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Profile of the Economy

Financial Operations

International Statistics

Special Reports

MARCH 2008
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BULLETIN

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March 2008 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction.—Federal Fiscal Operations............................................................................................................................ 11 

Analysis.—Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source ....................... 12 

FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 14 

FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 14 

FFO-1.—Summary of Fiscal Operations............................................................................................................................. 15 

FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 16 

FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 18 

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency....................................................... 20

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 21 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 21

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 23 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 24 

FD-2.—Debt Held by the Public ......................................................................................................................................... 25 

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

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

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

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

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

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

PUBLIC DEBT OPERATIONS 

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

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

PDO-1.—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 2008 

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 2008 

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 ........................................................................................................................ 123 

Introduction.—Harbor Maintenance Trust Fund ............................................................................................................... 125 
March 2008 

VI 

Contents 

TF-4.—Harbor Maintenance Trust Fund........................................................................................................................... 125 

Introduction.—Hazardous Substance Superfund............................................................................................................... 127 

TF-5.—Hazardous Substance Superfund........................................................................................................................... 127 

Introduction.—Highway Trust Fund ................................................................................................................................. 129 

TF-6.—Highway Trust Fund ............................................................................................................................................. 130 

Introduction.—Inland Waterways Trust Fund................................................................................................................... 133 

TF-7.—Inland Waterways Trust Fund............................................................................................................................... 133 

Introduction.—Leaking Underground Storage Tank Trust Fund....................................................................................... 134 

TF-8.—Leaking Underground Storage Tank Trust Fund .................................................................................................. 134 

Introduction.—Nuclear Waste Fund.................................................................................................................................. 135 

TF-9.—Nuclear Waste Fund.............................................................................................................................................. 135 

TF-A.—Chart: Major Trust Funds, Interest on Investments.............................................................................................. 136 

TF-B.—Chart: Major Trust Funds, Receipts and Expenses .............................................................................................. 136 

Introduction.—Reforestation Trust Fund........................................................................................................................... 137 

TF-10.—Reforestation Trust Fund .................................................................................................................................... 137 

Introduction.— Sport Fish Restoration and Boating Safety Trust Fund............................................................................ 138 

TF-11.—Sport Fish Restoration and Boating Safety Trust Fund....................................................................................... 139 

Introduction.—Oil Spill Liability Trust Fund.................................................................................................................... 141 

TF-12.—Oil Spill Liability Trust Fund ............................................................................................................................. 142 

Introduction.—Vaccine Injury Compensation Trust Fund ................................................................................................ 143 

TF-13.—Vaccine Injury Compensation Trust Fund .......................................................................................................... 143 

Introduction.—Wool Research, Development, and Promotion Trust Fund....................................................................... 144 

TF-14.—Wool Research, Development, and Promotion Trust Fund................................................................................. 144

 

RESEARCH PAPER INDEX............................................................................................................................................ 145

GLOSSARY ...................................................................................................................................................................... 147

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 2008 

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 Safety Trust Fund (formerly Aquatic 

Resources 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 FederalSecurities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
March 2008 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product 

The advance estimate of real gross domestic product 

(GDP) growth decelerated to 0.6 percent at an annual rate in 

the fourth quarter of 2007, following a strong 4.9 percent 

gain in the third quarter. Over the four quarters of 2007, the 

economy expanded by 2.5 percent, similar to the 2.6 percent 

gain recorded during 2006. 

Growth slowed across all spending categories in the 

fourth quarter, but a large part of the decline was led by a 

downturn in inventory investment which cut 1-1/4 

percentage points from the real GDP increase; inventory 

investment had added 0.8 percentage point to GDP growth 

in the third quarter. Housing subtracted 1.3 percentage 

points from fourth quarter GDP growth and for all of 2007 

housing reduced growth by close to 1 percentage point. 

Positive contributions to GDP growth came from net 

exports, which added 0.4 percentage point, business 

investment, which contributed 0.8 percentage point, and 

personal consumption spending which added 1.4 percentage 

points. These contributions were all smaller than their 

respective third quarter levels. 

Real consumer spending moderated to 2.0 percent annual 

growth in the fourth quarter, down from the 2.8 percent pace 

of the third quarter. Spending on motor vehicles and parts 

recovered from declines but furniture and household 

equipment spending gains were a bit lower than the third 

quarter. The 2.0 percent rise in the durable goods component 

of consumer spending followed a 2.8 percent increase in the 

third quarter. Although modest, the deceleration may be 

related to difficulties in the housing sector, although strength 

in motor vehicles and parts may have diverted away some 

spending as well. 

Overall investment growth was held down by a 23.9 

percent annual rate of decline in residential investment 

spending, which extended a seven-quarter string of declines 

as housing demand weakened. Partially offsetting this was 

some strength in nonresidential investment, which grew 7.5 

percent in the fourth quarter and contributed 0.8 percentage 

point to GDP growth. Investment in business equipment and 

software increased 3.8 percent in the fourth quarter after 

rising 6.2 percent in the second. The average growth rate for 

this volatile series during this year was 3-3/4 percent. 

The nominal deficit on trade in goods and services 

increased slightly as a proportion of GDP in the fourth 

quarter as the cost of energy imports rose. Real exports 

posted a modest gain, up 3.9 percent in the fourth quarter 

after a very solid 19.1 percent rise in the third quarter. Real 

import growth (after adjusting for higher energy prices) was 

almost flat after a 4.4 percent increase in the third quarter. 

Public sector spending growth slowed slightly in the 

third quarter, increasing 2.6 percent after a 3.8 percent rise in 

the second. Government spending is relatively stable, and 

because it accounts for about 18 percent of GDP, provides 

stability to the overall economy when private spending 

begins to decline. Although Federal spending was up just 0.3 

percent because of declines in defense spending, state and 

local outlays were up 4.0 percent. Combined, this 

contributed 0.5 percentage point to GDP growth in the 

fourth quarter. 

Growth of Real GDP

2.8

4.5

1.2

2.4

1.1

2.1

0.6

1.2

4.9

0.6

3.8

3.5

3.0

4.8

7.5

3.1

3.5

2.7

3.6

2.5

0

2

4

6

8

10

2003 2004 2005 2006 2007

(Quarterly percent change at annual rate)
PROFILE OF THE ECONOMY 

March 2008

4 

0

1

2

3

4

5

98 99 00 01 02 03 04 05 06 07

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

98 99 00 01 02 03 04 05 06 07

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

Inflation 

Fluctuations in energy and food prices were the key 

factors behind changes in the overall inflation rate in 2007. 

In the 12 months through December 2007, the consumer 

price index (CPI) increased 4.1 percent, well above the 2.5 

percent pace of the previous 12 months. After averaging 3.3 

percent during 2005 and 2006, inflation slowed on a 

quarterly basis during 2007, with the CPI rising 2.7 percent 

in the second quarter of 2007 and 2.4 percent in the third 

quarter. In the final quarter of 2007, however, the CPI 

advanced 4.0 percent, the most rapid quarterly pace since 

mid-2006. Energy prices rose 4.7 percent in the fourth 

quarter of 2007, following a 1.7 percent decline in the third 

quarter. Gasoline prices rose 6.6 percent, after falling by 2.4 

percent in the third quarter. And in the 12 months through 

December 2007, gasoline prices increased 29.6 percent, their 

largest annual advance since a 30.1 percent rise in 1999. 

Food price increases have slowed somewhat more recently, 

from 1.3 percent in each of the first two quarters of 2007 and 

1.2 percent in the third quarter to 1.0 percent in the fourth 

quarter, after quarterly increases in 2006 ranging from 0.3 to 

0.8 percent. Still, for 2007 as a whole, food prices were up 

4.9 percent, more than double the 2.1 percent advance in the 

year ending December 2006. The core consumer price index 

(which excludes food and energy) rose 2.4 percent in the 12 

months through December 2007, faster than the 2.1 percent 

increase of a year earlier. Core inflation was 2.7 percent at 

an annual rate over the 3 months ending in December 2007. 

Energy prices also had a noticeable impact on producer 

price inflation. The producer price index (PPI) for finished 

goods was up 6.3 percent in the 12 months through 

December 2007. Prices were up 1.1 percent in the previous 

12 month period. Prices for finished energy goods at the 

producer level surged 20.8 percent in the fourth quarter of 

2007, after rising 5.6 percent in the third quarter on a 

quarter-over-quarter basis. The core PPI (finished goods less 

food and energy) was up 2.0 percent in the 12 months 

through December 2007, matching its year-earlier increase. 
PROFILE OF THE ECONOMY 

March 2008 

5

Employment and unemployment 

Labor market activity slowed during the fourth quarter of 

2007 and into early 2008. Job creation continued, but at a 

slower pace than in the first half of 2007. The 

unemployment rate has risen since the spring, but remains 

relatively low. Inflation-adjusted earnings have grown more 

slowly, or have declined outright, due to rising consumer 

prices. 

Gains in nonfarm payrolls employment averaged 66,250 

per month in the 4 months ending in January 2008, well 

down from about 134,000 a month in the first half of 2007. 

Preliminary data for January indicated a small decline in 

nonfarm payrolls, the first since August 2003. Job losses 

accelerated in manufacturing and residential construction in 

the 4 months ending in January, accounting for much of the 

slowdown. Residential construction has been trimming 

payrolls since the spring of 2006 as homebuilders attempt to 

address high inventories and declining sales. Monthly job 

losses averaged 35,000 from October through January, up 

sharply from 7,000 job cuts per month in the first half of 

2007. Outside of manufacturing and construction, the 

monthly pace of job creation has also slowed. In the 4 

months through January, the private service-providing 

industries added 101,000 jobs per month on average 

compared to 128,000 in the first half of 2007. 

The unemployment rate stood at 4.9 percent in January 

2008, edging down from 5.0 percent in December but still 

well above the recent low of 4.4 percent last March. After 

rising in 2005 and 2006, the labor force participation rate 

resumed a roughly downward trend in 2007, but stabilized 

late in the year and stood at 66.1 percent as of January 2008. 

Participation had fallen fairly steadily earlier in the decade 

from an all-time high of 67.1 percent from 1997 through 

2000. 

Average hourly earnings of production and other 

nonsupervisory workers grew by 3.7 percent over the 12 

months ending in January; nominal earnings gains of the 

past several months have been among the strongest in 6 

years. In real terms, earnings fell by 0.7 percent over the 12 

months ended in December (latest available). Real earnings 

growth has slowed considerably or been negative over the 

past few months, compared with monthly gains of roughly 

1.5 percent to 2.5 percent during the preceding year. Recent 

fluctuations in real wage growth reflect movements in 

overall inflation, largely caused by sharp swings in oil prices 

as well as food price increases. 

Payroll Employment

109 105

71

94

255

88

206

151

206

230

257

151

189

168

214

124

0

50

100

150

200

250

300

350

2004 2005 2006 2007

(Average monthly change in thousands

from end of quarter to end of quarter)

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

00 01 02 03 04 05 06 07 08

(Percent)

Jan. 2008

4.9%
PROFILE OF THE ECONOMY 

March 2008

6 

Real disposable personal income and 

consumer spending 

Personal income and outlays grew at slower pace during 

the fourth quarter of 2007 than in the third quarter, but at a 

slightly faster pace than in the second quarter. Nominal 

personal income rose 4.5 percent at an annual rate in the 

fourth quarter of 2007, below the 6.0 percent pace of growth 

in the third quarter. Wages and salaries, which account for 

more than half of personal income, rose at a 4.4 percent 

annual rate in the fourth quarter, following a gain of 4.8 

percent in the third quarter. 

Growth of personal income receipts on assets – interest 

and dividends – slowed to a 4.8 percent increase at an annual 

rate after growing about 10 percent per quarter during the 

first three quarters of the year. Growth of personal interest 

income slowed noticeably to a 0.7 percent annual pace, after 

rising at a more than 8 percent annual pace during the first 

three quarters of 2007. 

Real disposable (after-tax) income increased 0.3 percent 

at an annual rate in the fourth quarter, after growing a solid 

4.5 percent in the previous quarter. Real personal 

consumption expenditure growth was stronger, increasing at 

a 2.0 percent annual rate. The personal saving rate (personal 

saving as a percentage of disposable personal income) fell to 

0.2 percent in the fourth quarter of 2007, down from the 

0.6 percent rate in the third quarter. 

Industrial production and capacity 

utilization 

Production at factories, mines, and utilities slipped 0.9 

percent at an annual rate in the fourth quarter of 2007, after 

rising at a 3.5 percent pace in the third quarter. Over the 12 

months ending in December, output increased 1.8 percent. 

Manufacturing production, about 82 percent of all 

industrial output, fell 2.0 percent at an annual rate in the 

fourth quarter of 2007, following a 3.8 percent increase in 

the third quarter. A strong gain in the output of hightechnology goods led the overall manufacturing increase. 

The output of high-technology goods (computers, 

communications equipment, and semiconductors) grew by 

14.3 percent at an annual rate, down from the third quarter’s 

26.6 percent pace. Production of motor vehicles and parts–

which can be very volatile–was down 13.1 percent at an 

annual rate after growing 1.2 percent at an annual rate in the 

third quarter of 2007. In the 12 months through December, 

output of motor vehicles and parts fell 2.0 percent. Apart 

from automobiles, manufacturing output decreased at a 1.2 

percent annual rate in the fourth quarter of 2007. 

Utilities output, accounting for roughly 9.5 percent of 

total industrial output, rose 2.2 percent at an annual rate in 

the fourth quarter of 2007 (following a 3.0 percent decline in 

the third quarter). Unseasonable weather in quarters often 

causes sharp swings in output from one month or quarter to 

the next. Output at mines (the remaining 10 percent of 

industrial output) grew 4.6 percent in the fourth quarter of 

2007, following a 4.1 percent increase in the third quarter. In 

the 12 months through December 2007, mining output, 

which includes crude oil production, rose 0.9 percent. 

The capacity utilization rate for the industrial sector 

edged down to 81.5 percent in the fourth quarter of 2007 

from 82.0 percent in the third quarter. In manufacturing, 

capacity utilization was 79.8 percent in the fourth quarter of 

2007, down from 80.6 percent in the third quarter. Capacity 

utilization has trended higher over the past 2 years or so; 

measures for the industrial sector and for manufacturing 

have been at or above their respective long-term averages 

since 2005. 

Nonfarm productivity and unit labor costs 

Productivity growth slowed but remained solid during 

the fourth quarter of 2007, according to preliminary data, 

after accelerating in the third quarter. Productivity in the 

nonfarm business sector grew at an annual rate of 1.8 

percent in the third quarter, after rising by 6.0 percent in the 

third quarter. Output grew 0.4 percent in the fourth quarter 

while hours worked declined 1.5 percent. For the four 

quarters of 2007, productivity rose 2.6 percent, well above 

the 0.9 percent increase during 2006. Since the business 

cycle peak in the first quarter of 2001, productivity has 

grown at an annual rate of 2.7 percent, somewhat faster than 

the 2.5 percent rate between the fourth quarter of 1995 and 

the first quarter of 2001. 

Hourly compensation costs in the nonfarm business 

sector rose 3.9 percent at an annual rate in the fourth quarter, 

about the same as the third quarter’s 4.0 percent rate. 

Compensation rose 3.7 percent over the four quarters of 

2007. In real terms (i.e., adjusted for consumer price 

inflation), hourly compensation fell 0.3 percent over 2007. 

Although the nonfarm compensation measure does not 

provide data on how its components have moved recently, 

another measure, the Employment Cost Index (ECI), does 

include data on the two main components of compensation: 

wages and salaries and benefits. The ECI shows that 

nominal hourly compensation rose 3.3 percent in the 12 

months through December 2007, matching the increase in 

2006. Wages and salaries for all civilian workers were up 

3.4 percent through December 2007 from a year earlier. 

Although benefit costs grew at a rapid 6 percent annual pace 

over 2003 to 2005, there has been a significant slowing over 

the past several quarters, and these costs rose 3.1 percent in 

the 12 months through December 2007, the smallest rise 

since 1998. 

Unit labor costs, which represent the interaction of 

productivity and compensation, rose 2.1 percent at an annual 

rate in the fourth quarter, marking the first increase since the 

first quarter of 2007. Nonetheless, these costs were up 1.0 

percent over the four quarters through December 2007, 

versus 3.0 percent over the four quarters through September 

2007. 
PROFILE OF THE ECONOMY 

March 2008 

7

International transactions 

The U.S. current account (which measures trade in goods 

and services as well as investment income flows and 

unilateral transfers) has been in deficit almost continuously 

since the early 1980s and in 2006 reached a record $812 

billion (equivalent to 6.1 percent of GDP). Since then, the 

deficit has narrowed appreciably, largely due to an 

improvement in the trade balance. 

In the third quarter of 2007, the current account deficit 

eased by $42 billion to $714 billion at an annual rate. The 

third-quarter deficit was equivalent to 5.1 percent of GDP – 

the smallest GDP share since early 2004. An increase in the 

surplus on income (receipts on U.S. investments overseas 

less payments on foreign investments in the United States) 

accounted for much of the improvement in the latest quarter. 

In addition, the trade deficit, which is the largest component 

of the current account, declined to its lowest level in a little 

over 2 years. Those changes were partly offset by an 

increase in unilateral transfers to foreigners (which include 

U.S. Government grants and private remittances). 

The current account is matched by offsetting transactions 

in the capital and financial accounts, with any differences in 

the recorded flows listed as a statistical discrepancy. Net 

capital account payments (mainly debt forgiveness and 

wealth transfers associated with immigration) were little 

changed at a $2.2 billion annual rate in the third quarter of 

2007. They have been hovering around this level since mid 

2006. Net financial inflows (the difference between outflows 

for U.S. purchases of assets overseas and inflows for foreign 

purchases of assets in the United States) slowed sharply in 

the third quarter to $374 billion at an annual rate from $615 

billion in the second quarter. 

The slowdown in net financial inflows was due in large 

part to a pronounced decline in net foreign purchases of U.S. 

assets, which totaled $997 billion at an annual rate in the 

third quarter of 2007 compared to $2.5 trillion in each of the 

prior two quarters. Transactions in U.S. securities other than 

Treasuries shifted to net sales from net purchases in the 

second quarter, and growth of U.S. liabilities to foreigners 

reported by U.S. banks slowed notably. Those changes were 

partly offset by a pickup in foreign purchases of U.S. 

Treasury securities and faster growth of foreign direct 

investment in the United States. U.S. purchases of assets 

overseas also slowed sharply in the third quarter to $623 

billion at an annual rate from an average of $1.8 trillion in 

the prior two quarters. U.S. purchases of foreign stocks and 

U.S. direct investment abroad both moderated. 

Exchange rate of the dollar 

The value of the U.S. dollar compared to the currencies 

of America’s key trading partners slipped in the fourth 

quarter of 2007. The nominal exchange value of the dollar 

relative to a broad index covering the currencies of 26 

important U.S. trading partners depreciated 2.6 percent 

during the fourth quarter of 2007. In the third quarter of 

2007, the nominal exchange value of the dollar depreciated 

2.1 percent. In December, the dollar settled at its lowest 

nominal level in 11 years. Since peaking in February 2002, 

the U.S. currency as measured by this broad index has 

depreciated by 24 percent. 

The aggregate decline since 2002 mainly reflected dollar 

weakness against the currencies of seven major trading 

partners, including the euro area countries, Japan, Canada, 

the United Kingdom, Australia, Sweden, and Switzerland. 

Between February 2002 and December 2007, the exchange 

rate of the dollar compared to an index of these currencies 

fell by nearly 35 percent. Over this period, the dollar was 

down by 19 percent against the yen and 41 percent against 

the euro – an all-time low. 

The dollar generally showed much less movement with 

respect to the currencies of the other 19 important trading 

partners (including Mexico, China, and India). It 

strengthened somewhat from February 2002 through the first 

half of 2004, but since then, the dollar has depreciated 

against this index by about 13 percent. In December 2007, 

the dollar was 9 percent lower against this basket of 

currencies than in February 2002. 
PROFILE OF THE ECONOMY 

March 2008

8 

Interest rates 

At its most recent meeting on January 29-30, 2008, the 

Federal Open Market Committee (FOMC)–the Federal 

Reserve’s policy-making arm–cut the Federal funds target 

interest rate by 50 basis points to 3.00 percent. This move 

followed an inter-meeting cut in the target rate of 75 basis 

points to 3.5 percent on January 22, 2008. The FOMC began 

reducing the policy target at its September 18, 2007 meeting, 

and since then has lowered the target by 225 basis points. 

The Federal Reserve had maintained the target rate at 5.25 

percent between June 2006 and September 2007. The funds 

target in January 2008 was at its lowest level since June 

2005. 

In the Treasury market, the 3-month Treasury bill rate 

rose to about 4.9 percent by the end of July 2007, but since 

then has fallen by roughly 260 basis points and stood at 2.3 

percent at the end of January 2008. The 10-year yield 

reached a recent peak of 5.2 percent in June 2007, but has 

declined by about 150 basis points since, to about 3.7 

percent as of late January 2008. These declines have 

reflected signs of slower growth and anticipation of 

monetary easing, as well as safe-haven flows in connection 

with investors’ concerns about credit markets. 

Corporate bond yields have also generally followed 

movements in long-term Treasury yields. Moody’s seasoned 

Baa yield traded between 6.1 percent and 6.5 percent during 

the first half of 2007, then traded in a higher range of 6.6 

percent to 6.8 percent over the summer. Since last fall, the 

yield has fluctuated in a broader range of 6.3 percent to 6.7 

percent, and was 6.6 percent as of late January 2008. The 

spread between the Baa yield and the 10-year Treasury 

yield, a measure of investor risk appetite, was quite stable 

through most of 2007 at roughly 1.7 percentage points 

(compared with a widening to as much as 4.0 percent points 

in October 2002). During the fall of 2007, however, the 

spread increased to approximately 1.9 percentage points and 

has widened noticeably in December and January 2008, 

reaching roughly 3.0 percentage points late in January. The 

widening spread suggests investors see more risk in the 

current environment. 

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2003 2004 2005 2006 2007 2008

Short-term Interest Rates

Federal funds

rate target

3-month

Treasury bills

(Percent)

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2003 2004 2005 2006 2007 2008

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)
PROFILE OF THE ECONOMY 

March 2008 

9

Housing 

Housing activity continued to decline in the fourth 

quarter of 2007. Both housing starts and permits hit new 

recent lows. Home-builder and home-buyer sentiment were 

little changed, suggesting that attitudes about the housing 

market may have steadied, but at low levels. The 

homeownership rate also edged down for the fifth 

consecutive quarter.

Housing starts nose-dived to the lowest level in 17 years, 

falling to a 1.2 million unit pace in the fourth quarter from a 

1.3 million rate in the third quarter. Housing permits 

dropped below the level of starts, signaling continued slow 

growth in the near term. The number of permits issued for 

future construction was 1.1 million at an annual rate in the 

fourth quarter, the slowest rate since the second quarter of 

1993. Residential investment, a key component of GDP, 

declined for the eighth straight quarter, subtracting 1.2 

percentage points from fourth-quarter real GDP. 

Measures of consumer home buying attitudes and home 

builder sentiment remained pessimistic in the fourth quarter. 

The National Association of Home Builders’ housing market 

index declined to 18 in December, the lowest reading in the 

history of the series, and then edged up 1 point in January. 

The net gain for the University of Michigan’s survey of 

consumer sentiment’s home buying conditions was 5 points 

from September to December. These readings suggest 

modestly more favorable conditions for builders and buyers 

in the coming months. 

Sales of new single-family homes plunged 35 percent at 

an annual rate in the fourth quarter to a 654,000 unit pace, 

which is roughly half of the most recent peak rate of 1.3 

million units in 2005. Resales of existing single-family 

homes, accounting for nearly 85 percent of all one-family 

home sales, fell 27.2 percent at an annual rate to a 4.4 

million unit rate. The homeownership rate slipped by 0.4 

percentage point to 67.7 percent in the fourth quarter. 

Existing single-family home prices declined in the fourth 

quarter by 6.4 percent to $206,200. 

Mortgage interest rates generally followed movements of 

the 10-year Treasury yield (see interest rate section for 

discussion of Treasuries). Mortgage interest rates eased in 

the fourth quarter of 2007 and have continued to decline in 

the first quarter of 2008. The average rate on a 30-year 

conventional mortgage declined to 6.23 percent in the fourth 

quarter from 6.55 percent in the third, and dropped further to 

5.76 percent in January. The declining mortgage interest rate 

and drop in existing-home prices should help to make 

housing more affordable and perhaps slow the decline in 

housing market activity. The National Association of 

Realtors’ housing affordability index rose to 122 in 

December from a reading of 115.8 in September, above the 

2007 average of 113.2. 

Federal budget 

Budget results for the first 3 months of fiscal year 2008 

show a $25.1 billion widening of the deficit to $105.5 billion 

compared with $80.4 billion in the same months of fiscal 

year 2007. Receipts rose $32.7 billion or 5.7 percent through 

3 months of the fiscal year versus last year, although 

corporate income tax revenues were down 6.3 percent. 

Outlays increased by $57.8 billion, or 8.8 percent in the first 

3 months of fiscal year 2008, reflecting higher outlays for 

defense and Medicaid. Net interest expenses rose by $10.0 

billion or 19.1 percent from fiscal year 2007. Over the 12 

months ending in December 2007, the cumulative budget 

deficit amounted to $188 billion, down from $194 billion 

over the 12 months through November 2007. 

The Administration’s Fiscal Year 2009 Budget was 

released on February 4, 2008. The Federal budget is 

projected to show a deficit of $407 billion in fiscal year 

2009, about the same as the deficit projected for fiscal year 

2008, and about $250 above the deficit of $162 billion in 

fiscal year 2007. As a percent of GDP, the fiscal year 2009 

deficit would be 2.7 percent, still well below percentages in 

the 4 to 6 percent range reached in the early 1990s and mid1980s. The deficit is projected to decline gradually through 

2011 and budget surpluses are projected in 2012 and 2013. 

Receipts are projected to fall 1.8 percent in fiscal year 2008 

but then are expected to grow at an average pace of 6.3 

percent through the rest of the forecast horizon to fiscal year 

2013. The projected decline in receipts in the current fiscal 

year is mostly due to the expected temporary tax cut that is 

part of a proposed stimulus plan. Growth in outlays is 

projected to be 7.4 percent in fiscal year 2008 but then slow 

to about 3 percent on average through the rest of the forecast 

horizon through fiscal year 2013. 

The economic projections underpinning the budget 

estimate that real GDP will rise 2.7 percent in calendar year 

2008 and increase 3.0 percent in 2009. During the next few 

years, the actual growth rate is projected to moderate to 

about 2.9 percent roughly in line with long-term economic 

growth. The unemployment rate is projected to remain at 

about 4.8 percent, and inflation is predicted to remain around 

2.0 percent a year through 2013. These assumptions are very 

close to the average of private forecasts. 
PROFILE OF THE ECONOMY 

March 2008

10 

Net national saving and investment 

The net national saving rate – net national saving as a 

share of net national product (NNP) – eased in the first three 

quarters of 2007 to 1.7 percent from 2.2 percent in 2006. 

The national saving rate has been trending down since the 

1960s, in part due to declining personal saving but also to 

growth in Federal Government budget deficits since the 

1970s. During this time, national saving fell from 12.2 

percent of NNP in the 1960s to an all-time low of 1.1 

percent in 2005. 

The decline in national saving observed in the first three 

quarters of 2007 primarily reflected a drop in corporate 

saving to 2.9 percent of NNP from 3.4 percent of NNP in 

2006. The corporate saving rate has been fluctuating 

between 2 and 4 percent for the better part of the past 4 

decades. In contrast, personal saving as a share of NNP 

edged higher in the first three quarters of 2007 to 0.5 percent 

from a 7-decade low of 0.3 percent in 2006. Personal saving 

as a share of NNP has declined fairly steadily since the early 

1980s, when it peaked at 9.5 percent. Total private savingincluding saving by both households and businessesaveraged 3.5 percent in the first three quarters of 2007, down 

from 3.8 percent in 2006. 

Net government saving – including Federal, State and 

local governments – also eased in the first three quarters of 

2007 to -1.8 percent of NNP from -1.7 percent in 2006. 

During this time, the combined fiscal position of state and 

local governments deteriorated slightly, and the state and 

local government saving rate dipped to zero percent of NNP 

from 0.2 percent in 2006. This was only partly offset by an 

improvement in Federal government finances. In the first 

three quarters of 2007, the Federal Government’s budget 

deficit narrowed slightly, lifting Federal saving as a share of 

NNP to -1.8 percent from -1.9 percent in 2006. The Federal 

saving rate has improved notably since 2003, when it stood 

at a 10-year low of -3.8 percent. 

Net domestic investment declined to 7.6 percent of NNP 

in the first three quarters of 2007 from 8.8 percent in 2006. 

Private industry outlays for structures, equipment, software, 

and inventories fell to 6.1 percent of NNP from a 6-year 

high of 7.4 percent in 2006. With the national saving rate 

trending down, a growing share of domestic investment has 

been financed from abroad. In the first three quarters of 

2007, net foreign investment in the United States was 

equivalent to 6.0 percent of NNP. That was down from a 

record 6.8 percent in 2006 but well above readings from the 

mid 1990s of around 1-1/2 percent. The inflow of foreign 

saving allows the United States to finance higher levels of 

domestic investment than would be possible if only domestic 

saving were available. Economic theory suggests that 

countries that save and invest greater portions of their output 

eventually accumulate more capital, which raises 

productivity and, over the long run, the general standard of 

living. 

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00 05

Public

Total

(Saving as a percent of NNP, annual)

Net National Saving

-10

-5

0

5

10

15

60 66 72 77 82 87 92 97 02 07

Public

Total

(Saving as a percent of NNP, quarterly)
March 2008 

11

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 2008 

12 

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 2008 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 $273.7 billion for the first 

quarter of fiscal year 2008. This is an increase of $22.9 

billion over the comparable prior year quarter. Withheld 

receipts increased by $24.9 billion and non-withheld receipts 

decreased by $1.1 billion during this period. Refunds 

increased by $0.9 billion over the comparable fiscal year 

2007 quarter. There was a decrease of $2.5 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2007. 

Corporate income taxes—Net corporate income tax 

receipts were $92.5 billion for the first quarter of fiscal year 

2008. This is a decrease of $6.3 billion compared to the prior 

year first quarter. The $6.3 billion change is comprised of a 

decrease of $1.0 billion in estimated and final payments, and 

an increase of $5.2 billion in corporate refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the first quarter of fiscal 

year 2008 were $191.4 billion, an increase of $12.3 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 $7.2 billion, $1.2 billion, and $3.8 billion 

respectively. There was a -$2.0 billion accounting 

adjustment for prior years employment tax liabilities made 

in the first quarter of fiscal year 2008, while there was a -4.5 

billion adjustment in the first quarter of fiscal year 2007. 

Unemployment insurance—Unemployment insurance 

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

2008 were $5.7 billion, a decrease of $0.4 billion over the 

comparable quarter of fiscal year 2007. Net State taxes 

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

$4.8 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $0.8 billion. 
FEDERAL FISCAL OPERATIONS 

March 2008 

13

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 2008. This was a negligible 

change from the comparable quarter of fiscal year 2007. 

Excise taxes—Net excise tax receipts for the first 

quarter of fiscal year 2008 were $16.0 billion, not a 

significant change 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 $6.9 billion for the first quarter of fiscal year 2008. 

These receipts represent an increase of $0.6 billion over the 

same quarter in fiscal year 2007. 

Customs duties—Customs duties net of refunds were 

$7.1 billion for the first quarter of fiscal year 2008. This is 

an increase of $0.9 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the first quarter of fiscal year 2008 were $11.8 billion, an 

increase of $2.5 billion over the comparable prior year quarter. 

This change is due in part to deposits of earnings by Federal 

Reserve banks. 

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 2008 

Budget estimates 

(Feb. 2008) 

Fiscal Year 2008 

Total on- and off-budget results: 

Total receipts ................................................................ 606,212 606,212 2,521,175

On-budget receipts ................................................... 462,976 462,976 1,858,960

Off-budget receipts ................................................... 143,236 143,236 662,215

Total outlays.................................................................. 711,747 711,747 2,931,222

On-budget outlays..................................................... 627,483 627,483 2,461,157

Off-budget outlays..................................................... 84,264 84,264 470,065

Total surplus or deficit (-) .............................................. -105,534 -105,534 -410,047

On-budget surplus or deficit (-)................................. -164,507 -164,507 -602,197

Off-budget surplus or deficit (-)................................. 58,972 58,972 192,150

Means of financing: 

Borrowing from the public............................................. 89,425 89,425 393,490

Reduction of operating cash......................................... 18,263 18,263 30,237

Other means ................................................................. -2,153 -2,153 -13,680

Total on- and off-budget financing............................ 105,534 105,534 410,047

First-Quarter Net Budget Receipts by Source, Fiscal Year 2008 

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

Source Oct. Nov. Dec. 

Individual income taxes...................................................... 95.6 65.4 112.7 

Corporate income taxes..................................................... 6.0 2.7 83.9 

Employment and general retirement.................................. 60.0 64.5 67.0 

Unemployment insurance .................................................. 2.1 3.3 0.3 

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

Excise taxes ....................................................................... 4.5 5.9 5.7 

Estate and gift taxes .......................................................... 2.4 2.1 2.5 

Customs duties .................................................................. 2.5 2.5 2.1 

Miscellaneous receipts....................................................... 4.9 4.4 2.5

Total budget receipts ..................................................... 178.2 151.1 277.0

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

March 2008 

14 

CHART FFO-A.—

Monthly Receipts and Outlays, 2006-2007

(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

50

100

150

200

250

300

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Excise taxes Misc. 

receipts 

Customs

duties

Estate/gift

taxes

* Prior-year data are for the comparable year.

2007

2006 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2006-2007

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

March 2008 

15

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

 

2003 ............................ 1,782,108 1,258,265 523,842 2,159,248 1,796,238 363,010 -377,140 -537,973 160,833 561,811 

2004 ............................ 1,879,784 1,345,040 534,744 2,292,770 1,913,259 379,512 -412,986 -568,219 155,233 595,064 

2005 ............................ 2,153,350 1,575,874 577,475 2,471,647 2,069,437 402,210 -318,298 -493,562 175,265 551,329 

2006 ............................ 2,406,675 1,798,293 608,382 r 2,654,873 r 2,232,804 422,069 r -248,197 r -434,510 186,313 546,436

2007 ............................ 2,567,673 r 1,932,585 635,088 r 2,730,499 r 2,276,863 r 453,636 r -162,826 r -344,278 r 181,452 r 499,976 

 

2008 - Est.................... 2,521,175 1,858,960 662,215 2,931,222 2,461,157 470,065 -410,047 -602,197 192,150 703,708 

2009 - Est.................... 2,699,947 2,004,383 695,564 3,107,355 2,615,476 491,879 -407,408 -611,093 203,685 758,753 

 

2006 - Dec................... 259,969 214,180 45,789 218,007 223,858 -5,851 41,961 -9,678 51,639 46,940 

2007 - Jan ................... 260,609 199,519 61,090 222,372 179,869 42,504 38,236 19,650 18,586 26,836 

Feb .................. 120,312 69,732 50,580 240,305 193,617 46,688 -119,993 -123,885 3,892 71,105 

Mar .................. 166,490 107,504 58,987 262,761 215,714 47,047 -96,270 -108,210 11,940 70,004 

Apr................... 383,641 315,639 68,002 205,967 160,504 45,462 177,674 155,135 22,540 -7,718 

May.................. 164,239 112,584 51,655 231,937 184,566 47,371 -67,699 -71,982 4,284 -12,445 

June................. 276,517 218,697 57,820 249,036 249,332 -296 27,481 -30,635 58,116 37,943 

July .................. 170,439 121,679 48,760 206,886 163,434 43,452 -36,447 -41,755 5,308 65,919 

Aug .................. 166,545 117,166 49,379 283,518 207,951 75,567 -116,973 -90,785 -26,188 72,779 

Sept................. r 285,354 r 231,333 54,021 r 173,788 r 147,780 r 26,008 r 111,567 r 83,554 r 28,013 3,160 

Oct................... 178,175 133,146 45,029 233,732 191,305 42,428 -55,557 -58,158 2,601 73,429 

Nov .................. 151,055 102,705 48,350 249,293 200,783 48,510 -98,238 -98,078 -160 71,631 

Dec .................. 276,982 227,125 49,857 228,721 235,395 -6,674 48,261 -8,270 56,531 79,026 

 

Fiscal year 2008 to date ... 606,212 462,976 143,236 711,746 627,483 84,264 -105,534 -164,506 58,972 224,086 

 

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) 

 

2003 ...................................... -922 187,324 373,565 -25,926 353 -7,010 3,208 -26,352 552 377,140 

2004 ...................................... -1,769 213,677 379,618 1,390 720 -23,669 -4,630 6,517 662 r 412,986 

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

2006 ...................................... -245 309,215 236,975 16,447 410 196 -6,626 22,315 -666 r 248,197 

2007 ...................................... -433 293,218 206,325 r 23,110 r 646 r 1,314 r -2,157 -21,368 782 r 162,826 

 

2008 - Est.............................. -16 310,202 393,490 -30,237 - - - -13,680 - 410,047 

2009 - Est.............................. 226 331,444 427,534 - - - - -20,126 - 407,408 

2006 - Dec............................. 169 77,663 -30,554 9,763 -20 757 -271 -1,178 - -41,961 

2007 - Jan ............................. -183 13,247 13,406 53,160 -84 -620 -185 597 32 -38,236 

Feb ............................ -212 5,865 65,028 -72,315 129 -78 20 -17,279 - 119,993 

Mar ............................ 67 -3,684 73,755 -5,542 32 -144 -26 16,765 70 96,270 

Apr............................. -204 38,890 -46,812 117,751 83 1,010 -293 -12,311 - -177,674 

May............................ 18 13,250 -25,677 -97,589 -28 -167 -70 -4,478 - 67,699 

June........................... 162 75,889 -37,784 -922 16 615 89 9,771 330 -27,481 

July ............................ 125 5,475 60,569 22,132 93 -251 -205 -2,353 - 36,447 

Aug ............................ -286 -19,119 91,612 -37,895 46 305 20 -12,163 - 116,973 

Sept........................... -42 49,682 -46,564 65,792 144 r 112 76 771 350 r -111,567 

Oct............................. 51 54,604 18,877 -37,280 91 -405 -67 -981 - 55,557 

Nov ............................ 87 -7,805 79,523 -29,414 144 213 19 -10,323 - 98,238 

Dec ............................ 47 88,048 -8,975 48,431 -60 -86 -172 8,927 -100 -48,261 

Fiscal year 2008 to date........... 185 134,847 89,425 -18,263 175 -278 -220 -2,377 -100 105,534 

 

 

Note.—These estimates are based on the Fiscal Year 2009 “Budget of the U.S. 

Government,” released by the Office of Management and Budget on February 4, 2008. 

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

March 2008 

16 

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) 

 

2003 .............................. 734,647 252,502 193,451 793,699 194,522 62,745 131,778 925,477 672,727 1,699 671,028 

2004 .............................. 753,260 243,324 187,626 808,958 230,619 41,250 189,370 998,328 686,313 980 685,333 

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 r 785,810 

2007 .............................. 928,582 437,666 r 202,779 1,163,472 r 395,534 25,292 r 370,243 r 1,533,715 822,216 2,220 819,996 

 

2008 - Est...................... 1,219,661 - - 1,219,661 345,336 - 345,336 1,564,997 857,668 - 857,668 

2009 - Est...................... 1,259,041 - - 1,259,041 339,224 - 339,224 1,598,265 895,280 - 895,280 

 

2006 - Dec..................... 95,104 8,277 1,891 101,491 86,643 1,672 84,971 186,462 60,398 - 60,398 

2007 - Jan ..................... 97,486 59,696 2,610 154,572 12,513 1,598 10,916 165,488 78,381 - 78,381 

Feb .................... 81,394 4,878 47,851 38,421 8,155 4,106 4,049 42,470 64,104 - 64,104 

Mar .................... 81,743 9,191 55,521 35,413 44,016 3,809 40,207 75,620 75,387 - 75,387 

Apr..................... 72,560 197,811 44,112 226,260 49,076 2,386 46,691 272,951 87,662 - 87,662 

May.................... 72,884 11,283 23,977 60,190 10,722 460 10,262 70,452 65,623 - 65,623 

June................... 69,751 54,397 4,680 119,468 69,574 954 68,620 188,088 74,217 - 74,217 

July .................... 77,006 5,687 3,093 79,600 11,099 1,454 9,645 89,245 62,669 - 62,669 

Aug .................... 75,982 5,343 3,707 77,618 6,104 1,767 4,336 81,954 63,500 - 63,500 

Sept................... 63,315 60,443 2,603 121,155 77,893 1,171 76,722 197,877 72,624 2,220 70,404 

Oct..................... 83,387 16,210 4,035 95,563 12,235 6,281 5,955 101,518 59,539 - 59,539 

Nov .................... 71,082 4,238 9,877 65,443 5,363 2,664 2,699 68,142 64,142 - 64,142 

Dec .................... 106,925 7,338 1,606 112,657 87,770 3,891 83,879 196,536 66,595 - 66,595 

 

Fiscal year 2008 to date... 261,394 27,786 15,518 273,663 105,368 12,836 92,533 366,196 190,276 - 190,276 

 

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) 

 

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

2004 ............................ 4,030 5 4,026 689,359 39,582 129 39,453 4,545 51 4,596 

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

 

2008 - Est.................... 4,355 - 4,355 862,023 43,382 - 43,382 4,695 25 4,720 

2009 - Est.................... 4,366 - 4,366 899,646 44,953 - 44,953 4,752 26 4,778 

 

2006 - Dec .................. 340 * 340 60,738 313 2 311 407 4 411 

2007 - Jan ................... 429 * 429 78,810 2,257 3 2,254 379 4 383 

Feb.................. 468 * 468 64,572 3,193 3 3,190 330 4 334 

Mar.................. 393 * 393 75,780 388 16 372 346 4 350 

Apr................... 406 * 405 88,067 7,482 22 7,460 325 5 330 

May ................. 420 - 420 66,043 13,492 12 13,480 326 4 330 

June ................ -92 - -92 74,125 262 12 250 394 4 398 

July.................. 446 - 446 63,115 2,787 15 2,771 372 3 375 

Aug.................. 410 2 408 63,908 5,055 12 5,043 340 5 344 

Sept................. 332 -1 333 70,737 238 12 226 326 7 332 

Oct................... 421 9 413 59,952 2,143 5 2,137 323 2 325 

Nov.................. 326 * 326 64,468 3,267 6 3,261 391 3 394 

Dec.................. 394 1 393 66,989 265 6 259 345 4 349 

 

Fiscal year 2008 to date.... 1,141 10 1,132 191,409 5,675 17 5,657 1,059 9 1,068 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

March 2008 

17

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) 

 

2003 ............................ 67,522 22,827 868 21,959 21,032 1,170 19,862 21,878 r 12,431 34,309 1,258,265 523,842 

2004 ............................ 69,855 25,579 749 24,831 21,806 723 21,083 19,652 r 12,628 r 32,280 1,345,040 534,744 

2005 ............................ 73,093 25,606 841 24,764 24,198 820 23,378 19,297 13,190 32,487 1,575,874 577,475 

2006 ............................ 73,962 28,688 811 27,877 25,701 891 24,810 29,945 14,439 44,384 1,798,293 608,382 

2007 ............................ r 65,069 r 26,978 934 r 26,044 27,548 r 1,538 r 26,010 32,043 15,186 r 47,228 r 1,932,585 635,088 

 

2008 - Est.................... 68,835 26,757 - 26,757 29,208 - 29,208 31,358 -110,105 -78,747 1,858,960 662,215 

2009 - Est.................... 68,946 26,313 - 26,313 29,122 - 29,122 31,652 -3,728 27,924 2,004,383 695,564 

 

2006 - Dec................... 6,131 2,281 88 2,193 2,156 650 1,505 1,322 897 2,219 214,180 45,789 

2007 - Jan ................... 4,863 2,351 48 2,303 2,249 89 2,161 3,064 1,283 4,347 199,519 61,090 

Feb .................. 2,914 1,527 81 1,446 2,074 84 1,991 2,363 1,033 3,395 69,732 50,580 

Mar .................. 5,905 2,111 79 2,032 2,217 64 2,153 2,649 1,629 4,278 107,504 58,987 

Apr................... 4,954 3,808 62 3,746 2,069 88 1,981 3,000 1,153 4,152 315,639 68,002 

May ................. 5,042 2,212 78 2,133 2,159 98 2,060 3,238 1,461 4,698 112,584 51,655 

June ................ 6,004 1,858 80 1,778 2,245 73 2,172 2,637 1,064 3,702 218,697 57,820 

July.................. 6,043 1,924 78 1,847 2,444 72 2,372 3,363 1,307 4,670 121,679 48,760 

Aug.................. 5,807 2,379 68 2,311 2,668 62 2,606 3,206 1,366 4,572 117,166 49,379 

Sept................. 7,539 2,218 57 2,161 2,399 76 2,323 2,735 r 1,423 r 4,158 r 231,333 54,021 

Oct................... 4,452 2,487 74 2,413 2,615 106 2,509 3,215 1,655 4,870 133,146 45,029 

Nov.................. 5,871 2,144 87 2,057 2,543 65 2,478 3,018 1,367 4,385 102,705 48,350 

Dec.................. 5,718 2,527 66 2,460 2,211 84 2,127 1,486 1,058 2,545 227,125 49,857 

 

Fiscal year 2008 to date.. 16,041 7,158 227 6,930 7,369 255 7,114 7,719 4,080 11,800 462,976 143,236 

 

Note.—These estimates are based on the Fiscal Year 2009 “Budget of the U.S. 

Government,” released by the Office of Management and Budget on February 4, 2008. 

* Less than $500,000. 

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) 

 

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

2004............................ 733,408 9,230 56 9,174 566 - 566 35,725 1,014 34,711 26,260 856 25,404

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

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

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

2008 - Est ................... 910,125 11,871 - 11,871 638 - 638 39,203 - 39,203 17,123 - 17,123

2009 - Est ................... 949,377 12,570 - 12,570 648 - 648 39,928 - 39,928 15,800 - 15,800

 

2006 - Dec .................. 61,460 870 - 870 55 - 55 3,353 - 3,353 2,053 201 1,852

2007 - Jan................... 81,446 778 - 778 44 - 44 2,903 - 2,903 1,541 402 1,139

Feb.................. 68,096 1,009 42 967 52 - 52 4,297 264 4,033 -1,051 1,086 -2,137

Mar.................. 76,501 842 - 842 50 - 50 3,108 - 3,108 3,006 1,101 1,905

Apr .................. 95,857 903 - 903 53 - 53 3,326 - 3,326 1,519 847 672

May ................. 79,853 1,059 9 1,051 69 - 69 4,067 295 3,772 682 531 152

June ................ 74,773 1,253 -8 1,261 55 - 55 3,149 8 3,141 1,732 185 1,547

July.................. 66,262 1,002 - 1,002 54 - 54 3,249 - 3,249 1,928 189 1,739

Aug.................. 69,295 1,149 10 1,139 66 - 66 3,002 296 2,706 2,074 178 1,896

Sept................. 71,296 1,673 13 1,660 84 - 84 6,196 179 6,016 -22 198 -221

Oct .................. 62,414 369 - 369 10 - 10 592 - 592 3,646 165 3,481

Nov.................. 68,123 1,056 - 1,056 60 - 60 3,813 - 3,813 1,121 180 941

Dec.................. 67,597 945 - 945 54 - 54 3,407 - 3,407 1,445 133 1,312

 

Fiscal year 2008 to date.. 198,134 2,370 - 2,370 124 - 124 7,812 - 7,812 6,212 478 5,734

 
FEDERAL FISCAL OPERATIONS 

March 2008 

18 

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) 

 

2003 ....................... 3,404 5,128 72,860 5,670 388,741 57,144 19,380 505,024 32,133 37,406 9,204 21,029 69,562

2004 ....................... 3,900 5,393 71,572 5,829 437,043 62,779 19,894 542,812 26,802 44,989 8,615 29,576 56,679

2005 ....................... 3,995 5,543 85,333 6,147 474,374 72,857 21,274 581,463 38,717 42,448 9,288 22,366 46,943

2006 ....................... 4,129 5,820 93,533 6,374 r 499,350 93,427 19,653 614,313 69,100 42,434 9,063 23,320 43,139

2007 ....................... r 4,306 r 6,008 r 84,437 r 6,479 529,871 r 66,372 r 20,117 672,036 r 39,172 45,559 r 10,488 r 23,351 r 47,543

 

2008 - Est............... 4,586 6,161 94,764 8,151 583,057 68,046 23,209 709,381 42,340 52,269 11,081 25,026 49,652

2009 - Est............... 4,962 6,981 94,753 9,246 651,162 63,500 23,325 738,633 44,297 45,630 10,239 26,520 54,192

 

2006 - Dec.............. 305 561 8,905 506 48,485 5,418 2,085 53,608 3,422 3,574 652 1,875 4,262

2007 - Jan .............. 422 512 9,033 614 39,856 8,000 1,827 54,800 3,189 3,519 935 2,061 5,661

Feb ............. 302 463 6,501 462 37,808 5,850 502 52,964 2,943 3,195 638 1,969 2,987

Mar ............. 329 429 6,262 523 49,418 5,358 2,362 67,822 3,361 3,711 784 1,894 5,181

Apr.............. 491 509 5,556 394 38,683 4,503 1,417 45,732 3,031 4,195 895 r 1,938 r 3,692

May............. 328 484 4,242 563 42,169 5,130 2,137 60,112 2,840 3,514 782 1,812 4,329

June............ 384 579 3,909 550 48,322 5,531 2,116 66,663 3,951 4,178 1,066 1,971 3,882

July ............. 372 494 5,267 705 40,288 3,024 850 44,582 2,957 4,218 1,215 2,440 3,466

Aug ............. 346 532 5,460 574 48,136 7,773 1,292 67,116 3,371 4,015 1,053 2,070 4,042

Sept ............ 320 481 6,034 555 44,010 5,737 2,212 44,705 3,284 3,878 957 1,237 3,500

Oct.............. 367 480 12,810 599 55,724 5,037 1,409 58,494 3,728 4,150 914 2,684 3,374

Nov ............. 331 626 8,274 603 50,217 4,971 881 64,392 3,204 4,042 819 2,079 2,919

Dec ............. 323 487 9,826 691 49,174 4,501 2,209 44,631 2,949 4,206 1,001 2,296 4,995

 

Fiscal year 2008 to 

 date ........................ 1,021 1,593 30,910 1,893 155,115 14,509 4,499 167,517 9,881 12,398 2,734 7,059 11,288

 

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) 

 

2003 ....................... 9,341 50,454 318,149 49,674 56,956 4,680 39,881 8,044 387 338 13,461 

2004 ....................... 10,925 54,872 321,566 54,330 59,585 4,732 41,732 r 8,329 3,349 -452 13,660 

2005 ....................... 12,754 56,597 352,350 57,927 69,844 4,720 43,484 7,911 7,689 17 15,034 

2006 ....................... 12,957 60,141 405,872 58,873 69,808 6,946 44,435 8,322 5,378 22 13,945 

2007 ....................... r 13,749 r 61,701 r 429,978 r 60,623 72,820 r 3,918 47,112 8,258 r 2,957 r 32 r 12,764 

2008 - Est............... 18,892 68,662 459,186 60,977 86,643 7,211 49,067 7,541 2,079 357 15,224 

2009 - Est............... 22,103 71,104 487,300 60,501 91,815 8,772 51,220 7,999 528 722 16,451 

 

2006 - Dec ............. 1,285 4,868 95,909 1,204 9,641 272 4,371 647 356 50 340 

2007 - Jan .............. 1,277 4,526 18,132 5,551 3,262 379 4,705 735 289 -46 731 

Feb............. 1,050 3,308 24,170 30,789 6,159 355 3,659 651 266 -151 624 

Mar............. 1,278 3,908 21,253 12,016 8,376 390 4,006 736 326 276 3,489 

Apr.............. 555 4,626 25,657 5,611 3,543 274 3,311 627 256 94 1,167 

May ............ 1,379 5,095 26,969 3,582 6,459 408 3,626 552 250 38 1,618 

June ........... 568 5,432 104,755 2,332 9,834 230 3,794 710 169 10 1,120 

July............. 1,237 5,646 25,659 1,923 3,386 385 4,079 700 164 -9 752 

Aug............. 1,360 7,156 25,688 1,101 9,457 553 3,555 788 170 -63 1,325 

Sept............ r 1,483 r 6,459 19,187 r -5,312 3,354 460 4,167 676 136 -128 161 

Oct.............. 1,427 6,099 22,310 809 6,835 450 3,694 668 96 21 67 

Nov............. 1,813 5,091 25,345 1,321 10,423 321 4,110 677 113 24 -633 

Dec............. 1,806 5,282 106,138 2,683 6,704 437 4,021 714 152 36 800 

Fiscal year 2008 to 

 date............................ 5,046 16,472 153,793 4,813 23,962 1,208 11,825 2,059 361 81 234 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

March 2008 

19

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) 

 

2003 .................. 14,610 4,730 54,135 1,559 507,733 8,878 -49,351 -156,066 -5,029 * 1,796,238 363,010 

2004 .................. 15,150 5,116 56,545 4,077 530,209 5,686 -53,430 -153,986 -5,105 * 1,913,259 379,512 

2005 .................. 15,600 5,432 59,500 2,503 561,333 14,419 -58,919 -160,992 -6,144 -160 2,069,437 402,210 

2006 .................. 15,125 5,541 62,400 905 585,742 12,351 -60,856 -169,295 -7,282 -113 r 2,232,803 422,069 

2007 .................. 15,860 r 5,529 r 58,450 1,175 r 621,761 18,271 r -61,774 -177,963 -6,762 r -13,700 r 2,276,863 r 453,636 

 

2008 - Est.......... 17,318 6,256 64,173 530 656,563 18,401 -64,442 -197,838 -11,120 -12,181 2,461,157 470,065 

2009 - Est.......... 18,137 6,414 67,213 825 692,783 19,393 -67,808 -208,929 -10,159 -2,469 2,615,476 491,879 

 

2006 - Dec ........ 1,431 417 5,142 97 53,463 2,369 -4,150 -80,339 -299 -12,728 223,858 -5,851 

2007 - Jan ......... 1,196 406 5,668 132 48,673 1,641 -4,096 -73 -790 -357 179,869 42,504 

Feb........ 1,191 386 5,477 21 51,744 268 -3,652 -2,095 -500 - 193,617 46,688 

Mar........ 1,445 421 5,761 98 55,100 1,262 -4,002 -573 -228 -12 215,714 47,047 

Apr......... 1,265 471 3,007 75 48,849 2,747 -3,948 -2,447 -807 - 160,504 45,462 

May ....... 1,399 435 5,638 98 52,922 400 -3,963 -2,538 -621 -252 184,566 47,371 

June ...... 1,497 521 5,368 81 59,720 -1,714 -4,289 -83,534 -321 -350 249,332 -296 

July........ 1,282 512 5,698 80 49,094 2,640 -4,230 -1,037 -952 * 163,434 43,452 

Aug........ 1,479 618 5,848 91 84,385 802 -3,938 -2,019 -616 * 207,951 75,567 

Sept....... 1,771 498 239 87 21,312 6,535 -4,005 -95 -110 * r 147,780 r 26,008 

Oct......... 1,104 445 6,326 71 52,559 1,519 -18,288 -1,489 -760 * 191,305 42,428 

Nov........ 1,596 478 5,026 71 56,073 1,181 -4,397 -1,755 -942 * 200,783 48,510 

Dec........ 1,548 451 5,352 73 53,638 2,341 -4,084 -85,937 -721 * 235,395 -6,674 

 

Fiscal year 2008 

to date ............... 4,248 1,374 16,704 215 162,270 5,041 -26,769 -89,181 -2,423 - 627,483 84,264 

 

 Note.—These estimates are based on the Fiscal Year 2009 “Budget of the U.S. 

Government,” released by the Office of Management and Budget on February 4, 2008. 

* Less than $500,000. 

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

March 2008 

20 

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

December 2007 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............................................... 273,659 4 - 273,663 250,769 6 - 250,775

Corporation income taxes........................................... 92,532 - - 92,532 98,794 - - 98,794

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 143,236 143,236 - - 134,794 134,794

Employment and general retirement (on-budget)... - - 48,172 48,172 - - 44,307 44,307

Unemployment insurance ....................................... - - 5,657 5,657 - - 6,045 6,045

Other retirement...................................................... - - 1,069 1,069 - - 1,083 1,083

Excise taxes ................................................................ 4,825 188 11,026 16,040 6,118 151 9,727 15,996

Estate and gift taxes ................................................... 6,930 - - 6,930 6,286 - - 6,286

Customs duties ........................................................... 4,611 2,114 389 7,114 3,815 2,021 357 6,193

Miscellaneous receipts................................................ 8,324 3,089 387 11,799 6,223 2,876 156 9,256

Total receipts....................................................... 390,882 5,395 209,936 606,212 372,005 5,054 196,468 573,527

(On-budget)..................................................... 390,882 5,395 66,700 462,976 372,005 5,054 61,675 438,734

(Off-budget)..................................................... - - 143,236 143,236 - - 134,794 134,794

 

Budget outlays: 

Legislative branch ....................................................... 1,032 -9 -2 1,021 987 19 6 1,012

Judicial branch ............................................................ 1,460 121 12 1,593 1,237 277 11 1,525

Department of Agriculture ........................................... 20,101 10,377 433 30,911 17,891 13,890 390 32,171

Department of Commerce........................................... 1,797 96 * 1,893 1,500 38 * 1,538

Department of Defense-military .................................. 151,724 3,340 51 155,115 139,248 1,892 42 141,181

Department of Education ............................................ 14,514 -9 3 14,509 15,471 -11 6 15,466

Department of Energy................................................. 5,860 -1,362 * 4,499 5,689 -288 * 5,401

Department of Health and Human Services ............... 120,314 60 47,144 167,517 116,485 125 50,929 167,539

Department of Homeland Security.............................. 10,308 -479 52 9,881 10,146 46 54 10,245

Department of Housing and Urban Development....... 12,719 -319 -2 12,398 11,616 -480 * 11,136

Department of the Interior........................................... 2,325 304 106 2,735 1,971 113 79 2,164

Department of Justice ................................................. 6,609 475 -26 7,058 5,317 606 35 5,958

Department of Labor................................................... 2,843 -610 9,055 11,288 2,921 -94 7,975 10,803

Department of State.................................................... 4,547 321 178 5,046 3,168 263 131 3,562

Department of Transportation..................................... 3,814 -136 12,794 16,472 3,878 30 11,635 15,544

Department of the Treasury: 

Interest on the public debt....................................... 153,794 * - 153,794 138,507 - - 138,507

Other ....................................................................... 4,961 -289 142 4,814 2,577 330 125 3,032

Department of Veterans Affairs .................................. 24,239 -465 187 23,961 19,226 -423 187 18,990

Corps of Engineers ..................................................... 1,237 28 -58 1,207 257 45 182 484

Other defense civil programs...................................... 59,141 -12,104 -35,211 11,825 41,681 -13,827 -15,644 12,211

Environmental Protection Agency............................... 2,055 -10 14 2,059 2,261 * -177 2,083

Executive Office of the President................................ 361 * * 361 931 * - 932

General Services Administration ................................ 29 52 - 81 -47 59 - 12

International Assistance Program............................... 3,775 -295 -3,246 234 3,361 -235 -1,348 1,778

National Aeronautics and Space Administration ........ 4,252 -3 * 4,249 3,334 * * 3,335

National Science Foundation...................................... 1,349 21 4 1,374 1,259 11 -8 1,262

Office of Personnel Management ............................... 2,223 -520 15,002 16,704 2,197 -54 13,602 15,745

Small Business Administration ................................... 223 -8 * 215 428 -16 * 412

Social Security Administration .................................... 18,154 * 144,115 162,269 14,832 * 135,130 149,962

Other independent agencies....................................... 2,741 723 1,576 5,040 2,896 288 505 3,690

Undistributed offsetting receipts: 

Interest .................................................................... - - -89,181 -89,181 - - -83,552 -83,552

Other ....................................................................... -2,174 -11,746 -15,272 -29,193 -7,961 -18,133 -14,105 -40,199

Total outlays........................................................ 636,324 -12,448 87,871 711,747 563,264 -15,526 106,190 653,929

(On-budget)..................................................... 636,324 -11,285 2,443 627,482 563,264 -14,457 25,289 574,096

(Off-budget)..................................................... - -1,163 85,428 84,264 - -1,069 80,901 79,833

Surplus or deficit (-)............................................. -245,443 17,843 122,065 -105,534 -191,259 20,580 90,278 -80,401

(On-budget)..................................................... -245,443 16,679 64,257 -164,507 -191,259 19,511 36,386 -135,362

(Off-budget)..................................................... - 1,163 57,809 58,972 - 1,069 53,892 54,961

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
March 2008 

21

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 1 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 2 

(3) 

Taxes 3 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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

2004 ................................................ 7,094,904 469,641 7,565,782 1,168,663 1,166,036 

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 

 

2006 - Dec....................................... 622,390 56,643 678,698 183,298 173,870 

2007 - Jan ....................................... 674,218 45,937 718,810 135,526 83,713 

Feb ...................................... 704,103 35,848 740,811 115,963 187,419 

Mar ...................................... 768,562 45,862 815,373 151,438 156,030 

Apr....................................... 820,607 50,278 845,625 151,062 58,571 

May...................................... 763,489 40,616 828,269 106,333 179,758 

June..................................... 654,470 50,732 705,893 155,675 155,907 

July ...................................... 569,224 39,238 607,985 110,456 88,800 

Aug ...................................... 850,144 39,031 889,722 103,928 141,276 

Sept..................................... 642,108 49,361 690,510 157,567 92,735 

Oct....................................... 657,908 40,429 699,569 113,367 149,415 

Nov ...................................... 752,037 36,806 788,481 102,472 132,248 

Dec ...................................... 680,387 59,953 728,889 199,675 162,694 

 

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

March 2008 

22 

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

and Tax and Loan Note Account Balances, con. 

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

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note 

accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan 

note 

accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note 

accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan 

note 

accounts 

(13) 

 

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

2004 ...................................... 5,987 30,362 7,900 51,834 1,592 19 5,341 14,464 

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 

 

2006 - Dec............................. 4,708 25,959 7,083 54,288 4,418 75 5,223 24,290 

2007 - Jan ............................. 6,053 77,773 6,156 77,773 4,312 8,258 4,974 28,486 

Feb ............................ 5,194 6,317 5,816 61,288 4,404 1,169 4,931 17,835 

Mar ............................ 4,245 1,725 6,285 33,734 4,245 1,639 4,992 13,995 

Apr............................. 29,504 94,216 29,504 94,216 3,307 497 6,289 24,635 

May............................ 5,340 20,791 26,577 98,264 4,125 8,446 6,242 40,399 

June........................... 4,649 20,560 6,022 59,059 4,039 3,175 5,024 25,854 

July ............................ 5,126 42,215 5,690 42,215 3,821 834 4,727 13,373 

Aug ............................ 4,579 4,866 5,508 44,900 4,366 4,866 4,909 20,184 

Sept........................... 5,539 69,698 7,550 89,158 3,239 1,534 4,956 39,707 

Oct............................. 4,307 33,650 6,304 59,149 3,919 3,515 4,937 18,294 

Nov ............................ 4,669 3,875 6,210 26,605 4,044 413 5,112 10,509 

Dec ............................ 16,120 40,855 16,120 60,329 3,924 671 5,867 24,354 

 

 

1

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

than Government account series, and taxes. 

2

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

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

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

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

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

under the Federal Insurance Contributions Act beginning January 1950 and under 

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

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

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

Tax Act taxes beginning April 1970; and individual estimated income taxes 

beginning October 1988. 
March 2008 

23

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 2008

24 

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) 

 

2003............................... 6,809,272 6,783,320 25,952 r 2,859,275 r 2,859,275 - r 3,949,997 r 3,924,045 25,952 

2004............................... r 7,403,236 7,379,053 24,183 3,075,687 3,075,687 1 r 4,327,549 4,303,366 24,182 

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 

 

2006 - Dec ..................... 8,703,738 8,680,224 23,514 3,779,021 3,779,016 5 4,924,717 4,901,208 23,509 

2007 - Jan...................... 8,730,892 8,707,561 23,331 3,793,255 3,793,249 6 4,937,637 4,914,312 23,325 

Feb..................... 8,801,230 8,778,111 23,119 3,798,192 3,798,186 6 5,003,038 4,979,925 23,113 

Mar..................... 8,872,851 8,849,665 23,186 3,795,393 3,795,387 6 5,077,458 5,054,278 23,180 

Apr ..................... 8,863,150 8,840,168 22,982 3,833,569 3,833,563 6 5,029,581 5,006,605 22,976 

May .................... 8,851,992 8,828,992 23,000 3,847,913 3,847,907 6 5,004,079 4,981,085 22,994 

June ................... 8,890,838 8,867,677 23,162 3,924,650 3,924,644 6 4,966,188 4,943,033 23,156 

July..................... 8,955,724 8,932,438 23,287 3,928,865 3,928,859 6 5,026,859 5,003,579 23,281 

Aug..................... 9,028,649 9,005,648 23,001 3,908,720 3,908,714 6 5,119,929 5,096,934 22,995 

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

Oct ..................... 9,102,096 9,079,086 23,011 4,012,039 4,012,033 6 5,090,057 5,067,053 23,005 

Nov..................... 9,172,438 9,149,341 23,097 4,002,846 4,002,840 6 5,169,592 5,146,501 23,091 

Dec..................... 9,252,317 9,229,172 23,145 4,092,890 4,092,884 6 5,159,427 5,136,288 23,139 

 

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) 

 

2003 ............................... 6,809,272 50,551 6,758,722 r 2,859,275 13,860 r 2,845,414 r 3,949,997 36,691 r 3,913,307 

2004 ............................... r 7,403,236 51,219 7,352,017 3,075,687 16,596 3,059,091 4,327,550 34,623 4,292,926 

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 r 41,370 3,622,403 4,866,593 r 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 

 

2006 - Dec ..................... 8,703,738 82,231 8,621,507 3,779,021 42,769 3,736,251 4,924,717 39,462 4,885,256 

2007 - Jan ...................... 8,730,892 82,732 8,648,160 3,793,255 43,757 3,749,498 4,937,637 38,975 4,898,662 

Feb ..................... 8,801,230 82,177 8,719,053 3,798,192 42,828 3,755,363 5,003,038 39,349 4,963,689 

Mar ..................... 8,872,851 83,727 8,789,124 3,795,393 43,713 3,751,679 5,077,458 40,014 5,037,444 

Apr...................... 8,863,150 81,949 8,781,201 3,833,569 43,000 3,790,569 5,029,581 38,949 4,990,632 

May .................... 8,851,992 83,218 8,768,774 3,847,913 44,094 3,803,819 5,004,079 39,124 4,964,955 

June ................... 8,890,838 83,960 8,806,879 3,924,650 44,942 3,879,708 4,966,188 39,018 4,927,171 

July..................... 8,955,724 82,802 8,872,923 3,928,865 43,682 3,885,183 5,026,859 39,120 4,987,740 

Aug..................... 9,028,649 83,233 8,945,416 3,908,720 42,781 3,865,939 5,119,929 40,452 5,079,477 

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

Oct...................... 9,102,096 80,082 9,022,015 4,012,039 41,814 3,970,225 5,090,057 38,268 5,051,790 

Nov..................... 9,172,438 78,705 9,093,733 4,002,846 40,417 3,962,430 5,169,592 38,288 5,131,303 

Dec..................... 9,252,317 79,511 9,172,806 4,092,890 42,422 4,050,468 5,159,427 37,089 5,122,338 

 
FEDERAL DEBT 

March 2008 

25

 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) 

 

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

2004 ....................................... 204,201 - 5,881 58,528 158,214 29,995 4,669 

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 

 

2006 - Dec ............................. 202,433 - 2,986 79,269 257,634 29,995 5,869 

2007 - Jan .............................. 201,358 - 2,986 79,491 266,119 29,995 5,858 

Feb ............................. 200,891 - 2,986 80,161 270,456 29,995 5,865 

Mar ............................. 200,335 - 3,486 82,920 281,928 29,995 5,886 

Apr.............................. 199,784 - 3,486 82,624 291,250 29,995 5,970 

May ............................ 199,168 - 2,986 83,802 300,303 29,995 5,975 

June ........................... 198,648 - 2,986 84,217 301,624 29,995 6,050 

July............................. 198,094 - 2,986 85,264 297,699 29,995 6,016 

Aug............................. 197,426 - 2,986 87,585 296,590 29,995 6,009 

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

Oct.............................. 196,871 - 2,986 89,213 297,300 29,995 5,828 

Nov............................. 196,649 - 2,986 90,634 296,943 29,995 5,845 

Dec............................. 196,452 - 2,986 91,189 293,239 29,995 5,648 

 

 

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) 

 

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

2004 .................................. 4,307,345 3,845,855 961,449 2,109,494 551,904 223,008 461,490 

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 

 

2006 - Dec ........................ 4,901,047 4,322,860 940,772 2,440,466 530,548 411,075 578,186 

2007 - Jan ......................... 4,913,961 4,328,152 928,217 2,458,553 530,550 410,832 585,809 

Feb ........................ 4,979,111 4,388,757 977,623 2,459,428 540,363 411,343 590,354 

Mar ........................ 5,053,940 4,449,390 1,029,109 2,467,393 540,372 412,515 604,550 

Apr......................... 5,007,058 4,393,948 940,888 2,481,730 540,398 430,931 613,110 

May ....................... 4,980,871 4,358,641 915,490 2,461,180 547,151 434,820 622,230 

June ...................... 4,943,090 4,319,570 865,668 2,469,083 547,131 437,688 623,520 

July........................ 5,003,717 4,383,662 888,747 2,491,975 547,033 455,907 620,054 

Aug........................ 5,096,938 4,476,346 1,010,426 2,448,153 560,908 456,858 620,592 

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

Oct......................... 5,067,079 4,444,884 934,092 2,480,546 560,937 469,310 622,194 

Nov........................ 5,146,579 4,523,526 1,030,925 2,463,675 558,445 470,481 623,054 

Dec........................ 5,136,303 4,516,792 999,547 2,487,368 558,447 471,430 619,510 
FEDERAL DEBT 

March 2008

26 

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) 

 

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

2004 ..................... 3,013 17,439 10,212 10,949 1,283 627 - 45,239 406,004 

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 

 

2006 - Dec ........... 3,068 33,128 12,029 10,265 - 347 - 65,909 534,123 

2007 - Jan ............ 3,082 34,385 11,803 10,177 - 468 - 63,511 531,314 

 Feb ........... 3,095 35,235 13,731 10,096 - 497 - 64,365 533,249 

 Mar ........... 3,099 34,506 13,260 9,987 - 495 - 61,071 535,369 

 Apr............ 3,113 37,692 14,381 9,903 1,898 509 - 1,479 592,655 

 May .......... 3,127 37,366 14,868 9,820 2,738 438 - 76,146 534,878 

 June ......... 3,140 34,802 15,002 10,018 1,937 432 - 75,135 551,613 

 July........... 3,153 39,308 14,412 9,936 1,913 578 - 73,723 550,842 

 Aug........... 3,166 46,780 13,020 9,845 3,389 603 - 77,160 552,359 

 Sept.......... 3,182 39,248 12,205 9,752 979 596 - 74,923 555,118 

 Oct............. 3,184 39,160 10,413 9,674 600 515 - 73,501 617,899 

 Nov........... 3,212 36,613 11,306 9,603 600 547 - 74,839 614,921 

 Dec........... 3,257 42,716 11,247 9,810 1,200 356 - 73,563 614,858 

 

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) 

 

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

2004 .............. 3,129,990 9,892 32,089 28,107 10,319 182,769 631,749 264,375 23,325 1,452,599 

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 

 

2006 - Dec..... 3,839,348 9,588 46,487 31,894 15,884 203,922 699,611 305,387 22,367 1,845,339 

2007 - Jan ..... 3,853,802 9,392 46,565 31,920 15,960 205,092 696,373 309,045 22,444 1,862,271 

 Feb .... 3,859,356 10,440 47,075 32,178 15,997 204,538 692,680 306,758 22,680 1,866,742 

 Mar .... 3,859,248 9,816 46,630 32,174 16,067 204,829 689,408 302,090 22,750 1,877,697 

 Apr..... 3,897,297 10,243 46,984 32,180 16,140 206,773 685,819 314,303 22,768 1,900,457 

 May.... 3,912,291 10,741 46,827 32,615 16,211 205,891 682,413 311,838 21,574 1,904,800 

 June... 3,989,271 10,363 46,353 32,671 16,254 210,795 681,009 318,504 22,127 1,959,116 

 July .... 3,994,227 9,973 47,025 32,731 16,328 209,866 677,734 319,869 22,147 1,964,689 

 Aug .... 3,976,442 9,780 47,440 32,929 16,394 205,677 674,415 312,288 22,387 1,948,810 

 Sept... 4,026,772 7,931 47,515 32,965 16,436 213,830 702,043 319,377 22,410 1,968,262 

 Oct...... 4,081,375 9,011 46,553 32,954 16,506 212,262 698,445 317,308 22,546 1,970,844 

 Nov.... 4,073,662 9,486 47,038 33,456 16,546 211,077 695,386 313,908 22,709 1,972,416 

 Dec.... 4,164,266 10,357 47,562 33,517 16,603 215,046 710,949 326,096 22,737 2,024,392 

 
FEDERAL DEBT 

March 2008 

27

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Farm Credit 

System Financial 

Assistance 

Corporation 

(3) 

Other 

independent

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other 

(6) 

 

2003 ............................ 25,952 279 325 24,876 251 r 221 

2004 ............................ 24,183 200 325 23,253 243 r 163 

2005 ............................ 23,637 146 - 23,097 235 r 159 

2006 ............................ 23,392 112 - 22,899 225 r 156 

2007 ............................ 22,959 85 - 22,506 215 r 153 

 

2006 - Dec .................. 23,514 110 - 23,020 225 r 160 

2007 - Jan .................. 23,331 117 - 22,828 225 r 161 

Feb .................. 23,119 87 - 22,654 225 r 153 

Mar .................. 23,186 88 - 22,724 220 r 155 

Apr................... 22,982 88 - 22,519 220 r 156 

May ................. 23,000 86 - 22,537 220 r 157 

June ................ 23,162 86 - 22,698 220 r 158 

July.................. 23,287 84 - 22,823 220 r 159 

Aug.................. 23,001 83 - 22,551 215 r 152 

Sept................. 22,959 85 - 22,506 215 r 153 

Oct................... 23,011 83 - 22,559 215 153 

Nov.................. 23,097 84 - 22,644 215 154 

Dec................... 23,145 84 - 22,690 215 156 

 

 

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

March 2008

28 

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) 

 

2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 

2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 

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. 

 

2006 - Dec...................... 3,524,921 1,136,717 1,303,590 632,680 282,368 169,566 4 yrs. 10 mos. 

2007 - Jan...................... 3,554,471 1,124,464 1,335,480 634,734 290,298 169,494 4 yrs. 10 mos. 

Feb ..................... 3,613,660 1,171,311 1,332,822 640,611 298,399 170,517 4 yrs. 10 mos. 

Mar ..................... 3,649,732 1,220,193 1,324,286 636,049 298,554 170,648 4 yrs. 9 mos. 

April .................... 3,611,093 1,128,525 1,357,728 655,774 298,188 170,878 4 yrs. 10 mos. 

May..................... 3,573,898 1,123,310 1,305,310 682,977 286,028 176,272 4 yrs. 11 mos. 

June.................... 3,514,691 1,075,672 1,296,936 679,143 286,376 176,564 4 yrs. 11 mos. 

July ..................... 3,598,529 1,102,053 1,349,349 677,402 292,887 176,838 4 yrs. 11 mos. 

Aug..................... 3,702,458 1,215,692 1,333,432 682,935 291,975 178,425 4 yrs. 10 mos. 

Sept.................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 4 yrs. 10 mos. 

Oct...................... 3,671,046 1,171,587 1,332,632 696,633 291,857 178,337 4 yrs. 10 mos. 

Nov ..................... 3,749,458 1,272,770 1,309,028 692,196 310,684 164,780 4 yrs. 9 mos. 

Dec ..................... 3,781,877 1,295,981 1,309,642 700,562 310,814 164,878 4 yrs. 9 mos. 

 

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

March 2008 

29

TABLE FD-6.—Debt Subject to Statutory Limit

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

Debt subject to limit Securities outstanding 

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) 

 

2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 

2004 ................................................ 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 

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 

 

2006 - Dec....................................... 8,965,000 8,592,513 8,592,419 94 8,680,224 94 87,805 

2007 - Jan ....................................... 8,965,000 8,619,499 8,619,427 72 8,707,561 72 88,134 

Feb ...................................... 8,965,000 8,690,921 8,690,850 71 8,778,111 71 87,261 

Mar ...................................... 8,965,000 8,760,735 8,760,663 72 8,849,665 72 89,003 

Apr....................................... 8,965,000 8,753,070 8,752,999 71 8,840,168 71 87,170 

May...................................... 8,965,000 8,740,892 8,740,822 70 8,828,992 70 88,171 

June..................................... 8,965,000 8,779,168 8,779,098 70 8,867,675 70 88,577 

July ...................................... 8,965,000 8,845,417 8,845,348 68 8,932,438 68 87,090 

Aug ...................................... 8,965,000 8,918,493 8,918,425 67 9,005,649 67 87,224 

Sept..................................... 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 

Oct....................................... 9,815,000 8,994,639 8,994,570 68 9,079,086 68 84,516 

Nov ...................................... 9,815,000 9,065,827 9,065,758 69 9,149,341 69 83,583 

Dec ...................................... 9,815,000 9,144,715 9,144,647 68 9,229,173 68 84,525 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

March 2008

30 

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) 

 

2003 ................................................ 224,472 24,858 15,291 r 11,498 379 1,321 

2004 ................................................ 213,321 15,956 16,560 11,937 474 1,897 

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 

 

2006 - Dec....................................... 226,323 14,636 20,418 13,091 493 1,429 

2007 - Jan ....................................... 237,813 16,917 21,391 13,492 499 1,429 

Feb ...................................... 238,401 17,418 21,391 13,501 499 1,448 

Mar ...................................... 236,743 17,642 21,391 13,501 499 1,448 

Apr....................................... 237,187 15,762 22,161 14,017 507 1,448 

May ..................................... 236,902 14,366 22,161 14,026 507 1,448 

June .................................... 234,174 14,291 22,217 14,026 507 1,448 

July...................................... 234,676 13,645 22,251 14,031 507 1,448 

Aug...................................... 232,552 12,796 22,695 14,307 518 1,448 

Sept..................................... 219,079 10,662 22,803 13,803 420 1,448 

Oct....................................... 228,388 17,653 22,803 13,803 420 1,448 

Nov ...................................... 232,107 20,533 23,247 14,053 428 1,448 

Dec...................................... 224,572 10,918 23,084 14,198 431 1,448 

 

 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) 

 

2003 ................................................ 91,938 2,698 8,794 2,640 36,657 

2004 ................................................ 96,530 2,900 7,635 1,203 29,305 

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 

 

2006 - Dec ...................................... 108,836 2,442 6,258 - 15,052 

2007 - Jan ....................................... 115,925 2,417 6,258 - 14,723 

Feb...................................... 115,925 2,417 6,258 - 14,393 

Mar...................................... 115,925 2,487 6,258 - 14,675 

Apr....................................... 116,974 2,347 6,258 - 14,687 

May ..................................... 116,974 2,347 6,258 - 15,044 

June .................................... 116,974 2,462 6,258 - 15,273 

July...................................... 118,159 2,412 6,258 - 14,696 

Aug...................................... 114,432 2,301 6,258 - 15,757 

Sept..................................... 103,973 2,241 4,573 - 17,609 

Oct....................................... 107,801 2,241 4,573 - 15,836 

Nov...................................... 107,801 2,221 4,573 - 16,194 

Dec...................................... 109,587 2,221 4,573 - 16,284 

 
FEDERAL DEBT 

March 2008 

31

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2003 ...................................... 7,281 2,954 6,627 11,538 

2004 ...................................... 7,237 2,962 8,546 10,179 

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 

 

2006 - Dec ............................ 4,911 3,773 12,347 22,637 

2007 - Jan ............................. 4,911 4,050 12,954 22,848 

Feb ............................ 4,911 4,284 13,092 22,866 

Mar ............................ 4,911 4,553 10,863 22,591 

Apr............................. 4,364 4,821 10,863 22,978 

May ........................... 4,364 5,074 10,863 23,470 

June .......................... 4,364 2,120 10,863 23,371 

July............................ 4,364 2,407 10,866 23,632 

Aug............................ 4,364 2,660 11,366 23,652 

Sept........................... 4,364 2,945 11,366 22,872 

Oct............................. 4,364 3,229 11,366 22,851 

Nov............................ 4,364 3,482 11,366 22,399 

Dec............................ 4,364 3,768 11,366 22,331 

 

Note.—Detail may not add to totals due to rounding. 
March 2008 

32 

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

• Table PDO-1 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. Issues of cash management bills also are 

presented. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$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. 

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. 

TREASURY FINANCING: OCTOBER-DECEMBER 

[Source: Bureau of the Public Debt, Office of Financing] 

O C T O B E R 

Auction of 2-Year Notes 

On September 24, 2007, Treasury announced it would 

auction $18,000 million of 2-year notes of Series AD-2009. 

The issue was to refund $19,730 million of securities 

maturing September 30 and to raise new cash of 

approximately $11,270 million. 

The notes of Series AD-2009 were dated September 30 

and issued October 1. They are due September 30, 2009, with 

interest payable on March 31 and September 30 until 

maturity. Treasury set an interest rate of 4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

eastern daylight saving time (e.d.s.t.) for noncompetitive 

tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on 

September 26. Tenders totaled $59,200 million; Treasury 

accepted $18,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 4.000 percent with the equivalent price of $99.999787. 

Treasury accepted in full all competitive tenders at yields 

lower than 4.000 percent. Tenders at the high yield were 

allotted 86.89 percent. The median yield was 3.981 percent, 

and the low yield was 3.942 percent. Noncompetitive tenders 

totaled $663 million. Competitive tenders accepted from 

private investors totaled $17,337 million. Accrued interest of 

$0.10929 per $1,000 must be paid for the period from 

September 30 to October 1. 

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $3,984 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AD-2009 is $1,000. 

Auction of 5-Year Notes 

On September 24, 2007, Treasury announced it would 

auction $13,000 million of 5-year notes of Series Q-2012. The 

issue was to refund $19,730 million of securities maturing 

September 30 and to raise new cash of approximately $11,270 

million. 

The notes of Series Q-2012 were dated September 30 and 

issued October 1. They are due September 30, 2012, with 

interest payable on March 31 and September 30 until 

maturity. Treasury set an interest rate of 4-1/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. 

for competitive tenders on September 27. Tenders totaled 

$37,166 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.250 percent with an 

equivalent price of $99.999760. Treasury accepted in full all 

competitive tenders at yields lower than 4.250 percent. 

Tenders at the high yield were allotted 5.26 percent. The 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

 March 2008 

33

median yield was 4.230 percent, and the low yield was 4.200 

percent. Noncompetitive tenders totaled $119 million. 

Competitive tenders accepted from private investors totaled 

$12,881 million. Accrued interest of $0.11612 per $1,000 

must be paid for the period from September 30 to October 1. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $2,877 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Q-2012 is $1,000. 

Auction of 9-Year 9-Month 2-5/8 Percent Treasury 

Inflation-Protected Security (TIPS) 

On October 9, 2007, Treasury announced it would 

auction $6,000 million of 9-year 9-month 2-5/8 percent TIPS 

to raise new cash. 

The 9-year 9-month TIPS of Series D-2017 were dated 

July 15, and issued October 15. They are due July 15, 2017, 

with interest payable on January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. 

for competitive tenders on October 11. Tenders totaled 

$12,289 million; Treasury accepted $6,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.360 percent with an 

equivalent adjusted price of $102.721944. Treasury accepted 

in full all competitive tenders at yields lower than 2.360. 

Tenders at the high yield were allotted 3.41 percent. The 

median yield was 2.321 percent, and the low yield was 2.250 

percent. Noncompetitive tenders totaled $38 million. 

Competitive tenders accepted from private investors totaled 

$5,962 million. Adjusted accrued interest of $6.59006 per 

$1,000 must be paid for the period from July 15 to October 

15. Both the unadjusted price of $102.292316 and the 

unadjusted accrued interest of $6.56250 were adjusted by an 

index ratio of 1.00420 for the period from July 15 to October 

15. The minimum par amount required for STRIPS of TIPS of 

Series D-2017 is $1,000. 

Auction of 4-Year 6-Month 2 Percent TIPS 

On October 18, 2007, Treasury announced it would 

auction $6,000 million of 4-year 6-month 2 percent TIPS to 

raise new cash. 

The 4-year 6-month TIPS of Series J-2012 were dated 

October 15 and issued October 31. They are due April 15, 

2012, with interest payable on April 15 and October 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. 

for competitive tenders on October 23. Tenders totaled 

$14,631 million; Treasury accepted $6,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.954 percent with an 

equivalent adjusted price of $102.667445. Treasury accepted 

in full all competitive tenders at yields lower than 1.954. 

Tenders at the high yield were allotted 65.15 percent. The 

median yield was 1.909 percent, and the low yield was 1.869 

percent. Noncompetitive tenders totaled $55 million. 

Competitive tenders accepted from private investors totaled 

$5,945 million. Adjusted accrued interest of $0.89590 per 

$1,000 must be paid for the period from October 15 to 

October 31. Both the unadjusted price of $100.194641 and the 

unadjusted accrued interest of $0.87432 were adjusted by an 

index ratio of 1.02468 for the period from April 15 to October 31. 

In addition to the $6,000 million of tenders accepted in 

the auction process, Treasury accepted $1,158 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series J-2012 is $1,000. 

Auction of 2-Year Notes 

On October 22, 2007, Treasury announced it would 

auction $20,000 million of 2-year notes of Series AE-2009. 

The issue was to refund $19,026 million of securities 

maturing October 31 and to raise new cash of approximately 

$13,974 million. 

The notes of Series AE-2009 were dated and issued 

October 31. They are due October 31, 2009, with interest 

payable on April 30 and October 31 until maturity. Treasury 

set an interest rate of 3-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. 

for competitive tenders on October 24. Tenders totaled 

$57,135 million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.723 percent with the 

equivalent price of $99.812793. Treasury accepted in full all 

competitive tenders at yields lower than 3.723 percent. 

Tenders at the high yield were allotted 42.17 percent. The 

median yield was 3.704 percent, and the low yield was 3.650 

percent. Noncompetitive tenders totaled $568 million. 

Competitive tenders accepted from private investors totaled 

$19,432 million. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $3,860 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AE-2009 is $1,000. 

Auction of 5-Year Notes 

On October 22, 2007, Treasury announced it would 

auction $13,000 million of 5-year notes of Series R-2012. The 

issue was to refund $19,026 million of securities maturing 
34 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2008 

October 31 and to raise new cash of approximately $13,974 

million. 

The notes of Series R-2012 were dated and issued 

October 31. They are due October 31, 2012, with interest 

payable on April 30 and October 31 until maturity. Treasury 

set an interest rate of 3-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. 

for competitive tenders on October 25. Tenders totaled 

$34,944 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.993 percent with an 

equivalent price of $99.469930. Treasury accepted in full all 

competitive tenders at yields lower than 3.993 percent. 

Tenders at the high yield were allotted 22.85 percent. The 

median yield was 3.975 percent, and the low yield was 3.944 

percent. Noncompetitive tenders totaled $108 million. 

Competitive tenders accepted from private investors totaled 

$12,892 million. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $2,509 million from 

FRBs for their own account. The minimum par amount 

required for STRIPS of notes of Series R-2012 is $1,000. 

N O V E M B E R 

Cash Management Bills 

On November 13, 2007, Treasury announced it would 

auction $15,000 million of 8-day bills. They were issued 

November 15 and matured November 23. The issue was to 

raise new cash. Treasury auctioned the bills on November 14. 

Tenders totaled $45,160 million; Treasury accepted $15,000 

million. The high bank discount rate was 4.100 percent. 

November Quarterly Financing 

On October 31, 2007, Treasury announced it would 

auction $13,000 million of 10-year notes of Series F-2017, 

and $5,000 million of 29-year 6-month 5 percent bonds of 

May 2037 to refund $51,505 million of Treasury securities 

maturing on November 15 and to pay down approximately 

$33,505 million. 

The 10-year notes of Series F-2017 were dated and issued 

November 15. They are due November 15, 2017, with interest 

payable on May 15 and November 15 until maturity. Treasury 

set an interest rate of 4-1/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

eastern standard time (e.s.t.) for noncompetitive tenders and 

before 1:00 p.m. e.s.t. for competitive tenders on November 7. 

Tenders totaled $30,453 million; Treasury accepted $13,000 

million. All noncompetitive and successful competitive 

bidders were allotted securities at the high yield of 4.353 

percent with an equivalent price of $99.172070. Treasury 

accepted in full all competitive tenders at yields lower than 

4.353 percent. Tenders at the high yield were allotted 41.76 

percent. The median yield was 4.322 percent, and the low 

yield was 4.290 percent. Noncompetitive tenders totaled $137 

million. Competitive tenders accepted from private investors 

totaled $12,738 million. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $6,674 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2017 is $1,000. 

The 29-year 6-month 5 percent bonds of May 2037 were 

dated and issued November 15. They are due May 15, 2037, 

with interest payable on May 15 and November 15 until 

maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for 

competitive tenders on November 8. Tenders totaled $14,892 

million; Treasury accepted $5,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.666 percent with an 

equivalent price of $105.322155. Treasury accepted in full all 

competitive tenders at yields lower than 4.666 percent. 

Tenders at the high yield were allotted 16.55 percent. The 

median yield was 4.646 percent, and the low yield was 4.570 

percent. Noncompetitive tenders totaled $3 million. 

Competitive tenders accepted from private investors totaled 

$4,997 million. 

In addition to the $5,000 million of tenders accepted in 

the auction process, Treasury accepted $2,567 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of May 2037 is $1,000. 

Auction of 2-Year Notes 

On November 26, 2007, Treasury announced it would 

auction $20,000 million of 2-year notes of Series AF-2009. 

The issue was to refund $19,170 million of securities 

maturing November 30 and to raise new cash of 

approximately $13,830 million. 

The notes of Series AF-2009 were dated and issued 

November 30. They are due November 30, 2009, with interest 

payable on May 31 and November 30 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.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for 

competitive tenders on November 28. Tenders totaled $44,143 

million; Treasury accepted $20,000 million. All 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

 March 2008 

35

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.159 percent with an 

equivalent price of $99.934603. Treasury accepted in full all 

competitive tenders at yields lower than 3.159 percent. 

Tenders at the high yield were allotted 26.24 percent. The 

median yield was 3.122 percent, and the low yield was 3.070 

percent. Noncompetitive tenders totaled $617 million. 

Competitive tenders accepted from private investors totaled 

$19,258 million. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $4,543 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AF-2009 is $1,000. 

Auction of 5-Year Notes 

On November 26, 2007, Treasury announced it would 

auction $13,000 million of 5-year notes of Series S-2012. The 

issue was to refund $19,170 million of securities maturing 

November 30 and to raise new cash of approximately $13,830 

million. 

The notes of Series S-2012 were dated and issued 

November 30. They are due November 30, 2012, with interest 

payable on May 31 and November 30 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.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for 

competitive tenders on November 29. Tenders totaled $29,413 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.415 percent with an 

equivalent price of $99.817568. Treasury accepted in full all 

competitive tenders at yields lower than 3.415 percent. 

Tenders at the high yield were allotted 3.17 percent. The 

median yield was 3.389 percent, and the low yield was 3.330 

percent. Noncompetitive tenders totaled $117 million. 

Competitive tenders accepted from private investors totaled 

$12,758 million. In addition to the $13,000 million of tenders 

accepted in the auction process, Treasury accepted $2,953 

million from FRBs for their own accounts. The minimum par 

amount required for STRIPS of notes of Series S-2012 is 

$1,000. 

D E C E M B E R 

Cash Management Bills 

On November 28, 2007, Treasury announced it would 

auction $30,000 million of 14-day bills. They were issued 

December 3, and matured December 17. The issue was to 

raise new cash. Treasury auctioned the bills on November 29. 

Tenders totaled $108,231 million; Treasury accepted $30,000 

million. The high bank discount rate was 3.860 percent. 

On December 10, Treasury announced it would auction 

$8,000 million of 5-day bills. They were issued December 12, 

and matured December 17. The issue was to raise new cash. 

Treasury auctioned the bills on December 11. Tenders totaled 

$30,331 million; Treasury accepted $8,000 million. The high 

bank discount rate was 4.000 percent. 

Auction of 9-Year 11-Month 4-1/4 Percent Notes 

On December 10, 2007, Treasury announced that it 

would auction $8,000 million of 9-year 11-month 4-1/4 

percent notes of Series F-2017. The issue was to raise new 

cash. 

The notes of Series F-2017 were dated November 15, and 

issued December 17. They are due November 15, 2017, with 

interest payable on May 15 and November 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for 

competitive tenders on December 13. Tenders totaled $17,812 

million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.164 percent with an 

equivalent price of $100.686354. Treasury accepted in full all 

competitive tenders at yields lower than 4.164 percent. 

Tenders at the high yield were allotted 34.46 percent. The 

median yield was 4.125 percent, and the low yield was 4.101 

percent. Noncompetitive tenders totaled $27 million. 

Competitive tenders accepted from private investors totaled 

$7,873 million. Accrued interest of $3.73626 per $1,000 must 

be paid for the period from November 15 to December 17. 

The minimum par amount required for STRIPS of notes of 

Series F-2017 is $1,000. 
36 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: OCTOBER-DECEMBER, con. 

March 2008 

Auction of 2-Year Notes 

On December 21, 2007, Treasury announced it would 

auction $22,000 million of 2-year notes of Series AG-2009. 

The issue was to refund $19,512 million of securities 

maturing December 31 and to raise new cash of 

approximately $15,488 million. 

The notes of Series AG-2009 were dated and issued 

December 31. They are due December 31, 2009, 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.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for 

competitive tenders on December 26. Tenders totaled $49,063 

million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.285 percent with an 

equivalent price of $99.932783. Treasury accepted in full all 

competitive tenders at yields lower than 3.285 percent. 

Tenders at the high yield were allotted 75.98 percent. The 

median yield was 3.241 percent, and the low yield was 3.176 

percent. Noncompetitive tenders totaled $525 million. 

Competitive tenders accepted from private investors totaled 

$21,475 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $4,497 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AG-2009 is $1,000. 

Auction of 5-Year Notes 

On December 31, 2007, Treasury announced it would 

auction $13,000 million of 5-year notes of Series T-2012. The 

issue was to refund $19,512 million of securities maturing 

December 31 and to raise new cash of approximately $15,488 

million. 

The notes of Series T-2012 were dated and issued 

December 31. They are due December 31, 2012, with interest 

payable on June 30 and December 31 until maturity. Treasury 

set an interest rate of 3-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for 

competitive tenders on December 27. Tenders totaled $30,063 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.651 percent with an 

equivalent price of $99.882153. Treasury accepted in full all 

competitive tenders at yields lower than 3.651 percent. 

Tenders at the high yield were allotted 48.77 percent. The 

median yield was 3.620 percent, and the low yield was 3.552 

percent. Noncompetitive tenders totaled $85 million. 

Competitive tenders accepted from private investors totaled 

$12,890 million. In addition to the $13,000 million of tenders 

accepted in the auction process, Treasury accepted $2,657 

million from FRBs for their own accounts. The minimum par 

amount required for STRIPS of notes of Series T-2012 is 

$1,000.
PUBLIC DEBT OPERATIONS 

March 2008 

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) 

2007 - Oct. 04 .................. 2007 - Nov. 01 28 41,575.8 13,857.3 9,706.4 293.6 99.727000 3.510 3.578

2008 - Jan. 03 91 58,406.6 21,907.6 14,158.3 1,591.9 99.029333 3.840 3.942

2008 - Apr. 03 182 48,528.4 19,823.4 12,155.0 1,645.1 97.977778 4.000 4.151

Oct. 11................. 2007 - Nov. 08 28 34,812.2 11,675.5 7,730.6 269.4 99.713778 3.680 3.752

 2008 - Jan. 10 91 52,484.9 21,855.4 14,475.1 1,525.0 99.007847 3.925 4.030

 2008 - Apr. 10 182 48,245.5 21,203.3 13,241.4 1,558.6 97.929750 4.095 4.251

Oct. 18................. 2007 - Nov. 15 28 35,276.2 11,255.2 7,679.9 320.1 99.681111 4.100 4.182

 2008 - Jan. 17 91 53,388.6 21,855.8 14,329.9 1,545.2 98.942125 4.185 4.300

 2008 - Apr. 17 182 55,493.2 21,081.0 13,172.9 1,602.1 97.864028 4.225 4.389

Oct. 25................. 2007 - Nov. 23 29 43,432.5 15,421.3 10,283.9 319.5 99.684625 3.915 3.993

 2008 - Jan. 24 91 55,800.8 23,399.3 15,375.7 1,699.5 99.014167 3.900 4.004

 2008 - Apr. 24 182 55,833.5 21,808.0 13,714.7 1,592.3 97.982833 3.990 4.140

Nov. 01 ................ 2007 - Nov. 29 28 69,645.0 25,197.0 19,635.4 322.3 99.691222 3.970 4.049

 2008 - Jan. 31 91 66,152.6 25,681.3 18,125.0 1,700.5 99.009111 3.920 4.025

 2008 - May 01 182 57,807.8 24,174.0 15,925.2 1,699.8 98.005583 3.945 4.092

Nov. 08 ................ 2007 - Dec. 06 28 77,850.9 27,880.8 24,665.5 334.6 99.694333 3.930 4.008

 2008 - Feb. 07 91 69,577.2 27,431.6 17,940.6 1,859.4 99.102639 3.550 3.642

 2008 - May 08 182 54,725.2 25,058.9 16,255.5 1,519.6 98.089000 3.780 3.918

Nov. 15 ................ 2007 - Dec. 13 28 77,617.5 30,472.9 27,598.0 402.4 99.699000 3.870 3.946

 2008 - Feb. 14 91 59,288.8 27,478.8 18,018.3 1,831.8 99.132972 3.430 3.518

 2008 - May 15 182 60,782.4 26,480.9 16,925.4 1,799.6 98.167361 3.625 3.754

Nov. 23 ................ 2007 - Dec. 20 27 68,068.4 30,026.0 27,589.7 384.8 99.724000 3.680 3.752

 2008 - Feb. 21 90 68,527.2 26,559.7 17,957.7 1,857.9 99.152500 3.390 3.476

 2008 - May 22 181 66,375.0 26,026.6 16,771.9 1,680.9 98.260389 3.460 3.580

Nov. 29 ................ 2007 - Dec. 27 28 73,684.1 29,675.8 27,254.2 379.6 99.716889 3.640 3.711

 2008 - Feb. 28 91 70,536.3 29,259.7 19,908.9 1,492.2 99.197431 3.175 3.254

 2008 - May 29 182 69,093.3 27,187.7 17,757.4 1,431.4 98.311444 3.340 3.454

Dec. 06 ................ 2008 - Jan. 03 28 67,234.7 29,000.2 28,585.3 400.0 99.758889 3.100 3.159

 2008 - Mar. 06 91 63,735.8 25,998.7 19,373.9 1,606.4 99.234083 3.030 3.104

 2008 - June 05 182 61,541.6 27,649.6 18,156.0 1,564.1 98.387278 3.190 3.296

Dec. 13 ................ 2008 - Jan. 10 28 57,863.9 23,000.0 22,662.3 337.7 99.775222 2.890 2.945

 2008 - Mar. 13 91 55,915.1 25,413.6 19,406.3 1,493.9 99.241667 3.000 3.073

 2008 - June 12 182 55,345.9 27,519.3 18,339.4 1,460.8 98.387278 3.190 3.296

Dec. 20 ................ 2008 - Jan. 17 28 60,813.8 20,000.2 19,708.3 291.9 99.786111 2.750 2.802

 2008 - Mar. 20 91 48,676.6 21,000.2 19,430.6 1,499.7 99.241667 3.000 3.073

 2008 - June 19 182 46,884.6 20,000.0 18,482.6 1,317.4 98.341778 3.280 3.391

Dec. 27 ................ 2008 - Jan. 24 28 43,787.0 15,000.0 14,335.5 336.7 99.763556 3.040 3.098

2008 - Mar. 27 91 46,382.0 20,000.0 17,774.9 1,422.9 99.170889 3.280 3.363

 2008 - June 26 182 49,674.3 19,000.0 16,631.3 1,373.9 98.235611 3.490 3.612

 

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 2008 

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) 

 

01/11/07 01/16/07 2-3/8% TIPS—01/15/17-A 10y 17,300 11,250 2.449 - 99.342280 

01/23/07 01/31/07 2-3/8% TIPS—01/15/27 20y 17,602 9,189 2.420 - 99.213485 

01/24/07 01/31/07 4-7/8% note—01/31/09-V 2y 63,558 22,971 4.930 - 99.896458 

01/25/07 01/31/07 4-3/4% note—01/31/12-F 5y 30,637 14,931 4.855 - 99.538790 

02/06/07 02/15/07 4-3/4% note—02/15/10-S 3y 48,937 17,468 4.800 - 99.861835 

02/07/07 02/15/07 4-5/8% note—02/15/17-B 10y 32,525 14,193 4.740 - 99.092517 

02/08/07 02/15/07 4-3/4% bond—02/15/37 30y 22,966 9,826 4.812 - 99.020970 

02/15/07 02/16/07 5.140% bill—02/22/07 6d 25,182 6,000 

02/21/07 02/28/07 4-3/4% note—02/28/09-W 2y 59,787 23,035 4.830 - 99.849212 

02/22/07 02/28/07 4-5/8% note—02/29/12-G 5y 35,262 16,637 4.719 - 99.585650 

03/01/07 03/02/07 5.185% bill—03/15/07 13d 55,200 23,000 

03/13/07 03/15/07 4-5/8% note—02/15/17-B 9y 11m 21,130 8,000 4.523 - 100.801596 

03/28/07 03/30/07 5.070% bill—04/16/07 17d 46,991 17,000 

03/28/07 04/02/07 4-1/2% note—03/31/09-X 2y 55,157 22,645 4.514 - 99.973043 

03/29/07 04/02/07 4-1/2% note—03/31/12-H 5y 31,162 16,355 4.535 - 99.844593 

04/02/07 04/03/07 5.195% bill—04/16/07 13d 35,361 16,000 

04/04/07 04/05/07 5.200% bill—04/17/07 12d 39,478 16,000 

04/10/07 04/12/07 5.230% bill—04/17/07 5d 36,500 15,000 

04/12/07 04/13/07 5.210% bill—04/18/07 5d 34,845 8,000 

04/12/07 04/16/07 2-3/8% TIPS—01/15/17-A 9y 9m 11,294 6,000 2.284 - 101.434007 

04/24/07 04/30/07 2% TIPS—04/15/12-J 5y 21,727 10,123 2.114 - 99.730733 

04/25/07 04/30/07 4-1/2% note—04/30/09-Y 2y 57,545 22,777 4.606 - 99.799666 

04/26/07 04/30/07 4-1/2% note—04/30/12-K 5y 33,171 16,450 4.579 - 99.650503 

05/07/07 05/15/07 4-1/2% note—05/15/10-T 3y 38,429 18,939 4.574 - 99.794740 

05/08/07 05/15/07 4-1/2% note—05/15/17-C 10y 34,529 17,586 4.612 - 99.110793 

05/10/07 05/15/07 4-3/4% bond—02/15/37 29y 9m 11,622 6,764 4.838 - 98.605471 

05/29/07 05/31/07 4-7/8% note—05/31/09-Z 2y 50,088 22,480 4.886 - 99.979281 

05/30/07 05/31/07 4-3/4% note—05/31/12-L 5y 37,076 16,236 4.818 - 99.701026 

05/31/07 06/01/07 5.090% bill—06/15/07 14d 69,025 27,001 

06/04/07 06/05/07 5.090% bill—06/15/07 10d 44,845 12,001 

06/12/07 06/15/07 4-1/2% note—05/15/17-C 9y 11m 20,436 8,000 5.230 - 94.399130 

06/26/07 07/02/07 4-7/8% note—06/30/09-AA 2y 54,393 22,020 4.906 - 99.941145 

06/27/07 07/02/07 4-7/8% note—06/30/12-M 5y 38,428 15,903 4.940 - 99.714754 

07/12/07 07/16/07 2-5/8% TIPS—07/15/17-D 10y 15,735 8,000 2.749 - 98.942199 

07/24/07 07/31/07 2-3/8% TIPS—01/15/27 19y 6m 14,667 7,294 2.600 - 99.570169 

07/25/07 07/31/07 4-5/8% note—07/31/09-AB 2y 50,443 21,882 4.735 - 99.792429 

07/26/07 07/31/07 4-5/8% note—07/31/12-N 5y 30,747 15,804 4.640 - 99.933745 

08/08/07 08/15/07 4-3/4% note—08/15/17-E 10y 36,896 20,000 4.855 - 99.175936 

08/09/07 08/15/07 5% bond—05/15/37 29y 9m 18,961 13,846 5.059 - 99.081933 

08/14/07 08/15/07 5.030% bill—08/16/07 1d 63,185 26,000 

08/15/07 08/15/07 4.100% bill—08/23/07 8d 31,550 10,000 

08/29/07 08/31/07 4.500% bill—09/17/07 17d 49,304 20,000 

08/29/07 08/31/07 4% note—08/31/09-AC 2y 75,697 22,280 4.115 - 99.781361 

08/30/07 08/31/07 4-1/8% note—08/31/12-P 5y 38,732 16,091 4.248 - 99.451138 

09/12/07 09/13/07 4.620% bill—09/17/07 4d 28,056 7,000 

09/13/07 09/17/07 4-3/4% note—08/15/17-E 9y 11m 23,613 8,000 4.493 - 102.029801 

09/26/07 10/01/07 4% note—09/30/09-AD 2y 63,184 21,984 4.000 - 99.999787 

09/27/08 10/01/07 4-1/4% note—09/30/12-Q 5y 40,043 15,877 4.250 - 99.999760 

10/11/07 10/15/07 2-5/8% TIPS—07/15/17-D 9y 9m 12,289 6,000 2.360 - 102.721944 

10/23/07 10/31/07 2% TIPS—04/15/12-J 4y 6m 15,789 7,158 1.954 - 102.667445 

10/24/07 10/31/07 3-5/8% note—10/31/09-AE 2y 60,995 23,860 3.723 - 99.812793 

10/25/07 10/31/07 3-7/8% note—10/31/12-R 5y 37,452 15,509 3.993 - 99.469930 

11/07/07 11/15/07 4-1/4% note—11/15/17-F 10y 37,127 19,674 4.353 - 99.172070 

11/08/07 11/15/07 5% bond—05/15/37 29y 6m 17,459 7,567 4.666 - 105.322155 

11/14/07 11/15/07 4.100% bill—11/23/07 8d 45,160 15,000 

11/28/07 11/30/07 3-1/8% note—11/30/09-AF 2y 48,687 24,543 3.159 - 99.934603 

11/29/07 11/30/07 3-3/8% note—11/30/12-S 5y 32,367 15,953 3.415 - 99.817568 

11/29/07 12/03/07 3.860% bill—12/17/07 14d 108,231 30,000 

12/11/07 12/12/07 4.000% bill—12/17/07 5d 30,331 8,000 

12/13/07 12/17/07 4-1/4% note—11/15/17-F 9y 11m 17,812 8,000 4.164 - 100.686354 

12/26/07 12/31/07 3-1/4% note—12/31/09-AG 2y 53,560 26,497 3.285 - 99.932783 

12/27/07 12/31/07 3-5/8% note—12/31/12-T 5y 32,720 15,657 3.651 - 99.882153 

 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 2008 

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 2008 

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) 

 

2003 ................................................ 6,809,272 6,783,320 r 2,859,275 311 r 2,858,964 654,593 

2004 ................................................ r 7,403,236 7,379,053 r 3,075,687 142 r 3,075,545 698,207 

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 

 

2006 - Dec....................................... 8,703,738 8,680,224 3,779,021 1 3,779,020 774,988 

2007 - Jan ....................................... 8,730,892 8,707,561 3,793,255 1 3,793,254 775,470 

Feb ...................................... 8,801,230 8,778,111 3,798,192 1 3,798,191 777,348 

Mar ...................................... 8,872,851 8,849,665 3,795,393 1 3,795,392 777,348 

Apr ...................................... 8,863,150 8,840,168 3,833,569 1 3,833,568 783,414 

May...................................... 8,851,992 8,828,992 3,847,913 1 3,847,912 786,150 

June..................................... 8,890,838 8,867,677 3,924,650 1 3,924,649 786,149 

July ...................................... 8,955,724 8,932,438 3,928,865 1 3,928,864 786,150 

Aug ...................................... 9,028,649 9,005,648 3,908,720 1 3,908,719 774,913 

Sept..................................... 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913 

Oct....................................... 9,102,096 9,079,086 4,012,039 1 4,012,038 774,913 

Nov ...................................... 9,172,438 9,149,341 4,002,846 1 4,002,845 774,913 

Dec ...................................... 9,252,317 9,229,172 4,092,890 1 4,092,889 735,735 

 

 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) 

 

2003 .................................................................... r 3,269,363 2,805,814 r 463,549 25,952 25,952 

2004 .................................................................... r 3,605,159 3,147,752 r 457,407 24,183 24,183 

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 

 

2006 - Dec........................................................... 4,126,215 3,566,969 559,246 23,514 23,514 

2007 - Jan ........................................................... 4,138,836 3,571,971 566,865 23,331 23,331 

Feb .......................................................... 4,202,571 3,631,212 571,359 23,119 23,119 

Mar .......................................................... 4,276,924 3,691,438 585,486 23,186 23,186 

Apr .......................................................... 4,223,185 3,628,970 594,215 22,983 22,983 

May.......................................................... 4,194,929 3,592,122 602,808 23,000 23,000 

June......................................................... 4,156,876 3,552,951 603,925 23,162 23,162 

July .......................................................... 4,217,423 3,617,270 600,153 23,287 23,287 

Aug .......................................................... 4,322,016 3,721,285 600,730 23,001 23,001 

Sept......................................................... 4,274,323 3,673,220 601,103 22,959 22,959 

Oct........................................................... 4,292,134 3,689,816 602,318 23,011 23,011 

Nov .......................................................... 4,371,582 3,768,346 603,237 23,097 23,097 

Dec .......................................................... 4,400,548 3,800,849 599,698 23,145 23,145 

 
OWNERSHIP OF FEDERAL SECURITIES 

March 2008 

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 

Government 

accounts 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

investors 9

(12) 

 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 144.7 213.5 239.4 240.8 283.6 908.1 848.8 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.9 221.1 229.5 230.4 283.3 929.7 810.3 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.6 213.4 226.8 226.4 263.7 993.4 830.1 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 140.4 212.8 214.1 227.2 257.0 1,102.1 794.0 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.7 211.1 181.8 221.6 248.1 1,157.6 786.5 

 June ....... 5,376.2 1,998.9 3,377.3 300.2 186.3 142.1 214.9 183.1 216.4 243.3 1,182.7 708.2 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 143.0 223.5 186.8 221.3 235.2 1,230.5 682.3 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 219.0 176.6 232.3 239.3 1,241.6 674.9 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 141.3 212.1 169.5 234.6 238.1 1,250.5 696.9 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 139.0 213.2 160.6 230.8 258.5 1,256.0 614.4 

 Sept........ 5,526.2 2,213.0 3,313.2 244.5 185.9 135.5 207.8 151.4 231.7 271.8 1,224.2 660.3 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 133.2 212.6 141.7 257.6 280.8 1,278.7 605.4 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 135.5 211.5 137.5 245.0 288.4 1,272.3 603.4 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 142.9 213.8 133.6 228.1 298.6 1,258.8 496.3 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 150.9 204.8 128.0 222.5 299.2 1,281.4 461.1 

 Dec......... 5,776.1 2,542.2 3,233.9 248.7 186.4 153.0 198.8 123.4 228.7 304.5 1,268.7 521.7 

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 1,106.9 657.2 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 149.0 194.9 116.5 205.4 309.3 1,082.0 523.5 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 147.9 185.5 113.7 207.8 307.9 1,057.9 510.8 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 145.0 179.1 110.2 225.7 310.0 1,034.2 490.0 

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 1,029.9 508.1 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 324.8 1,000.5 363.1 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.2 1,005.5 419.8 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 144.6 155.1 105.7 261.9 328.4 1,051.2 400.8 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 150.6 163.3 114.0 266.1 327.6 1,067.1 381.0 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 149.0 153.9 122.0 253.8 333.6 1,135.4 304.6 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 151.4 156.3 130.4 256.8 338.6 1,200.8 287.9 

 Dec......... 6,405.7 3,387.2 3,018.5 222.9 194.9 150.8 158.9 139.7 281.0 354.7 1,246.8 268.9 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.9 196.9 162.9 162.1 139.5 296.6 350.0 1,286.3 321.7 

 June ....... 6,670.1 3,505.4 3,164.7 145.9 199.1 167.3 161.3 138.7 302.3 347.9 1,382.8 319.5 

 Sept........ 6,783.2 3,515.3 3,268.0 147.4 201.5 164.6 155.5 137.4 287.1 357.7 1,454.2 362.7 

 Dec......... 6,998.0 3,620.1 3,377.9 153.6 203.8 169.2 148.6 136.5 280.8 364.2 1,533.0 388.1 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 163.2 204.4 167.0 143.6 141.0 280.8 374.1 1,677.1 351.5 

 June ....... 7,274.3 3,742.8 3,531.5 159.6 204.6 170.2 134.9 144.1 258.7 381.2 1,739.6 338.6 

 Sept........ 7,379.1 3,772.0 3,607.0 139.6 204.1 170.6 140.8 147.4 255.0 381.7 1,798.7 369.1 

 Dec......... 7,596.1 3,905.6 3,690.6 125.2 204.4 170.5 151.0 149.7 254.1 389.1 1,853.4 393.2 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 141.9 204.2 174.3 158.0 152.4 261.1 412.0 1,956.3 395.2 

 June ....... 7,836.5 4,033.5 3,803.0 127.0 204.2 177.5 171.3 155.0 248.7 437.3 1,879.6 402.5 

 Sept........ 7,932.7 4,067.8 3,864.9 125.4 203.6 180.9 164.8 159.0 244.7 455.2 1,930.6 400.6 

 Dec......... 8,170.4 4,199.8 3,970.6 117.2 205.1 181.2 153.8 160.4 251.3 463.2 2,036.0 402.3 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 115.4 206.0 183.0 153.0 161.3 248.7 465.7 2,084.5 496.3 

 June ....... 8,420.0 4,389.2 4,030.8 117.4 205.2 188.4 150.9 161.2 244.2 476.7 1,979.8 506.9 

 Sept........ 8,507.0 4,432.8 4,074.2 113.9 203.7 191.2 151.6 160.6 235.7 478.2 2,027.3 512.0 

 Dec......... 8,680.2 4,558.1 4,122.1 115.1 202.4 193.2 153.0 159.0 250.7 497.7 2,105.0 445.9 

2007 - Mar......... 8,849.7 4,576.6 4,273.1 120.2 200.3 198.5 155.1 160.7 264.2 524.6 2,196.7 452.6 

June....... 8,867.7 4,715.1 4,152.6 110.6 198.6 202.2 156.1 162.2 267.2 549.2 2,193.4 312.9 

Sept....... 9,007.7 4,738.0 4,269.7 118.4 197.1 205.9 157.5 163.0 306.8 545.8 2,240.3 334.9 

Dec ........ 9,229.2 4,833.5 4,395.7 n.a. 196.5 n.a. n.a. n.a. n.a. n.a. 2,335.3 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. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, the June 2003 benchmark to March 2004, the June 

2004 benchmark to March 2005, the June 2005 benchmark to February 2006, and the 

June 2006 benchmark to February 2007. 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 2008

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. 

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: 

2007 - Jan...................................... 4.94 5.11 5.15 5.06 4.88 4.79 4.75 4.75 4.76 4.95 4.85 

Feb..................................... 5.18 5.16 5.16 5.05 4.85 4.75 4.71 4.71 4.72 4.93 4.82 

Mar..................................... 5.21 5.08 5.10 4.92 4.57 4.51 4.48 4.50 4.56 4.81 4.72 

Apr ..................................... 4.99 5.01 5.07 4.93 4.67 4.60 4.59 4.62 4.69 4.95 4.87 

May .................................... 4.82 4.87 4.98 4.91 4.77 4.69 4.67 4.69 4.75 4.98 4.90 

June................................... 4.52 4.74 4.95 4.96 4.98 5.00 5.03 5.05 5.10 5.29 5.20 

July .................................... 4.82 4.96 5.04 4.96 4.82 4.82 4.88 4.93 5.00 5.19 5.11 

Aug .................................... 4.20 4.32 4.55 4.47 4.31 4.34 4.43 4.53 4.67 5.00 4.93 

Sept ................................... 3.78 3.99 4.20 4.14 4.01 4.06 4.20 4.33 4.52 4.84 4.79 

Oct ..................................... 3.81 4.00 4.16 4.10 3.97 4.01 4.20 4.33 4.53 4.83 4.77 

Nov .................................... 3.68 3.35 3.58 3.50 3.34 3.35 3.67 3.87 4.15 4.56 4.52 

Dec .................................... 2.86 3.07 3.34 3.26 3.12 3.13 3.49 3.74 4.10 4.57 4.53 

 

 

End of month: 

2007 - Jan...................................... 5.00 5.12 5.16 5.09 4.94 4.85 4.82 4.82 4.83 5.02 4.93 

Feb..................................... 5.24 5.16 5.12 4.96 4.65 4.55 4.52 4.53 4.56 4.78 4.68 

Mar..................................... 5.07 5.04 5.06 4.90 4.58 4.54 4.54 4.58 4.65 4.92 4.84 

Apr ..................................... 4.80 4.91 5.03 4.89 4.60 4.54 4.51 4.55 4.63 4.88 4.81 

May .................................... 4.78 4.73 4.96 4.95 4.92 4.88 4.86 4.87 4.90 5.10 5.01 

June................................... 4.28 4.82 4.93 4.91 4.87 4.89 4.92 4.96 5.03 5.21 5.12 

July .................................... 5.13 4.96 4.99 4.85 4.56 4.55 4.60 4.67 4.78 5.00 4.92 

Aug .................................... 4.02 4.01 4.21 4.19 4.15 4.16 4.25 4.36 4.54 4.87 4.83 

Sept ................................... 3.43 3.82 4.09 4.05 3.97 4.03 4.23 4.38 4.59 4.89 4.83 

Oct ..................................... 4.01 3.94 4.09 4.04 3.94 3.94 4.16 4.29 4.48 4.79 4.74 

Nov .................................... 3.63 3.15 3.37 3.26 3.04 3.09 3.41 3.64 3.97 4.44 4.40 

Dec .................................... 2.76 3.36 3.49 3.34 3.05 3.07 3.45 3.70 4.04 4.50 4.45 

 

* Rates are from the Treasury yields curve.
March 2008 

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, 2007 

[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 .............................. $1,048,942,568,955 $1,010,755,841,052 $1,010,261,568,056 $248,339,866 $245,933,130

Less amounts held by: 

The Treasury....................................... 283,497,246 26,028,359 25,844,567 7,505 176,287

FRBs ................................................... 219,749,976,805 218,570,524,401 218,570,521,379 - 3,022

Amounts in circulation............................. $828,909,094,904 $792,159,288,292 $791,665,202,110 $248,332,361 $245,753,821

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $38,186,727,903 $3,505,529,008 $34,681,198,895 

Less amounts held by: 

The Treasury....................................... 257,468,887 193,869,577 63,599,310 

FRBs ................................................... 1,179,452,404 366,342,486 813,109,918 

Amounts in circulation............................. $36,749,806,612 $2,945,316,945 $33,804,489,667 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

March 2008

44 

TABLE USCC-2.—Amounts Outstanding and in Circulation, December 31, 2007 

[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 ...................................................................... $9,302,326,502 $9,159,020,972 $143,503 $143,162,027 

$2 ...................................................................... 1,604,406,410 1,472,233,818 132,160,018 12,574 

$5 ...................................................................... 10,767,296,940 10,631,059,650 108,919,710 27,317,580 

$10 .................................................................... 16,155,893,940 16,134,773,960 6,300 21,113,680 

$20 .................................................................... 121,783,203,620 121,763,095,260 3,840 20,104,520 

$50 .................................................................... 62,979,000,380 62,967,500,350 500 11,499,530 

$100 .................................................................. 569,253,941,400 569,224,860,100 7,087,900 21,993,400 

$500 .................................................................. 142,336,500 142,144,000 5,500 187,000 

$1,000 ............................................................... 165,657,000 165,444,000 5,000 208,000 

$5,000 ............................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ............................................................. 3,460,000 3,360,000 - 100,000 

Fractional notes 4 .............................................. 600 - 90 510 

Total currency ............................................... $792,159,288,292 $791,665,202,110 $248,332,361 $245,753,821 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Dec. 31, 2007....................................................................................... $828,909 $2,733 

Nov. 30, 2007....................................................................................... 817,188 2,691 

Oct. 31, 2007........................................................................................ 815,286 2,687 

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. 
International FinancialStatistics

Capital Movements

Foreign Currency Positions

ExchangeStabilization Fund
 

March 2008 

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) 

 

2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 

2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 

2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040 

 

2007 - Jan .......................................................................... 65,063 11,041 8,786 40,381 4,855 

Feb ......................................................................... 66,082 11,041 8,915 41,251 4,874 

Mar ......................................................................... 66,551 11,041 8,948 41,716 4,846 

Apr.......................................................................... 66,720 11,041 9,030 42,095 4,553 

May......................................................................... 66,008 11,041 9,002 41,483 4,481 

June........................................................................ 66,127 11,041 9,018 41,495 4,573 

July ......................................................................... 67,029 11,041 9,111 42,508 4,369 

Aug ......................................................................... 67,508 11,041 9,157 42,922 4,388 

Sept........................................................................ 69,070 11,041 9,301 44,266 4,463 

Oct.......................................................................... 69,626 11,041 9,392 44,800 4,394 

Nov ......................................................................... 70,966 11,041 9,536 45,973 4,416 

Dec ......................................................................... 70,565 11,041 9,476 45,804 4,244 

2008 - Jan .......................................................................... 72,017 11,041 9,566 47,173 4,237 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. For 

December 2007 and January 2008, excludes outstanding reciprocal currency swaps 

with the European Central Bank and the Swiss National Bank in the amounts of $20 

billion and $4 billion, respectively. 

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 total due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

March 2008 

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 - Mar. 8........... 2,585,384 807,303 301,358 431,184 5,734 69,027 933,296 813,312 196,440 616,872 31,473 

Series Break........... 2,445,944 900,117 301,358 490,145 5,734 102,880 933,296 586,996 196,440 390,556 25,535 

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 ......... 6,068,142 2,070,222 493,689 1,112,617 986 462,930 2,189,751 1,747,236 1,041,237 705,999 60,933 

Series Break .......... 6,056,852 2,275,684 493,689 1,211,819 986 569,190 2,189,751 1,536,930 1,041,237 495,693 54,487 

 

2006 - Dec. r .......... 6,500,883 2,372,146 461,656 1,271,174 1,026 638,290 2,415,273 1,663,272 1,102,362 560,910 50,192 

2007 - Jan. r........... 6,658,398 2,399,294 476,234 1,266,314 1,033 655,713 2,451,031 1,754,918 1,172,849 582,069 53,155 

Feb. r .......... 6,795,911 2,433,532 498,195 1,268,486 1,040 665,811 2,525,234 1,778,640 1,180,993 597,647 58,505 

Mar. r .......... 6,876,170 2,463,287 507,585 1,269,863 1,047 684,792 2,520,576 1,835,083 1,207,924 627,159 57,224 

Apr. r........... 7,045,967 2,479,318 497,644 1,279,227 1,053 701,394 2,615,367 1,898,630 1,280,420 618,210 52,652 

May r........... 7,143,680 2,480,171 486,315 1,274,637 1,060 718,159 2,679,812 1,932,350 1,287,165 645,185 51,347 

June r.......... 7,095,446 2,512,628 492,637 1,281,070 1,067 737,854 2,607,087 1,925,677 1,260,762 664,915 50,054 

July r........... 7,269,396 2,550,024 528,452 1,274,145 1,075 746,352 2,638,131 2,031,236 1,368,839 662,397 50,006 

Aug ............. 7,213,612 2,532,086 533,144 1,244,460 1,082 753,400 2,655,401 1,975,252 1,285,759 689,493 50,873 

Sept ............ 7,225,611 2,547,140 519,996 1,258,830 1,089 767,225 2,660,201 1,970,118 1,269,136 700,982 48,152 

Oct .............. 7,426,331 2,589,717 541,101 1,262,810 1,096 784,710 2,724,619 2,062,309 1,315,829 746,480 49,686 

Nov. p ......... 7,509,972 2,635,973 576,067 1,263,188 1,103 795,615 2,709,439 2,115,414 1,345,581 769,833 49,146 

Dec. p ......... 7,508,561 2,677,253 594,061 1,274,168 1,111 807,913 2,721,569 2,063,202 1,303,186 760,016 46,537 

 

1

 Includes Bank for International Settlements for data before June 2006. 

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. For data as of June 

2006, also includes Bank for International Settlements. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000, end-June 2002, end-June 2003, end-June 2004, end-June 2005, 

and end-June 2006, 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 2008 

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) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

2002 .............................................................................. 2,769 2,769 715 1,368 686 

2003 .............................................................................. 2,613 2,613 768 1,102 743 

2004 .............................................................................. 1,630 1,630 825 - 805 

2005 .............................................................................. 948 948 77 - 871 

 

2006 - Dec..................................................................... 1,026 1,026 82 - 944 

2007 - Jan ..................................................................... 1,033 1,033 83 - 950 

Feb..................................................................... 1,040 1,040 83 - 956 

Mar..................................................................... 1,047 1,047 84 - 963 

Apr ..................................................................... 1,053 1,053 84 - 969 

May .................................................................... 1,060 1,060 85 - 976 

June................................................................... 1,067 1,067 85 - 982 

July .................................................................... 1,075 1,075 86 - 989 

Aug .................................................................... 1,082 1,082 86 - 996 

Sept ................................................................... 1,089 1,089 87 - 1,002 

Oct ..................................................................... 1,096 1,096 87 - 1,009 

Nov .................................................................... 1,103 1,103 88 - 1,015 

Dec .................................................................... 1,111 1,111 88 - 1,022 

 

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 March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $3,821 million. Note: This 

issue was paid off in full and retired on January 29, 2004. 

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

March 2008 

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 2008 

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. 

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 

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, 
CAPITAL MOVEMENTS 

March 2008 

52 

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 2008 

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] 

2007 

Type of Liability 

 Calendar 

 Year 

 2006 r June r July r Aug. r Sept. Oct. Nov. Dec. p 

Total liabilities to all foreigners ................................... 4,010,427 4,393,014 4,567,826 4,507,750 4,479,915 4,613,311 4,662,500 4,647,345 

Payable in dollars .................................................. 3,851,558 4,199,775 4,374,587 4,314,511 4,280,543 4,413,939 4,463,128 4,447,973 

Foreign official institutions ................................. 461,656 492,637 528,452 533,144 519,996 541,101 576,067 594,061 

Deposits, excluding negotiable CDs .............. 51,380 58,169 58,667 55,359 53,349 48,961 47,691 48,554 

U.S. Treasury bills and certificates ................ 176,829 160,745 176,036 179,837 178,083 180,239 185,075 196,163 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 105,873 106,450 107,404 134,783 143,687 163,679 180,971 182,012 

Other liabilities............................................... 127,574 167,273 186,345 163,165 144,877 148,222 162,330 167,332 

Foreign banks (including own foreign 

 offices) and other foreigners ............................ 3,360,477 3,676,752 3,815,873 3,750,063 3,731,330 3,842,441 3,857,013 3,826,748 

Deposits, excluding negotiable CDs .............. 1,244,889 1,330,452 1,351,444 1,336,958 1,392,633 1,448,054 1,453,560 1,469,133 

U.S. Treasury bills and certificates ................ 73,257 65,688 69,066 86,243 81,528 87,860 98,770 103,718 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 567,506 609,451 647,904 633,365 635,137 635,953 640,783 657,381 

Other liabilities............................................... 1,474,825 1,671,161 1,747,459 1,693,497 1,622,032 1,670,574 1,663,900 1,596,516 

International and regional organizations 1 .......... 29,425 30,386 30,262 31,304 29,217 30,397 30,048 27,164 

Deposits, excluding negotiable CDs .............. 19,021 20,532 20,632 21,208 20,535 20,833 20,740 17,784 

U.S. Treasury bills and certificates ................ 800 506 287 353 310 838 738 250 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 2,855 3,427 3,390 3,186 3,131 3,588 3,009 3,985 

Other liabilities............................................... 6,749 5,921 5,953 6,557 5,241 5,138 5,561 5,145 

Payable in foreign currencies 2 .............................. 158,869 193,239 193,239 193,239 199,372 199,372 199,372 199,372 

Sector: 

Banks and other foreigners............................ 157,158 191,097 191,097 191,097 198,007 198,007 198,007 198,007 

International and regional organizations 1 .......... 1,711 2,142 2,142 2,142 1,365 1,365 1,365 1,365 

Major currencies: 

Canadian dollars............................................ 11,725 19,825 19,825 19,825 21,725 21,725 21,725 21,725 

Euro............................................................... 80,130 81,884 81,884 81,884 84,805 84,805 84,805 84,805 

United Kingdom pounds sterling.................... 17,618 18,400 18,400 18,400 15,560 15,560 15,560 15,560 

Japanese yen ................................................ 19,409 30,979 30,979 30,979 37,905 37,905 37,905 37,905 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars.............................................................. 2,924,438 3,253,508 3,370,500 3,276,744 3,238,667 3,341,782 3,353,782 3,304,464 

Liabilities to own foreign offices ........................ 1,938,224 2,157,911 2,190,491 2,172,750 2,180,524 2,239,533 2,246,782 2,235,490 

Liabilities collaterized by repurchase 

 agreements................................................. 1,028,974 1,216,061 1,319,817 1,209,155 1,129,192 1,180,996 1,195,995 1,099,640 

Foreign official institutions ........................ 114,524 157,551 177,489 153,562 136,612 139,714 152,053 154,342 

Foreign banks and other foreigners........... 911,155 1,055,860 1,138,916 1,051,856 990,109 1,038,060 1,039,907 941,153 

International and regional organizations 1.......... 3,295 2,650 3,412 3,737 2,471 3,222 4,035 4,145 

Reported by IBFs........................................... 377,931 413,960 399,595 437,509 451,871 475,705 448,618 481,836 

Respondents’ own liabilities payable in 

 foreign currencies 2.......................................... 140,941 169,727 169,727 169,727 182,041 182,041 182,041 182,041 

Reported by IBFs........................................... 56,547 60,217 60,217 60,217 56,159 56,159 56,159 56,159 

Liabilities held in custody for domestic 

 customers and selected other liabilities 3 ......... 945,048 969,779 1,027,599 1,061,279 1,059,207 1,089,488 1,126,677 1,160,840 

Payable in dollars .......................................... 927,120 946,267 1,004,087 1,037,767 1,041,876 1,072,157 1,109,346 1,143,509 

of which: other short-term negotiable 

securities and negotiable CDs................ 371,732 410,833 440,240 451,807 461,997 505,828 516,853 505,783 

 of which: short-term U.S. Government 

 agency securities................................ 113,865 114,579 120,861 149,998 160,891 180,911 196,254 198,354 

 of which: negotiable CDs........................ 66,155 86,041 93,276 96,646 92,621 101,066 99,123 97,792 

Payable in foreign currencies 2 ...................... 17,928 23,512 23,512 23,512 17,331 17,331 17,331 17,331 

 

 1

 Principally 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 2008 

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 2007 

Country 2004 2005 2006 r Aug. r Sept. Oct. Nov. Dec. p 

Europe: 

Austria ................................................. 4,355 3,607 3,934 5,825 6,080 4,739 5,137 5,003

Belgium ............................................... 13,649 17,105 15,595 19,896 15,526 18,997 20,409 18,586

Bulgaria ............................................... 221 139 88 355 166 153 327 148

Cyprus 1 .............................................. n.a. n.a. 634 785 601 606 618 1,068

Czech Republic.................................... 1,661 1,446 1,353 1,057 1,197 1,071 1,134 1,428

Denmark.............................................. 3,151 1,544 969 1,163 903 1,017 2,160 785

Finland................................................. 1,116 3,767 3,362 1,805 748 1,321 1,410 1,400

France ................................................. 83,951 76,016 83,606 79,001 73,693 86,860 76,601 70,793

Germany.............................................. 76,040 70,867 92,815 103,674 117,048 121,634 123,505 123,987

Greece................................................. 1,179 1,212 1,488 1,378 1,680 1,531 1,430 1,363

Hungary............................................... 770 527 820 1,096 869 1,174 788 1,178

Iceland 1 .............................................. n.a. n.a. 431 283 216 290 206 671

Ireland.................................................. 64,199 68,669 84,414 96,834 100,408 113,318 110,928 114,005

Italy...................................................... 7,683 8,149 9,335 6,852 8,014 9,670 10,572 9,539

Kazakhstan 1 ....................................... n.a. n.a. 6,145 4,848 3,779 2,973 4,571 5,897

Luxembourg ........................................ 52,548 62,804 73,989 99,369 102,896 109,929 113,096 107,791

Monaco 1 ............................................ n.a. n.a. 380 216 185 179 292 242

Netherlands ......................................... 20,272 16,460 26,781 30,878 25,785 31,836 33,397 26,183

Norway ................................................ 32,907 27,927 42,401 72,676 56,623 56,469 58,048 48,030

Poland ................................................. 5,680 6,340 7,475 11,060 11,621 14,537 20,819 19,648

Portugal ............................................... 1,676 2,883 2,720 3,727 2,836 2,837 2,592 3,212

Romania .............................................. 1,636 565 492 375 474 326 651 582

Russia ................................................. 70,203 101,355 62,736 59,027 70,277 88,769 94,337 104,738

Serbia and Montenegro 2 .................... 110 119 295 337 530 463 481 532

Spain ................................................... 9,078 10,060 9,805 9,726 10,754 10,341 10,962 12,662

Sweden................................................ 6,144 4,796 3,890 4,332 4,845 5,865 6,334 7,897

Switzerland .......................................... 100,660 141,498 63,546 68,154 50,053 53,112 55,961 57,118

Turkey.................................................. 5,189 10,006 10,457 15,559 13,349 12,758 12,087 12,172

Ukraine 1 ............................................. n.a. n.a. 919 1,414 1,396 1,880 1,254 1,426

United Kingdom................................... 501,721 590,505 926,090 1,117,932 1,063,141 1,091,019 1,092,294 1,037,704

Channel Islands .................................. 21,327 29,737 33,857 32,349 25,481 40,364 26,337 25,394

All other Europe 1................................. 26,369 23,540 3,852 4,510 5,329 5,568 5,117 4,896

Total Europe.................................... 1,113,495 1,281,643 1,574,675 1,856,494 1,776,503 1,891,606 1,893,854 1,826,078

Memo: Euro Area 3 ............................................. 335,746 341,599 407,845 458,966 465,468 513,013 510,038 494,524

Memo: European Union 4 ................... n.a. n.a. 1,349,854 1,597,816 1,550,077 1,629,431 1,636,058 1,566,517

Canada .................................................... 36,499 38,051 49,396 70,327 73,939 76,918 66,754 69,230

Latin America: 

Argentina ............................................. 10,932 9,775 10,638 10,923 11,296 10,951 10,774 12,129

Belize 5 ................................................ n.a. n.a. 484 300 294 247 321 306

Bolivia 5 ............................................... n.a. n.a. 2,123 2,741 2,491 2,263 2,224 2,543

Brazil.................................................... 16,912 12,898 16,271 25,949 28,911 28,873 30,834 24,868

Chile .................................................... 7,368 9,045 16,926 14,905 14,973 15,421 15,926 15,751

Colombia ............................................. 6,353 6,521 11,702 10,885 9,927 10,782 10,798 11,066

Costa Rica 5 ........................................ n.a. n.a. 2,967 3,310 3,032 2,785 2,595 2,448

Ecuador ............................................... 2,707 3,426 3,431 3,284 2,991 3,274 3,152 3,292

El Salvador 5 ....................................... n.a. n.a. 1,964 2,504 2,212 2,170 2,260 2,362

Guatemala ........................................... 1,544 1,660 1,444 1,806 1,649 1,618 1,781 1,847

Guyana 5 ............................................. n.a. n.a. 98 118 124 150 142 141

Honduras 5 .......................................... n.a. n.a. 2,594 2,462 2,225 2,054 1,987 2,161

Mexico ................................................. 51,954 44,738 45,846 56,141 55,646 53,622 51,434 52,913

Nicaragua 5 ......................................... n.a. n.a. 238 204 206 197 207 215

Panama ............................................... 4,641 5,334 7,183 7,033 7,131 6,749 6,611 7,034

Paraguay 5 .......................................... n.a. n.a. 672 699 647 787 714 695

Peru..................................................... 1,975 3,062 4,281 5,612 5,794 4,529 5,602 5,280

Suriname 5 .......................................... n.a. n.a. 128 156 134 126 151 128

Uruguay ............................................... 4,189 4,976 6,139 6,548 7,281 7,672 6,326 6,637

Venezuela............................................ 24,861 27,535 22,886 22,372 21,719 23,206 23,206 23,387

All other Latin America 5 ...................... 6,422 8,595 8 12 37 13 14 15

Total Latin America.......................... 139,858 137,565 158,023 177,964 178,720 177,489 177,059 175,218

Caribbean: 

Anguilla 6 ............................................ n.a. n.a. 3,149 10,102 6,445 9,678 12,967 12,852

Antigua and Barbuda 6 ........................ n.a. n.a. 186 227 236 202 216 215

Aruba 6 ................................................ n.a. n.a. 408 524 498 486 405 265

Bahamas ............................................. 188,604 213,833 257,200 235,776 240,404 248,579 280,909 286,060

Barbados 6 .......................................... n.a. n.a. 18,680 22,139 20,124 21,030 21,202 21,552

Bermuda .............................................. 93,040 52,361 55,502 52,962 47,518 46,367 48,805 49,306

British Virgin Islands 6 ......................... n.a. n.a. 22,082 29,733 29,201 32,706 33,950 34,501

Cayman Islands .................................. 894,069 922,518 1,316,517 1,446,147 1,489,905 1,468,833 1,487,315 1,497,488

Cuba.................................................... 110 120 82 84 84 95 80 80

Dominican Republic 6 .......................... n.a. n.a. 3,895 3,916 3,804 3,742 3,565 3,760

French West Indies 6 ........................... n.a. n.a. 19 29 30 32 31 34

Haiti 6 .................................................. n.a. n.a. 495 431 442 423 418 554

Jamaica ............................................... 922 970 1,056 854 874 1,003 1,009 1,350

Netherlands Antilles............................. 5,867 6,398 8,503 5,069 5,182 5,740 5,781 10,153

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2008 

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 2007 

Country 2004 2005 2006 r Aug. r Sept. Oct. Nov. Dec. p 

 

Caribbean, con. 

St. Kitts and Nevis 6 .......................... n.a. n.a. 90 143 111 107 85 108

Trinidad and Tobago......................... 1,630 2,836 3,354 4,043 3,657 3,440 3,163 3,317

Turks and Caicos Islands 6 ............... n.a. n.a. 165 202 229 222 267 209

All other Caribbean 6 ........................ 40,297 32,620 157 252 245 194 146 200

Total Caribbean ............................ 1,224,539 1,231,656 1,691,540 1,812,633 1,848,988 1,842,879 1,900,314 1,922,004

Asia: 

Bangladesh 7 .................................... n.a. n.a. 824 945 823 834 583 887

China, Mainland ............................... 52,768 46,466 44,474 73,986 81,487 97,531 86,458 94,400

Hong Kong........................................ 43,913 35,246 44,639 36,783 42,452 49,623 45,304 47,003

India.................................................. 11,178 13,860 18,813 20,035 18,017 20,022 18,664 18,261

Indonesia.......................................... 5,905 4,213 4,386 3,427 4,189 5,888 3,429 5,212

Israel................................................. 11,238 9,828 7,327 9,569 8,749 9,560 9,290 7,795

Japan................................................ 173,872 161,951 141,655 158,909 177,030 170,765 172,046 177,021

Jordan 7 ............................................ n.a. n.a. 2,146 1,303 1,292 1,185 1,057 1,179

Korea, South..................................... 12,457 27,200 28,099 23,102 19,579 19,399 26,630 36,347

Laos 7 .............................................. n.a. n.a. 120 317 371 374 383 380

Lebanon............................................ 777 797 1,168 554 788 634 998 1,031

Malaysia ........................................... 2,837 2,287 3,847 3,458 3,274 3,205 2,634 2,850

Pakistan............................................ 1,196 1,768 1,282 2,692 2,760 1,847 1,189 1,463

Philippines ........................................ 2,956 3,780 3,857 3,696 4,665 4,662 4,802 4,974

Singapore ......................................... 28,912 20,291 30,831 34,642 33,953 34,517 37,427 38,753

Syria ................................................. 21 28 25 24 25 25 23 24

Taiwan.............................................. 26,524 23,287 22,952 21,304 21,793 20,429 22,190 26,086

Thailand............................................ 11,356 9,966 8,319 9,935 10,167 9,778 13,951 14,151

Yemen 7 ........................................... n.a. n.a. 179 178 216 272 187 202

Oil exporting countries 8 .................... 41,263 50,659 70,314 71,277 72,210 76,529 80,092 80,495

All other Asia 7 ................................. 6,841 7,258 5,893 5,965 5,986 5,930 5,399 5,052

Total Asia ..................................... 434,014 418,885 441,150 482,101 509,826 533,009 532,736 563,566

Africa: 

Botswana 9 ....................................... n.a. n.a. 236 616 554 657 1,031 925

Egypt ................................................ 2,711 4,953 2,252 3,850 3,301 3,819 3,588 3,687

Ghana............................................... 468 572 389 217 179 614 386 346

Kenya 9 ............................................ n.a. n.a. 234 348 268 264 352 612

Liberia............................................... 266 217 469 619 592 597 602 415

Mauritius 9 ........................................ n.a. n.a. 641 743 1,413 1,103 4,510 6,436

Morocco............................................ 156 138 198 173 137 185 151 180

Mozambique 9 .................................. n.a. n.a. 87 127 163 76 131 126

South Africa ...................................... 3,477 3,054 1,565 3,901 1,858 1,635 2,494 1,638

Tanzania 9 ........................................ n.a. n.a. 363 309 332 378 329 414

Uganda 9 .......................................... n.a. n.a. 926 1,215 1,252 1,196 1,203 1,232

Zambia 9 .......................................... n.a. n.a. 143 147 150 198 154 191

Zimbabwe 9 ...................................... n.a. n.a. 78 86 93 93 88 105

Oil exporting countries 10 .................. 4,347 6,880 4,457 4,399 4,456 5,365 4,050 6,129

All other Africa 9 ............................... 3,373 4,313 2,981 2,906 3,011 2,825 3,385 3,443

Total Africa ................................... 14,798 20,127 15,019 19,656 17,759 19,005 22,454 25,879

Other countries: 

Australia............................................ 23,579 18,427 26,178 27,892 22,902 19,526 15,299 15,136

New Zealand .................................... 3,725 3,028 4,543 3,098 2,514 2,882 3,916 3,224

French Polynesia 11 ......................... n.a. n.a. 63 63 65 65 72 86

All other 11 ........................................ 8,513 14,612 18,704 24,076 18,117 18,170 18,629 18,395

Total other ................................... 35,817 36,067 49,488 55,129 43,598 40,643 37,916 36,841

All countries .......................................... 2,999,020 3,163,994 3,979,291 4,474,304 4,449,333 4,581,549 4,631,087 4,618,816

International and regional orgs: 

International organizations............... 14,550 17,598 26,862 29,422 26,841 27,369 27,571 24,472

Regional organizations 12 ................ 4,303 5,153 4,274 4,024 3,741 4,393 3,842 4,057

Total international and 

 regional organizations................ 18,853 22,751 31,136 33,446 30,582 31,762 31,413 28,529

Grand total................................ 3,017,873 3,186,745 4,010,427 4,507,750 4,479,915 4,613,311 4,662,500 4,647,345

1

 Before June 2006, data for Cyprus, Iceland, 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 June 1994 for the former Yugoslav 

Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes 

Slovenia; however, separate data for Slovenia are not available. 

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 the Belize, Bolivia, Costa Rica, El Salvador, Guyana, Honduras, 

Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 

6

 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.” 

7

 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All other Asia.” 

8

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

9

 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, Uganda, 

Zambia, and Zimbabwe are included in “All other Africa.” 

10 Includes Algeria, Gabon, Libya, and Nigeria. 11 Before June 2006, data for French Polynesia are included in “All other.” 12 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

March 2008 

56 

TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2007, 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 shortterm negotiable 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: 

shortterm 

U.S. 

Treasury 

obligation

s 

(7) 

Of which: 

other shortterm 

negotiable 

securities 

(excl. CDs) 

(8) 

Of which: 

negotiable

CDs 

(9) 

Held by 

foreign 

official 

institutio

ns and 

foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Europe: 

Austria .............................. 5,003 4,987 1,999 2,989 316 246 643 767 1,386 1,622 7 16

Belgium ............................ 18,586 18,248 11,645 6,603 1,076 370 1,251 1,543 3,765 9,850 393 338

Cyprus 4............................ 1,068 1,067 1,031 36 684 342 4 31 1 5 - 1

Czech Republic ................ 1,428 1,426 423 1,003 155 47 1,000 1 2 194 27 2

Denmark........................... 785 768 476 292 305 61 94 165 19 124 - 17

Finland.............................. 1,400 1,263 339 924 145 80 271 3 651 97 17 137

France .............................. 70,793 64,485 52,345 12,140 16,051 2,267 3,177 8,096 371 20,556 13,967 6,308

Germany........................... 123,987 97,582 82,982 14,600 48,341 2,090 6,245 4,015 2,100 32,200 2,591 26,405

Greece.............................. 1,363 1,348 1,282 66 353 783 44 11 10 145 2 15

Hungary............................ 1,178 1,150 940 210 789 88 112 81 5 75 - 28

Ireland .............................. 114,005 113,461 12,216 101,245 3,019 1,963 3,052 64,041 29,572 2,770 9,044 544

Italy................................... 9,539 8,075 4,294 3,781 2,323 912 2,692 38 792 1,254 64 1,464

Kazakhstan 4 .................... 5,897 5,783 2,731 3,052 1,324 8 2,785 267 - 1,399 - 114

Luxembourg ..................... 107,791 106,918 53,376 53,542 9,832 1,356 24,846 21,838 5,408 2,522 41,115 873

Monaco 4 .......................... 242 204 173 31 11 84 13 14 2 78 2 38

Netherlands ...................... 26,183 24,852 19,041 5,810 4,889 2,807 786 2,698 1,358 599 11,714 1,331

Norway ............................. 48,030 48,023 43,607 4,416 244 262 2,006 1,898 512 43,021 80 7

Poland .............................. 19,648 19,636 8,708 10,928 324 66 6,086 4,839 3 8,318 - 12

Portugal............................ 3,212 2,993 2,824 169 2,245 242 35 124 9 113 225 219

Romania........................... 582 581 581 - 72 35 - - - 474 - 1

Russia .............................. 104,738 104,709 7,870 96,839 6,221 318 3 96,831 5 1,319 12 29

Spain ................................ 12,662 11,474 9,163 2,311 5,098 1,313 698 132 1,434 2,736 63 1,188

Sweden............................. 7,897 7,677 2,884 4,793 981 525 122 617 3,981 1,439 12 220

Switzerland ....................... 57,118 51,939 38,489 13,450 15,948 1,406 5,689 4,065 2,876 21,521 434 5,179

Turkey............................... 12,172 12,098 2,269 9,829 1,574 138 9,783 31 12 557 3 74

Ukraine 4........................... 1,426 1,426 1,392 34 1,088 20 24 - 7 284 3 -

United Kingdom ................ 1,037,704 992,925 953,483 39,442 148,492 18,358 5,031 20,147 7,706 405,846 387,345 44,779

Channel Islands................ 25,394 25,281 21,823 3,458 20,484 838 898 950 1,341 119 651 113

All other Europe 4............... 6,247 6,206 5,357 849 1,988 738 772 9 21 2,674 5 41

Total Europe.................. 1,826,078 1,736,585 1,343,743 392,842 294,372 37,763 78,161 233,253 63,349 561,911 467,776 89,493

Memo: Euro Area 5........ 494,524 455,686 251,506 204,180 93,688 14,429 43,739 103,307 46,856 74,464 79,202 38,838

Canada................................... 69,230 59,389 37,936 21,453 4,459 7,175 5,796 10,216 4,314 22,543 4,886 9,841

Latin America: 

Argentina............................ 12,129 11,971 10,751 1,220 957 9,050 540 253 425 573 173 158

Belize 6 ............................... 306 305 278 27 98 141 4 10 13 32 7 1

Bolivia 6 .............................. 2,543 2,529 1,746 783 433 1,262 256 298 228 45 7 14

Brazil .................................. 24,868 24,499 21,274 3,225 4,690 4,597 183 2,922 77 11,463 567 369

Chile................................... 15,751 15,538 9,379 6,159 3,727 4,971 1,169 4,798 173 622 78 213

Colombia............................ 11,066 10,966 5,563 5,403 1,482 3,706 3,110 1,533 760 354 21 100

Costa Rica 6 ....................... 2,448 2,436 1,912 524 1,042 592 76 48 400 249 29 12

Ecuador.............................. 3,292 3,273 3,012 261 539 2,177 22 172 67 186 110 19

El Salvador 6 ...................... 2,362 2,361 1,213 1,148 536 469 135 542 471 200 8 1

Guatemala ......................... 1,847 1,815 1,529 286 193 1,193 57 110 92 115 55 32

Honduras 6 ......................... 2,161 2,140 2,072 68 1,283 706 3 22 43 70 13 21

Mexico................................ 52,913 52,335 38,252 14,083 18,071 19,001 8,729 4,462 796 626 650 578

Panama.............................. 7,034 6,995 5,439 1,556 2,405 2,653 466 787 294 254 136 39

Paraguay 6 ......................... 695 691 656 35 97 524 1 9 25 6 29 4

Peru.................................... 5,280 5,168 5,003 165 2,254 1,507 9 125 29 1,234 10 112

Uruguay ............................. 6,637 6,366 5,334 1,032 1,191 1,857 409 284 335 2,004 286 271

Venezuela.......................... 23,387 23,021 21,333 1,688 5,598 14,629 200 981 419 586 608 366

All other Latin America 6 .... 499 499 473 26 151 289 1 6 19 26 7 -

Total Latin America ....... 175,218 172,908 135,219 37,689 44,747 69,324 15,370 17,362 4,666 18,645 2,794 2,310

Caribbean: 

Aruba 7 ............................... 265 265 228 37 86 95 2 9 26 17 30 -

Bahamas............................ 286,060 284,550 281,418 3,132 192,864 5,503 721 410 1,792 80,055 3,205 1,510

Barbados 7 ......................... 21,552 21,350 4,190 17,160 3,790 292 2,502 8,182 6,465 89 30 202

Bermuda ............................ 49,306 48,519 27,813 20,706 3,749 11,203 7,066 12,030 1,418 411 12,642 787

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2008 

57

TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2007, 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 

negotiable 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, con. 

British Virgin Islands 7 .............. 34,501 33,564 19,234 14,330 125 17,694 6,194 6,808 822 1 1,920 937

Cayman Islands....................... 1,497,488 1,458,977 1,096,746 362,231 530,453 105,921 11,612 33,776 4,943 611,583 160,689 38,511

Dominican Republic 7 .............. 3,760 3,742 3,627 115 1,195 2,245 2 65 48 106 81 18

Haiti 7........................................ 554 554 522 32 164 228 - 18 14 126 4 -

Jamaica.................................... 1,350 1,322 1,291 31 590 245 28 - 3 453 3 28

Netherlands Antilles................. 10,153 10,083 8,928 1,155 4,800 1,349 483 637 27 785 2,002 70

Trinidad and Tobago................ 3,317 3,300 2,857 443 1,913 356 1 349 63 585 33 17

All other Caribbean 7................ 13,698 13,357 13,082 275 240 9,101 163 82 29 18 3,724 341

Total Caribbean.................. 1,922,004 1,879,583 1,459,936 419,647 739,969 154,232 28,774 62,366 15,650 694,229 184,363 42,421

Asia: China, Mainland....................... 94,400 94,364 26,861 67,503 10,200 1,420 31,387 34,239 799 16,239 80 36

Hong Kong............................... 47,003 44,477 32,504 11,973 14,426 5,163 617 10,463 737 3,181 9,890 2,526

India ......................................... 18,261 18,212 4,972 13,240 2,086 1,267 6,399 6,689 12 1,529 230 49

Indonesia ................................. 5,212 5,212 3,115 2,097 957 459 2,026 28 42 1,699 1 -

Israel ........................................ 7,795 7,764 5,923 1,841 937 2,364 884 753 169 2,642 15 31

Japan ....................................... 177,021 146,347 67,360 78,987 33,027 5,930 66,044 9,173 257 25,797 6,119 30,674

Jordan 8 .................................... 1,179 1,179 1,019 160 848 47 0 - 101 121 3 -

Korea, South............................ 36,347 35,911 24,518 11,393 5,576 717 1,550 6,676 3,078 18,104 210 436

Malaysia................................... 2,850 2,849 1,909 940 907 106 569 321 31 895 20 1

Pakistan ................................... 1,463 1,451 1,194 257 668 117 124 94 8 411 29 12

Philippines................................ 4,974 4,834 3,954 880 2,921 432 725 116 39 564 37 140

Singapore................................. 38,753 37,633 31,385 6,248 25,405 1,257 4,592 1,296 334 4,558 191 1,120

Taiwan...................................... 26,086 26,046 23,902 2,144 6,466 6,159 1,277 207 643 11,267 27 40

Thailand ................................... 14,151 14,150 6,270 7,880 678 301 7,824 25 11 5,306 5 1

All other Asia 8.......................... 88,071 87,706 36,629 51,077 14,646 1,496 41,867 8,199 1,004 20,180 314 365

Total Asia............................. 563,566 528,135 271,515 256,620 119,748 27,235 165,944 78,279 7,265 112,493 17,171 35,431

Africa: Egypt........................................ 3,687 3,685 2,423 1,262 1,162 95 1,199 11 52 1,166 - 2

Ghana ...................................... 346 346 346 - 164 29 - - - 153 - -

Kenya 9..................................... 612 612 611 1 383 88 - - 1 140 - -

Liberia ...................................... 415 397 280 117 3 189 10 105 2 85 3 18

Morocco ................................... 180 180 157 23 79 49 - 19 1 29 3 -

South Africa ............................. 1,638 1,630 1,154 476 765 185 443 6 27 199 5 8

All other Africa 9 ....................... 19,001 18,971 16,230 2,741 7,713 1,122 2,571 115 54 2,799 4,597 30

Total Africa........................... 25,879 25,821 21,201 4,620 10,269 1,757 4,223 256 137 4,571 4,608 58

Other countries: Australia ................................... 15,136 14,130 9,250 4,880 3,784 1,343 697 3,231 851 2,695 1,529 1,006

New Zealand............................ 3,224 3,110 2,104 1,006 995 140 504 485 17 892 77 114

All other.................................... 18,481 1,148 631 517 128 247 412 92 9 254 6 17,333

Total other........................... 36,841 18,388 11,985 6,403 4,907 1,730 1,613 3,808 877 3,841 1,612 18,453

All countries.................................. 4,618,816 4,420,809 3,281,535 1,139,274 1,218,471 299,216 299,881 405,540 96,258 1,418,233 683,210 198,007

International and regional orgs: International organizations....... 24,472 23,107 20,779 2,328 - 16,268 184 736 1,408 - 4,511 1,365

Regional organizations10 ......... 4,057 4,057 2,150 1,907 - 1,516 66 1,715 126 - 634 -

Total International and 

 regional organizations ...... 28,529 27,164 22,929 4,235 - 17,784 250 2,451 1,534 - 5,145 1,365

Grand total ...................... 4,647,345 4,447,973 3,304,464 1,143,509 1,218,471 317,000 300,131 407,991 97,792 1,418,233 688,355 199,372

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

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in "All 

other Europe." 

5

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes 

Slovenia; however, separate data for Slovenia are not available. 

6

 Before June 2006, data for Belize, Bolivia, Costa Rica, El Salvador, Honduras, and 

Paraguay are included in "All other Latin America." 

7

 Before June 2006, data for Aruba, Barbados, British Virgin Islands, Dominican Republic, 

and Haiti are included in "All other Caribbean." 

8

 Before June 2006, data for Jordan are included in "All other Asia." 

9

 Before June 2006, data for Kenya are included in "All other Africa." 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

March 2008 

58 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

1600

1700

1800

1900

2000

2003 2004 2005 2006 Dec. 2007

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 2003 2004 2005 2006 Dec. 2007 

 

United Kingdom ...................... 345,235 501,721 590,505 926,090 1,037,704

All other Europe ...................... 462,334 611,774 691,138 648,585 788,374

Caribbean banking centers 1 .... 955,536 1,186,221 1,200,444 1,666,987 1,884,542

Japan ...................................... 170,315 173,872 161,951 141,655 177,021

All other Asia........................... 214,276 260,142 256,934 299,495 386,545

Subtotal................................. 2,147,696 2,733,730 2,900,972 3,682,812 4,274,186

All other countries ................... 234,774 284,143 285,773 327,615 373,159

Grand total ............................ 2,382,470 3,017,873 3,186,745 4,010,427 4,647,345

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 $4.6 trillion in 

December 2007, an increase of 

$637 billion from yearend 2006. 

U.S. banking liabilities include 

foreign holdings of U.S. shortterm securities but exclude 

foreign holdings of U.S. longterm securities. U.S. banking 

liabilities increased about $824 

billion in 2006, about $169 billion 

in 2005, and about $635 billion in 

2004. 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 more than 60 

percent of U.S. banking liabilities 

is currently recorded against the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers have recorded 

most of the growth in banking 

liabilities in recent years. 

Foreigners domiciled in the rest of 

Europe and in Asia account for 

about one-quarter of U.S. banking 

liabilities. 
 CAPITAL MOVEMENTS 

March 2008 

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] 

 

2006 2007 

Type of Claim 

 Calendar 

 Year 

 2005 Sept. Dec. r Mar. r June Sept. p 

Total claims.............................................................. 2,500,399 3,023,043 3,140,590 3,364,964 3,586,309 3,702,887 

Payable in dollars.................................................. 2,344,155 2,831,860 2,944,476 3,157,482 3,361,669 3,473,795 

Own claims on foreigners................................... 1,864,834 2,207,809 2,291,340 2,508,787 2,627,693 2,700,426 

Foreign official institutions............................... 72,919 97,067 98,010 92,666 96,012 86,503 

Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 1,391,775 1,626,309 1,662,805 1,846,513 1,904,201 1,978,250 

All other foreigners .......................................... 400,140 484,433 530,525 569,608 627,480 635,673 

Claims of domestic customers.............................. 479,321 624,051 653,136 648,695 733,976 773,369 

Payable in foreign currencies .................................. 156,244 191,183 196,114 207,482 224,640 229,092 

Own claims on foreigners ..................................... 100,144 106,937 131,556 130,224 143,355 148,662 

of which: 

Canadian dollars.............................................. 13,613 10,956 16,027 14,290 24,795 35,419 

Euros................................................................ 56,203 54,064 65,970 71,691 67,522 56,542 

United Kingdom pounds sterling...................... 11,739 17,677 18,871 15,221 15,074 13,893 

Japanese yen................................................... 10,338 11,895 14,463 15,492 17,821 19,463 

Claims of domestic customers.............................. 56,100 84,246 64,558 77,258 81,285 80,430 

of which: 

Canadian dollars.............................................. 4,536 6,000 4,814 4,797 4,261 4,873 

Euros................................................................ 38,671 64,409 47,468 62,721 67,539 62,113 

United Kingdom pounds sterling...................... 8,621 9,917 7,068 4,612 3,348 3,893 

Japanese yen................................................... 952 1,521 1,676 1,345 381 2,739 

Memoranda: 

Total own claims on foreigners ............................. 1,964,978 2,314,746 2,422,896 2,639,011 2,771,048 2,849,088 

Non-negotiable deposits .................................... 792,262 950,499 983,111 1,051,855 1,066,562 1,005,396 

Short-term negotiable instruments 

 (payable in dollars)........................................... 9,738 10,397 15,508 18,053 19,833 18,656 

Resale agreements ............................................ 482,090 651,613 664,373 739,410 794,401 843,785 

Other................................................................... 680,888 702,237 759,904 829,692 890,227 981,251 

Claims on own foreign offices............................... 1,304,277 1,578,206 1,639,474 1,842,089 1,920,290 1,978,012 

Claims reported by IBFs ....................................... 478,683 545,207 562,450 659,714 648,627 615,111 

Payable in dollars............................................... 448,031 511,023 524,907 619,843 606,879 578,337 

Payable in foreign currencies............................. 30,652 34,184 37,543 39,871 41,748 36,774 

Total claims held for domestic customers ............ 535,421 708,297 717,694 725,953 815,261 853,799 

Non-negotiable deposits .................................... 248,616 297,410 312,635 341,968 358,171 390,473 

Short-term negotiable instruments 

 (payable in dollars)........................................... 232,059 337,401 353,438 334,582 407,302 400,601 

Other ..................................................................... 54,746 73,486 51,621 49,403 49,788 62,725 

 

 
CAPITAL MOVEMENTS 

March 2008 

60 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 

 2006 2007 

Country 

 Calendar 

 year 

 2005 Mar. June Sept. Dec. r Mar. r June Sept. p

 

Europe: 

Austria .................................................... 5,432 6,007 6,915 8,478 8,563 8,309 8,572 9,189

Belgium................................................... 14,095 22,076 27,060 19,955 20,258 33,993 43,170 23,446

Bulgaria .................................................. 23 40 45 38 38 39 38 37

Czech Republic ...................................... 3,413 3,460 3,849 2,583 3,546 3,232 3,604 2,113

Denmark................................................. 2,619 1,874 3,331 1,845 2,770 5,699 1,757 2,393

Finland.................................................... 9,610 10,156 12,907 15,054 10,360 14,933 15,143 24,208

France .................................................... 131,334 142,517 176,142 171,400 165,030 190,458 199,784 189,500

Germany................................................. 48,290 49,273 57,215 54,150 45,429 59,267 71,143 87,324

Greece.................................................... 116 243 682 902 1,081 1,421 1,442 1,409

Hungary.................................................. 121 168 50 133 157 185 187 252

Ireland..................................................... 41,916 32,912 34,728 47,427 62,881 69,379 69,478 66,817

Italy ......................................................... 23,200 20,011 25,727 35,173 41,479 38,379 34,823 43,138

Kazakhstan 1........................................... n.a. n.a. 501 446 510 725 863 754

Luxembourg ........................................... 14,772 15,299 17,498 17,569 16,033 17,679 25,823 22,626

Netherlands ............................................ 30,557 29,964 34,989 39,309 38,723 45,310 60,368 73,712

Norway ................................................... 19,083 26,448 29,093 32,130 35,117 28,204 25,101 29,189

Poland .................................................... 1,840 1,191 1,565 1,593 1,115 1,842 3,454 3,999

Portugal .................................................. 1,138 959 1,937 1,953 1,988 2,245 2,506 2,840

Romania ................................................. 288 272 273 265 290 217 209 200

Russia..................................................... 1,320 1,273 1,474 1,765 4,254 1,819 1,777 3,334

Spain ...................................................... 10,809 14,106 11,662 14,942 15,969 32,363 25,154 26,099

Sweden................................................... 27,865 29,693 27,782 37,832 29,377 28,572 31,026 37,643

Switzerland............................................. 151,785 172,232 124,533 141,708 112,026 170,746 183,067 191,304

Turkey..................................................... 3,459 3,342 3,453 4,112 5,429 3,754 3,678 3,718

United Kingdom...................................... 627,105 795,994 826,601 865,767 938,123 974,767 1,045,487 1,167,026

Channel Islands...................................... 42,827 41,957 40,163 41,027 45,533 48,523 56,782 43,199

All other Europe 1.................................... 18,996 21,754 1,556 2,460 4,193 3,501 3,689 3,689

Total Europe ........................................ 1,232,013 1,443,221 1,471,729 1,560,017 1,610,272 1,785,561 1,918,125 2,059,158

Memo: Euro Area 2 .................................... 331,269 343,523 407,460 426,313 427,794 513,736 557,406 570,309

Memo: European Union 3 .......................... n.a. n.a. 1,270,974 1,336,373 1,404,018 1,529,871 1,645,037 1,785,712

Canada...................................................... 94,997 93,373 107,385 101,468 106,665 109,407 134,739 142,028

Latin America: 

Argentina ................................................ 2,507 2,464 2,565 2,435 2,977 2,880 3,631 4,183

Bolivia 4 ................................................... n.a. n.a. 155 173 157 139 172 166

Brazil....................................................... 15,621 16,473 16,050 15,003 20,454 22,343 25,568 32,740

Chile ....................................................... 6,990 6,863 7,252 7,335 7,152 6,120 6,489 7,887

Colombia ................................................ 2,506 2,993 2,707 2,766 2,915 4,104 4,287 6,208

Costa Rica 4 ............................................ n.a. n.a. 734 721 733 780 782 797

Ecuador.................................................. 602 588 555 589 612 581 777 896

El Salvador 4 ........................................... n.a. n.a. 852 874 872 871 901 801

Guatemala.............................................. 903 1,005 925 919 1,055 1,135 1,108 1,235

Honduras 4 .............................................. n.a. n.a. 409 382 433 461 417 606

Mexico .................................................... 15,194 15,377 18,507 18,466 17,936 19,257 19,793 23,028

Nicaragua ............................................... n.a. n.a. 101 99 89 89 82 74

Panama .................................................. 2,359 2,559 2,725 2,928 2,556 2,641 3,498 3,394

Paraguay 4 .............................................. n.a. n.a. 41 40 41 60 79 92

Peru ........................................................ 1,242 1,200 1,284 1,360 1,474 1,416 2,250 2,150

Uruguay.................................................. 486 481 430 527 361 1,119 341 1,083

Venezuela .............................................. 2,613 2,493 2,205 2,582 2,477 2,632 2,770 3,013

All other Latin America 4......................... 2,632 2,374 26 77 37 147 34 63

Total Latin America.............................. 53,655 54,870 57,523 57,276 62,331 66,775 72,979 88,416

Caribbean: 

Anguilla 5 ................................................ n.a. n.a. 3,141 4,373 5,281 2,575 3,479 3,140

Bahamas ................................................ 167,880 192,132 241,032 208,785 194,510 200,233 194,017 214,428

Barbados 5 .............................................. n.a. n.a. 391 429 471 372 794 352

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2008 

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] 

 

2006 2007 

Country 

 Calendar 

 year 

 2005 Mar. June Sept. Dec. r Mar. r June Sept. p

 

Caribbean, con. 

Bermuda....................................... 20,875 22,960 18,963 22,964 21,721 29,293 18,828 20,333

British Virgin Islands 5................... n.a. n.a. 4,513 4,828 4,270 5,485 6,695 4,768

Cayman Islands............................ 674,769 755,478 772,459 769,663 835,646 880,918 944,367 916,200

Dominican Republic 5 ................... n.a. n.a. 412 488 650 615 571 630

Haiti 5............................................. n.a. n.a. 49 34 50 56 67 56

Jamaica ........................................ 448 472 602 721 695 768 592 666

Netherlands Antilles ..................... 4,558 4,624 4,412 3,962 2,686 2,897 2,634 4,877

Trinidad and Tobago .................... 957 822 948 792 1,055 1,034 680 524

All other Caribbean 5 .................... 8,687 11,181 252 362 383 563 580 584

Total Caribbean......................... 878,174 987,669 1,047,174 1,017,401 1,067,418 1,124,809 1,173,304 1,166,558

Asia: China, Mainland. .......................... 14,957 16,987 19,588 15,413 15,915 19,326 20,709 18,095

Hong Kong ................................... 9,042 8,534 11,046 10,316 8,300 6,473 7,479 7,461

India.............................................. 2,669 2,345 2,108 3,072 3,209 3,209 3,514 4,563

Indonesia...................................... 523 475 585 477 559 549 525 583

Israel............................................. 5,827 4,777 5,363 6,284 6,568 6,390 7,680 6,451

Japan............................................ 114,713 111,806 113,783 139,368 157,671 136,611 130,587 104,827

Jordan 6......................................... n.a. n.a. 23 23 21 21 33 49

Korea, South ................................ 17,470 12,171 18,201 29,474 25,258 24,841 26,815 14,392

Lebanon........................................ 53 33 22 21 20 27 39 53

Malaysia ....................................... 834 989 983 851 947 627 1,104 1,913

Pakistan........................................ 33 29 29 63 29 42 105 218

Philippines .................................... 1,820 1,224 1,279 1,177 1,020 1,094 1,123 1,233

Singapore ..................................... 8,210 7,988 6,429 7,745 5,519 5,347 6,163 5,663

Taiwan.......................................... 8,909 6,685 4,402 5,921 3,607 3,880 6,140 3,887

Thailand........................................ 8,183 7,235 8,281 7,798 6,585 6,131 5,607 2,349

Asian oil exporters 7 ..................... 13,670 10,979 13,735 11,951 11,789 13,281 15,470 15,643

All other Asia 6 .............................. 187 368 166 133 424 614 929 723

Total Asia................................... 207,100 192,625 206,023 240,087 247,441 228,463 234,022 188,103

Africa: 

Cameroon 8................................... n.a. n.a. 21 22 20 16 16 12

Egypt ............................................ 661 773 1,156 1,181 1,833 1,692 1,331 1,713

Ghana........................................... 19 37 32 8 13 19 8 31

Liberia........................................... 267 247 287 316 296 266 322 371

Morocco........................................ 94 84 105 71 84 77 85 47

South Africa.................................. 414 444 662 473 640 416 438 431

African oil exporters 9 ................... 339 307 309 335 414 326 295 321

All other Africa 8 ............................ 252 863 269 447 251 269 388 424

Total Africa ................................ 2,046 2,755 2,841 2,853 3,551 3,081 2,883 3,350

Other countries: 

Australia........................................ 18,569 21,590 22,621 29,344 26,600 32,769 36,830 42,716

New Zealand ................................ 3,601 3,973 3,335 3,276 4,147 2,929 2,838 2,170

All other ........................................ 178 416 402 219 242 364 335 357

Total other countries.................. 22,348 25,979 26,358 32,839 30,989 36,062 40,003 45,243

Total foreign countries ............ 2,490,333 2,800,492 2,919,033 3,011,941 3,128,667 3,354,158 3,576,055 3,692,856

International and regional orgs: 

International organizations........... 8,086 9,037 10,950 10,270 11,279 10,236 9,779 9,371

Regional organizations 10 ............. 1,980 2,156 1,535 832 644 570 475 660

Total international 

 and regional organizations.......... 10,066 11,193 12,485 11,102 11,923 10,806 10,254 10,031

Grand total .............................. 2,500,399 2,811,685 2,931,518 3,023,043 3,140,590 3,364,964 3,586,309 3,702,887

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. As of January 2007, the euro area 

also includes Slovenia; however, separate data for Slovenia are not available. 

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 

organizations. 
CAPITAL MOVEMENTS 

March 2008 

62 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2007 

[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 ............................................... 9,189 4,757 4,674 2,020 2,654 83 4,432 3,059 1,373

Belgium.............................................. 23,446 18,813 17,101 14,571 2,530 1,712 4,633 2,042 2,591

Czech Republic ................................. 2,113 2,111 2,069 2,061 8 42 2 2 -

Denmark............................................ 2,393 1,677 1,567 1,177 390 110 716 702 14

Finland............................................... 24,208 21,972 21,906 21,829 77 66 2,235 1,232 1,003

France ............................................... 189,500 152,987 142,526 131,813 10,713 10,461 36,513 25,644 10,869

Germany............................................ 87,324 44,367 37,029 29,206 7,823 7,338 42,957 27,945 15,012

Greece............................................... 1,409 230 208 102 106 22 1,179 7 1,172

Hungary............................................. 252 196 139 - 139 57 56 - 56

Ireland................................................ 66,817 33,912 32,249 17,956 14,293 1,663 32,905 30,303 2,602

Italy .................................................... 43,138 34,464 32,732 32,383 349 1,732 8,674 551 8,123

Kazakhstan1 ...................................... 754 747 720 594 126 27 7 - 7

Luxembourg ...................................... 22,626 12,140 10,715 2,590 8,125 1,425 10,486 6,934 3,552

Netherlands ....................................... 73,712 60,645 58,033 24,929 33,104 2,612 13,067 9,641 3,426

Norway .............................................. 29,189 23,925 23,756 22,717 1,039 169 5,264 4,363 901

Poland ............................................... 3,999 3,995 3,954 3,949 5 41 4 - 4

Portugal ............................................. 2,840 1,504 1,458 1,175 283 46 1,336 220 1,116

Romania ............................................ 200 191 161 9 152 30 9 - 9

Russia................................................ 3,334 3,333 1,900 1,672 228 1,433 1 1 -

Spain ................................................. 26,099 19,165 17,355 17,042 313 1,810 6,934 1,956 4,978

Sweden.............................................. 37,643 7,910 7,174 3,947 3,227 736 29,733 29,296 437

Switzerland........................................ 191,304 181,237 178,360 172,260 6,100 2,877 10,067 9,977 90

Turkey................................................ 3,718 3,713 3,276 2,525 751 437 5 5 -

United Kingdom................................. 1,167,026 957,788 926,983 623,959 303,024 30,805 209,238 202,098 7,140

Channel Islands .................................. 43,199 32,527 32,294 25,758 6,536 233 10,672 9,978 694

All other Europe 1............................... 3,726 2,219 1,096 830 266 1,123 1,506 1,292 214

Total Europe ................................... 2,059,158 1,626,526 1,559,435 1,157,074 402,361 67,091 432,632 367,248 65,384

Memo: Euro Area 2 ............................... 570,309 404,957 375,986 295,616 80,370 28,971 165,352 109,534 55,818

Canada................................................. 142,028 112,749 88,143 75,885 12,258 24,606 29,279 24,503 4,776

Latin America: 

Argentina ........................................... 4,183 4,127 3,835 832 3,003 292 56 34 22

Bolivia 3 .............................................. 166 166 157 2 155 9 - - -

Brazil.................................................. 32,740 32,419 31,330 18,777 12,553 1,089 321 303 18

Chile .................................................. 7,887 7,883 7,120 3,152 3,968 763 4 1 3

Colombia ........................................... 6,208 5,996 4,629 2,442 2,187 1,367 212 212 -

Costa Rica 3 ....................................... 797 792 752 212 540 40 5 - 5

Ecuador............................................. 896 891 889 181 708 2 5 4 1

El Salvador 3 ...................................... 801 801 791 141 650 10 - - -

Guatemala......................................... 1,235 1,233 1,195 540 655 38 2 2 -

Honduras 3 ......................................... 606 605 605 227 378 - 1 1 -

Mexico ............................................... 23,028 22,855 21,254 1,386 19,868 1,601 173 32 141

Panama ............................................. 3,394 3,388 3,141 2,277 864 247 6 1 5

Peru ................................................... 2,150 2,150 2,128 548 1,580 22 - - -

Uruguay............................................. 1,083 1,081 989 744 245 92 2 - 2

Venezuela ......................................... 3,013 2,795 2,670 550 2,120 125 218 212 6

All other Latin America 3.................... 229 228 227 51 176 1 1 1 -

Total Latin America......................... 88,416 87,410 81,712 32,062 49,650 5,698 1,006 803 203

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2008 

63

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2007, 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 ........................................... 214,428 146,969 144,435 139,266 5,169 2,534 67,459 66,566 893 

Bermuda............................................ 20,333 18,946 17,613 71 17,542 1,333 1,387 1,340 47 

British Virgin Islands 4........................ 4,768 4,551 3,372 43 3,329 1,179 217 196 21 

Cayman Islands................................. 916,200 627,359 595,309 499,207 96,102 32,050 288,841 285,755 3,086 

Dominican Republic 4 ........................ 630 614 610 126 484 4 16 15 1 

Jamaica ............................................. 666 666 638 125 513 28 - - - 

Netherlands Antilles .......................... 4,877 4,714 4,620 177 4,443 94 163 163 - 

Trinidad and Tobago ......................... 524 524 489 104 385 35 - - - 

All other Caribbean 4 ......................... 4,132 4,129 3,796 240 3,556 333 3 3 - 

Total Caribbean.............................. 1,166,558 808,472 770,882 639,359 131,523 37,590 358,086 354,038 4,048 

Asia: 

China, Mainland ................................ 18,095 17,966 17,399 17,006 393 567 129 101 28 

Hong Kong ........................................ 7,461 7,062 6,226 3,747 2,479 836 399 44 355 

India................................................... 4,563 4,477 4,269 3,567 702 208 86 24 62 

Indonesia........................................... 583 573 549 334 215 24 10 2 8 

Israel.................................................. 6,451 5,210 5,150 4,857 293 60 1,241 1,241 - 

Japan................................................. 104,827 99,284 92,100 80,188 11,912 7,184 5,543 4,144 1,399 

Korea, South ..................................... 14,392 13,253 12,787 12,035 752 466 1,139 878 261 

Malaysia ............................................ 1,913 861 781 725 56 80 1,052 2 1,050 

Pakistan............................................. 218 149 146 132 14 3 69 - 69 

Philippines ......................................... 1,233 1,213 1,188 993 195 25 20 9 11 

Singapore .......................................... 5,663 5,546 4,491 2,976 1,515 1,055 117 39 78 

Taiwan............................................... 3,887 3,722 3,396 1,159 2,237 326 165 4 161 

Thailand............................................. 2,349 2,342 2,333 2,319 14 9 7 3 4 

All other Asia ..................................... 16,468 16,192 15,046 13,650 1,396 1,146 276 276 - 

Total Asia........................................ 188,103 177,850 165,861 143,688 22,173 11,989 10,253 6,767 3,486 

Africa: 

Egypt ................................................. 1,713 334 304 151 153 30 1,379 19 1,360 

Ghana................................................ 31 30 30 30 - - 1 1 - 

Liberia................................................ 371 371 361 7 354 10 - - - 

Morocco............................................. 47 47 26 24 2 21 - - - 

South Africa....................................... 431 312 249 203 46 63 119 103 16 

All other Africa ................................... 757 730 704 205 499 26 27 16 11 

Total Africa ..................................... 3,350 1,824 1,674 620 1,054 150 1,526 139 1,387 

Other countries: 

Australia............................................. 42,716 24,032 22,680 15,675 7,005 1,352 18,684 17,628 1,056 

New Zealand ..................................... 2,170 996 810 387 423 186 1,174 1,167 7 

All other ............................................. 357 356 356 3 353 - 1 1 - 

Total other countries....................... 45,243 25,384 23,846 16,065 7,781 1,538 19,859 18,796 1,063 

Total foreign countries ................. 3,692,856 2,840,215 2,691,553 2,064,753 626,800 148,662 852,641 772,294 80,347 

International and regional orgs: 

International organizations................ 9,371 8,442 8,442 - 8,442 - 929 924 5 

Regional organizations 5.................... 660 431 431 - 431 - 229 151 78 

Total international and regional 

 organizations ................................ 10,031 8,873 8,873 - 8,873 - 1,158 1,075 83 

Grand total ................................... 3,702,887 2,849,088 2,700,426 2,064,753 635,673 148,662 853,799 773,369 80,430 

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. As of January 2007, the euro area also includes 

Slovenia; however, separate data for Slovenia are not available. 

3

 Before June 2006, data for Bolivia, Costa Rica, El Salvador, and Honduras are included in 

“All other Latin America.”

4

 Before June 2006, data for the British Virgin Islands and Dominican Republic are 

included in “All other Caribbean.” 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2008 

64 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

2003 2004 2005 2006 Sept. 2007

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

 

 

 [In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2003 2004 2005 2006 Sept. 2007 

United Kingdom......................... 385,701 567,001 627,105 938,123 1,167,026 

All other Europe......................... 401,137 527,615 604,908 672,149 892,132 

Caribbean banking centers 1 ..... 612,200 755,954 870,441 1,061,389 1,164,000 

Japan ......................................... 74,174 102,859 114,713 157,671 104,827 

All other Asia.............................. 65,922 70,601 92,387 89,770 83,276 

Subtotal.................................... 1,539,134 2,024,030 2,309,554 2,919,102 3,411,261 

All other countries...................... 160,865 164,411 190,845 221,488 291,626 

Grand total............................... 1,699,999 2,188,441 2,500,399 3,140,590 3,702,887 

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 2007, U.S. claims 

on foreigners reported by U.S. 

banks amounted to about $3.7 

trillion, an increase of $562 

billion from the level recorded at 

yearend 2006. U.S. banking 

claims include holdings of foreign 

short-term securities but exclude 

holdings of foreign long-term 

securities. U.S. banking claims 

increased $640 billion in 2006, 

but part of the increase reflects 

changes in coverage in the bankreported 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. 

Banking claims increased $312 

billion in 2005 and $488 billion in 

2004. 

As with U.S. banking liabilities, 

U.S. banking claims on foreigners 

are concentrated in international 

financial centers. About 60 

percent of these claims are 

reported opposite the United 

Kingdom and banking centers in 

the Caribbean. The share of 

claims against foreigners 

domiciled in Asia has declined 

over the past several years from 

about 20 percent at the end of 

1996 to around 5 percent 

currently. 
CAPITAL MOVEMENTS 

March 2008 

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 2006 2007 

Type of liability or claim 2003 2004 2005 Sept. Dec. Mar. June Sept. p 

 

Total liabilities ................................................ 73,700 92,009 76,710 85,780 89,217 89,729 106,508 112,858 

Payable in dollars....................................... 43,147 55,386 58,728 69,494 72,331 66,250 82,029 84,076 

Financial................................................. 15,515 29,575 24,003 29,323 35,033 27,136 31,589 29,179 

Short-term negotiable securities........ 1,895 1,410 3,248 7,876 8,266 3,093 2,220 4,724 

Other .................................................. 13,620 28,165 20,755 21,447 26,767 24,043 29,369 24,455 

Commercial............................................ 27,632 25,811 34,725 40,171 37,298 39,114 50,440 54,897 

Trade payables .................................. 16,000 16,705 21,751 27,299 24,415 25,801 26,985 28,185 

Advance receipts and other............... 11,632 9,106 12,974 13,846 13,903 14,493 24,628 27,743 

Payable in foreign currencies .................... 30,553 36,623 17,982 16,286 16,886 23,479 24,479 28,782 

By major foreign currency: 

Canadian dollars ................................ 1,630 2,623 2,525 2,936 3,536 1,860 2,035 1,500 

Euros.................................................. 11,159 10,125 5,041 4,288 5,239 11,315 12,031 13,488 

United Kingdom pounds sterling........ 12,031 19,041 3,640 3,145 4,494 5,862 4,585 4,307 

Japanese yen..................................... 2,702 1,860 2,326 1,560 1,770 1,775 2,778 3,674 

Other .................................................. 3,031 2,974 4,450 4,357 1,847 2,667 3,050 5,813 

By type of liability: 

Financial............................................. 28,095 33,272 15,246 13,233 13,679 19,953 21,060 25,949 

Short-term negotiable securities.... 12,107 10,349 5,802 4,572 3,351 4,599 4,563 4,168 

Other .............................................. 15,988 22,923 9,444 8,661 10,328 15,354 16,497 21,781 

Commercial........................................ 2,458 3,351 2,736 3,053 3,207 3,526 3,419 2,833 

Trade payables .............................. 1,174 1,476 1,299 1,265 1,258 1,364 1,252 1,065 

Advance receipts and other........... 1,284 1,875 1,437 814 929 982 994 737 

Total claims.................................................... 100,916 143,232 144,950 124,815 126,032 131,225 137,231 144,243

Payable in dollars....................................... 83,388 94,884 105,700 96,318 100,031 98,336 106,269 105,015 

Financial................................................. 57,894 67,445 75,802 63,946 66,871 64,047 66,625 64,879 

Non-negotiable deposits .................... 33,944 42,005 42,140 29,750 28,380 25,922 23,844 25,393 

Negotiable CDs and short-term 

 negotiable instruments..................... 3,047 9,739 12,888 2,044 2,624 498 2,141 1,158 

Other .................................................. 21,365 16,314 20,774 32,152 35,867 37,627 40,640 38,328 

Commercial............................................ 25,494 27,439 29,898 32,372 33,160 34,289 39,644 40,136 

Trade receivables .............................. 21,245 24,778 26,080 29,363 30,225 30,757 33,616 34,096 

Advance payments and other............ 4,249 2,661 3,818 3,889 4,371 4,472 6,966 6,888 

Payable in foreign currencies .................... 17,528 48,348 39,250 28,497 26,001 32,889 30,962 39,228 

By major foreign currency: 

Canadian dollars ................................ 2,469 1,841 9,829 10,962 9,194 4,944 4,387 5,057 

Euros.................................................. 4,318 22,212 10,643 7,682 6,951 17,640 16,572 16,622 

United Kingdom pounds sterling........ 4,429 10,805 8,341 4,945 4,675 5,670 4,557 4,274 

Japanese yen..................................... 1,420 7,583 3,724 889 1,027 998 1,125 9,398 

Other .................................................. 4,892 5,907 6,713 4,019 4,154 3,637 4,321 3,877 

By type of claim: 

Financial............................................. 9,453 43,072 35,592 24,909 21,775 29,026 27,169 35,671 

Non-negotiable deposits ................ 1,976 5,878 8,009 4,628 3,529 2,415 3,384 11,270 

Short-term negotiable securities.... 164 153 292 108 120 81 82 109 

Other .............................................. 7,313 37,041 27,291 20,173 18,126 26,530 23,703 24,292 

Commercial........................................ 8,075 5,276 3,658 3,588 4,226 3,863 3,793 3,557 

Trade receivables .......................... 7,373 4,451 3,151 1,974 2,577 2,503 2,385 2,424 

Advance payments and other........ 702 825 507 734 213 420 470 285 

 
CAPITAL MOVEMENTS 

March 2008 

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 2006 2007 

Country 2002 2003 2004 2005 Sept. Dec. Mar. June Sept. p 

Europe: 

Austria.................................. 64 82 146 68 41 91 64 97 350

Belgium 1 .............................. 285 163 74 73 118 181 95 429 197

Bulgaria................................ 4 3 2 - 34 44 54 48 26

Czech Republic.................... 13 6 34 17 19 14 17 14 21

Denmark............................... 522 67 41 78 76 132 132 133 1,030

Finland ................................. 56 47 38 20 47 140 28 77 38

France.................................. 6,008 4,443 2,368 2,631 2,628 2,562 2,497 2,180 3,133

Germany .............................. 3,704 4,386 3,935 3,646 11,095 12,391 5,729 8,465 8,325

Greece ................................. 403 474 248 401 338 182 163 180 197

Hungary................................ 32 11 14 12 14 18 13 14 18

Ireland .................................. 785 856 1,070 1,636 315 316 168 629 475

Italy....................................... 1,271 1,154 795 1,174 933 1,040 1,117 1,195 1,375

Luxembourg 1....................... n.a. 705 824 378 311 977 816 643 483

Netherlands.......................... 2,415 668 668 895 1,067 1,709 1,096 959 1,171

Norway................................. 406 445 1,365 3,537 460 545 274 480 327

Poland.................................. 46 26 151 229 317 330 360 410 412

Portugal................................ 17 7 22 39 24 27 35 146 404

Romania............................... 20 30 33 4 6 9 14 6 7

Russia 2 ................................ 38 71 74 64 101 110 121 169 305

Serbia and Montenegro 

(formerly Yugoslavia) 3 .... 9 - 2 4 1 1 11 1 4

Spain.................................... 403 1,068 591 399 231 269 268 417 627

Sweden ................................ 115 656 800 747 925 952 912 824 951

Switzerland .......................... 494 1,884 1,078 1,237 1,491 1,070 1,807 1,683 1,580

Turkey .................................. 101 302 180 137 230 261 348 487 642

United Kingdom ................... 25,180 26,911 32,878 15,093 15,964 17,339 25,615 29,267 27,479

Channel Islands and 

Isle of Man 4 ..................... n.a. - 2 501 10 15 - 2 117

Other Europe ....................... 201 188 286 250 369 421 310 364 455

Total Europe .................... 42,592 44,653 47,720 33,271 37,165 41,146 42,064 49,319 50,149

Canada..................................... 2,179 3,405 4,578 4,905 7,092 7,694 5,953 7,098 7,504

Latin America: 

Argentina.............................. 62 125 59 148 154 138 183 227 133

Brazil .................................... 318 475 321 288 252 264 165 375 448

Chile ..................................... 55 60 91 387 474 406 440 465 388

Colombia.............................. 50 118 84 106 231 208 222 292 327

Ecuador................................ 5 21 26 10 28 89 35 235 300

Guatemala ........................... 13 15 10 23 15 25 7 18 10

Mexico.................................. 1,201 1,332 1,968 2,234 2,551 2,150 2,346 2,547 2,963

Panama................................ 61 52 7 56 57 57 56 120 107

Peru...................................... 21 15 17 8 11 6 12 51 54

Uruguay................................ 6 4 2 2 1 13 18 44 25

Venezuela ............................ 178 332 451 681 465 353 571 677 602

Other Latin America 5 ........... 503 98 113 105 38 24 53 65 26

Total Latin America............. 2,473 2,647 3,149 4,048 4,277 3,733 4,108 5,116 5,383

Caribbean: 

Bahamas.............................. 74 14 32 70 85 70 109 163 129

Bermuda................................... 1,528 1,224 9,230 1,704 720 777 793 1,008 1,161

British West Indies 6................. 401 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ................. n.a. 3,154 7,279 6,522 10,025 12,804 12,663 13,035 14,722

Cuba..................................... 29 2 -------

Jamaica................................ 28 17 24 14 18 20 22 33 21

Netherlands Antilles............. 11 3 14 13 2 2 5 58 4

Trinidad and Tobago............ 33 16 15 44 19 25 16 21 108

Other Caribbean 5 ................ n.a. 564 729 936 1,065 761 1,145 1,028 1,214

Total Caribbean ............... 2,104 4,994 17,323 9,303 11,934 14,459 14,753 15,346 17,359

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2008 

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 2006 2007 

Country 2002 2003 2004 2005 Sept. Dec. Mar. June Sept. p 

Asia: 

China, Mainland. .................... 1,252 1,129 3,983 3,825 849 1,297 780 3,207 3,653

Hong Kong ............................. 495 583 668 746 1,129 564 576 698 1,068

India........................................ 160 86 103 158 360 418 401 1,106 1,255

Indonesia................................ 100 60 74 89 51 57 48 133 141

Israel....................................... 350 519 302 613 307 385 355 295 291

Japan...................................... 6,124 6,196 5,869 7,354 7,254 7,210 7,271 7,080 7,152

Korea, South .......................... 548 1,331 723 1,743 1,620 1,350 1,337 1,609 1,516

Lebanon ................................. 53 13 35 42 14 11 8 6 7

Malaysia ................................. 140 188 256 335 325 471 419 324 399

Pakistan.................................. 158 233 171 230 151 171 180 324 282

Philippines.............................. 108 139 117 109 125 95 108 53 47

Singapore............................... 1,796 1,436 822 1,823 2,590 2,839 2,797 3,790 4,007

Syria ....................................... 13 2 21 4 5 8 8 7 8

Taiwan.................................... 659 441 491 1,010 1,182 1,093 1,161 1,005 1,166

Thailand.................................. 118 34 79 212 616 599 629 376 561

Oil-exporting countries 7......... 3,993 3,184 2,946 4,159 6,178 3,955 4,715 6,891 7,380

Other Asia .............................. 247 284 303 298 254 156 185 251 344

Total Asia ........................... 16,314 15,858 16,963 22,750 23,010 20,679 20,978 27,155 29,277

Africa: 

Congo (formerly Zaire)........... 1 86 - - - - - - 1

Egypt ...................................... 128 28 132 119 112 132 159 209 247

Ghana..................................... 2 4 2 1 3 6 22 6

Liberia..................................... 1 - 14 1 2 3 3 1 1

Morocco.................................. 42 41 44 42 39 42 43 90 103

South Africa............................ 130 52 36 950 738 35 35 40 33

Oil-exporting countries 8......... 496 464 518 590 591 283 599 637 763

Other Africa ............................ 158 230 332 210 217 379 141 315 325

Total Africa ......................... 958 905 1,078 1,913 1,702 880 982 1,294 1,479

Other countries: 

Australia ................................. 732 1,053 1,047 397 507 560 843 1,082 1,581

New Zealand 9........................ n.a. 71 51 38 20 36 17 70 77

All other .................................. 238 98 98 83 47 15 12 5 16

Total other countries .......... 970 1,222 1,196 518 574 611 872 1,157 1,674

Total foreign countries ... 67,590 73,684 92,007 76,708 85,754 89,202 89,710 106,485 112,825

International and regional orgs: 

International organizations..... 22 - - - 3 - 2 - 3

Regional organizations 10 ....... 52 16 2 2 23 15 17 23 30

Total international and 

 regional organizations...... 74 16 2 2 26 15 19 23 33

Grand total ..................... 67,664 73,700 92,009 76,710 85,780 89,217 89,729 106,508 112,858

 

 1

 Before March 2003, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

 Before March 2003, data included in United Kingdom. 

5

 Before March 2003, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning March 2003, Cayman Islands replaced British West Indies in the data series. 7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before March 2003, data included in “All other countries.” 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2008 

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 2006 2007 

Country 2002 2003 2004 2005 Sept. Dec. Mar. June Sept p

Europe: 

Austria....................................... 1,770 1,752 1,816 2,159 2,041 2,031 2,013 2,035 2,014

Belgium 1 ................................... 991 523 2,307 1,822 782 419 447 1,853 1,071

Bulgaria..................................... 9 14 37 29 7 3 - 1 4

Czech Republic......................... 62 54 64 49 51 50 44 52 127

Denmark.................................... 112 716 494 341 158 149 181 240 208

Finland ...................................... 624 176 617 336 521 591 599 515 528

France....................................... 6,411 5,865 3,713 5,063 4,622 3,420 4,233 5,513 4,822

Germany ................................... 5,447 4,132 6,787 4,238 10,723 10,148 10,212 10,838 9,256

Greece ...................................... 409 204 199 380 207 163 170 205 142

Hungary..................................... 51 53 46 57 37 45 49 104 174

Ireland ....................................... 516 423 1,672 795 1,135 858 749 1,367 1,007

Italy............................................ 2,963 4,069 2,434 3,702 2,026 2,337 2,467 2,542 2,442

Luxembourg 1............................ n.a. 115 127 391 311 352 479 1,620 1,567

Netherlands............................... 5,138 3,184 7,883 3,387 3,137 3,570 5,015 5,803 4,435

Norway...................................... 286 315 229 402 325 366 316 935 289

Poland....................................... 79 104 57 58 81 99 101 113 160

Portugal..................................... 222 161 146 60 63 64 94 91 82

Romania.................................... 24 25 47 22 28 36 47 40 37

Russia 2 ..................................... 93 118 157 359 723 774 892 918 1,029

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 10 13 14 17 10 10 4 6 18

Spain......................................... 1,370 1,803 1,242 2,032 1,380 1,425 1,469 1,729 1,634

Sweden ..................................... 417 779 648 503 502 652 722 687 632

Switzerland ............................... 886 2,538 2,506 1,876 1,838 1,424 1,552 1,893 1,768

Turkey ....................................... 503 474 594 638 519 420 454 555 540

United Kingdom ........................ 14,390 15,366 27,699 24,772 15,777 17,483 26,081 23,439 26,008

Channel Islands and 

Isle of Man 4 .......................... n.a. - 25 16 29 19 26 56 116

Other Europe ............................ 422 546 607 1,315 1,024 1,267 1,036 1,241 965

Total Europe ......................... 43,205 43,522 62,171 54,820 48,057 48,175 59,452 64,391 61,075

Canada.......................................... 7,803 8,381 8,429 16,122 17,593 17,520 13,027 15,421 14,803

Latin America: 

Argentina................................... 602 398 406 350 499 470 919 435 495

Brazil ......................................... 3,036 2,735 2,758 2,972 2,465 2,927 2,569 2,502 2,409

Chile .......................................... 217 382 346 303 307 299 374 316 411

Colombia................................... 240 234 295 299 362 349 508 467 431

Ecuador..................................... 112 117 86 95 112 119 136 108 96

Guatemala ................................ 79 76 90 100 120 116 144 141 173

Mexico....................................... 4,180 2,968 3,756 4,108 3,252 3,242 3,078 3,118 3,413

Panama..................................... 79 232 177 198 225 266 188 198 273

Peru........................................... 69 73 95 117 138 164 169 148 228

Uruguay..................................... 30 16 13 5 11 12 17 45 17

Venezuela ................................. 392 361 474 539 466 481 542 609 624

Other Latin America 5 ................ 1,102 427 504 485 311 376 362 359 413

Total Latin America................... 10,138 8,019 9,000 9,571 8,268 8,821 9,006 8,446 8,983

Caribbean: 

Bahamas................................... 1,069 1,075 1,631 1,631 4,494 3,949 5,791 2,119 2,493

Bermuda......................................... 1,011 1,024 5,358 2,238 2,095 1,734 1,958 2,536 2,925

British West Indies 6 .................... 21,547 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ...................... n.a. 20,067 36,320 36,416 23,709 26,051 21,286 21,332 23,330

Cuba.......................................... - 16 8 12 2 2 2 2 2

Jamaica..................................... 94 84 67 70 62 60 93 67 98

Netherlands Antilles.................. 45 32 37 42 17 30 95 8 92

Trinidad and Tobago................. 54 100 120 119 135 125 134 112 124

Other Caribbean 5 ..................... n.a. 951 1,085 1,721 1,349 1,264 1,707 1,503 1,369

Total Caribbean .................... 23,820 23,349 44,626 42,249 31,863 33,215 31,066 27,679 30,433

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2008 

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 2006 2007 

Country 2002 2003 2004 2005 Sept. Dec. Mar. June Sept. p

 

Asia: 

China, Mainland..................... 867 1,066 3,688 4,958 1,504 1,772 1,713 2,127 1,866

Hong Kong ............................. 682 832 701 941 907 1,009 1,125 998 9,224

India ....................................... 743 668 643 413 437 654 626 596 781

Indonesia................................ 280 170 393 445 308 231 160 136 167

Israel ...................................... 453 749 482 403 406 360 486 539 563

Japan ..................................... 3,618 2,951 2,848 2,696 2,986 3,349 4,067 4,621 4,343

Korea, South .......................... 1,738 1,456 1,569 1,244 1,383 1,143 1,191 1,285 1,235

Lebanon ................................. 21 34 15 22 22 19 15 13 18

Malaysia................................. 521 497 549 536 373 270 303 356 344

Pakistan ................................. 17 34 43 57 41 86 89 59 54

Philippines.............................. 708 743 503 275 103 109 106 110 128

Singapore............................... 1,044 1,162 1,600 1,944 1,651 1,811 1,525 1,642 1,938

Syria ....................................... 28 6 14 6 3 10 - 7 10

Taiwan.................................... 696 783 892 853 873 972 904 1,298 1,098

Thailand ................................. 237 250 326 295 346 312 323 300 346

Oil-exporting countries 7......... 897 1,046 1,208 1,800 2,936 1,814 1,682 2,797 2,225

Other Asia .............................. 132 222 309 408 290 328 375 368 425

Total Asia ........................... 12,682 12,669 15,783 17,296 14,569 14,249 14,690 17,252 24,765

Africa: 

Congo (formerly Zaire)........... 18 2 1 1 12 11 8 6 6

Egypt...................................... 155 176 159 194 196 165 209 224 335

Ghana .................................... 9 8 4 16 16 3 10 2 7

Liberia .................................... 50 109 102 98 76 73 72 58 62

Morocco ................................. 24 27 33 23 25 21 26 31 34

South Africa ........................... 273 247 193 1,075 964 221 260 241 307

Oil-exporting countries 8......... 120 150 162 295 393 332 299 354 293

Other Africa............................ 330 336 281 419 422 411 443 432 331

Total Africa......................... 979 1,055 935 2,121 2,104 1,237 1,327 1,348 1,375

Other countries: 

Australia ................................. 3,540 3,619 1,588 2,144 2,143 2,365 2,374 2,430 2,584

New Zealand 9........................ n.a. 208 441 420 156 351 181 166 148

All other.................................. 393 83 245 207 50 76 71 23 49

Total other countries .......... 3,933 3,910 2,274 2,771 2,349 2,792 2,626 2,619 2,781

Total foreign countries ... 102,560 100,905 143,218 144,950 124,803 126,009 131,194 137,156 144,215

International and regional orgs : 

International organizations..... 2 1 3 - 4 4 9 26 17

Regional organizations 10....... 4 10 11 - 8 19 22 49 11

Total international and 

 regional organizations...... 6 11 14 - 12 23 31 75 28

Grand total ..................... 102,566 100,916 143,232 144,950 124,815 126,032 131,225 137,231 144,243

1

 Before March 2003, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states by 

the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 

1994 for the former Yugoslav Republic of Macedonia. 

4

 Before March 2003, data included in United Kingdom. 

5

 Before March 2003, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.” 

6

 Beginning March 2003, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before March 2003, data included in “All other countries.” 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2008 

70 

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

Country, September 30, 2007, 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 ........................................... 350 313 37 2,014 1,953 61 

Belgium 1 ....................................... 197 66 131 1,071 848 223 

Bulgaria ......................................... 26 - 26 4 - 4 

Czech Republic............................. 21 1 20 127 21 106 

Denmark........................................ 1,030 849 181 208 123 85 

Finland........................................... 38 14 24 528 201 327 

France ........................................... 3,133 1,466 1,667 4,822 2,850 1,972 

Germany........................................ 8,325 6,164 2,161 9,256 7,543 1,713 

Greece........................................... 197 23 174 142 67 75 

Hungary......................................... 18 7 11 174 101 73 

Ireland ........................................... 475 176 299 1,007 479 528 

Italy................................................ 1,375 245 1,130 2,442 669 1,773 

Luxembourg 1 ................................ 483 394 89 1,567 1,422 145 

Netherlands................................... 1,171 242 929 4,435 3,690 745 

Norway .......................................... 327 13 314 289 193 96 

Poland ........................................... 412 - 412 160 61 99 

Portugal......................................... 404 340 64 82 16 66 

Romania........................................ 7 - 7 37 13 24 

Russia 2 ......................................... 305 15 290 1,029 777 252 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 4 - 4 18 - 18 

Spain ............................................. 627 53 574 1,634 826 808 

Sweden ......................................... 951 676 275 632 372 260 

Switzerland.................................... 1,580 289 1,291 1,768 820 948 

Turkey ........................................... 642 23 619 540 386 154 

United Kingdom............................. 27,479 23,625 3,854 26,008 20,306 5,702 

Channel Islands and 

Isle of Man 4 .............................. 117 115 2 116 84 32 

Other Europe................................. 455 43 412 965 753 212 

Total Europe.............................. 50,149 35,152 14,997 61,075 44,574 16,501 

Canada.............................................. 7,504 3,233 4,271 14,803 11,208 3,595 

Latin America: 

Argentina....................................... 133 9 124 495 32 463 

Brazil ............................................. 448 23 425 2,409 1,463 946 

Chile .............................................. 388 14 374 411 134 277 

Colombia ....................................... 327 - 327 431 60 371 

Ecuador......................................... 300 1 299 96 17 79 

Guatemala..................................... 10 - 10 173 35 138 

Mexico........................................... 2,963 27 2,936 3,413 1,217 2,196 

Panama......................................... 107 15 92 273 157 116 

Peru............................................... 54 - 54 228 12 216 

Uruguay......................................... 25 - 25 17 1 16 

Venezuela ..................................... 602 16 586 624 150 474 

Other Latin America 5 .................... 26 1 25 413 131 282 

Total Latin America ....................... 5,383 106 5,277 8,983 3,409 5,574 

Caribbean: 

Bahamas ....................................... 129 7 122 2,493 2,466 27 

Bermuda............................................. 1,161 1 1,160 2,925 1,397 1,528 

Cayman Islands 6............................. 14,722 13,994 728 23,330 22,878 452 

Cuba.............................................. - - - 2 - 2 

Jamaica......................................... 21 6 15 98 17 81 

Netherlands Antilles ...................... 4 - 4 92 - 92 

Trinidad and Tobago..................... 108 3 105 124 56 68 

Other Caribbean 5 ......................... 1,214 79 1,135 1,369 446 923 

Total Caribbean......................... 17,359 14,090 3,269 30,433 27,260 3,173 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

March 2008 

71

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

Country, September 30, 2007, 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 ............................ 3,653 171 3,482 1,866 491 1,375 

Hong Kong .................................... 1,068 195 873 9,224 8,354 870 

India............................................... 1,255 26 1,229 781 158 623 

Indonesia....................................... 141 11 130 167 58 109 

Israel.............................................. 291 52 239 563 46 517 

Japan............................................. 7,152 1,676 5,476 4,343 1,395 2,948 

Korea, South ................................. 1,516 67 1,449 1,235 487 748 

Lebanon ........................................ 7 2 5 18 1 17 

Malaysia ........................................ 399 1 398 344 92 252 

Pakistan......................................... 282 3 279 54 - 54 

Philippines..................................... 47 - 47 128 54 74 

Singapore...................................... 4,007 105 3,902 1,938 102 1,836 

Syria .............................................. 8 - 8 10 - 10 

Taiwan........................................... 1,166 9 1,157 1,098 49 1,049 

Thailand......................................... 561 9 552 346 189 157 

Other Asia ..................................... 344 62 282 425 151 274 

Total Asia .................................... 29,277 2,445 26,832 24,765 11,738 13,027 

Africa: 

Congo (formerly Zaire).................. 1 - 1 6 6 - 

Egypt ............................................. 247 1 246 335 9 326 

Ghana............................................ 6 - 6 7 1 6 

Liberia............................................ 1 1 - 62 62 - 

Morocco......................................... 103 - 103 34 11 23 

South Africa................................... 33 6 27 307 88 219 

Other Africa ................................... 325 18 307 331 159 172 

Total Africa ................................ 1,479 26 1,453 1,375 368 1,007 

Other countries: 

Australia ........................................ 1,581 71 1,510 2,584 1,913 671 

New Zealand 7............................... 77 3 74 148 80 68 

All other ......................................... 16 2 14 49 - 49 

Total other countries ................. 1,674 76 1,598 2,781 1,993 788 

Total foreign countries .......... 112,825 55,128 57,697 144,215 100,550 43,665 

International and regional orgs: 

International organizations............ 3 - 3 17 - 17 

Regional organizations 8 ............... 30 - 30 11 - 11 

Total international and 

 regional organizations............. 33 - 33 28 - 28 

Grand total ............................ 112,858 55,128 57,730 144,243 100,550 43,693 

1

 Before March 2003, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia. 

4 Before March 2003, data included in United Kingdom.

5

 Before March 2003, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning March 2003, Cayman Islands replaced British West Indies in the data series. 

7

 Before March 2003, data included in “All other countries.” 

8

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

March 2008 

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) 

2003 ......................................... 263,580 103,838 159,685 57 8,001,517 7,737,937 155,800 1,440,289 1,284,489 

2004 ......................................... 352,079 201,140 150,220 719 8,936,045 8,583,966 226,401 1,209,381 982,980 

2005 ......................................... 338,112 68,689 266,471 2,952 10,051,248 9,713,136 219,256 1,097,458 878,202 

2006 r ....................................... 195,536 69,639 125,075 822 10,957,936 10,762,400 286,464 1,572,160 1,285,696 

2007 - Jan. - Dec. p.................. 201,052 2,994 199,106 -1,048 15,086,491 14,885,439 226,086 2,050,451 1,824,365 

 

2006 - Dec. r. ........................... 10,374 6,092 4,367 -85 953,054 942,680 27,806 154,126 126,320 

2007 - Jan. ............................... 16,148 -4,860 21,159 -151 882,067 865,919 36,253 158,797 122,544 

Feb. .............................. 17,699 2,172 15,578 -51 1,112,067 1,094,368 5,223 142,900 137,677 

Mar. .............................. 31,101 1,377 29,512 212 1,490,732 1,459,631 15,148 159,064 143,916 

Apr................................ 463 9,364 -8,949 48 1,036,536 1,036,073 36,121 159,266 123,145 

May .............................. 22,658 -4,590 26,975 273 1,186,840 1,164,182 27,044 165,332 138,288 

June r ........................... 24,302 6,433 19,730 -1,861 1,373,277 1,348,975 39,594 171,020 131,426 

July ............................... -9,367 -6,925 -2,518 76 1,244,821 1,254,188 8,667 164,857 156,190 

Aug............................... -2,764 -29,685 27,096 -175 1,723,233 1,725,997 8,355 166,107 157,752 

Sept.............................. 26,002 14,370 11,489 143 1,216,715 1,190,713 11,482 182,090 170,608 

Oct................................ 49,832 3,980 45,498 354 1,327,121 1,277,289 14,878 179,040 164,162 

Nov. p........................... 23,540 378 23,353 -191 1,493,184 1,469,644 26,637 174,264 147,627 

Dec. p........................... 1,438 10,980 -9,817 275 999,898 998,460 -3,316 227,714 231,030 

Corporate and other securities 

Bonds 1 Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign 

 sales 

 (15) 

 

2003 .............................................................................. 265,743 979,923 714,180 34,737 3,104,232 3,069,495 

2004 .............................................................................. 309,500 1,171,415 861,915 28,476 3,862,043 3,833,567 

2005 .............................................................................. 372,222 1,277,006 904,784 81,950 4,731,749 4,649,799 

2006 r ............................................................................ 510,806 1,678,464 1,167,658 150,415 6,868,571 6,718,156 

2007 - Jan. - Dec. p....................................................... 383,139 1,912,345 1,529,206 195,498 10,639,717 10,444,219 

 

2006 - Dec. r. ................................................................ 36,366 168,025 131,659 -11,551 568,205 579,756 

2007 - Jan. r .................................................................. 49,554 162,716 113,162 22,373 630,011 607,638 

Feb. r................................................................. 49,692 162,526 112,834 12,484 630,077 617,593 

Mar. r ................................................................. 46,159 188,997 142,838 9,485 880,537 871,052 

Apr. r.................................................................. 33,628 142,698 109,070 27,606 690,355 662,749 

May r ................................................................. 78,366 215,879 137,513 42,044 861,753 819,709 

June r ................................................................ 29,980 184,509 154,529 29,964 896,129 866,165 

July r.................................................................. 4,724 137,269 132,545 21,222 927,052 905,830 

Aug .................................................................... -819 155,190 156,009 -40,725 1,278,775 1,319,500 

Sept................................................................... 15,918 134,280 118,362 2,614 799,649 797,035 

Oct..................................................................... 23,062 166,376 143,314 30,220 999,347 969,127 

Nov. p................................................................ 15,371 121,310 105,939 4,750 1,101,407 1,096,657 

Dec. p................................................................ 37,504 140,595 103,091 33,461 944,625 911,164 

 

 

1

 Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
 CAPITAL MOVEMENTS 

March 2008 

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) 

 

2003 ..................................................... -56,541 32,046 1,457,282 1,425,236 -88,587 1,304,564 1,393,151 

2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 

2005 ..................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 

2006 r ................................................... -250,907 -144,452 1,879,713 2,024,165 -106,455 3,636,185 3,742,640 

2007 - Jan. - Dec. p.............................. -223,481 -128,575 2,961,794 3,090,369 -94,906 5,215,256 5,310,162 

 

2006 - Dec. r. ....................................... -51,158 -31,566 194,990 226,556 -19,592 315,773 335,365 

2007 - Jan. r......................................... -12,969 -524 218,211 218,735 -12,445 330,583 343,028 

Feb. r........................................ -18,593 -4,135 232,843 236,978 -14,458 354,806 369,264 

Mar. r ........................................ -42,753 -32,714 275,682 308,396 -10,039 421,498 431,537 

Apr. r......................................... -14,016 -11,026 258,295 269,321 -2,990 365,942 368,932 

May r ........................................ -34,360 -21,773 292,299 314,072 -12,587 442,782 455,369 

June r ....................................... -15,136 -6,659 278,799 285,458 -8,477 442,946 451,423 

July r......................................... -14,053 830 289,744 288,914 -14,883 454,098 468,981 

Aug ........................................... -34,531 -21,679 279,607 301,286 -12,852 544,210 557,062 

Sept.......................................... -41,003 -19,726 198,109 217,835 -21,277 359,707 380,984 

Oct............................................ -4,053 -9,082 262,946 272,028 5,029 546,484 541,455 

Nov. p....................................... 20,580 10,963 206,920 195,957 9,617 521,977 512,360 

Dec. p....................................... -12,594 -13,050 168,339 181,389 456 430,223 429,767 

 
CAPITAL MOVEMENTS 

March 2008 

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 

2007 2007 2007 2007 

Country 

 Calendar 

 year 

 2006 r 

 (1) 

Jan. 

through 

Dec. 

(2) 

 Oct. 

 through 

 Dec. p 

 (3) 

Calendar 

year 

2006 r 

(4) 

 Jan. 

 through

 Dec. 

 (5) 

 Oct. 

 through 

 Dec. p 

 (6) 

 Calendar 

 year 

 2006 r 

 (7) 

Jan. 

 through

Dec. 

 (8) 

 Oct. 

 through 

Dec. p 

 (9) 

Calendar 

year 

2006 r 

(10) 

Jan. 

through 

Dec. 

(11) 

Oct. 

through 

Dec. p 

(12) 

Europe: 

Austria............................. -927 96 193 -91 -339 -261 355 -644 145 -73 -103 14

Belgium........................... 357 -3,100 -1,419 -274 -1,808 -1,122 -2,097 -7,413 -979 1,625 -1,169 -444

Bulgaria........................... -26 -28 -25 49 -30 -28 32 12 7 -9 1 1

Cyprus 1 .......................... n.a. -4 -1 n.a. -9 -4 n.a. 167 101 n.a. 175 33

Czech Republic............... 540 81 264 -317 -426 -188 11 89 96 69 41 -102

Denmark ......................... -3,189 912 576 -14 -268 -61 -337 1,496 166 2,162 1,378 752

Finland............................ -39 2 -97 78 69 117 100 56 -132 113 251 37

France............................. -1,600 -6,248 1,534 -261 4,293 1,354 22,144 4,261 -316 21,735 19,515 6,203

Germany ......................... 2,116 -3,346 -2,095 4,471 290 -761 -11,831 5,419 1,344 -8,040 592 5,209

Greece............................ 302 -566 -165 6 -9 -8 67 7 -2 -230 87 -110

Hungary .......................... 147 -42 -87 -3,062 -438 -40 -1,207 -1,555 -336 42 113 29

Ireland............................. -1,325 1,734 839 4,133 1,115 1,063 13,937 8,658 27 -1,788 28 -203

Italy ................................. 240 -1,408 -1,108 356 -96 290 -508 -8,471 -8,524 -2,326 -4,294 -1,427

Kazakhstan 1................... n.a. 857 -353 n.a. -594 -315 n.a. -38 -80 n.a. -32 -22

Luxembourg.................... -1,293 -28 -129 5,028 -8,520 -5,065 3,365 -14,650 -3,418 11,608 -7,143 -4,298

Monaco 1......................... n.a. -302 26 n.a. 37 6 n.a. 18 45 n.a. -1,440 -156

Netherlands .................... 684 1,471 137 -655 -585 -810 3,197 -652 -303 -5,363 6,885 -2,089

Norway............................ 5,063 -27,339 2,003 8,833 8,221 5,691 5,723 4,747 1,640 -608 6,120 5,097

Poland............................. -1,323 -111 -436 -123 -202 -379 -35 7 30 -38 -176 -135

Portugal .......................... -798 1,293 897 -130 -477 -26 11 -261 -24 120 147 34

Romania ......................... 514 -353 155 592 466 -1 2 32 - -12 -15 -3

Russia............................. 5,830 7,215 902 12,738 18,303 7,461 63 378 -21 -1 104 98

Serbia and Montenegro 2... 301 349 -38 - 4 - - - - -1 -2 -2

Spain............................... -1,254 2,513 2,014 -265 37 165 6,580 -1,353 219 289 427 -213

Sweden........................... 702 2,176 -1,110 707 -442 -120 2,206 1,326 -20 672 250 -1,157

Switzerland ..................... -2,898 -2,560 1,020 -186 -1,906 -763 9,739 3,580 1,973 1,180 -2,977 -49

Turkey............................. 4,320 -803 -872 3 132 - 65 152 57 -78 36 26

Ukraine 1 ......................... n.a. -138 317 n.a. 187 30 n.a. 32 11 n.a. 2 -

United Kingdom .............. 91,782 208,083 34,924 51,072 60,306 13,104 253,762 208,487 22,181 75,764 69,473 23,975

Channel Islands .............. -296 -974 -704 1,528 4,823 385 10,388 -6,717 -2,083 102 877 -191

All other Europe 1 ............ 1,052 -69 316 2,106 -109 -4 399 1,104 -30 152 82 -49

Total Europe ............... 98,982 179,363 37,479 86,320 82,025 19,709 316,130 198,273 11,774 97,066 89,233 30,858

Memo: Euro Area 3.............. -3,537 -7,587 602 12,394 -6,030 -5,065 35,319 -15,044 -11,963 17,670 15,223 2,713

Memo: European Union 4 .... n.a. 202,816 34,811 n.a. 52,995 7,235 n.a. 194,903 10,220 n.a. 86,550 26,098

Canada ............................... 14,161 -2,566 1,399 9,507 3,232 -315 8,052 12,410 841 11,818 8,086 4,819

Latin America: 

Argentina ........................ 32 210 -100 81 -26 -66 591 84 69 181 612 174

Brazil............................... 23,100 77,066 19,670 5,166 1,160 -1,742 617 780 -264 -344 -1,768 -432

Chile ............................... 97 4,202 1,082 307 630 33 726 317 104 264 1,147 866

Colombia......................... -1,847 833 1,043 613 1,383 -182 957 783 250 117 320 149

Ecuador .......................... n.a. 206 -95 n.a. 132 -35 n.a. 281 63 n.a. -36 -2

Costa Rica 5 .................... 40 -2 -8 217 -21 -38 128 261 154 -28 29 2

Guatemala ...................... -107 -75 -56 33 -21 -25 -32 -20 2 -7 18 14

Mexico ............................ -322 1,735 7,594 6,171 1,730 203 3,863 1,860 583 1,750 148 -1,160

Panama .......................... 34 -132 -77 270 -275 8 539 154 -5 129 -279 80

Peru ................................ -78 1,560 626 641 1,100 -84 694 633 36 156 189 222

Uruguay .......................... -116 423 157 324 55 71 282 230 84 102 337 113

Venezuela....................... 242 -196 -299 185 151 77 1,516 -298 -30 -183 56 50

All other Latin America 5 ... 763 330 274 -37 378 -16 148 32 -2 29 7 23

Total Latin America..... 21,838 86,160 29,811 13,971 6,376 -1,796 10,029 5,097 1,044 2,166 780 99

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2008 

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 

2007 2007 2007 2007 

Country 

Calendar 

year 

2006 r 

(1) 

Jan. 

through 

Dec. 

(2) 

Oct. 

through 

Dec. p 

(3) 

Calendar 

year 

2006 r 

(4) 

 Jan. 

 through

 Dec. 

 (5) 

 Oct. 

 through 

 Dec. p 

 (6) 

Calendar 

year 

2006 r 

(7) 

Jan. 

through 

Dec. 

(8) 

Oct. 

 through 

Dec. p 

 (9) 

Calendar 

year 

2006 r 

(10) 

Jan. 

through 

Dec. 

(11) 

Oct. 

through 

Dec. p 

(12) 

Caribbean: 

Anguilla 6 ................................... n.a. 640 -438 n.a. -112 -1 n.a. -1,565 -397 n.a. 4,087 1,535

Bahamas ................................... -8,149 9,429 11,687 312 559 785 2,087 1,463 321 -1,991 -136 -1,713

Barbados 6 ................................. n.a. 622 36 n.a. 3,103 971 n.a. 388 83 n.a. 73 -5

Bermuda .................................... 2,645 -4,246 -4,369 2,209 -25,540 -7,750 9,926 8,257 1,404 6,089 5,450 514

British Virgin Islands 6 ................ n.a. 2,652 42 n.a. -202 -240 n.a. 695 -854 n.a. 1,570 -1,609

Cayman Islands......................... -18,900 -2,786 11,945 31,597 13,129 12,280 72,228 31,912 17,444 27,464 40,174 5,878

Cuba.......................................... - - -- - - - - - - - -

Jamaica ..................................... -174 3 -14 216 34 -115 40 17 11 4 45 -

Netherlands Antilles................... 11,451 -3,738 -2,127 278 78 115 391 410 41 -516 -2,826 -1,872

Trinidad and Tobago.................. 626 -372 78 27 188 -4 -63 -84 -4 47 99 28

All other Caribbean 6.................. 2,663 176 23 5,102 834 60 6,700 201 8 3,971 54 7

Total Caribbean ..................... -9,838 2,380 16,863 39,741 -7,929 6,101 91,309 41,694 18,057 35,068 48,590 2,763

Asia: 

China, Mainland......................... 40,633 -7,968 -3,143 37,401 73,733 12,225 31,158 41,675 13,402 471 3,993 1,436

Hong Kong................................. 16,257 1,995 -1,455 31,659 30,722 6,249 14,810 12,780 3,580 -463 35,434 13,626

India........................................... -730 1,076 1,161 248 184 74 54 17 -18 -300 -460 -91

Indonesia................................... 2,074 4,513 39 -1,291 -658 -221 180 441 7 -6 -68 8

Israel.......................................... 6,004 -2,735 -1,509 320 209 36 284 75 76 955 -287 213

Japan......................................... 1,312 -47,384 -7,609 44,761 14,061 6,430 12,646 38,573 17,694 -669 -4,973 276

Korea, South.............................. 6,168 -17,874 -1,196 3,370 12,048 -6,874 3,166 11,277 4,789 -141 112 7

Lebanon..................................... 1 -1 2 2 -1 - -11 109 2 123 76 7

Malaysia .................................... -2,410 382 -202 3,189 3,068 -771 1,122 2,052 258 -20 342 371

Pakistan..................................... -42 -171 -30 -41 -94 -40 -14 -14 -6 -5 -4 -

Philippines ................................. -221 3,054 1,336 142 186 35 185 176 191 9 30 20

Singapore .................................. -2,218 2,392 2,010 -87 -561 -775 5,962 6,868 2,578 -4,468 -2,539 3,982

Syria .......................................... - - - 1 - - - - - -4 -3 -1

Taiwan....................................... -4,690 -8,284 -1,414 8,879 -1,033 -2,119 2,452 1,176 232 88 94 -173

Thailand..................................... 1,292 842 1,558 -11 544 110 119 48 23 -48 -39 -13

Oil exporting countries 7 ............. 4,548 1,805 -1,682 7,037 8,353 -908 4,666 3,803 1,617 7,974 12,240 9,740

All other Asia.............................. 716 372 110 208 178 6 169 -58 -10 -12 26 12

Total Asia .............................. 68,694 -67,986 -12,024 135,787 140,939 13,457 76,948 118,998 44,415 3,484 43,974 29,420

Africa: 

Egypt ......................................... 633 1,042 708 1 72 66 32 -3 -4 -80 -34 -7

Liberia........................................ 16 -59 -15 -193 19 -15 -117 -18 43 -28 -44 -89

Morocco..................................... 199 -79 -50 - 40 -8 - - - -9 -16 -6

South Africa ............................... 292 801 750 25 -40 -27 -71 -50 16 87 12 56

Oil exporting countries 8 ............. 2,400 4,568 500 -68 -74 -1 27 -35 2 11 -302 -295

All other Africa ........................... -25 -146 33 37 21 -18 -59 -63 -8 108 84 211

Total Africa ............................ 3,515 6,127 1,926 -198 38 -3 -188 -169 49 89 -300 -130

Other countries: 

Australia..................................... -2,582 -1,349 -1,031 997 1,172 810 7,215 4,879 -257 958 4,826 629

New Zealand.............................. -68 1 -47 31 -151 -34 264 695 -16 -256 300 -31

All other countries ...................... 12 -30 -4 72 5 6 24 15 20 -22 47 -1

Total other countries.............. -2,638 -1,378 -1,082 1,100 1,026 782 7,503 5,589 -253 680 5,173 597

Total foreign countries ....... 194,714 202,100 74,372 286,228 225,707 37,935 509,783 381,892 75,927 150,371 195,536 68,426

International and regional orgs: International organizations......... 1,128 -358 683 253 83 214 237 1,637 84 32 -2 6

Regional organizations 9 ............ -95 -690 -245 43 296 50 751 -390 -74 12 -36 -1

Total international and 

 regional organizations.............. 822 -1,048 438 236 379 264 1,023 1,247 10 44 -38 5

Grand total......................... 195,536 201,052 74,810 286,464 226,086 38,199 510,806 383,139 75,937 150,415 195,498 68,431

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. As of January 2007, the euro area also includes 

Slovenia; however, separate data for Slovenia are not available. 

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 2008 

76

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2007, 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 ....................................... 6,648 1,507 218 338 1,860 1,268 1,456 5,930 1,315 480 193 1,846 355 1,741 

Belgium...................................... 16,441 1,814 165 691 3,968 3,257 6,546 25,477 3,233 1,287 1,670 4,412 8,325 6,551 

Bulgaria...................................... 23 5 - 10 8 - - 87 30 28 3 7 - 19 

Cyprus 1 ..................................... 2,249 32 5 122 365 115 1,610 2,379 33 9 21 332 118 1,866 

Czech Republic.......................... 2,038 1,371 129 96 287 5 150 1,940 1,107 317 - 389 16 111 

Denmark .................................... 13,079 2,459 1,029 1,040 5,007 1,654 1,890 11,231 1,883 1,090 874 4,255 875 2,254 

Finland....................................... 2,821 508 354 31 541 318 1,070 2,555 604 237 163 504 157 890 

France ....................................... 940,192 427,274 4,788 4,086 462,656 10,789 30,598 925,838 425,740 3,435 4,402 456,453 3,802 32,005 

Germany.................................... 126,331 22,348 3,758 5,623 71,952 9,274 13,377 124,112 24,443 4,518 4,279 66,743 9,833 14,296 

Greece....................................... 1,765 371 1 12 570 31 780 2,043 537 9 14 680 8 796 

Hungary ..................................... 622 26 49 16 160 265 106 933 113 89 352 131 149 99 

Ireland........................................ 433,164 192,207 10,281 6,397 15,096 197,191 11,992 430,733 191,368 9,217 6,370 15,299 197,044 11,434 

Italy............................................ 19,599 1,801 975 251 8,469 2,362 5,741 27,922 2,909 685 8,775 9,896 378 5,278 

Kazakhstan 1.............................. 3,003 2,614 10 9 5 357 8 4,154 2,967 325 89 27 701 45 

Luxembourg............................... 41,131 3,238 11,928 3,318 13,736 2,542 6,369 61,253 3,366 16,994 6,736 18,034 10,131 5,992 

Monaco 1.................................... 1,567 226 15 59 1,033 69 165 1,637 200 9 14 1,189 49 176 

Netherlands ............................... 89,629 17,446 5,015 1,737 32,298 3,923 29,210 89,725 17,309 5,825 2,040 34,387 5,149 25,015 

Norway....................................... 73,165 25,448 24,878 3,483 12,268 3,210 3,878 58,396 23,445 19,187 1,843 7,171 2,737 4,013 

Poland ....................................... 3,770 3,302 41 53 75 113 186 4,690 3,738 420 23 210 83 216 

Portugal ..................................... 3,201 1,166 4 9 895 148 978 2,511 269 31 33 861 715 603 

Romania .................................... 1,131 1,075 - - 42 12 2 992 920 1 - 45 9 17 

Russia........................................ 25,644 11,238 12,833 1 386 332 854 17,616 10,336 5,372 22 288 218 1,380 

Serbia and Montenegro 2 ........... 733 588 - - 145 - - 773 626 - - 147 - - 

Spain ......................................... 29,172 11,788 223 3,993 2,301 3,253 7,614 25,721 9,773 58 3,774 2,514 1,924 7,678 

Sweden...................................... 47,923 3,486 697 1,457 14,804 2,313 25,166 47,547 4,596 817 1,477 15,961 1,914 22,782 

Switzerland ................................ 66,547 7,842 2,422 5,725 29,399 3,309 17,850 65,179 6,822 3,185 3,752 29,448 3,140 18,832 

Turkey........................................ 7,267 5,720 - 73 339 333 802 8,638 6,592 - 16 313 1,288 429 

Ukraine 1 .................................... 1,389 1,039 50 14 23 254 9 1,041 722 20 3 23 231 42 

United Kingdom ......................... 3,561,699 2,040,450 133,410 187,331 516,930 189,857 493,721 3,478,484 2,005,526 120,306 165,150 492,955 193,940 500,607 

Channel Islands ......................... 10,853 432 749 1,194 4,548 1,039 2,891 13,047 1,136 364 3,277 4,739 687 2,844 

All other Europe 1 ....................... 4,066 1,301 232 115 1,439 454 524 3,770 985 236 145 1,488 340 576 

Total Europe.......................... 5,536,862 2,790,122 214,260 227,284 1,201,605 438,047 665,544 5,446,354 2,752,643 194,551 215,510 1,170,747 444,317 668,586 

Memo: Euro Area 3 ......................... 1,710,094 681,468 37,711 26,486 614,342 234,356 115,732 1,723,820 680,866 42,776 38,449 611,629 237,822 112,279 

Canada........................................... 387,506 163,701 8,932 9,282 79,144 61,405 65,042 386,262 162,302 9,247 8,441 74,325 64,419 67,528 

Latin America: 

Argentina ................................... 6,064 226 77 165 1,716 2,059 1,821 5,186 326 143 96 1,542 1,386 1,693 

Brazil.......................................... 57,620 33,234 575 92 4,230 5,566 13,923 43,450 13,564 2,317 356 4,662 3,344 19,207 

Chile .......................................... 21,517 12,601 1,230 275 3,512 1,916 1,983 19,023 11,519 1,197 171 2,646 1,618 1,872 

Colombia.................................... 9,094 5,468 391 448 1,101 1,150 536 7,708 4,425 573 198 952 951 609 

Costa Rica 4 ............................... 977 298 24 135 260 137 123 988 393 59 72 262 104 98 

Ecuador ..................................... 1,543 65 27 313 83 172 883 1,303 73 65 159 81 91 834 

Guatemala ................................. 323 212 2 3 65 9 32 429 268 27 1 51 47 35 

Mexico ....................................... 38,974 16,006 4,073 1,482 5,266 4,198 7,949 31,998 8,412 3,870 899 6,426 4,083 8,308 

Panama ..................................... 3,954 289 265 413 1,254 799 934 3,846 366 257 418 1,174 683 948 

Peru ........................................... 3,081 909 20 280 814 543 515 2,155 283 104 244 592 254 678 

Uruguay ..................................... 8,518 4,625 366 199 1,575 965 788 7,731 4,468 295 115 1,462 676 715 

Venezuela.................................. 2,772 613 167 145 577 935 335 2,975 912 90 175 527 1,031 240 

All other Latin America 4............. 1,334 644 223 43 182 134 108 958 370 239 45 159 58 87 

Total Latin America................ 155,771 75,190 7,440 3,993 20,635 18,583 29,930 127,750 45,379 9,236 2,949 20,536 14,326 35,324 

Caribbean: 

Anguilla 5.................................... 105,344 1,762 - 293 90,942 154 12,193 104,950 2,200 1 690 89,407 364 12,288 

Bahamas.................................... 174,514 84,819 1,980 4,630 51,019 12,401 19,665 161,369 73,132 1,195 4,309 52,732 12,053 17,948 

Barbados 5 ................................. 2,821 213 1,497 345 263 113 390 1,631 177 526 262 268 122 276 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2008 

77

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Fourth Quarter 2007, 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 ................................... 368,329 42,551 14,490 13,103 223,745 11,096 63,344 375,257 46,920 22,240 11,699 223,231 11,024 60,143

British Virgin Islands 5 ............... 171,102 9,171 890 7,960 116,217 5,152 31,712 177,619 9,129 1,130 8,814 117,826 8,695 32,025

Cayman Islands ........................ 2,140,404 379,705 200,694 96,431 1,147,192 40,175 276,207 2,098,297 367,760 188,414 78,987 1,141,314 52,338 269,484

Cuba ......................................... - - - - -- - - - -- - - -

Jamaica .................................... 1,770 993 524 55 39 151 8 1,984 1,007 639 44 39 244 11

Netherlands Antilles .................. 31,021 5,181 2,293 1,462 13,835 591 7,659 34,203 7,308 2,178 1,421 15,707 678 6,911

Trinidad and Tobago................. 1,444 175 436 74 86 173 500 1,324 97 440 78 58 169 482

All other Caribbean 5 ................. 1,435 157 500 60 444 84 190 1,214 134 440 52 437 47 104

Total Caribbean.................... 2,998,184 524,727 223,304 124,413 1,643,782 70,090 411,868 2,957,848 507,864 217,203 106,356 1,641,019 85,734 399,672

Asia: 

China, Mainland........................ 93,228 27,757 41,225 15,923 4,073 2,013 2,237 67,797 30,900 29,000 2,521 2,637 739 2,000

Hong Kong............................ 185,119 20,263 16,943 5,054 28,353 2,135 112,371 155,156 21,718 10,694 1,474 14,727 1,846 104,697

India...................................... 10,531 2,291 76 10 221 8 7,925 7,991 1,130 2 28 312 189 6,330

Indonesia .............................. 3,903 2,409 - 7 206 183 1,098 3,971 2,370 221 - 198 172 1,010

Israel..................................... 10,803 2,009 626 468 4,370 347 2,983 12,038 3,518 590 392 4,157 577 2,804

Japan.................................... 357,499 141,262 34,035 25,502 13,674 21,983 121,043 330,433 148,871 27,605 7,808 13,398 17,736 115,015

Korea, South......................... 42,976 14,248 9,866 5,311 459 2,627 10,465 45,447 15,444 16,740 522 452 3,069 9,220

Lebanon................................ 588 7 - 7 259 203 112 393 5 - 5 252 18 113

Malaysia................................ 8,046 1,556 2,482 278 554 712 2,464 8,401 1,758 3,253 20 183 352 2,835

Pakistan................................ 273 2 - 8 68 6 189 466 32 40 14 68 3 309

Philippines ............................ 4,887 3,139 173 209 383 430 553 3,393 1,803 138 18 363 399 672

Singapore ............................. 52,415 11,866 2,871 4,910 10,773 3,935 18,060 44,687 9,856 3,646 2,332 6,791 1,981 20,081

Syria ..................................... 7 - - - 5- 2 6 - -- 6 - -

Taiwan .................................. 20,364 4,418 1,903 566 5,200 527 7,750 23,815 5,832 4,022 334 5,373 458 7,796

Thailand................................ 8,483 6,746 273 24 170 69 1,201 6,899 5,188 163 1 183 100 1,264

All other Asia......................... 40,166 7,021 6,945 2,665 18,310 2,690 2,535 31,974 8,593 7,847 1,058 8,558 3,359 2,559

Total Asia.......................... 839,288 244,994 117,418 60,942 87,078 37,868 290,988 742,867 257,018 103,961 16,527 57,658 30,998 276,705

Africa: 

Egypt .................................... 2,782 1,129 107 4 203 268 1,071 2,189 421 41 8 210 162 1,347

Liberia................................... 1,101 3 12 100 605 98 283 1,067 18 27 57 694 7 264

Morocco................................ 71 6 12 - 28 7 18 129 56 20 - 34 1 18

South Africa .......................... 2,852 811 56 49 357 238 1,341 2,546 61 83 33 301 500 1,568

All other Africa ...................... 6,091 720 58 18 1,866 2,471 958 3,451 187 77 24 1,950 71 1,142

Total Africa ....................... 12,897 2,669 245 171 3,059 3,082 3,671 9,382 743 248 122 3,189 741 4,339

Other countries: 

Australia................................ 69,927 16,298 6,716 1,903 9,421 5,192 30,397 70,077 17,329 5,906 2,160 8,792 6,066 29,824

New Zealand......................... 2,758 330 923 45 537 237 686 5,306 377 957 61 568 2,498 845

All other ................................ 175 8 38 37 60 3 29 154 12 32 17 61 4 28

Total other countries ......... 72,860 16,636 7,677 1,985 10,018 5,432 31,112 75,537 17,718 6,895 2,238 9,421 8,568 30,697

Total foreign countries .. 10,003,368 3,818,039 579,276 428,070 3,045,321 634,507 1,498,155 9,746,000 3,743,667 541,341 352,143 2,976,895 649,103 1,482,851

International and regional orgs: 

International organizations.... 2,516 1,358 856 130 37 93 42 1,544 675 642 46 31 81 69

Regional organizations 6 ....... 5,886 806 886 81 21 3,605 487 2,916 1,051 836 155 22 190 662

Total international and 

 regional organizations.... 8,402 2,164 1,742 211 58 3,698 529 4,460 1,726 1,478 201 53 271 731

Grand total.................... 10,011,770 3,820,203 581,018 428,281 3,045,379 638,205 1,498,684 9,750,460 3,745,393 542,819 352,344 2,976,948 649,374 1,483,582

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. As of January 2007, the euro area also includes Slovenia; however, 

separate data for Slovenia are not available. 

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 2008 

78

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2007 

[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) 

Markeable 

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............................... 21,997 4,998 1,096 1,336 5,647 4,577 4,343 21,986 4,902 1,435 1,980 5,750 2,629 5,290

Belgium............................. 86,261 32,643 1,272 4,236 16,091 7,731 24,289 128,788 35,743 3,080 11,649 17,260 38,877 22,179

Bulgaria............................. 171 62 - 26 15 68 - 307 90 30 14 14 4 155

Cyprus 1 ........................... 8,430 55 17 199 893 516 6,750 8,356 59 26 32 718 427 7,094

Czech Republic................. 5,810 3,336 478 155 976 227 638 5,838 3,255 904 66 935 43 635

Denmark ........................... 39,657 9,255 2,532 3,750 13,874 4,737 5,509 37,356 8,343 2,800 2,254 12,496 5,289 6,174

Finland .............................. 11,032 1,927 856 414 1,743 2,494 3,598 8,602 1,925 787 358 1,492 380 3,661

France............................... 2,834,284 1,346,523 17,464 28,522 1,294,581 32,174 115,021 2,823,635 1,352,771 13,171 24,261 1,275,066 37,200 121,167

Germany ........................... 496,842 107,069 12,422 20,625 260,378 53,692 42,655 487,939 110,415 12,132 15,206 259,786 38,884 51,515

Greece .............................. 8,426 1,565 45 51 1,950 2,435 2,379 7,488 2,132 54 44 1,863 353 3,042

Hungary ............................ 3,065 121 64 138 560 1,751 431 5,346 163 502 1,693 447 1,733 808

Ireland............................... 2,025,164 766,743 40,963 39,418 46,926 1,092,199 38,914 2,016,621 765,009 39,849 30,760 46,898 1,098,095 36,011

Italy ................................... 86,605 9,676 2,327 1,304 40,476 10,023 22,800 95,978 11,084 2,423 9,775 44,770 5,809 22,118

Kazakhstan 1 .................... 10,419 7,469 2,076 80 80 594 120 10,766 6,612 2,670 118 112 1,100 154

Luxembourg ...................... 306,502 15,313 173,088 31,927 49,127 13,427 23,620 364,963 15,341 181,609 46,577 56,271 41,665 23,500

Monaco 1 ......................... 5,459 989 90 126 3,272 293 689 6,872 1,291 53 108 4,712 121 587

Netherlands....................... 325,503 84,562 17,526 8,074 116,635 17,742 80,963 311,519 83,091 18,112 8,726 109,750 17,109 74,732

Norway.............................. 326,377 170,808 78,698 13,773 29,149 21,852 12,097 330,457 198,147 70,477 9,026 23,029 16,819 12,959

Poland............................... 15,696 12,610 1,124 60 191 775 936 15,806 12,721 1,326 53 367 343 996

Portugal............................. 9,540 3,052 32 68 3,649 905 1,834 13,082 1,759 508 329 3,502 5,542 1,442

Romania............................ 4,607 3,922 582 32 42 22 7 4,496 4,275 116 - 57 18 30

Russia............................... 66,363 31,520 27,724 416 707 822 5,174 39,305 24,305 9,421 38 603 382 4,556

Serbia and Montenegro 2 .. 2,430 2,254 4 - 145 27 - 2,052 1,905 - - 147 - -

Spain................................. 94,121 30,679 651 18,898 7,402 11,778 24,713 101,515 28,165 614 20,251 6,975 21,450 24,060

Sweden............................. 171,403 18,996 2,283 3,614 49,890 9,401 87,219 164,685 16,820 2,725 2,288 49,640 9,918 83,294

Switzerland ....................... 229,124 27,341 11,486 23,485 99,796 9,614 57,402 237,534 29,901 13,392 19,905 102,773 12,993 58,570

Turkey............................... 24,266 20,108 132 204 816 801 2,205 27,613 20,911 - 52 780 2,721 3,149

Ukraine 1 .......................... 3,083 1,733 378 36 56 869 11 2,765 1,871 191 4 54 490 155

United Kingdom................. 13,496,671 7,876,430 419,740 877,841 1,854,952 774,807 1,692,901 13,104,933 7,668,347 359,434 669,354 1,785,479 862,733 1,759,586

Channel Islands ................ 74,217 3,505 6,716 25,008 17,778 8,061 13,149 75,158 4,479 1,893 31,725 16,901 8,222 11,938

All other Europe 1 .............. 14,918 3,300 1,157 1,744 4,314 2,701 1,701 15,900 3,369 1,265 640 4,232 4,189 2,205

Total Europe ................. 20,808,442 10,598,564 823,024 1,105,560 3,922,110 2,087,116 2,272,068 20,477,662 10,419,201 740,999 907,287 3,832,877 2,235,537 2,341,761

Memo: Euro Area 3................ 6,306,277 2,404,749 267,743 154,873 1,844,604 1,249,178 385,129 6,382,117 2,412,337 273,774 169,917 1,829,381 1,307,992 388,716

Canada ................................. 1,409,001 652,596 33,256 49,309 209,598 243,526 220,716 1,398,396 655,162 30,024 36,899 201,512 248,533 226,266

Latin America: 

Argentina........................... 19,399 1,422 292 526 5,416 6,077 5,666 20,302 1,212 318 442 4,804 7,624 5,902

Brazil................................. 199,443 122,993 6,387 1,455 10,963 18,516 39,129 133,337 45,927 5,227 675 12,731 16,433 52,344

Chile.................................. 50,729 26,848 2,250 1,017 6,956 6,499 7,159 40,998 22,646 1,620 700 5,809 3,901 6,322

Colombia........................... 28,877 12,340 3,562 1,477 2,881 6,643 1,974 27,651 11,507 2,179 694 2,561 8,183 2,527

Costa Rica 4 ..................... 4,156 1,501 254 527 790 781 303 3,094 1,295 122 246 826 395 210

Ecuador............................. 3,225 103 247 697 270 207 1,701 2,750 105 268 436 241 122 1,578

Guatemala ........................ 1,455 954 54 10 180 161 96 1,543 1,029 75 30 162 161 86

Mexico .............................. 140,767 54,337 12,668 6,320 18,163 15,541 33,738 132,145 52,602 10,938 4,460 18,015 13,752 32,378

Panama............................. 15,362 1,387 1,065 1,801 4,142 3,560 3,407 14,849 1,519 1,340 1,647 4,421 2,846 3,076

Peru .................................. 11,468 2,610 1,524 1,259 1,856 2,182 2,037 7,128 1,050 424 626 1,667 913 2,448

Uruguay ............................ 24,766 12,790 1,071 741 3,941 3,486 2,737 24,464 12,367 1,016 511 3,604 4,368 2,598

Venezuela......................... 8,691 1,312 388 485 1,976 3,488 1,042 10,458 1,508 237 783 1,920 5,146 864

All other Latin America 4 ... 5,012 2,208 727 149 957 587 384 4,147 1,878 349 117 950 485 368

Total Latin America ....... 513,350 240,805 30,489 16,464 58,491 67,728 99,373 422,866 154,645 24,113 11,367 57,711 64,329 110,701

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

March 2008 

79

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2007, 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) 

Market able 

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............................... 431,728 11,292 58 4,222 374,820 2,491 38,844 429,021 10,652 171 5,787 370,733 2,789 38,889

Bahamas .............................. 615,401 253,179 6,401 15,005 180,949 90,949 68,918 603,730 243,750 5,842 13,542 181,085 90,117 69,394

Barbados 5 ............................ 10,081 1,348 5,051 1,499 1,057 450 676 6,768 726 1,948 1,111 984 1,291 708

Bermuda ............................... 1,846,549 484,834 76,313 60,131 938,826 36,218 250,227 1,873,094 489,080 101,853 51,874 933,376 38,592 258,319

British Virgin Islands 5 ........... 703,685 125,983 3,790 30,651 403,883 26,662 112,716 698,964 123,331 3,992 29,956 402,313 27,440 111,932

Cayman Islands .................... 8,193,284 1,776,820 554,299 419,020 4,200,821 207,214 1,035,110 8,116,011 1,779,606 541,170 387,108 4,160,647 220,372 1,027,108

Cuba..................................... -------------- Jamaica ................................ 4,954 1,808 1,791 326 118 843 68 5,149 1,805 1,757 309 73 1,114 91

Netherlands Antilles.............. 128,135 30,613 4,683 3,188 58,170 3,937 27,544 134,716 34,351 4,605 2,778 60,996 3,901 28,085

Trinidad and Tobago............. 5,769 774 2,307 231 357 608 1,492 6,715 1,146 2,119 315 258 1,481 1,396

All other Caribbean ............... 4,929 671 1,554 556 1,146 329 674 4,054 495 719 355 1,092 629 764

Total Caribbean................ 11,944,515 2,687,322 656,247 534,829 6,160,147 369,701 1,536,269 11,878,222 2,684,942 664,176 493,135 6,111,557 387,726 1,536,686

Asia: 

China, Mainland ............... 350,636 107,959 159,782 50,300 10,690 15,761 6,144 227,551 115,927 86,049 8,625 6,697 4,660 5,593

Hong Kong ........................ 575,795 72,077 65,903 18,794 76,892 11,272 330,857 485,361 70,082 35,181 6,014 41,458 8,443 324,183

India .................................. 27,583 5,464 186 141 501 496 20,795 29,400 4,388 2 124 961 3,173 20,752

Indonesia........................... 17,729 12,661 - 449 546 744 3,329 15,028 8,148 658 8 614 2,112 3,488

Israel ................................. 43,955 11,656 3,721 5,612 12,502 1,124 9,340 47,257 14,391 3,512 5,537 12,789 1,165 9,863

Japan ................................ 1,216,620 451,448 116,625 68,260 49,249 76,760 454,278 1,212,528 498,832 102,564 29,687 54,222 71,207 456,016

Korea, South ..................... 138,820 31,151 53,813 13,525 1,621 7,988 30,722 132,537 49,025 41,765 2,248 1,509 6,508 31,482

Lebanon ............................ 1,809 107 - 117 812 292 481 1,382 108 1 8 736 27 502

Malaysia............................ 36,087 9,169 10,282 2,405 953 1,888 11,390 30,987 8,787 7,214 353 611 1,302 12,720

Pakistan ............................ 1,171 44 13 27 428 17 642 1,942 215 107 41 432 19 1,128

Philippines......................... 16,748 10,318 713 396 1,179 1,693 2,449 14,447 7,264 527 220 1,149 2,361 2,926

Singapore.......................... 192,869 49,273 16,259 17,516 30,395 17,242 62,184 182,659 46,881 16,820 10,648 32,934 9,189 66,187

Syria.................................. 7 - - -5 -28 - - -8 - -

Taiwan .............................. 66,902 11,775 10,628 3,064 13,678 4,079 23,678 72,775 20,059 11,661 1,888 13,584 1,605 23,978

Thailand ............................ 26,248 17,327 1,697 150 512 1,574 4,988 24,315 16,485 1,153 102 551 750 5,274

All other Asia..................... 125,141 25,103 28,004 8,734 47,837 7,917 7,546 97,099 22,926 19,473 4,989 35,571 6,661 7,479

Total Asia...................... 2,838,120 815,532 467,626 189,490 247,800 148,847 968,825 2,575,276 883,518 326,687 70,492 203,826 119,182 971,571

Africa: 

Egypt................................. 6,835 2,265 186 20 580 572 3,212 5,530 1,223 114 23 614 354 3,202

Liberia ............................... 4,784 13 623 468 2,435 148 1,097 4,806 72 604 486 2,479 89 1,076

Morocco ............................ 558 403 62 - 33 22 38 594 482 22 - 49 6 35

South Africa....................... 7,039 1,320 99 104 925 1,245 3,346 7,988 519 139 154 913 1,442 4,821

All other Africa................... 15,001 5,447 218 173 2,374 3,705 3,084 8,491 1,025 271 271 2,592 708 3,624

Total Africa.................... 34,217 9,448 1,188 765 6,347 5,692 10,777 27,409 3,321 1,150 934 6,647 2,599 12,758

Other countries: 

Australia ............................ 258,306 64,325 25,535 12,196 32,893 20,329 103,028 252,242 65,674 24,363 7,317 28,067 21,516 105,305

New Zealand..................... 11,453 659 4,192 1,000 1,899 1,707 1,996 19,203 658 4,343 305 1,599 10,192 2,106

All other............................. 520 14 70 62 238 19 117 823 44 65 47 191 33 443

Total other countries...... 270,279 64,998 29,797 13,258 35,030 22,055 105,141 272,268 66,376 28,771 7,669 29,857 31,741 107,854

Total foreign 

 countries ............... 37,817,924 15,069,265 2,041,627 1,909,675 10,639,523 2,944,665 5,213,169 37,052,099 14,867,165 1,815,920 1,527,783 10,443,987 3,089,647 5,307,597

International and regional orgs: 

International organizations... 21,780 12,571 2,512 2,164 120 4,081 332 16,621 12,929 2,429 527 122 166 448

Regional organizations 6 ..... 26,350 4,655 6,312 506 74 13,048 1,755 15,040 5,345 6,016 896 110 556 2,117

Total international and 

 regional organizations....... 48,130 17,226 8,824 2,670 194 17,129 2,087 31,661 18,274 8,445 1,423 232 722 2,565

 Grand total................... 37,866,054 15,086,491 2,050,451 1,912,345 10,639,717 2,961,794 5,215,256 37,083,760 14,885,439 1,824,365 1,529,206 10,444,219 3,090,369 5,310,162

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. As of January 2007, the euro area also includes Slovenia; however, 

separate data for Slovenia are not available. 

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 2008 

0

100

200

300

400

500

600

700

2004 2005 2006 2007 

Jan.-Dec.

2007 

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 2007 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 2004 2005 2006 

 2007 

Jan. - Dec.

2007 

Oct. - Dec. 

United Kingdom.............................. 254,112 363,593 472,380 546,349 94,184

All other Europe.............................. 110,153 146,910 126,118 2,545 5,636

Caribbean banking centers 1 .......... 87,638 102,259 139,732 75,772 41,928

Japan .............................................. 247,114 79,814 58,050 277 16,791

All other Asia................................... 130,399 187,284 226,863 235,648 58,477

Subtotal....................................... 829,416 879,860 1,023,143 860,591 217,016

All other countries........................... 87,040 131,680 120,078 145,184 40,361

Grand total.................................. 916,456 1,011,540 1,143,221 1,005,775 257,377

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 to the TIC 

reporting system. Foreign investors 

also acquired U.S. equities through 

mergers and reincorporations that 

involve stock swaps. Net foreign 

acquisitions of U.S. equities through 

stock swaps have been modest, 

amounting to $2 billion in 2003, $36 

billion in 2004, $6 billion in 2005, 

$4 billion in 2006, and $14 billion in 

2007. (Stock swaps data for the most 

recent quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) 

These stock swaps are not reported 

under the TIC reporting system, but 

are available on the TIC Web site. 

The TIC Web site also provides 

estimates from the Federal Reserve 

Bank of New York on principal 

repayment flows on foreign holdings 

of U.S. government agency and 

corporate asset-backed securities 

(ABS). These repayments, also not 

reported under the TIC system, are 

estimated to have reduced foreign 

net purchases of U.S. securities by 

$123 billion in 2003, $86 billion in 

2004, $144 billion in 2005, $155 

billion in 2006, and $189 billion in 

2007. 

Net foreign purchases of U.S. 

securities first surpassed $100 

billion in 1993. In 2003, net foreign 

acquisitions of U.S. securities 

(including stock swaps and 

accounting for ABS repayment 

flows) totaled $599 billion. Net 

acquisitions picked up to $866 

billion in 2004 and grew a bit further 

to $873 billion in 2005. Net 

purchases reached a new record of 

$992 billion in 2006, but then 

slowed to $830 billion in 2007. 
 CAPITAL MOVEMENTS 

March 2008 

81

The data on this page represent U.S. 

investors’ purchases and sales of longterm foreign securities as reported to 

the TIC reporting system. However, in 

the past several years, U.S. investors 

also have acquired a substantial amount 

of foreign stocks, mostly European, 

through mergers that involve stock 

swaps. In addition, when foreign firms 

reincorporate in the United States, the 

associated stock swap reduces U.S. 

holdings of foreign equity. Net 

acquisitions through stock swaps 

amounted to $80 billion in 2000, $47 

billion in 2001, $3 billion in 2002, $17 

billion in 2003, -$12 billion in 2004, $4 

billion in 2005, $19 billion in 2006, 

and $12 billion in 2007. (Stock swaps 

data for the most recent quarter are 

Federal Reserve Board/Treasury 

estimates and are subject to substantial 

revisions.) These stock swaps are not 

reported under the TIC reporting 

system, but are available on the TIC 

Web site. 

Including the stock swaps, annual U.S. 

net purchases of long-term foreign 

securities averaged about $100 billion 

from the mid-1990s through 2000, 

without much variation from year to 

year. U.S. investors’ acquisitions of 

foreign securities (including stock 

swaps) then slowed over the 2001-2003 

period before rebounding to $141 

billion in 2004 and $176 billion in 

2005. The pace of U.S. acquisitions 

picked up further in 2006, as U.S. 

investors acquired $270 billion in 

foreign securities, but eased a bit in 

2007, as U.S. investors acquired $235 

billion in foreign securities. 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

-100

-50

0

50

100

150

200

250

300

350

2003 2004 2005 2006 2007

Jan.-Dec.

2007

Oct.-Dec.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2007

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2003 2004 2005 2006 

2007 

Jan. - Dec. 

2007 

Oct - Dec. 

Foreign bonds ........ -32,046 67,872 45,095 144,452 128,575 44,676

Foreign stocks........ 88,587 84,970 127,296 106,455 94,906 -60,408

Total ..................... 56,541 152,842 172,391 250,907 223,481 -15,732

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

March 2008 

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] 

2005 2006 2007 

 Dec. Sept. Dec. Mar. r. June Sept. p 

 

Gross total of holdings with negative fair values ........................... 1,132,114 1,133,857 1,179,159 1,199,530 1,491,081 1,648,857 

Total over-the-counter (OTC) contracts..................................... 1,116,479 1,114,914 1,156,241 1,177,573 1,463,896 1,620,586 

Single-currency interest rate contracts.................................. 815,068 766,008 749,009 760,432 969,166 925,537 

Forwards ............................................................................ 1,461 1,862 541 550 2,042 1,483 

Swaps ................................................................................ 745,319 696,989 678,413 683,914 879,661 818,979 

Options............................................................................... 68,288 67,157 70,055 75,968 87,463 105,075 

Foreign exchange contracts .................................................. 132,101 131,233 151,046 140,279 166,592 241,365 

Forwards ............................................................................ 39,547 36,822 47,068 41,766 51,090 85,176 

Swaps ................................................................................ 69,131 71,607 78,390 71,766 84,892 113,972 

Options............................................................................... 23,423 22,804 25,588 26,747 30,610 42,217 

Other contracts ...................................................................... 169,310 217,673 256,186 276,862 328,138 453,684 

Total exchange-traded contracts ............................................... 15,635 18,943 22,918 21,957 27,185 28,271 

Own contracts on foreign exchanges .................................... 2,892 3,897 4,042 4,052 4,803 3,799 

U.S. customers’ contracts on foreign exchanges.................. 3,380 2,943 2,738 2,845 2,729 3,337 

Foreign counterparty contracts on U.S. exchanges .............. 9,363 12,103 16,138 15,060 19,653 21,135 

Memorandum items: 

Contracts with own foreign office........................................... 282,193 268,397 312,724 336,229 421,018 475,390 

Contracts with foreign official institutions .............................. 13,462 10,123 9,586 8,879 10,572 13,916 

Contracts of U.S. depository institutions with foreigners....... 334,677 397,472 391,948 395,519 485,572 511,518 

Gross total of holdings with positive fair values............................. 1,190,029 1,194,164 1,238,995 1,256,037 1,547,432 1,718,009 

Total over-the-counter (OTC) contracts..................................... 1,171,172 1,173,055 1,213,354 1,232,559 1,517,392 1,684,888 

Single-currency interest rate contracts.................................. 853,993 803,357 793,057 798,481 1,004,345 959,040 

Forwards ............................................................................ 1,132 1,688 1,027 1,003 2,312 1,646 

Swaps ................................................................................ 768,817 715,285 702,386 703,565 902,124 837,976 

Options............................................................................... 84,044 86,384 89,644 93,913 99,909 119,418 

Foreign exchange contracts .................................................. 147,057 148,117 176,267 169,307 196,457 277,703 

Forwards ............................................................................ 37,635 33,783 44,941 38,590 47,021 79,293 

Swaps ................................................................................ 84,581 88,817 102,795 101,064 114,230 150,990 

Options............................................................................... 24,841 25,517 28,531 29,653 35,206 47,420 

Other contracts ...................................................................... 170,122 221,581 244,030 264,771 316,590 448,145 

Total exchange-traded contracts ............................................... 18,857 21,109 25,641 23,478 30,040 33,121 

Own contracts on foreign exchanges .................................... 3,557 4,571 4,590 4,724 6,005 5,063 

Customers’ contracts on foreign exchanges ......................... 3,582 2,793 2,882 2,709 2,192 3,109 

Foreign counterparty contracts on U.S. exchanges .............. 11,718 13,745 18,169 16,045 21,843 24,949 

Memorandum items: 

Contracts with own foreign office........................................... 290,693 277,792 318,870 337,422 427,432 479,632 

Contracts with foreign official institutions .............................. 12,281 10,961 10,385 9,846 10,821 11,017 

Contracts of U.S. depository institutions with foreigners....... 353,435 407,250 407,594 408,855 501,678 526,490 

 

 
 CAPITAL MOVEMENTS 

March 2008 

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] 

2005 2006 2007 

Country Dec. Sept. Dec. Mar. r June Sept. p

Europe: 

Belgium.......................................................................... 11,388 9,533 9,338 8,696 9,409 9,699 

France............................................................................ 72,467 69,565 67,056 67,921 77,388 87,549 

Germany ........................................................................ 91,334 84,216 85,235 86,350 101,393 110,815 

Ireland ............................................................................ 34,382 34,702 115,002 106,725 128,092 121,036 

Italy................................................................................. 9,031 6,235 5,850 5,112 5,379 5,070 

Netherlands.................................................................... 19,773 19,965 21,114 21,285 24,152 26,646 

Switzerland .................................................................... 27,999 27,793 28,036 27,590 32,271 42,138 

United Kingdom ............................................................. 679,961 682,020 632,362 663,319 863,231 961,020 

All other Europe ............................................................. 30,659 29,326 30,383 31,174 37,415 41,971 

Total Europe .............................................................. 976,994 963,355 994,376 1,018,172 1,278,730 1,405,944 

Memo: Euro Area 1 ........................................................ 257,799 243,584 323,436 317,133 371,680 388,028 

Memo: European Union 2............................................... n.a. 932,271 963,045 986,933 1,242,161 1,358,149 

Canada............................................................................... 28,926 28,394 27,239 26,229 32,505 40,134 

Total Latin America............................................................ 10,497 12,599 13,299 11,994 14,777 13,908 

Caribbean: 

Cayman Islands ............................................................. 40,066 44,268 57,234 57,369 69,515 82,005 

All other Caribbean ........................................................ 10,849 12,430 15,655 14,361 16,607 18,613 

Total Caribbean ......................................................... 50,915 56,698 72,889 71,730 86,122 100,618 

Asia: 

Japan ............................................................................. 32,273 35,605 37,077 35,308 38,566 40,906 

All other Asia.................................................................. 14,443 18,576 16,367 17,465 22,728 23,701 

Total Asia ................................................................... 46,716 54,181 53,444 52,773 61,294 64,607 

Total Africa......................................................................... 3,013 2,597 2,153 1,929 2,251 2,794 

Other countries: 

Australia ......................................................................... 7,558 10,384 10,567 11,867 10,911 14,918 

All other.......................................................................... 1,121 415 576 585 841 801 

Total other countries .................................................. 8,679 10,799 11,143 12,452 11,752 15,719 

Total foreign countries ........................................... 1,125,740 1,128,623 1,174,543 1,195,279 1,487,431 1,643,724 

Total International and regional organizations .................. 6,370 5,234 4,616 4,250 3,650 5,135 

Grand total ................................................................. 1,132,114 1,133,857 1,179,159 1,199,530 1,491,081 1,648,857 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes 

Slovenia; however, separate data for Slovenia are not available.

2 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.
CAPITAL MOVEMENTS 

March 2008 

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] 

2005 2006 2007 

Country Dec. Sept. Dec. Mar. r June Sept. p 

 

Europe: 

Belgium .......................................................................... 11,616 9,726 9,806 8,912 8,842 9,314 

France ............................................................................ 77,606 73,689 73,478 73,228 83,433 94,046 

Germany......................................................................... 101,760 94,658 97,012 98,363 117,163 121,421 

Ireland ............................................................................ 38,558 37,638 120,433 112,496 133,020 126,251 

Italy................................................................................. 14,548 11,756 12,119 11,958 12,017 12,539 

Netherlands.................................................................... 22,789 23,315 23,547 24,171 26,674 30,100 

Switzerland..................................................................... 27,298 27,953 29,175 29,724 34,540 47,382 

United Kingdom.............................................................. 707,004 710,356 658,948 686,451 886,598 993,946 

All other Europe ............................................................. 22,931 21,894 23,466 23,961 29,784 31,943 

Total Europe............................................................... 1,024,110 1,010,985 1,047,984 1,069,265 1,332,071 1,466,941 

Memo: Euro Area 1......................................................... 280,163 263,663 349,741 342,522 396,684 409,964 

Memo: European Union 2............................................... n.a. 979,750 1,015,511 1,036,563 1,294,066 1,415,435 

Canada............................................................................... 33,094 32,727 31,611 29,378 37,405 45,662 

Total Latin America ............................................................ 10,593 13,623 14,278 13,245 16,942 16,082 

Caribbean: 

Cayman Islands ............................................................. 41,723 45,692 49,702 51,721 58,765 76,659 

All other Caribbean ........................................................ 13,394 14,575 17,461 16,053 16,627 17,116 

Total Caribbean.......................................................... 55,117 60,267 67,163 67,774 75,392 93,775 

Asia: 

Japan.............................................................................. 33,410 36,415 38,327 35,436 40,835 41,031 

All other Asia .................................................................. 15,608 20,401 19,560 19,765 22,541 26,414 

Total Asia ................................................................... 49,018 56,816 57,887 55,201 63,376 67,445 

Total Africa ......................................................................... 3,590 3,734 3,088 3,127 3,075 3,579 

Other countries: 

Australia ......................................................................... 9,663 12,198 13,509 14,616 15,434 20,406 

All other .......................................................................... 1,758 701 762 766 968 865 

Total other countries .................................................. 11,421 12,899 14,271 15,382 16,402 21,271 

Total foreign countries ........................................... 1,186,943 1,191,051 1,236,282 1,253,372 1,544,663 1,714,755 

Total international and regional organizations................... 3,087 3,113 2,713 2,665 2,770 3,253 

Grand total ................................................................. 1,190,029 1,194,164 1,238,995 1,256,037 1,547,432 1,718,009 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area 

also includes Slovenia; however, separate data for Slovenia are not available.

2 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.
CAPITAL MOVEMENTS 

March 2008 

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] 

2005 2006 2007 

Type of Derivatives Contract Total July - Sept. Oct. - Dec. Jan. - Mar. r Apr. - June July - Sept. p 

Total over-the-counter (OTC) contracts................................................. 15,516 9,093 -1,474 10,807 2,085 7,046 

Single-currency interest rate contracts .............................................. 12,092 6,911 -1,830 507 6,557 3,845 

Foreign exchange contracts............................................................... -231 -61 122 2,053 -2,814 -2,229 

Other contracts................................................................................... 3,655 2,243 234 8,247 -1,658 5,430 

Total exchange-traded contracts ........................................................... 14,194 6,041 327 4,589 -1,869 1,506 

Own contracts on foreign exchanges ................................................ 6,613 2,103 147 1,079 1,229 2,353 

U.S. customers’ contracts on foreign exchanges .............................. 3,737 1,516 894 1,418 1,300 -827 

Foreign counterparty contacts on U.S. exchanges ........................... 3,844 2,422 -714 2,092 -4,398 -20 

Total net cash settlements from foreigners ........................................... 29,710 15,134 -1,147 15,396 216 8,552 

Memorandum items: 

Contracts with foreign official institutions....................................... 2,120 307 211 -443 1,315 -309 

 

 Note.—Negative figures indicate net cash payments or a net outflow of capital from the United States. 
CAPITAL MOVEMENTS 

March 2008 

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] 

2005 2006 2007 

Country Total July - Sept. Oct. - Dec. Jan. - Mar. r Apr.- June July - Sept. p 

Europe: 

Belgium .............................................................................................. -317 124 -17 -503 139 382

France................................................................................................ 776 66 -554 -723 -1,676 -1,158

Germany ............................................................................................ -687 -412 -1,515 1,974 -424 -1,808

Ireland ................................................................................................ 4,435 943 360 -3,114 1,103 813

Italy..................................................................................................... 216 850 -556 -269 55 641

Netherlands........................................................................................ 1,912 614 437 -85 826 -401

Switzerland ........................................................................................ 4,848 4,004 -1,372 3,454 1,768 1,988

United Kingdom ................................................................................. 6,378 3,150 4,347 11,325 -1,416 10,496

All other Europe ................................................................................. 2,164 1,520 -1,017 -526 3,073 1,442

Total Europe .................................................................................. 19,724 10,859 113 11,533 3,448 12,394

Memo: Euro area 1 ............................................................................. 9,200 3,380 -2,445 -3,369 3,400 -709

Memo: European Union 2................................................................... n.a. 6,698 2,035 7,818 1,894 10,587

Canada................................................................................................... -3,425 -1,281 715 2,089 -3,392 -590

Total Latin America................................................................................ -1,464 -69 -1,369 -651 478 936

Caribbean: 

Cayman Islands ................................................................................. 4,846 1,677 -699 1,064 -1,178 -3,700

All other Caribbean ............................................................................ 485 -355 97 1,785 893 583

Total Caribbean ............................................................................. 5,331 1,322 -602 2,849 -285 -3,117

Asia: 

Japan ................................................................................................. -355 -412 -942 -14 -971 405

All other Asia...................................................................................... 6,208 2,996 1,035 527 2,238 -1,789

Total Asia ....................................................................................... 5,853 2,584 93 513 1,267 -1,384

Total Africa............................................................................................. 610 70 243 -263 -212 330

Other countries: 

Australia ............................................................................................. -2,494 -813 -1,637 -649 -2,010 35

All other.............................................................................................. 177 -33 94 -136 -38 -50

Total other countries ...................................................................... -2,317 -846 -1,543 -785 -2,048 -15

Total foreign countries ............................................................... 24,312 12,639 -2,350 15,285 -744 8,554

Total international and regional organizations....................................... 5,396 2,491 1,203 112 959 -2

Grand total ..................................................................................... 29,710 15,134 -1,147 15,396 216 8,552

1

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes 

Slovenia; however, separate data for Slovenia are not available. 

2 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. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the United 

States. 
 March 2008 

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 2008 

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) 

 

07/04/07 .................................................................... 751,805 760,820 125 1.0593 

07/11/07 .................................................................... 761,232 767,484 68 1.0557 

07/18/07 .................................................................... 772,690 780,376 547 1.0435 

07/25/07 .................................................................... 747,118 756,635 119 1.0423 

 

08/01/07 .................................................................... 811,134 821,296 -345 1.0565 

08/08/07 .................................................................... 812,305 815,981 54 1.0497 

08/15/07 .................................................................... 847,923 849,765 -1,377 1.0746 

08/22/07 .................................................................... 858,964 860,173 -839 1.0620 

08/29/07 .................................................................... 885,015 887,463 -216 1.0592 

 

09/05/07 .................................................................... 938,684 943,828 29 1.0508 

09/12/07 .................................................................... 982,460 995,874 -181 1.0372 

09/19/07 .................................................................... 766,386 773,356 163 1.0147 

09/26/07 .................................................................... 792,099 802,467 461 1.0045 

 

10/03/07 .................................................................... 785,623 796,438 130 0.9961 

10/10/07 .................................................................... 782,515 791,315 1,766 0.9813 

10/17/07 .................................................................... 795,303 805,020 2,444 0.9736 

10/24/07 .................................................................... 804,006 815,880 2,087 0.9710 

10/31/07 .................................................................... 820,874 830,492 2,259 0.9496 

 

11/07/07 .................................................................... 835,134 847,602 2,138 0.9168 

11/14/07 .................................................................... 871,344 884,736 1,441 0.9608 

11/21/07 .................................................................... 855,605 868,700 433 0.9894 

11/28/07 .................................................................... 869,136 879,966 1,137 0.9907 

 

12/05/07 .................................................................... 926,043 941,506 643 1.0127 

12/12/07 .................................................................... 939,764 955,689 190 1.0107 

12/19/07 .................................................................... 699,368 722,190 501 1.0056 

12/26/07 .................................................................... 675,272 696,853 721 0.9834 

 
FOREIGN CURRENCY POSITIONS 

March 2008 

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) 

 

2005 - Dec................... 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 

2006 - Dec................... 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 

2007 - Jan ................... 693,314 703,213 175,461 161,242 96,374 94,915 105,981 108,696 4,404 1.1792 

Feb .................. 761,098 772,554 195,000 182,669 96,699 98,678 105,174 98,538 -535 1.1700 

Mar .................. 673,062 678,375 179,321 170,772 99,472 99,130 98,946 93,950 1,360 1.1530 

Apr................... 703,335 705,891 197,081 183,494 100,272 101,973 103,892 99,343 -1,428 1.1068 

May.................. 835,516 843,140 198,097 184,884 103,663 103,304 94,983 92,435 -103 1.0701 

June................. 768,610 774,305 185,505 178,673 92,670 93,856 91,574 91,663 -625 1.0634 

July .................. 811,751 820,117 204,717 194,650 69,720 69,176 75,050 76,816 248 1.0656 

Aug.................. 913,249 916,582 189,997 189,500 76,818 76,789 87,481 89,594 667 1.0560 

Sept................. 782,885 797,555 207,260 189,165 77,656 73,218 78,891 86,866 346 0.9959 

Oct................... 825,912 834,311 212,025 192,486 81,806 80,320 83,153 87,385 2,267 0.9496 

Nov .................. 912,166 927,671 203,040 187,837 87,140 84,501 87,329 92,796 -590 1.0007 

Dec .................. 694,064 714,446 197,438 182,233 71,200 69,421 72,055 77,515 -522 0.9881 

 

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) 

 

2004 - Dec................... 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 

2005 - Mar................... 25,265 32,4834 100,674 n.a. 154 n.a. 2,534 1,093 -738 1.2097 

June ................. 28,178 39,883 136,087 86,970 507 n.a. 2,805 762 n.a. 1.2257 

Sept.................. 25,097 32,244 99,718 63,854 665 1,575 2,515 718 n.a. 1.1608 

Dec................... 25,109 32,454 96,654 n.a. 451 n.a. 2,157 660 n.a. 1.1656 

2006 - Mar................... 21,479 27,460 n.a. n.a. 662 824 2,870 905 -826 1.167 

 June ................. 22,757 27,397 n.a. n.a. 463 758 2,501 688 -700 1.115 

 Sept.................. 22,644 29,191 87,920 n.a. 419 460 2,269 882 -459 1.1151 

 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 

 
FOREIGN CURRENCY POSITIONS 

March 2008 

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) 

 

07/04/07 .................................................................. 385,274 383,075 n.a. 122.40 

07/11/07 .................................................................. 406,412 404,296 n.a. 122.13 

07/18/07 .................................................................. 395,453 393,598 1,692 121.83 

07/25/07 .................................................................. 410,428 407,915 1,517 120.33 

 

08/01/07 .................................................................. 432,116 431,285 1,620 118.71 

08/08/07 .................................................................. 435,841 429,420 1,309 119.76 

08/15/07 .................................................................. 454,818 447,744 1,001 117.19 

08/22/07 .................................................................. 461,541 456,258 1,070 114.95 

08/29/07 .................................................................. 472,366 468,254 1,063 115.52 

 

09/05/07 .................................................................. 467,992 464,000 969 115.15 

09/12/07 .................................................................. 465,175 463,375 639 114.24 

09/19/07 .................................................................. 412,650 412,045 445 116.21 

09/26/07 .................................................................. 405,093 399,522 665 115.66 

 

10/03/07 .................................................................. 405,655 406,458 859 116.74 

10/10/07 .................................................................. 402,122 401,953 n.a. 117.17 

10/17/07 .................................................................. 412,987 413,292 829 116.62 

10/24/07 .................................................................. 423,834 421,182 553 113.94 

10/31/07 .................................................................. 415,938 413,010 963 115.27 

 

11/07/07 .................................................................. 429,784 428,041 502 113.29 

11/14/07 .................................................................. 451,947 448,012 603 111.38 

11/21/07 .................................................................. 397,613 394,335 721 108.54 

11/28/07 .................................................................. 463,779 461,329 694 110.38 

 

12/05/07 .................................................................. 468,629 465,722 490 110.85 

12/12/07 .................................................................. 495,699 491,413 540 112.36 

12/19/07 .................................................................. 432,364 431,723 739 113.44 

12/26/07 .................................................................. 415,657 414,612 633 114.08 

 
FOREIGN CURRENCY POSITIONS 

March 2008 

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) 

 

2005 - Dec.................. 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 

2006 - Dec.................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1538 119.02 

2007 - Jan .................. 371,865 367,446 63,810 64,423 84,808 89,996 88,173 85,209 -1598 121.02 

Feb ................. 406,543 402,221 66,115 66,808 83,615 90,146 89,956 87,565 -995 118.33 

Mar ................. 378,473 376,626 67,960 68,363 101,356 108,874 95,925 93,389 -205 117.56 

Apr.................. 387,004 386,335 71,036 70,236 90,774 98,647 96,423 93,867 -12 119.44 

May................. 376,572 375,097 70,775 70,382 94,976 102,855 104,885 100,956 750 121.76 

June................ 411,301 408,609 74,830 71,898 101,024 110,200 108,797 103,767 1,184 123.39 

July ................. 460,613 460,112 71,939 71,388 104,491 113,062 110,260 107,607 1,492 119.13 

Aug ................. 434,288 427,589 66,653 67,865 120,413 127,160 118,776 116,538 998 115.83 

Sept................ 426,224 426,823 68,112 69,272 109,823 117,283 116,910 116,266 76 114.97 

Oct.................. 451,506 448,407 72,174 72,115 113,350 119,390 120,779 120,995 1,004 115.27 

Nov ................. 501,581 498,485 64,974 66,744 117,272 121,852 125,500 124,894 731 111.02 

Dec ................. 463,494 462,366 69,975 72,014 112,480 115,176 122,042 123,860 761 111.71 

 

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) 

 

2004 - Dec................... 6,995 7,251 5,377 3,035 484 313 686 372 -115 102.73 

2005 - Mar................... 6,612 7,331 5,507 3,017 307 297 544 264 n.a. 107.25 

June ................. 8,523 8,401 5,449 3,034 407 352 597 281 -406 110.92 

Sept.................. 8,014 8,909 6,213 3,353 373 368 734 291 -557 113.31 

Dec................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 

2006 - Mar................... 9,571 10,001 10,039 6,016 817 n.a. 1,041 n.a. -78 117.48 

June ................. 8,718 8,903 7,932 4,224 1,061 n.a. 505 n.a. 198 114.51 

Sept.................. 8,643 9,325 6,821 3,439 n.a. n.a. 782 n.a. -57 117.99 

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 

 
FOREIGN CURRENCY POSITIONS 

March 2008 

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) 

 

07/04/07 .................................................................. 952,945 963,330 2,641 1.2152 

07/11/07 .................................................................. 983,250 993,809 5,156 1.2044 

07/18/07 .................................................................. 995,806 1,006,269 5,709 1.1997 

07/25/07 .................................................................. 1,047,530 1,059,121 12,322 1.2140 

 

08/01/07 .................................................................. 1,173,880 1,184,064 3,824 1.2013 

08/08/07 .................................................................. 1,126,784 1,129,335 3,531 1.1946 

08/15/07 .................................................................. 1,168,289 1,168,186 4,157 1.2181 

08/22/07 .................................................................. 1,209,905 1,202,483 3,021 1.2062 

08/29/07 .................................................................. 1,233,944 1,227,438 3,426 1.1986 

 

09/05/07 .................................................................. 1,292,568 1,286,788 3,576 1.2025 

09/12/07 .................................................................. 1,390,949 1,386,943 2,651 1.1844 

09/19/07 .................................................................. 1,069,796 1,072,308 2,510 1.1856 

09/26/07 .................................................................. 1,053,870 1,056,755 3,161 1.1710 

 

10/03/07 .................................................................. 1,046,626 1,046,531 2,454 1.1791 

10/10/07 .................................................................. 1,035,601 1,036,828 4,195 1.1808 

10/17/07 .................................................................. 1,057,362 1,060,683 7,529 1.1816 

10/24/07 .................................................................. 1,078,119 1,081,985 7,191 1.1726 

10/31/07 .................................................................. 1,114,801 1,119,677 7,578 1.1589 

 

11/07/07 .................................................................. 1,157,273 1,164,893 6,853 1.1335 

11/14/07 .................................................................. 1,165,473 1,174,270 7,173 1.1222 

11/21/07 .................................................................. 1,070,007 1,075,575 6,112 1.1037 

11/28/07 .................................................................. 1,241,542 1,246,126 4,730 1.1186 

 

12/05/07 .................................................................. 1,286,436 1,289,734 5,335 1.1249 

12/12/07 .................................................................. 1,379,863 1,385,369 3,933 1.1355 

12/19/07 .................................................................. 999,182 1,001,902 4,093 1.1563 

12/26/07 .................................................................. 954,456 958,782 4,317 1.1504 

 
FOREIGN CURRENCY POSITIONS 

March 2008 

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) 

 

2005 - Dec................... 599,163 609,505 58,736 60,650 109,698 99,568 78,533 64,881 3,016 1.3148 

2006 - Dec................... 603,056 627,243 79,535 75,067 132,261 124,219 155,127 164,475 n.a. 1.2195 

2007 - Jan ................... 792,186 815,128 73,494 72,384 153,153 144,073 181,612 190,993 13,814 1.2470 

Feb .................. 930,899 962,448 93,613 92,812 164,990 148,762 199,482 208,741 n.a. 1.2189 

Mar .................. 800,135 818,490 109,086 102,562 177,461 168,084 215,797 225,404 n.a. 1.2126 

Apr................... 795,507 805,325 206,498 204,926 197,326 189,969 223,565 228,300 n.a. 1.2064 

May.................. 1,010,928 1,015,254 95,282 97,760 324,014 316,357 275,758 273,750 -4,634 1.2252 

June................. 961,604 972,823 97,094 90,236 294,486 293,339 247,707 246,774 1,134 1.2240 

July .................. 1,133,989 1,144,688 n.a. n.a. 295,584 291,067 251,256 251,490 3,028 1.2021 

Aug .................. 1,167,250 1,161,001 79,217 81,849 316,811 315,049 279,324 272,879 4,092 1.2071 

Sept................. 1,069,553 1,068,660 93,438 95,560 313,725 314,888 264,687 255,240 2,460 1.1672 

Oct................... 1,177,725 1,184,422 97,481 98,900 308,071 311,637 271,207 262,912 7,223 1.1589 

Nov .................. 1,309,051 1,311,137 93,579 95,429 315,267 312,092 268,136 253,543 4,224 1.1287 

Dec .................. 981,030 987,962 95,668 96,554 296,139 295,801 258,017 244,868 4,527 1.1329 

 

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) 

 

2004 - Dec................... 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 

2005 - Mar................... 16,723 29,650 33,587 10,119 491 658 1,623 493 n.a. 1.1956 

June ................. 17,342 30,911 37,253 10,156 538 n.a. 1,415 n.a. n.a. 1.2829 

Sept.................. 14,433 24,616 34,627 9,700 n.a. n.a. 460 230 n.a. 1.2891 

Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 

2006 - Mar................... 19,986 28,587 41,674 11,025 n.a. n.a. 745 575 n.a. 1.3025 

June ................. 17,463 20,886 45,077 11,561 n.a. n.a. 623 479 n.a. 1.2247 

Sept.................. 16,524 23,319 44,741 11,124 n.a. n.a. 1,099 590 n.a. 1.2504 

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. 1.224 

Sept.................. 20,823 24,139 46,837 13,612 2,422 n.a. 596 n.a. 136 1.1672 

 
FOREIGN CURRENCY POSITIONS 

March 2008 

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) 

 

07/04/07 .................................................................. 1,052,849 1,076,715 2,641 2.0168 

07/11/07 .................................................................. 1,082,451 1,107,173 3,621 2.0320 

07/18/07 .................................................................. 1,093,380 1,116,807 3,299 2.0534 

07/25/07 .................................................................. 1,120,714 1,144,354 3,073 2.0511 

 

08/01/07 .................................................................. 1,157,041 1,179,818 3,606 2.0309 

08/08/07 .................................................................. 1,136,593 1,159,164 4,007 2.0368 

08/15/07 .................................................................. 1,161,790 1,174,845 2,529 1.9923 

08/22/07 .................................................................. 1,166,114 1,180,563 1,739 1.9916 

08/29/07 .................................................................. 1,191,346 1,204,695 2,973 2.0182 

 

09/05/07 .................................................................. 1,195,386 1,210,141 3,709 2.0221 

09/12/07 .................................................................. 1,261,726 1,272,317 4,979 2.0314 

09/19/07 .................................................................. 1,122,045 1,135,235 4,410 1.9983 

09/26/07 .................................................................. 1,088,366 1,108,019 3,587 2.0159 

 

10/03/07 .................................................................. 1,069,935 1,078,853 4,290 2.0369 

10/10/07 .................................................................. 1,096,434 1,108,678 3,721 2.0432 

10/17/07 .................................................................. 1,116,609 1,131,809 3,934 2.0387 

10/24/07 .................................................................. 1,138,236 1,150,064 3,807 2.0491 

10/31/07 .................................................................. 1,145,014 1,157,528 4,598 2.0777 

 

11/07/07 .................................................................. 1,160,947 1,178,348 4,805 2.1045 

11/14/07 .................................................................. 1,261,877 1,282,817 4,663 2.0586 

11/21/07 .................................................................. 1,121,946 1,141,105 5,969 2.0585 

11/28/07 .................................................................. 1,270,466 1,287,436 6,403 2.0688 

 

12/05/07 .................................................................. 1,295,199 1,313,768 5,103 2.0288 

12/12/07 .................................................................. 1,324,348 1,342,641 5,318 2.0494 

12/19/07 .................................................................. 1,151,460 1,170,216 3,705 1.9931 

12/26/07 .................................................................. 1,085,526 1,105,487 3,356 1.9833 

 
FOREIGN CURRENCY POSITIONS 

March 2008 

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) 

 

2005 - Dec................... 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 

2006 - Dec................... 813,178 846,452 400,194 350,140 81,276 73,370 78,380 80,387 2,269 1.9586 

2007 - Jan ................... 956,808 983,199 382,640 334,433 102,079 92,769 97,068 93,566 3,065 1.9611 

Feb .................. 1,037,192 1,071,521 385,211 339,747 98,992 86,040 89,867 89,637 2,992 1.9613 

Mar .................. 978,756 1,013,819 420,023 374,801 105,478 89,465 95,554 99,963 3,841 1.9685 

Apr................... 1,041,127 1,073,733 416,591 367,200 111,418 101,642 89,179 98,155 3,623 2.0000 

May.................. 1,112,998 1,140,624 435,440 380,683 98,265 94,329 84,704 97,460 5,203 1.9797 

June................. 1,080,044 1,108,259 483,216 409,532 103,416 96,207 102,690 108,345 3,381 2.0063 

July .................. 1,182,008 1,214,237 457,250 387,327 92,156 90,678 96,477 107,658 2,887 2.0364 

Aug .................. 1,111,865 1,136,913 401,821 357,969 98,705 93,872 104,946 117,804 2,650 2.0165 

Sept................. 1,137,887 1,150,885 443,238 363,358 86,357 80,897 96,692 109,324 3,593 2.0389 

Oct................... 1,186,907 1,199,999 468,682 398,002 80,558 75,506 92,091 104,966 4,037 2.0777 

Nov .................. 1,279,478 1,296,715 448,573 370,895 90,111 80,093 98,136 112,968 5,504 2.0567 

Dec .................. 1,106,323 1,121,684 450,883 372,556 80,197 69,881 93,248 103,301 3,400 1.9843 

 

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) 

 

2004 - Dec................... 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 

2005 - Mar................... 31,407 41,451 43,540 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 

June ................. 38,305 52,610 89,080 55,471 n.a. 553 3,874 3,555 n.a. 1.7930 

Sept.................. 23,415 35,163 53,991 24,250 n.a. 518 2,639 2,027 -754 1.7696 

Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 

2006 - Mar................... 19,284 50,266 56,236 25,296 409 336 2,413 714 146 1.7393 

June ................. 26,222 46,526 60,738 26,947 394 336 2,559 667 182 1.8491 

Sept.................. 23,238 32,069 52,940 20,660 n.a. n.a. 2,244 722 176 1.8716 

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 

 
FOREIGN CURRENCY POSITIONS 

March 2008 

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) 

 

07/04/07 ................................................................ 13,444,713 13,472,402 12,906 n.a. 

07/11/07 ................................................................ 13,865,235 13,872,631 4,824 n.a. 

07/18/07 ................................................................ 13,764,965 13,785,110 8,496 n.a. 

07/25/07 ................................................................ 14,358,974 14,366,410 3,630 n.a. 

 

08/01/07 ................................................................ 15,046,195 15,039,072 979 n.a. 

08/08/07 ................................................................ 14,840,652 14,854,408 1,380 n.a. 

08/15/07 ................................................................ 15,268,577 15,302,695 13,286 n.a. 

08/22/07 ................................................................ 15,594,702 15,655,099 21,271 n.a. 

08/29/07 ................................................................ 16,231,487 16,292,449 15,277 n.a. 

 

09/05/07 ................................................................ 16,118,918 16,163,701 11,505 n.a. 

09/12/07 ................................................................ 16,805,675 16,852,499 8,307 n.a. 

09/19/07 ................................................................ 15,027,073 15,012,238 14,033 n.a. 

09/26/07 ................................................................ 14,929,534 15,002,653 11,537 n.a. 

 

10/03/07 ................................................................ 14,904,642 14,930,653 13,884 n.a. 

10/10/07 ................................................................ 14,933,038 14,960,775 5,030 n.a. 

10/17/07 ................................................................ 15,321,999 15,353,951 2,715 n.a. 

10/24/07 ................................................................ 15,609,233 15,637,161 10,180 n.a. 

10/31/07 ................................................................ 16,636,599 16,646,921 3,483 n.a. 

 

11/07/07 ................................................................ 16,358,992 16,340,274 12,582 n.a. 

11/14/07 ................................................................ 16,996,144 16,998,023 16,888 n.a. 

11/21/07 ................................................................ 15,200,567 15,204,322 7,011 n.a. 

11/28/07 ................................................................ 17,773,721 17,777,561 -1,970 n.a. 

 

12/05/07 ................................................................ 17,914,208 17,939,428 5,142 n.a. 

12/12/07 ................................................................ 18,569,909 18,580,278 -2,073 n.a. 

12/19/07 ................................................................ 16,249,826 16,225,678 -778 n.a. 

12/26/07 ................................................................ 15,622,443 15,575,769 -3,415 n.a. 

 
FOREIGN CURRENCY POSITIONS 

March 2008 

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) 

 

2005 - Dec.................. 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 

2006 - Dec.................. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a. 

2007 - Jan .................. 12,101,309 12,282,778 - - 1,964,664 2,002,753 2,009,474 2,067,275 -13,166 n.a. 

Feb ................. 13,107,346 13,258,898 - - 1,931,196 1,932,102 2,231,096 2,603,339 -13,099 n.a. 

Mar ................. 12,650,037 12,726,566 - - 3,033,699 3,192,309 4,021,879 2,778,976 -14,011 n.a. 

Apr.................. 12,922,809 13,005,876 - - 2,210,881 2,195,463 2,236,207 2,320,622 -6,691 n.a. 

May................. 13,543,352 13,613,528 - - 3,897,815 3,102,531 2,957,423 4,116,365 -675 n.a. 

June................ 14,373,581 14,521,489 - - 2,389,015 2,308,366 2,356,054 2,353,096 8,902 n.a. 

July ................. 15,753,880 15,837,324 - - 3,753,809 2,581,925 4,075,030 4,066,175 5,014 n.a. 

Aug ................. 15,298,456 15,472,068 - - 2,506,587 2,424,323 2,452,767 2,504,774 20,960 n.a. 

Sept................ 15,739,511 15,790,032 - - 2,678,649 2,727,181 3,285,582 n.a. 6,443 n.a. 

Oct.................. 17,003,995 17,019,367 - - 2,656,709 2,590,575 2,620,663 n.a. 878 n.a. 

Nov ................. 18,964,405 18,978,000 - - 2,786,076 2,714,895 2,783,284 n.a. 5,738 n.a. 

Dec ................. 16,604,296 16,621,391 - - 2,665,228 2,579,678 2,534,065 n.a. 794 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) 

 

2004 - Dec................... 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 

2005 - Mar................... 444,804 440,894 - - 11,614 11,133 12,816 n.a. 15,946 n.a. 

June.................. 462,876 474,638 - - 13,864 12,139 15,821 10,600 10,440 n.a. 

Sept .................. 435,999 419,841 - - 12,9059 11,423 8,008 7,764 9,741 n.a. 

Dec ................... 419,932 398,823 - - 22,061 14,840 12,765 12,692 3,155 n.a. 

2006 - Mar................... 444,770 436,861 - - 21,312 18,906 18,612 20,083 2,115 n.a. 

June.................. 441,758 453,766 - - 16,802 19,028 16,754 17,785 954 n.a. 

Sept. ................. 466,483 478,373 - - 25,157 32,393 20,992 26,372 4,174 n.a. 

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. 

 
FOREIGN CURRENCY POSITIONS 

March 2008 

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) 

 

07/04/07 ............................................................................. 3,632,132 3,588,403 -231 0.7345 

07/11/07 ............................................................................. 3,671,031 3,637,093 2,430 0.7269 

07/18/07 ............................................................................. 3,651,633 3,610,971 471 0.7242 

07/25/07 ............................................................................. 3,782,383 3,759,003 -482 0.7293 

 

08/01/07 ............................................................................. 3,900,790 3,877,408 2,086 0.7309 

08/08/07 ............................................................................. 3,821,025 3,806,999 4,698 0.7242 

08/15/07 ............................................................................. 3,998,967 3,977,700 1,571 0.7419 

08/22/07 ............................................................................. 4,020,523 3,988,367 1,423 0.7388 

08/29/07 ............................................................................. 4,219,529 4,182,001 445 0.7313 

 

09/05/07 ............................................................................. 4,138,892 4,106,207 -182 0.7316 

09/12/07 ............................................................................. 4,317,331 4,267,461 608 0.7192 

09/19/07 ............................................................................. 3,874,667 3,830,664 -971 0.7169 

09/26/07 ............................................................................. 3,897,185 3,833,087 -1,150 0.7079 

 

10/03/07 ............................................................................. 3,855,421 3,805,848 1,716 0.7075 

10/10/07 ............................................................................. 3,883,621 3,823,956 2,966 0.7064 

10/17/07 ............................................................................. 3,963,572 3,901,083 1,647 0.7038 

10/24/07 ............................................................................. 3,995,337 3,938,692 -892 0.7024 

10/31/07 ............................................................................. 4,081,647 4,022,140 5,971 0.6912 

 

11/07/07 ............................................................................. 4,218,101 4,149,995 4,502 0.6818 

11/14/07 ............................................................................. 4,341,630 4,280,011 4,166 0.6817 

11/21/07 ............................................................................. 3,891,574 3,842,543 4,536 0.6744 

11/28/07 ............................................................................. 4,496,826 4,455,063 4,971 0.6780 

 

12/05/07 ............................................................................. 4,569,438 4,514,283 2,940 0.6819 

12/12/07 ............................................................................. 4,632,573 4,581,871 3,811 0.6802 

12/19/07 ............................................................................. 4,059,767 4,017,190 6,114 0.6972 

12/26/07 ............................................................................. 3,970,126 3,943,902 6,101 0.6897 

 
FOREIGN CURRENCY POSITIONS 

March 2008 

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) 

 

2005 - Dec................... 2,518,979 2,488,836 1,261,003 1,201,118 424,565 340,191 428,856 489,730 2,921 0.8445 

2006 - Dec................... 2,908,461 2,899,018 1,471,459 1,427,573 651,970 693,889 508,842 587,473 -14,933 0.7578 

2007 - Jan ................... 3,363,078 3,333,264 1,503,055 1,459,883 664,259 688,121 523,245 617,987 -3,257 0.7694 

Feb .................. 3,592,432 3,550,606 1,542,538 1,508,173 637,575 636,420 512,272 586,248 -3,688 0.7559 

Mar .................. 3,377,403 3,348,012 1,592,041 1,544,266 642,229 633,530 528,043 607,599 -9,520 0.7477 

Apr................... 3,423,871 3,388,202 1,730,245 1,686,731 635,961 628,625 557,077 627,086 -10,498 0.7321 

May.................. 3,551,428 3,511,700 2,033,874 1,989,201 652,850 685,623 566,224 608,515 -1,090 0.7433 

June................. 3,797,523 3,762,766 2,074,178 2,037,821 632,657 661,465 572,027 615,043 -1,382 0.7396 

July .................. 4,007,241 3,987,654 2,008,584 1,970,638 653,507 680,183 576,605 612,605 -2,108 0.7293 

Aug .................. 3,924,829 3,889,859 1,849,619 1,804,429 624,663 651,976 584,010 586,306 -2,883 0.7331 

Sept................. 3,955,184 3,917,424 1,984,769 1,953,872 645,472 654,971 559,351 577,244 -3,379 0.7033 

Oct................... 4,211,730 4,156,064 2,031,255 1,991,848 648,218 658,900 578,780 594,839 1,934 0.6912 

Nov .................. 4,695,167 4,651,424 1,976,694 1,952,169 667,478 669,233 589,421 591,722 1,923 0.6808 

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 

 

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) 

 

2004 - Dec................... 146,656 155,582 191,031 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 

2005 - Mar................... 138,011 148,004 206,505 127,548 9,171 4,963 7,254 8,662 -37 0.7711 

June ................. 158,930 176,765 268,363 175,607 9,419 6,000 8,969 8,659 -476 0.8266 

Sept.................. 123,785 150,408 211,076 160,009 6,319 4,585 7,799 6,168 245 0.8293 

Dec................... 117,211 137,716 198,507 129,312 11,011 7,622 7,232 6,209 -867 0.8445 

2006 - Mar................... 131,132 149,125 223,971 135,999 10,580 6,100 6,992 5,441 -1,532 0.8238 

June ................. 130,803 137,764 232,161 136,551 6,763 3,575 7,462 4,729 -934 0.7825 

Sept.................. 141,600 146,199 220,610 154,973 7,614 3,680 7,305 5,329 -2,956 0.7882 

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 

 
March 2008 

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, 2007, and Sept. 30, 2007 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital June 30, 2007 

July 1, 2007, 

through 

Sept. 30, 2007 Sept. 30, 2007 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 16,254,111 182,003 16,436,114 

Special drawing rights 1 ........................................................... 9,018,051 282,499 9,300,550 

Foreign exchange and securities: 

European euro ..................................................................... 12,894,779 812,322 13,707,101 

Japanese yen....................................................................... 7,681,122 575,010 8,256,132 

Accounts receivable................................................................. 224,198 155 224,353 

Total assets.......................................................................... 46,072,261 1,851,989 47,924,250 

 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 52,364 -910 51,454 

Total current liabilities ...................................................... 52,364 -910 51,454 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,425,581 201,272 7,626,853 

Total other liabilities ......................................................... 9,625,581 201,272 9,826,853 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 36,194,316 1,651,627 37,845,943 

Total capital...................................................................... 36,394,316 1,651,627 38,045,943 

Total liabilities and capital............................................ 46,072,261 1,851,989 47,924,250 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

March 2008 

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, 2007, 

through 

Sept. 30, 2007 

Fiscal year to date 

Oct. 1, 2006, 

through 

Sept. 30, 2007 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ 1,241,310 1,678,690 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ........................................... 44,067 83,620 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 16,881 63,991 

U.S. Government securities......................................................... 205,805 833,701 

Foreign exchange ........................................................................ 143,564 501,151 

Commissions ............................................................................... - - 

Income from operations............................................................... 1,651,627 3,161,153 

Net income (+) or loss (-)............................................................. 1,651,627 3,161,153 

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 2008 

105

INTRODUCTION: Financial Report of the United States Government

The following pages are excerpted from the 2007 

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 2008 

106 

Financial Statements 

of the United States Government 

for the Years Ended September 30, 2007, 

and September 30, 2006 

Statements of Net Cost 

These statements present the net cost from October 1 through September 30, fiscal years 2007 and 2006 

Government operations, which include the operations related to earmarked funds, funds financed by specifically 

identified revenues, often supplemented by other financing sources, which remain available over time. For the 

purposes of this document, “Government” refers to the United States Government. It categorizes costs by Chief 

Financial Officer Act entities and other significant entities. Costs and earned revenues are generally presented by 

department on an accrual basis, while the budget presents costs and revenues by obligations and outlays generally on 

a cash basis. In the Statements of Net Cost, the costs and earned revenues are divided between the corresponding 

departments and entities mentioned above, providing greater accountability by showing the relationship of the 

agencies’ net cost to the Governmentwide net cost. 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 control of the Federal 

Government. 

These statements contain the following three components: 

• Gross cost—This 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—This is revenue the Government earned by providing goods and services to the public at a 

price. 

• Net cost—This 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 and reflected 

in the costs of their user agencies. 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. Health and pension benefits that are not reported in the 

individual agency statements have been allocated out of OPM to the agencies. The interest on securities issued by 

the Department of the Treasury (Treasury) held by the public is part of Treasury’s responsibilities, but because of its 

importance, and the dollar amounts, 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 unearned revenues that are generated principally by the Government’s sovereign power to 

tax, levy duties, and assess fines and penalties. These statements also cover the cost of Government operations, net 

of revenue earned from the sale of goods and services to the public (earned revenues). They further include any 

adjustments and unreconciled transactions that affect the net position. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2008 

107

Revenue 

Individual income tax and tax withholdings include Federal Insurance Contributions Act (FICA)/SelfEmployment Contributions Act (SECA) taxes and other taxes including payroll taxes collected from other agencies. 

These taxes are characterized as “unearned” 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 “unearned” revenue. 

Miscellaneous earned revenues consist of earned revenues received from the public with virtually no 

associated cost. Therefore, unlike other earned revenues, miscellaneous earned revenues are not subtracted from 

gross cost to derive net cost. It also 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 from specifically identified “earmarked” activities during the year. 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. Refer to Note 20—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 included in Note 10, 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, as well as contributions to earmarked funds made by Federal agencies on behalf of 

their employees, beneficiaries, or others. 

Other-Unmatched Transactions and Balances 

Unmatched transactions and balances are adjustments needed to bring the change in net position into balance 

due to unreconciled differences, agency reporting errors, and timing differences in the consolidated financial 

statements. Refer to 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. Refer to Note 1B—Basis of Accounting and Revenue Recognition, and Note 17—Prior 

Period Adjustments for detailed information. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2008 

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 shown separately. 

Reconciliations of Net Operating Cost and Unified Budget 

Deficit 

The purpose of the reconciliation is to report how the proprietary net operating cost and the unified budget 

deficit relate to each other. The premise of the reconciliation is that the accrual and budgetary accounting bases 

share transaction data. 

These statements report the reconciliation of 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. 

Receipts and outlays in the President’s budget are measured primarily on a cash basis and differ from the basis 

of accounting measures 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 of benefits payable for veterans, 

military and civilian employees, and 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 accounts and 

taxes receivable, and increases in other assets not included in the operating results. These items are typically part of 

the balance sheets only, and are not part of the operating results. All Other Reconciling Items represent the net 

difference that is needed to balance this statement to the unified budget deficit. 

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 operating cash balance 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 operating cash balance. 

These statements reconcile the unified budget deficit to the change in operating cash during the fiscal year and 

explain how the budget deficits (fiscal years 2007 and 2006) were financed. A budget deficit is the result of outlays 

(expenditures) exceeding receipts (revenue) during a particular fiscal year. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2008 

109

In depicting how the unified budget deficits were financed, these statements show that in fiscal years 2007 and 

2006, the greatest amounts were net new borrowings from the public. Other transactions also required 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, required cash payments and contributed to the use of cash. These statements 

show the differences between accrual and cash budgetary basis, mainly because of timing differences in the financial 

statements.

Balance Sheets 

The balance sheets show the Government’s assets and liabilities. When combined with stewardship 

information, this information presents a more comprehensive understanding of the Government’s financial position. 

All of the line items on the balance sheets are described in the Notes to the Financial Statements. 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; 

inventories; and loans receivable. 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. 

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. Note 22—

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. 

Each of the social insurance programs has an associated trust fund to account for its activity. The collection of 

earmarked taxes and other earmarked revenue is credited to the corresponding trust 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 the 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 20—Earmarked Funds. That note also contains information 

about trust fund receipts, disbursements, and assets. 

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 18—Contingencies and Note 19—Commitments. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2008 

110 

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), the Department of Health and Human Services (HHS), 

the Railroad Retirement Board (RRB), and the Department of Labor (DOL), respectively. The estimates are 

actuarial present values1

 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 Railroad Retirement Board and the 

Department of Labor (Black Lung).

 

1 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 2008 

111

United States Government 

Statements of Net Cost 

for the Years Ended September 30, 2007, and September 30, 2006 

Gross 

Cost 

Earned 

Revenue 

Net 

Cost 

Gross 

Cost 

Earned 

Revenue 

Net 

Cost 

(In billions of dollars) 2007 2006 

 

Department of Health & Human Services.... 718.6 51.8 666.8 678.8 51.4 627.4 

Department of Defense ................................... 689.6 25.1 664.5 658.0 24.1 633.9 

Social Security Administration...................... 626.4 0.3 626.1 593.1 0.3 592.8 

Interest on Treasury Securities held by 

the public ................................................... 238.9 - 238.9 221.5 - 221.5 

Department of Agriculture ............................ 98.6 12.1 86.5 109.0 11.4 97.6 

Department of the Treasury ......................... 86.9 6.3 80.6 85.5 4.1 81.4 

Department of Transportation ...................... 66.2 0.5 65.7 66.6 0.6 66.0 

Department of Energy.................................. 67.5 4.3 63.2 70.9 5.1 65.8 

Department of Education ............................. 66.3 4.5 61.8 97.3 4.7 92.6 

Department of Veterans Affairs.................... 63.1 3.7 59.4 117.3 3.5 113.8 

Department of Housing and Urban 

Development ............................................. 54.0 0.9 53.1 43.0 1.0 42.0 

Department of Labor .................................... 50.1 - 50.1 48.2 - 48.2 

Department of Homeland Security............... 51.1 7.1 44.0 63.4 6.8 56.6 

Department of Justice .................................. 28.8 1.0 27.8 28.6 1.0 27.6 

Office of Personnel Management ................ 36.2 15.5 20.7 34.8 15.1 19.7 

Department of the Interior ............................. 18.6 2.0 16.6 20.0 2.9 17.1 

National Aeronautics and Space 

Administration............................................ 16.3 0.1 16.2 19.2 - 19.2 

Department of State..................................... 18.4 3.4 15.0 16.0 2.2 13.8 

Environmental Protection Agency................ 10.0 0.4 9.6 9.9 0.3 9.6 

Agency for International Development......... 9.7 0.3 9.4 10.5 0.1 10.4 

Department of Commerce............................ 9.6 1.9 7.7 9.9 1.7 8.2 

Federal Communications Commission ........ 7.9 0.4 7.5 7.9 0.3 7.6 

National Science Foundation ....................... 5.7 - 5.7 5.7 - 5.7 

Railroad Retirement Board........................... 15.7 10.3 5.4 12.1 5.0 7.1 

Small Business Administration..................... 1.3 0.4 0.9 1.7 0.3 1.4 

Federal Deposit Insurance Corporation....... 1.7 0.9 0.8 1.8 0.1 1.7 

Tennessee Valley Authority ......................... 10.9 10.4 0.5 9.5 10.0 (0.5) 

U.S. Nuclear Regulatory Commission ......... 1.0 0.6 0.4 1.0 0.6 0.4 

National Credit Union Administration........... 0.3 0.1 0.2 0.2 0.1 0.1 

General Services Administration .................. 0.6 0.5 0.1 0.9 0.5 0.4 

Export-Import Bank of the United States ..... 0.5 0.9 (0.4) - 1.3 (1.3) 

Pension Benefit Guaranty Corporation ........ 1.5 6.1 (4.6) (0.5) 3.8 (4.3) 

U.S. Postal Service ...................................... 60.1 73.7 (13.6) 58.9 71.6 (12.7) 

All other entities .............................................. 25.2 2.3 22.9 27.0 (3.5) 30.5 

Total...........................................................

 3,157.3 247.8 2,909.5 3,127.7 226.4 2,901.3 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2008 

112

United States Government 

Statements of Operations and Changes in Net Position 

for the Years Ended September 30, 2007, and September 30, 2006 

 

NonEarmarked

Funds 

Earmarked

Funds Consolidated

NonEarmarked 

Funds 

Earmarked

Funds Consolidated

(In billions of dollars) 2007 2006 

 

Revenue: 

Individual income tax and tax withholdings ... 1,152.6 847.2 1,999.8 1,045.7 800.4 1,846.1 

Corporation income taxes ............................. 367.2 367.2 350.0 - 350.0 

Unemployment taxes .................................... 39.3 39.3 - 41.4 41.4 

Excise taxes .................................................. 15.3 52.2 67.5 24.5 49.6 74.1 

Estate and gift taxes...................................... 26.0 26.0 27.4 - 27.4 

Customs duties ............................................. 18.2 18.2 24.7 - 24.7 

Other taxes and receipts ............................... 57.9 21.7 79.6 42.8 17.2 60.0 

Miscellaneous earned revenues.................... 29.7 29.7 17.1 - 17.1 

Intragovernmental interest............................. 192.7 192.7 - 185.3 185.3 

Total revenue ................................................ 1,666.9 1,153.1 2,820.0 1,532.2 1,093.9 2,626.1 

Eliminations................................................... (192.7) (185.3) 

Consolidated revenue ................................... 2,627.3 2,440.8 

 

Net Cost: 

Net cost......................................................... 1,622.6 1,286.9 2,909.5 1,635.6 1,265.7 2,901.3 

Intragovernmental interest............................. 192.7 192.7 185.3 - 185.3 

Total net cost................................................. 1,815.3 1,286.9 3,102.2 1,820.9 1,265.7 3,086.6 

Eliminations................................................... (192.7) (185.3) 

Consolidated net cost.................................... 2,909.5 2,901.3 

 

Intragovernmental transfers ......................... (327.6) 327.6 (343.8) 343.8 

 

Other – Unmatched transactions and 

balances (Note 1)......................................... 6.7 6.7 11.0 11.0 

 

Net Operating (Cost)/Revenue ...................... (469.3) 193.8 (275.5) (621.5) 172.0 (449.5) 

 

 

Net position, beginning of period................. (9,335.6) 419.2 (8,916.4) (8,714.1) 247.2 (8,466.9) 

Prior period adjustments – Changes in 

Accounting Principles(Note 17) .................. (15.0) 1.1 (13.9) - - - 

Net Operating (Cost)/Revenue...................... (469.3) 193.8 (275.5) (621.5) 172.0 (449.5) 

Net position, end of period............................ (9,819.9) 614.1 (9,205.8) (9,335.6) 419.2 (8,916.4) 

 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2008 

113

United States Government 

Reconciliations of Net Operating Cost and Unified Budget Deficit 

for the Years Ended September 30, 2007, and September 30, 2006 

(In billions of dollars) 2007 2006 

 

Net operating cost ..................................................................................... (275.5) (449.5) 

Components of Net Operating Cost Not Part of the Budget Deficit:

Increase in Liability for Military Employee Benefits (Note 11): 

Increase in military pension liabilities........................................................ 61.7 71.7 

(Decrease) Increase in military health liabilities........................................ (3.4) 3.3 

Increase (Decrease) in other military benefits .......................................... 2.0 (0.1) 

Increase in liability for military employee benefits..................................... 60.3 74.9 

 

(Decrease) Increase in Liability for Veterans Compensation (Note 11):

(Decrease) Increase in liabilities for veterans ........................................... (26.8) 45.4 

Increase (Decrease) in liabilities for survivors .......................................... 0.8 (14.3) 

(Decrease) in liabilities for burial benefits ................................................. (0.1) 0.1 

(Decrease) Increase in liability for veteran's compensation...................... (26.1) 31.2 

 

Increase in Liabilities for Civilian Employee Benefits (Note 11): 

Increase in civilian pension liabilities......................................................... 37.3 75.1 

Increase in civilian health liabilities ........................................................... 16.4 4.6 

Increase in other civilian benefits.............................................................. 2.2 1.6 

Increase in liabilities for civilian employee benefits................................... 55.9 81.3 

 

Increase in Environmental Liabilities (Note 12): 

Increase in Energy's environmental liabilities ........................................... 33.3 40.5 

Increase in all others' environmental liabilities.......................................... 3.5 4.9 

Increase in environmental liabilities .......................................................... 36.8 45.4 

 

Depreciation expense .................................................................................. 45.3 82.9 

Property, plant, and equipment disposals and revaluations ....................... 10.9 2.4 

Increase in benefits due and payable.......................................................... 4.4 12.3 

(Decrease) in insurance programs .............................................................. (1.9) (20.4) 

Increase in other liabilities ........................................................................... 23.7 21.0 

Seigniorage and sale of gold ...................................................................... (0.8) (0.7) 

Increase (Decrease) in accounts payable ................................................... 7.8 (9.5) 

(Increase) in accounts and taxes receivable ............................................... (19.0) (2.7) 

Components of the Budget Deficit Not Part of Net Operating Cost: 

Capitalized Fixed Assets: 

Department of Defense ............................................................................. (29.1) (76.4) 

Civilian Agencies....................................................................................... (29.7) (27.3) 

Total Capitalized Fixed Assets ............................................................... (58.8) (103.7) 

 

Decrease (Increase) in inventory................................................................. 4.2 (9.3) 

(Increase) in Securities and Investments..................................................... (13.4) (6.4) 

(Increase) Decrease in other assets............................................................ (10.0) 1.2 

Principal repayments of precredit reform loans .......................................... 8.5 3.4 

 

All Other Reconciling Items...................................................................... (15.1) (1.5) 

 

Unified budget deficit ................................................................................ (162.8) (247.7) 

 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2008 

114

United States Government 

Statements of Changes in Cash Balance from Unified Budget and Other Activities 

for the Years Ended September 30, 2007, and September 30, 2006 

(In billions of dollars) 2007 2006 

 

Unified budget deficit..................................... (162.8) (247.7)

 

Adjustments for Noncash Outlays Included in the Budget: 

Interest accrued by Treasury on debt held by 

the public............................................................. (189.4) (177.6) 

Subsidy expense (Note 4) ............................. 9.3 34.3 

 

Items Affecting the Cash Balance Not Included in the Budget: 

Net Transactions from Financing Activity: 

Repayment of debt held by the public............ 4,340.4 4,248.5 

Borrowings from the public ......................... (4,547.3) (4,485.5) 

Total......................................................... (206.9) (237.0) 

 

Net Transactions from Monetary Activity: 

Increase in special drawing rights............... 0.6 0.4 

(Decrease) Increase in other monetary 

assets ...................................................... (0.2) 2.4 

(Decrease) in loans to the IMF............................. (2.2) (6.5) 

Total..................................................................... (1.8) (3.7) 

 

Net Transactions from Other Activities: 

Net direct loan activity ................................ 2.8 (3.7) 

Interest paid by Treasury on debt held by 

the public ................................................. 186.1 171.4 

Net guaranteed loan activity ....................... 4.9 (46.9) 

(Increase) in allocations of special 

drawing rights .......................................... (0.4) (0.1) 

Decrease in deposit fund balances............. 3.9 1.0 

Decrease in miscellaneous liabilities.............. 0.8 0.2 

Seigniorage and other equity...................... (0.8) (0.7) 

NRRIT non-Federal securities1

................... 2.6 2.1 

Prior period adjustment .............................. - (2.7) 

Total......................................................... 199.9 120.6 

 

Disposition of deficit...................................... (188.9) (263.4)

 

Increase in Cash held by Treasury for 

Government operations ............................. 26.1 15.7 

 

Cash held by Treasury for 

Governmentwide operations: (Note 2)

Balance beginning of period............................ 43.6 27.9 

Balance end of period ................................... 69.7 43.6 

 1 For more information, see Railroad Retirement in the Supplemental Information-Social Insurance section. The amount for the 

change in the National Railroad Retirement Investment Trust non-Federal Securities reflected above is based on NRRIT amounts 

reported as of August 31. This differs from the amounts reflected in Note 7, Securities and Investments, for NRRIT which are as of 

September 30. 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2008 

115

United States Government 

Balance Sheets 

as of September 30, 2007, and September 30, 2006 

(In billions of dollars) 2007 2006 

Assets: 

Cash and other monetary assets (Note 2)...................................... 128.0 97.9 

Accounts and taxes receivable, net (Note 3).................................. 87.8 68.8 

Loans receivable, net (Note 4)........................................................ 231.9 220.8 

Inventories and related property, net (Note 5) ................................ 277.1 281.3 

Property, plant, and equipment, net (Note 6).................................. 691.1 688.5 

Securities and investments (Note 7)............................................... 99.8 83.8 

Other assets (Note 8)...................................................................... 65.4 55.4 

Total assets .................................................................................. 1,581.1 1,496.5 

Stewardship property, plant, and equipment 

Stewardship Land (Note 23) and Heritage Assets (Note 24) 

Liabilities: 

Accounts payable (Note 9).............................................................. 66.2 58.4 

Federal debt securities held by the public and accrued interest 

(Note 10)....................................................................................... 5,077.7 4,867.5 

Federal employee and veteran benefits payable (Note 11)............ 4,769.1 4,679.0 

Environmental and disposal liabilities (Note 12)............................. 342.0 305.2 

Benefits due and payable (Note 13) ............................................... 133.7 129.3 

Insurance program liabilities (Note 14) ........................................... 70.9 72.8 

Loan guarantee liabilities (Note 4) .................................................. 69.1 66.4 

Other liabilities (Note 15) ................................................................ 258.2 234.3 

Total liabilities............................................................................... 10,786.9 10,412.9 

Contingencies (Note 18) and Commitments (Note 19) 

Net position: 

Earmarked funds (Note 20)............................................................. 614.1 419.2 

Non-earmarked funds ..................................................................... (9,819.9) (9,335.6) 

Total net position........................................................................ (9,205.8) (8,916.4) 

Total liabilities and net position.................................................. 1,581.1 1,496.5 

The accompanying notes are an integral part of these financial statements. 
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 

March 2008 

116

United States Government 

Statements of Social Insurance 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

 **********UNAUDITED*********

(In billions of dollars) 2007 2006 2005 2004 2003

Federal Old-Age, Survivors and Disability Insurance (Social Security): (Note 22) 

Revenue (Contributions and Earmarked Taxes) from: 

Participants who have attained age 62......................................... 477 533 464 41 35

Participants ages 15-61................................................................ 17,515 16,568 15,290 14,388 13,576

Future participants (under age 15 and births during period)............... 16,121 15,006 13,696 12,900 12,213

All current and future participants .............................................. 34,113 32,107 29,450 27,699 26,147

Expenditures for Scheduled Future Benefits for: 

Participants who have attained age 62......................................... (6,329) (5,866) (5,395) (4,933) (4,662)

Participants ages 15-61................................................................ (27,928) (26,211) (23,942) (22,418) (21,015)

Future participants (under age 15 and births during period)............... (6,619) (6,480) (5,816) (5,578) (5,398)

All current and future participants .............................................. (40,876) (38,557) (35,154) (32,928) (31,075)

Present value of future expenditures in excess of future 

revenue...................................................................................... (6,763)1 (6,449)2 (5,704)3 (5,229)4 (4,927)5

Federal Hospital Insurance (Medicare Part A): (Note 22) 

Revenue (Contributions and Earmarked Taxes) from: 

Participants who have attained eligibility age 65 .......................... 178 192 162 14 12

Participants who have not attained eligibility age 15-64 ............... 5,975 5,685 5,064 4,820 4,510

Future participants (under age 15 and births during period)).............. 4,870 4,767 4,209 4,009 3,773

All current and future participants .............................................. 11,023 10,644 9,435 8,976 8,411

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age 65 .......................... (2,558) (2,397) (2,179) (2,168) (1,897)

Participants who have not attained eligibility age 15-64 ............... (15,639) (15,633) (12,668) (12,054) (10,028)

Future participants (under age 15 and births during period)).............. (5,118) (3,904) (3,417) (3,246) (2,653)

All current and future participants .............................................. (23,315) (21,934) (18,264) (17,468) (14,577)

Present value of future expenditures in excess of future 

revenue...................................................................................... (12,292)1 (11,290)2 (8,829)3 (8,492)4 (6,166)5

Federal Supplementary Medical Insurance (Medicare Part B): (Note 22) 

Revenue (Premiums) from: 

Participants who have attained eligibility age 65 .......................... 43 40 363 33 28

Participants who have not attained eligibility age 15-64 ............... 3,184 3,167 2,900 2,665 2,148

Future participants (under age 15 and births during period)).............. 1,172 90 924 89 68

All current and future participants .............................................. 4,789 4,481 4,187 3,889 3,119

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age 65 .......................... (1,834) (1,773) (1,622) (1,475) (1,306)

Participants who have not attained eligibility age 15-64 ............... (12,130) (12,433) (11,541) (10,577) (8,845)

Future participants (under age 15 and births during period)).............. (4,257) (3,407) (3,408) (3,277) (2,622)

All current and future participants .............................................. (18,221) (17,613) (16,571) (15,329) (12,773)

Present value of future expenditures in excess of future 

 revenue6 ........................................................................................ (13,432)1 (13,131)2 (12,384)3 (11,440)4 (9,653)5

Federal Supplementary Medical Insurance (Medicare Part D): (Note 22)

Revenue (Premiums and State Transfers) from: 

Participants who have attained eligibility age 65 .......................... 16 17 185 17

Participants who have not attained eligibility age 15-64 ............... 1,627 1,700 1,790 1,857

Future participants (under age 15 and births during period)).............. 61 49 572 61

All current and future participants .............................................. 2,405 2,366 2,547 2,651

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility age 65 .......................... (794) (792) (880) (773)

Participants who have not attained eligibility age 15-64 ............... (7,273) (7,338) (7,913) (7,566)

Future participants (under age 15 and births during period)).............. (2,699) (2,121) (2,440) (2,431)

All current and future participants .............................................. (10,766) (10,250) (11,233) (10,770)

Present value of future expenditures in excess of future 

 revenue6 ........................................................................................ (8,361)1 (7,884)2 (8,686)3 (8,119)4

Totals do not necessarily 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 2008 

117

United States Government 

Statements of Social Insurance 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

 **********UNAUDITED*********

(In billions of dollars) 2007 2006 2005 2004 2003

Railroad Retirement: (Note 22) 

Revenue (Contributions and Earmarked Taxes) from: 

Participants who have attained eligibility .................................. 5 5 4 4 4 

Participants who have not attained eligibility ............................ 41 40 37 37 40 

Future participants.................................................................... 54 56 41 39 41 

All current and future participants .......................................... 100 100 82 80 85 

Expenditures for Scheduled Future Benefits for: 

Participants who have attained eligibility .................................. (93) (92) (84) (81) (80) 

Participants who have not attained eligibility ............................ (86) (84) (73) (72) (73) 

Future participants.................................................................... (26) (25) (16) (14) (14) 

All current and future participants .......................................... (205) (201) (173) (167) (167) 

Present value of future expenditures in excess of future revenue 7 .. (105)1 (101)2 (91)3 (87)4 (83)5

 

Black Lung (Part C): (Note 22) 

Present value of future revenue in excess of future expenditures 8... 5 9 4 10 5 11 4 12 4 13

 

Total present value of future expenditures in excess of 

future revenue ........................................................................... (40,948) (38,851) (35,689) (33,363) (20,825) 

 

Social Insurance Summary 

Participants who have attained eligibility age: 

Revenue (e.g., Contributions and earmarked taxes) ................ 1,260 1,312 1,178 1,071 774 

Expenditures for scheduled future benefits .............................. (11,608) (10,920) (10,160) (9,430) (7,945) 

Present value of future expenditures in excess of future 

revenue...................................................................................... (10,348) (9,608) (8,982) (8,359) (7,172) 

Participants who have attained age 15 up to eligibility age: 

Revenue (e.g., Contributions and earmarked taxes) ................ 28,342 27,160 25,081 23,767 20,274 

Expenditures for scheduled future benefits .............................. (63,056) (61,696) (56,138) (52,686) (39,959) 

Present value of future expenditures in excess of future 

revenue...................................................................................... (34,714) (34,536) (31,057) (28,919) (19,686) 

 

Closed group – Total present value of future expenditures 

in excess of future revenue...................................................... (45,062) (44,145) (40,039) (37,278) (26,857) 

 

Future participants (under age 15 and births during period): 

Revenue (e.g., Contributions and earmarked taxes) ................ 22,828 21,227 19,442 18,457 16,715 

Expenditures for scheduled future benefits .............................. (18,714) (15,933) (15,092) (14,542) (10,683) 

Present value of future revenue in excess of future 

expenditures .............................................................................. 4,114 5,294 4,350 3,915 6,032 

 

Open group – Total present value of future expenditures in 

excess of future revenue .......................................................... (40,948) (38,851) (35,689) (33,363) (20,825) 

 

Totals do not necessarily 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 2008 

118

United States Government 

Statements of Social Insurance 

Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 

 **********UNAUDITED*********

(In billions of dollars) 2007 2006 2005 2004 2003 1 The projection period is 1/1/2007 - 12/31/2081 and the valuation date is 1/1/2007. 2 The projection period is 1/1/2006 - 12/31/2080 and the valuation date is 1/1/2006. 3 The projection period is 1/1/2005 - 12/31/2079 and the valuation date is 1/1/2005. 4 The projection period is 1/1/2004 - 12/31/2078 and the valuation date is 1/1/2004. 5 The projection period is 1/1/2003 - 12/31/2077 and the valuation date is 1/1/2003. 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’ (CMS) Financial Report 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 (SSEB) 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 9/30/2007 - 9/30/2040 and the valuation date is 9/30/2007. 10 The projection period is 9/30/2006 - 9/30/2040 and the valuation date is 9/30/2006. 11 The projection period is 9/30/2005 - 9/30/2040 and the valuation date is 9/30/2005. 12 The projection period is 9/30/2004 - 9/30/2040 and the valuation date is 9/30/2004. 13 The projection period is 9/30/2003 - 9/30/2040 and the valuation date is 9/30/2003. 

Totals do not necessarily equal the sum of components due to rounding. 

The accompanying notes are an integral part of these financial statements. 
 

March 2008 

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 2007, 

a $3.40 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 2007, the 

tax is $7.50. 

• 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 2007, the 

tax is $15.10. 

• 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 the 

2008 continuing resolutions (Public Laws 110-92, 110-116, 

110-137, and 110-149) and the Consolidated 

Appropriations Act, 2008 (Public Law 110761). As of 

January 15, 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 February 29, 2008. The 

Administration is proposing the current tax system be 

replaced by a mix of adjusted taxes and user fees. This will 

decrease both tax revenue and outlays from the trust fund 

beginning in fiscal year 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 2008 

120

TABLE TF-1.—Airport and Airway Trust Fund 

Results of Operations, Fiscal Year 2007 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

Balance Oct. 1, 2006*............................................................................................................................................................................................... $10,172,372,539

Receipts: 

Excise taxes (transferred from general fund): 

Liquid fuel other than gasoline.............................................................. 4041............................................................................................ 579,465,612

Gasoline................................................................................................ 4081............................................................................................ 47,681,000

Transportation by airseats, berths, etc ................................................. 4261 (a) (b)................................................................................. 8,197,007,000

Use of international travel facilities....................................................... 4261 (c)....................................................................................... 2,136,257,000

Transportation of property, cargo ......................................................... 4271............................................................................................ 574,404,000

Gross excise taxes ....................................................................................................................................................................................... 11,534,814,612

Less refunds of taxes (reimbursed to general fund): 

Liquid fuel other than gasoline.................................................................. 4041............................................................................................ 60,142,332

Gasoline................................................................................................................................................................................................................ 7,087,000

Total refunds of taxes ....................................................................................................................................................................................... 67,229,332

Net taxes........................................................................................................................................................................................................... 11,467,585,280

Interest on investments......................................................................................................................................................................................... 471,712,320

Total receipts .................................................................................................................................................................................................... 11,939,297,600

Offsetting collections................................................................................................................................................................................................. 223,458,839

Expenses: 

Operations ............................................................................................................................................................................................................ 5,627,966,532

Grants in aid.......................................................................................................................................................................................................... 3,874,013,146

Facilities and equipment....................................................................................................................................................................................... 2,289,921,262

Research, engineering, and development............................................................................................................................................................ 151,997,148

Air carriers............................................................................................................................................................................................................. 65,365,479

Total expenses.................................................................................................................................................................................................. 12,009,263,567

Offsetting collections................................................................................................................................................................................................. 223,458,839

Balance Sept. 30, 2007 ............................................................................................................................................................................................ $10,102,406,572

 

* A fuel transfer from Highway Trust Fund to the Airport and Airway Trust Fund in fiscal year 

2006 was overestimated by $164,320,720. The overestimation was determined in June 2007. 

This resulted in a decrease in the Airport and Airway Trust Fund’s fiscal year 2007 start of year 

balance from $10,336,693,259 to $10,172,372,539. 

Airport and Airway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2008-2012 

[In millions of dollars. Source: DOT] 

2008 2009 2010 2011 2012 

Balance Oct. 1 ............................................................................ 10,103* 10,181 7,721 7,503 8,042

Receipts: 

Excise taxes, net of refunds.................................................... 11,871 12,057 4,359 4,655 4,886

Interest on investments........................................................... 493 470 381 355 368

Offsetting collections............................................................... 152 1 - - -

Total receipts ...................................................................... 12,516 12,528 4,740 5,010 5,254

Expenses: 

Gross Outlays ......................................................................... 12,438 14,988 4,958 4,471 4,081

Balance Sept. 30......................................................................... 10,181 7,721 7,503 8,042 9,215

 

* There may be slight differences in the reported figures due to rounding. 
TRUST FUNDS 

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121

INTRODUCTION: Uranium Enrichment 

Decontamination and Decommissioning Fund 

The Uranium Enrichment Decontamination and 

Decommissioning Fund was established on the books of the 

Treasury in fiscal year 1993, according to provisions of the 

Energy Policy Act of 1992 (42 United States Code 2297g). 

Receipts represent (1) fees collected from domestic public 

utilities based on their pro rata share of purchases of 

separative work units from the Department of Energy (DOE) 

and (2) appropriations toward the Government contribution 

based on the balance of separative work unit purchases. 

Expenditures from the fund are for the purpose of (1) 

decontamination and decommissioning of the three gaseous 

diffusion plants, (2) remedial actions and related 

environmental restoration costs at the gaseous diffusion 

plants, and (3) reimbursement to uranium/thorium producers 

for the costs of decontamination, decommissioning, 

reclamation, and remedial action of uranium/thorium sites 

that are incident to sales to the U.S. Government. 

Amounts available in the fund exceeding current needs 

may be invested by the Secretary of the Treasury in 

obligations of the United States (1) having maturities 

congruent with the needs of the fund and (2) bearing interest 

at rates determined appropriate, taking into consideration the 

current average market yield on outstanding marketable 

obligations of the United States with remaining periods to 

maturity comparable to these investments. 

The Secretary of the Treasury is required by 42 United 

States Code 2297g(b)(1) to provide an annual report to 

Congress, after consultation with the Secretary of Energy. 

This report must present the financial condition and the 

results of operations of the fund during the preceding fiscal 

year. 

The Energy Policy Act of 1992 (42 United States Code 

2297g-1, as amended) authorizes funding to ensure annual 

deposits to the fund of $518.2 million before adjustments for 

inflation. The Act stipulates that the Government deposit 

$369.6 million, adjusted for inflation, annually. The Act also 

calls for deposits of $150 million from domestic public 

utility assessments. Between the fiscal years of 1993 and 

2006, the total Government contribution amount authorized 

by the Act was $5,749.5 million. During that time span, the 

Government contributed only $4,910.4 million to the fund. 

The resulting shortfall in authorized Government 

contributions is, therefore, $839.1 million. 
TRUST FUNDS 

March 2008 

122

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

Results of Operations, Fiscal Year 2007 

[Source: DOE] 

Balance Oct. 1, 2006 ................................................................................................................................................................................. $26,547,109 

Receipts: 

 

Fees collected........................................................................................................................................................................................ 665,170,840 

Penalties collected ................................................................................................................................................................................. - 

Interest on investments.......................................................................................................................................................................... 196,052,708 

Total receipts...................................................................................................................................................................................... 861,223,548 

Outlays: 

 

DOE, decontamination and decommissioning activities........................................................................................................................ 503,476,811 

Cost of investments................................................................................................................................................................................ 382,797,132 

Total outlays....................................................................................................................................................................................... 886,273,943 

Balance Sept. 30, 2007.............................................................................................................................................................................. $1,496,714 

Uranium Enrichment Decontamination and Decommissioning Fund 

Expected Condition and Results of Operations, Fiscal Years 2008-2012 

[In thousands of dollars. Source: DOE] 

 2008 2009 2010 2011 2012

Balance Oct. 1 ......................................................................... 1,497 1,497 1,497 1,497 1,497

Receipts: 

 

Fees collected...................................................................... 463,000 463,000 463,000 423,700 -

Interest collected.................................................................. 177,713 181,550 186,210 191,370 181,157

Total receipts ................................................................... 640,713 644,550 649,210 615,070 181,157

Outlays: 

 

DOE, decontamination and decommissioning fund ............ 550,377 544,794 528,046 480,927 446,680

Costs of investments ........................................................... 90,336 99,756 121,164 134,143 -265,523

Total outlays..................................................................... 640,713 644,550 649,210 615,070 181,157

Balance Sept. 30...................................................................... 1,497 1,497 1,497 1,497 1,497
TRUST FUNDS 

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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, extends the temporary increase in the 

coal tax through December 31, 2013. 

The Code designates the following receipts to be 

appropriated and transferred from the general fund of the 

Treasury to the trust fund: excise taxes on coal sold; taxable 

expenditures of self-dealing by, and excess contributions to, 

private black lung benefit trusts; reimbursements by 

responsible mine operators; and related fines, penalties and 

interest charges. 

Estimates made by the Secretary of the Treasury 

determine monthly transfers of amounts for excise taxes to 

the trust fund subject to adjustments in later transfers to 

actual tax receipts. 

After retirement of the current indebtedness, amounts 

available in the fund exceeding current expenditure 

requirements will be invested by the Secretary of the 

Treasury in interest-bearing public debt securities. Any 

interest earned will be credited to the fund. Also credited, if 

necessary, will be repayable advances from the general fund 

to meet outlay requirements exceeding available revenues. 

To carry out the program, amounts are made available to 

the Department of Labor (DOL). Also charged to the fund 

are administrative expenses incurred by the Department of 

Health and Human Services (HHS) and the Treasury, 

repayments of advances from the general fund and interest 

on advances. 

The Code requires the Secretary of the Treasury to 

submit an annual report to Congress after consultation with 

the Secretary of Labor and the Secretary of HHS [26 United 

States Code 9602(a)]. The report must present the financial 

condition and results of operations of the fund during the 

past fiscal year and the expected condition and operations of 

the fund during the next 5 fiscal years. 

TABLE TF-3.—Black Lung Disability Trust Fund 

Results of Operations, Fiscal Year 2007 

[Source: DOL] 

Balance Oct. 1, 2006 ........................................................................................................................................................................................... $38,719,619 

Receipts: 

Excise taxes (transferred from general fund): 

$1.10 tax on underground coal .................................................................................................................................................................... 292,196,000 

$0.55 tax on surface coal............................................................................................................................................................................. 154,449,000 

4.4 percent tax on underground coal........................................................................................................................................................... 36,052,000 

4.4 percent tax on surface coal.................................................................................................................................................................... 156,500,000 

Fines, penalties, and interest....................................................................................................................................................................... 316,992 

Collection—responsible mine operators...................................................................................................................................................... 3,889,734 

Recovery of prior year funds........................................................................................................................................................................ - 

Repayable advances from the general fund................................................................................................................................................ 426,000,000 

Total receipts............................................................................................................................................................................................ 1,069,403,726 

Net receipts .............................................................................................................................................................................................. 1,069,403,726 

Outlays: 

Treasury administrative expenses................................................................................................................................................................... 558,065 

Salaries and expenses—DOL—departmental management .......................................................................................................................... 25,255,000 

Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... 346,000 

Salaries and expenses—DOL—Employment Standards Administration........................................................................................................ 33,578,000 

Total outlays................................................................................................................................................................................................. 59,737,065 

Expenses: 

Program expenses—DOL................................................................................................................................................................................ 291,309,575 

Interest on repayable advances....................................................................................................................................................................... 717,213,681 

Total expenses............................................................................................................................................................................................. 1,008,523,256 

Balance Sept. 30, 2007 ........................................................................................................................................................................................ 39,863,024 

Cumulative debt, end of year ............................................................................................................................................................................... $10,057,556,899 
TRUST FUNDS 

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124

Black Lung Disability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2008-2012* 

[In thousands of dollars. Source: DOL] 

 2008 2009 2010 2011 2012 

Balance Oct. 1 ........................................................................................ 39,863 39,863 39,863 39,863 39,863

Receipts: 

Excise taxes....................................................................................... 638,000 648,000 666,000 686,000 699,000

Advances from the general fund........................................................ 428,000 422,000 411,000 398,000 392,000

Fines, penalties, and interest............................................................. 2,000 2,000 2,000 2,000 2,000

Total receipts ................................................................................. 1,068,000 1,072,000 1,079,000 1,086,000 1,093,000

Outlays: 

Benefit payments ............................................................................... 272,763 256,317 240,539 224,574 208,567

Administrative expenses.................................................................... 58,237 57,683 58,461 59,426 60,433

Interest on repayable advances ........................................................ 737,000 758,000 780,000 802,000 824,000

Total outlays................................................................................... 1,068,000 1,072,000 1,079,000 1,086,000 1,093,000

Balance Sept. 30.................................................................................... 39,863 39,863 39,863 39,863 39,863

Cumulative debt, end of year................................................................. 10,485,557 10,907,557 11,318,557 11,716,557 12,108,557

 

Note.—Detail may not add to totals due to rounding. * These numbers do not include the administration’s legislative proposal to restructure the 

trust fund’s debt, thus enabling the debt to be retired in fiscal year 2040. 
TRUST FUNDS 

 March 2008 

125

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 2007 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2006 ............................................................................................................................................................................................................ $3,324,193,866 

Receipts: 

Excise taxes: 

Imports .......................................................................................................................................................................................................................... 994,681,446 

Exports.......................................................................................................................................................................................................................... - 

Domestic ....................................................................................................................................................................................................................... 67,846,770 

Passengers ................................................................................................................................................................................................................... 10,998,464 

Foreign trade................................................................................................................................................................................................................. 188,204,244 

Interest on investments................................................................................................................................................................................................. 164,875,766 

Total receipts ............................................................................................................................................................................................................ 1,426,606,690 

Expenses: 

Corps of Engineers ........................................................................................................................................................................................................... 890,624,803 

Saint Lawrence Seaway Development Corporation/DOT................................................................................................................................................ 16,223,160 

Administrative cost for Department of Homeland Security (Customs)............................................................................................................................. 3,026,000 

Operating expenses, miscellaneous returns .................................................................................................................................................................... - 

Total expenses.............................................................................................................................................................................................................. 909,873,963 

Balance Sept. 30, 2007 ........................................................................................................................................................................................................ $3,840,926,593 
TRUST FUNDS 

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126

Harbor Maintenance Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2008-2012* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2008 2009 2010 2011 2012 

Balance Oct. 1 ..................................................................................................... 3,841.0 4,584.0 5,511.0 6,607.0 7,867.0

Receipts: 

Harbor maintenance fee .................................................................................. 1,353.0 1,446.0 1,556.0 1,685.0 1,825.0

Interest on investments.................................................................................... 213.0 232.0 306.0 357.0 413.0

Total receipts ............................................................................................... 1,566.0 1,678.0 1,862.0 2,042.0 2,238.0

Outlays: 

Harbor Maintenance Trust Fund, legislative proposal 

not subject to paygo..................................................................................... -----

Corps of Engineers operation, maintenance, 

and administrative expenses ....................................................................... 742.0 730.0 745.0 760.0 775.0

Corps of Engineers construction ..................................................................... 61.0 - - - -

Saint Lawrence Seaway Development Corporation/DOT............................... 17.0 18.0 18.0 19.0 19.0

Administrative expenses for Department of Homeland Security 

(Customs Service)....................................................................................................

3.0 3.0 3.0 3.0 3.0

Total outlays................................................................................................. 823.0 751.0 766.0 782.0 797.0

Balance Sept. 30.................................................................................................. 4,584.0 5,511.0 6,607.0 7,867.0 9,308.0

* Outyear projections are for planning purposes and are based on economic conditions and 

agencies’ best projections of revenues and expenses. 
TRUST FUNDS 

 March 2008 

127

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 2007 

[Source: EPA] 

Balance Oct. 1, 2006 ...................................................................................................................................................................................... $171,600,000 

Receipts: 

Crude and petroleum .................................................................................................................................................................................. - 

Certain chemicals........................................................................................................................................................................................ - 

Corporate environmental ............................................................................................................................................................................ 3,000,000 

General fund appropriation ......................................................................................................................................................................... 1,040,000,000 

Cost recoveries ........................................................................................................................................................................................... 234,000,000 

Fines and penalties..................................................................................................................................................................................... 1,000,000 

Interest on investments............................................................................................................................................................................... 141,000,000 

Offsetting collections................................................................................................................................................................................... - 

Agency for Toxic Substance and Disease Registry offsetting collections.................................................................................................. - 

Total receipts........................................................................................................................................................................................... 1,419,000,000 

Expenses: 

EPA expense .............................................................................................................................................................................................. 1,255,100,000 

Other expenses........................................................................................................................................................................................... 62,200,000 

Total expenses........................................................................................................................................................................................ 1,317,300,000 

Balance Sept. 30, 2007................................................................................................................................................................................... $273,300,000 

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 actual 

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 2008 

128

Hazardous Substance Superfund 

Expected Condition and Results of Operations, Fiscal Years 2008-2012 1, 2

[In millions of dollars. Source: EPA] 

2008 2009 2010 2011 2012

Balance Oct. 1 ................................................................................................. 273 176 146 116 86

Receipts: 

Interest ......................................................................................................... 151 125 125 125 125

Recoveries, fines, and penalties.................................................................. 76 76 76 76 76

Fines and penalties...................................................................................... 2 2 2 2 2

Taxes ........................................................................................................... - - - - -

Offsetting collections.................................................................................... - - - - -

General revenues ........................................................................................ 985 1,088 1088 1088 1088

Total receipts ........................................................................................... 1,214 1,291 1,291 1,291 1,291

Appropriations 2................................................................................................ 1,254 1,264 1,264 1,264 1,264

Other expenses................................................................................................ 57 57 57 57 57

Balance Sept. 30.............................................................................................. 176 146 116 86 56

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 2008 appropriation level represents enacted funding as a result of the fiscal year 

2008 Omnibus. 
TRUST FUNDS 

 March 2008 

129

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 2008 

130

TABLE TF-6.—Highway Trust Fund 

Results of Operations, Fiscal Year 2007 

[Source: DOT] 

Description IRC section (26 United States Code) Amount 

 

Balance Oct. 1, 2006*.......................................................................................................................................................................................... $15,237,491,983

Receipts: Excise taxes (transferred from general fund): Gasoline ........................................................................................................4081 ......................................................................................... 25,418,957,000 

Diesel and special motor fuels......................................................................4041 ......................................................................................... 10,131,803,388 

Highway tires.................................................................................................4071 ......................................................................................... 460,957,000 

Retail tax on trucks........................................................................................4051 ......................................................................................... 3,809,479,000 

Heavy vehicle use.........................................................................................4481 ......................................................................................... 1,031,884,000 

Total excise taxes .................................................................................................................................................................................... 40,853,080,388 

Less refunds and tax credits (reimbursed to general fund): 

Diesel fuel, bus use......................................................................................................................................................................................... 27,634,535 

Diesel .............................................................................................................................................................................................................. 591,165,133 

Gasohol........................................................................................................................................................................................................... 421,336,000 

Total refunds and tax credits ................................................................................................................................................................... 1,040,135,668 

Less transfers: 

To Land and Water Conservation Fund ...................................................................................................................................................... 1,000,000 

To Aquatic Resources Trust Fund............................................................................................................................................................... 467,003,000 

To general fund............................................................................................................................................................................................ - 

Total transfers .......................................................................................................................................................................................... 468,003,000 

Other income: 

Fines and penalties...................................................................................................................................................................................... 16,868,607 

Cash Management Improvement Act interest (net)..................................................................................................................................... 1,836,984 

Transportation Infrastructure Finance and Innovation Act (TIFIA) loan subsidy reestimate....................................................................... - 

Total other income ................................................................................................................................................................................... 18,705,591 

Net receipts .......................................................................................................................................................................................... 39,363,647,311 

Expenses: 

Federal Highway Administration: 

Federal aid to highways............................................................................................................................................................................... 33,707,775,479 

Right-of-way revolving fund ......................................................................................................................................................................... 21,019 

Other ............................................................................................................................................................................................................ 159,974,509 

Total ......................................................................................................................................................................................................... 33,867,771,007 

Federal Motor Carrier Safety Administration ............................................................................................................................................... 455,212,596 

Federal Transit Administration..................................................................................................................................................................... 4,205,687,784 

National Highway Traffic Safety Administration: 

Operations and research ......................................................................................................................................................................... 235,381,920 

Highway traffic safety grants.................................................................................................................................................................... 416,241,297 

National driver register............................................................................................................................................................................. 4,539,700 

Total ..................................................................................................................................................................................................... 656,162,917 

Federal Railroad Administration: 

Other agencies............................................................................................................................................................................................. 87,269 

Total expenses......................................................................................................................................................................................... 39,184,921,573 

Balance Sept. 30, 2007........................................................................................................................................................................................ $15,416,217,721 

Note: The opening balance of $15,441,025,628 was revised on December 3, 2007, to 

reflect the actual transfer of aviation fuel excise taxes from the Highway Trust Fund to the 

Airport Airway Trust Fund and to reduce the TIFIA subsidy. 
TRUST FUNDS 

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131

Highway Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2008-2012 

[In billions of dollars. Source: DOT] 

Combined Statement Highway and Mass Transit Accounts 

 2008 2009 2010 2011 2012

Balance Oct. 1 ............................................................... 15 9 1 -4 -5

Receipts: 

Excise taxes, net of refunds....................................... 39 40 41 41 42

Interest, net ................................................................ - - - - -

Total receipts ......................................................... 39 40 41 41 42

Outlays........................................................................... 45 48 46 42 42

Balance Sept. 30............................................................ 9 1 -4 -5 -5

 

Mass Transit Account 

 2008 2009 2010 2011 2012

 

Balance Oct. 1 .................................................................... 7 6 4 2 1

Receipts: 

Excise taxes, net of refunds............................................ 5 5 5 5 5

Interest, net ..................................................................... - - - - -

Total receipts .............................................................. 5 5 5 5 5

Outlays................................................................................ 6 7 7 6 6

Balance Sept. 30................................................................. 6 4 2 1 -

 

Highway Account 

 2008 2009 2010 2011 2012

 

Balance Oct. 1 ......................................................................... 8 3 -3 -6 -6

Receipts: 

Excise taxes, net of refunds................................................. 34 35 36 36 37

Interest, net .......................................................................... - - - - -

Total receipts ................................................................... 34 35 36 36 37

Outlays..................................................................................... 39 41 39 36 36

Balance Sept. 30...................................................................... 3 -3 -6 -6 -5

Unfunded authorizations (EOY)............................................... 86 79 84 92 100

48-month revenue estimate..................................................... 143 145 147 150 152

 
TRUST FUNDS 

March 2008 

132

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 2009. 

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 2009. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2009) .............................................................................................................. 88 

less: 

 

Cash balance (fiscal year 2009) ......................................................................................................................................................................................... 6 

Unfunded authorizations (fiscal year 2009)........................................................................................................................................................................ 82 

48-month revenue estimate (fiscal years 2010, 2011, 2012, and 2013)............................................................................................................................ 151 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2009) .............................................................................................................. 12 

less: 

 

Cash balance (fiscal year 2009) ......................................................................................................................................................................................... 6 

Unfunded authorizations (fiscal year 2009)........................................................................................................................................................................ 6 

48-month revenue estimate (fiscal years 2010, 2011, 2012, and 2013)............................................................................................................................ 21 
TRUST FUNDS 

 March 2008 

133

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 2007 

[Source: Department of the Army Corps of Engineers] 

Balance Oct. 1, 2006........................................................................................................................................................................................... $267,671,726

Receipts: 

Fuel taxes/revenues......................................................................................................................................................................................... 91,097,000

Interest on investments.................................................................................................................................................................................... 10,381,331

Total receipts................................................................................................................................................................................................ 101,478,331

Transfers: 

Corps of Engineers .......................................................................................................................................................................................... 159,767,055

Balance Sept. 30, 2007........................................................................................................................................................................................ $209,383,002

Inland Waterways Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2008-2012* 

[In millions of dollars. Source: Department of the Army Corps of Engineers] 

2008 2009 2010 2011 2012 

 

Balance Oct. 1....................................................................................................... 209 89 84 85 85 

Receipts: 

Fuel taxes.......................................................................................................... 90 92 90 90 90 

Interest on investments..................................................................................... 6 3 1 1 1 

Total receipts................................................................................................. 96 95 91 91 91 

Transfers: 

Corps of Engineers ........................................................................................... 216 100 90 91 91 

Balance Sept. 30................................................................................................... 89 84 85 85 85 

 

* Outyear projections are based on economic conditions and agencies’ best projections of 

revenues and expenditures. 
TRUST FUNDS 

March 2008 

134

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 2007 *

[Source: EPA] 

Balance Oct. 1, 2006...................................................................................................................................................................................... $2,575,000,000 

Receipts: 

Taxes.......................................................................................................................................................................................................... 226,000,000 

Interest........................................................................................................................................................................................................ 128,000,000 

Gross tax receipts .................................................................................................................................................................................. 354,000,000 

Undisbursed balances: 

Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... - 

Total undisbursed balances ................................................................................................................................................................... - 

Expenses: 

Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. 72,000,000 

Total expenses....................................................................................................................................................................................... 72,000,000 

Balance Sept. 30, 2007.................................................................................................................................................................................. $2,857,000,000 

* 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. 

Leaking Underground Storage Tank Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2008-2012 1, 2

[In millions of dollars. Source: EPA] 

 2008 2009 2010 2011 2012 

 

Balance Oct. 1................................................................................................................. 2,857 3,055 3,276 3,497 3,718 

Receipts: 

Taxes........................................................................................................................... 197 200 200 200 200 

Interest ........................................................................................................................ 109 114 114 114 114 

Total receipts........................................................................................................... 306 314 314 314 314 

Appropriations ................................................................................................................. 106 93 93 93 93 

Other Expenses .............................................................................................................. 2 - - - - 

Balance Sept. 30............................................................................................................. 3,055 3,276 3,497 3,718 3,939 

 

1

 Reporting in the 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. 

2

 Fiscal year 2008 appropriation level represents enacted funding in the fiscal year 2008 

Omnibus. 
TRUST FUNDS 

 March 2008 

135

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 2007 

[Source: DOE] 

Balance Sept. 30, 2006........................................................................................................................................................................................ $50,905,386 

Receipts: 

 

Fees collected.................................................................................................................................................................................................. 754,202,211 

Penalties and interest on fee payments........................................................................................................................................................... - 

Interest on investments.................................................................................................................................................................................... 795,121,866 

Total receipts................................................................................................................................................................................................ 1,549,324,077 

Nonexpenditure transfers: 

 

SF-1151 transfers in (+)................................................................................................................................................................................... - 

SF-1151 transfers out (-).................................................................................................................................................................................. - 

Net nonexpenditure transfers....................................................................................................................................................................... - 

Outlays: 

 

DOE radioactive waste disposal activities ....................................................................................................................................................... 260,244,379 

Cost investments.............................................................................................................................................................................................. 1,325,728,889 

Total outlays................................................................................................................................................................................................. 1,585,973,268 

Balance Sept. 30, 2007........................................................................................................................................................................................ $14,256,195 

 
TRUST FUNDS 

March 2008 

136

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.] 

0

300

600

900

1200

Nuclear

Waste

Fund

Airport

and

Airway

Trust Fund

Hazardous

Substance

Superfund

2006

2007 Interest on

Investments,

Fiscal Years

2006-2007

(In millions of dollars)

0

5

10

15

20

25

30

35

40

45

Highway

Trust Fund

Airport

and

Airway

Trust Fund

Nuclear

Waste

Fund

Hazardous

Substance

Superfund

Black

Lung

Trust Fund

Receipts

Expenses

Receipts and

Expenses,

Fiscal Year

2007

(In billions of dollars)
TRUST FUNDS 

 March 2008 

137

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 2007 

[Source: Department of Agriculture] 

Balance Oct. 1, 2006 ........................................................................................................................................................................................... $25,003,571 

Receipts: 

Excise taxes (tariffs)......................................................................................................................................................................................... 30,004,200 

Redemption of investment ............................................................................................................................................................................... - 

Total receipts................................................................................................................................................................................................ 30,004,200 

Expenses: 

Expenditure ...................................................................................................................................................................................................... 41,321,201 

Total expenses............................................................................................................................................................................................. 41,321,201 

Adjustment ........................................................................................................................................................................................................... - 

Balance Sept. 30, 2007........................................................................................................................................................................................ $13,686,570 

Reforestation Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2008 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1..................................................................................................................................................................................................... 13,687 

Receipts: 

Excise taxes (tariffs)........................................................................................................................................................................................ 30,000 

Redemption of investment .............................................................................................................................................................................. - 

Total receipts............................................................................................................................................................................................... 30,000 

Outlays ................................................................................................................................................................................................................ 30,000 

Balance Sept. 30................................................................................................................................................................................................. 13,687 
TRUST FUNDS 

March 2008 

138

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]. 

Funding of ARTF programs was extended several times 

before a transportation bill was finally enacted—P.L. 109-14 

(through June 30, 2005), P.L. 109-20 (through July 19, 

2005), P.L. 109-35 (through July 21, 2005), P.L. 109-37 

(through July 27, 2005), P.L. 109-40 (through July 30, 

2005), and P.L. 109-42 (through August 14, 2005). P.L. 109-

59 (The Transportation Equity Act) comprehensively 

amended and reauthorized the Sport Fish Restoration 

Program to (beginning in fiscal year 2006) 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. 109-74 funded sport fishing and boating safety 

programs from the Highway Trust Fund through the end of 

fiscal year 2006. 

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 2008 

139

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

Sport Fish Restoration Results of Operations, Fiscal Year 2008 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2006 ............................................................................................................................................................................................ $623,397,755

Revenue: 

Tax revenue: 

Gas, motorboat ............................................................................................................................................................................................. 365,001,000

Fish equipment.............................................................................................................................................................................................. 110,185,000

Electric trolling sonar..................................................................................................................................................................................... -

Customs/import duties .................................................................................................................................................................................. 46,885,842

Gas, motorboat small engines ...................................................................................................................................................................... 105,564,000

Total, tax revenue ..................................................................................................................................................................................... 627,635,842

Investment revenue: 

Interest on investments................................................................................................................................................................................. 71,516,196

Loss on sale of securities.............................................................................................................................................................................. -

Total, investment revenue......................................................................................................................................................................... 71,516,196

Total revenue ............................................................................................................................................................................................ 699,152,038

Nonexpenditure transfers: 

Transfer to Interior......................................................................................................................................................................................... 417,838,673

Transfer to U.S. Coast Guard ....................................................................................................................................................................... 109,146,960

Transfer to Corps of Engineers..................................................................................................................................................................... 76,402,872

Total nonexpenditure transfers ................................................................................................................................................................. 603,388,504

Balance Sept. 30, 2007......................................................................................................................................................................................... $719,161,289

Sport Fish Restoration and Boating Trust Fund 

Sport Fish Expected Condition and Results of Operations, Fiscal Years 2008-2012 

[In thousands of dollars. Source: Department of the Interior] 

2008 2009 2010 2011 2012 

Balance Oct. 1 ..................................................................................... 719,161 687,658 708,866 731,643 757,418

Receipts/revenue: 

Taxes ............................................................................................ 595,000 613,000 632,000 652,000 672,000

Interest .......................................................................................... 68,906 72,114 75,891 81,666 85,706

Transfers....................................................................................... - - - - -

Total receipts ............................................................................ 663,906 685,114 707,891 733,666 757,706

Expenses: 

Expenses/transfers ....................................................................... 695,409 663,906 685,114 707,891 733,666

Total expenses.......................................................................... 695,409 663,906 685,114 707,891 733,666

Balance Sept. 30............................................................................... 687,658 708,866 731,643 757,418 781,458
 TRUST FUNDS 

March 2008 

140

Sport Fish Restoration and Boating Trust Fund 

Boating Safety Results of Operations, Fiscal Year 2007 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2006........................................................................................................................................................................................... $69,724,848 

Revenue: 

Investment revenue: 

Interest on investments ................................................................................................................................................................................... 4,293,847 

Loss on sale of securities................................................................................................................................................................................ - 

Total investment revenue................................................................................................................................................................................ 4,293,847 

Total revenue .............................................................................................................................................................................................. 4,293,847 

Nonexpenditure transfers: 

Transfer to Coast Guard ................................................................................................................................................................................. 8,075,000 

Transfer to Interior........................................................................................................................................................................................... 14,344,000 

Total nonexpenditure transfers ................................................................................................................................................................... 22,419,000 

Balance Sept. 30, 2007....................................................................................................................................................................................... $51,599,695 

Sport Fish Restoration and Boating Trust Fund 

Boating Safety Expected Condition and Results of Operations, Fiscal Years 2008-2012 

[In thousands of dollars. Source: Department of Transportation] 

2008 2009 2010 2011 2012 

Balance Oct. 1 ............................................................................. 51,600 47,375 37,914 16,550 -

Receipts/revenue: 

Taxes ....................................................................................... -----

Interest ..................................................................................... 3,603 1,739 1,055 589 -

Transfers.................................................................................. - - - - -

Total receipts ....................................................................... 3,603 1,739 1,055 589 -

Expenses: 

Expenses/outlays..................................................................... -----

Transfers FWS, USCG ............................................................ 7,828 11,200 22,419 17,139 -

Total expenses..................................................................... 7,828 11,200 22,419 17,139 -

Balance Sept. 30.......................................................................... 47,375 37,914 16,550 - -
TRUST FUNDS 

 March 2008 

141

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 Policy Act of 

2005 (Public Law 109-58) reinstated the tax on petroleum to 

ensure continued viability of the fund. 

Amounts equivalent to the taxes received from the 

environmental tax on petroleum, but only to the extent of the 

Oil Spill Liability Trust Fund rate, are appropriated to the 

fund. The tax is not applied during any calendar quarter if the 

Secretary of the Treasury estimates that, as of the close of the 

preceding calendar quarter, the unobligated balance in the 

fund exceeds $2.7 billion. 

Certain amounts were transferred from other funds and 

were appropriated to the Oil Spill Liability Trust Fund as 

provided by 26 United States Code 9509(b). Certain paid 

penalties and amounts recovered for damages are also 

appropriated to the fund. 

Amounts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by 

appropriations acts or section 6002(b) of the Oil Pollution Act 

of 1990 (Public Law 101-380). 

When the provisions of 26 United States Code 9602(b) are 

met, amounts available in the fund exceeding outlay 

requirements are invested in public debt securities. Interest is 

credited to the fund. 

Annual reports to Congress, required by 26 United States 

Code 9602(a), are submitted by the Secretary of the Treasury. 

These reports are required to cover the financial condition and 

results of operations of the fund during the past fiscal year and 

those expected during the next 5 fiscal years. 
TRUST FUNDS 

March 2008 

142

TABLE TF-12.—Oil Spill Liability Trust Fund 

Results of Operations, Fiscal Year 2007 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2006 ..................................................................................................................................................................................................... $491,129,430 

Revenue: 

Tax on crude oil/petroleum products ......................................................................................................................................................................... - 

Other income.............................................................................................................................................................................................................. - 

Trans-Alaska Pipeline liability fund deposit ............................................................................................................................................................... - 

Cost recoveries .......................................................................................................................................................................................................... 16,117,287 

Fines and penalties.................................................................................................................................................................................................... 6,856,307 

Excise Taxes.............................................................................................................................................................................................................. 452,372,000 

Net revenue before interest ................................................................................................................................................................................... 475,345,594 

Investment Income: 

Interest on investments.............................................................................................................................................................................................. 30,545,729 

Realized gain ............................................................................................................................................................................................................. - 

Total investment income ........................................................................................................................................................................................ 30,545,729 

Total revenue ......................................................................................................................................................................................................... 505,891,323 

Expenditures: 

Treasury administrative expense – BPD ................................................................................................................................................................... 50,425 

Nonexpenditure transfers: 

Transfer to Denali commission .................................................................................................................................................................................. 4,201,398 

Transfer to Interior...................................................................................................................................................................................................... 6,902,924 

Transfer to EPA.......................................................................................................................................................................................................... 15,733,617 

Transfer to DOT-Research and Special Programs Administration ........................................................................................................................... 6,827,241 

Transfer to U.S. Coast Guard-70x8312 (claims) ....................................................................................................................................................... 38,491,257 

Transfer to U.S. Coast Guard-70x8349 (emergency fund) ....................................................................................................................................... 51,000,000 

Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... 44,550,000 

Transfer to North Pacific ............................................................................................................................................................................................ - 

Total nonexpenditures transfers ............................................................................................................................................................................ 167,706,437 

Total expenditure/nonexpenditure transfers .......................................................................................................................................................... 167,756,862 

Balance Sept. 30, 2007.................................................................................................................................................................................................. $829,263,891 

Oil Spill Liability Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2008-2012 

[In millions of dollars. Source: Department of Homeland Security] 

2008 2009 2010 2011 2012

 Balance Oct. 1 .................................................................................................... 829 1,001 1,141 1,310 1,475

 Estimated receipts .............................................................................................. 410 380 361 357 356

 Estimated expenses ........................................................................................... 238 240 192 192 192

 Balance Sept. 30 ................................................................................................ 1,001 1,141 1,310 1,475 1,639
TRUST FUNDS 

 March 2008 

143

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 2007 

[Source: Bureau of the Public Debt] 

Balance Oct. 1, 2006 ........................................................................................................................................................................................... $2,388,485,359 

Receipts: 

Excise tax receipts ........................................................................................................................................................................................... 241,254,250 

Interest on investments.................................................................................................................................................................................... 102,499,678 

Total receipts................................................................................................................................................................................................ 343,753,928 

Outlays: 

U.S. Court of Federal Claims expenses .......................................................................................................................................................... 3,833,000 

U.S. Department of Justice expenses ............................................................................................................................................................. 6,269,670 

General fund transfer – program management ............................................................................................................................................... - 

Total outlays................................................................................................................................................................................................. 10,102,670 

Nonexpenditure transfers: 

Transfer to health resources............................................................................................................................................................................ 119,964,000 

Total outlays/transfers.................................................................................................................................................................................. 130,066,670 

Balance Sept. 30, 2007........................................................................................................................................................................................ $2,602,172,617 

Vaccine Injury Compensation Trust Fund 

Expected Condition and Results of Operations, Fiscal Years 2008-2012 

[In thousands of dollars. Source: Department of Health and Human Services ] 

2008 2009 2010 2011 2012 

Balance Oct. 1 ........................................................................................ 2,602,172 2,816,051 3,036,649 3,264,168 3,498,816

Receipts (from tax) ................................................................................. 248,492 255,946 263,625 271,534 279,680

Interest on investments....................................................................... 99,052 102,024 105,084 108,237 111,484

Total receipts .................................................................................. 347,544 357,970 368,709 379,771 391,164

Outlays: 

U.S. Court of Federal Claims expenses ............................................. 3,833 3,833 3,833 3,833 3,833

U.S. Department of Justice expenses ................................................ 6,269 6,269 6,269 6,269 6,269

Total outlays.................................................................................... 10,102 10,102 10,102 10,102 10,102

Nonexpenditure transfers: 

Transfers to health resources............................................................. 123,563 127,270 131,088 135,021 139,071

Total outlays/transfers .................................................................... 133,665 137,372 141,190 145,123 149,173

Balance Sept. 30..................................................................................... 2,816,051 3,036,649 3,264,168 3,498,816 3,740,807
TRUST FUNDS 

March 2008 

144

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 Act provides that the Secretary of the Treasury shall 

transfer to the trust fund out of the general fund of the U.S. 

Treasury amounts determined to be equivalent to the duty 

received on articles under chapters 51 and 52 of the 

Harmonized Tariff Schedule of the United States. The 

amount to be transferred is limited to $2,500,000 in any 

fiscal year and may be invested in U.S. Treasury securities. 

The Secretary of Agriculture is authorized to provide 

grants to a nationally recognized council established for the 

development of the United States wool market for the 

development of the United States wool market for the 

following purposes: 

• Assist United States wool producers in improving 

the quality of wool and wool production methods for wool 

produced in the United States. 

• Disseminate information on improvements to United 

States wool producers. 

• Assist United States wool producers in developing 

and promoting the wool market. 

Annual reports to Congress are required on the financial 

condition and the results of the operations of the trust fund 

during the past fiscal year and on its expected condition and 

operations during the next fiscal year. 

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

Results of Operations, Fiscal Year 2007 

[In thousands of dollars. Source: Department of Agriculture] 

Balance Oct. 1, 2006................................................................................................................................................................................................ - 

Receipts: 

Harmonized tariff.................................................................................................................................................................................................. 2,250 

Total receipts.................................................................................................................................................................................................... 2,250 

Expenses: 

Expenditure .......................................................................................................................................................................................................... 2,250 

Total expenses................................................................................................................................................................................................. 2,250 

Balance Sept. 30, 2007............................................................................................................................................................................................ - 

Wool Research, Development, and Promotion Trust Fund 

Expected Condition and Results of Operations, Fiscal Year 2008 

[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 2008 

145

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.
TECHNICAL PAPERS 

March 2008 

146

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. 

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 2008 

147

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 2007, the 

debt limit was $9,815,000 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 2008 

148

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 2008 

149

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).