1,672,307 654,889 880,199

International and regional orgs: 

International organizations.... 4,980 2,602 1,325 287 2 740 24 4,429 2,613 1,396 85 - 304 31

Regional organizations 6 ....... 2,415 198 594 74 13 1,260 276 1,448 100 681 146 9 341 171

Total international and 

 regional organizations.... 7,395 2,800 1,919 361 15 2,000 300 5,877 2,713 2,077 231 9 645 202

Grand total.................... 7,137,226 3,471,744 202,162 260,077 1,712,422 613,675 877,146 6,928,252 3,245,010 201,563 273,428 1,672,316 655,534 880,401

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other 

Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United States 

are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and 

Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav 

Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

4 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in 

”All other Caribbean.” 

6

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2010 

78

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2009 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

 Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds 

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

 Total 

 sales 

 (8) 

 Marketable

 Treasury

 and 

 Federal

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks

 (12) 

 Bonds

 (13) 

Stocks 

 (14) 

Europe: 

Austria............................... 12,819 2,944 910 1,077 2,469 3,204 2,216 11,721 3,701 1,093 825 2,290 1,273 2,538

Belgium............................. 51,010 5,479 5,577 2,344 17,662 7,530 12,419 104,291 6,230 3,198 16,151 15,194 50,310 13,207

Bulgaria............................. 127 45 - - 57 24 1 115 49 - - 62 4 -

Cyprus 1 ........................... 3,824 124 123 11 426 1,421 1,719 4,745 369 195 10 368 1,671 2,132

Czech Republic................. 6,364 4,682 1 3 1,093 145 440 6,193 4,608 148 14 849 42 532

Denmark ........................... 31,171 5,695 382 2,200 6,004 12,515 4,375 30,851 4,169 429 2,163 5,559 14,119 4,412

Finland .............................. 10,945 2,954 160 1,106 2,197 1,578 2,950 24,375 2,149 212 787 1,574 16,764 2,889

France............................... 3,409,182 2,087,322 36,392 12,306 1,090,603 71,405 111,154 3,366,073 2,069,531 23,429 16,203 1,090,429 62,364 104,118

Germany ........................... 267,500 86,460 12,341 10,823 52,461 70,729 34,687 252,761 87,784 13,179 12,476 51,694 54,829 32,799

Greece .............................. 6,672 745 96 68 2,045 2,522 1,197 4,976 621 246 92 1,979 618 1,420

Hungary ............................ 3,722 819 171 86 1,769 453 424 3,018 733 312 51 1,536 133 253

Ireland............................... 235,815 91,895 38,861 13,308 44,150 21,256 26,343 257,047 94,942 43,348 25,353 42,539 26,582 24,283

Italy ................................... 75,666 18,961 1,762 1,008 27,864 10,639 15,432 67,538 16,181 1,674 860 28,184 4,441 16,196

Kazakhstan 1 .................... 8,684 7,358 156 55 77 965 73 8,397 7,108 14 27 64 1,106 78

Luxembourg ...................... 126,781 19,796 26,337 13,715 35,561 14,414 16,958 153,733 12,126 19,658 16,425 33,621 55,757 16,146

Monaco 1 ......................... 2,943 180 98 302 1,889 191 283 3,202 540 26 196 1,989 173 278

Netherlands....................... 162,982 20,457 8,296 6,699 46,434 29,639 51,457 160,379 19,038 9,034 8,445 43,149 30,327 50,386

Norway.............................. 145,001 41,755 48,605 4,710 30,517 7,360 12,054 129,707 30,952 51,589 6,155 21,461 10,220 9,330

Poland............................... 24,637 22,113 200 15 485 949 875 23,483 19,990 96 13 512 1,981 891

Portugal............................. 8,135 911 41 156 4,480 1,815 732 8,393 863 244 165 4,083 1,977 1,061

Romania............................ 3,951 3,667 24 3 227 1 29 4,605 4,296 26 - 233 43 7

Russia............................... 24,027 21,183 11 81 1,215 265 1,272 41,353 37,662 976 21 1,231 200 1,263

Serbia and Montenegro 2 .. 553 340 8 - 163 19 23 613 436 8 - 162 - 7

Spain................................. 68,308 18,680 953 8,524 6,899 19,432 13,820 54,403 18,271 1,002 8,561 6,743 5,906 13,920

Sweden............................. 81,579 19,281 1,092 852 22,074 15,943 22,337 74,669 14,687 2,294 2,688 18,605 15,697 20,698

Switzerland ....................... 221,352 40,309 4,125 23,531 92,516 11,563 49,308 208,741 24,498 8,705 25,071 83,851 18,092 48,524

Turkey............................... 11,685 8,420 2 330 574 1,281 1,078 16,802 12,835 2 11 563 2,212 1,179

Ukraine 1 .......................... 1,699 568 30 2 159 648 292 2,095 1,326 79 4 161 248 277

United Kingdom................. 8,697,339 5,373,351 241,139 551,087 891,874 655,712 984,176 8,506,830 5,202,315 220,848 563,364 858,093 654,088 1,008,122

Channel Islands ................ 47,316 2,274 758 3,887 26,151 3,783 10,463 46,607 3,285 749 4,213 25,019 2,807 10,534

All other Europe 1 .............. 12,107 3,371 1,842 755 2,553 1,218 2,366 15,137 4,329 3,895 1,117 2,426 1,917 1,452

Total Europe ................. 13,763,897 7,912,140 430,491 659,044 2,412,648 968,620 1,380,954 13,592,850 7,705,624 406,709 711,461 2,344,223 1,035,900 1,388,933

Memo: Euro Area 3................ 4,441,852 2,357,184 131,917 71,512 1,334,170 255,716 291,353 4,472,977 2,332,254 116,850 106,744 1,322,626 313,172 281,331

Canada ................................. 1,186,056 411,239 31,336 46,252 308,963 178,898 209,368 1,179,057 369,986 29,124 39,480 310,518 213,392 216,557

Latin America: 

Argentina........................... 16,986 881 296 1,085 7,554 4,232 2,938 14,536 1,233 242 547 6,932 2,883 2,699

Brazil................................. 226,508 153,728 5,065 2,357 15,830 17,719 31,809 259,802 160,964 4,490 1,381 15,808 27,585 49,574

Chile.................................. 42,290 17,813 2,302 1,065 8,934 7,535 4,641 41,519 19,890 2,118 1,047 8,822 5,056 4,586

Colombia........................... 29,316 13,139 2,090 1,053 4,601 7,035 1,398 33,728 15,846 2,614 701 3,963 9,527 1,077

Costa Rica 4 ..................... 5,267 3,399 38 186 846 598 200 5,437 3,709 120 115 879 441 173

Ecuador............................. 2,432 474 348 215 1,121 199 75 1,565 304 63 100 902 131 65

Guatemala ........................ 2,656 1,981 23 45 422 153 32 2,584 1,720 7 98 411 320 28

Mexico .............................. 128,250 55,347 6,989 6,927 24,578 14,035 20,374 128,563 45,646 18,158 3,204 22,443 17,493 21,619

Panama............................. 19,129 1,735 1,325 2,033 7,532 4,185 2,319 16,918 1,656 561 1,474 6,949 3,824 2,454

Peru .................................. 15,297 2,960 708 606 5,074 2,293 3,656 16,761 3,390 1,732 504 4,688 3,822 2,625

Uruguay ............................ 18,395 5,808 317 1,373 4,511 4,591 1,795 18,172 6,826 460 756 4,129 4,355 1,646

Venezuela......................... 11,692 633 565 717 5,416 3,497 864 13,360 800 212 543 5,042 5,984 779

All other Latin America 4 ... 4,979 1,702 488 523 1,155 897 214 4,381 1,351 691 184 1,103 874 178

Total Latin America ....... 523,197 259,600 20,554 18,185 87,574 66,969 70,315 557,326 263,335 31,468 10,654 82,071 82,295 87,503

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2010 

79

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2009, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds

(4) 

Stocks 

(5) 

Bonds

(6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable

Treasury

and 

Federal 

Financing 

Bank bonds

and notes

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds

 (13) 

 Stocks

 (14) 

Caribbean: 

Anguilla 5............................... 381,993 14,747 51 1,136 310,089 390 55,579 383,352 17,106 709 876 309,166 407 55,087

Bahamas .............................. 493,785 194,822 3,549 65,607 155,824 31,568 42,415 492,674 194,828 4,229 64,185 156,481 28,511 44,440

Barbados 5 ............................ 9,073 2,146 1,380 1,611 2,781 794 361 7,382 1,565 853 486 2,836 1,239 403

Bermuda ............................... 811,528 58,284 40,834 39,071 451,309 131,617 90,413 809,921 52,495 37,832 35,808 453,846 137,422 92,518

British Virgin Islands 5 ........... 504,739 85,186 1,736 19,874 304,217 14,564 79,162 499,322 90,518 1,899 19,822 294,960 11,326 80,797

Cayman Islands .................... 4,804,967 1,161,323 193,294 245,248 2,315,537 319,999 569,566 4,788,804 1,158,904 216,255 248,853 2,288,858 305,020 570,914

Cuba..................................... 4 --- 4 - -4 - - -4 - -

Jamaica ................................ 3,726 3,061 320 69 137 119 20 3,654 3,026 299 23 150 131 25

Netherlands Antilles.............. 89,795 33,725 1,410 1,811 23,006 20,163 9,680 80,401 29,143 1,680 1,608 21,482 16,752 9,736

Trinidad and Tobago............. 5,267 2,229 964 230 731 855 258 5,212 1,419 1,086 411 506 1,470 320

All other Caribbean ............... 7,821 975 1,478 442 3,078 1,290 558 5,318 901 594 198 2,919 219 487

Total Caribbean................ 7,112,697 1,556,498 245,016 375,099 3,566,713 521,359 848,012 7,076,043 1,549,905 265,436 372,270 3,531,208 502,497 854,727

Asia: 

China, Mainland ............... 299,833 229,129 23,382 4,230 19,345 12,746 11,001 188,351 105,673 48,053 8,280 15,317 2,462 8,566

Hong Kong ........................ 396,061 56,236 26,890 8,962 35,162 19,275 249,536 385,199 57,165 16,648 6,095 28,827 17,470 258,994

India .................................. 31,160 13,986 7 119 1,295 743 15,010 29,997 8,499 6 146 3,053 1,639 16,654

Indonesia........................... 11,275 4,590 539 241 1,309 940 3,656 15,501 8,198 602 24 1,280 1,558 3,839

Israel ................................. 231,943 204,822 1,638 2,020 15,448 2,013 6,002 231,318 204,381 1,462 2,243 13,908 2,629 6,695

Japan ................................ 1,079,857 608,292 121,239 33,832 70,649 63,811 182,034 949,766 478,766 134,701 35,430 56,895 59,478 184,496

Korea, South ..................... 109,000 37,086 30,420 4,207 3,821 10,012 23,454 97,647 29,348 15,763 4,435 2,114 19,069 26,918

Lebanon ............................ 2,950 286 9 196 2,112 101 246 2,702 251 6 96 2,063 22 264

Malaysia............................ 20,294 4,953 5,339 1,283 1,105 3,602 4,012 19,311 2,963 6,290 798 892 3,475 4,893

Pakistan ............................ 706 70 - 37 261 75 263 604 117 4 28 300 4 151

Philippines......................... 11,719 6,109 115 157 1,267 2,668 1,403 13,508 6,124 303 309 1,228 4,399 1,145

Singapore.......................... 226,913 92,084 19,167 10,865 45,339 16,057 43,401 206,010 86,888 22,035 13,919 33,333 7,259 42,576

Syria.................................. 141 - -3 126 - 12 98 - - - 88 - 10

Taiwan .............................. 114,695 32,513 30,140 7,176 19,350 3,762 21,754 86,346 24,688 15,057 2,195 18,102 2,253 24,051

Thailand ............................ 25,517 20,129 118 52 799 644 3,775 21,763 15,310 1,003 51 806 880 3,713

All other Asia..................... 134,143 50,293 32,891 3,491 29,912 11,005 6,551 134,904 51,770 32,083 8,058 26,298 11,129 5,566

Total Asia...................... 2,696,207 1,360,578 291,894 76,871 247,300 147,454 572,110 2,383,025 1,080,141 294,016 82,107 204,504 133,726 588,531

Africa: 

Egypt................................. 5,072 2,499 32 120 583 89 1,749 5,996 3,393 221 40 617 86 1,639

Liberia ............................... 3,102 109 14 213 2,127 83 556 3,374 298 49 105 2,149 190 583

Morocco ............................ 728 402 19 114 85 21 87 2,319 397 1,729 3 89 18 83

South Africa....................... 13,320 7,284 274 32 1,157 814 3,759 14,140 7,395 722 120 1,058 1,510 3,335

All other Africa................... 22,100 11,322 270 326 1,828 3,051 5,303 13,386 5,605 428 118 2,556 1,132 3,547

Total Africa.................... 44,322 21,616 609 805 5,780 4,058 11,454 39,215 17,088 3,149 386 6,469 2,936 9,187

Other countries: 

Australia ............................ 233,331 61,345 17,166 10,729 24,250 44,080 75,761 281,565 58,717 17,008 10,297 21,234 92,680 81,629

New Zealand..................... 7,485 790 1,037 288 1,787 2,704 879 9,239 565 1,113 272 1,177 5,345 767

All other............................. 855 35 100 65 422 34 199 2,144 36 50 44 1,200 53 761

Total other countries...... 241,671 62,170 18,303 11,082 26,459 46,818 76,839 292,948 59,318 18,171 10,613 23,611 98,078 83,157

Total foreign 

 countries ............... 25,568,047 11,583,841 1,038,203 1,187,338 6,655,437 1,934,176 3,169,052 25,120,464 11,045,397 1,048,073 1,226,971 6,502,604 2,068,824 3,228,595

International and regional orgs: 

International organizations... 21,204 8,899 3,401 1,637 58 6,918 291 32,274 8,905 4,599 2,636 62 15,893 179

Regional organizations 6 ..... 14,704 692 1,574 528 37 11,022 851 9,672 610 1,999 641 31 5,648 743

Total international and 

 regional organizations....... 35,908 9,591 4,975 2,165 95 17,940 1,142 41,946 9,515 6,598 3,277 93 21,541 922

Grand total .................... 25,603,955 11,593,432 1,043,178 1,189,503 6,655,532 1,952,116 3,170,194 25,162,410 11,054,912 1,054,671 1,230,248 6,502,697 2,090,365 3,229,517

1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.”

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of 

the former Yugoslavia recognized as independent states by the United States are reported under “All other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. For data as of January 2009, also includes Cyprus, Malta, and 

Slovenia. For data as of January 2009, also includes Slovakia. 

4

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other 

Caribbean.” 

6 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
80 CAPITAL MOVEMENTS

March 2010 

-200

-100

0

100

200

300

400

500

600

700

800

900

2006 2007 2008 2009 2009 

Oct.-Dec.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net 

purchases during 2009 w ith those in prior 

years, the chart depicts data for all periods 

at an annualized rate.

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2006 2007 2008 2009

 2009

 Oct. - Dec.

United Kingdom........................ 472,380 546,592 327,800 212,831 93,948 

All other Europe ........................ 126,118 5,310 -103,911 33,475 17,371 

Caribbean banking centers 1 .... 139,732 74,788 -76,479 23,966 34,510 

Japan ........................................ 58,050 -303 56,818 128,220 13,271 

All other Asia............................. 226,863 234,778 191,945 187,655 46,142 

Subtotal................................. 1,023,143 861,165 396,173 586,147 205,242 

All other countries..................... 120,078 144,657 15,503 52,970 48,846 

Grand total ............................ 1,143,221 1,005,822 411,676 639,117 254,088 

1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. 

The data on this page represent 

foreign investors’ purchases and 

sales of long-term U.S. securities 

(that is, U.S. Treasury and 

Government agency bonds and 

notes, and U.S. corporate bonds and 

stocks) as reported in the TIC 

reporting system. Foreign investors 

have also acquired U.S. equities 

through mergers and 

reincorporations that involve stock 

swaps, but these acquisitions have 

been relatively small recently, 

totaling only $4 billion in 2006 and 

$11 billion in 2007. There were no 

reported acquisitions through stock 

swaps in 2008. Acquisitions totaled 

less than $1 billion in 2009. (Stock 

swaps data for the most recent 

quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) 

These stock swaps were not reported 

under the TIC reporting system, but 

are available on the TIC Website. 

The TIC Website also provides 

estimates from the Federal Reserve 

Bank of New York on principal 

repayment flows of foreign holdings 

of U.S. government agency and 

corporate asset-backed securities 

(ABS). These repayments are 

estimated to have reduced foreign 

net purchases of U.S. securities by 

$160 billion in 2006, $234 billion in 

2007, $191 billion in 2008, and 

$198 billion 2009. 

After including stock swaps and 

accounting for ABS repayment 

flows, net foreign acquisitions of 

U.S. securities totaled a record of 

$987 billion in 2006, but then 

slowed to $782 billion in 2007. Net 

acquisitions slowed further to $220 

billion in 2008, as foreign investors 

continued to acquire U.S. securities 

in the first half of the year, but on 

net sold U.S. securities in the second 

half of the year. Foreign net 

purchases have picked up again in 

2009 to $442 billion. 
 CAPITAL MOVEMENTS 

March 2010 

81

The data on this page represent U.S. 

investors’ purchases and sales of longterm foreign securities as reported to 

the TIC reporting system. U.S. 

investors also have acquired foreign 

stocks through mergers that involve 

stock swaps. Net acquisitions through 

stock swaps amounted to $4 billion in 

2005, $19 billion in 2006, $12 billion 

in 2007, $7 billion in 2008, and $2 

billion in 2009. (Stock swaps data for 

the most recent quarter are Federal 

Reserve Board/Treasury estimates and 

are subject to substantial revisions.) 

These stock swaps were not reported 

under the TIC reporting system, but are 

available on the TIC Website. 

Including acquisitions through stock 

swaps, U.S. net purchases of long-term 

foreign securities amounted $176 

billion in 2005 and $270 billion in 

2006, but then eased somewhat to $241 

billion in 2007. U.S. investors switched 

to net sales of $80 billion in foreign 

securities in 2008. U.S. investors’ 

acquisitions have recovered in 2009, 

amounting to $199 billion. 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2005 2006 2007 2008 2009

 2009 

 Oct. - Dec.

Foreign bonds ...... 45,095 144,452 133,923 -66,430 138,249 41,859

Foreign stocks...... 127,296 106,455 95,300 -20,443 59,323 3,255

Total ................... 172,391 250,907 229,223 -86,873 197,572 45,114

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 

-200

-100

0

100

200

300

400

2005 2006 2007 2008 2009 2009

Oct.-Dec. 

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2009

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.
CAPITAL MOVEMENTS 

March 2010 

82 

SECTION V.—Holdings of, and Transactions in, Financial Derivatives 

Contracts with Foreigners Reported by Businesses in the United States 

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, 

by Type of Contract 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2007 2008 2009 

Dec. Sept. Dec. r Mar. r June Sept. p

Gross total of holdings with negative fair values ........................... 2,487,860 3,137,738 5,967,815 5,412,106 3,900,274 3,996,282

Total over-the-counter (OTC) contracts..................................... 2,456,093 3,092,038 5,904,724 5,374,379 3,867,363 3,960,823

Single-currency interest rate contracts.................................. 1,434,083 1,602,170 3,977,190 3,638,340 2,691,915 2,980,283

Forwards ............................................................................ 1,410 8,046 9,851 6,214 6,410 6,232

Swaps ................................................................................ 1,275,308 1,425,059 3,685,072 3,367,808 2,461,510 2,733,210

Options............................................................................... 157,365 169,065 282,267 264,318 223,995 240,841

Foreign exchange contracts .................................................. 240,138 325,466 481,833 323,645 282,152 303,964

Forwards ............................................................................ 72,450 113,706 169,983 104,191 80,532 85,655

Swaps ................................................................................ 115,889 160,807 234,573 163,323 158,090 177,310

Options............................................................................... 51,799 50,953 77,277 56,131 43,530 40,999

Other contracts ...................................................................... 781,872 1,164,402 1,445,701 1,412,394 893,296 676,576

Equity ................................................................................. n.a. n.a. n.a. 85,255 62,762 63,034

Credit.................................................................................. n.a. n.a. n.a. 1,169,626 698,936 494,829

All other .............................................................................. n.a. n.a. n.a. 157,513 131,598 118,713

Total exchange-traded contracts ............................................... 31,767 45,700 63,091 37,727 32,911 35,459

Own contracts on foreign exchanges .................................... 4,101 3,952 1,725 2,175 1,330 1,169

U.S. customers’ contracts on foreign exchanges.................. 3,658 5,336 7,325 8,029 6,230 5,090

Foreign counterparty contracts on U.S. exchanges .............. 24,008 36,412 54,041 27,523 25,351 29,200

Memorandum items: 

Contracts with own foreign office........................................... 615,885 928,243 1,423,392 1,348,473 953,188 1,005,797

Contracts with foreign official institutions .............................. 14,495 12,094 26,636 17,054 13,078 15,288

Contracts of U.S. depository institutions with foreigners....... 790,580 1,180,178 2,803,032 n.a. n.a. n.a.

Gross total of holdings with positive fair values............................. 2,559,332 3,241,052 6,127,450 5,563,217 4,056,571 4,135,557

Total over-the-counter (OTC) contracts..................................... 2,526,075 3,190,484 6,065,174 5,526,367 4,022,588 4,099,829

Single-currency interest rate contracts.................................. 1,463,086 1,655,033 4,053,356 3,722,984 2,779,770 3,052,513

Forwards ............................................................................ 1,234 5,119 10,831 7,873 7,475 7,011

Swaps ................................................................................ 1,288,685 1,463,033 3,719,245 3,422,647 2,525,824 2,782,042

Options............................................................................... 173,167 186,881 323,280 292,464 246,471 263,460

Foreign exchange contracts .................................................. 290,943 356,026 497,234 329,872 299,728 332,739

Forwards ............................................................................ 73,894 118,693 180,414 103,874 79,760 87,887

Swaps ................................................................................ 160,129 179,177 229,552 161,932 170,712 198,629

Options............................................................................... 56,920 58,156 87,268 64,066 49,256 46,223

Other contracts ...................................................................... 772,046 1,179,425 1,514,584 1,473,511 943,090 714,577

Equity ................................................................................. n.a. n.a. n.a. 57,010 49,227 51,084

Credit.................................................................................. n.a. n.a. n.a. 1,244,167 753,286 535,975

All other .............................................................................. n.a. n.a. n.a. 172,334 140,577 127,518

Total exchange-traded contracts ............................................... 33,257 50,568 62,276 36,850 33,983 35,728

Own contracts on foreign exchanges .................................... 4,558 3,549 1,852 1,734 1,362 1,016

Customers’ contracts on foreign exchanges ......................... 3,422 6,185 7,387 6,938 4,935 4,538

Foreign counterparty contracts on U.S. exchanges .............. 25,277 40,834 53,037 28,178 27,686 30,174

Memorandum items: 

Contracts with own foreign office........................................... 623,349 934,312 1,429,761 1,369,287 981,442 1,035,691

Contracts with foreign official institutions .............................. 13,040 9,657 20,794 17,257 15,604 15,141

Contracts of U.S. depository institutions with foreigners....... 811,889 1,205,971 2,837,891 n.a. n.a. n.a.

 
 CAPITAL MOVEMENTS 

March 2010 

83

TABLE CM-V-2.—Gross Total of Holdings with Negative Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2007 2008 2009 

Country Dec. Sept. Dec. r Mar. r June Sept. p 

Europe: 

Belgium .......................................................................... 12,803 12,470 23,990 21,017 13,115 10,800

France............................................................................ 130,795 164,518 302,240 267,759 185,376 167,500

Germany ........................................................................ 175,390 177,000 357,176 325,000 220,570 241,132

Ireland ............................................................................ 162,977 213,901 411,112 397,375 298,678 332,925

Italy................................................................................. 6,412 6,652 11,448 11,925 8,308 8,365

Netherlands.................................................................... 31,659 39,964 42,442 34,357 21,317 16,827

Switzerland .................................................................... 61,915 77,780 114,215 93,177 68,733 65,465

United Kingdom ............................................................. 1,535,536 2,055,700 4,096,765 3,754,177 2,697,472 2,762,253

All other Europe ............................................................. 56,910 60,260 77,322 65,962 51,883 63,316

Total Europe .............................................................. 2,174,397 2,808,245 5,436,710 4,970,749 3,565,452 3,668,583

Memo: Euro Area 1 ........................................................ 549,170 645,133 1,191,135 1,098,407 780,096 810,438

Memo: European Union 2............................................... 2,095,271 2,712,368 5,311,575 4,868,720 3,489,861 3,584,467

Canada............................................................................... 43,759 50,747 90,601 77,738 55,278 52,224

Total Latin America............................................................ 13,764 13,013 13,049 11,854 11,235 8,797

Caribbean: 

Cayman Islands ............................................................. 110,074 105,363 133,614 111,254 76,141 62,108

All other Caribbean ........................................................ 22,706 24,521 33,447 21,823 15,378 14,448

Total Caribbean ......................................................... 132,780 129,884 167,061 133,077 91,519 76,556

Asia: 

 Japan ........................................................................... 67,577 62,749 142,646 119,009 101,125 102,555

All other Asia.................................................................. 33,085 46,370 77,125 62,725 47,659 45,581

Total Asia ................................................................... 100,662 109,119 219,771 181,734 148,784 148,136

Total Africa......................................................................... 3,025 4,402 5,507 4,687 3,610 5,168

Other countries: 

Australia ......................................................................... 13,239 16,305 24,498 22,279 16,335 26,288

All other.......................................................................... 849 652 1,265 1,162 997 920

Total other countries .................................................. 14,088 16,957 25,763 23,441 17,332 27,208

Total foreign countries ........................................... 2,482,475 3,132,367 5,958,462 5,403,280 3,893,210 3,986,672

Total international and regional organizations................... 5,389 5,372 9,355 8,826 7,063 9,610

Grand total ................................................................. 2,487,860 3,137,738 5,967,815 5,412,106 3,900,274 3,996,282

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia.

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, 

Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

March 2010 

84 

TABLE CM-V-3.—Gross Total of Holdings with Positive Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2007 2008 2009 

Country Dec. Sept. Dec. r Mar. r June Sept. p

 

Europe: 

Belgium ..................................................................... 13,329 14,308 30,559 28,326 18,103 14,372

France ....................................................................... 139,382 173,382 328,209 287,586 205,911 189,296

Germany.................................................................... 185,036 188,081 365,763 334,350 238,970 260,230

Ireland ....................................................................... 163,883 222,010 424,358 406,282 313,260 352,763

Italy............................................................................ 15,668 12,104 15,130 14,315 11,741 11,592

Netherlands............................................................... 36,044 41,475 45,155 37,071 26,771 21,482

Switzerland................................................................ 69,586 86,565 123,836 99,416 72,601 71,281

United Kingdom......................................................... 1,558,496 2,095,893 4,160,618 3,818,502 2,754,168 2,802,828

All other Europe ........................................................ 47,949 53,087 68,471 58,008 41,757 54,947

Total Europe.......................................................... 2,229,373 2,886,905 5,562,099 5,083,856 3,683,282 3,778,791

Memo: Euro Area 1.................................................... 572,162 673,487 1,247,252 1,142,111 839,037 875,188

Memo: European Union 2.......................................... 2,144,029 2,781,596 5,424,906 4,973,670 3,604,096 3,688,072

Canada.......................................................................... 51,648 55,749 92,214 77,908 57,959 56,739

Total Latin America ....................................................... 16,037 15,338 15,652 15,357 14,131 11,865

Caribbean: 

Cayman Islands ........................................................ 112,007 114,665 153,197 131,209 93,275 74,181

All other Caribbean ................................................... 21,305 25,422 32,889 21,941 18,434 16,415

Total Caribbean..................................................... 133,312 140,087 186,086 153,150 111,709 90,596

Asia: 

Japan......................................................................... 66,643 61,780 141,528 120,350 103,141 100,504

All other Asia ............................................................. 36,647 54,198 91,732 77,950 56,577 53,580

Total Asia .............................................................. 103,290 115,978 233,260 198,300 159,718 154,084

Total Africa .................................................................... 4,260 4,722 6,396 5,176 4,181 5,506

Other countries: 

Australia .................................................................... 17,356 18,153 26,023 23,528 20,506 32,441

All other ..................................................................... 954 955 1,833 1,746 1,621 1,477

Total other countries ............................................. 18,310 19,108 27,856 25,274 22,127 33,918

Total foreign countries ...................................... 2,556,230 3,237,887 6,123,563 5,559,021 4,053,107 4,131,499

Total international and regional organizations.............. 3,104 3,164 3,888 4,197 3,462 4,058

Grand total ............................................................ 2,559,332 3,241,052 6,127,450 5,563,217 4,056,571 4,135,557

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia.

2 Includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, 

France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, 

the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the 

United Kingdom. 
CAPITAL MOVEMENTS 

March 2010 

85

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Type of Contract 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 2008 2008 2009 

Type of Derivatives Contract Total July - Sept. Oct. - Dec. Jan. - Mar. Apr. - June July - Sept. p

 

Total over-the-counter (OTC) contracts............................................ -20,147 -6,443 -4,866 12,021 1,864 5,951 

Single-currency interest rate contracts ......................................... -3,684 421 2,026 -4,625 1,757 13,408 

Foreign exchange contracts.......................................................... -10,001 -5,564 -1,646 4,471 374 -3,539 

Other contracts.............................................................................. -6,462 -1,300 -5,246 12,175 -267 -3,918 

Total exchange-traded contracts ...................................................... -12,800 1,557 -12,874 -4,800 9,401 5,545 

Own contracts on foreign exchanges ........................................... -1,480 -171 -10,245 -3,465 1,150 -1,012 

U.S. customers’ contracts on foreign exchanges ......................... -8,683 -4,221 -4,999 -2,222 8,109 7,252 

Foreign counterparty contacts on U.S. exchanges ...................... -2,637 5,949 2,370 887 142 -695 

Total net cash settlements from foreigners ...................................... -32,947 -4,886 -17,740 7,221 11,265 11,496 

Memorandum items: 

Contracts with foreign official institutions.................................. 1,831 768 830 -674 -1,142 -708 

 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

March 2010 

86 

TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Country 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2008 2009 

Country Total July - Sept. Oct. - Dec. Jan. - Mar. Apr. - June. July - Sept. p

Europe: 

Belgium ...................................................................................... -208 188 -520 -570 1,073 1,261

France........................................................................................ -19,184 -3,982 -12,373 377 3,667 586

Germany .................................................................................... -6,564 1,310 -4,565 -6,470 -428 2,204

Ireland ........................................................................................ -4,154 -791 -1,984 1,635 1,116 970

Italy............................................................................................. -2,423 -1,004 -1,211 -41 299 554

Netherlands................................................................................ -2,203 124 1,473 415 407 382

Switzerland ................................................................................ -7,303 -2,907 1,685 3,199 2,186 -1,726

United Kingdom ......................................................................... -5,022 -11,055 2,318 9,343 2,425 3,369

All other Europe ......................................................................... 7,316 6,283 3,718 -525 -1,249 -816

Total Europe .......................................................................... -39,745 -11,834 -11,459 7,363 9,496 6,784

Memo: Euro area 1 ..................................................................... -30,990 1,231 -16,236 -3,685 4,363 4,749

Memo: European Union 2........................................................... -36,060 -10,115 -14,886 3,428 6,179 8,061

Canada........................................................................................... 3,277 -2,387 2,126 -1,109 -2,599 -2,336

Total Latin America........................................................................ 728 -143 941 856 -152 158

Caribbean: 

Cayman Islands ......................................................................... 11,011 5,417 -664 1,843 -132 2,783

All other Caribbean .................................................................... 4,902 4,800 33 1,370 -145 1,009

Total Caribbean ..................................................................... 15,913 10,217 -631 3,213 -277 3,792

Asia: 

Japan ......................................................................................... -9,685 -2,868 -5,085 -1,959 2,006 -2,070

All other Asia.............................................................................. -4,317 244 -1,272 1,051 1,987 2,820

Total Asia ............................................................................... -14,002 -2,624 -6,357 -908 3,993 750

Total Africa..................................................................................... -148 137 -175 -627 53 -166

Other countries: 

Australia ..................................................................................... 1,049 1,907 -2,245 -1,156 1,076 2,871

All other...................................................................................... 92 -69 94 -76 10 104

Total other countries .............................................................. 1,141 1,838 -2,151 -1,232 1,086 2,975

Total foreign countries ....................................................... -32,836 -4,796 -17,706 7,556 11,600 11,957

Total international and regional organizations............................... -121 -98 -31 -335 -333 -463

Grand total ............................................................................. -32,947 -4,886 -17,740 7,221 11,265 11,496

1

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, 

the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the 

United Kingdom. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
March 2010 

87

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout 

the calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

March 2010 

88 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

 

07/08/09 .................................................................... 631,441 650,830 584 1.1650 

07/15/09 .................................................................... 638,549 656,982 n.a. 1.1192 

07/22/09 .................................................................... 633,250 655,331 n.a. 1.0980 

07/29/09 .................................................................... 633,008 654,710 674 1.0881 

 

08/05/09 .................................................................... 649,180 669,308 579 1.0722 

08/12/09 .................................................................... 648,658 672,191 255 1.0875 

08/19/09 .................................................................... 641,589 663,482 216 1.0968 

08/26/09 .................................................................... 632,284 653,819 -14 1.0988 

 

09/02/09 .................................................................... 652,931 674,453 121 1.1060 

09/09/09 .................................................................... 657,236 675,869 235 1.0783 

09/16/09 .................................................................... 633,029 631,534 n.a. 1.0662 

09/23/09 .................................................................... 609,354 623,769 190 1.0722 

09/30/09 .................................................................... 644,961 659,644 45 1.0719 

 

10/07/09 .................................................................... 631,634 645,981 -76 1.0619 

10/14/09 .................................................................... 646,341 662,841 267 1.0289 

10/21/09 .................................................................... 659,183 673,231 500 1.0413 

10/28/09 .................................................................... 670,847 686,938 n.a. 1.0757 

 

11/04/09 .................................................................... 672,974 687,658 n.a. 1.0644 

11/11/09 .................................................................... 669,596 684,132 88 1.0516 

11/18/09 .................................................................... 681,343 693,900 125 1.0496 

11/25/09 .................................................................... 696,904 713,089 107 1.0499 

 

12/02/09 .................................................................... 709,793 720,598 399 1.0465 

12/09/09 .................................................................... 732,356 743,999 505 1.0550 

12/16/09 .................................................................... 650,894 661,438 570 1.0579 

12/23/09 .................................................................... 645,376 659,480 723 1.0476 

12/30/09 .................................................................... 636,145 647,670 435 1.0523 

 
FOREIGN CURRENCY POSITIONS 

March 2010 

89

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2007 - Dec................... 694,064 714,446 197,438 182,233 71,200 69,421 72,055 77,515 -522 0.9881 

2008 - Dec................... 634,789 666,685 175,405 154,246 34,361 32,641 36,089 37,162 -829 1.2240 

2009 - Jan ................... 646,263 677,683 159,321 139,136 33,273 32,062 35,077 35,549 -101 1.2365 

Feb .................. 671,695 702,394 158,950 136,095 34,210 33,087 38,774 38,183 -500 1.2710 

Mar .................. 638,146 679,424 149,394 128,115 35,686 34,115 37,474 37,613 -379 1.2606 

Apr................... 659,496 684,740 161,812 137,865 33,955 33,788 36,065 35,130 66 1.1939 

May.................. 693,046 718,975 154,585 135,507 40,745 40,614 40,776 39,037 -220 1.0957 

June................. 629,717 650,417 139,275 121,734 43,924 43,069 41,231 41,464 227 1.1626 

July .................. 647,026 670,748 142,291 125,957 37,438 36,377 39,567 39,818 355 1.0791 

Aug .................. 648,266 672,676 147,446 125,937 40,801 41,966 50,886 46,542 n.a. 1.0967 

Sept................. 646,686 664,469 140,386 128,353 41,859 40,549 39,668 37,879 -330 1.0719 

Oct................... 685,023 701,400 139,399 123,302 40,039 63,902 65,677 39,974 n.a. 1.0767 

Nov .................. 679,888 696,792 137,546 124,358 43,951 43,131 42,633 41,135 251 1.0570 

Dec .................. 648,180 654,762 137,411 123,434 34,825 35,049 39,374 39,028 80 1.0461 

 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2006 - Dec................... 20,327 26,745 65,076 34,842 833 456 1,536 844 n.a. 1.1652 

2007 - Mar................... 13,129 21,573 67,774 32,113 444 n.a. n.a. n.a. n.a. 1.153 

 June ................. 10,551 16,894 94,501 65,451 259 346 1,481 805 -174 1.0634 

Sept.................. 10,062 16,161 92,670 69,270 n.a. 256 1,450 n.a. -192 0.9959 

Dec................... 9,864 17,299 90,515 74,923 n.a. 1,186 1,628 703 -300 0.9881 

2008 - Mar................... 24,894 21,409 110,013 71,727 836 957 2,125 1,310 -470 1.0275 

June ................. 25,156 21,808 139,752 77,457 418 1,328 2,216 1,914 -422 1.0185 

Sept.................. 23,605 27,206 126,237 74,740 n.a. 1,195 1,979 n.a. n.a. 1.0597 

Dec................... 14,969 27,815 110,044 67,230 n.a. 743 1,846 n.a. n.a. 1.2240 

2009 - Mar................... 8,282 19,513 85,319 62,047 185 381 1,261 861 n.a. 1.2606 

June ................. 12,824 18,576 66,859 43,860 n.a. 196 n.a. 325 -78 1.1626 

Sept.................. 11,176 19,962 63,808 35,565 135 174 n.a. 489 -33 1.0719 

 
FOREIGN CURRENCY POSITIONS 

March 2010 

90 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

(4) 

 

07/08/09 .................................................................. 294,561 301,151 n.a. 92.90 

07/15/09 .................................................................. 291,292 297,416 792 94.09 

07/22/09 .................................................................. 292,056 298,392 909 93.77 

07/29/09 .................................................................. 296,631 302,402 867 95.13 

 

08/05/09 .................................................................. 292,820 298,871 886 94.98 

08/12/09 .................................................................. 298,984 305,390 911 96.16 

08/19/09 .................................................................. 296,920 303,315 1,006 93.87 

08/26/09 .................................................................. 293,129 298,371 972 94.25 

 

09/02/09 .................................................................. 299,309 304,106 1,118 92.43 

09/09/09 .................................................................. 295,051 299,668 1,076 91.85 

09/16/09 .................................................................. 293,735 297,805 1,073 91.00 

09/23/09 .................................................................. 301,850 306,857 1,055 91.45 

09/30/09 .................................................................. 316,110 320,249 1,098 89.49 

 

10/07/09 .................................................................. 289,715 293,430 1,020 88.76 

10/14/09 .................................................................. 292,257 295,758 1,006 89.44 

10/21/09 .................................................................. 292,790 295,848 972 91.04 

10/28/09 .................................................................. 296,868 299,695 380 91.07 

 

11/04/09 .................................................................. 311,726 314,967 359 90.96 

11/11/09 .................................................................. 294,908 298,042 361 89.82 

11/18/09 .................................................................. 295,421 298,740 292 89.36 

11/25/09 .................................................................. 253,451 256,934 219 87.65 

 

12/02/09 .................................................................. 309,061 311,965 213 87.13 

12/09/09 .................................................................. 315,964 318,754 200 87.83 

12/16/09 .................................................................. 296,588 299,505 46 89.52 

12/23/09 .................................................................. 299,951 303,325 95 91.52 

12/30/09 .................................................................. 285,664 289,263 160 92.66 

 
FOREIGN CURRENCY POSITIONS 

March 2010 

91

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta

equivalent

(9) 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

 

2007 - Dec.................. 463,494 462,366 69,975 72,014 112,480 115,176 122,042 123,860 761 111.7100 

2008 - Dec.................. 323,332 327,005 56,606 55,822 64,185 54,758 75,507 81,983 3,295 90.7900 

2009 - Jan .................. 334,069 336,685 56,968 55,685 60,541 52,821 72,217 77,249 2,506 89.8300 

Feb ................. 347,802 352,245 57,700 56,081 60,065 53,869 73,549 77,119 2,218 97.7400 

Mar ................. 330,801 335,829 53,688 52,051 59,542 52,961 73,246 77,162 n.a. 99.1500 

Apr.................. 344,996 351,015 57,416 55,082 58,537 52,720 73,333 76,710 n.a. 98.7600 

May................. 333,553 340,009 56,680 53,810 55,200 50,394 73,059 74,741 1,638 95.5500 

June................ 305,410 311,413 52,148 50,911 53,349 49,403 71,101 72,879 804 96.4200 

July ................. 326,038 333,178 53,242 51,473 51,643 47,825 70,018 70,847 1,051 94.5400 

Aug ................. 317,353 322,774 50,396 49,071 49,744 46,868 68,743 69,551 1,730 92.8200 

Sept................ 341,851 346,132 48,825 48,884 46,473 43,663 65,172 66,319 1,096 89.4900 

Oct.................. 324,548 328,399 47,717 46,352 46,763 41,888 68,695 70,823 419 90.5000 

Nov ................. 333,408 337,219 52,009 50,182 46,550 44,091 68,217 70,403 252 86.1200 

Dec ................. 317,699 320,782 47,339 46,598 43,504 41,972 69,372 70,737 166 93.0800 

 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

 

2006 - Dec................... 9,336 9,825 6,913 4,069 n.a. n.a. 1,001 n.a. -239 119.02 

2007 - Mar................... 4,623 5,036 6,174 2,904 910 n.a. 1,749 1,166 -325 117.56 

June ................. 4,408 5,575 7,442 3,064 n.a. n.a. 2,210 n.a. n.a. 123.39 

Sept.................. 5,039 6,234 6,558 2,808 1,170 518 1,005 587 n.a. 114.97 

Dec................... 4,816 5,798 6,497 3,070 761 711 988 896 38 111.71 

2008 - Mar................... 5,441 6,554 11,048 2,696 376 340 1,097 866 58 99.85 

June.................. 7,419 6,502 14,540 3,121 n.a. 364 1,027 549 18 106.17 

Sept.................. 6,208 6,529 12,792 3,175 338 356 1,032 516 13 105.94 

Dec................... 4,674 4,299 8,662 2,901 227 313 812 314 -11 90.79 

2009 - Mar................... 2,589 3,575 5,080 2,267 140 206 825 333 -42 99.15 

June ................. 2,914 4,274 5,703 2,303 n.a. 167 846 269 -29 96.42 

Sept.................. 3,099 4,231 5,633 2,209 95 401 964 321 n.a. 89.49 

 
FOREIGN CURRENCY POSITIONS 

March 2010 

92 

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar)

(4) 

 

07/08/09 .................................................................. 666,667 671,754 n.a. 1.0923 

07/15/09 .................................................................. 656,083 662,552 2,619 1.0746 

07/22/09 .................................................................. 643,571 648,873 n.a. 1.0659 

07/29/09 .................................................................. 656,872 660,683 n.a. 1.0882 

 

08/05/09 .................................................................. 662,190 665,122 652 1.0630 

08/12/09 .................................................................. 670,350 675,113 -371 1.0765 

08/19/09 .................................................................. 677,411 682,723 204 1.0630 

08/26/09 .................................................................. 697,812 701,307 -642 1.0697 

 

09/02/09 .................................................................. 711,458 714,886 -24 1.0628 

09/09/09 .................................................................. 725,387 727,544 123 1.0403 

09/16/09 .................................................................. 670,039 668,195 -668 1.0328 

09/23/09 .................................................................. 669,394 666,139 -532 1.0259 

09/30/09 .................................................................. 768,398 768,337 -620 1.0375 

 

10/07/09 .................................................................. 705,138 703,663 -343 1.0333 

10/14/09 .................................................................. 700,371 700,312 463 1.0172 

10/21/09 .................................................................. 726,388 725,892 n.a. 1.0064 

10/28/09 .................................................................. 755,815 756,118 n.a. 1.0232 

 

11/04/09 .................................................................. 775,556 777,302 n.a. 1.0183 

11/11/09 .................................................................. 769,900 771,153 n.a. 1.0092 

11/18/09 .................................................................. 793,650 793,160 -271 1.0080 

11/25/09 .................................................................. 609,519 609,199 n.a. 1.0004 

 

12/02/09 .................................................................. 761,261 762,563 n.a. 1.0006 

12/09/09 .................................................................. 774,811 773,933 709 1.0262 

12/16/09 .................................................................. 721,591 722,947 n.a. 1.0355 

12/23/09 .................................................................. 702,460 704,486 1,976 1.0380 

12/30/09 .................................................................. 702,611 705,048 2,085 1.0391 

 
FOREIGN CURRENCY POSITIONS 

March 2010 

93

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

 

2007 - Dec................... 981,030 987,962 95,668 96,554 296,139 295,801 258,017 244,868 4,527 1.1329 

2008 - Dec................... 685,168 683,919 65,440 69,021 162,230 158,197 175,827 178,706 -1,352 1.0673 

2009 - Jan ................... 713,098 717,450 67,519 69,547 156,789 156,834 160,415 158,720 -1,018 1.1612 

Feb .................. 734,756 744,409 64,937 69,199 150,458 157,169 161,821 149,984 1,317 1.1672 

Mar .................. 739,101 746,643 64,812 67,732 130,583 143,124 160,358 147,545 1,541 1.1395 

Apr................... 723,487 726,575 70,641 70,353 119,598 126,330 139,761 134,732 1,383 1.1402 

May.................. 708,514 715,692 60,887 63,895 112,212 122,016 138,877 132,579 2,431 1.0692 

June................. 689,494 689,116 57,101 59,086 106,635 117,172 136,412 128,622 1,697 1.0867 

July .................. 711,465 722,102 59,645 60,606 111,084 119,522 132,616 127,369 1,072 1.0668 

Aug .................. 732,213 732,954 57,277 58,769 110,838 119,333 133,140 122,523 n.a. 1.0569 

Sept................. 813,502 813,243 63,185 59,227 92,905 98,454 124,122 115,512 -446 1.0375 

Oct................... 814,676 815,763 65,171 62,190 90,693 92,195 124,578 115,619 n.a. 1.0238 

Nov .................. 800,988 801,930 69,985 67,137 96,478 101,925 119,732 110,347 n.a. 1.0050 

Dec .................. 740,722 741,622 65,758 62,901 91,492 93,507 108,091 102,644 1,914 1.0358 

 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

 

2006 - Dec................... 19,099 26,282 46,317 11,031 n.a. n.a. n.a. n.a. n.a. 1.2195 

2007 - Mar................... 23,188 25,040 47,552 13,441 1,819 n.a. n.a. n.a. n.a. 1.2126 

June ................. 16,511 23,187 46,886 14,061 855 n.a. n.a. n.a. n.a. 1.2240 

Sept.................. 20,823 24,139 46,837 13,612 2,422 n.a. 596 n.a. 136 1.1672 

Dec................... 15,134 20,077 46,339 10,338 584 283 535 324 -69 1.1329 

2008 - Mar................... 21,491 29,248 49,284 10,785 1,166 679 1,589 696 -16 0.9921 

June.................. 16,727 26,727 62,191 10,566 n.a. n.a. 2,031 n.a. -24 1.0202 

Sept.................. 15,916 28,686 63,301 11,924 n.a. n.a. 1,025 518 - 1.1189 

Dec................... 11,140 22,483 52,460 10,716 n.a. n.a. 438 544 n.a. 1.0673 

2009 - Mar................... 9,740 20,478 40,011 8,364 113 103 805 644 n.a. 1.1395 

June ................. 10,224 18,654 41,166 7,626 n.a. n.a. n.a. 285 n.a. 1.0867 

Sept.................. 10,249 18,023 42,832 7,643 n.a. n.a. 372 211 n.a. 1.0375 

 
FOREIGN CURRENCY POSITIONS 

March 2010 

94 

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

07/08/09 .................................................................. 941,204 955,916 1,627 1.6027 

07/15/09 .................................................................. 974,166 985,946 1,666 1.6439 

07/22/09 .................................................................. 976,762 993,412 1,773 1.6439 

07/29/09 .................................................................. 993,567 1,011,272 1,706 1.6379 

 

08/05/09 .................................................................. 982,085 1,004,230 1,534 1.6977 

08/12/09 .................................................................. 943,009 964,715 1,116 1.6538 

08/19/09 .................................................................. 979,130 998,794 1,790 1.6555 

08/26/09 .................................................................. 995,790 1,014,745 1,818 1.6235 

 

09/02/09 .................................................................. 989,003 1,003,949 n.a. 1.6269 

09/09/09 .................................................................. 994,553 1,006,908 1,827 1.6557 

09/16/09 .................................................................. 946,580 952,294 1,943 1.6501 

09/23/09 .................................................................. 948,497 958,590 n.a. 1.6404 

09/30/09 .................................................................. 1,033,873 1,048,554 n.a. 1.6004 

 

10/07/09 .................................................................. 999,365 1,006,390 n.a. 1.5899 

10/14/09 .................................................................. 1,010,418 1,016,165 n.a. 1.5974 

10/21/09 .................................................................. 1,004,121 1,011,065 n.a. 1.6610 

10/28/09 .................................................................. 997,641 1,009,087 n.a. 1.6375 

 

11/04/09 .................................................................. 991,698 1,003,109 1,848 1.6571 

11/11/09 .................................................................. 1,031,087 1,040,841 n.a. 1.6680 

11/18/09 .................................................................. 1,014,190 1,022,862 2,578 1.6756 

11/25/09 .................................................................. 913,558 925,754 2,126 1.6671 

 

12/02/09 .................................................................. 1,015,139 1,023,964 2,447 1.6641 

12/09/09 .................................................................. 1,047,974 1,064,991 2,183 1.6242 

12/16/09 .................................................................. 979,750 992,626 2,375 1.6369 

12/23/09 .................................................................. 950,222 962,965 n.a. 1.5955 

12/30/09 .................................................................. 959,236 971,415 n.a. 1.6050 

 
FOREIGN CURRENCY POSITIONS 

March 2010 

95

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2007 - Dec................... 1,106,323 1,121,684 450,883 372,556 80,197 69,881 93,248 103,301 3,400 1.9843 

2008 - Dec................... 975,940 995,931 495,444 342,452 44,891 43,251 51,977 53,230 631 1.4619 

2009 - Jan ................... 992,637 1,009,035 498,062 349,518 47,422 45,124 48,311 51,338 1,151 1.4413 

Feb .................. 1,012,009 1,034,023 494,329 344,860 44,525 40,563 43,158 47,745 1,024 1.4276 

Mar .................. 951,181 969,221 462,479 331,262 57,320 53,595 40,106 43,739 925 1.4300 

Apr................... 987,751 1,004,154 404,225 324,447 47,157 44,903 37,301 42,571 1,350 1.4799 

May.................. 1,009,001 1,026,796 381,514 312,229 48,464 43,924 37,292 43,988 1,014 1.6160 

June................. 950,738 963,187 369,350 298,015 48,366 44,510 37,467 45,924 1,361 1.6452 

July .................. 1,003,246 1,026,694 400,352 311,238 45,368 39,267 38,050 47,595 1,252 1.6713 

Aug .................. 963,725 978,536 406,179 326,523 48,135 42,025 49,993 59,033 n.a. 1.6314 

Sept................. 1,065,984 1,083,972 431,385 329,870 45,843 41,693 47,004 51,984 n.a. 1.6004 

Oct................... 1,021,291 1,031,490 430,650 339,336 51,031 41,729 51,410 53,797 1,137 1.6479 

Nov .................. 1,030,923 1,039,320 419,501 335,661 51,998 45,301 51,220 56,970 1,698 1.6409 

Dec .................. 986,296 1,001,159 387,924 314,233 46,626 40,857 45,641 50,928 1,394 1.6167 

 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2006 - Dec................... 23,342 31,721 53,158 18,843 n.a. n.a. 2,034 565 10 1.9586 

2007 - Mar................... 12,787 20,170 60,460 22,609 267 69 n.a. n.a. -441 1.9685 

June ................. 9,617 19,167 61,316 24,253 n.a. 60 n.a. n.a. n.a. 2.0063 

Sept.................. 10,145 20,745 75,325 30,537 154 n.a. 2,491 n.a. n.a. 2.0389 

Dec................... 11,365 22,642 76,423 26,918 139 159 3,733 n.a. -1,292 1.9843 

2008 - Mar................... 18,074 30,594 80,685 28,259 n.a. 90 1,956 883 -1,168 1.9855 

June.................. 17,970 31,267 94,886 26,549 n.a. 302 2,046 1,195 n.a. 1.9906 

Sept.................. 18,814 32,314 94,119 31,139 127 184 4,010 924 n.a. 1.7804 

Dec................... 16,513 28,787 80,329 29,461 124 149 2,441 n.a. n.a. 1.4619 

2009 - Mar................... 12,645 15,895 56,756 32,465 153 137 2,142 763 n.a. 1.4300 

June ................. 8,486 14,527 60,057 33,670 n.a. 146 n.a. n.a. n.a. 1.6452 

Sept.................. 9,181 18,330 64,224 32,062 n.a. 77 1,164 n.a. n.a. 1.6004 

 
FOREIGN CURRENCY POSITIONS 

March 2010 

96 

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

07/08/09 ................................................................ 13,603,943 13,486,097 -1,171 n.a. 

07/15/09 ................................................................ 13,525,788 13,406,903 -11,205 n.a. 

07/22/09 ................................................................ 13,536,704 13,443,496 -10,883 n.a. 

07/29/09 ................................................................ 13,780,639 13,690,516 -9,397 n.a. 

 

08/05/09 ................................................................ 13,707,771 13,581,182 -16,858 n.a. 

08/12/09 ................................................................ 13,685,208 13,544,335 -9,472 n.a. 

08/19/09 ................................................................ 13,713,677 13,564,987 -9,957 n.a. 

08/26/09 ................................................................ 13,702,917 13,613,226 -9,356 n.a. 

 

09/02/09 ................................................................ 13,878,040 13,799,183 -5,397 n.a. 

09/09/09 ................................................................ 14,051,403 13,988,069 -18,270 n.a. 

09/16/09 ................................................................ 13,599,732 13,615,643 -11,668 n.a. 

09/23/09 ................................................................ 13,670,579 13,677,553 -8,312 n.a. 

09/30/09 ................................................................ 14,500,674 14,531,686 -5,380 n.a. 

 

10/07/09 ................................................................ 13,926,184 13,967,831 -6,129 n.a. 

10/14/09 ................................................................ 14,142,170 14,177,306 -6,965 n.a. 

10/21/09 ................................................................ 14,371,114 14,422,573 -8,211 n.a. 

10/28/09 ................................................................ 14,621,685 14,659,284 -13,916 n.a. 

 

11/04/09 ................................................................ 14,733,660 14,729,240 -13,964 n.a. 

11/11/09 ................................................................ 14,640,661 14,651,982 -15,395 n.a. 

11/18/09 ................................................................ 14,841,672 14,871,027 -14,667 n.a. 

11/25/09 ................................................................ 13,171,166 13,147,105 -19,063 n.a. 

 

12/02/09 ................................................................ 15,172,298 15,234,616 -17,418 n.a. 

12/09/09 ................................................................ 15,543,676 15,634,194 -12,662 n.a. 

12/16/09 ................................................................ 14,829,138 14,923,723 -17,372 n.a. 

12/23/09 ................................................................ 14,337,913 14,426,399 -13,976 n.a. 

12/30/09 ................................................................ 14,258,602 14,348,665 -15,467 n.a. 

 
FOREIGN CURRENCY POSITIONS 

March 2010 

97

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2007 - Dec.............. 16,604,296 16,621,391 - - 2,665,228 2,579,678 2,534,065 n.a. 794 n.a.

2008 - Oct .............. 18,023,570 18,010,589 - - 3,639,554 3,715,441 4,001,058 3,962,748 996 n.a.

Nov ............. 16,897,006 16,899,403 - - 3,309,641 3,404,580 3,790,897 3,753,138 4,806 n.a.

Dec ............. 14,157,193 14,295,305 - - 3,216,341 3,311,971 3,750,439 3,700,270 -4,233 n.a.

2009 - Jan .............. 14,191,114 14,308,543 - - 3,087,045 3,143,982 3,540,964 3,518,820 -4,877 n.a.

Feb ............. 14,134,645 14,188,658 - - 2,725,815 3,430,086 3,061,456 3,042,159 -5,698 n.a.

Mar ............. 13,754,639 13,820,770 - - 2,849,625 2,892,513 2,993,819 2,951,855 -208 n.a.

Apr.............. 14,201,373 14,180,133 - - 2,597,445 2,651,947 2,873,709 2,833,666 -170 n.a.

May............. 14,739,401 14,721,439 - - 2,424,869 2,493,896 2,796,776 2,755,515 3,226 n.a.

June............ 14,151,342 14,018,521 - - 2,343,036 2,398,024 2,684,489 2,660,414 4,621 n.a.

July ............. 14,676,091 14,564,040 - - 2,258,719 2,310,391 2,545,795 2,541,530 -9,980 n.a.

Aug ............. 14,103,597 14,037,241 - - 2,294,156 2,321,528 2,494,599 2,494,105 -30,037 n.a.

Sept............ 15,268,940 15,285,964 - - 2,071,509 2,128,587 2,446,463 2,344,399 -8,481 n.a.

Oct.............. 15,460,518 15,432,522 - - 2,220,632 2,114,479 2,318,595 2,365,983 -7,320 n.a.

Nov ............. 15,875,303 15,922,525 - - 2,177,620 2,163,017 2,294,266 2,373,180 -7,667 n.a.

Dec ............. 14,948,153 15,027,056 - - 2,051,936 2,045,710 2,082,460 2,176,010 -8,965 n.a.

 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2006 - Dec................... 445,675 450,809 - - 25,301 38,520 17,570 23,098 -278 n.a. 

2007 - Mar................... 257,985 245,890 - - 33,632 23,046 17,873 20,639 122 n.a. 

June.................. 271,790 230,303 - - 36,519 32,361 21,051 n.a. 2,341 n.a. 

Sept .................. 283,902 268,604 - - 33,028 21,170 19,119 10,739 -1,325 n.a. 

Dec ................... 297,212 291,395 - - 29,007 22,828 13,464 10,454 2,111 n.a. 

2008 - Mar................... 384,255 382,695 - - 29,794 27,278 15,610 15,318 3,114 n.a. 

June.................. 340,324 342,590 - - 30,279 25,934 15,361 11,644 2,745 n.a. 

Sept .................. 346,969 328,750 - - 26,978 23,465 19,379 13,612 -109 n.a. 

Dec ................... 291,721 281,080 - - 25,365 15,176 8,439 6,931 1,145 n.a. 

2009 - Mar................... 229,519 196,627 - - 29,452 25,135 6,956 5,394 2,291 n.a. 

June.................. 237,066 197,226 - - 16,989 12,555 7,236 6,082 1,027 n.a. 

Sept. ................. 248,288 197,037 - - 18,396 11,084 7,159 6,473 -658 n.a. 

 
FOREIGN CURRENCY POSITIONS 

March 2010 

98 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar)

(4) 

 

07/08/09 ............................................................................. 3,954,050 3,884,575 898 0.7219 

07/15/09 ............................................................................. 3,860,467 3,790,911 903 0.7084 

07/22/09 ............................................................................. 3,814,149 3,740,369 1,446 0.7032 

07/29/09 ............................................................................. 3,889,116 3,817,875 -259 0.7126 

 

08/05/09 ............................................................................. 3,817,244 3,741,336 1,165 0.6949 

08/12/09 ............................................................................. 3,803,332 3,729,782 1,001 0.7035 

08/19/09 ............................................................................. 3,800,972 3,728,992 619 0.7012 

08/26/09 ............................................................................. 3,794,505 3,723,531 1,630 0.7027 

 

09/02/09 ............................................................................. 3,859,277 3,785,342 2,670 0.7020 

09/09/09 ............................................................................. 3,881,743 3,811,385 4,244 0.6862 

09/16/09 ............................................................................. 3,767,514 3,686,241 4,213 0.6804 

09/23/09 ............................................................................. 3,781,742 3,700,592 4,427 0.6779 

09/30/09 ............................................................................. 3,870,463 3,774,512 3,624 0.6835 

 

10/07/09 ............................................................................. 3,846,969 3,756,382 3,925 0.6814 

10/14/09 ............................................................................. 3,876,626 3,798,420 5,444 0.6712 

10/21/09 ............................................................................. 3,961,970 3,878,665 5,861 0.6663 

10/28/09 ............................................................................. 4,029,039 3,946,862 5,661 0.6774 

 

11/04/09 ............................................................................. 4,002,773 3,918,207 4,353 0.6740 

11/11/09 ............................................................................. 3,984,896 3,895,368 4,510 0.6685 

11/18/09 ............................................................................. 4,055,669 3,958,623 4,861 0.6671 

11/25/09 ............................................................................. 3,564,251 3,467,304 4,712 0.6629 

 

12/02/09 ............................................................................. 4,131,967 4,040,708 3,261 0.6641 

12/09/09 ............................................................................. 4,261,380 4,172,177 1,470 0.6791 

12/16/09 ............................................................................. 4,073,803 3,990,242 1,599 0.6860 

12/23/09 ............................................................................. 3,832,766 3,746,445 2,237 0.6973 

12/30/09 ............................................................................. 3,818,012 3,732,448 2,191 0.6985 

 
FOREIGN CURRENCY POSITIONS 

March 2010 

99

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange 

rate 

(10) 

 

2007 - Dec................... 4,057,077 4,029,716 1,995,834 1,941,086 590,115 584,307 558,711 557,451 3,580 0.6848 

2008 - Oct ................... 3,956,295 3,869,172 1,836,594 1,823,683 466,120 501,559 750,439 760,767 1,108 0.7184 

Nov .................. 3,964,027 3,892,556 1,821,280 1,814,050 451,966 483,299 766,242 778,637 1,755 0.781 

Dec .................. 3,956,295 3,869,172 1,836,594 1,823,683 466,120 501,559 750,439 760,767 1,108 0.7184 

2009 - Jan ................... 3,964,027 3,892,556 1,821,280 1,814,050 451,966 483,299 766,242 778,637 1,755 0.781 

Feb .................. 4,009,759 3,948,460 1,860,679 1,850,057 438,200 471,934 506,044 513,741 2,404 0.7898 

Mar .................. 3,966,315 3,909,096 1,783,672 1,771,541 452,634 478,774 488,051 503,447 715 0.7541 

Apr................... 4,133,770 4,049,118 1,710,904 1,707,105 434,348 462,886 450,651 466,300 311 0.7551 

May.................. 4,274,948 4,221,000 1,666,699 1,646,244 448,376 468,287 395,848 412,724 747 0.7079 

June................. 4,081,869 4,023,126 1,612,664 1,580,416 386,847 428,978 397,265 401,016 837 0.7133 

July .................. 4,014,991 3,944,767 1,629,521 1,605,186 351,208 399,381 401,361 394,364 -294 0.7003 

Aug .................. 3,736,153 3,665,181 1,673,154 1,650,110 350,059 392,565 389,854 382,481 4,447 0.6967 

Sept................. 4,061,544 3,960,067 1,625,730 1,603,238 306,108 341,040 344,695 357,465 2,474 0.6835 

Oct................... 4,127,883 4,046,813 1,624,809 1,614,553 347,244 345,691 350,420 369,729 3,829 0.6777 

Nov .................. 4,225,794 4,136,183 1,620,863 1,620,684 337,529 367,743 358,489 365,836 4,373 0.6669 

Dec .................. 3,927,051 3,825,779 1,553,009 1,537,447 303,073 343,638 362,861 362,206 3,486 0.6977 

 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange 

rate 

(10) 

 

2006 - Dec................... 126,039 132,907 207,774 150,191 8,664 2,967 7,494 4,987 -603 0.7578 

2007 - Mar................... 74,638 81,811 188,261 118,068 9,318 3,549 11,618 4,045 -611 0.7477 

June ................. 68,711 81,208 204,447 125,902 7,443 3,408 10,670 3,743 -1,051 0.7396 

Sept.................. 82,783 79,080 218,344 139,178 9,967 3,207 6,648 2,948 699 0.7033 

Dec................... 81,522 80,991 213,943 138,149 8,674 2,806 5,653 2,137 -1,362 0.6848 

2008 - Mar................... 126,180 91,977 262,397 157,462 8,362 5,988 8,821 7,976 1,039 0.6327 

June.................. 116,332 88,752 272,427 119,914 9,806 3,601 10,018 5,693 3,067 0.6350 

Sept.................. 87,982 94,534 246,267 113,023 10,459 5,295 8,870 9,606 1,667 0.7102 

Dec................... 92,026 88,502 212,167 106,561 6,839 2,745 5,509 4,762 1,761 0.7184 

2009 - Mar................... 70,202 78,229 163,971 94,269 6,348 3,043 n.a. n.a. 1,529 0.7541 

June.................. 60,845 70,738 190,153 91,171 5,447 3,728 4,911 4,031 1,337 0.7133 

Sept.................. 61,451 71,630 195,739 88,701 3,932 2,135 4,389 2,517 835 0.6835 

 
March 2010 

100

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of June 30, 2009, and Sept. 30, 2009 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital June 30, 2009 

July 1, 2009, 

through 

Sept. 30, 2009 Sept. 30, 2009 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 16,304,749 3,511,340 19,816,089 

Government Sponsored Enterprises (GSE) Securities ... 1,725,000 -625,000 1,100,000 

Special drawing rights 1 ........................................................... 9,437,334 48,507,852 57,945,186 

Foreign exchange and securities: 

European euro ..................................................................... 14,331,865 698,436 15,030,301 

Japanese yen....................................................................... 9,953,369 786,374 10,739,743 

Accounts receivable................................................................. 158,370 -4,587 153,783 

Total assets.......................................................................... 51,910,687 52,874,415 104,785,102 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 5,507 9,637 15,144 

Total current liabilities ...................................................... 5,507 9,637 15,144 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 3,000,000 5,200,000 

SDR allocations ................................................................... 7,605,197 48,347,908 55,953,105 

Unearned revenue .............................................................. 219,354 -219,354 -

Total other liabilities ......................................................... 10,024,551 51,128,554 61,153,105 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... 2,097,998 1,736,223 3,834,221 

Total capital...................................................................... 41,880,629 1,736,224 43,616,853 

Total liabilities and capital............................................ 51,910,687 52,874,415 104,785,102 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

March 2010 

101

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

July 1, 2009, 

through 

Sept. 30, 2009 

Fiscal year to date

Oct. 1, 2008, 

through 

Sept. 30, 2009 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ 1,402,618 2,247,604 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. 37,941 33,723 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 1,154 11,852 

U.S. Government securities......................................................... 4,715 20,613 

GSE Securities............................................................................. 2,489 6,571 

Foreign exchange ........................................................................ 67,952 358,825 

Insurance premiums .................................................................... 219,354 1,155,033

Commissions ............................................................................... - -

Income from operations............................................................... 1,736,223 3,834,221 

Net income (+) or loss (-)............................................................. 1,736,223 3,834,221 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Financial Report of the

United States Government

Excerpt

Trust Funds
March 2010 

105

INTRODUCTION: Financial Report of the United States Government

The following pages are excerpted from the 2008 

Financial Report of the United States Government (Financial 

Report). The report and accompanying information, prepared 

and published annually by the Financial Management Service, 

are modeled after corporate-type reports and are developed on 

an accrual basis of accounting. 

The excerpts represent some of the most noteworthy 

information contained in the Financial Report. Data for the 

Financial Report are compiled from Federal program agency 

accounting systems Governmentwide. Treasury also presents 

a management discussion and analysis, the customary notes 

to the financial statements, a section on stewardship 

information, and supplemental information in the complete 

document. 

The Government Accountability Office (GAO) is 

required by law to audit the Financial Report. GAO’s report, 

as well as the complete Financial Report, can be accessed 

easily through the internet at www.fms.treas.gov/fr. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2010 

106 

Financial Statements 

of the United States Government 

for the Years Ended September 30, 2009, 

and September 30, 2008 

Statements of Net Cost 

These statements present the net cost of fiscal years 2009 and 2008 Government1 operations, including the 

operations related to earmarked funds (funds financed by specifically identified revenues, often supplemented by 

other financing sources, which remain available over time). The Government’s fiscal year begins October 1 and 

ends September 30. Costs and earned revenues are categorized on the Statement of Net Cost by significant entity, 

providing greater accountability by showing the relationship of the agencies’ net cost to the Governmentwide net 

cost. Costs and earned revenues are presented in this report by department on an accrual basis, while the budget 

presents costs and revenues by obligations and receipts, generally on a cash basis. The focus of the budget of the 

United States is by agency. Budgets are prepared, defended, and monitored by agency. In reporting by agency, we 

are assisting the external users in assessing the budget integrity, operating performance, stewardship, and systems 

and controls of the Government. 

These statements contain the following three components: 

• Gross cost—is the full cost of all the departments and entities. These costs are assigned on a cause-andeffect basis, or reasonably allocated to the corresponding departments and entities. 

• Earned revenue—is exchange revenue resulting from the Government providing goods and services to the 

public at a price. 

• Net cost—is computed by subtracting earned revenue from gross cost. 

Net cost for Governmentwide reporting purposes includes the General Services Administration (GSA) and the 

Office of Personnel Management (OPM) agency allocations, and is net of intragovernmental eliminations. For this 

reason, individual agency net cost amounts will not agree with the agency’s financial statements. Because of their 

specific functions, most of the costs originally associated with GSA and OPM have been allocated to their user 

agencies for Governmentwide reporting purposes. The remaining costs for GSA and OPM on the Statements of Net 

Cost are the administrative operating costs, the expenses from prior and past costs from health and pension plan 

amendments, and the actuarial gains and losses for these agencies. The interest on securities issued by the 

Department of the Treasury (Treasury) and held by the public is reported on Treasury’s financial statements, but 

because of its importance, and the dollar amounts involved, it is reported separately in these statements. 

Statements of Operations and Changes in Net Position 

These statements report the results of Government operations which include the results of earmarked fund 

operations. They include non-exchange revenues that are generated principally by the Government’s sovereign 

power to tax, levy duties, and assess fines and penalties. These statements also present the cost of Government 

operations, net of revenue earned from the sale of goods and services to the public (exchange revenue). They further 

include certain adjustments and unreconciled transactions that affect the net position. 

 

1

 For purposes of this document, “Government” refers to the United States Government. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2010 

107

Revenue 

Individual income tax and tax withholdings include Federal Insurance Contributions Act (FICA)/SelfEmployment Contributions Act (SECA) taxes and other taxes. These taxes are characterized as non-exchange 

revenue. 

Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled 

spirits and imported liquor, tobacco, firearms, and others. These are also characterized as non-exchange revenue. 

Miscellaneous earned revenues consist of earned revenues received from the public with virtually no 

associated cost. Therefore, unlike other earned revenues on the Statement of Net Cost, miscellaneous earned 

revenues are not subtracted from gross cost to derive net cost. It includes rents and royalties on the Outer 

Continental Shelf Lands resulting from the leasing and development of mineral resources on public lands. 

Earmarked revenues are required by statute to be used for designated activities, benefits or purposes and must 

be accounted for separately from the rest of the Government’s non-earmarked revenues. See Note 24—Earmarked 

Funds for detailed information. 

Intragovernmental interest represents interest earned from the investment of surplus earmarked revenues, 

which finance the deficit spending of non-earmarked operations. These investments are recorded as 

intragovernmental debt holdings and are included in Note 14—Federal Debt Securities, in the table titled 

Intragovernmental Debt Holdings: Federal Debt Securities Held as Investments by Government Accounts. These 

interest payments and the associated investments are eliminated in the consolidation process. 

Net Cost of Government Operations 

The net cost of Government operations (which is gross cost less earned revenue) flows through from the 

Statements of Net Cost. The net cost associated with earmarked activities is separately reported. 

Intragovernmental Transfers 

Intragovernmental transfers reflect amounts required by statute to be transferred from the General Fund of the 

Treasury to earmarked funds (an example is the annual transfer to the Department of Health and Human Services’ 

(HHS) Supplementary Medical Insurance Trust Fund (Medicare Parts B and D) which receives sufficient funding 

from the General Fund to equal the annual costs incurred by these Medicare programs). Additionally, this line item 

includes contributions to earmarked funds made by Federal agencies on behalf of their employees, beneficiaries, or 

others. 

Unmatched Transactions and Balances 

Unmatched transactions and balances are adjustments needed to bring the change in net position into balance 

due to unreconciled intragovernmental differences, agency reporting errors, timing differences, and General Fund 

transactions in the consolidated financial statements. See Note 1—Summary of Significant Accounting Policies and 

the Supplemental Information—Unmatched Transactions and Balances for detailed information. 

Net Position, Beginning of Period 

The net position, beginning of period, reflects the net position reported on the prior year’s balance sheet as of 

the end of that fiscal year. The net position for earmarked funds is shown separately. 

Prior period adjustments are revisions to adjust the beginning net position and balances presented on the prior 

year financial statements due to corrections of errors or changes in accounting principles. See Note 1B—Basis of 

Accounting and Revenue Recognition, and Note 21—Prior Period Adjustments for detailed information. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2010 

108 

Net Position, End of Period 

The net position, end of period, amount reflects the net position as of the end of the fiscal year. The net 

position for earmarked funds is separately shown. 

Reconciliations of Net Operating Cost and Unified Budget 

Deficit 

These statements reconcile the results of operations (net operating cost) on the Statements of Operations and 

Changes in Net Position to the unified budget deficit in the President’s budget. The premise of the reconciliation is 

that the accrual and budgetary accounting bases share transaction data. 

Receipts and outlays in the President’s budget are measured primarily on a cash basis and differ from the 

accrual basis of accounting used in the Financial Report. These statements begin with the net results of operations 

(net operating cost), where operating revenues are reported on a modified cash basis of accounting and the net cost 

of Government operations on an accrual basis of accounting and reports activities where the bases of accounting for 

the components of net operating cost and the unified budget deficit differed. 

Components of Net Operating Cost Not Part of the 

Budget Deficit 

This information includes the operating components, such as the changes in benefits payable for veterans, 

military and civilian employees, the environmental liabilities, and depreciation expense not included in the budget 

results. 

Components of the Budget Deficit Not Part of 

Net Operating Cost 

This information includes the budget components, such as capitalized fixed assets, changes in net inventory, 

and increases in other assets not included in the operating results. These items impact the balance sheet only and are 

not part of the operating results. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2010 

109

Statements of Changes in Cash Balance from Unified 

Budget and Other Activities 

The primary purpose of these statements is to report how the annual unified budget deficit relates to the change 

in the Government’s cash and other monetary assets and debt held by the public. It explains why the unified budget 

deficit normally would not result in an equivalent change in the Government’s cash and other monetary assets. 

These statements reconcile the unified budget deficit to the change in cash and other monetary assets during 

the fiscal year and explain how the budget deficits (fiscal years 2009 and 2008) were financed. A budget deficit is 

the result of outlays (expenditures) exceeding receipts (revenue) during a particular fiscal year. 

The budget deficit is typically financed through borrowings from the public. Other transactions also require 

cash disbursements and are not part of the repayments of the debt. These other transactions, such as the payment of 

interest on debt held by the public, contributed to the use of cash. The budget deficit also includes certain amounts 

that are accrued and will be disbursed in a future period or are adjustments that did not affect the cash balance. 

These amounts include interest accrued on debt issued by Treasury and held by the public and subsidy expense 

related to direct and guaranteed loan as well as equity investment activity and did not contribute to the change in the 

cash balance. 

These statements show the adjustments for noncash outlays included in the budget and items affecting the cash 

balance not included in the budget to explain the change in cash and other monetary assets.

Balance Sheets 

The balance sheets show the Government’s assets, liabilities, and net position. When combined with 

stewardship information, this information presents a more comprehensive understanding of the Government’s 

financial position. The net position for earmarked funds is shown separately. 

Assets 

Assets included on the balance sheets are resources of the Government that remain available to meet future 

needs. The most significant assets that are reported on the balance sheets are property, plant, and equipment; cash 

and other monetary assets; inventories; loans receivable and mortgage backed securities, net; and Troubled Asset 

Relief Program (TARP) Direct Loans and Equity Investments, net. There are, however, other significant resources 

available to the Government that extend beyond the assets presented in these financial statements. Those resources 

include stewardship assets, including natural resources, and the Government’s sovereign powers to tax, regulate 

commerce, set monetary policy, and the power to print additional currency. 

Liabilities and Net Position 

Liabilities are obligations of the Government resulting from prior actions that will require financial resources. 

The most significant liabilities reported on the balance sheets are Federal debt securities held by the public and 

accrued interest and Federal employee and veteran benefits payable. Liabilities also include environmental and 

disposal liabilities and social insurance benefits due and payable as of the reporting date. 

As with reported assets, the Government’s responsibilities, policy commitments, and contingencies are much 

broader than these reported balance sheet liabilities. They include the social insurance programs in the Statements of 

Social Insurance and are disclosed in the Supplemental Information—Social Insurance section and a wide range of 

other programs under which the Government provides benefits and services to the people of this Nation, as well as 

certain future loss contingencies. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2010 

110 

The Government has entered into contractual commitments requiring the future use of financial resources and 

has unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future 

losses. Commitments, as well as contingencies that do not meet the criteria for recognition as liabilities on the 

balance sheets, but for which there is at least a reasonable possibility that losses have been incurred, are disclosed in 

Note 22—Contingencies and Note 23—Commitments. 

The collection of earmarked taxes and other earmarked revenue is credited to the corresponding Earmarked 

Fund that will use these funds to meet a particular Government purpose. If the collections from taxes and other 

sources exceed the payments to the beneficiaries, the excess revenue is invested in Treasury securities or “loaned” to 

Treasury’s General Fund; therefore, the trust fund balances do not represent cash. An explanation of the trust funds 

for social insurance and many of the other large trust funds is included in Note 24—Earmarked Funds. That note 

also contains information about trust fund receipts, disbursements, and assets. 

Because of its sovereign power to tax and borrow, and the country’s wide economic base, the Government has 

unique access to financial resources through generating tax revenues and issuing Federal debt securities. This 

provides the Government with the ability to meet present obligations and those that are anticipated from future 

operations and are not reflected in net position. 

Statements of Social Insurance 

The Statements of Social Insurance provide estimates of the status of the most significant social insurance 

programs: Social Security, Medicare, Railroad Retirement, and Black Lung social insurance programs, which are 

administered by the Social Security Administration (SSA), HHS, the Railroad Retirement Board (RRB), and the 

Department of Labor (DOL), respectively. The estimates are actuarial present values2

 of the projections and are 

based on the economic and demographic assumptions representing the trustees’ best estimates as set forth in the 

relevant Social Security and Medicare trustees’ reports and in the relevant agency performance and accountability 

reports for the RRB and the DOL (Black Lung). 

The magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of 

projections relating to the many assumptions of the programs, produce a wide range of possible results. In preparing 

the Statements of Social Insurance, Government management considers and selects assumptions and data that it 

believes provide a reasonable basis for the assertions in the statement. However, because of the large number of 

factors that affect the Statements of Social Insurance and the fact that such assumptions are inherently subject to 

substantial uncertainly (arising from the likelihood of future events, significant uncertainties, and contingencies), 

there will be differences between the estimates in the Statements of Social Insurance and the actual results, and those 

differences may be material. Note 26—Social Insurance describes the social insurance programs, reports long-range 

estimates that can be used to assess the financial condition of the programs, and explains some of the factors that 

impact the various programs. Using this information, readers can apply their own judgment as to the condition and 

sustainability of the individual programs. 

 

2 Present values recognize that a dollar paid or collected in the future is worth less than a dollar today, because a dollar today could be invested 

and earn interest. To calculate a present value, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are 

summed. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2010 

111

United States Government 

Statements of Net Cost 

for the Years Ended September 30, 2009, and September 30, 2008 

Gross 

Cost 

Earned 

Revenue 

Net 

Cost 

Gross 

Cost 

Earned 

Revenue 

Net 

Cost 

(In billions of dollars) 2009 2008 

 

Department of Health and Human 

Services .................................................... 866.4 59.5 806.9 769.1 56.4 712.7 

Social Security Administration ........................ 736.6 0.4 736.2 663.9 0.3 663.6 

Department of Defense ............................... 718.4 35.6 682.8 767.6 26.8 740.8 

Department of the Treasury......................... 254.6 19.4 235.2 197.0 12.4 184.6 

Interest on Treasury Securities held by 

the public................................................... 189.1 - 189.1 241.6 - 241.6 

Department of Labor.................................... 140.2 - 140.2 60.6 - 60.6 

Department of Agriculture............................ 132.0 10.5 121.5 109.3 9.8 99.5 

Department of Transportation...................... 80.1 0.5 79.6 71.5 0.8 70.7 

Department of Housing and Urban 

Development............................................. 62.6 1.0 61.6 60.6 0.8 59.8 

Department of Homeland Security .............. 62.1 8.4 53.7 60.0 7.9 52.1 

Federal Deposit Insurance Corporation ...... 63.4 18.8 44.6 24.3 1.7 22.6 

Department of Energy ................................. 46.8 3.9 42.9 35.8 4.2 31.6 

Department of Education............................. 44.9 6.5 38.4 66.9 5.0 61.9 

Department of Justice.................................. 31.2 1.1 30.1 31.7 1.1 30.6 

Office of Personnel Management................ 41.2 16.9 24.3 39.5 16.0 23.5 

National Aeronautics and Space 

Administration.............................................. 24.2 0.1 24.1 20.4 0.2 20.2 

Department of State .................................... 25.6 2.5 23.1 22.1 2.6 19.5 

Department of the Interior............................ 20.8 2.2 18.6 23.4 2.1 21.3 

Pension Benefit Guaranty Corporation........ 22.9 10.5 12.4 2.3 3.5 (1.2) 

Department of Commerce ........................... 13.9 2.1 11.8 11.9 2.0 9.9 

Railroad Retirement Board.......................... 22.7 11.2 11.5 20.7 4.2 16.5 

Agency for International Development ........ 11.8 0.7 11.1 9.1 (0.1) 9.2 

Environmental Protection Agency ............... 10.1 0.6 9.5 10.1 0.5 9.6 

Federal Communications Commission........ 8.8 0.5 8.3 8.5 0.4 8.1 

National Science Foundation....................... 6.1 - 6.1 6.0 - 6.0 

Small Business Administration...................... 6.3 0.4 5.9 1.9 0.4 1.5 

National Credit Union Administration........... 6.1 1.3 4.8 0.5 0.1 0.4 

Smithsonian Institution ................................ 0.9 - 0.9 0.9 - 0.9 

Export-Import Bank of the United States..... 1.5 0.8 0.7 0.4 0.7 (0.3) 

U.S. Nuclear Regulatory Commission......... 1.3 0.8 0.5 1.2 0.8 0.4 

General Services Administration .................. 1.0 0.5 0.5 1.0 0.5 0.5 

Securities and Exchange Commission........ 1.1 1.1 - 1.1 1.0 0.1 

Farm Credit System Insurance 

Corporation ............................................... - 0.3 (0.3) - 0.2 (0.2) 

Tennessee Valley Authority......................... 10.2 11.0 (0.8) 10.2 10.1 0.1 

U.S. Postal Service...................................... 58.2 67.1 (8.9) 60.0 73.7 (13.7) 

Department of Veterans Affairs ................... (38.8) 4.0 (42.8) 434.6 4.2 430.4 

All other entities .............................................. 51.3 0.7 50.6 45.9 0.6 45.3 

Total .......................................................... 3,735.6 300.9 3,434.7 3,891.6 250.9 3,640.7 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2010 

112 

United States Government 

Statements of Operations and Changes in Net Position 

for the Years Ended September 30, 2009, and September 30, 2008 

 

NonEarmarked

Funds 

Earmarked

Funds Consolidated 

NonEarmarked 

Funds 

Earmarked

Funds Consolidated

(In billions of dollars) 2009 2008 

 

Revenue: 

Individual income tax and tax withholdings ... 912.7 862.3 1,775.0 1,210.0 868.4 2,078.4 

Corporation income taxes ............................. 130.3 130.3 299.7 299.7 

Unemployment taxes .................................... 38.1 38.1 39.4 39.4 

Excise taxes.................................................. 18.6 48.9 67.5 15.3 51.8 67.1 

Estate and gift taxes ..................................... 23.4 23.4 28.8 28.8 

Customs duties ............................................. 21.7 21.7 27.3 27.3 

Other taxes and receipts............................... 35.4 52.2 87.6 50.7 34.3 85.0 

Miscellaneous earned revenues ................... 50.4 4.4 54.8 29.9 5.8 35.7 

Intragovernmental interest ............................ 184.6 184.6 201.0 201.0 

Total revenue ................................................ 1,192.5 1,190.5 2,383.0 1,661.7 1,200.7 2,862.4 

Eliminations................................................... (184.6) (201.0) 

Consolidated revenue ................................... 2,198.4 2,661.4 

 

Net Cost: 

Net cost......................................................... 1,906.6 1,528.1 3,434.7 2,186.4 1,454.3 3,640.7 

Intragovernmental interest ............................ 184.6 184.6 201.0 201.0 

Total net cost ................................................ 2,091.2 1,528.1 3,619.3 2,387.4 1,454.3 3,841.7 

Eliminations................................................... (184.6) (201.0) 

Consolidated net cost.................................... 3,434.7 3,640.7 

 

Intragovernmental transfers ......................... (386.0) 386.0 (338.0) 338.0 

 

Unmatched transactions and balances 

(Note 1) ........................................................ (17.4) (17.4) (29.8) (29.8) 

 

Net operating (cost)/revenue ........................ (1,302.1) 48.4 (1,253.7) (1,093.5) 84.4 (1,009.1) 

 

Net position, beginning of period................. (10,908.1) 704.6 (10,203.5) (9,826.0) 620.2 (9,205.8) 

Prior period adjustments–changes in 

accounting principles (Note 21).................. 1.6 (0.3) 1.3 11.4 11.4 

Net operating (cost)/revenue......................... (1,302.1) 48.4 (1,253.7) (1,093.5) 84.4 (1,009.1) 

Net position, end of period ........................... (12,208.6) 752.7 (11,455.9) (10,908.1) 704.6 (10,203.5) 

 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2010 

113

United States Government 

Reconciliations of Net Operating Cost and Unified Budget Deficit 

for the Years Ended September 30, 2009, and September 30, 2008 

(In billions of dollars) 2009 2008 

Net operating cost................................................................................................ (1,253.7) (1,009.1) 

Components of Net Operating Cost Not Part of the Budget Deficit: 

Increase in Liability for Military Employee Benefits (Note 15): 

 Increase in military pension liabilities .............................................................. 23.0 125.3 

 Increase/(decrease) in military health liabilities ............................................... 5.2 (15.3) 

 (Decrease) in other military benefits................................................................. (2.6) (0.1) 

 Increase in liability for military employee benefits............................................. 25.6 109.9 

 

 (Decrease)/Increase in liability for veteran's compensation (Note 15): 

 (Decrease)/increase in liabilities for veterans................................................... (101.2) 287.9 

 (Decrease)/increase in liabilities for survivors .................................................. (46.9) 50.2 

 (Decrease)/increase in liabilities for burial benefits .......................................... (1.1) 0.9 

 (Decrease)/increase in liability for veteran's compensation.............................. (149.2) 339.0 

Increase in liabilities for civilian employee benefits (Note 15): 

 Increase in civilian pension liabilities................................................................ 74.6 68.5 

 Increase in civilian health liabilities................................................................... 10.4 30.2 

 Increase in other civilian benefits ..................................................................... 3.4 2.2 

 Increase in liabilities for civilian employee benefits .......................................... 88.4 100.9 

 

(Decrease)/Increase in environmental and disposal liabilities (Note 16): 

 Increase in Energy's environmental and disposal liabilities.............................. 1.6 2.4 

 (Decrease) in all others' environmental and disposal liabilities .......................... (2.6) (1.6) 

 (Decrease)/increase in environmental and disposal liabilities .......................... (1.0) 0.8 

 

Depreciation expense ............................................................................................ 59.5 54.8 

Property, plant, and equipment disposals and revaluations .................................. 6.5 5.0 

Increase in benefits due and payable..................................................................... 16.4 10.7 

Increase in insurance and guarantee program liabilities ........................................ 81.1 12.4 

Increase in other liabilities...................................................................................... 12.1 34.3 

Seigniorage and sale of gold ................................................................................. (0.4) (0.7) 

(Decrease)/increase in accounts payable .............................................................. (0.1) 7.1 

Decrease/(increase) in net accounts and taxes receivable .................................... 2.8 (5.2) 

TARP downward re-estimate ................................................................................. (110.0) - 

Stock received from Government sponsored enterprises ...................................... - (7.0) 

(Increase) in Beneficial interest in trust .................................................................. (23.5) - 

Increase in liquidity guarantee................................................................................ 78.1 13.8 

Valuation loss on investments in Government sponsored enterprises................... 37.9 - 

Components of the budget deficit that are not part of net operating cost: 

Capitalized Fixed Assets: 

Department of Defense ....................................................................................... (81.5) (71.6) 

All other agencies................................................................................................ (30.9) (34.8) 

Total Capitalized Fixed Assets ......................................................................... (112.4) (106.4) 

 

Decrease/(increase) in net inventory...................................................................... 5.0 (12.5) 

Investments in Government sponsored enterprises............................................... (95.6) - 

(Increase)/decrease in securities and investments ............................................... (22.4) 17.7 

(Increase) in other assets....................................................................................... (66.4) (24.0) 

Principal repayments of precredit reform loans ..................................................... (10.1) 14.6 

All other reconciling items ...................................................................................... 14.3 (10.9) 

 

Unified budget deficit.............................................................................................. (1,417.1) (454.8) 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2010 

114 

United States Government 

Statements of Changes in Cash Balance from Unified Budget and Other Activities 

for the Years Ended September 30, 2009, and September 30, 2008 

(In billions of dollars) 2009 2008 

 

Unified budget deficit ......................................... (1,417.1) (454.8)

 

Adjustments for noncash outlays included 

 in the budget: 

Interest accrued by Treasury on debt 

held by the public...................................... 171.9 209.0 

TARP downward re-estimate ...................... 110.0 - 

Subsidy expense/(income) (Notes 4 and 5) ... (3.1) 3.0 

Subtotal..................................................... 278.8 212.0 

 

Items affecting the cash balance not 

 included in the Budget: 

Net Transactions from financing activity: 

Borrowings from the public.......................... 8,931.0 5,615.8 

Repayment of debt held by the public......... (7,185.6) (4,853.1) 

Subtotal..................................................... 1,745.4 762.7 

 

Transactions from monetary and other 

 activity: 

Interest paid by Treasury on debt held by 

the public................................................... (170.7) (213.3) 

Net TARP direct loans and equity 

investments activity................................... (291.0) - 

Net GSE—mortgage backed securities 

activity ....................................................... (171.0) (5.0) 

Net loan activity ........................................... 58.7 (30.9) 

Allocations of special drawing rights ........... 48.3 - 

Other............................................................ (112.7) 25.8 

Subtotal..................................................... (638.4) (223.4) 

 

Cash and other monetary assets (Note 2): 

(Decrease)/increase in cash and other 

monetary assets ..................................... (31.3) 296.5 

Balance, beginning of period .................... 424.5 128.0 

Balance, end of period.............................. 393.2 424.5 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2010 

115

United States Government 

Balance Sheets 

as of September 30, 2009, and September 30, 2008 

(In billions of dollars) 2009 2008 

Assets: 

Cash and other monetary assets (Note 2) ..................................... 393.2 424.5 

Accounts and taxes receivable, net (Note 3).................................. 90.2 93.0 

Loans receivable and mortgage backed securities, net (Note 4)... 538.9 253.8 

TARP direct loans and equity investments, net (Note 5) ............... 239.7 - 

Beneficial interest in trust (Note 6) ................................................. 23.5 - 

Inventories and related property, net (Note 7)................................ 284.6 289.6 

Property, plant, and equipment, net (Note 8) ................................. 784.1 737.7 

Securities and investments (Note 9) .............................................. 93.1 79.6 

Investments in Government sponsored enterprises (Note 11)....... 64.7 7.0 

Other assets (Note 12) ................................................................... 155.9 89.5 

Total assets.................................................................................. 2,667.9 1,974.7 

Stewardship land and heritage assets (Note 27) 

Liabilities: 

Accounts payable (Note 13) ........................................................... 73.2 73.3 

Federal debt securities held by the public and accrued interest 

(Note 14)...................................................................................... 7,582.7 5,836.2 

Federal employee and veteran benefits payable (Note 15) ........... 5,283.7 5,318.9 

Environmental and disposal liabilities (Note 16)............................. 341.8 342.8 

Benefits due and payable (Note 17)............................................... 160.8 144.4 

Insurance and guarantee program liabilities (Note 18) .................. 166.2 85.1 

Loan guarantee liabilities (Note 4).................................................. 69.4 72.9 

Liquidity guarantee (Note 11) ......................................................... 91.9 13.8 

Other liabilities (Note 19)................................................................ 354.1 290.8 

Total liabilities .............................................................................. 14,123.8 12,178.2 

Contingencies (Note 22) and Commitments (Note 23) 

Net position: 

Earmarked funds (Note 24) ............................................................ 752.7 704.6 

Non-earmarked funds..................................................................... (12,208.6) (10,908.1) 

Total net position....................................................................... (11,455.9) (10,203.5) 

Total liabilities and net position ................................................. 2,667.9 1,974.7 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2010 

116 

United States Government 

Statements of Social Insurance (Note 26) 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

 UNAUDITED

(In billions of dollars) 2009 2008 2007 2006 2005 

Federal Old-Age, Survivors and Disability Insurance (Social Security): 14

Revenue (Contributions and Earmarked Taxes) from: 

Participants who have attained eligibility age (62 and over) ..... 575 542 477 533 464

Participants who have not attained eligibility age ................ 18,559 18,249 17,515 16,568 15,290

Future participants ..................................................................... 18,082 17,566 16,121 15,006 13,696

All current and future participants..................................... 37,217 36,357 34,113 32,107 29,450

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age (62 and over) ..... (7,465) (6,958) (6,329) (5,866) (5,395)

Participants who have not attained eligibility age ................ (30,207) (29,021) (27,928) (26,211) (23,942)

Future participants ..................................................................... (7,223) (6,933) (6,619) (6,480) (5,816)

All current and future participants..................................... (44,894) (42,911) (40,876) (38,557) (35,154)

Present value of future expenditures in excess of future 

revenue ............................................................................ (7,677)1 (6,555) 2 (6,763) 3 (6,449) 4 (5,704) 5

Federal Hospital Insurance (Medicare Part A): 14

Revenue (Contributions and Earmarked Taxes) from: 

Participants who have attained eligibility age (65 and over) ..... 209 202 178 192 162

Participants who have not attained eligibility age ................ 6,348 6,320 5,975 5,685 5,064

Future participants ..................................................................... 5,451 5,361 4,870 4,767 4,209

All current and future participants..................................... 12,008 11,883 11,023 10,644 9,435

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age (65 and over) ..... (2,958) (2,747) (2,558) (2,397) (2,179)

Participants who have not attained eligibility age ................ (18,147) (17,365) (15,639) (15,633) (12,668)

Future participants ..................................................................... (4,673) (4,506) (5,118) (3,904) (3,417)

All current and future participants..................................... (25,778) (24,619) (23,315) (21,934) (18,264)

Present value of future expenditures in excess of future 

revenue ............................................................................ (13,770)1 (12,736) 2 (12,292)3 (11,290)4 (8,829) 5

Federal Supplementary Medical Insurance (Medicare Part B): 14

Revenue (Premiums) from: 

Participants who have attained eligibility age (65 and over) ..... 49 46 43 40 363

Participants who have not attained eligibility age ................ 4,224 3,859 3,184 3,167 2,900

Future participants ..................................................................... 1,270 1,158 1,172 90 924

All current and future participants..................................... 5,992 5,478 4,789 4,481 4,187

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age (65 and over) ..... (2,142) (1,986) (1,834) (1,773) (1,622)

Participants who have not attained eligibility age ................ (16,342) (14,949) (12,130) (12,433) (11,541)

Future participants ..................................................................... (4,672) (4,262) (4,257) (3,407) (3,408)

All current and future participants..................................... (23,156) (21,197) (18,221) (17,613) (16,571)

Present value of future expenditures in excess of future 

 revenue 6

.............................................................................. (17,165)1 (15,719) 2 (13,432) 3 (13,131) 4 (12,384) 5

Totals may not equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2010 

117

United States Government 

Statements of Social Insurance (Note 26), continued 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

UNAUDITED

(In billions of dollars) 2009 2008 2007 2006 2005 

Federal Supplementary Medical Insurance (Medicare Part D): 14

Revenue (Premiums and State Transfers) from: 

Participants who have attained eligibility age (65 and over) ..... 14 12 16 17 185

Participants who have not attained eligibility age ................ 1,442 1,380 1,627 1,700 1,790

Future participants ..................................................................... 61 60 61 49 572

All current and future participants..................................... 2,199 2,107 2,405 2,366 2,547

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age (65 and over) ..... (595 (581 (794 (792 (880)

Participants who have not attained eligibility age ................ (6,144) (6,527) (7,273) (7,338) (7,913)

Future participants ..................................................................... (2,632) (2,856) (2,699) (2,121) (2,440)

All current and future participants..................................... (9,371) (9,964) (10,766) (10,250) (11,233)

Present value of future expenditures in excess of future 

 revenue 6

.............................................................................. (7,172)1 (7,857) 2 (8,361) 3 (7,884) 4 (8,686) 5

Railroad Retirement: 

Revenue (Contributions and Earmarked Taxes) from: 

Participants who have attained eligibility ........................... 5 5 5 5 4

Participants who have not attained eligibility ..................... 48 43 41 40 37

Future participants............................................................. 70 54 54 56 41

All current and future participants................................... 123 102 100 100 82

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility ........................... (102) (97) (93) (92) (84)

Participants who have not attained eligibility ..................... (91) (88) (86) (84) (73)

Future participants............................................................. (30) (26) (26) (25) (16)

All current and future participants................................... (223) (212) (205) (201) (173)

Present value of future expenditures in excess of 

 future revenue 7

................................................................... (100) 1 (109) 2 (105) 3 (101) 4 (91) 5

Black Lung (Part C): 

Present value of future revenue in excess of future 

expenditures 8 ...................................................................... 6 9 5 10 5 11 4 12 5 13

 

Total present value of future expenditures in excess 

of future revenue................................................................ (45,878) (42,970) (40,948) (38,851) (35,689)

Totals may not equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2010 

118

United States Government 

Statements of Social Insurance (Note 26), continued

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

UNAUDITED

(In billions of dollars) 2009 2008 2007 2006 2005 

Social Insurance Summary: 14

Participants who have attained eligibility age: 

Revenue (e.g., Contributions and earmarked taxes) ......... 1,427 1,333 1,260 1,312 1,178 

Expenditures for scheduled future benefits ....................... (13,262) (12,369) (11,608) (10,920) (10,160)

Present value of future expenditures in excess of 

future revenue ............................................................. (11,835) (11,036) (10,348) (9,608) (8,982)

Participants who have not attained eligibility age: 

Revenue (e.g., Contributions and earmarked taxes) ......... 30,621 29,851 28,342 27,160 25,081 

Expenditures for scheduled future benefits ....................... (70,931) (67,950) (63,056) (61,696) (56,138)

Present value of future expenditures in excess of 

future revenue ............................................................. (40,310) (38,099) (34,714) (34,536) (31,057)

Closed group – Total present value of future 

expenditures in excess of future revenue........................ (52,145) (49,135) (45,062) (44,145) (40,039)

Future participants: 

Revenue (e.g., Contributions and earmarked taxes) ......... 25,491 24,743 22,828 21,227 19,442

Expenditures for scheduled future benefits ....................... (19,224) (18,578) (18,714) (15,933) (15,092)

Present value of future revenue in excess of future 

expenditures ................................................................ 6,267 6,165 4,114 5,294 4,350 

 

Open group – Total present value of future 

expenditures in excess of future revenue........................ (45,878) (42,970) (40,948) (38,851) (35,689) 

1 The projection period is 1/1/2009 -12/31/2083 and the valuation date is 1/1/2009. 2 The projection period is 1/1/2008 -12/31/2082 and the valuation date is 1/1/2008. 3 The projection period is 1/1/2007 -12/31/2081 and the valuation date is 1/1/2007. 4 The projection period is 1/1/2006 -12/31/2080 and the valuation date is 1/1/2006. 5 The projection period is 1/1/2005 -12/31/2079 and the valuation date is 1/1/2005. 6 These amounts represent the present value of the future transfers from the General Fund of the Treasury to the Supplementary Medical 

Insurance Trust Fund. These future intragovernmental transfers are included as income in both HHS’ and the Centers for Medicare & 

Medicaid Services’ Financial Reports but are not income from the Governmentwide perspective of this report. 7 These amounts approximate the present value of the future financial interchange and the future transfers from the General Fund of the 

Treasury to the Social Security Equivalent Benefit Account (see discussion of Railroad Retirement Program in the required supplemental 

information section of this report). They are included as income in the Railroad Retirement Financial Report but are not income from the 

Governmentwide perspective of this report. 

8 Does not include interest expense accruing on the outstanding debt.

9 The projection period is 9/30/2009 -9/30/2040 and the valuation date is 9/30/2009. 10 The projection period is 9/30/2008 -9/30/2040 and the valuation date is 9/30/2008. 11 The projection period is 9/30/2007 -9/30/2040 and the valuation date is 9/30/2007. 12 The projection period is 9/30/2006 -9/30/2040 and the valuation date is 9/30/2006. 13 The projection period is 9/30/2005 -9/30/2040 and the valuation date is 9/30/2005. 14 Participants for the Social Security and Medicare programs are assumed to be the “closed group” of individuals who are at least age 15 

at the start of the projection period, and are participating as either taxpayers, beneficiaries, or both, except for the 2007 Medicare 

programs for which current participants are assumed to be at least 18 instead of 15 years of age. 

Totals may not equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements. 
 

TRUST FUNDS 

March 2010 

119

INTRODUCTION: Airport and Airway Trust Fund 

The Airport and Airway Trust Fund was established on 

the books of Treasury in fiscal year 1971, according to 

provisions of the Airport and Airway Revenue Act of 1970 

[49 United States Code 1742(a), repealed]. The Tax Equity 

and Fiscal Responsibility Act of 1982 (Public Law 97-248, 

dated September 3, 1982) reestablished the trust fund in the 

Internal Revenue Code (26 United States Code 9502) 

effective September 1, 1982. 

Treasury transfers from the general fund to the trust 

fund amounts equivalent to the taxes received from 

transportation of persons and property by air, gasoline and 

jet fuel used in commercial and noncommercial aircraft, 

and an international arrival and departure tax. The Omnibus 

Budget Reconciliation Act of 1990 (Public Law 101-508, 

dated November 5, 1990) increased rates for the excise 

taxes transferred to the fund. 

Treasury bases these transfers on estimates made by the 

Secretary of the Treasury. These are subject to adjustments 

in later transfers in the amount of actual tax receipts. 

The Taxpayer Relief Act of 1997 (Public Law 105-34), 

effective October 1, 1997, extended the aviation excise 

taxes for 10 years, until September 30, 2007. The Act 

included other provisions that: 

• Converted the 10 percent ad valorem tax on 

domestic passenger tickets to a combination of ad 

valorem/flight segment tax over 3 years, beginning October 

1, 1997. The tax is 7.5 percent, plus in calendar year 2009, 

a $3.60 tax per segment. 

• Retained the existing freight waybill and general 

aviation jet fuel/gas taxes. It also retained a special rule 

applied to flights between the continental United States and 

Alaska or Hawaii. The $6 departure tax is indexed to the 

Consumer Price Index. Effective calendar year 2009, the 

tax is $8.00. 

• Imposed a new 7.5 percent tax on payments to 

airlines for frequent flyer and similar awards by banks and 

credit card companies, merchants and frequent flyer 

program partners, such as other airlines, hotels and rental 

car companies, and other businesses. 

• Increased the $6 international departure tax to $12 

per passenger and added a $12 international arrival tax, 

indexed to the Consumer Price Index. Effective 2009, the 

tax is $16.10. 

• Lowered ticket tax rates on flights to certain rural 

airports to 7.5 percent without a flight segment tax 

component. 

• Transferred revenues from the 4.3 cents-per-gallon 

aviation fuel tax previously dedicated to reducing the 

national deficit from the general fund to the Airport and 

Airway Trust Fund. 

The aviation excise taxes were extended as part of a series 

of continuing resolutions (Public Laws 110-92, 110-116, 110-

137, and 110-149), the Consolidated Appropriations Act, 

2008 (Public Law 110-161), the Airport and Airway 

Extension Act of 2008 (Public Law 110-190), the Federal 

Aviator Administration Extension Act, 2008 (Public Laws 

110-252 and 110-330), the Federal Aviation Administration 

Extension Act 2009 (Public Law 111-12), and the Fiscal 

Year 2010 Federal Aviation Administration Extension Act 

(Public Laws 111-69 and 111-16). As of January 20, 2010, 

the majority of the taxes (with the exception of the 4.3 cents 

per gallon component of the fuel taxes) are scheduled to 

expire on March 31, 2010. 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the trust fund exceed outlay 

requirements, Treasury invests excess amounts in public 

debt securities and credits the interest to the fund. 

Additional sums from the general fund also are credited as 

authorized and made available, by law, if they are needed to 

meet outlay requirements. 

Treasury makes available to the Federal Aviation 

Administration (FAA), Department of Transportation 

(DOT), amounts required for outlays to carry out the 

Airport and Airway program. The Secretary of the Treasury 

makes other charges to the trust fund to transfer certain 

refunds of taxes and certain outfits, under section 34 of the 

Internal Revenue Code (IRC). 

Annual reports to Congress, required by 26 U.S.C. 9602 

(a), are submitted by the Secretary of the Treasury, after 

consultation with the Secretary of Transportation. These 

reports are required to cover the financial condition and 

results of operations of the trust fund during the past fiscal 

year and those expected during the next 5 fiscal years. 
TRUST FUNDS 

March 2010 

120

TABLE TF-1.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2009 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2008 ................................................................................................................................................................................................ $9,705,144,424

Receipts: 

Excise taxes (transferred from general fund): Liquid fuel other than gasoline.............................................................. 4041...................................................................................... 527,306,000

Gasoline................................................................................................ 4081...................................................................................... 29,264,000

Transportation by airseats, berths, etc ................................................. 4261 (a) (b)........................................................................... 7,465,647,000

Use of international travel facilities....................................................... 4261 (c)................................................................................. 2,187,182,000

Transportation of property, cargo ......................................................... 4271...................................................................................... 469,881,000

Gross excise taxes ....................................................................................................................................................................................... 10,679,280,000

Less refunds of taxes (reimbursed to general fund): Liquid fuel other than gasoline.................................................................. 4041...................................................................................... 87,237,000

Gasoline................................................................................................................................................................................................................ 22,797,000

Total refunds of taxes ....................................................................................................................................................................................... 110,034,000

Net taxes........................................................................................................................................................................................................... 10,569,246,000

Interest on investments......................................................................................................................................................................................... 308,000,000

Total receipts .................................................................................................................................................................................................... 10,877,246,000

Offsetting collections................................................................................................................................................................................................. 82,000,000

Expenses: Operations ............................................................................................................................................................................................................ 5,238,005,000

Grants in aid.......................................................................................................................................................................................................... 3,876,456,294

Facilities and equipment....................................................................................................................................................................................... 2,459,855,624

Research, engineering, and development............................................................................................................................................................ 143,475,940

Air carriers............................................................................................................................................................................................................. 84,831,201

Total expenses.................................................................................................................................................................................................. 11,802,624,059

Offsetting collections................................................................................................................................................................................................. 82,000,000

Balance Sept. 30, 2009 ............................................................................................................................................................................................ $8,779,766,365

 

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2010-2014 

[In millions of dollars. Source: DOT] 

2010 2011 2012 2013 2014

Balance Oct. 1 ............................................................................ 8,780 10,357 10,212 10,378 11,003

Receipts: 

Excise taxes, net of refunds.................................................... 11,798 12,493 13,179 13,970 14,812

Interest on investments........................................................... 216 271 268 307 348

Offsetting collections............................................................... 156 - - - -

Total receipts ...................................................................... 12,170 12,764 13,447 14,277 15,160

Expenses: 

Gross Outlays ......................................................................... 10,593 12,909 13,281 13,652 13,918

Balance Sept. 30......................................................................... 10,357 10,212 10,378 11,003 12,245

 

* There may be slight differences in the reported figures due to rounding. 
TRUST FUNDS 

 March 2010 

121

INTRODUCTION: Uranium Enrichment 

Decontamination and Decommissioning (D&D) Fund 

The Uranium Enrichment D&D Fund was established on 

the books of the Treasury in fiscal year 1993, according to 

provisions of the Energy Policy Act of 1992 (42 United 

States Code 2297g). Receipts represent (1) fees collected 

from domestic public utilities based on their pro rata share of 

purchases of separative work units from the Department of 

Energy (DOE) and (2) appropriations toward the 

Government contribution based on the balance of separative 

work unit purchases. 

Expenditures from the fund are for the purpose of (1) 

decontamination and decommissioning of the three gaseous 

diffusion plants, (2) remedial actions and related 

environmental restoration costs at the gaseous diffusion 

plants, and (3) reimbursement to uranium/thorium producers 

for the costs of decontamination, decommissioning, 

reclamation, and remedial action of uranium/thorium sites 

that are incident to sales to the U.S. Government. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities 

congruent with the needs of the fund and (2) bearing interest 

at rates determined appropriate, taking into consideration the 

current average market yield on outstanding marketable 

obligations of the United States with remaining periods to 

maturity comparable to these investments. 

The Secretary of the Treasury is required by 42 United 

States Code 2297g(b)(1) to provide an annual report to 

Congress, after consultation with the Secretary of Energy. 

This report must present the financial condition and the 

results of operations of the fund during the preceding fiscal 

year. 

The Energy Policy Act of 1992 (42 United States Code 

2297g-1, as amended) authorizes funding to ensure annual 

deposits to the fund of $518.2 million before adjustments for 

inflation. The Act stipulates that the Government deposit 

$396.6 million, adjusted for inflation, annually. The Act also 

calls for deposits of $150 million from domestic public 

utility assessments. The assessments were authorized for 15 

years with the final assessment scheduled for fiscal year 

2007. Between fiscal years 1993 and 2007, the total 

Government contribution amount authorized by the Act was 

$6,281.0 million. During that time span, the Government 

contributed only $5,362.4 million to the fund. The resulting 

shortfall in authorized Government contributions was, 

therefore, $918.6 million. The Government has continued to 

make annual contributions to eliminate this shortfall. 

Through fiscal year 2009 contributions, the overall shortfall 

(after adjustments for inflation) is $40.6 million. 
TRUST FUNDS 

March 2010 

122

TABLE TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund 

Results of Operations, Fiscal Year 2009 

[Source: DOE] 

Balance Oct. 1, 2008 ................................................................................................................................................................................. $4,413,528

Receipts: 

Fees collected........................................................................................................................................................................................ 463,000,000

Penalties collected ................................................................................................................................................................................. -

Interest on investments.......................................................................................................................................................................... 155,720,394

Total receipts...................................................................................................................................................................................... 618,720,394

Outlays: 

DOE, decontamination and decommissioning activities........................................................................................................................ 542,374,485

Cost of investments................................................................................................................................................................................ 71,010,819

Total outlays....................................................................................................................................................................................... 613,385,304

Balance Sept. 30, 2009.............................................................................................................................................................................. $9,748,618

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2010-2014 

[In thousands of dollars. Source: DOE] 

 2010 2011 2012 2013 2014

Balance Oct. 1 ......................................................................... 9,749 2,500 2,500 2,500 2,500

Receipts: 

 

Fees collected...................................................................... 463,000 ----

Interest collected.................................................................. 175,011 160,857 146,220 131,046 115,344

Total receipts ................................................................... 638,011 160,857 146,220 131,046 115,344

Outlays: 

 

DOE, decontamination and decommissioning fund ............ 593,850 549,463 548,085 547,627 546,451

Costs of investments ........................................................... 51,410 -388,606 -401,865 -416,581 -431,107

Total outlays..................................................................... 645,260 160,857 146,220 131,046 115,344

Balance Sept. 30...................................................................... 2,500 2,500 2,500 2,500 2,500
TRUST FUNDS 

 March 2010 

123

INTRODUCTION: Black Lung Disability Trust Fund 

The Black Lung Disability Trust Fund was established on 

the books of the Treasury in fiscal year 1978 according to the 

Black Lung Benefits Revenue Act of 1977 (Public Law 95-

227). The Black Lung Benefits Revenue Act of 1981 (Public 

Law 97-119) reestablished the fund in the Internal Revenue 

Code (IRC), 26 United States Code 9501. 

The Consolidated Omnibus Budget Reconciliation Act of 

1985 (Public Law 99-272), enacted April 7, 1986, provided 

for an increase in the coal tax rates effective April 1, 1986, 

through December 31, 1995, and a 5-year forgiveness of 

interest retroactive to October 1, 1985. The 5-year moratorium 

on interest payments ended on September 30, 1990. Payment 

of interest on advances resumed in fiscal year 1991. The 

Omnibus Budget Reconciliation Act of 1987 (Public Law 

100-203, title X, section 10503), signed December 22, 1987, 

extended the temporary increase in the coal tax through 

December 31, 2013. 

The Emergency Economic Stabilization Act of 2008 

(Public Law 110-343, title I, subtitle B, section 113), enacted 

October 3, 2008, restructured the Trust Fund Debt by 1) 

refinancing the outstanding principal of the repayable 

advances and unpaid interest on such advances and 2) 

providing a one time Appropriation to the Trust Fund in an 

amount sufficient to pay to the general fund of the Treasury 

the difference between the market value of the outstanding 

repayable advances, plus accrued interest and the proceeds 

from the obligations issued by the Trust Fund to the 

Secretary of the Treasury. The Act also extends the 

temporary increase in the coal tax through December 31, 

2018, and allows the prepayment of the Trust Fund debt 

prior to the maturity date. 

The Code designates the following receipts to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund: excise taxes on coal sold; taxable 

expenditures of self-dealing by, and excess contributions to, 

private black lung benefit trusts; reimbursements by 

responsible mine operators; and related fines, penalties and 

interest charges. 

Estimates made by the Secretary of the Treasury 

determine monthly transfers of amounts for excise taxes to the 

trust fund subject to adjustments in later transfers to actual tax 

receipts. 

After retirement of the current indebtedness, amounts 

available in the fund exceeding current expenditure 

requirements will be invested by the Secretary of the Treasury 

in interest-bearing public debt securities. Any interest earned 

will be credited to the fund. Also credited, if necessary, will 

be repayable advances from the general fund to meet outlay 

requirements exceeding available revenues. 

To carry out the program, amounts are made available to 

the Department of Labor (DOL). Also charged to the fund are 

administrative expenses incurred by the Department of Health 

and Human Services (HHS) and the Treasury, repayments of 

advances from the general fund and interest on advances. 

The Code requires the Secretary of the Treasury to submit 

an annual report to Congress after consultation with the 

Secretary of Labor and the Secretary of HHS [26 United 

States Code 9602(a)]. The report must present the financial 

condition and results of operations of the fund during the past 

fiscal year and the expected condition and operations of the 

fund during the next 5 fiscal years. 
TRUST FUNDS 

March 2010 

124

TABLE TF-3.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2009 

[Source: DOL] 

Balance Oct. 1, 2009 1 ......................................................................................................................................................................................... $53,064,104

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 297,906,000

$0.55 tax on surface coal............................................................................................................................................................................. 190,587,000

4.4 percent tax on underground coal........................................................................................................................................................... 12,428,000

4.4 percent tax on surface coal.................................................................................................................................................................... 143,960,000

Fines, penalties, and interest....................................................................................................................................................................... 884,479

Collection—responsible mine operators...................................................................................................................................................... 8,277,199

Recovery of prior year funds........................................................................................................................................................................ -

Repayable advances from the general fund................................................................................................................................................ -

One time appropriation 2 .............................................................................................................................................................................. 6,497,989,448

Total receipts............................................................................................................................................................................................ 7,152,032,126

Net receipts .............................................................................................................................................................................................. 7,152,032,126

Outlays: 

Treasury administrative expenses................................................................................................................................................................... 384,906

Salaries and expenses—DOL—Departmental Management.......................................................................................................................... 24,694,000

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 325,000

Salaries and expenses—DOL—Employment Standards Administration........................................................................................................ 32,308,000

Total outlays................................................................................................................................................................................................. 57,711,906

Expenses: 

Program expenses—DOL................................................................................................................................................................................ 254,987,052

Interest on repayable advances....................................................................................................................................................................... 14,490,070

Repayment of principal debt ............................................................................................................................................................................ 3,987,839,486

Premium........................................................................................................................................................................................................... 2,495,659,891

Repayment of bond principal ........................................................................................................................................................................... 337,471,990

Interest on principal debt.................................................................................................................................................................................. 4,467,054

Total expenses............................................................................................................................................................................................. 7,094,915,543

Balance Sept. 30, 2009 ........................................................................................................................................................................................ 52,468,781

Cumulative debt, end of year ............................................................................................................................................................................... $6,158,245,424

 

1

 Previous balance of $53,064,086 was submitted in error. The correct beginning balance is 

$53,064,104. 

2

 One time appropriation for the repayment of outstanding debt. 
TRUST FUNDS 

 March 2010 

125

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2010-2014 

[In thousands of dollars. Source: DOL] 

 2010 2011 2012 2013 2014

Balance Oct. 1 ........................................................................................ 52,469 52,469 52,469 52,469 52,469

Receipts: 

Excise taxes....................................................................................... 638,000 647,000 657,000 665,000 671,000

Advances from the general fund........................................................ 18,930 56,323 106,937 156,361 215,214

Fines, penalties, and interest............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 658,930 705,323 765,937 823,361 888,214

Outlays: 

Benefit payments ............................................................................... 235,679 224,189 211,189 199,114 186,759

Administrative expenses.................................................................... 58,494 59,152 61,150 61,150 61,150

Repayable advances - 20,930 58,323 106,937 158,361

Interest on repayable advances ........................................................ - 147 3,190 3,721 9,095

Repayment of principal debt.............................................................. 353,424 379,286 394,287 396,403 397,383

Interest on principal debt ................................................................... 11,333 21,619 37,199 56,036 75,466

Total outlays................................................................................... 658,930 705,323 765,937 823,361 888,214

Balance Sept. 30.................................................................................... 52,469 52,469 52,469 52,469 52,469

Cumulative debt, end of year................................................................. 5,804,821 5,446,612 5,113,838 4,828,093 4,598,166

 

Note.—Detail may not add to totals due to rounding. 
TRUST FUNDS 

March 2010 

126

INTRODUCTION: Harbor Maintenance Trust Fund 

The Harbor Maintenance Trust Fund was established on 

the books of the Treasury on April 1, 1987, according to the 

Water Resources Development Act of 1986 (Public Law 99-

662, November 17, 1986) (26 United States Code 9505). 

Amounts in the Harbor Maintenance Trust Fund are 

available as provided by appropriation acts for making 

expenditures to carry out section 210(a) of the Water 

Resources Development Act of 1986. The appropriations act 

for the Department of Transportation (DOT) for fiscal year 

1995 (Public Law 103-331, September 28, 1994), section 

339, waived collection of charges or tolls on the Saint 

Lawrence Seaway in accordance with section 13(b) of the 

Act of May 13, 1954 (as in effect on April 1, 1987). 

Legislation was passed in the North American Free Trade 

Agreement Implementation Act (Public Law 103-182, 

section 683), which amends paragraph (3) of section 9505(c) 

of the IRC of 1986, to authorize payment of up to $5 million 

annually to Treasury for all expenses of administration 

incurred by the Treasury, the U.S. Army Corps of Engineers 

and the Department of Commerce (Commerce) related to the 

administration of subchapter A of chapter 36 (relating to 

harbor maintenance tax). Section 201 of the Water 

Resources Development Act of 1996 (Public Law 104-303) 

authorizes use of the Harbor Maintenance Trust Fund for 

construction of dredged material disposal facilities 

associated with the operation and maintenance of Federal 

navigation projects for commercial navigation. 

A summary judgment issued October 25, 1995, by the 

United States Court of International Trade in the case United 

States Shoe Corp. v. United States (Court No. 94-11-00668) 

found the Harbor Maintenance fee unconstitutional under the 

Export Clause of the Constitution (Article I, section 9, clause 

5) and enjoined the Customs Service from collecting the fee. 

The decision was affirmed by the Supreme Court on 

March 31, 1998 (118 Supreme Court 1290). With the tax on 

exports no longer collected, revenues have been reduced by 

approximately 30 percent. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress [26 United States Code 

9602(a)]. The report must present the financial condition and 

results of operations of the fund during the past fiscal year 

and the expected condition and operations of the fund during 

the next 5 fiscal years. 

TABLE TF-4.—Harbor Maintenance Trust Fund 

Results of Operations, Fiscal Year 2009 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2008 ............................................................................................................................................................................................................ $4,649,004,412 

Receipts: 

Excise taxes: 

Imports .......................................................................................................................................................................................................................... 856,445,404 

Exports.......................................................................................................................................................................................................................... 500 

Domestic ....................................................................................................................................................................................................................... 74,319,344 

Passengers ................................................................................................................................................................................................................... 9,917,211 

Foreign trade................................................................................................................................................................................................................. 184,560,318 

Interest on investments................................................................................................................................................................................................. 128,224,282 

Total receipts ............................................................................................................................................................................................................ 1,253,467,059 

Expenses: 

Corps of Engineers ........................................................................................................................................................................................................... 772,543,000 

Saint Lawrence Seaway Development Corporation/DOT................................................................................................................................................ 31,842,000 

Administrative cost for Department of Homeland Security (Customs)............................................................................................................................. 3,154,000 

Operating expenses, miscellaneous returns .................................................................................................................................................................... - 

Total expenses.............................................................................................................................................................................................................. 807,539,000 

Balance Sept. 30, 2009 ........................................................................................................................................................................................................ $5,094,932,471 
TRUST FUNDS 

 March 2010 

127

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2010-2014* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2010 2011 2012 2013 2014

Balance Oct. 1 ..................................................................................................... 5,095.0 5,039.0 5,720.0 6,535.0 7,471.0

Receipts: 

Harbor maintenance fee .................................................................................. 1,239.0 1,328.0 1,430.0 1,500.0 1,555.0

Interest on investments.................................................................................... 146.0 153.0 209.0 284.0 347.0

Total receipts ............................................................................................... 1,385.0 1,481.0 1,639.0 1,784.0 1,902.0

Outlays: 

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo.....................................................................................

-----

Corps of Engineers operation, maintenance, 

and administrative expenses .......................................................................

1,367.0 725.0 747.0 770.0 794.0

Corps of Engineers construction ..................................................................... 39.0 40.0 41.0 42.0 42.0

Saint Lawrence Seaway Development Corporation/DOT............................... 31.0 31.0 32.0 32.0 32.0

Administrative expenses for Department of Homeland Security 

(Customs Service).................................................................................................... 4.0 4.0 4.0 4.0 4.0

Total outlays................................................................................................. 1,441.0 800.0 824.0 848.0 873.0

Balance Sept. 30.................................................................................................. 5,039.0 5,720.0 6,535.0 7,471.0 8,500.0

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenses. 
TRUST FUNDS 

March 2010 

128

INTRODUCTION: Hazardous Substance Superfund 

The Hazardous Substance Response Trust Fund was 

established on the books of the Treasury in fiscal year 1981, 

in accordance with section 221 of the Hazardous Substance 

Response Revenue Act of 1980 [42 United States Code 

9631(a), repealed]. The trust fund was renamed the 

Hazardous Substance Superfund (Superfund) and relocated 

in accordance with section 517 of the Superfund 

Amendments and Reauthorization Act of 1986 [Public Law 

99-499, dated October 17, 1986 (26 United States Code 

9507)]. 

The authority to collect excise taxes on petroleum and 

chemicals, and an environmental tax for all corporations 

with modified alternative taxable income in excess of $2 

million, expired in 1995. To implement the Superfund 

program, amounts are appropriated from the Superfund to 

the Environmental Protection Agency (EPA) for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the 

Superfund and the results of operation for the past fiscal 

year, and its expected condition during the next 5 fiscal 

years. 

TABLE TF-5.—Hazardous Substance Superfund 1, 2

Results of Operations, Fiscal Year 2009 

[Source: EPA] 

Balance Oct. 1, 2008 ...................................................................................................................................................................................... $132,850,000

Receipts: 

Crude and petroleum .................................................................................................................................................................................. -

Certain chemicals........................................................................................................................................................................................ -

Corporate environmental ............................................................................................................................................................................ -

General fund appropriation ......................................................................................................................................................................... 1,748,000,000

Cost recoveries ........................................................................................................................................................................................... 97,000,000

Fines and penalties..................................................................................................................................................................................... 1,000,000

Interest on investments............................................................................................................................................................................... -51,000,000

Offsetting collections................................................................................................................................................................................... -

Agency for Toxic Substance and Disease Registry offsetting collections.................................................................................................. -

Total receipts........................................................................................................................................................................................... 1,795,000,000

Expenses: 

EPA expense .............................................................................................................................................................................................. 1,885,000,000

Other expenses........................................................................................................................................................................................... 17,000,000

Total expenses........................................................................................................................................................................................ 1,902,000,000

Balance Sept. 30, 2009................................................................................................................................................................................... $25,850,000

1

 Reporting in this Superfund Trust Fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this trust fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate trust fund reporting. 

2

 Reporting excludes the Iron Mountain account in the Hazardous Substance Superfund 

Trust Fund. 
TRUST FUNDS 

 March 2010 

129

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2010-2014 1, 2, 3

[In millions of dollars. Source: EPA] 

2010 2011 2012 2013 2014

Balance Oct. 1 ................................................................................................. 26 154 155 156 157

Receipts: 

Interest ......................................................................................................... 86 87 88 89 90

Recoveries ................................................................................................... 104 104 104 104 104

Fines and penalties...................................................................................... 2 222 2

Taxes ........................................................................................................... - --- -

Offsetting collections.................................................................................... - --- -

General revenues ........................................................................................ 1,281 1,139 1,138 1,137 1,136

Total receipts ........................................................................................... 1,473 1,332 1,332 1,332 1,332

Appropriations 2................................................................................................ 1,307 1,293 1,293 1,293 1,293

Other expenses................................................................................................ 38 38 38 38 38

Balance Sept. 30.............................................................................................. 154 155 156 157 158

1

 Reporting in this Superfund Trust Fund table is consistent with previously reported 

presentations. However, the structure of this table may not accurately reflect the status of 

this trust fund. As a result, this table may be revised in future reports and other resources 

should be utilized for accurate trust fund reporting. 

2

 Fiscal year 2009 appropriation represents a full-year Continuing Resolution (CR) based on 

fiscal year 2008 Enacted appropriation level. Fiscal year 2009 excludes potential economic 

stimulus supplemental funding. 

3

 Fiscal year 2010 represents Current Services Baseline (CSB). 
TRUST FUNDS 

March 2010 

130

INTRODUCTION: Highway Trust Fund 

The Highway Trust Fund was established on the books 

of the Treasury in fiscal year 1957, according to provisions 

of the Highway Revenue Act of 1956 (Act of June 29, 1956, 

chapter 462, section 209). It has been amended and extended 

by various highway surface transportation and other acts 

since 1959. Section 1110(d) of the Safe, Accountable, 

Flexible, Efficient Transportation Equity Act: A Legacy For 

Users (SAFETEA-LU) (Public Law 109-59) extended the 

Highway Trust Fund to be available for making expenditures 

before September 30, 2009 (October 1, 2009, in the case of 

expenditures for administrative expenses). 

Amounts equivalent to taxes on gasoline, diesel fuel, 

special motor fuels, certain tires, heavy trucks and trailers, 

and heavy vehicle use are designated by the Act to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund. These transfers are made twice 

monthly based on estimates by the Secretary of the Treasury, 

subject to later adjustments to reflect the amount of actual 

tax receipts. Amounts available in the fund exceeding outlay 

requirements are invested in non-interest-bearing public debt 

securities. 

Within the fund is a mass transit account, funded by a 

portion of the excise tax collections under sections 4041 and 

4081 of the IRC (title 26 United States Code). The funds 

from this account are used for expenditures in accordance 

with chapter 53 of title 49 United States Code, the 

Intermodal Surface Transportation Efficiency Act of 1991 

(Public Law 102-240), the Transportation Equity Act for the 

21st Century (TEA-21), and SAFETEA-LU. The remaining 

excise taxes are included in a separate account within the 

trust fund commonly referred to as the highway account. 

Expenditures from this account are made according to the 

provisions of various transportation acts. 

Amounts required for outlays to carry out the eligible 

surface transportation programs are made available to the 

responsible operating administrations within the Department 

of Transportation. Other charges to the trust fund are made 

by the Secretary of the Treasury for transfer of certain taxes 

to the Land and Water Conservation Fund and the Aquatic 

Resources Trust Fund. 

The Secretary of the Treasury, in consultation with the 

Secretary of Transportation, is required to submit annual 

reports to Congress by section 9602(a) of title 26 United 

States Code. These reports cover the financial condition and 

results of operations of the fund for the past fiscal year and 

expected condition and operations during the next 5 fiscal 

years. 

In addition, the Secretary of the Treasury is required by 

26 U.S.C. 9503(d)(7) to report to specified Congressional 

Committees any estimate which he, in consultation with the 

Secretary of Transportation, makes pursuant to 26 U.S.C. 

9503(d)(1) or any determination which he makes pursuant to 

26 U.S.C. 9503(d)(2). The Congressional Committees are 

the Committee on Ways and Means of the House of 

Representatives, the Committee on Finance of the Senate, 

the Committees on the Budget of both Houses, the 

Committee on Transportation and Infrastructure of the 

House of Representatives, and the Committee on 

Environment and Public Works of the Senate. 
TRUST FUNDS 

 March 2010 

131

TABLE TF-6.—Highway Trust Fund 

Results of Operations, Fiscal Year 2009 

[Source: DOT] 

Description IRC section (26 United States Code) Amount

Balance Oct. 1, 2008 ........................................................................................................................................................................................... $16,818,852,050

Receipts: Excise taxes (transferred from general fund): Gasoline ........................................................................................................ 4081.......................................................................... 24,626,848,000

Diesel and special motor fuels...................................................................... 4041.......................................................................... 9,323,118,000

Highway tires................................................................................................. 4071.......................................................................... 314,276,000

Retail tax on trucks........................................................................................ 4051.......................................................................... 1,890,021,000

Heavy vehicle use......................................................................................... 4481.......................................................................... 962,528,000

Total excise taxes .................................................................................................................................................................................... 37,116,791,000

Less refunds and tax credits (reimbursed to general fund): 

Diesel fuel........................................................................................................................................................................................................ 654,505,000

Gasoline .......................................................................................................................................................................................................... 391,262,000

Total refunds and tax credits ................................................................................................................................................................... 1,045,767,000

Less transfers: 

To Land and Water Conservation Fund ...................................................................................................................................................... 1,000,000

To Aquatic Resources Trust Fund............................................................................................................................................................... 487,001,000

To Airport Resources Trust Fund ................................................................................................................................................................ 647,366,000

To general fund............................................................................................................................................................................................ 1,135,367,000

Total transfers .......................................................................................................................................................................................... 

Other income: 

Fines and penalties...................................................................................................................................................................................... 25,586,445

Cash Management Improvement Act interest (net)..................................................................................................................................... 1,151,229

Transfer from TIFIA loan subsidy re-estimate ........................................................................................................................................... 164,342,164

Transfer from general fund – P.L. 110-318 ................................................................................................................................................. 7,000,000,000

Total other income ................................................................................................................................................................................... 7,191,079,838

Net receipts .......................................................................................................................................................................................... 42,126,736,838

Expenses: 

Federal Highway Administration: 

Federal aid to highways............................................................................................................................................................................... 36,347,114,070

Right-of-way revolving fund ......................................................................................................................................................................... -11,735,522

Other ............................................................................................................................................................................................................ 73,410,313

Total ......................................................................................................................................................................................................... 36,408,788,861

Federal Motor Carrier Safety Administration ............................................................................................................................................... 507,858,507

Federal Transit Administration..................................................................................................................................................................... 7,280,702,116

National Highway Traffic Safety Administration: 

Operations and research ......................................................................................................................................................................... 125,766,432

Highway traffic safety grants.................................................................................................................................................................... 523,479,118

National driver register............................................................................................................................................................................. 4,977,508

Total ..................................................................................................................................................................................................... 654,223,058

Federal Railroad Administration: 

Other agencies............................................................................................................................................................................................. 446,536

Total expenses......................................................................................................................................................................................... 44,852,019,078

Balance Sept. 30, 2009........................................................................................................................................................................................ $14,093,569,810
TRUST FUNDS 

March 2010 

132

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2010-2014 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

 2010 2011 2012 2013 2014

Balance Oct. 1*.............................................................. 14 - -14 -15 -8

Receipts: 

Excise taxes, net of refunds....................................... 36 37 38 39 39

Interest, net ................................................................ - - - - -

Total receipts ......................................................... 36 37 38 39 39

Outlays........................................................................... 50 51 39 32 38

Balance Sept. 30............................................................ - -14 -15 -8 -7

 

* P.L. 110-318 transferred $7 billion from the General Fund into the Highway Trust Fund. 

Mass Transit Account 

 2010 2011 2012 2013 2014

 

Balance Oct. 1 .................................................................... 5 1 -2 -4 -4

Receipts: 

Excise taxes, net of refunds............................................ 5 5 5 5 5

Interest, net ..................................................................... - - - - -

Total receipts .............................................................. 5 5 5 5 5

Outlays................................................................................ 9 8 7 5 4

Balance Sept. 30................................................................. 1 -2 -4 -4 -3

 

Highway Account 

 2010 2011 2012 2013 2014

 

Balance Oct. 1 ......................................................................... 9 -2 -11 -10 -3

Receipts: 

Excise taxes, net of refunds................................................. 31 32 33 34 34

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... 31 33 33 34 34

Outlays..................................................................................... 42 42 32 27 34

Balance Sept. 30...................................................................... -2 -11 -10 -3 -3

Unfunded authorizations (EOY)............................................... 83 97 71 79 82

48-month revenue estimate..................................................... 133 136 138 139 139

 
TRUST FUNDS 

 March 2010 

133

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2010. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2010. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2011) .............................................................................................................. 85 

less: 

Cash balance (fiscal year 2011) ......................................................................................................................................................................................... -12

Unfunded authorizations (fiscal year 2011)........................................................................................................................................................................ 97 

48-month revenue estimate (fiscal years 2012, 2013, 2014, and 2015)............................................................................................................................ 136

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2011) .............................................................................................................. 15

less: 

Cash balance (fiscal year 2011) ......................................................................................................................................................................................... -2

Unfunded authorizations (fiscal year 2011)........................................................................................................................................................................ 17

48-month revenue estimate (fiscal years 2012, 2013, 2014, and 2015)............................................................................................................................ 20
TRUST FUNDS 

March 2010 

134

INTRODUCTION: Inland Waterways Trust Fund 

The Inland Waterways Trust Fund was established by the 

Treasury in fiscal year 1984, pursuant to section 203 of the 

Inland Waterways Revenue Act of 1978 (Public Law 95-

502) and continued pursuant to section 1405 of the Water 

Resources Development Act of 1986 (Public Law 99-662, 

codified at 26 United States Code 9506). Under 26 United 

States Code 9506(b), amounts from taxes on fuel used in 

commercial transportation on inland waterways, as 

determined by the Secretary of the Treasury, are 

appropriated to the trust fund. 

The Technical and Miscellaneous Revenue Act of 1988 

(Public Law 100-647, approved November 10, 1988) 

increased the tax each year, 1990 through 1995. These 

amounts are transferred quarterly from the general fund 

based on estimates made by the Secretary, subject to 

adjustments in later transfers to the amounts of actual tax 

receipts. 

The Secretary of the Treasury invests in interest-bearing 

obligations of the United States that portion of the trust fund, 

in his judgment, not required to meet current withdrawals. 

The interest on, and proceeds from, the sale or redemption of 

any obligation held in the trust fund is credited to the trust 

fund. The Inland Waterways Revenue Act of 1978 (Public 

Law 95-502) provides that amounts in the trust fund shall be 

available as provided, by appropriations acts, for 

construction and rehabilitation expenditures for navigation 

on the inland and intracoastal waterways of the United States 

described in 33 United States Code 1804. Expenditures must 

be otherwise authorized by law. 

Annual reports to Congress are required by 26 United 

States Code 9602(a) to be submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and the results of operations of the fund during the 

past fiscal year and its expected condition and operations 

during the next 5 fiscal years. 

TABLE TF-7.—Inland Waterways Trust Fund 

Results of Operations, Fiscal Year 2009 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2008........................................................................................................................................................................................... $130,793,614

Receipts: 

Fuel taxes/revenues......................................................................................................................................................................................... 75,952,000

Interest on investments.................................................................................................................................................................................... 444,853

Total receipts................................................................................................................................................................................................ 76,396,853

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 149,469,112

Balance Sept. 30, 2009........................................................................................................................................................................................ $57,723,355

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2010-2014* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2010 2011 2012 2013 2014

 

Balance Oct. 1....................................................................................................... 58 29 3 3 3

Receipts: 

Fuel taxes.......................................................................................................... 76 76 76 76 76

Interest on investments..................................................................................... - - - - -

Total receipts................................................................................................. 76 76 76 76 76

Transfers: 

Corps of Engineers ........................................................................................... 105 102 76 76 76

Balance Sept. 30................................................................................................... 29 3 3 3 3

 

* Outyear projections are based on economic conditions and agencies’ best projections of 

revenues and expenditures. 
TRUST FUNDS 

 March 2010 

135

INTRODUCTION: Leaking Underground Storage Tank Trust Fund 

The Leaking Underground Storage Tank (LUST) Trust 

Fund was established in fiscal year 1981 according to 

provisions of the Comprehensive Environmental Response, 

Compensation and Liability Act of 1980 (Public Law 96-510, 

codified at 26 United States Code 9508), as amended by the 

Superfund Amendments and Re-authorization Act of 1986 

(Public Law 99-499, dated October 17, 1986), sections 

13163(c) and 13242(d)(42) of the Omnibus Budget 

Reconciliation Act of 1993 (Public Law 103-66, dated August 

10, 1993), and section 1032(e)(13) of the Taxpayer Relief Act 

of 1987 (Public Law 105-34, dated August 5, 1997). 

The LUST Trust Fund is financed by taxes collected on 

gasoline, diesel fuels, special motor fuels, aviation fuels and 

fuels used in commercial transportation on inland 

waterways. Amounts available in the LUST Trust Fund, 

exceeding current expenditure requirements, are invested by 

the Secretary of the Treasury in interest-bearing Government 

securities (e.g., Treasury bills). All interest earned is credited 

directly to the LUST Trust Fund. 

To carry out the LUST program, amounts are 

appropriated for the LUST Trust Fund to the EPA for 

programmatic and administrative expenses. 

An annual report to Congress by the Secretary of the 

Treasury is required by 26 United States Code 9602(a). 

These reports present the financial condition of the LUST 

Trust Fund and results of operations for the past fiscal year 

and its expected condition and operations during the next 5 

fiscal years. 

TABLE TF-8.—Leaking Underground Storage Tank Trust Fund 

Results of Operations, Fiscal Year 2009 1, 2

[Source: EPA] 

Balance Oct. 1, 2008...................................................................................................................................................................................... $3,043,000,000 

Receipts: 

Taxes.......................................................................................................................................................................................................... 169,000,000 

Interest........................................................................................................................................................................................................ 107,000,000 

Gross tax receipts .................................................................................................................................................................................. 276,000,000 

Undisbursed balances: 

Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... - 

Total undisbursed balances ................................................................................................................................................................... - 

Expenses: 

Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. 313,000,000 

Other expenses.......................................................................................................................................................................................... -2,000,000 

Total expenses....................................................................................................................................................................................... 311,000,000 

Balance Sept. 30, 2009.................................................................................................................................................................................. $3,008,000,000 

1

 Reporting in this trust fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of this trust fund. 

As a result, this table may be revised in future reports and other resources should be 

utilized for accurate trust fund reporting. 

2

 Includes $200 million for American Reinvestment and Recovery Act (ARRA) of 2009. 

Leaking Underground Storage Tank Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2009-2013 1

[In millions of dollars. Source: EPA] 

 2010 2011 2012 2013 2014

Balance Oct. 1................................................................................................................. 3,008 3,189 3,400 3,647 3,920

Receipts: 

Taxes........................................................................................................................... 182 183 183 183 183

Interest ........................................................................................................................ 112 141 177 203 222

Total receipts........................................................................................................... 294 324 360 386 405

Appropriations ................................................................................................................. 113 113 113 113 113

Other Expenses .............................................................................................................. - - - - -

Balance Sept. 30............................................................................................................. 3,189 3,400 3,647 3,920 4,212

1

 Reporting in this trust fund table is consistent with previously reported presentations. 

However, the structure of this table may not accurately reflect the status of the trust fund. 

As a result, this table may be revised in future reports and other resources should be 

utilized for accurate trust fund reporting. 
TRUST FUNDS 

March 2010 

136

INTRODUCTION: Nuclear Waste Fund 

The Nuclear Waste Fund was established on the books of 

the Treasury in fiscal year 1983, according to section 302 of 

the Nuclear Waste Policy Act of 1982 [Public Law 97-425, 

codified at 42 United States Code 10222(c)]. Receipts 

represent fees collected from public utilities based on 

electricity generated by nuclear power reactors and spent 

nuclear fuel. Expenditures from the fund are for purposes of 

radioactive waste disposal activities. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities in 

tandem with the needs of the waste fund and (2) bearing 

interest at rates determined appropriate, taking into 

consideration the current average market yield on 

outstanding marketable obligations of the United States with 

remaining periods to maturity comparable to the maturities 

of such investments, except that the interest rate on such 

investments shall not exceed the average interest rate 

applicable to existing borrowings. 

An annual report to Congress by the Secretary of the 

Treasury, after consultation with the Secretary of the 

Department of Energy (DOE), is required by 42 United 

States Code 10222(e)(1). This report must present the 

financial condition and the results of operations of the waste 

fund during the preceding fiscal year. 

TABLE TF-9.—Nuclear Waste Fund 

Results of Operations, Fiscal Year 2009 

[Source: DOE] 

Balance Sept. 30, 2008........................................................................................................................................................................................ -$1,168,354

Receipts: 

Fees collected.................................................................................................................................................................................................. 770,431,810

Penalties and interest on fee payments........................................................................................................................................................... 813

Interest on investments.................................................................................................................................................................................... 1,096,271,501

Total receipts................................................................................................................................................................................................ 1,866,704,124

Nonexpenditure transfers: 

SF-1151 transfers in (+)................................................................................................................................................................................... -

SF-1151 transfers out (-).................................................................................................................................................................................. -52,811,000

Net nonexpenditure transfers....................................................................................................................................................................... -52,811,000

Outlays: 

DOE radioactive waste disposal activities ....................................................................................................................................................... 164,169,325

Cost investments.............................................................................................................................................................................................. 1,638,085,879

Total outlays................................................................................................................................................................................................. 1,802,255,204

Balance Sept. 30, 2009........................................................................................................................................................................................ $10,469,566

 
TRUST FUNDS 

 March 2010 

137

CHARTS TF-A and B.—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-1, TF-3, TF-5, TF-6 and TF-9.] 

-300

0

300

600

900

1200

Nuclear

Waste

Fund

Airport and

Airway

Trust Fund

Hazardous

Substance

Superfund

2008

2009

Interest on

Investments,

Fiscal Years

2008-2009

(In millions of dollars)

0

5

10

15

20

25

30

35

40

45

50

Highway

Trust Fund

Airport

and

Airway

Trust Fund

Black

Lung

Trust Fund

Nuclear

Waste

Fund

Hazardous

Substance

Superfund

Receipts

Expenses

Receipts and

Expenses,

Fiscal Year

2009

(In billions of dollars)
TRUST FUNDS 

March 2010 

138

INTRODUCTION: Reforestation Trust Fund 

The Reforestation Trust Fund was established on the 

books of the Treasury in fiscal year 1981 to continue 

through September 30, 1985, according to provisions of 

Title III—Reforestation, of the Recreational Boating Safety 

and Facilities Improvement Act of 1980 [Public Law 96-

451, codified at 16 United States Code 1606a(a)]. 

The act provides that the Secretary of the Treasury shall 

transfer to the trust fund tariffs, limited to not more than $30 

million for any fiscal year, received in the Treasury from 

October 1, 1979, through September 30, 1985, on (1) rough 

and primary wood products and wood waste; (2) lumber, 

flooring and moldings; and (3) wood veneers, plywood, 

other wood-veneer assemblies and building boards. Public 

Law 99-190, title II, 99 Statutes at Large 1245, extended the 

receipts for the trust fund. Amounts available in the 

reforestation trust fund exceeding current withdrawals are 

invested in interest-bearing obligations of the United States 

or in obligations guaranteed as to both principal and interest 

by the United States. The interest on, and the proceeds from 

the sale or redemption of, any obligations are credited to the 

trust fund. 

The Secretary of the Department of Agriculture is 

authorized to obligate available sums in the trust fund 

(including any amounts not obligated in previous years) for 

(1) reforestation and timber stand improvement and (2) 

administrative costs of the Government for these activities. 

Annual reports are required by 16 United States Code 

1606a(c) (1) to be submitted by the Secretary of the 

Treasury, after consultation with the Secretary of 

Agriculture, on the financial condition and the results of the 

operations of the trust fund during the past fiscal year and on 

its expected condition and operations during the next fiscal 

year. 

TABLE TF-10.—Reforestation Trust Fund 

Results of Operations, Fiscal Year 2009 

[Source: Department of Agriculture] 

Balance Oct. 1, 2008 ........................................................................................................................................................................................... $14,596,064

Receipts: 

Excise taxes (tariffs)......................................................................................................................................................................................... 30,000,000

Redemption of investment ............................................................................................................................................................................... -

Total receipts................................................................................................................................................................................................ 30,000,000

Expenses: 

Expenditure ...................................................................................................................................................................................................... 38,923,420

Total expenses............................................................................................................................................................................................. 38,923,420

Adjustment ........................................................................................................................................................................................................... -

Balance Sept. 30, 2009........................................................................................................................................................................................ $5,672,644

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2010 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1..................................................................................................................................................................................................... 5,673

Receipts: 

Excise taxes (tariffs)........................................................................................................................................................................................ 30,000

Redemption of investment .............................................................................................................................................................................. -

Total receipts............................................................................................................................................................................................... 30,000

Outlays ................................................................................................................................................................................................................ 30,000

Balance Sept. 30................................................................................................................................................................................................. 5,673
TRUST FUNDS 

 March 2010 

139

INTRODUCTION: Sport Fish Restoration and Boating Trust Fund 

The Aquatic Resources Trust Fund (ARTF) was 

established on the books of the Treasury pursuant to the 

Deficit Reduction Act of 1984 [Public Law 98-369, division 

A, title X, section 1016(a), approved July 18, 1984]. The 

ARTF was restructured and renamed the Sport Fish 

Restoration and Boating Trust Fund by the Safe, 

Accountable, Flexible, Efficient Transportation Equity Act: 

A Legacy for Users or “SAFETEA-LU” [Public Law 109-

59, title XI, subtitle B, part 2, section 11115, approved 

August 10, 2005,] as amended by the Sportfishing and 

Recreational Boating Safety Amendments Act of 2005 

[Public Law 109-74, approved September 29, 2005]. P.L. 

109-59 (The Transportation Equity Act) comprehensively 

amended and reauthorized the Sport Fish Restoration 

Program to (beginning in fiscal years 2006-2009) 

permanently appropriate boat safety funding and modify 

distribution of funds whereby all accounts will annually 

receive a fixed percentage of the total fund revenue, 

eliminated the ARTF to create a Sport Fish Restoration and 

Boating Trust Fund, and modified the excise tax on certain 

sport fishing equipment. P.L. 109-59 expired September 30, 

2009. Reauthorization is currently pending before Congress. 

Effective October 1, 2005, motorboat fuel taxes (less $1 

million transferred to the Land and Water Conservation 

Fund) and small engine gasoline taxes [pursuant to the 

Omnibus Budget Reconciliation Act of 1990, Public Law 

101-508, title XI, section 11211(i)(2) and (3)] were 

transferred from the Highway Trust Fund to the Sport Fish 

Restoration and Boating Trust Fund. In addition, amounts 

equivalent to the excise taxes received on sport fishing 

equipment and import duties on fishing tackle, yachts, and 

pleasure craft are appropriated into the fund. 

Amounts in the trust fund are used, as provided by 

appropriation acts, for the purposes of carrying out the 

Dingell-Johnson Sport Fish Restoration Act, approved 

August 9, 1950, the purposes of section 13106 of title 46, 

United States Code, the purpose of section 7404)d) of the 

Transportation Equity Act for the 21st Century, and the 

Coastal Wetlands Planning, Protection and Restoration Act 

(as amended by SAFETEA-LU). 

When the provisions of 26 United States Code 9602(b) 

are met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities with the 

interest credited to the fund. 

Annual reports to Congress required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the 

past fiscal year and those expected during the next 5 fiscal 

years. 
TRUST FUNDS 

March 2010 

140

TABLE TF-11.—Sport Fish Restoration and Boating Trust Fund 

Sport Fish Restoration Results of Operations, Fiscal Year 2009 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2008*........................................................................................................................................................................................... $731,797,240

Revenue: 

Tax revenue: 

Gas, motorboat ............................................................................................................................................................................................. 385,995,000

Fish equipment.............................................................................................................................................................................................. 86,799,000

Electronic outboard motors........................................................................................................................................................................... 2,351,000

Customs/import duties .................................................................................................................................................................................. 33,852,669

Gas, motorboat small engines ...................................................................................................................................................................... 101,006,000

Total, tax revenue ..................................................................................................................................................................................... 610,003,669

Investment revenue: 

Interest on investments................................................................................................................................................................................. 48,356,238

Loss on sale of securities.............................................................................................................................................................................. -

Total, investment revenue......................................................................................................................................................................... 48,356,238

Total revenue ............................................................................................................................................................................................ 658,359,907

Nonexpenditure appropriations: 

Interior ........................................................................................................................................................................................................... 490,093,474

Interior (U.S. Coast Guard)........................................................................................................................................................................... 128,452,127

Interior (Corps of Engineers)......................................................................................................................................................................... 89,916,489

Total appropriations .................................................................................................................................................................................. 708,462,090

Balance Sept. 30, 2009......................................................................................................................................................................................... $681,695,057

*Adjusted the October 1, 2008 beginning balance by $(416,679) because of a correction to the 2007 beginning balance and adjustments to amounts 

reported in 2008 for Fish Equipment and Electronic Outboard Motors. 

Sport Fish Restoration and Boating Trust Fund 

Sport Fish Expected Condition and Results of Operations, Fiscal Years 2010-2014 

[In thousands of dollars. Source: Department of the Interior] 

2010 2011 2012 2013 2014 

Balance Oct. 1 ..................................................................................... 681,695 672,180 692,707 713,171 731,819

Receipts/revenue: 

Taxes ............................................................................................ 601,000 618,000 636,000 653,000 670,000

Interest .......................................................................................... 56,509 60,036 62,500 64,148 70,079

Transfers....................................................................................... - - - - -

Total receipts ............................................................................ 657,509 678,036 698,500 717,148 740,079

Expenses: 

Expenses/transfers ....................................................................... 667,024 657,509 678,036 698,500 717,148

Total expenses.......................................................................... 667,024 657,509 678,036 698,500 717,148

Balance Sept. 30............................................................................... 672,180 692,707 713,171 731,819 754,750
 

TRUST FUNDS 

March 2010 

141

Sport Fish Restoration and Boating Trust Fund 

Boating Safety Results of Operations, Fiscal Year 2009 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2008........................................................................................................................................................................................... $36,508,130

Revenue: 

Investment revenue: 

Interest on investments ................................................................................................................................................................................... 39,315

Loss on sale of securities................................................................................................................................................................................ -

Total investment revenue................................................................................................................................................................................ 39,315

Total revenue .............................................................................................................................................................................................. 39,315

Nonexpenditure appropriations: 

Interior (Coast Guard) ..................................................................................................................................................................................... 5,100,000

Interior ............................................................................................................................................................................................................. 7,187,000

Total appropriations..................................................................................................................................................................................... 12,287,000

Balance Sept. 30, 2009....................................................................................................................................................................................... $24,260,445

Sport Fish Restoration and Boating Trust Fund 

Boating Safety Expected Condition and Results of Operations, Fiscal Years 2010-2014 

[In thousands of dollars. Source: Department of Transportation] 

2010 2011 2012 2013 2014 

Balance Oct. 1 ............................................................................. 24,260 - - - -

Receipts/revenue: 

Taxes ....................................................................................... --- - -

Interest ..................................................................................... 3-- - -

Transfers.................................................................................. - - - - -

Total receipts ....................................................................... 3 - - - -

Expenses: 

Expenses/outlays..................................................................... --- - -

Transfers FWS, USCG ............................................................ 24,263 - - - -

Total expenses..................................................................... 24,263 - - - -

Balance Sept. 30.......................................................................... - - - - -

* In accordance with Public Law 109-59, the old Boat Safety Account will 

be liquidated by the end of fiscal year 2010. 
TRUST FUNDS 

March 2010 

142

INTRODUCTION: Oil Spill Liability Trust Fund 

The Oil Spill Liability Trust Fund was established on the 

books of the Treasury by section 8033 of the Omnibus Budget 

Reconciliation Act of 1986 (Public Law 99-509). It was made 

effective on January 1, 1990, by section 7811(m)(3) of the 

Omnibus Budget Reconciliation Act of 1989 (Public Law 

101-239) and amended by section 9001of the Oil Pollution 

Act of 1990 (Public Law 101-380). The Energy Improvement 

and Extension Act of 2008 (Public Law 110-343) increased 

the barrel tax on petroleum from five cents per barrel to eight 

cents from 2009 through 2016, and to nine cents in 2017. The 

act also repeals the requirement that the tax be suspended 

when the unobligated balance exceeds $2.7 billion. 

Amounts equivalent to the taxes received from the 

environmental tax on petroleum, but only to the extent of the 

Oil Spill Liability Trust Fund rate, are appropriated to the 

fund. 

Certain amounts were transferred from other funds and 

were appropriated to the Oil Spill Liability Trust Fund as 

provided by 26 United States Code 9509(b). Certain paid 

penalties and amounts recovered for damages are also 

appropriated to the fund. 

Amounts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by 

appropriations acts or section 6002(b) of the Oil Pollution Act 

of 1990 (Public Law 101-380). 

When the provisions of 26 United States Code 9602(b) are 

met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities. Interest is 

credited to the fund. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the Treasury. 

These reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year and 

those expected during the next 5 fiscal years. 
TRUST FUNDS 

 March 2010 

143

TABLE TF-12.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2009 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2008 ..................................................................................................................................................................................................... $1,042,186,097

Revenue: 

Tax on crude oil/petroleum products ......................................................................................................................................................................... -

Other income.............................................................................................................................................................................................................. -

Trans-Alaska Pipeline liability fund deposit ............................................................................................................................................................... -

Cost recoveries .......................................................................................................................................................................................................... 5,523,719

Fines and penalties.................................................................................................................................................................................................... 14,677,446

Excise taxes ............................................................................................................................................................................................................... 447,405,772

Net revenue before interest ................................................................................................................................................................................... 467,606,937

Investment income: 

Interest on investments.............................................................................................................................................................................................. 21,151,786

Realized gain ............................................................................................................................................................................................................. -

Total investment income ........................................................................................................................................................................................ 21,151,786

Total revenue ......................................................................................................................................................................................................... 488,758,723

Expenditure appropriations: 

Treasury administrative expense – BPD ................................................................................................................................................................... 26,020

Nonexpenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. 7,313,272

Transfer to Interior...................................................................................................................................................................................................... -

Transfer to EPA.......................................................................................................................................................................................................... 17,687,000

Transfer to DOT ......................................................................................................................................................................................................... 25,074,414

Transfer to U.S. Coast Guard-70x8312 (claims) ....................................................................................................................................................... 70,830,204

Transfer to U.S. Coast Guard-70x8349 (emergency fund) ....................................................................................................................................... 51,051,204

Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... 45,000,000

Transfer to North Pacific ............................................................................................................................................................................................ -

Total nonexpenditures appropriations ................................................................................................................................................................... 216,956,094

Total expenditure/nonexpenditure appropriations ................................................................................................................................................. 216,982,114

Balance Sept. 30, 2009.................................................................................................................................................................................................. $1,313,962,706

Oil Spill Liability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2010-2014 

[In millions of dollars. Source: Department of Homeland Security] 

2010 2011 2012 2013 2014

 Balance Oct. 1 .................................................................................................... 1,314 1,607 1,926 2,264 2,615

 Estimated receipts .............................................................................................. 474 500 519 532 542

 Estimated expenses ........................................................................................... 181 181 181 181 181

 Balance Sept. 30 ................................................................................................ 1,607 1,926 2,264 2,615 2,976
TRUST FUNDS 

March 2010 

144

INTRODUCTION: Vaccine Injury Compensation Trust Fund 

The Vaccine Injury Compensation Trust Fund was 

created on the books of the Treasury by section 9202 of the 

Revenue Act of 1987 (Public Law 100-203, approved 

December 22, 1987). Excise taxes on diphtheria, pertussis, 

tetanus, measles, mumps, rubella, polio, hepatitis B, 

haemophilus influenza type b, varicella, rotavirus, 

pneumococcal conjugate vaccines, hepatitis A (26 United 

States Code 4131), and trivalent influenza are appropriated 

into the trust fund, which is the source of funds to pay 

compensation awards for a vaccine-related injury or death 

occurring after October 1, 1988, as well as program 

administrative expenses. Additionally, two new vaccines 

have been added for coverage effective February 1, 2007; the 

meningococcal vaccine and the human papillomavirus 

vaccine. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the 

Treasury. These reports are required to cover the financial 

condition and results of operations of the fund during the past 

fiscal year and those expected during the next 5 fiscal years. 

TABLE TF-13.—Vaccine Injury Compensation Trust Fund 

Results of Operations, Fiscal Year 2009 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2008*.......................................................................................................................................................................................... $2,934,074,983

Receipts: 

Excise tax receipts ........................................................................................................................................................................................... 235,223,500

Interest on investments.................................................................................................................................................................................... 99,265,340

Total receipts................................................................................................................................................................................................ 334,488,840

Expenditure appropriations: 

U.S. Court of Federal Claims expenses .......................................................................................................................................................... 8,280,390

U.S. Department of Justice expenses ............................................................................................................................................................. 10,930,301

GF Transfer – program management.............................................................................................................................................................. -

Total outlays................................................................................................................................................................................................. 19,210,691

Nonexpenditure appropriations: 

Health resources.............................................................................................................................................................................................. 117,840,604

Total expenditures/nonexpenditure appropriations ..................................................................................................................................... 137,051,295

Balance Sept. 30, 2009........................................................................................................................................................................................ $3,131,512,528

*Previous balance of $2,863,822,619 was submitted in error. The correct beginning balance 

is $2,934,074,983. 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2010-2014 

[In thousands of dollars. Source: Department of Health and Human Services ] 

2010 2011 2012 2013 2014 

Balance Oct. 1 ........................................................................................ 3,131,513 3,334,875 3,544,931 3,761,883 3,985,937

Receipts (from tax) ................................................................................. 242,280 249,548 257,035 264,746 272,688

Interest on investments....................................................................... 102,243 105,310 108,470 111,724 115,075

Total receipts .................................................................................. 344,523 354,858 365,505 376,470 387,763

Outlays: 

U.S. Court of Federal Claims expenses ............................................. 8,528 8,528 8,528 8,528 8,528

U.S. Department of Justice expenses ................................................ 11,258 11,258 11,258 11,258 11,258

Total outlays.................................................................................... 19,786 19,786 19,786 19,786 19,786

Nonexpenditure transfers: 

Transfers to health resources............................................................. 121,375 125,016 128,767 132,630 136,609

Total outlays/transfers .................................................................... 141,161 144,802 148,553 152,416 156,395

Balance Sept. 30..................................................................................... 3,334,875 3,544,931 3,761,883 3,985,937 4,217,305
TRUST FUNDS 

 March 2010 

145

INTRODUCTION: Wool Research, Development, 

and Promotion Trust Fund 

The Wool Research, Development, and Promotion Trust 

Fund was established in fiscal year 2000 with a sunset 

provision effective January, 1, 2004, according to provisions 

of the Trade and Development Act of 2000 (Public Law 

106-200, signed May 18, 2000). The Trade Act of 2002 

(Public Law 107-210, signed August 6, 2002) extended the 

sunset provision to January 1, 2006. The Miscellaneous 

Trade and Technical Corrections Act of 2004 (Public Law 

108-429, signed December 3, 2004) extended the sunset 

provision to 2008. The Pension Protection Act of 2006 

(Public Law 109-280, signed August 17, 2006) extended the 

sunset provision to 2010. The Emergency Economic 

Stabilization Act of 2008 (Public Law 110-343, signed 

October 3, 2008) extended the sunset provision to 2015. 

The Act provides that the Secretary of the Treasury shall 

transfer to the trust fund out of the general fund of the U.S. 

Treasury amounts determined to be equivalent to the duty 

received on articles under chapters 51 and 52 of the 

Harmonized Tariff Schedule of the United States. The 

amount to be transferred is limited to $2,500,000 in any 

fiscal year and may be invested in U.S. Treasury securities. 

The Secretary of Agriculture is authorized to provide grants 

to a nationally recognized council established for the 

development of the United States wool market for the 

following purposes: 

• Assist United States wool producers in improving 

the quality of wool and wool production methods for wool 

produced in the United States. 

• Disseminate information on improvements to United 

States wool producers. 

• Assist United States wool producers in developing 

and promoting the wool market. 

Annual reports to Congress are required on the financial 

condition and the results of the operations of the trust fund 

during the past fiscal year and on its expected condition and 

operations during the next fiscal year. 

TABLE TF-14.—Wool Research, Development, and Promotion Trust Fund 

Results of Operations, Fiscal Year 2009 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2008 ................................................................................................................................................................................................ -

Receipts: 

Harmonized tariff................................................................................................................................................................................................... 2,250

Total receipts..................................................................................................................................................................................................... 2,250

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,250

Total expenses.................................................................................................................................................................................................. 2,250

Balance Sept. 30, 2009............................................................................................................................................................................................ -

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2010 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1........................................................................................................................................................................................................... -

Receipts: 

Harmonized tariff................................................................................................................................................................................................... 2,250

Total receipts..................................................................................................................................................................................................... 2,250

Expenses: 

Expenditure ........................................................................................................................................................................................................... 2,250

Total expenses.................................................................................................................................................................................................. 2,250

Balance Sept. 30...................................................................................................................................................................................................... -
March 2010 

146

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

March 2010 

147

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
March 2010 

148

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

 Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of December 2009, the 

debt limit was $12,394,000 million; the limit may change 

from year to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 
GLOSSARY 

March 2010 

149

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 
GLOSSARY 

March 2010 

150

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).