Contents

SEPTEMBER 2002

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

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

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

FD-A.—Chart: Average Length of Privately Held Marketable Debt............................................................................................. 32

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................................... 33

TREASURY FINANCING.................................................................................................................................................................... 33

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

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

PDO-2.—Offerings of Regular Weekly Treasury Bills .................................................................................................................... 41

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

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

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................................ 44

SBN-1.—Sales and Redemptions by Series, Cumulative................................................................................................................. 44

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined............................................ 45

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I ...................................................................................... 45
IV 

Contents 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities................................................................................................................................ 47

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

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical)......................................... 49

OFS-2.—Estimated Ownership of U.S. Treasury Securities ........................................................................................................... 50

MARKET YIELDS 

Introduction.—Market Yields................................................................................................................................................................ 51

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes and Bonds .............................................................. 51

MY-A.—Chart: Yields of Treasury Securities................................................................................................................................... 52

MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds.................................................................. 53

MY-B.—Chart: Average Yields of Long-Term Treasury, Corporate and Municipal Bonds..................................................... 56

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ...................................................................................... 57

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin .......................................................................................... 57

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ............................. 58

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics................................................................................................................................ 61

IFS-1.—U.S. Reserve Assets................................................................................................................................................................. 61

IFS-2.—Selected U.S. Liabilities to Foreigners................................................................................................................................. 62

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

Residents of Foreign Countries.............................................................................................................................................. 63

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ...................................................................................................................................................... 64

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

CM-I-1.—Total Liabilities by Type and Holder................................................................................................................................ 66

CM-I-2.—Total Liabilities by Country................................................................................................................................................ 67

CM-I-3.—Total Liabilities by Type and Country.............................................................................................................................. 69

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

with Respect to Selected Countries..................................................................................................................................... 71

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

CM-II-1.—Total Claims by Type......................................................................................................................................................... 72

CM-II-2.—Total Claims by Country.................................................................................................................................................... 73

CM-II-3.—Total Claims on Foreigners by Type and Country ........................................................................................................ 75

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

with Respect to Selected Countries..................................................................................................................................... 77

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

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

Reported Separately .......................................................................................................................................................... 78

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

in the United States

CM-IV-1.—Total Liabilities and Claims by Type............................................................................................................................. 79
V 

Contents 

CM-IV-2.—Total Liabilities by Country............................................................................................................................................. 80

CM-IV-3.—Total Liabilities by Type and Country........................................................................................................................... 82

CM-IV-4.—Total Claims by Country .................................................................................................................................................. 84

CM-IV-5.—Total Claims by Type and Country ................................................................................................................................ 86

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries.................................. 88

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

CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.................................................... 89

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ....................................................... 90

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country............................................. 91

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

and Country ......................................................................................................................................................................... 93

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

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

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors.................................................................. 97

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions........................................................................................................................................ 98

SECTION I.—Canadian Dollar Positions

FCP-I-1.—Weekly Report of Major Market Participants................................................................................................................. 99

FCP-I-2.—Monthly Report of Major Market Participants.............................................................................................................100

FCP-I-3.—Quarterly Report of Large Market Participants............................................................................................................100

SECTION II.—Japanese Yen Positions

FCP-II-1.—Weekly Report of Major Market Participants.............................................................................................................101

FCP-II-2.—Monthly Report of Major Market Participants............................................................................................................102

FCP-II-3.—Quarterly Report of Large Market Participants..........................................................................................................102

SECTION III.—Swiss Franc Positions

FCP-III-1.—Weekly Report of Major Market Participants............................................................................................................103

FCP-III-2.—Monthly Report of Major Market Participants..........................................................................................................104

FCP-III-3.—Quarterly Report of Large Market Participants.........................................................................................................104

SECTION IV.—Sterling Positions

FCP-IV-1.—Weekly Report of Major Market Participants...........................................................................................................105

FCP-IV-2.—Monthly Report of Major Market Participants..........................................................................................................106

FCP-IV-3.—Quarterly Report of Large Market Participants.........................................................................................................106

SECTION V.—U.S. Dollar Positions

FCP-V-1.—Weekly Report of Major Market Participants.............................................................................................................107

FCP-V-2.—Monthly Report of Major Market Participants...........................................................................................................108

FCP-V-3.—Quarterly Report of Large Market Participants..........................................................................................................108

SECTION VI.—Euro Positions

FCP-VI-1.—Weekly Report of Major Market Participants...........................................................................................................109

FCP-VI-2.—Monthly Report of Major Market Participants..........................................................................................................110

FCP-VI-3.—Quarterly Report of Large Market Participants.........................................................................................................110

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund....................................................................................................................................111

ESF-1.—Balance Sheet ........................................................................................................................................................................111
VI 

Contents 

ESF-2.—Income and Expense.............................................................................................................................................................112

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund..................................................................................................................................................115

TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account.............................................................................115

RESEARCH PAPER INDEX ..............................................................................................................................................................116

GLOSSARY...........................................................................................................................................................................................117

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

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

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

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

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

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

Special Reports 

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

Trust Fund Reports: 

Airport and Airway Trust Fund................................................................................................ v 

Aquatic Res ources Trust Fund................................................................................................ v 

Black Lung Disability Trust Fund ................................................................................................ v 

Civil Service Retirement and Disability Fund................................................................ v 

Federal Disability Insurance Trust Fund ................................................................................................ v 

Federal Hospital Insurance Trust Fund................................................................................................ v 

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

Federal Supplementary Medical Insurance Trust Fund................................................................ v 

Harbor Maintenance Trust Fund................................................................................................ v 

Hazardous Substance Superfund................................................................................................ v 

Highway Trust Fund ................................................................................................................................ v 

Inland Waterways Trust Fund................................................................................................ v 

Investments of Specified Trust Accounts ................................................................................................ v 

Leaking Underground Storage Tank Trust Fund ................................................................ v 

National Service Life Insurance Fund ................................................................................................ v 

Nuclear Waste Fund................................................................................................................................ v 

Oil Spill Liability Trust Fund................................................................................................ v 

Railroad Retirement Account................................................................................................ v 

Reforestation Trust Fund................................................................................................ v 

Unemployment Trust Fund................................................................................................ v 

Uranium Enrichment Decontamination and Decommissioning Fund................................ v 

Vaccine Injury Compensation Trust Fund ................................................................ v 

Wool Research, Development, and Promotion Trust Fund................................................................ v 
3 

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product (GDP) 

Growth slowed in the second quarter of 2002. Real GDP 

rose at a 1.1 percent annual rate, according to the advance 

estimate, after increasing by a revised 5.0 percent in the first 

quarter. Almost all of the components of GDP contributed to 

the deceleration. Growth in consumer spending slowed to a 

1.9 percent annual pace from 3.1 percent in the first quarter. 

Inventories increased slightly in the second quarter after five 

quarters of liquidation, but the change added only 1.2 

percentage points to growth after a boost of 2.6 points in the 

first quarter. A large rise in imports, which are subtracted 

from GDP, also held growth down in the second quarter and 

more than offset a sizable increase in exports. On the 

positive side, business investment in equipment and software 

posted its first gain in more than a year and a half, up at a 2.9 

percent rate in the second quarter. 

Revisions made regularly each summer to the past three 

years of data lowered real GDP growth over the years 1999 

to 2001. The revisions also showed that the downturn in real 

GDP in 2001 started earlier and lasted longer than first 

thought, but that the recovery at the end of the year was 

stronger than previously estimated. GDP declined in the first 

three quarters of 2001, instead of only in the third quarter as 

first reported. Growth in the last two quarters of the year was 

marked up, from -1.3 percent to -0.3 percent in the third 

quarter and from +1.7 percent to +2.7 percent in the fourth 

quarter. In total, the decline in GDP amounted to 0.6 

percent, much less than the average total decline of 2.3 

percent for the 7 previous contractions since 1955. 

Income measures in the national accounts were also 

revised substantially. For 2001, personal income was marked 

about $38 billion lower as downward revisions to several 

components, chiefly a $148 billion markdown in wages and 

salaries, were partly offset by a nearly $98 billion upward 

adjustment to personal interest income. The estimate of 

higher interest income in 2001 was based on newly available 

source data and shows more clearly the extent to which 

investors turned from stocks to bonds. Corporate profits 

figures were reduced in each year from 1999-2001, although 

profits still show significant improvement from a low point 

in the third quarter of 2001. 

Growth of Real GDP 

(Percent change, fourth quarter to fourth quarter) 

7 

6 

5 

4 

3 

2 

1 

0 

95 96 97 98 99 00 01 02* 

2.2 

4.1 4.3 

4.8 

4.3 

2.3 

0.1 

3.0 

* Based on first tw o quarters 

Inflation 

There is currently very little inflationary pressure in the 

economy. For the 12-month period ending in June, the 

Consumer Price Index (CPI) moved up 1.1 percent. This 

matched the smallest increase in nearly 40 years. Energy 

prices rose sharply in March and April, but by June were 

still 11 percent below their year-earlier level. Food prices at 

the consumer level were up by a modest 1.6 percent from a 

year earlier. “Core” inflation (prices excluding food and 

energy), a gauge of the underlying inflation rate, remains 

moderate. The core index in June had risen by only 2.3 

percent from a year earlier, the smallest twelve-month 

increase since April 2000. 

At the producer level, finished goods prices remain below 

last year’s levels. Overall, finished goods prices in July were 

down 1.1 percent from a year earlier. This reflected a 1.3 

percent drop in consumer food costs, a 5.2 percent falloff in 

energy costs, and a dip of 0.2 percent in core finished goods 

prices. Further back in the production chain, core intermediate 

materials prices have tilted upward in recent months but are 

still a little below their year-earlier level. Volatile core crude 

prices are currently about 7 percent above last year’s levels. 

Hourly compensation costs (including stock options) as 

calculated in the national income accounts for the nonfarm 

sector grew at a 3.6 percent annual rate during the first half of 

2002, bringing the increase over the last four quarters to 2.4 

percent. Productivity jumped by 4.7 percent from a year earlier, 

more than offsetting the increase in compensation. As a result, 

labor costs per unit of output were down by 2.2 percent over the 

year ending in the second quarter. The employment cost index 

for total compensation, a fixed-weighted compensation measure 

that does not account for stock options, increased by 4.0 percent 

for the 12-month period ending in June, up slightly from the 3.9 

percent increase for the comparable period last year. 
4 PROFILE OF THE ECONOMY 

Consumer Prices 

(Percent change from a year earlier) 

7 

6 

5 

4 

3 

2 

1 

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

Excluding food and 

energy 

Total 

Producer Prices - Finished Goods 

(Percent change from a year earlier) 

10 

8 

6 

4 

2 

0 

-2 

-4 

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

Excluding food and 

energy 

Total 

Employment and unemployment 

Signs of modest firming in labor markets became 

apparent in the past few months. Following a 13-month 

decline that reduced the number of nonfarm payroll jobs by 

1.8 million, employment increased in each of the three 

months through July. The unemployment rate stabilized at 

just below 6 percent. 

Payroll employment edged up by 6,000 in July, bringing 

the total gain since May to 94,000. July results were held 

back by a 16,000 drop in government jobs. Private industries 

added 22,000 positions in July, on top of a 45,000 increase 

in June. Employment increased moderately in retail trade 

and the services industries in July, but payrolls were cut in 

manufacturing, construction and communications. The 7,000 

decline in factory jobs was the twenty-fourth straight 

monthly decrease, although it was much less than declines 

averaging more than 50,000 in the first six months of the 

year. 

Gains in employment so far were not strong enough to 

reduce the unemployment rate substantially from the 7-1/2 

year high of 6.0 percent reached in April. By July, the 

unemployment rate had eased back only to 5.9 percent. 

Uncertainty regarding the outlook for profits and the 

strength of the economic recovery has apparently made 

businesses reluctant to undertake significant new hiring 

initiatives. 

The pace of growth in average hourly earnings has been 

slow during the past year, reflecting the impact of the 

recession. Earnings in July were only 3.2 percent above the 

year-earlier level, down from 4.1 percent during the year 

ended July 2001. Inflation has slowed even more, however, 

yielding a solid increase in real earnings of about 2 percent 

during the past year, compared to less than 1-1/2 percent 

during the year ended July 2001. 
PROFILE OF THE ECONOMY 5 

Unemployment Rate Establishment Employment 

(Percent) (Average monthly change in thousands) 

7.0 500 

6.5 400 

300 

6.0 200 

5.5 100 

0 

5.0 -100 

4.5 -200 

-300 

4.0 

-400 

3.5 -500 

330 

176 

33 

99 

47 

-118 -96 

-310 

-63 

22 6 

94 95 96 97 98 99 00 01 02 00-I II III IV 0I-I II III IV 02-I II III* 

*Based on July data 

Real disposable personal income and 

consumer spending 

After slowing during the course of 2001 from an annual 

rate increase of 3.9 percent in the first quarter to a slight 

decline in the fourth quarter, personal income grew at a 5.1 

percent pace in both the first and second quarters of 2002. 

Wages and salaries, which account for just under 60 percent 

of personal income, rebounded from three quarterly declines 

to grow at an annual rate of slightly less than 3 percent in the 

first half of this year. Interest income was up at a 5.8 percent 

rate in the second quarter, the first quarterly gain since 2000. 

Dividend income continued to rise in the second quarter, 

increasing at an annual rate of more than 6 percent for a 

third consecutive quarter. Transfer payments from 

government to individuals also rose sharply in both the first 

and second quarters, in part reflecting income support 

programs due to the slower economy. 

After-tax income adjusted for inflation rose at a 3.8 

percent annual rate in the second quarter after surging by 

14.6 percent in the first quarter. Disposable income was 

boosted in the first quarter by reduced withholding in 

January that was legislated in the Economic Growth and Tax 

Relief and Reconciliation Act of 2001. 

After increasing at a healthy 3.1 percent annual rate in 

the first quarter of the year, growth in real consumer 

spending slowed to 1.9 percent in the second quarter. These 

gains followed a jump of 6.0 percent in the fourth quarter, 

when spending was boosted by a strong incentive-driven 

surge in spending for motor vehicles. The personal saving 

rate rose to 4.0 percent in the second quarter from 3.5 

percent in the first and 2.3 percent last year. The higher rates 

so far this year reflect to some degree the impact on 

disposable income of lower withholding. 

Industrial production and capacity 

utilization 

After a year and a half of near-uninterrupted decline, 

industrial production has rebounded quite notably in 2002. 

Following the current cycle’s low point last December, 

production has increased in each of the seven months of the 

year, most recently rising by 0.2 percent in July. So far this 

year, production has grown by 5.1 percent at an annual rate, 

a sharp turnaround from the fourth quarter’s large 6.7 

percent decline. 

Manufacturing production, which accounts for just over 

87 percent of all industrial output, edged up by 0.1 percent in 

July. The latest month’s advance reflected a large 4.2 

percent increase in motor vehicles and parts as demand for 

automobiles continues to be strong. Factory production 

actually declined by 0.3 percent in April, excluding motor 

vehicles and parts. In the second quarter, manufacturing 

output advanced by 3.7 percent at an annual rate following a 

3.0 percent rise in the first quarter. Despite the string of 

positive growth rates so far this year, however, 

manufacturing is only now even with its year-earlier level. 

Production in the high-technology industries (computers, 

communications equipment, and semiconductors) has 

tapered off from the strong growth rates posted earlier this 

year and July figures show a meager 0.1 percent rise. On the 

whole, however, this sector made good progress in the first 
6 PROFILE OF THE ECONOMY 

half of 2002 as growth in these industries reached 18.4 

percent at an annual rate in the second quarter, following the 

immense 23.7 percent advance in the first quarter. Some 

pockets of obvious weakness are still apparent in 

communications equipment, as production continues to 

slide. Among nondurable industries, paper and products, 

rubber and plastics products and textile mill products all 

posted solid increases in the second quarter. 

The capacity utilization rate for the industrial sector rose 

0.1 percentage point to 76.1 percent in July, the highest level 

since last August. That is still a large 5.8 percentage points 

below the 81.9 percent long-run average for utilization, and 

8.4 percentage points below the expansion peak of 84.5 

percent in January 1995. Capacity utilization in the 

manufacturing sector remained unchanged at 74.4 percent in 

July, 6.5 percentage points below its long-term average. 

Capacity utilization in the high-tech industries fell back 0.5 

percentage points in July to 63.8 percent, still below last 

year’s average of 65.6 percent and well below the recent 

peak of 85.3 percent reached in 2000. 

Nonfarm productivity and unit labor costs 

The productivity statistics continue to support the view 

that a “New Economy” has emerged. Labor productivity 

(real output per hour worked) is usually hard to maintain 

during a downturn because businesses find it difficult to 

reduce workhours as quickly as output slows. During the 

four quarters of 2001 (a period that spanned last year's 

recession), productivity rose by 1.9 percent, including a huge 

7.3 percent annual rate of growth in the fourth quarter. In the 

first and second quarters of 2002, productivity grew by 

annual rates of 8.6 percent and 1.1 percent respectively, 

bringing growth over the latest four quarters up to 4.7 

percent, the biggest four-quarter gain since 1983. The recent 

productivity growth rates are well above the 1.4 percent 

annual rate averaged from 1973 through 1995, and are 

consistent with an upward shift in trend productivity: 

average growth since 1996 has been 2.6 percent per year. 

Productivity increases for the last several quarters reflect 

continued cutbacks in hours, even as output is growing again 

after the recession. 

Hourly labor compensation rose by the modest rate of 

2.4 percent over the past year. Compensation growth was 

slower last year because of the recession. 

Robust productivity growth and moderate hourly labor 

compensation growth has held down unit labor costs 

recently, which should keep inflation contained and could 

improve the outlook for business investment and future 

business expansion. Unit labor costs declined at a 4.6 

percent annual rate in the first quarter of 2002, and rose 2.4 

percent in the second. During the four quarters of 2002, unit 

labor costs fell 0.5 percent, and over the latest four quarters, 

costs fell 2.2 percent, the largest four-quarter decline since 

the early 1960s. 

Productivity in manufacturing also rose strongly in 

recent quarters. Factory output per hour worked increased at 

a 4.9 percent annual rate in the second quarter of 2002, 

following a 9.7 percent rate of increase in the first quarter. 

Manufacturing productivity growth during all of 2001 was 

sluggish, however, at only 1.3 percent. That represents a 

sharp deceleration from the 4.4 percent averaged during the 

previous four years. Hourly compensation in manufacturing 

grew at a 3.4 percent annual rate over the latest four 

quarters. Low compensation growth and strong productivity 

have kept manufacturing unit labor costs under control; unit 

labor costs declined 1.8 percent over the latest year. Falling 

labor costs should help stabilize profits in manufacturing, 

which had been hit hard during the recession. 

International transactions 

The U.S. current account deficit widened in the first 

quarter of 2002 to an all-time high of $449.9 billion (all 

figures are annualized), or 4.4 percent of nominal GDP, 

from $380.3 billion, or 3.7 percent of GDP, in the fourth 

quarter. The current account measures trade in goods and 

services, as well as investment income flows and unilateral 

transfers (including government grants and pension 

payments, as well as private transfers to and from 

foreigners). It has generally been in deficit since the early 

1980s, but has fluctuated widely over time. The rise 

recorded in the first quarter was due in part to a growing 

trade deficit. Imports of goods and services increased for the 

first time since late 2000, reflecting a pickup in U.S. 

economic activity. Exports were little changed, however, 

and the trade gap jumped to $379.4 billion in the first quarter 

from $352.1 billion in the previous three-month period. A 

swing in the balance on investment income from a positive 

$26.1 billion in the fourth quarter to a negative $7.1 billion 

in the first quarter played an even larger role in boosting the 

current account deficit. International investors’ earnings on 

U.S. assets, which are treated as imports, jumped sharply as 

direct investment income shifted from losses to profits. 

Finally, the deficit on unilateral transfers increased to $63.4 

billion from $54.3 billion in the fourth quarter, led by an 

increase in government grants. 

The current account is, by definition, matched by 

offsetting transactions in the financial and capital accounts, 

with any difference in the recorded flows listed as a 

statistical discrepancy. The financial account has been 

particularly volatile over the past year due to the changing 

economic climate in the United States and abroad, as well as 

the effects of the September 11th terrorist attacks. In the first 

quarter of 2002, net foreign investment in the United States 

slowed from an outsized $602.8 billion in the fourth quarter 

to $397.7 billion. An abrupt retrenchment in foreign 

purchases of U.S. assets was largely responsible, 

outweighing a slowdown in financial outflows for U.S.-

owned assets abroad. Private international investors were net 

sellers of U.S. Treasuries once again in the first quarter. 
PROFILE OF THE ECONOMY 7 

(Except for a short-lived stint as net buyers in the fourth 

quarter, foreigners have reduced their holdings of Treasuries 

since 1998 due, to some extent, to curtailed availability 

because of the budget surplus.) Foreign purchases of U.S. 

securities other than Treasuries slowed in the first quarter, 

with acquisitions of corporate stocks and bonds, both 

moderating. A steep plunge in U.S. liabilities to foreigners 

reported by U.S. banks from an outsized fourth-quarter level 

also contributed to the first-quarter deceleration in foreign 

purchases of U.S. assets. Capital account transactions, which 

consist mainly of debt forgiveness and wealth transfers 

associated with immigration, are typically small and have 

remained relatively stable since early 2000 at $0.8 billion. 

Exchange rate of the dollar 

The U.S. dollar has eased recently compared to the 

currencies of America’s key trading partners. Since peaking 

in February 2002, the nominal exchange value of the dollar 

relative to a broad index covering the currencies of 26 

important U.S. trading partners has depreciated by 4.4 

percent. This follows a period of sharp appreciation that saw 

the dollar’s value soar by 12.0 percent between December 

1999 and February of this year. 

The decline has been fueled entirely by dollar weakness 

against the seven currencies of the United States’ major 

trading partners, the United Kingdom, Australia, Sweden, 

and Switzerland. During the February to July 2002 period, 

the exchange rate of the dollar compared to an index of these 

currencies fell by 9.1 percent. Dollar depreciation against the 

yen and the euro, whose combined weights account for 

roughly 54 percent of the major index, has been largely 

responsible. Over the same period, the dollar/euro exchange 

rate depreciated by 12.4 percent and the dollar/yen exchange 

rate fell by 11.8 percent. Global investors’ concerns about 

corporate accounting scandals in the United States and the 

pace of the U.S. economic recovery are among the factors 

driving the dollar’s recent decline. 

The dollar still remains quite strong compared to the 

currencies of many other important trading partners, 

however. Between February and July 2002, the exchange 

value of the dollar compared to an index of currencies that 

includes Mexico, China, Brazil and seven other Asian 

countries continued to appreciate, rising by 1.4 percent. 

Since December 1999, this index has risen by 7.2 percent. 

Interest rates 

After easing monetary conditions last year in response to 

the recession and the terrorist attacks, the Federal Reserve 

has held policy steady this year. 

From the beginning of 2001 through mid-December, the 

Federal Reserve cut the target for the federal funds rate (the 

rate that banks and other financial institutions charge each 

other for overnight loans) by 4-3/4 percentage points. These 

actions brought the target down to its current 1-3/4 percent, 

which is the lowest level of federal funds rates since the 

early 1960s. The Federal Reserve has kept the target 

unchanged so far this year through mid-August, as well as 

holding the discount rate fixed at 1-1/4 percent. However, 

last March the Federal Reserve changed its "bias" from a 

posture suggesting weakness was a greater risk than overly 

rapid growth, to neutral. In August, the bias was changed 

back to weakness, indicating the possible need to cut the 

target in the future. In response to the unchanged target and 

discount rates so far this year, the interest rate for the 3-

month Treasury bill has remained relatively constant this 

year, somewhat below 1-3/4 percent. 

Rates on long-term Treasury securities have been at low 

levels throughout 2001 and into 2002. Starting at a bit over 5 

percent this year, the 10-year Treasury rate has fallen to 4 

percent by mid August, the lowest since 1963. Long-term 

rates are influenced by several factors. Weakness in the 

economy in general has helped push down long-term rates. 

Long-term rates have also been driven down by the terrorist 

attacks, which made Treasury securities desirable as safe 

havens against economic uncertainty. In addition, the recent 

turmoil in the stock market has encouraged investors to 

move into Treasuries. 

Mortgage interest rates generally follow the pattern of 

the 10-year Treasury. The interest rate on a conventional 30-

year fixed rate loan has declined from a recent peak of 8-1/2 

percent in May 2000 to historic lows around 6.3 percent by 

mid-August. The low mortgage rates have persuaded many 

homeowners to refinance, helping to support more 

consumption spending. 
8 PROFILE OF THE ECONOMY

Housing

Housing demand continued to be very strong in the

second quarter of 2002. Sales of new single-family homes

averaged a record 976,000 at an annual rate in the quarter,

capped by an extraordinary 1-million unit pace in the month

of June. Resales of existing single-family homes averaged

5.53 million in the second quarter, second only to the firstquarter’s 5.78 million selling pace as an all-time high.

Very low mortgage rates have been fueling the demand

for new homes. Mortgage interest rates tend to follow the

pattern of the 10-year Treasury rate, which has fallen to a

39-year low as described in the section on interest rates. In

the second quarter, the mortgage rate for a 30-year 

conventional loan averaged 6.8 percent, and fell to 6.2

percent by mid-August. These low rates, along with very

strong home price appreciation and the relative security of

housing as an investment, have kept housing demand high

and home ownership growing. Since the end of 2000, the

number of new homeowners has increased by over 1.3

million despite the 2001 economic recession.

While new home sales reached a record in the second

quarter, construction starts are influenced by weather and

eased back in the second quarter after ideal weather

conditions caused a surge on a seasonally-adjusted basis in

the first quarter. Starts averaged a 1.658-million unit pace in 

the second quarter, down from a 1.725-million unit pace in

the first quarter. As a result, growth in real residential

investment slowed in the second quarter, but was still strong

at an annual rate of 5.0 percent. In the first quarter, real

residential investment rose at more than a 14 percent rate.

Federal budget

The Mid-Session Review of the Federal budget, released 

in July 2002, projects a deficit of $165 billion in fiscal 2002. 

That is higher than the $106 billion deficit estimated in

February, but still quite small as a share of GDP,

representing only 1.6 percent. The deficit would follow four

successive years of budget surplus.

The deterioration reflects chiefly the economic recession 

and weak stock market, which account for two-thirds of the

expected erosion in the budget balance. Another 20 percent

reflects supplementary spending required for the war on

terrorism and homeland security. Tax relief and other

stimulus measures that were enacted to reinvigorate the

economy account for about 14 percent. Receipts in fiscal

2002 are expected to decline by $124 billion from 2001

levels, or 6.2 percent. The last time revenues fell to that

extent was in 1955.

Budget deficits are projected to narrow in subsequent

years, according to the Mid-Session Review. The deficit is

projected at $109 billion in fiscal 2003 and about $48 billion 

in fiscal 2004. By fiscal 2005, the budget is projected to be

in surplus again if discretionary spending is restrained.

Actual budget results for the first 9 months of fiscal 2002 

were weak. Cumulative tax receipts were $180.5 billion

(11.4 percent) below the comparable months of fiscal 2001.

Cumulative budget outlays were $106.4 billion (7.5 percent)

higher than last year. The deficit for the first 9 months of

fiscal 2002 totaled $118 billion. That compared with a

surplus of $168.9 billion in the same period of fiscal 2001, a 

deterioration of $287 billion. Budget figures are expected to

improve a bit in the July-September quarter of the fiscal year 

in comparison to fiscal 2001, when tax rebate checks were

sent out.

4.0

4.5

5.0

5.5

6.0

6.5

7.0

1999 2000 2001 2002

Long-term Interest Rates

30-year bond

10-year note

(Percent)

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002

Short-term Interest Rates

Discount rate

Federal funds rate

3-month Treasury bills

(Percent)
PROFILE OF THE ECONOMY 9 

Net national saving and investment 

Net national saving, the source of funds for new 

investment, declined to 2.8 percent of net national product 

(NNP) in the first quarter of 2002 (latest available) from 3.8 

percent last year and a recent high of 7.5 percent in 1998. 

(Net national saving and NNP exclude depreciation to 

replace worn-out or obsolete equipment, software and 

structures used in production.) While quarterly data are not 

necessarily indicative of annual results, if the current saving 

rate should persist for the entire year, it would be the lowest 

since 1935. 

National saving in the first quarter reflected a return to 

deficit for the Federal budget and a small deficit for State 

and local governments. Combined, the public sector 

registered dissaving equivalent to 2.2 percent of NNP in the 

first quarter, compared to a slight surplus of 0.5 percent in 

2001. Even so, the public sector deficit remained 

considerably below deficits averaging 3.9 percent of NNP 

from 1982 to 1995. Deterioration in the Federal budget 

balance recently was attributable mainly to the effects of the 

recession and fall in the stock market. Increased outlays to 

assure homeland security following the terrorist attacks and 

tax relief measures to reinvigorate the economy were 

secondary causes. 

Private saving increased in the first quarter to 4.9 percent 

of NNP from 3.3 percent last year- the lowest since 1934. 

Both household saving and retained earnings reached lows 

in 2001 not seen in at least 50 years. Saving of households 

jumped to 3.0 percent of NNP in the first quarter from 1.9 

percent last year and monthly data point to a further rise in 

the second quarter. Until the past year or so, exceptional 

gains in the stock market increased household wealth so 

much that there was less incentive to save from current 

income. The rise in saving this year likely reflects a more 

cautious attitude on the part of consumers, as well as 

additional after-tax income for saving made available by a 

reduction in marginal tax rates in January. Retained earnings 

of corporations rose from 1.4 percent last year to 1.9 percent 

in the first quarter, reflecting the recovery in profits. 

Net domestic investment (by government and private 

industry in structures, equipment, software, and inventory) 

slowed to 6.2 percent of NNP in the first quarter from 6.8 

percent in 2001 and close to 10 percent in the previous three 

years. Nevertheless, the latest figure is still higher than 

readings of less than 5-1/2 percent in 1991 and 1992. A large 

portion of investment in the last 10 years was financed from 

abroad. U.S. net foreign investment swung from 0.3 percent 

of NNP in 1991 to -4.7 percent in the first quarter. 

Net National Saving 

(Saving as a percent of NNP) 

15 

10 

5 

0 

-5 

-10 

60 65 70 75 80 85 90 95 00 * 

Public 

Total 

* 2002 based on first quarter 
10 

INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former norma lly 

can be used without 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 (o r 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

off-budget receipts, outlays and deficit of the Government. 
FEDERAL FISCAL OPERATIONS 11 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports. 

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source 

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

Third-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the third quarter of fiscal 

2002 supplements fiscal data reported in the June 

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 $244.1 billion for the third quarter of 

fiscal 2002. This is a decrease of $117.7 billion over the 

comparable prior year quarter. Withheld receipts decreased 

by $16.1 billion and non-withheld receipts decreased by 

$84.7 billion during this period. Refunds increased by $17.0 

billion over the comparable fiscal 2001 quarter. There was 

an increase of $6.1 billion in accounting adjustments 

between individual income tax receipts and the Social 

Security and Medicare trust funds over the comparable 

quarter in fiscal 2001. 

Corporate income taxes—Net corporate income tax 

receipts were $37.6 billion for the third quarter of fiscal 

2002. This is a decrease of $20.2 billion compared to the 

prior year third quarter. A portion of this difference relates to 

the enactment of the Job Creation and Worker Assistance 

Act of 2002. The $20.2 billion change is comprised of a 

decrease of $9.2 billion in estimated and final payments, and 

an increase of $11.0 billion in corporate refunds. 

Employment taxes and contributions —Employment 

taxes and contributions receipts for the third quarter of fiscal 

2002 were $187.3 billion, an increase of $0.3 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 $0.3 

billion, $0.1 billion, and $0.1 billion respectively. There was 

a -$1.5 billion accounting adjustment for prior years 

employment tax liabilities made in the third quarter of fiscal 

2002, while there was a $4.6 billion adjustment in the third 

quarter of fiscal 2001. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the third quarter of fiscal 2002 

were $14.5 billion, an increase of $0.6 billion over the 

comparable quarter of fiscal 2001. Net State taxes deposited 

in the U.S. Treasury increased by $0.7 billion to $10.8 

billion. Net Federal Unemployment Tax Act (FUTA) taxes 

decreased by $0.1 billion to $3.7 billion. 

Contributions for other insurance and retirement— 

Contributions for other retirement were $1.2 billion for the 

third quarter of 2002. This was a negligible change from the 

comparable quarter of fiscal 2001. 
12 FEDERAL FISCAL OPERATIONS 

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, con. 

Excise taxes—Net excise tax receipts for the third Customs duties—Customs duties net of refunds were 

quarter of fiscal 2002 were $17.4 billion, an increase of $1.4 $4.3 billion for the third quarter of fiscal 2002. This is a 

billion over the comparable prior year quarter. Total excise decrease of $0.2 billion over the comparable prior year 

tax refunds for the quarter were $0.6 billion, an increase of quarter. 

$0.1 billion over the comparable prior year quarter. Miscellaneous receipts —Net miscellaneous receipts for 

Estate and gift taxes—Net estate and gift tax receipts the third quarter of fiscal 2002 were $9.0 billion, not a 

were $7.2 billion for the third quarter of fiscal 2002. These significant change over the comparable prior year quarter. 

receipts represent a decrease of $1.8 billion over the same 

quarter in fiscal 2001. 

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”] 

Third quarter April - June Actual fiscal year to date 

Total on- and off-budget results: 

Total receipts .................................................... 522,555 1,401,499 

On-budget receipts .......................................... 376,790 1,009,361 

Off-budget receipts .......................................... 145,765 392,137 

Total outlays..................................................... 506,946 1,519,539 

On-budget outlays........................................... 434,602 1,274,796 

Off-budget outlays........................................... 72,344 244,742 

Total surplus or deficit (-) ..................................... 15,610 -118,040 

On-budget surplus or deficit (-)........................... -57,812 -265,435 

Off-budget surplus or deficit (-)........................... 73,422 147,395 

Means of financing: 

Borrowing from the public..................................... 21,087 131,384 

Reduction of operating cash................................. -25,535 4,589 

Other means..................................................... -11,162 -17,933 

Total on- and off-budget financing....................... -15,610 118,040 

Third-Quarter Net Budget Receipts by Source, Fiscal 2002 

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

Source April May June 

Individual income taxes ........................................... 137.3 26.0 80.8 

Corporate income taxes .......................................... 9.8 1.2 26.5 

Employment taxes and contributions .......................... 71.1 54.1 62.1 

Unemployment insurance........................................ 5.1 8.5 0.9 

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

Excise taxes ......................................................... 6.5 5.2 5.7 

Estate and gift taxes ............................................... 3.3 1.9 2.0 

Customs duties ..................................................... 1.2 1.6 1.6 

Miscellaneous receipts............................................ 2.6 3.6 2.8 

Total budget receipts........................................... 237.4 102.5 182.6 

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

CHART FFO-A.—

Monthly Receipts and Outlays, 2001-2002 

300 

250 

200 

150 

100 

50 

0 

-50 

(In billions of dollars) 

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

On-budget 

receipts 

Off-budget 

receipts 

On-budget 

outlays 

Off-budget 

outlays 

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2001-2002

(In billions of dollars) 

900 

850 

800 

750 

700 

650 

600 

550 

500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

Individual Social Corporate Excise Misc. Estate/gift Customs 

income insurance income taxes receipts taxes duties 

taxes and taxes 

retirement 

receipts 

2002 

2001 * 

* Prior-year data are for the comparable year. 
14 FEDERAL FISCAL OPERATIONS 

TABLE FFO-1.—Summary of Fiscal Operations 

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

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions 

Borrowing from 

the public– 

Federal securities 

Public debt 

securities 

(10) 

Total on-budget and off-budget results 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Fiscal year 

or month 

Total receipts 

(1) 

On-budget 

receipts 

(2) 

Off-budget 

receipts 

(3) 

Total outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

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

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

1999................................ 1,827,302 1,382,834 444,468 1,702,942 1,382,164 320,778 124,360 670 123,691 128,230 

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

2001................................ 1,990,930 1,483,410 507,519 1,863,909 1,517,071 346,838 127,021 -33,661 160,682 141,902 

2002 - Est................................ 1,946,136 1,428,938 517,198 2,052,320 1,690,621 361,699 -106,184 -261,683 155,499 366,651 

2003 - Est................................ 2,048,060 1,502,717 545,343 2,128,230 1,761,470 366,760 -80,170 -258,753 178,583 389,518 

2001 - June................................ 202,887 151,483 51,404 171,025 167,797 3,228 31,862 -16,314 48,176 71,364 

July ................................ 127,842 89,473 38,369 125,022 92,145 32,876 2,820 -2,672 5,492 -5,902 

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

Sept................................ 158,496 116,598 41,899 123,250 111,253 11,997 35,247 5,344 29,902 41,731 

Oct................................ 157,163 122,003 35,159 166,548 134,013 32,534 -9,385 -12,010 2,625 11,866 

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

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

2002 - Jan................................ 203,452 153,541 49,911 159,723 126,998 32,725 43,729 26,543 17,185 -5,437 

Feb................................ 97,962 57,087 40,875 174,018 137,713 36,304 -76,056 -80,626 4,571 66,791 

Mar................................ 111,220 65,624 45,596 175,458 138,167 37,291 -64,238 -72,543 8,306 1,988 

Apr ................................ 237,426 182,429 54,997 170,257 136,765 33,492 67,170 45,664 21,505 -20,217 

May ................................ 102,496 60,223 42,273 183,127 146,685 36,442 -80,631 -86,462 5,831 34,745 

June ................................ 182,633 134,138 48,495 153,562 151,152 2,410 29,071 -17,014 46,085 108,353 

Fiscal 2002 to date ................................ 1,401,499 1,009,361 392,137 1,519,539 1,274,796 244,742 -118,040 -265,435 147,395 325,545 

Means of financing—net transactions, con. 

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

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Investments 

of 

Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating

cash

(14)

Reserve position 

Special on the U.S.

Agency 

securities 

(11) 

drawing 

rights 

(15) 

quota in the 

IMF (deduct) 

(17) 

Fiscal year 

or month 

Other 

(16) 

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

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

1999................................ -854 216,070 -88,694 17,580 2,178 783 -1,173 -17,307 1,009 -124,360 

2000................................ -832 245,736 -222,807 -3,799 4,033 953 -6,292 -16,008 -3,207 -236,917 

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

2002 - Est................................ 167 209,336 157,482 15,781 * * * -35,517 * 106,184 

2003 - Est................................ -720 296,000 92,798 - * * * -12,628 * 80,170 

2001 - June................................ 428 73,004 -1,212 37,412 -72 1,970 338 9,444 -446 -31,862 

July ................................ -162 1,399 -7,463 -20,588 109 3,091 345 -11,246 -1,155 -2,820 

Aug ................................ -321 -22,177 74,101 -16,770 394 25 333 -8,779 -1,350 79,990 

Sept................................ 394 40,138 1,987 37,890 7 528 3,106 3,737 560 -35,247 

Oct................................ -236 15,326 -3,695 -16,612 -93 5,448 -616 2,001 -794 9,385 

Nov ................................ -120 727 72,036 2,908 37 1,822 -496 -12,757 -741 54,267 

Dec ................................ 172 63,559 -8,813 21,838 -80 -936 561 4,886 -1,257 -26,567 

2002 - Jan................................ -87 9,715 -15,240 23,016 -126 6,606 -252 756 -1 -43,729 

Feb................................ -309 2,600 63,882 -30,729 106 6,048 -431 -13,067 235 76,056 

Mar................................ -53 -193 2,128 -30,544 46 -11,510 -90 20,012 * 64,238 

Apr ................................ -48 21,247 -41,512 24,687 180 99 -891 -727 -856 -67,170 

May ................................ 119 3,847 31,017 -30,478 309 58 310 19,812 1 80,631 

June ................................ 375 77,147 31,582 31,326 348 -1,030 3,344 -26,665 - -29, 071 

Fiscal 2002 to date................................ -185 193,976 131,384 -4,589 726 6,604 1,439 -5,749 -3,412 118,040 

* Less than $500,000. Note.—These figures are based on the “Mid-Session Review” of the fiscal 2003 budget, 1

 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury released by the Office of Management and Budget on July 15, 2002.

Statement of Receipts and Outlays of the United States Government,” the source for this 

table.
FEDERAL FISCAL OPERATIONS 15 

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

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

Social insurance

and retirement receipts

Employment and general retirement 

Old-age, disability, and 

hospital insurance

Income taxes 

Individual Corporation Net income 

taxes

(8)

Fiscal year 

Or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

Net 

(4) 

Gross Refunds Net Gross 

(9) 

Refunds 

(10) 

Net 

(5) (6) (7) (11)

1997 1................................ 580,207 250,819 93,560 737,466 204,492 22,199 182,294 919,760 503,749 1,051 502,698 

1998 1................................ 646,483 281,590 99,476 828,597 213,270 24,593 188,677 1,017,274 537,733 2,071 535,662 

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

2000................................ 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,749 618,075 1,965 616,110 

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

2002 - Est................................ 949,239 - - 949,239 201,445 - 201,445 1,150,684 668,875 - 668,875 

2003 - Est................................ 1,006,354 - - 1,006,354 205,489 - 205,489 1,211,843 704,653 - 704,653 

2001 - June................................ 53,125 43,814 3,263 93,676 31,563 1,617 29,946 123,622 66,095 - 66,095 

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

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

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

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

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

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

2002 - Jan................................ 64,403 49,134 1,442 112,095 12,321 3,071 9,250 121,345 64,030 1 64,029 

Feb................................ 62,002 3,351 29,607 35,745 2,995 4,935 -1,940 33,805 51,878 - 51,878 

Mar................................ 65,528 6,272 46,778 25,022 23,444 8,117 15,327 40,349 57,910 1 57,909 

Apr ................................ 55,265 120,215 38,149 137,330 20,789 10,957 9,831 147,161 70,757 - 70,757 

May ................................ 60,797 4,425 39,241 25,980 5,336 4,089 1,247 27,227 53,710 - 53,710 

June ................................ 48,738 35,296 3,245 80,789 29,371 2,899 26,473 107,262 62,150 * 62,150 

Fiscal 2002 to date................................ 573,402 237,751 167,850 643,303 166,038 50,153 115,886 759,189 506,933 * 506,933 

Social insurance and retirement receipts, con. 

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

Railroad retirement Net employment 

and general 

Net unemployment Federal 

employees Other 

Fiscal year Gross Refunds Net retirement Gross Refunds insurance retirement retirement Total 

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

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

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

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

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

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

2002 - Est................................ 4,260 - 4,260 673,135 30,288 - 30,288 4,550 62 4,612 

2003 - Est................................ 4,133 - 4,133 708,786 35,849 - 35,849 4,527 50 4,577 

2001 - June................................ -56 * -56 66,039 357 13 344 344 5 349 

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

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

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

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

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

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

2002 - Jan................................ 564 * 564 64,593 1,228 5 1,223 343 5 348 

Feb................................ 367 2 365 52,243 2,018 2 2,016 354 3 358 

Mar................................ 426 * 426 58,335 282 11 271 432 6 438 

Apr ................................ 358 * 357 71,114 5,115 21 5,094 380 5 384 

May ................................ 408 * 408 54,116 8,490 12 8,478 431 4 435 

June ................................ -56 * -57 62,093 911 15 896 337 6 343 

Fiscal 2002 to date................................ 3,009 5 3,001 509,934 22,173 86 22,087 3,397 46 3,444 

See footnote at end of table. 
16 FEDERAL FISCAL OPERATIONS 

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”] 

Fiscal year 

or month 

Social 

insurance 

and retirement 

receipts, con.

Net social 

insurance and 

retirement 

receipts

(22)

Excise taxes 

Airport and Airway Trust Fund Black Lung Disability Trust Fund Highway Trust Fund Miscellaneous 

Gross Refunds Net Gross Refunds Net Gross Refunds Net Gross Refunds Net 

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

1997 1................................ 539,371 4,044 37 4,007 614 - 614 24,665 798 23,867 29,368 931 28,437 

1998 1................................ 571,835 7,556 43 7,513 636 - 636 26,515 805 25,710 24,524 714 23,810 

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

2000................................ 652,851 9,784 46 9,739 518 - 518 36,514 1,015 35,499 23,831 721 23,110 

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

2002 - Est................................ 708,035 8,939 - 8,939 554 - 554 31,926 - 31,926 25,452 - 25,452 

2003 - Est................................ 749,212 9,680 - 9,680 573 - 573 32,952 - 32,952 25,816 - 25,816 

2001 - June................................ 66,732 937 * 937 41 - 41 2,793 6 2,787 2,247 47 2,201 

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

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

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

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

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

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

2002 - Jan................................ 66,164 1,999 - 1,999 43 - 43 2,616 -17 2,633 4,577 90 4,487 

Feb................................ 54,617 874 30 844 49 - 49 2,931 386 2,545 368 -27 396 

Mar................................ 59,044 928 - 928 48 - 48 2,575 - 2,575 2,583 70 2,512 

Apr ................................ 76,593 788 * 788 44 - 44 2,635 2 2,633 3,168 115 3,053 

May ................................ 63,029 879 9 870 53 - 53 3,207 179 3,027 1,378 134 1,244 

June ................................ 63,333 771 - 771 51 - 51 2,798 - 2,798 2,195 122 2,072 

Fiscal 2002 to date ................................ 535,465 6,556 38 6,518 391 - 391 22,899 570 22,329 19,535 799 18,735 

Net miscellaneous receipts 

Fiscal year 

Or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Gross 

(36) 

Deposits of 

earnings by 

Federal 

Reserve 

Banks 

(42) 

Universal Estate and gift taxes Customs duties 

service fund Total receipts 

Refunds 

(37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

and all other 

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget 

(46) 

1997 1................................ 56,926 20,356 511 19,845 19,872 1,945 17,927 19,636 5,513 25,149 1,186,987 391,989 

1998 1................................ 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 32,270 1,305,621 415,800 

1999................................ 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,860 34,777 1,382,834 444,468 

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

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

2002 - Est................................ 66,871 27,490 - 27,490 18,666 - 18,666 25,596 10,794 36,390 1,428,938 517,198 

2003 - Est................................ 69,021 22,999 - 22,999 19,805 - 19,805 29,025 11,155 40,180 1,502,717 545,343 

2001 - June................................ 5,965 2,118 60 2,058 1,641 70 1,571 2,057 882 2,939 151,483 51,404 

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

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

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

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

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

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

2002 - Jan................................ 9,162 2,425 36 2,389 1,622 60 1,562 1,912 920 2,831 153,541 49,911 

Feb................................ 3,834 1,945 64 1,881 1,466 115 1,351 1,723 751 2,473 57,087 40,875 

Mar................................ 6,063 2,116 42 2,074 1,305 86 1,219 1,864 608 2,471 65,624 45,596 

Apr ................................ 6,518 3,397 100 3,297 1,312 104 1,207 1,801 849 2,650 182,429 54,997 

May ................................ 5,196 1,969 58 1,912 1,572 16 1,556 2,708 868 3,576 60,223 42,273 

June ................................ 5,691 2,043 53 1,990 1,626 69 1,557 1,887 914 2,801 134,138 48,495 

Fiscal 2002 to date................................ 47,973 20,692 563 20,129 13,975 734 13,240 17,434 8,068 25,502 1,009,361 392,137 

* Less than $500,000. Note.—These figures are based on the “Mid-Session Review “of the fiscal 2003 budget, 1 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury released by the Office of Management and Budget on July 15, 2002. 

Statement of Receipts and Outlays of the United States Government,” the source for this 

table. 
FEDERAL FISCAL OPERATIONS 17 

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

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

Department Department 

Department of of Housing 

Department Department of Department Department Health and and Urban Department Department Department 

Legislative Judicial of of Defense, of of Human Develop- of the of of 

Fiscal year branch branch Agriculture Commerce military Education Energy Services ment Interior Justice Labor 

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

1997 1................................ 2,361 3,259 52,558 3,780 258,330 30,013 14,470 339,492 27,833 6,724 14,291 30,461 

1998 1................................ 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 30,224 7,234 16,129 30,003 

1999................................ 2,612 3,793 62,839 5,036 261,379 32,435 16,054 359,700 32,736 7,814 18,318 32,459 

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

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

2002 - Est................................ 3,625 4,977 76,565 5,495 330,553 47,587 19,093 459,366 30,948 10,290 23,073 58,579 

2003 - Est................................ 3,970 5,497 74,443 5,670 360,989 53,800 19,784 488,794 34,600 10,822 29,385 56,554 

2001 - June................................ 225 359 4,273 421 28,281 4,214 1,503 40,529 3,762 593 1,638 3594 

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

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

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

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

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

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

2002 - Jan................................ 267 385 6,639 391 23,199 4,897 1,091 r 36,435 2,990 994 1,666 5,854 

Feb................................ 239 371 5,272 429 26,252 4,232 1,190 35,841 1,829 755 1,736 4,116 

Mar................................ 199 488 6,242 375 30,286 3,703 2,162 38,749 4,299 822 2,052 5,198 

Apr ................................ 288 378 4,383 569 27,015 3,544 1,033 40,830 2,075 787 2,729 6,806 

May ................................ 277 386 4,191 398 32,474 5,350 1,457 44,450 3,717 432 1,917 6,535 

June ................................ 260 382 3,890 342 25,348 3,913 1,615 35,802 2,006 946 1,774 5,769 

Fiscal 2002 to date................................ 2,418 3,522 56,144 3,936 245,071 35,650 13,969 346,576 25,636 7,378 18,281 46,657 

Department 

of the 

Treasury, 

interest on 

Treasury Department Department Other Environ- Executive Federal General InterDepartment Department debt of the of Defense, mental Office Emergency Services national 

of of securities Treasury, Veterans Corps of civil Protection of the Management Admin- Assistance 

Fiscal year State Transportation (gross) other Affairs Engineers programs Agency President Agency istration Program 

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

1997 1................................ 5,237 39,838 355,796 23,585 39,279 - 33,833 6,167 219 - 1,083 10,191 

1998 1................................ 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001 

1999................................ 6,463 41,836 353,511 33,191 43,169 4,186 32,008 6,752 416 4,040 -46 10,061 

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

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

2002 - Est................................ 11,132 60,788 338,833 43,783 51,451 4,975 35,537 7,790 464 5,789 586 13,287 

2003 - Est................................ 9,883 58,843 353,078 45,110 56,513 4,347 40,933 8,061 334 7,550 -52 12,969 

2001 - June................................ 439 4,645 80,607 2,759 5,657 384 2,850 652 21 432 -41 853 

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

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

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

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

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

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

2002 - Jan................................ 473 4,558 15,184 1,491 2,394 325 2,946 591 27 167 58 4,381 

Feb................................ 791 4,388 16, 335 19,110 4,318 305 2,968 582 24 185 119 1,280 

Mar................................ 607 4,439 14,028 9,038 3,518 337 2,929 737 32 471 -76 986 

Apr ................................ 690 4,633 16,775 4,933 4,209 365 2,966 623 68 455 384 537 

May ................................ 814 4,942 21,635 2,557 6,331 490 2,949 559 34 226 -97 717 

June ................................ 654 4,742 81,889 2,329 2,133 377 2,940 685 25 383 -148 318 

Fiscal 2002 to date ................................ 7,536 43,610 284,713 44,392 37,176 3,631 26,382 5,505 409 3,077 65 11,705 

See footnote at end of table. 
18 FEDERAL FISCAL OPERATIONS 

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

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

Undistributed offsetting receipts 

Rents 

and 

National royalties 

Aeronau- Employer on the 

tics and National Office of Small Social share, Interest Outer Allow -

Space Science Personnel Business Security Indepen- employee received Continen- ances Total outlays 

Adminis - Foun- Manage- Adminis- Admin- dent retire- by trust tal Shelf and On- OffFiscal year tration dation ment tration istration agencies ment funds lands other budget budget 

or month (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) 

1997 1................................ 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000 

1998 1................................ 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602 

1999................................ 13,665 3,285 47,515 58 419,790 6,943 -35,594 -118,634 -3,098 -1,754 1,382,164 320,778 

2000................................ 13,443 3,487 48,660 -422 441,810 10,371 -37,851 -128,911 -4,580 -1,503 1,457,378 330,765 

2001................................ 14,094 3,691 50,915 -569 461,748 13,306 -38,792 -143,935 -7,194 -1,025 1,517,071 346,838 

2002 - Est................................ 14,484 4,564 54,277 1,073 492,671 19,967 -50,837 -151,109 -3,806 -530 1,690,621 361,699 

2003 - Est................................ 14,885 4,886 67,940 587 509,655 17,258 -70,828 -161,094 -2,832 -460 1,761,470 366,760 

2001 - June................................ 1,230 331 4,588 5 44,710 -717 -2,849 -64,476 -444 * 167,797 3,228 

July ................................ 1,071 337 4,611 79 37,339 -11,739 -2,902 -413 -863 * 92,145 32,876 

Aug ................................ 1,316 429 3,923 105 70,026 2,053 -3,094 -1,875 -365 - 138,167 64,382 

Sept................................ 1,146 302 4,319 -111 7,772 17,833 -6,668 -212 -43 * 111,108 11,997 

Oct................................ 1,376 335 4,763 70 39,014 2,174 -3,016 -1,156 -712 * 134,013 32,534 

Nov ................................ 1,213 314 3,935 180 41,680 1,087 -3,092 -4,685 -468 * 140,387 35,113 

Dec ................................ 1,149 316 4,408 -60 39,775 1,015 -2,954 -66,488 -341 - 162,916 -1,570 

2002 - Jan................................ 997 305 4,847 80 37,530 2,551 -3,005 -293 -694 * 126,998 32,725 

Feb................................ 1,090 331 4,043 63 41,062 519 -3,513 -1,865 -378 * 137,713 36,304 

Mar................................ 1,173 289 4,206 22 40,693 744 -3,365 202 -129 * 138,167 37,291 

Apr ................................ 1,099 301 4,447 177 40,647 2,013 -3,064 -1,796 -644 * 136,765 33,492 

May ................................ 1,298 349 3,947 68 43,370 1,046 -3,728 -5,753 -208 * 146,685 36,442 

June ................................ 1,185 388 4,604 20 41,721 -1,377 -3,146 -67,875 -328 * 151,152 2,410 

Fiscal 2002 to date................................ 10,579 2,928 39,201 620 365,492 9,775 -28,882 -149,708 -3,902 * 1,274,796 244,742 

* Less than $500,000. Note.—These figures are based on the “Mid-Session Review” of the fiscal 2003 1

 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury budget, released by the Office of Management and Budget on July 15, 2002. 

Statement of Receipts and Outlays of the United States Government,” the source for this table. 
FEDERAL FISCAL OPERATIONS 19 

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

June 2002 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Management, Management, 

consolidated, consolidated, 

General revolving and Trust Total General revolving and Trust Total 

funds special funds funds funds funds special funds funds funds 

Classification (1) (2) (3) (4) (5) (6) (7) (8) 

Budget receipts: 

Individual income taxes .......................................... 643,243 60 - 643,303 800,520 56 - 800,576 

Corporation income taxes ....................................... 115,878 - 7 115,886 137,743 - 4 137,747 

Social insurance and retirement receipts: 

Employment and general retirement (off-budget) ....... - - 392,137 392,137 - - 388,704 388,704 

Employment and general retirement (on-budget) ....... - - 117,797 117,797 - - 117,659 117,659 

Unemployment insurance................................ - - 22,087 22,087 - - 22,041 22,041 

Other retirement ................................................ - - 3,444 3,444 - - 3,569 3,569 

Excise taxes ........................................................ 17,778 438 29,758 47,973 18,801 404 29,412 48,618 

Estate and gift taxes .............................................. 20,129 - - 20,129 22,343 - - 22,343 

Customs duties..................................................... 8,618 4,101 522 13,240 9,396 4,380 595 14,371 

Miscellaneous receipts ........................................... 18,573 6,351 577 25,502 20,200 5,656 549 26,405 

Total receipts................................................. 824,219 10,950 566,329 1,401,499 1,009,003 10,496 562,534 1,582,033 

(On-budget) ............................................... 824,219 10,950 174,192 1,009,361 1,009,003 10,496 173,830 1,193,329 

(Off-budget) ............................................... - - 392,137 392,137 - - 388,704 388,704 

Budget outlays: 

Legislative branch................................................. 2,287 134 -3 2,418 2,026 261 58 2,345 

Judicial branch ..................................................... 3,363 168 -10 3,522 3,037 212 -11 3,239 

Department of Agriculture ....................................... 40,448 15,674 22 56,144 35,199 17,790 270 53,259 

Department of Commerce....................................... 3,959 -27 4 3,936 3,911 -144 * 3,768 

Department of Defense-military ................................ 243,709 1,407 -46 245,071 214,632 3,346 98 218,075 

Department of Education ........................................ 35,682 -33 * 35,650 31,561 -31 * 31,530 

Department of Energy ............................................ 15,272 -1,303 * 13,969 14,111 -1,691 * 12,420 

Department of Health and Human Services................. 245,182 -65 101,457 346,574 214,364 -49 104,504 318,819 

Department of Housing and Urban Development .......... 28,711 -3,070 -5 25,636 27,708 -3,312 -4 24,392 

Department of the Interior ....................................... 7,041 107 230 7,378 5,886 -296 238 5,828 

Department of Justice............................................ 16,956 713 612 18,281 11,135 455 4,320 15,910 

Department of Labor.............................................. 7,665 -951 39,942 46,656 6,422 -826 22,977 28,573 

Department of State............................................... 7,013 199 323 7,536 5,646 -3 272 5,915 

Department of Transportation................................ 6,795 -92 36,907 43,610 4,252 -91 32,737 36,899 

Department of the Treasury: 

Interest on the public debt................................ 284,713 - - 284,713 306,466 - - 306,466 

Other .............................................................. 44,820 -548 120 44,392 35,599 -976 130 34,753 

Department of Veterans Affairs................................ 37,613 -1,135 698 37,176 34,379 -594 731 34,516 

Corps of Engineers................................................ 2,882 172 578 3,631 2,643 203 600 3,447 

Other defense civil programs ................................ 17,099 * 9,283 26,382 16,136 3 9,460 25,599 

Environmental Protection Agency.............................. 5,336 -41 210 5,505 5,241 -30 219 5,430 

Executive Office of the President .............................. 409 * - 409 215 * * 215 

Federal Emergency Management Agency ................... 3,447 -369 * 3,077 2,909 -403 * 2,505 

General Services Administration............................... 108 -43 - 65 124 210 * 334 

International Assistance Program .............................. 12,279 -1,094 519 11,704 11,742 -1,061 328 11,009 

National Aeronautics and Space Administration............ 10,578 - * 10,579 10,560 - * 10,561 

National Science Foundation ................................ 2,894 17 17 2,928 2,607 4 12 2,623 

Office of Personnel Management.............................. 4,631 -9 34,579 39,201 4,214 14 33,817 38,045 

Small Business Administration ................................ 683 -63 * 620 -518 -124 * -642 

Social Security Administration ................................ 34,636 * 330,856 365,492 32,052 * 314,557 346,609 

Other independent agencies ................................ 6,284 362 3,129 9,775 3,394 -1,439 3,204 5,159 

Undistributed offsetting receipts: 

Interest............................................................ - - -149,708 -149,708 - - -141,435 -141,435 

Other .............................................................. -3,904 2 -28,882 -32,785 -6,951 2 -26,128 -33,076 

Total outlays.................................................. 1,128,590 10,113 380,835 1,519,539 1,040,701 11,431 360,957 1,413,089 

(On-budget) ............................................... 1,128,590 12,677 133,529 1,274,796 1,040,701 13,877 120,927 1,175,506 

(Off-budget) ............................................... - -2,564 247,306 244,742 - -2,447 240,030 237,583 

Surplus (+) or deficit (-) ................................ -304,371 837 185,494 -118,040 -31,698 -934 201,577 168,944 

(On-budget) ............................................... -304,371 -1,727 40,663 -265,435 -31,698 -3,381 52,903 17,823 

(Off-budget) ............................................... - 2,564 144,831 147,395 - 2,447 148,674 151,121 

- No transactions. 

* Less than $500,000. 
20 

INTRODUCTION: Source and Availability of the

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public Debt 

and various electronic systems. As the FRB accounts are 

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

tax and loan accounts at financial institutions throughout the 

country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments, which 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 

Received through Withdrawals 

remittance option tax (transfers to Federal 

Received directly and loan depositaries Withdrawals 2 Taxes 3 Reserve accounts) 

Fiscal year or month (1) (2) (3) (4) (5) 

1997 ................................................ 

1998 ................................................ 

1999 ................................................ 

2000 ................................................ 

2001 ................................................ 

2001 - June ........................................ 

July ......................................... 

Aug ......................................... 

Sept........................................ 

Oct.......................................... 

Nov......................................... 

Dec......................................... 

2002 - Jan.......................................... 

Feb ......................................... 

Mar ......................................... 

Apr.......................................... 

May......................................... 

June........................................ 

See footnotes at end of table. 

4,263,210 191,134 4,454,345 775,799 776,394 

4,238,957 259,197 4,500,895 969,668 971,671 

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

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

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

371,084 31,379 399,671 114,390 79,771 

383,987 27,970 413,553 92,867 111,859 

539,534 25,932 565,525 93,659 110,370 

361,932 26,257 383,927 87,197 53,569 

442,010 31,332 478,027 113,962 125,889 

530,231 25,750 554,873 86,025 84,224 

463,353 38,052 500,980 136,364 114,952 

509,243 30,607 532,807 109,257 93,284 

509,855 26,264 544,055 89,231 112,024 

445,253 31,359 476,672 114,126 144,609 

599,248 34,937 634,490 101,479 76,487 

589,180 29,872 618,555 88,541 119,515 

483,678 31,923 513,368 102,823 73,729 
ACCOUNT OF THE U.S. TREASURY 21 

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

and Tax and Loan Note Account Balances, con.

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

Balances 

During period 

End of period High Low Average 

Federal Tax and loan Federal Tax and loan Federal Tax and loan Federal Tax and loan 

Reserve 

(6) 

note accounts 

(7) 

Reserve 

(8) 

note accounts 

(9) 

Reserve 

(10) 

note accounts 

(11) 

Reserve 

(12) 

note accounts 

Fiscal year or month (13)

1997 ....................................... 

1998 ....................................... 

1999 ....................................... 

2000 ....................................... 

2001 ....................................... 

2001 - June ............................ 

July .............................. 

Aug .............................. 

Sept............................. 

Oct............................... 

Nov .............................. 

Dec .............................. 

2002 - Jan ..............................

Feb ..............................

Mar ..............................

Apr..............................

May.............................

June............................

7,692 35,930 52,215 38,811 3,145 874 6,836 17,957 

4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 

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

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

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

7,188 36,498 7,823 42,083 3,642 386 5,605 15,206 

5,592 17,506 7,188 37,258 4,558 3,846 5,127 19,851 

5,533 795 6,139 52,387 4,069 795 5,040 26,698 

9,976 34,423 10,513 40,807 4,126 126 6,644 19,601 

5,112 22,495 9,237 45,030 4,232 17,213 5,234 27,835 

6,219 24,295 6,470 46,237 3,824 54 5,131 22,489 

6,645 45,707 7,988 52,039 4,473 364 5,274 27,175 

13,688 61,680 13,688 61,680 4,412 14,970 6,999 39,213 

5,752 38,887 5,852 49,030 4,097 23,328 4,907 32,986 

5,692 8,403 7,396 36,432 3,080 7,977 5,551 16,861 

5,387 33,395 8,088 33,395 3,680 44 6,127 5,838 

5,883 2,421 6,260 26,164 3,947 2,202 5,056 7,508 

8,116 31,514 8,116 31,514 4,319 2,421 5,126 16,288 

1

 Represents transfers from tax and loan note accounts, proceeds from sales of securities other under the Federal Insurance Contributions Act beginning January 1950 and under 

than Government account series and taxes. the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 2

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions beginning July 1953; estimated corporation income taxes beginning April 1967; all 

of securities other than Government account series and investment (transfer) of excess funds corporation income taxes due on or after March 15, 1968; Federal Unemployment 

out of this account to the tax and loan note accounts. Tax Act taxes beginning April 1970 and individual estimated income taxes beginning 3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries October 1988.

as follows: Withheld income taxes beginning March 1948; taxes on employers and employees
22 

INTRODUCTION: Federal Debt

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

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

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

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

Treasury’s Financial Management Service (FMS) 

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

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

United States.” Effective June 2001, FMS revised 

procedures and categories in these tables to agree with the 

Bureau of the Public Debt’s publication changes. 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

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

The difference between interest-bearing and total public debt 

securities reflects outstanding matured Treasury securities— 

that is, unredeemed securities that have matured and are no 

longer accruing interest. Because the Federal Financing 

Bank is under the supervision of Treasury, its securities are 

held by a U.S. Government account. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

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

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

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

maturities of Treasury securities on nonbusiness days, which 

can be redeemed on the next business day. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

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

TABLE FD-1.—Summary of Fede ral 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 

Agency 

securities 

(8) (9) 

1997............................... 

1998............................... 

1999............................... 

2000............................... 

2001............................... 

2001 - June...................... 

July ...................... 

Aug ...................... 

Sept...................... 

Oct....................... 

Nov ...................... 

Dec ...................... 

2002 - Jan........................ 

Feb....................... 

Mar....................... 

Apr....................... 

May ...................... 

June..................... 

5,446,320 5,413,146 33,173 1,603,862 1,596,765 7,098 3,842,458 3,816,381 26,075 

5,555,552 5,526,193 29,359 1,767,778 1,763,860 3,917 3,787,774 3,762,333 25,442 

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

5,701,851 5,674,179 27,672 2,235,763 2,235,712 51 3,466,088 3,438,467 27,621 

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

5,753,914 5,726,815 27,099 2,452,639 2,452,639 - 3,301,275 3,274,176 27,099 

5,745,240 5,718,303 26,937 2,452,358 2,452,358 - 3,292,882 3,265,945 26,937 

5,796,493 5,769,876 26,617 2,429,635 2,429,635 - 3,366,858 3,340,241 26,617 

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

5,842,758 5,815,983 26,775 2,483,578 2,483,578 - 3,359,180 3,332,405 26,775 

5,915,552 5,888,897 26,655 2,485,497 2,485,497 - 3,430,055 3,403,400 26,655 

5,970,267 5,943,439 26,828 2,549,681 2,549,681 - 3,420,586 3,393,758 26,828 

5,963,970 5,937,229 26,741 2,558,938 2,558,938 - 3,405,032 3,378,291 26,741 

6,029,884 6,003,453 26,431 2,561,674 2,561,674 - 3,468,210 3,441,779 26,431 

6,032,411 6,006,032 26,379 2,562,358 2,562,358 - 3,470,053 3,443,674 26,379 

6,011,008 5,984,677 26,331 2,582,932 2,582,932 - 3,428,076 3,401,745 26,331 

6,045,782 6,019,332 26,450 2,586,104 2,586,104 - 3,459,678 3,433,228 26,450 

6,153,295 6,126,469 26,826 2,662,925 2,662,925 - 3,490,370 3,463,544 26,826 

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

Net Net Net 

Amount unamortized Amount unamortized Amount unamortized 

outstanding premium Accrual outstanding premium Accrual outstanding premium Accrual 

End of fiscal face value and discount amount face value and discount amount face value and discount amount 

year or month (10) (11) (12) (13) (14) (15) (16) (17) (18) 

1997............................... 

1998............................... 

1999............................... 

2000............................... 

2001............................... 

2001 - June...................... 

July ...................... 

Aug ...................... 

Sept...................... 

Oct....................... 

Nov ...................... 

Dec ......................

2002 - Jan........................

Feb.......................

Mar.......................

Apr.......................

May ......................

June.....................

5,446,320 76,633 5,369,687 1,603,862 7,000 1,596,862 3,842,458 69,633 3,772,825 

5,555,552 76,849 5,478,704 1,767,778 10,687 1,757,090 3,787,774 66,162 3,721,613 

5,684,776 78,696 5,606,080 1,989,308 16,148 1,973,160 3,695,468 62,548 3,632,920 

5,701,851 72,842 5,629,009 2,235,763 16,867 2,218,896 3,466,088 55,975 3,410,113 

5,834,475 64,225 5,770,249 2,468,757 18,490 2,450,266 3,365, 718 45,735 3,319,983 

5,753,914 71,651 5,682,264 2,452,639 21,733 2,430,906 3,301,275 49,918 3,251,358 

5,745,240 69,041 5,676,200 2,452,358 20,353 2,432,005 3,292,882 48,688 3,244,195 

5,796,493 68,369 5,728,124 2,429,635 19,508 2,410,128 3,366,858 48,861 3,317,996 

5,834,475 64,225 5,770,249 2,468,757 18,490 2,450,266 3,365,718 45,735 3,319,983 

5,842,758 60,879 5,781,880 2,483,578 17,986 2,465,592 3,359,180 42,893 3,316,287 

5,915,552 60,910 5,854,643 2,485,497 19,178 2,466,319 3,430,055 41,732 3,388,324 

5,970,267 60,878 5,909,389 2,549,681 19,803 2,529,878 3,420,586 41,075 3,379,511 

5,963,970 60,105 5,903,864 2,558,938 19,345 2,539,593 3,405,032 40,761 3,364,271 

6,029,884 59,539 5,970,346 2,561,674 19,481 2,542,193 3,468,210 40,058 3,428,152 

6,032,411 60,129 5,972,281 2,562,358 20,357 2,542,001 3,470,053 39,772 3,430,281 

6,011,008 58,993 5,952,016 2,582,932 19,684 2,563,248 3,428,076 39,309 3,388,768 

6,045,782 58,903 5,986,880 2,586,104 19,009 2,567,095 3,459,678 39,894 3,419,785 

6,153,295 57,686 6,095,609 2,662,925 18,683 2,644,242 3,490,370 39,003 3,451,367 
24 FEDERAL DEBT 

TABLE FD-2.—Debt Held by the Public* 

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

Total public debt Marketable Non- securities Inflation-indexed marketable 

End of fiscal outstanding Total Bills Notes Bonds notes and bonds Total 

year or month (1) (2) (3) (4) (5) (6) (7) 

2001............................... 

2001 - June...................... 

July ...................... 

Aug ...................... 

Sept...................... 

Oct....................... 

Nov ...................... 

Dec ...................... 

2002 - Jan........................ 

Feb....................... 

Mar....................... 

Apr....................... 

May ...................... 

June..................... 

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

3,274,773 2,840,238 620,044 1,474,373 616,496 129,324 434,535 

3,266,222 2,837,389 653,046 1,437,088 612,244 135,012 428,834 

3,340,818 2,913,337 732,584 1,432,960 612,542 135,252 427,481 

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

3,333,039 2,905,752 736,217 1,419,620 610,023 139,891 427,288 

3,404,027 2,975,878 813,365 1,415,453 606,559 140,500 428,149 

3,394,399 2,967,501 811,214 1,413,951 602,272 140,064 426,898 

3,378,924 2,952,685 792,693 1,411,894 602,271 145,827 426,239 

3,442,244 3,018,119 833,211 1,443,237 596,365 145,306 424,125 

3,444,137 3,019,527 834,378 1,443,242 596,325 145,582 424,610 

3,402,337 2,977,390 793,469 1,445,361 592,710 145,850 424,947 

3,433,836 3,029,777 816,096 1,474,313 592,705 146,663 404,059 

3,464,147 3,036,922 822,439 1,474,296 592,704 147,482 427,225 

Nonmarketable, con. 

U.S. savings Government State and local Domestic 

End of fiscal securities Foreign series account series government series series Other 

year or month (8) (9) (10) (11) (12) (13) 

2001............................... 

2001 - June...................... 

July ...................... 

Aug ...................... 

Sept...................... 

Oct....................... 

Nov ...................... 

Dec ...................... 

2002 - Jan........................ 

Feb....................... 

Mar....................... 

Apr....................... 

May ...................... 

June..................... 

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

185,517 24,036 38,190 153,322 29,995 3,473 

185,816 22,213 38,241 149,095 29,995 3,473 

186,011 21,719 38,990 147,293 29,995 3,472 

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

188,448 16,041 40,621 148,631 29,995 3,551 

189,873 15,454 41,069 148,209 29,995 3,549 

190,390 15,412 41,216 146,246 29,995 3,639 

190,947 16,412 42,019 143,196 29,995 3,670 

191,514 14,778 42,344 141,823 29,995 3,670 

191,962 14,578 43,269 141,053 29,995 3,752 

192,406 14,778 43,562 140,295 29,995 3,911 

192,594 14,378 16,856 146,380 29,995 3,855 

192,771 13,319 44,420 142,746 29,995 3,974 

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

the format changes in the “Monthly Statement of the Public Debt of the United States.” 
FEDERAL DEBT 25 

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

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

Marketable 

End of fiscal 

year or month 

Total interestbearing public 

debt

(1)

Total 

(2) 

Treasury

bills

(3)

Treasury 

notes 

(4) 

Treasury 

bonds 

(5) 

Treasury Federal Noninflation-indexed Financing marketable 

notes and bonds Bank Total 

(6) (7) (8) 

1997............................... 5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912 

1998............................... 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651 

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

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

Nonmarketable, con. 

U.S. savings Government State and local Domestic 

End of fiscal securities Foreign series account series government series series Other 

year or month (9) (10) (11) (12) (13) (14) 

1997............................... 

1998............................... 

1999............................... 

2000............................... 

182,665 34,909 1,608,478 111,863 29,995 1 

180,816 35,079 1,777,329 164,431 29,995 1 

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

177,724 25,431 2,242,900 153,288 29,996 1 
26 FEDERAL DEBT 

Table FD-3.—Government Account Series 

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

Federal 

Exchange Federal Federal Federal Federal Old-Age and 

Airport and Bank Employees Stabili- Disability employees Hospital Housing Survivors 

Airway Insurance Life Insurance zation Insurance retirement Insurance Adminis - Insurance 

End of fiscal Total Trust Fund Fund Fund Fund Trust Fund funds Trust Fund tration Trust Fund 

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

1997............................... 1,608,478 6,360 26, 329 18,038 15,460 63,513 407,202 116,621 13,643 567,445 

1998............................... 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282 

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

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

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

2001 - June...................... 2,474,736 14,420 29,830 23,404 10,041 133,498 520,577 197,142 20,489 1,022,270 

July ...................... 2,474,826 14,386 30,549 23,386 9,959 134,119 517,866 198,020 20,492 1,026,351 

Aug ...................... 2,452,553 14,396 30,770 23,704 9,990 132,114 515,514 194,961 17,386 1,009,408 

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

Oct....................... 2,508,064 13,800 30,690 23,536 10,036 135,942 535,807 198,167 17,716 1,036,461 

Nov ...................... 2,510,442 13,706 30,989 23,988 9,948 136,496 533,432 197,329 17,913 1,038,508 

Dec ...................... 2,574,756 13,848 30,950 24,086 9,854 140,907 549,127 208,888 18,482 1,071,795 

2002 - Jan........................ 2,584,822 13,483 30,108 24,089 9,869 143,025 546,351 213,823 19,484 1,085,847 

Feb....................... 2,588,053 13,478 29,918 24,374 9,799 143,566 543,822 214,569 20,067 1,089,319 

Mar....................... 2,589,665 13,500 29,328 24,306 9,813 144,686 541,352 214,168 20,244 1,096,981 

Apr ....................... 2,610,543 13,410 29,568 24,754 9,828 147,571 538,814 221,104 20,486 1,115,478 

May ...................... 2,586,992 13,342 29,734 25,223 9,761 148,355 532,613 217,728 20,979 1,119,990 

June ..................... 2,691,373 13,277 29,304 25,097 9,775 153,949 551,963 229,943 21,000 1,160,809 

Federal 

Federal Savings Supplemen- National 

and Loan tary Medical Service Life Railroad Treasury Unemploy -

Corporation, Insurance Highway Insurance Postal Retirement deposit ment Trust 

End of fiscal Resolution Fund Trust Fund Trust Fund Fund Service Fund Account funds Fund Other 

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

1997............................... 1,806 34,464 22,341 12,023 860 17,486 74 61,880 222,933 

1998............................... 2,087 39,502 17,926 12,008 1,000 19,764 71 70,598 239,878 

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

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

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

2001 - June...................... 2,546 44,286 26,546 11,894 - 24,816 - 91,621 301,356 

July ...................... 2,569 45,431 26,173 11,814 - 24,944 - 89,896 298,871 

Aug ...................... 2,577 48,917 26,155 11,735 - 24,999 - 91,107 298,820 

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

Oct....................... 2,635 41,495 24,843 11,561 - 25,026 - 86,668 313,681 

Nov ...................... 2,639 39,286 25,306 11,489 600 24,992 - 86,523 317,298 

Dec ...................... 2,689 40,828 24,955 11,821 - 24,961 - 85,917 315,648 

2002 - Jan........................ 2,692 42,539 20,016 11,736 - 25,011 - 81,754 314,995 

Feb....................... 2,716 41,775 20,212 11,654 1,327 25,043 - 80,147 316,267 

Mar....................... 2,719 42,788 19,969 11,561 416 25,023 - 75,874 316,937 

Apr ....................... 2,722 42,050 20,061 11,476 656 25,049 - 72,400 315,116 

May ...................... 2,777 39,502 20,654 11,393 754 25,042 - 78,390 290,755 

June ..................... 2,781 41,551 20,861 11,720 878 24,993 - 76,992 316,480 
FEDERAL DEBT 27 

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

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

Federal Deposit Department of 

Insurance Corporation Housing and Farm Credit 

Federal Savings and Urban System Other 

Loan Insurance Development Financial independent 

Total Corporation, Federal Housing Assistance Tennessee Postal 

End of fiscal outstanding Resolution Fund Administration Corporation Valley Authority Service Other 

year or month (1) (2) (3) (4) (5) (6) (7) 

1997................................ 

1998................................ 

1999................................ 

2000................................ 

2001................................ 

2001 - June....................... 

July ....................... 

Aug....................... 

Sept ...................... 

Oct........................ 

Nov ....................... 

Dec ....................... 

2002 - Jan........................ 

Feb....................... 

Mar....................... 

Apr........................ 

May ....................... 

June...................... 

33,173 95 68 1,261 27,386 3,898 465 

29,359 63 174 1,261 26,685 717 458 

28,505 63 114 863 26,378 634 451 

27,672 63 227 775 25,987 51 569 

27,011 63 231 775 25,381 - 561 

27,099 63 204 775 25,489 - 569 

26,937 63 210 775 25,319 - 570 

26,617 63 224 775 24,995 - 560 

27,011 63 231 775 25,381 - 561 

26,775 63 252 775 25,123 - 562 

26,655 63 269 775 24,985 - 563 

26,828 63 270 775 25,155 - 565 

26,741 63 284 775 25,053 - 566 

26,431 63 163 775 24,872 - 559 

26,379 63 166 775 24,818 - 556 

26,331 63 182 775 24,753 - 557 

26,450 63 202 775 24,851 - 558 

26,826 63 217 775 25,211 - 559 
28 FEDERAL DEBT 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

Amount outstanding Within 20 years 

End of fiscal privately held 1 year 1-5 years 5-10 years 10-20 years or more Average length 1 

year or month (1) (2) (3) (4) (5) (6) (7) 

1997............................... 

1998............................... 

1999............................... 

2000............................... 

2001............................... 

2001 - June...................... 

July ...................... 

Aug ...................... 

Sept......................

Oct.......................

Nov ......................

Dec ......................

2002 - Jan........................

Feb.......................

Mar.......................

Apr.......................

May ......................

June.....................

2,998,846 1,017,913 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos. 

2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 8 mos. 

2,728,011 915,145 962,644 378,163 149,703 322,356 5 yrs. 9 mos. 

2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos. 

2,328,302 900,178 650,522 329,247 174,653 273,702 5 yrs. 9 mos. 

2,260,841 781,923 693,530 333,618 170,990 280,779 6 yrs. 0 mos. 

2,282,982 824,863 691,268 319,016 169,852 277,983 5 yrs. 10 mos. 

2,353,208 902,150 673,169 329,438 174,653 273,798 5 yrs. 9 mos. 

2,328,302 900,178 650,522 329,247 174,653 273,702 5 yrs. 9 mos. 

2,342,638 892,994 683,271 315,731 174,415 276,227 5 yrs. 8 mos. 

2,405,814 940,974 696,263 319,510 199,232 249,835 5 yrs. 6 mos. 

2,392,530 932,153 696,991 317,932 197,742 247,712 5 yrs. 6 mos. 

2,371,510 906,466 715,370 307,869 197,484 247,321 5 yrs. 6 mos. 

2,430,599 959,624 719,279 308,109 197,408 246,179 5 yrs. 5 mos. 

2,400,776 953,703 696,282 307,424 197,398 245,968 5 yrs. 5 mos. 

2,375,274 904,061 725,849 306,097 195,227 244,040 5 yrs. 5 mos. 

2,419,547 912,351 761,718 305,994 195,227 244,258 5 yrs. 4 mos. 

2,402,091 916,256 740,340 305,792 195,227 244,478 5 yrs. 4 mos. 

1

 Beginning September 1976, the maturity distribution and average length were calculated Note.—Details may not add to totals due to rounding. 

on the interest-bearing marketable debt privately held. Inflation-indexed notes (first offered 

in 1997) are excluded from the average length calculation. Published data were changed 

for the end of the fiscal years back through 1967. 
FEDERAL DEBT 29 

TABLE FD-6.—Debt Subject to Statutory Limit* 

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

Statutory debt Debt subject to limit Securities outstanding subject to limit Securities 

not subject 

End of fiscal limit Total Public debt Other debt 1 Public debt Other debt to limit 

year or month (1) (2) (3) (4) (5) (6) (7) 

2001....................................... 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

2001 - June.............................. 5,950,000 5,644,978 5,644,783 195 5,726,815 195 82,033 

July .............................. 5,950,000 5,639,073 5,638,873 201 5,718,303 201 79,430 

Aug .............................. 5,950,000 5,691,120 5,690,906 214 5,769,876 214 78,969 

Sept.............................. 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

Oct............................... 5,950,000 5,744,523 5,744,281 242 5,815,983 242 71,703 

Nov .............................. 5,950,000 5,816,823 5,816,564 259 5,888,897 259 72,333 

Dec .............................. 5,950,000 5,871,413 5,871,154 259 5,943,439 259 72,285 

2002 - Jan................................ 5,950,000 5,865,892 5,865,743 149 5,937,229 149 71,486 

Feb............................... 5,950,000 5,933,154 5,933,001 153 6,003,453 153 70,451 

Mar............................... 5,950,000 5,935,108 5,934,951 156 6,006,032 156 71,080 

Apr ............................... 5,950,000 5,914,816 5,914,647 169 5,984,677 169 70,030 

May .............................. 5,950,000 5,949,975 5,949,787 188 6,019,332 188 69,546 

June ............................. 6,400,000 6,058,313 6,058,110 203 6,126,469 203 68,359 

1 Consists of guaranteed debt issued by the Federal Housing Administration. * Effective June 2001, FMS revised procedures and categories in this table to reflect 

the format changes in the “Monthly Statement of the Public Debt of the United 

States. 

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

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

Debt outstanding Interest-bearing debt 

subject to limitation subject to limitation 

Total 

(2) 

Non-interestbearing debt 

subject to 

limitation 

(7) 

End of fiscal 

year or month 

Statutory debt 

limit

(1)

Public debt 

(3) 

Other debt 1 

(4) 

Public debt Other debt 

(5) (6) 

1997....................................... 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546 

1998....................................... 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448 

1999....................................... 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972 

2000....................................... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 

1

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

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies 

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

Department of Agriculture 

Rural Business 

Rural Housing and Cooperative Foreign 

Farm-Service Rural Utilities and Community Development Agricultural 

End of fiscal Total Agency Service Development Service Service Service 

year or month (1) (2) (3) (4) (5) (6) 

1997....................................... 

1998....................................... 

1999....................................... 

2000....................................... 

2001....................................... 

2001 - June.............................. 

July .............................. 

Aug ................................ 

Sept.............................. 

Oct............................... 

Nov .............................. 

Dec .............................. 

2002 - Jan................................ 

Feb............................... 

Mar............................... 

Apr............................... 

May .............................. 

June............................. 

133,301 9,818 12,925 6,676 157 670 

154,155 19,937 13,295 7,808 203 642 

182,988 32,625 13,837 8,506 261 761 

191,596 27,323 14,690 9,413 305 729 

205,328 28,817 15,128 10,168 336 970 

203,413 26,350 15,270 10,509 361 935 

221,728 26,533 15,270 10,509 361 935 

225,777 31,680 15,250 10,509 361 935 

205,328 28,817 15,128 10,168 336 970 

214,946 33,448 14,968 10,168 336 889 

215,476 33,707 14,968 10,168 336 889 

205,112 22,189 15,008 10,188 341 889 

209,227 24,776 15,055 10,188 341 889 

216,447 25,817 15,778 11,416 395 889 

217,140 26,026 15,778 11,416 395 889 

220,143 26,380 15,903 11,416 395 889 

220,447 26,924 15,903 11,416 395 889 

214,751 24,258 15,903 11,421 395 889 

Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

Department of 

Veterans Affairs 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing Other Housing Federal 

Financing Bank 

(11) 

Direct Loan

Fund

(12)

End of fiscal 

year or month 

Administration 

(9) 

programs 

(10) 

1997....................................... 23,532 2,499 3,639 6,174 34,944 * 

1998....................................... 35,610 2,499 6,579 5,293 34,036 -

1999....................................... 52,440 2,515 7,996 4,628 28,115 -

2000....................................... 65,716 2,513 7,155 3,653 27,836 -

2001....................................... 77,448 2,689 4,544 3,103 27,862 -

2001 - June.............................. 79,311 2,723 7,155 3,653 23,236 -

July .............................. 85,200 2,723 7,155 3,653 22,509 -

Aug .............................. 82,928 2,773 7,155 3,653 22,788 -

Sept.............................. 77,448 2,689 4,544 3,103 27,862 -

Oct............................... 84,089 2,689 4,544 3,103 25,611 -

Nov .............................. 85,172 2,689 4,544 3,103 25,522 -

Dec .............................. 85,170 2,689 4,544 3,103 24,133 -

2002 - Jan................................ 87,340 2,689 4,544 3,103 23,177 -

Feb............................... 89,853 2,689 5,044 3,103 24,181 -

Mar............................... 89,853 2,829 5,044 3,103 23,075 -

Apr ............................... 92,407 2,829 5,044 3,103 22,687 -

May .............................. 92,407 2,829 5,044 3,103 22,223 -

June ............................. 92,407 2,929 5,044 3,103 22,138 -
FEDERAL DEBT 31 

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

Corporations and Other Agencies, con. 

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

Department of Export-Import Railroad 

Veterans Affairs, con. Bank of the Retirement Small Business 

End of fiscal Loan Guaranty Fund United States Board Administration Other 

year or month (13) (14) (15) (16) (17) 

1997............................... 

1998............................... 

1999............................... 

2000............................... 

2001............................... 

2001 - June......................

July ......................

Aug ......................

Sept......................

Oct.......................

Nov ......................

Dec ......................

2002 - Jan........................

Feb.......................

Mar.......................

Apr.......................

May ......................

June.....................

2,028 3,140 5,039 9,406 12,651 

- 3,956 4,993 9,559 9,745 

- 6,603 4,848 9,825 10,030 

- 6,683 4,874 10,012 10,694 

- 7,045 5,012 10,087 12,120 

- 7,054 4,200 10,083 12,575 

- 7,082 4,467 10,083 25,251 

- 7,067 4,733 10,083 25,865 

- 7,045 5,012 10,087 12,120 

- 7,045 5,291 10,370 12,395 

- 7,045 5,529 9,346 12,458 

- 7,145 5,778 9,346 14,591 

- 7,145 6,028 9,346 14,607 

- 7,145 6,272 9,346 14,519 

- 6,062 6,547 10,653 15,472 

- 6,182 6,822 10,653 15,435 

- 6,185 7,076 10,653 15,401 

- 6,231 4,195 10,653 15,185 

* Less than $500,000. 
32 FEDERAL DEBT

CHARTS FD-A.—Average Length

 of Privately Held Marketable Debt

(Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.)

5

5.5

6

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

June 30, 2002

5 Years, 4 Months

Years

0

2

4

6

8

10

12

45 49 53 57 61 65 69 73 77 81 85 89 93 97 01

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months
33 

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment and 

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

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

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United 

States.” The information in this section of the “Treasury 

Bulletin” pertains only to marketable Treasury securities. 

• Table PDO-1 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve Banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

• Table PDO-2 presents the results of weekly auctions 

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

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

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

presented. High yields on accepted tenders and the dollar 

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

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up 

to $1 million for bills and $5 million for notes and bonds in 

each auction of securities. 

• Table PDO-3 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. 

• Table PDO-4 indicates the total amount of 

marketable securities allotted to each class of investor. The 

FRBs tally into investor classes the tenders in each auction 

of marketable securities other than weekly auctions of 4-, 

13- and 26-week bills. 

TREASURY FINANCING: APRIL-JUNE 

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

A P R I L 

Auction of 2-Year Notes 

On April 17, 2002, Treasury announced it would auction 

$25,000 million of 2-year notes of Series M-2004. The issue 

was to refund $24,218 million of securities maturing April 

30 and to raise new cash of approximately $782 million. 

The notes of Series M-2004 were dated and issued April 

30. They are due April 30, 2004, with interest payable on 

October 31 and April 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 noon 

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

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

April 24. Tenders totaled $49,948 million; Treasury 

accepted $25,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 3.375 percent with the equivalent price of 100.000. 

Tenders at the high yield were allotted 53.87 percent. The 

median yield was 3.350 percent, and the low yield was 3.330 

percent. Noncompetitive tenders totaled $1,341 million. 

Competitive tenders accepted from private investors totaled 

$23,659 million. 

In addition to the $25,000 million of tenders accepted in 

the auction process, Treasury accepted $7,648 million from 

Federal Reserve Banks (FRBs) for their own accounts. 

The minimum par amount required for STRIPS of notes 

of Series M-2004 is $1,000. 

Cash Management Bills 

On April 2, 2002, Treasury announced it would auction 

$23,000 million of 19-day bills and $23,000 million of 12-

day bills. They were issued April 3 and April 4, and matured 

April 22 and April 16. The issues were to raise new cash. 

Treasury auctioned the bills on April 2 and April 3. Tenders 

for the 19-day bills totaled $59,320 million; Treasury 

accepted $23,000 million. The high bank discount rate was 

1.780 percent. Tenders for the 12-day bills totaled $76,750 

million; Treasury accepted $23,000 million. The high bank 

discount rate was 1.780 percent. 

On April 9, Treasury announced it would auction 

$16,000 million of 4-day bills. They were issued April 11 

and matured April 15. The issue was to raise new cash. 

Treasury auctioned the bills on April 10. Tenders totaled 

$50,470 million; Treasury accepted $16,000 million. The 

high bank discount rate was 1.710 percent. 

M A Y 

May Quarterly Financing 

On May 1, 2002, Treasury announced it would auction 

$22,000 million of 5-year notes of Series E-2007, and 

$11,000 million of 9-3/4-year 4-7/8 percent notes of Series 

B-2012. The issues were to refund $8,982 million of 
34 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

Treasury securities maturing May 15 and to raise about 

$24,018 million of new cash. 

The 5-year notes of Series E-2007 were dated and issued 

May 15. They are due May 15, 2007, with interest payable 

on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12 noon 

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

for competitive tenders on May 7. Tenders totaled $37,814 

million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.475 percent with an 

equivalent price of 99.556. Treasury accepted in full all 

competitive tenders at yields lower than 4.475 percent. 

Tenders at the high yield were allotted 71.82 percent. The 

median yield was 4.430 percent, and the low yield was 4.395 

percent. Noncompetitive tenders totaled $500 million. 

Competitive tenders accepted from private investors totaled 

$21,500 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $2,341 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2007 is $1,000. 

The 9-3/4-year 4-7/8 percent notes of Series B-2012 

were dated February 15 and issued May 15. They are due 

February 15, 2012, with interest payable on August 15 and 

February 15 until maturity. Accrued interest of $11.98550 

per $1,000, covering the period from February 15 to May 15, 

was payable with each accepted tender. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on May 8. Tenders totaled $23,682 million; 

Treasury accepted $11,000 million. All noncompetitive and 

successful competitive bidders were allotted securities at the 

high yield of 5.170 percent with an equivalent price of 97.746. 

Tenders at the high yield were allotted 74.52 percent. Treasury 

accepted in full all competitive tenders at yields lower than 

5.170 percent. The median yield was 5.145 percent, and the low 

yield was 5.100 percent. Noncompetitive tenders totaled $146 

million. Competitive tenders accepted from private investors 

totaled $10,854 million. 

In addition to the $11,000 million of tenders accepted in 

the auction process, Treasury accepted $391 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series B-2012 is $1,000. 

Auction of 2-Year Notes 

On May 22, 2002, Treasury announced it would auction 

$27,000 million of 2-year notes. The issue was to refund 

$22,078 million of securities maturing May 31 and to raise 

about $4,922 million of new cash. 

The notes of Series N-2004 were dated and issued May 

31. They are due May 31, 2004, with interest payable on 

November 30 and May 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 noon 

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

competitive tenders on May 29. Tenders totaled $72,501 

million; Treasury accepted $27,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 3.274 percent with an equivalent price of 

99.954. Tenders at the high yield were allotted 6.82 percent. 

Treasury accepted in full all competitive tenders at yields lower 

than 3.274 percent. The median yield was 3.255 percent, and 

the low yield was 3.200 percent. Noncompetitive tenders 

totaled $1,581 million. Competitive tenders accepted from 

private investors totaled $25,419 million. 

In addition to the $27,000 million of tenders accepted in 

the auction process, Treasury accepted $6,298 million from 

FRBs for their own accounts. 

Cash Management Bills 

On May 8, 2002, Treasury announced it would auction 

$12,000 million of 7-day bills. They were issued May 10 

and matured May 17. The issue was to raise new cash. 

Treasury auctioned the bills on May 9. Tenders totaled 

$46,445 million; Treasury accepted $12,000 million. The 

high bank discount rate was 1.725 percent. 

On May 30, Treasury announced it would auction 

$20,000 million of 9-day bills. They were issued June 3 and 

matured June 12. The issue was to raise new cash. Treasury 

auctioned the bills on May 31. Tenders totaled $49,165 

million; Treasury accepted $20,000 million. The high bank 

discount rate was 1.720 percent. 

J U N E 

Auction of 2-Year Notes 

On June 28, 2002, Treasury announced it would auction 

$27,000 million of 2-year notes. The issue was to refund 

$20,334 million of securities maturing June 30 and to raise 

$6,666 million of new cash. 

The notes of Series P-2004 were dated June 30 and 

issued July 1. They are due June 30, 2004, with interest 

payable on December 31 and June 30 until maturity. 

Treasury set an interest rate of 2-7/8 percent after 

determining which tenders were accepted on a yield auction 

basis. Accrued interest of $0.07813 per $1,000, covering the 

period from June 30 to July 1 was payable with each 

accepted tender. 

Treasury received tenders for the notes before 10:30 a.m. 

e.d.s.t. for noncompetitive tenders and before 11:00 a.m. 

e.d.s.t. for competitive tenders on June 28. Tenders totaled 

$35,438 million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.970 percent with an 
PUBLIC DEBT OPERATIONS 35 

TREASURY FINANCING: APRIL-JUNE, con. 

equivalent price of 99.817. Tenders at the high yield were 

allotted 69.04 percent. Treasury accepted in full all 

competitive tenders at yields lower than 2.970 percent. The 

median yield was 2.900 percent, and the low yield was 2.839 

percent. Noncompetitive tenders totaled $1,143 million. 

Competitive tenders accepted from private investors totaled 

$25,858 million. 

In addition to the $27,000 million of tenders accepted in 

the auction process, Treasury accepted $7,046 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series P-2004 is $1,000. 

Cash Management Bills 

On June 10, 2002, Treasury announced it would auction 

$21,000 million of 6-day bills. They were issued June 12 

and matured June 18. The issue was to raise new cash. 

Treasury auctioned the bills on June 11. Tenders totaled 

$60,990 million; Treasury accepted $21,001 million. The 

high bank discount rate was 1.715 percent. 
36 PUBLIC DEBT OPERATIONS 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2002 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Date of final maturity 

Description 

(1) 

Issue date 

(2) 

Total 

(3) 

U.S. Government accounts 

and Federal 

Reserve Banks 

(4) 

All other 

investors 

(5) 

2002 

July 15 ................................................................ 1 3-5/8%-J note 07/15/97 18,877 1,010 17,867 

July 31 ................................................................ 6%-K note 07/31/97 12,231 987 11,244 

July 31 ................................................................ 1 6-1/4%-X note 07/31/00 15,058 5,250 9,808 

Aug. 15 ................................................................ 1 6-3/8%-B note 08/17/92 23,859 5,040 18,819 

Aug. 31 ................................................................ 6-1/4%-L note 09/02/97 12,732 2,582 10,150 

Aug. 31 ................................................................ 1 6-1/8%-Y note 08/31/00 15,072 4,954 10,118 

Sept. 30................................................................ 1 5-7/8%-M note 09/30/97 12,807 2,352 10,455 

Sept. 30................................................................ 1 6%-Z note 10/02/00 15,144 5,301 9,844 

Oct. 31................................................................ 1 5-3/4%-N note 10/31/97 26,594 5,419 21,175 

Nov. 15, 02-07................................................................ 7-7/8% bond 11/15/77 1,495 472 1,022 

Nov. 15 ................................................................ 11-5/8% bond 09/29/82 2,753 896 1,857 

Nov. 30 ................................................................ 1 5-3/4%-P note 12/01/97 12,121 1,626 10,495 

Nov. 30 ................................................................ 1 5-5/8%-AC note 11/30/00 15,059 3,923 11,135 

Dec. 31 ................................................................ 1 5-5/8%-Q note 12/31/97 12,052 1,265 10,788 

Dec. 31 ................................................................ 1 5-1/8%-AD note 01/02/01 14,822 4,805 10,017 

Total ............................................... 210,675 45,882 164,793 

2003 

Jan. 31................................................................ 1 5-1/2%-C note 02/02/98 13,101 2,353 10,748 

Jan. 31................................................................ 1 4-3/4%-L note 01/31/01 15,453 4,092 11,360 

Feb. 15 ................................................................ 10-3/4% bond 01/04/83 3,007 999 2,007 

Feb. 15 ................................................................ 1 6-1/4%-A note 02/16/93 23,563 3,744 19,819 

Feb. 28 ................................................................ 1 5-1/2%-D note 03/02/98 13,670 3,359 10,312 

Feb. 28 ................................................................ 1 4-5/8%-M note 02/28/01 14,685 4,285 10,400 

Mar. 31 ................................................................ 1 5-1/2%-E note 03/31/98 14,173 3,792 10,381 

Mar. 31 ................................................................ 1 4-1/4%-N note 04/02/01 14,675 4,042 10,633 

Apr. 30................................................................ 1 5-3/4%-F note 04/30/98 12,573 3,113 9,460 

Apr. 30................................................................ 1 4%-P note 04/30/01 13,339 3,568 9,770 

May 15................................................................ 10-3/4% bond 04/04/83 3,249 964 2,285 

May 31................................................................ 1 5-1/2 %-G note 06/01/98 13,132 2,268 10,864 

May 31................................................................ 1 4-1/4%-Q note 05/31/01 13,332 3,482 9,850 

June 30................................................................ 1 5-3/8 %-H note 06/30/98 13,127 2,255 10,872 

June 30................................................................ 1 3-7/8 %-R note 06/30/01 14,671 4,092 10,580 

July 31 ................................................................ 1 3-7/8%-S note 07/31/01 16,003 4,606 11,397 

Aug. 15, 03-08................................................................ 8-3/8% bond 08/15/78 2,103 789 1,314 

Aug. 15 ................................................................ 11-1/8% bond 07/05/83 3,501 860 2,641 

Aug. 15 ................................................................ 1 5-3/4%-B note 08/16/93 28,011 4,659 23,352 

Aug. 15 ................................................................ 1 5-1/4%-J note 08/17/98 19,852 3,468 16,384 

Aug. 31 ................................................................ 1 3-5/8%-T note 08/31/01 18,665 4,717 13,948 

Sept. 30................................................................ 1 2-3/4%-U note 10/01/01 22,675 5,980 16,696 

Oct. 31................................................................ 1 2-3/4%-V note 10/31/01 25,148 6,143 19,005 

Nov. 15, 03-08 ............................................................... 8-3/4% bond 11/15/78 5,230 1,666 3,564 

Nov. 15 ................................................................ 11-7/8% bond 10/05/83 7,260 1,981 5,279 

Nov. 15 ................................................................ 4-1/4%-K note 11/16/98 18,626 1,559 17,066 

Nov. 30 ................................................................ 1 3%-W note 11/30/01 26,171 6,041 20,129 

Dec. 31 ................................................................ 1 3-1/4%-X note 12/31/01 29,667 7,373 22,294 

Total ............................................... 418,661 96,250 322,411 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 37 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2002, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Total 

(3) 

U.S. Government accounts 

and Federal 

Reserve Banks 

(4) 

All other 

investors 

(5) 

Description 

(1) 

Issue date 

Date of final maturity (2)

2004 

Jan. 31................................................................ 

Feb. 15 ................................................................ 

Feb. 15 ................................................................ 

Feb. 29 ................................................................ 

Mar. 31 ................................................................ 

Apr. 30................................................................ 

May 15, 04-09 ................................................................ 

May 15................................................................ 

May 15................................................................ 

May 15................................................................ 

May 31................................................................ 

Aug. 15................................................................ 

Aug. 15................................................................ 

Aug. 15................................................................ 

Nov. 15, 04-09................................................................ 

Nov. 15................................................................ 

Nov. 15................................................................ 

Nov. 15................................................................ 

2005 

Feb. 15, 05-10................................................................ 

Feb. 15 ................................................................ 

May 15, 05-10 ................................................................ 

May 15................................................................ 

May 15................................................................ 

May 15................................................................ 

Aug. 15................................................................ 

Aug. 15................................................................ 

Nov. 15, 05-10................................................................ 

Nov. 15................................................................ 

Nov 15................................................................ 

2006 

Feb. 15 ................................................................ 

Feb. 15 ................................................................ 

May 15, 06-11 ................................................................ 

May 15................................................................ 

May 15................................................................ 

July 15................................................................ 

Oct. 15................................................................ 

Nov. 15, 06-11................................................................ 

Nov. 15................................................................ 

2007 

Jan. 15................................................................ 

Feb. 15 ................................................................ 

May 15................................................................ 

May 15................................................................ 

Aug. 15................................................................ 

Nov. 15, 07-12................................................................ 

See footnote at end of table. 

1 3%-J note 01/31/02 1 5-7/8%-A note 02/15/94 1 4-3/4%-E note 02/16/99 1 3%-K note 02/28/02 1 3-5/8%-L note 04/01/02 1 3-3/8%-M note 04/30/02 

9-1/8% bond 05/15/79 

12-3/8% bond 04/05/84 1 7-1/4%-B note 05/16/94 1 5-1/4%-F note 05/17/99 1 3-1/4%-N note 05/31/02 

13-3/4% bond 07/10/84 1 7-1/4%-C note 08/15/94 1 6%-G note 08/16/99 

10-3/8% bond 11/15/79 1 11-5/8% bond 10/30/84 1 7-7/8%-D note 11/15/94 

1 5-7/8%-H note 11/15/99 

30,776 5,776 24,999 

12,955 940 12,015 

17,823 2,274 15,549 

31,746 7,019 24,727 

32,874 7,873 25,000 

32,655 7,648 25,007 

4,606 1,236 3,369 

3,755 925 2,830 

14,440 3,567 10,873 

18,925 2,721 16,205 

33,297 6,298 26,999 

4,000 942 3,059 

13,346 1,939 11,408 

18,090 2,034 16,056 

4,201 1,076 3,125 

8,302 1,972 6,330 

14,374 3,417 10,956 

32,658 4,703 27,955 

Total ............................................... 328,824 62,361 266,463 

11-3/4% bond 02/15/80 1 7-1/2%-A note 02/15/95 

10% bond 05/15/80 1 12% bond 04/02/85 1 6-1/2%-B note 05/15/95 1 6-3/4%-E note 05/15/00 1 10-3/4% bond 07/02/85 1 6-1/2%-C note 08/15/95 

12-3/4% bond 11/17/80 1 5-7/8%-D note 11/24/95 

1 5-3/4%-F note 11/15/00 

2,315 858 1,457 

13,835 2,964 10,871 

2,987 1,177 1,811 

4,261 941 3,319 

14,740 2,216 12,524 

28,562 5,293 23,270 

9,270 2,081 7,189 

15,003 2,188 12,814 

4,081 1,261 2,821 

15,210 2,133 13,077 

28,063 4,293 23,770 

Total............................................... 138,326 25,404 112,923 

1 9-3/8% bond 01/15/86 1 5-5/8%-A note 02/15/96 

13-7/8% bond 05/15/81 1 6-7/8%-B note 05/15/96 1 4-5/8%-E note 05/15/01 1 7%-C note 07/15/96 1 6-1/2%-D note 10/15/96 

14% bond 11/16/81 

1 3-1/2%-F note 11/15/01 

4,756 1,044 3,712 

15,514 1,943 13,571 

3,545 1,074 2,471 

16,015 3,452 12,563 

27,798 3,798 24,000 

22,740 4,839 17,902 

22,460 4,723 17,736 

4,048 975 3,073 

35,380 3,744 31,636 

Total............................................... 152,256 25,592 126,664 

1 3-3/8%-A note 02/06/97 1 6-1/4%-B note 02/18/97 1 6-5/8%-C note 05/15/97 1 4-3/8%-E note 05/15/02 1 6-1/8%-D note 08/15/97 

10-3/8% bond 11/15/82 

17,880 1,725 16,155 

13,104 1,254 11,850 

13,958 2,754 11,205 

24,351 2,341 22,011 

25,637 4,963 20,674 

10,126 1,919 8,207 

Total.............................................. 105,056 14,955 90,101 
38 PUBLIC DEBT OPERATIONS 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2002, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

U.S. Government accounts 

and Federal All other 

Description Issue date Total Reserve Banks investors 

Date of final maturity (1) (2) (3) (4) (5) 

2008 

Jan. 15 ................................................................ 

Feb. 15................................................................ 

May 15 ................................................................ 

Aug. 15, 08-13 ............................................................... 

Nov. 15................................................................ 

2009 

Jan. 15 ................................................................ 

May 15, 09-14................................................................ 

May 15 ................................................................ 

Aug. 15, 09-14 ............................................................... 

Aug. 15................................................................ 

Nov. 15, 09-14 ............................................................... 

2010 

Jan. 15 ................................................................ 

Feb. 15................................................................ 

Aug. 15................................................................ 

2011 

Jan. 15 ................................................................ 

Feb. 15................................................................ 

Aug. 15................................................................ 

2012 

Jan. 15 ................................................................ 

Feb. 15................................................................ 

2015 

Feb. 15................................................................ 

Aug. 15................................................................ 

Nov. 15................................................................ 

2016 

Feb. 15................................................................ 

May 15 ................................................................ 

Nov. 15................................................................ 

2017 

May 15 ................................................................ 

Aug. 15................................................................ 

2018 

May 15 ................................................................ 

Nov. 15................................................................ 

2019 

Feb. 15................................................................ 

Aug. 15................................................................ 

See footnote at end of table. 

1 3-5/8%-A note 01/15/98 1 5-1/2%-B note 02/17/98 1 5-5/8%-C note 05/15/98 

12% bond 08/15/83 

4-3/4%-D note 11/16/98 

18,707 2,042 16,665 

13,583 1,890 11,693 

27,191 5,112 22,079 

11,917 3,041 8,876 

25,083 3,448 21,635 

Total ............................................... 96,481 15,533 80,948 

1 3-7/8%-A note 01/15/99 

13-1/4% bond 05/15/84 1 5-1/2%-B note 05/17/99 

12-1/2% bond 08/15/84 1 6%-C note 08/16/99 

1 11-3/4% bond 11/15/84 

17,431 1,505 15,926 

4,481 869 3,611 

14,795 2,625 12,170 

4,388 906 3,482 

27,400 4,877 22,523 

5,015 1,195 3,820 

Total ............................................... 73,510 11,977 61,533 

1 4-1/4%-A note 01/18/00 1 6-1/2%-B note 02/15/00 

1 5-3/4%-C note 08/15/00 

12,096 851 11,245 

23,356 4,039 19,316 

22,438 3,379 19,058 

Total ............................................... 57,890 8,270 49,619 

1 3-1/2%-A note 01/16/01 1 5%-B note 02/15/01 

1 5%-C note 08/15/01 

11,363 171 11,191 

23,436 3,533 19,903 

26,635 2,635 24,001 

Total ............................................... 61,434 6,339 55,095 

1 3-3/8%-A note 01/15/02 6,079 - 6,079 

1 4-7/8%-B note 02/15/02 24,780 1,144 23,636 

Total ............................................... 30,859 1,144 29,714 

1 11-1/4% bond 02/15/85 10,520 1,846 8,675 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

Total............................................... 20,129 4,020 16,109 

1 9-1/4% bond 02/18/86 1 7-1/4% bond 05/15/86 

1 7-1/2% bond 11/17/86 

5,432 1,037 4,395 

18,824 1,099 17,724 

18,787 1,751 17,036 

Total ............................................... 43,043 3,887 39,156 

1 8-3/4% bond 05/15/87 15,559 2,755 12,804 

1 8-7/8% bond 08/17/87 10,968 2,058 8,910 

Total ............................................... 26,528 4,813 21,715 

1 9-1/8% bond 05/16/88 6,717 1,240 5,478 

1 9% bond 11/22/88 7,174 1,053 6,121 

Total ............................................... 13,892 2,293 11,599 

1 8-7/8% bond 02/15/89 13,090 2,373 10,717 

1 8-1/8% bond 08/15/89 18,941 2,731 16,210 

Total ............................................... 32,031 5,104 26,927 
PUBLIC DEBT OPERATIONS 39 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2002, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Total 

(3) 

U.S. Government accounts 

and Federal 

Reserve Banks 

(4) 

All other 

investors 

(5) 

Description 

(1) 

Issue date 

Date of final maturity (2)

2020 

Feb. 15................................................................ 

May 15 ................................................................ 

Aug. 15................................................................ 

2021 

Feb. 15................................................................ 

May 15 ................................................................ 

Aug. 15................................................................ 

Nov. 15................................................................ 

2022 

Aug. 15................................................................ 

Nov. 15................................................................ 

2023 

Feb. 15................................................................ 

Aug. 15................................................................ 

2024 

Nov. 15................................................................ 

2025 

Feb. 15................................................................ 

Aug. 15................................................................ 

2026 

Feb. 15................................................................ 

Aug. 15................................................................ 

Nov. 15................................................................ 

2027 

Feb. 15................................................................ 

Aug. 15................................................................ 

Nov. 15................................................................ 

2028 

Apr. 15 ................................................................ 

Aug. 15................................................................ 

Nov. 15................................................................ 

2029 

Feb. 15................................................................ 

Apr. 15 ................................................................ 

Aug. 15................................................................ 

See footnote at end of table. 

1 8-1/2% bond 02/15/90 1 8-3/4% bond 05/15/90 

1 8-3/4% bond 08/15/90 

9,476 1,486 7,990 

7,582 1,502 6,081 

17,059 2,629 14,430 

Total ............................................... 34,118 5,617 28,501 

1 7-7/8% bond 02/15/91 1 8-1/8% bond 05/15/91 1 8-1/8% bond 08/15/91 

1 8% bond 11/15/91 

10,076 1,530 8,546 

10,067 1,618 8,449 

9,506 1,658 7,848 

30,632 4,256 26,376 

Total ............................................... 60,281 9,061 51,220 

1 7-1/4% bond 08/17/92 10,128 1,509 8,619 

1 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total ............................................... 17,551 3,110 14,442 

1 7-1/8% bond 02/16/93 15,782 2,636 13,147 

1 6-1/4% bond 08/16/93 22,659 1,610 21,050 

Total ............................................... 38,441 4,245 34,196 

1 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total ............................................... 9,604 1,615 7,989 

1 7-5/8% bond 02/15/95 9,509 1,594 7,916 

1 6-7/8% bond 08/15/95 11,187 1,800 9,388 

Total ............................................... 20,696 3,393 17,303 

1 6% bond 02/15/96 12,838 1,164 11,674 1 6-3/4% bond 08/15/96 8,810 1,614 7,196 

1 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total............................................... 32,509 4,502 28,007 

1 6-5/8% bond 02/18/97 1 6-3/8% bond 08/15/97 

1 6-1/8% bond 11/17/97 

9,522 1,485 8,037 

9,197 1,640 7,557 

22,021 3,349 18,673 

Total ............................................... 40,740 6,473 34,267 

1 3-5/8% bond 04/15/98 1 5-1/2% bond 08/17/98 

1 5-1/4% bond 11/16/98 

18,654 2,710 15,944 

11,776 1,772 10,004 

10,947 1,561 9,386 

Total ............................................... 41,377 6,043 35,335 

1 5-1/4% bond 02/16/99 11,350 1,670 9,680 1 3-7/8% bond 04/15/99 21,320 2,643 18,677 

1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total ............................................... 43,849 5,983 37,866 
40 PUBLIC DEBT OPERATIONS 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2002, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Description 

(1) 

Issue date 

(2) 

Total 

(3) 

U.S. Government accounts 

and Federal 

Reserve Banks 

(4) 

All other 

investors 

Date of final maturity (5)

2030 

May 15 ................................................................ 

2031 

Feb. 15................................................................ 

2032 

Apr. 15 ................................................................ 

1 6-1/4% bond 02/15/00 17,043 1,894 15,149 

Total ............................................... 17,043 1,894 15,149 

1 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total ............................................... 16,428 1,423 15,005 

1 3-3/8% bond 10/15/01 5,076 158 4,918 

Total ............................................... 5,076 158 4,918 

1

 This security is eligible for stripping. See table V of the “Monthly Statement of the Public 

Debt of the United States”. 
PUBLIC DEPT OPERATIONS 41 

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

On total competitive bids accepted 

Description of new issue Amounts of bids accepted High 

Number Amount On non- High investof days to of bids Total On competitive competitive High price per discount rate ment rate 

Maturity date maturity1 tendered amount 2 basis basis 3 hundred (percent) (percent) 4 

Issue date (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Regular weekly:

(4 week, 13 week and 26 week)

2002 - Apr. 4 ................................ 2002 - May 2 28 42,196.6 21,051.5 18,967.9 32.3 99.864 1.750 1.775 

July 5 92 32,883.0 16,086.2 9,351.3 1,423.8 99.543 1.790 1.821 

Oct. 3 182 31,531.6 15,020.5 9,975.2 949.9 98.933 2.110 2.163 

Apr. 11 ................................ May 9 28 36,273.7 16,839.2 13,971.2 28.9 99.869 1.680 1.710 

July 11 91 33,974.9 13,642.4 8,155.7 1,505.3 99.568 1.710 1.740 

Oct. 10 182 30,496.6 13,821.6 8,760.3 1,240.0 99.002 1.975 2.022 

Apr. 18 ................................ May 16 28 34,916.7 16,810.5 13,977.7 22.6 99.869 1.690 1.710 

July 18 91 31,676.0 14,219.7 8,395.7 1,339.4 99.575 1.680 1.712 

Oct. 17 182 28,479.7 13,898.9 9,063.0 887.1 99.037 1.905 1.950 

Apr. 25 ................................ May 23 28 30,389.8 12,822.9 8,971.9 28.3 99.872 1.640 1.671 

July 25 91 34,551.9 15,734.1 9,354.3 1,451.8 99.573 1.690 1.720 

Oct. 24 182 31,893.8 15,430.4 9,659.9 1,200.4 99.050 1.880 1.923 

May 2................................ May 30 28 41,209.8 17,818.7 15,974.5 25.5 99.865 1.735 1.762 

Aug. 1 91 33,237.1 18,501.8 11,231.4 1,538.8 99.563 1.730 1.760 

Oct. 31 182 33,385.5 18,249.7 11,650.7 1,004.6 99.050 1.880 1.923 

May 9................................ June 6 28 54,680.1 22,893.3 19,969.7 30.3 99.866 1.725 1.749 

Aug. 8 91 34,886.3 20,197.7 13,341.7 1,518.6 99.560 1.740 1.773 

Nov. 7 182 36,548.7 20,759.8 13,631.6 1,213.7 99.065 1.850 1.893 

May 16................................ June 13 28 74,146.9 27,534.3 24,976.6 23.7 99.864 1.745 1.775 

Aug. 15 91 43,096.1 23,299.5 15,444.0 1,481.4 99.558 1.750 1.781 

Nov. 14 182 39,737.1 20,668.1 13,910.6 939.5 99.055 1.870 1.913 

May 23................................ June 20 28 48,990.5 20,458.9 17,974.0 26.2 99.869 1.690 1.710 

Aug. 22 91 42,792.8 23,913.1 15,386.9 1,438.2 99.563 1.730 1.760 

Nov. 21 182 38,002.9 20,846.1 13,837.9 1,087.2 99.039 1.900 1.946 

May 30................................ June 27 28 44,184.5 18,384.7 15,972.8 27.5 99.869 1.690 1.710 

Aug. 29 91 39,926.7 23,441.1 15,390.8 1,456.4 99.563 1.730 1.760 

Nov. 29 183 36,074.8 21,014.3 13,466.5 1,068.7 99.039 1.890 1.935 

June 6................................ July 5 29 40,949.7 19,732.3 17,957.6 42.7 99.862 1.710 1.739 

Sept. 5 91 42,278.9 23,330.3 15,467.6 1,416.6 99.565 1.720 1.752 

Dec. 5 182 42,605.4 20,667.8 13,691.5 1,188.6 99.052 1.875 1.919 

June 13................................ July 11 28 36,437.4 19,895.0 17,973.5 26.7 99.867 1.710 1.736 

Sept. 12 91 40,820.7 22,600.9 15,426.0 1,399.2 99.565 1.720 1.752 

Dec. 12 182 40,553.1 20,623.0 14,060.4 939.6 99.065 1.850 1.893 

June 20................................ July 18 28 45,759.2 19,665.4 17,970.2 29.9 99.868 1.695 1.723 

Sept. 19 91 37,130.8 22,720.8 15,451.0 1,376.1 99.570 1.700 1.732 

Dec. 19 182 39,562.1 20,650.6 13,863.5 1,136.8 99.090 1.800 1.842 

June 27................................ July 25 28 37,187.6 17,126.4 15,969.4 30.8 99.868 1.700 1.723 

Sept. 26 91 40,584.7 23,265.1 15,328.9 1,360.1 99.575 1.680 1.712 

Dec. 26 182 32,063.4 20,739.3 13,638.1 872.0 99.108 1.765 1.805 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity of 26 3 Tenders for $1 million or less from any one bidder are accepted in full at the high 

weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an original price of accepted competitive bids. All Treasury marketable auctions are conducted in 

maturity of 52 weeks. a single-price format as of November 2, 1998. 2

 Includes amount awarded to the Federal Reserve System. 4 Equivalent coupon-issue yield.
42 PUBLIC DEPT OPERATIONS 

TABLE PDO-3.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Accepted yield and 

equivalent price 

Period to final maturity Amount Amount for notes and 

Issue date Description of securities 1 (years, months, days) 2 tendered accepted 3,4 bonds 

Auction date (1) (2) (3) (4) (5) (6) 

07/02/01 07/03/01 3.75% bill—7/12/01 9d 40,000 13,000 

07/11/01 07/16/01 3-1/2% note—11/15/11-A-reopening 9y 6m 9,505 5,000 3.500 - 101.863 

07/25/01 07/31/01 3-7/8% note—7/31/03-S 2y 33,506 16,000 3.965 - 99.829 

08/07/01 08/15/01 4-5/8% note—5/15/06-E-reopening 4y 9m 24,249 11,624 4.670 - 99.797 

08/08/01 08/15/01 5% note—8/15/11-C 10y 32,395 12,043 5.078 - 99.394 

08/09/01 08/15/01 5-3/8% bond—2/15/31-reopening 29y 6m 11,345 5,540 5.520 - 97.900 

08/29/01 08/31/01 3-5/8% note—8/13/03-T 2y 34,981 18,667 3.685 - 99.885 

09/26/01 10/01/01 2-3/4% note—9/30/03-U 2y 46,848 22,667 2.869 - 99.770 

10/04/01 10/05/01 5% note—8/15/11-C-reopening 9y 10m 14,175 6,000 4.519 - 103.783 

10/10/01 10/15/01 3-3/8% bond—4/15/32 30y 6m 11,157 5,000 3.465 - 98.314 

10/24/01 10/31/01 2-3/4% note—10/31/03-V 2y 49,363 25,143 2.770 - 99.961 

11/06/01 11/15/01 3-1/2% note—11/15/06-F 5y 37,671 18,799 3.617 - 99.469 

11/07/01 11/15/01 5% note—8/15/11-C-reopening 9y 9m 15,636 8,592 4.220 - 106.170 

11/28/01 11/30/01 3% note—11/30/03-W 2y 36,929 26,167 3.008 - 99.985 

12/27/01 12/31/01 3-1/4% note—12/31/03-X 2y 61,963 29,666 3.300 - 99.904 

01/09/02 01/15/02 3-3/8% note—1/15/12-A 10y 14,317 6,000 3.480 - 99.120 

01/23/02 01/31/02 3% note—1/31/04 -J 2y 44,245 30,766 3.039 - 99.925 

02/05/02 02/15/02 3-1/2% note—11/15/06-F-reopening 4y 9m 24,401 16,944 4.254 - 96.780 

02/06/02 02/15/02 4-7/8% note—2/15/12-B 10y 24,106 13,753 4.880 - 99.961 

02/27/02 02/28/02 3% note—2/29/04-K 2y 51,953 31,735 3.059 - 99.886 

03/27/02 04/01/02 3-5/8% note—3/31/04-L 2y 56,916 32,873 3.705 - 99.847 

04/02/02 04/03/02 1.78% bill—4/22/02 19d 59,320 23,000 

04/03/02 04/04/02 1.78% bill—4/16/02 12d 76,750 23,000 

04/10/02 04/11/02 1.71% bill—4/15/02 4d 50,470 16,000 

04/24/02 04/30/02 3-3/8% note—4/30/04-M 2y 57,596 32,648 3.375 - 100.000 

05/07/02 05/15/02 4-3/8% note—5/15/07-E 5y 40,155 24,341 4.475 - 99.556 

05/08/02 05/15/02 4-7/8% note—2/15/12-B-reopening 9y 9m 24,073 11,392 5.170 - 97.746 

05/09/02 05/10/02 1.725% bill—5/17/02 7d 46,445 12,000 

05/29/02 05/31/02 3-1/4% note—5/31/04-N 2y 78,800 33,298 3.274 - 99.954 

05/31/02 06/03/02 1.72% bill—6/12/02 9d 49,165 20,000 

06/11/02 06/12/02 1.715% bill—6/18/02 6d 60,990 21,001 

06/28/02 07/01/02 2-7/8% note—6/30/04-P 2y 42,484 34,047 2.970 - 99.817 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 4 Includes securities issued to the Federal Reserve System; and to foreign and 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of international monetary authorities, whether in exchange for maturing securities or for new 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and cash.

bonds are eligible for STRIPS.

2

 From date of additional issue in case of a reopening. Note.— Amounts listed as tendered and accepted are amounts tendered and awarded on 3

 In reopenings, the amount accepted is in addition to the amount of original offerings. auction day.
PUBLIC DEBT OPERATIONS 43 

TABLE PDO-4.—Allotments by Investor Class 

for Marketable Public Debt Securities Other than Bills 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

Private 

pension 

Deposi- and Foreign 

Federal tory Dealers retire- Invest- Insurance and 

Total Reserve insti- Individ- and ment ment com- internaDate of issue Banks tutions 1 uals 2 brokers funds funds panies tional Other 3 

financing Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

10/02/00 6% note—9/30/02-Z 15,144 3,275 40 1,215 6,251 1 2,155 * 2,150 57 

10/16/00 3-7/8% bond—4/15/29-reopening 5,001 - 15 70 1,927 525 2,132 - 330 2 

10/31/00 5-3/4% note—10/31/02-N 14,857 3,333 115 944 7,886 - 776 * 1,791 12 

11/15/00 5-3/4% note—11/15/02-F 15,812 2,404 7 365 11,066 * 268 - 1,640 62 

11/15/00 5-3/4% note—8/15/10-C-reopening 10,078 1,275 * 45 7,819 - 30 - 889 20 

11/30/00 5-5/8% note—11/30/02-AC 15,059 3,333 35 881 4,274 7 1,006 * 5,450 73 

01/02/01 5-1/8% note—12/31/02-AD 14,822 3,333 56 924 7,344 9 512 2 2,606 36 

01/16/01 3-1/2% note—1/15/11-A 6,001 - 3 262 3,979 205 1,154 10 128 260 

01/31/01 4-3/4% note—1/31/03-L 15,453 3,333 60 948 7,989 1 226 1 2,885 10 

02/15/01 5-3/4% note—11/15/05-F-reopening 12,251 1,279 5 317 9,154 1 1,214 * 280 1 

02/15/01 5% note—2/15/11-B 11,976 971 11 89 8,865 * 860 - 1,155 25 

02/15/01 5-3/8% bond—2/15/31 10,887 883 - 45 5,404 * 4,252 - 238 65 

02/28/01 4-5/8% note—2/28/03-M 14,685 3,667 27 883 5,996 - 2,216 3 1,875 18 

04/02/01 4-1/4% note—3/31/03-N 14,675 3,667 60 2,083 5,990 1 1,025 * 1,841 8 

04/30/01 4% note—4/30/03-P 13,339 3,333 57 986 6,994 1 23 1 1,925 19 

05/15/01 4-5/8% note—5/16/06-E 16,181 3,175 12 362 10,519 76 1,377 * 656 4 

05/15/01 5% note—2/15/11-B-reopening 11,460 2,457 1 372 6,349 * 1,760 - 515 6 

05/31/01 4-1/4% note—5/31/03-Q 13,332 3,333 86 1,075 6,712 1 30 2 2,075 18 

07/02/01 3-7/8% note—6/30/03-R 14,671 3,667 58 1,050 7,377 1 145 1 2,233 139 

07/16/01 3-1/2% note—1/15/11-A-reopening 5,000 - 76 135 2,967 50 741 422 352 257 

07/31/01 3-7/8% note—7/31/01-S-2003 16,003 4,000 51 1,043 7,868 3 1,025 1 2,000 12 

08/15/01 4-5/8% note—5/15/06-E-reopening 11,617 623 8 165 9,447 * 738 - 635 1 

08/15/01 5% note—8/15/11-C 12,046 1,043 1 109 7,043 * 1,652 - 2,090 108 

08/15/01 5-3/8% bond—2/15/31-reopening 5,541 540 55 53 3,681 10 1,013 - 188 1 

08/31/01 3-5/8% note—8/31/03-T 18,665 4,667 51 1,042 9,875 15 662 1 2,309 43 

10/01/01 2-3/4% note—9/30/03-U 22,675 5,667 138 893 10,361 1 128 * 5,475 12 

10/05/01 5% note—8/15/11-C-reopening 6,000 - - * 4,651 - 1,112 - 175 62 

10/15/01 3-3/8% bond—4/13/32 5,000 - 4 88 2,065 370 1,826 54 338 255 

10/31/01 2-3/4% note—10/31/03-V 25,126 6,143 45 698 11,415 10 751 * 6,037 27 

11/15/01 3-1/2% note—11/15/06-F 18,804 2,799 3,009 192 9,201 1 206 25 3,360 10 

11/15/01 5% note—8/15/11-C-reopening 8,596 1,592 201 77 5,548 - 200 - 975 3 

11/30/01 3% note—11/30/03-W 26,171 5,167 55 738 14,299 - 501 - 5,400 10 

12/31/01 3-1/4% note—12/31/03-X 29,668 6,666 41 852 14,373 1 5,202 1 2,478 53 

01/15/02 3-3/8% note—1/15/12-A r 6,005 - 17 535 2,565 5 2,524 - 355 3 

01/31/02 3% note—1/31/04-J 30,776 5,766 75 1,065 18,830 1 976 * 4,030 33 

02/15/02 3-1/2% note—11/15/06-F-reopening 16,579 944 13 235 13,130 5 900 2 1,340 10 

02/15/02 4-7/8% note—2/15/12-B 13,389 753 13 187 8,122 116 2,617 - 1,580 1 

02/28/02 3% note—2/29/04-K 31,746 6,735 171 1,271 19,705 1 619 1 2,867 376 

04/01/02 3-5/8% note—3/31/04-L 32,874 7,873 175 1,394 17,800 1 1,709 2 3,675 245 

04/30/02 3-5/8% note—4/30/04-M 32,655 7,648 87 1,283 18,784 3 269 55 4,345 181 

05/15/02 4-7/8% note—2/15/12-B 11,391 391 6 145 8,023 * 1,545 - 579 702 

05/15/02 4-3/8% note—5/15/07-E 24,351 2,341 19 501 15,287 1 1,879 - 2,636 1,687 

05/30/02 3-1/4% note—5/31/04-N 33,297 6,298 83 1,527 19,066 2 2,102 41 4,155 23 

07/01/02 2-7/8% note—6/30/04-P 34,053 7,046 307 1,114 23,674 1 945 * 709 257 

07/15/02 3% note—7/15/12-C 10,016 1,010 4 659 5,992 15 2,166 * 40 130 

* Less than $500,000.

1

 Depository institutions include banks. 2

 Includes partnerships and personal trust accounts.

3

 Residual.
44 

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. Series HH bonds are issued in 

exchange for series E and EE savings bonds and savings 

notes. Series A-D were sold from March 1, 1935, through 

April 30, 1941. Series E was on sale from May 1, 1941, 

through December 31, 1979 (through June 1980 to payroll 

savers only). Series F and G were sold from May 1, 1941, 

through April 30, 1952. Series H was sold from June 1, 

1952, through December 31, 1979. Series HH bonds were 

sold for cash from January 1, 1980, through October 31, 

1982. Series J and K were sold from May 1, 1952, through 

April 30, 1957. U.S. savings notes were on sale May 1, 

1967, through June 30, 1970. The notes were eligible for 

purchase by individuals with the simultaneous purchase of 

series E savings bonds. 

The principal terms and conditions for purchase and 

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal 1974. 

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through June 30, 2002 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Series 

Sales 1 

(1) 

Accrued 

Discount 

(2) 

Sales plus 

accrued discount 

(3) 

Redemptions 1 

(4) 

Interestbearing debt 

(5) 

Matured 

non-interestbearing debt 

(6) 

Savings bonds: 

Series A-D 2............................................................ 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H and HH......................................... 376,580 227,260 603,840 384,938 173,032 7,904 

Series I ................................................................ 9,867 361 10,228 298 11,496 -

Series F and G....................................................... 28,396 1,125 29,521 29,517 - 3 

Series J and K........................................................ 3,556 198 3,754 3,753 - -

Savings notes......................................................... 862 710 1,572 1,312 - 118 

Total ................................................................ 423,210 230,708 653,918 424,820 184,528 8,026 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series 2

 Details by series on a cumulative basis and by period of series A-D combined can be 

E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J found in the February 1952 and previous issues of the “Treasury Bulletin.”

bonds for series H bonds beginning January 1960; and (3) U.S. savings notes for series H 

bonds beginning January 1972; however, they exclude exchanges of series E bonds for 

series H and HH bonds.
U.S. SAVINGS BONDS AND NOTES 45 

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Sales plus Redemptions Matured 

Accrued accrued Accrued Interest- non-interestSales discount discount Total Sales price 1 discount 1 bearing debt bearing debt 

Period (1) (2) (3) (4) (5) (6) (7) (8) 

Fiscal years: 

1935-98 ................................ 

1999 ....................................... 

2000 ....................................... 

2001 ....................................... 

Calendar years: 

1935-98 ................................ 

1999 ....................................... 

2000 ....................................... 

2001 ....................................... 

2001 - June ............................ 

July ............................. 

Aug ............................. 

Sept............................ 

Oct.............................. 

Nov............................. 

Dec............................. 

2002 - Jan .............................. 

Feb ............................. 

Mar ............................. 

Apr.............................. 

May............................. 

June............................ 

386,717 201,511 588,228 379,502 302,095 99,666 180,744 5,091 

6,530 8,394 14,924 16,614 8,072 6,781 166,529 6,169 

5,645 6,940 12,585 14,511 7,050 5,864 177,659 6,544 

8,047 8,381 16,428 13,846 6,480 5,824 179,515 6,751 

397,079 224,465 621,544 423,677 314,596 109,081 180,254 6,273 

6,054 8,788 14,842 14,523 8,510 6,013 179,277 7,005 

6,732 8,333 15,065 16,433 7,959 8,474 176,802 7,794 

3,503 3,554 7,057 6,364 2,931 3,433 178,054 7,087 

624 657 1,281 1,072 490 491 178,329 6,985 

718 767 1,485 1,163 544 506 178,715 6,900 

746 685 1,430 1,214 566 544 179,000 6,811 

707 647 1,355 856 400 364 179,515 6,751 

2,198 787 2,985 971 424 440 181,581 6,670 

2,146 574 2,720 882 384 401 183,078 6,599 

915 618 1,533 987 484 420 181,416 8,780 

1,233 726 1,958 1,371 554 685 182,234 8,522 

948 657 1,606 975 396 439 182,961 8,364 

1,023 477 1,500 1,001 424 443 183,540 8,235 

832 755 1,587 1,096 465 496 184,110 8,110 

713 569 1,282 1,045 470 454 184,407 8,003 

583 510 1,193 964 419 434 184,684 7,904 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated. 

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Redemptions 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Amount outstanding 

Matured 

Interest- non-interestbearing debt 

(8) 

bearing debt 

(9) 

Series E and EE 

Fiscal years: 

1941-98 .................. 345,255 197,852 543,107 336,808 244,791 93,026 21,597 180,744 5,091 

1999 ....................... 4,630 8,349 12,979 12,407 6,744 7,500 1,090 166,529 6,169 

2000 ....................... 3,848 6,899 10,747 11,161 5,853 6,583 924 162,749 6,525 

2001 ....................... 4,307 8,271 12,578 12,822 5,330 6,469 1,160 161,044 6,710 

Calendar years: 

1941-98 .................. 346,997 211,608 558,605 351,094 255,493 101,165 23,918 167,375 6,250 

1999 ....................... 5,460 8,774 14,234 13,804 6,171 6,435 1,101 165,702 6,983 

2000 ....................... 4,396 8,262 12,658 12,951 6,631 7,551 663 161,386 7,739 

2001 ....................... 1,549 3,475 5,024 5,863 2,379 3,084 528 161,000 7,030 

2001 - June ............ 336 658 1,279 978 382 491 106 160,986 6,934 

July ............. 379 747 1,483 1,052 435 504 113 161,027 6,853 

Aug ............. 351 662 1,428 1,102 457 541 104 160,918 6,768 

Sept ............ 320 624 1,344 784 330 362 93 161,044 6,710 

Oct.............. 973 762 1,735 877 332 438 108 161,874 6,630 

Nov ............. 194 547 741 791 296 399 98 161,408 6,561 

Dec ............. 489 589 1,078 902 401 418 84 159,365 8,695 

2002 - Jan.............. 514 695 1,209 1,259 378 682 133 159,430 8,447 

Feb ............. 415 614 1,029 874 255 436 142 159,596 8,295 

Mar ............. 540 433 973 895 281 440 136 159,662 8,171 

Apr.............. 414 708 1,122 981 234 488 138 159,786 8,050 

May............. 398 522 920 922 225 451 123 159,764 7,947 

June............ 385 560 945 850 190 431 113 159,844 7,849 

See note at end of table. 
46 U.S. SAVINGS BONDS AND NOTES 

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Redemptions 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Matured 

Interest- non-interestbearing debt 

(8) 

bearing debt 

(9) 

Series H and HH 

Fiscal years: 

1952-98 ................................ 13,638 - 13,638 22,305 22,305 - 21,515 12,541 19 

1999 ................................ 167 - 167 1,280 1,280 - 1,080 12,813 19 

2000 ................................ 165 - 165 1,154 1,154 - 924 12,759 20 

2001 ................................ 101 - 101 1,023 1,023 - 1,160 12,815 41 

Calendar years: 

1952-98 ................................ 13,614 - 13,614 23,219 23,219 - 22,528 12,594 23 

1999 ................................ 40 - 40 820 820 - 1,101 12,869 22 

2000 ................................ 106 - 106 2,291 2,291 - 1,052 12,704 56 

2001 ................................ 20 - 20 501 501 - 528 12,733 57 

2001 - June ............................ 2 - 2 94 94 - 106 12,750 51 

July ............................. 1 - 1 94 94 - 113 12,773 47 

Aug ............................. 3 - 3 93 93 - 104 12,790 43 

Sept ............................ 11 - 11 58 58 - 93 12,815 41 

Oct.............................. 3 - 3 77 77 - 108 12,845 40 

Nov ............................. 2 - 2 70 70 - 98 12,876 38 

Dec ............................. 8 - 8 62 62 - 84 12,860 85 

2002 - Jan.............................. 13 - 13 88 88 - 133 12,928 75 

Feb ............................. 10 - 10 79 79 - 141 12,986 69 

Mar ............................. 3 - 3 82 82 - 136 13,042 63 

Apr.............................. 3 - 3 80 80 - 138 13,100 59 

May............................. 1 - 1 80 80 - 123 13,147 57 

June............................ 1 - 1 72 72 - 113 13,188 55 

Series I 

Fiscal years: 

1999-00 ................................ 1,730 41 1,771 49 49 - - 2,152 -

2001 ................................ 3,633 195 3,828 131 131 - - 5,656 -

Calendar years: 

1998 ................................ 117 - 117 - - - - 117 -

1999 ................................ 568 1 569 14 14 - - 469 -

2000 ................................ 1,898 70 1,968 61 61 - - 2,712 -

2001 ................................ 1,661 78 1,739 53 53 - - 4,321 -

2001 - June ............................ 286 19 305 14 14 - - 4,593 -

July ............................. 338 20 358 15 15 - - 4,916 -

Aug ............................. 392 22 414 16 16 - - 5,292 -

Sept ............................ 376 24 400 13 13 - - 5,656 -

Oct.............................. 1,222 25 1,247 15 15 - - 6,863 -

Nov ............................. 1,950 27 1,977 18 18 - - 8,795 -

Dec ............................. 418 28 446 21 21 - - 9,192 -

2002 - Jan .............................. 706 30 736 22 22 - - 9,876 -

Feb ............................. 523 43 566 20 20 - - 10,379 -

Mar ............................. 479 45 524 22 22 - - 10,837 -

Apr.............................. 415 47 462 27 27 - - 11,225 -

May............................. 313 47 360 42 42 - - 11,496 -

June............................ 197 50 247 40 40 - - 11,652 -

Note—Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 

1967, through June 30, 1970, to E bond buyers. 
47 

INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

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

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

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

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated amount of 

public debt securities held by private investors. Information 

is obtained from sources such as the Federal financial 

institution regulatory agencies. State, local and foreign 

holdings include special issues of nonmarketable securities 

to municipal entities and foreign official accounts. They also 

include municipal, foreign official and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
48 OWNERSHIP OF FEDERAL SECURITIES 

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

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

Total Public debt securities 

Federal Held by U.S. Government accounts Public issues 

End of securities Total held by Federal 

fiscal year outstanding outstanding Total Marketable Nonmarketable Reserve Banks 

or month (1) (2) (3) (4) (5) (6) 

2001 ................................................................ 

2001 - June ................................................................ 

July ................................................................ 

Aug ................................................................ 

Sept................................................................ 

Oct................................................................ 

Nov................................................................ 

Dec................................................................ 

2002 - Jan ................................................................ 

Feb ................................................................ 

Mar ................................................................ 

Apr................................................................ 

May................................................................ 

June................................................................ 

5,834,475 5,807,463 2,468,757 460 2,468,297 559,636 

5,753,914 5,726,815 2,452,639 460 2,452,179 552,164 

5,745,240 5,718,303 2,452,358 460 2,451,898 554,293 

5,796,493 5,769,876 2,429,635 460 2,429,175 560,005 

5,834,475 5,807,464 2,468,757 460 2,468,297 559,636 

5,842,758 5,815,983 2,483,578 460 2,483,118 563,010 

5,915,552 5,888,897 2,485,497 460 2,485,037 569,918 

5,970,267 5,943,439 2,549,681 460 2,549,221 574,863 

5,963,970 5,937,229 2,558,938 460 2,558,478 581,069 

6,029,884 6,003,453 2,561,674 311 2,561,363 587,481 

6,032,411 6,006,032 2,562,358 311 2,562,047 595,082 

6,011,008 5,984,677 2,582,932 311 2,582,621 601,978 

6,045,782 6,019,332 2,586,104 311 2,585,793 610,097 

6,153,295 6,126,469 2,662,925 311 2,662,614 614,366 

Agency securities 

Held by 

Public debt securities, con. U.S. Government 

End of 

Held by private investors accounts and 

Total Federal Reserve 

Held by 

private 

fiscal year Total Marketable Nonmarketable outstanding Banks investors 

or month (7) (8) (9) (10) (11) (12) 

2001 ................................................................................... 2,779,070 2,370,630 408,441 27,011 - 27,011 

2001 - June ................................................................ 2,722,012 2,303,111 418,901 27,099 - 27,099 

July ................................................................ 2,711,652 2,298,132 413,521 26,937 - 26,937 

Aug ................................................................ 2,780,236 2,368,367 411,869 26,617 - 26,617 

Sept ................................................................ 2,779,070 2,370,630 408,441 27,011 - r 27,011 

Oct................................................................ 2,769,395 2,357,783 411,613 26,775 - 26,775 

Nov ................................................................ 2,833,482 2,420,997 412,485 26,655 - 26,655 

Dec ................................................................ 2,818,895 2,407,678 411,217 26,828 - 26,828 

2002 - Jan ................................................................ 2,797,222 2,386,657 410,565 r 26,741 - 26,741 

Feb ................................................................ 2,854,298 2,445,828 408,470 26,431 - 26,431 

Mar ................................................................ 2,848,592 2,439,632 408,960 26,379 - 26,379 

Apr................................................................ 2,799,767 2,390,460 409,307 26,331 - 26,331 

May................................................................ 2,823,131 2,434,729 388,402 26,450 - 26,450 

June................................................................ 2,849,178 2,437,614 411,564 26,826 - 26,826 

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

format changes in the “Monthly Statement of the Public Debt of the United States.” 
OWNERSHIP OF FEDERAL SECURITIES 49 

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

(Historical)

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

Total Interest-bearing public debt securities 

Federal Held by U.S. Government accounts Public issues 

End of securities Total held by Federal 

fiscal year outstanding outstanding Total Marketable Nonmarketable Reserve Banks 

or month (1) (2) (3) (4) (5) (6) 

1997 ................................................................ 

1998 ................................................................ 

1999 ................................................................ 

2000 ................................................................ 

5,446,320 5,407,528 1,596,765 1,254 1,595,511 436,496 

5,555,552 5,518,681 1,763,860 1,254 1,762,606 458,131 

5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472 

5,701,851 5,622,092 2,235,710 461 2,235,249 511,413 

Matured Agency securities 

Interest-bearing public debt securities, con. 

Held by private investors 

public 

debt 

and debt 

Held by 

U.S. Government 

accounts and Held by 

End of Non- bearing no Total Federal Reserve private 

fiscal year Total Marketable marketable interest outstanding Banks investors 

or month (7) (8) (9) (10) (11) (12) (13) 

1997 ........................................... 

1998 ........................................... 

1999 ........................................... 

2000 ........................................... 

3,374,267 3,001,866 372,401 5,618 33,173 7,098 26,075 

3,296,690 2,871,645 425,045 7,512 29,359 3,917 25,442 

3,162,094 2,735,403 426,691 9,030 28,505 634 27,871 

2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 
50 OWNERSHIP OF FEDERAL SECURITIES 

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

[In billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

Pension Funds 3 

Federal State and 

Total Reserve and Total U.S. State and Insurance local Foreign 

public Government privately Depository savings local compa- Mutual govern- and inter- Other 

debt 1 accounts 2 held institutions 3,4 bonds 5 Private 6 governments nies 3 funds 3,7 ments 3 national 8 investors 9 

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

1991 - Mar................................ 3,465.2 1,104.6 2,360.6 222.5 129.7 122.9 153.4 147.2 161.0 415.6 492.0 516.2 

June................................ 3,538.0 1,139.1 2,398.9 231.5 133.2 122.8 155.0 156.8 153.8 416.8 502.0 527.0 

Sept ................................ 3,665.3 1,166.9 2,498.4 251.6 138.1 126.2 140.2 171.4 171.6 430.2 506.3 562.8 

Dec ................................ 3,801.7 1,223.2 2,578.5 271.6 138.1 126.9 141.7 181.8 192.2 435.5 520.9 569.8 

1992 - Mar................................ 3,881.3 1,215.5 2,665.8 300.5 142.0 116.9 141.7 188.4 193.8 460.0 536.4 586.0 

June................................ 3,984.7 1,272.3 2,712.4 315.1 145.4 116.7 146.7 192.8 193.7 435.6 558.2 608.2 

Sept ................................ 4,064.6 1,282.4 2,782.2 337.2 150.3 120.0 166.4 194.8 195.9 429.3 562.8 625.5 

Dec ................................ 4,177.0 1,329.7 2,847.3 348.3 157.3 121.1 172.3 197.5 200.4 418.2 576.7 655.5 

1993 - Mar................................ 4,230.6 1,328.6 2,902.0 362.6 163.6 112.1 171.2 208.0 202.0 434.0 585.9 662.7 

June................................ 4,352.0 1,400.6 2,951.4 360.9 166.5 111.6 176.9 217.8 219.5 441.2 596.8 660.2 

Sept ................................ 4,411.5 1,422.2 2,989.3 366.2 169.1 125.1 189.2 229.4 217.6 434.0 619.1 639.7 

Dec ................................ 4,535.7 1,476.1 3,059.6 373.0 171.9 119.3 186.6 234.5 227.1 447.8 650.3 649.2 

1994 - Mar................................ 4,575.9 1,476.0 3,099.9 397.4 175.0 119.6 195.3 233.4 212.8 443.4 661.1 661.9 

June................................ 4,645.8 1,547.5 3,098.3 383.8 177.1 128.9 193.4 238.0 204.6 425.2 659.9 687.4 

Sept ................................ 4,692.8 1,562.8 3,130.0 364.0 178.6 135.9 191.9 243.7 201.6 398.2 682.0 734.1 

Dec ................................ 4,800.2 1,622.6 3,177.6 339.6 179.9 139.6 191.9 240.1 209.4 370.0 667.3 839.8 

1995 - Mar................................ 4,864.1 1,619.3 3,244.8 353.0 181.4 141.1 203.1 244.2 210.6 350.5 707.0 854.0 

June................................ 4,951.4 1,690.1 3,261.3 340.0 182.6 142.1 197.2 245.0 202.5 313.7 762.5 875.8 

Sept ................................ 4,974.0 1,688.0 3,286.0 330.8 183.5 141.5 193.0 245.2 211.6 304.3 820.4 855.7 

Dec ................................ 4,988.7 1,681.0 3,307.7 315.4 185.0 142.0 191.7 241.5 241.5 289.8 835.2 865.6 

1996 - Mar................................ 5,117.8 1,731.1 3,386.7 322.1 185.8 143.8 198.9 239.4 240.9 283.6 908.1 864.1 

June................................ 5,161.1 1,806.7 3,354.4 318.7 186.5 144.0 208.2 229.5 230.6 283.3 929.7 823.9 

Sept ................................ 5,224.8 1,831.6 3,393.2 310.9 186.8 140.7 202.4 226.8 226.8 263.7 993.4 841.7 

Dec ................................ 5,323.2 1,892.0 3,431.2 296.6 187.0 r 139.4 203.5 214.1 227.4 257.0 1,102.1 r 804.1 

1997 - Mar................................ 5,380.9 1,928.7 3,452.2 317.3 186.5 140.6 203.7 181.8 221.9 248.1 1,157.6 794.7 

June................................ 5,376.2 1,998.9 3,377.3 300.1 186.3 141.4 209.3 183.1 216.8 243.3 1,182.7 714.2 

Sept ................................ 5,413.1 2,011.5 3,401.6 292.8 186.2 142.4 219.7 186.8 221.6 235.2 1,230.5 686.4 

Dec ................................ 5,502.4 2,087.8 3,414.6 300.3 186.5 143.5 216.9 176.6 232.8 239.3 1,241.6 677.1 

1998 - Mar................................ 5,542.4 2,104.9 3,437.5 308.2 186.2 132.8 211.9 169.4 235.1 238.1 1,250.5 705.3 

June................................ 5,547.9 2,198.6 3,349.3 290.7 186.0 126.3 214.8 160.6 231.2 258.5 1,256.0 625.2 

Sept ................................ 5,526.2 2,213.0 3,313.2 244.4 186.0 117.3 211.2 151.3 232.5 266.4 1,224.2 679.9 

Dec ................................ 5,614.2 2,280.2 3,334.0 237.3 186.6 112.5 217.7 141.7 253.9 269.3 1,278.7 636.3 

1999 - Mar................................ 5,651.6 2,324.1 3,327.5 246.5 186.5 109.7 218.4 137.5 252.4 272.5 1,272.3 631.7 

June................................ 5,638.8 2,439.6 3,199.2 240.6 186.5 111.8 222.5 133.6 219.2 279.1 1,258.8 547.1 

Sept ................................ 5,656.3 2,480.9 3,175.4 239.9 186.2 111.9 215.3 128.0 224.8 271.6 1,281.4 516.3 

Dec ................................ 5,776.1 2,542.2 3,233.9 246.4 186.4 r 110.4 211.2 123.4 229.1 266.8 1,268.7 r 591.5 

2000 - Mar................................ 5,773.4 2,590.6 3,182.8 234.9 185.3 111.4 211.1 120.0 222.4 257.2 r 1,106.9 r 733.6 

June................................ 5,685.9 2,698.6 2,987.4 219.3 184.6 112.9 210.5 116.5 205.3 256.4 r 1,082.0 r 599.9 

Sept ................................ 5,674.2 2,737.9 2,936.2 218.3 184.3 113.1 200.7 113.8 207.6 241.9 r 1,057.9 r 598.6 

Dec ................................ 5,662.2 2,781.8 2,880.4 199.1 184.8 r 110.1 195.7 110.2 221.8 236.2 r 1,034.2 r 588.3 

2001 - Mar................................ 5,773.7 2,880.9 2,892.9 187.9 184.8 r 105.6 195.3 101.9 r 222.3 231.5 r 1,029.9 r 633.7 

June................................ 5,726.8 3,004.2 2,722.6 190.1 185.5 r 104.3 204.4 94.8 r 218.4 224.0 r 1,000.5 r 500.6 

Sept ................................ 5,807.5 3,027.8 2,779.7 189.5 186.4 r 101.7 187.7 88.5 r 230.6 208.9 r 1,004.3 r 582.1 

Dec ................................ 5,943.4 3,123.9 2,819.5 r 181.7 r 190.3 r 103.3 186.0 r 82.3 r 256.8 r 216.2 r 1,053.1 r 549.9 

2002 - Mar................................ 6,006.0 r 3,156.8 r 2,849.2 p 187.6 192.0 p 104.0 p 195.6 p 82.5 p 266.8 p 212.5 r 1,047.5 r 560.7 

June................................ 6,126.5 3,276.7 2,849.8 n.a. p 192.8 n.a. n.a. n.a. n.a. n.a. p 1,072.4 n.a. 

1

 Source: “Monthly Statement of the Public Debt of the United States.” Face value. 8 Source: Federal Reserve Board Treasury International Capital Survey. Includes 2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve Banks, statement of nonmarketable foreign series Treasury securities and Treasury deposit funds. 

condition, for System Open Market Accounts; and U. S. Treasury for Government accounts. Excludes Treasury securities held under repurchase agreements in custody accounts 

Federal Reserve holdings exclude Treasury securities held under repurchase agreements. at the Federal Reserve Bank of New York. Estimates reflect the 1984 benchmark to 3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. December 1989, the 1989 benchmark to December 1994 and the 1994 benchmark to 4

 Includes commercial banks, savings institutions and credit unions. March 2000. The March 2000 benchmark was released in 2002. 5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

accrual value. personal trusts and estates, corporate and non-corporate businesses, and other 6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift investors.

Savings Plan "G Fund."

7

 Includes money market mutual funds, mutual funds and closed-end investment companies. Note.—Ownership data were revised (in June 1999) back to March 1989 in order to 

update ownership categories and to incorporate greater reliance on Flow of Funds 

data of the Federal Reserve Board. 
51 

INTRODUCTION: Market Yields

The tables and charts in this section present yields on 

Treasury marketable securities, and compare long-term 

yields on Treasury securities with yields on long-term 

corporate and municipal securities. 

• Table MY-1 lists Treasury market bid yields at 

constant maturities for bills, notes and bonds. The Treasury 

yield curve in the accompanying chart is based on current 

market bid quotations on the most actively traded Treasury 

securities as of 3:30 p.m. on the last business day of the 

calendar quarter. 

The Treasury uses quotations obtained by the FRB of 

New York to derive the yield curve, based on semiannual 

interest payments and read at constant maturity points to 

develop a consistent data series. The Board of Governors of 

the Federal Reserve System publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

On July 31, 2001, Treasury expanded its constant 

maturity index to include a 1-month constant maturity yield, 

and Table MY-1 now includes a 1-month maturity beginning 

on that date. On February 18, 2002, Treasury discontinued 

the 30-year constant maturity yield. In lieu of the 30-year 

yield, Table MY-1 will include a 20-year maturity. 

Historical data for the 20-year maturity is available from the 

Board of Governors’ Statistical Release H.15. 

• Table MY-2 shows average yields of long-term 

Treasury, corporate and municipal bonds. The long-term 

Treasury average yield is the 30-year constant maturity yield 

prior to February 2002 and the 20-year maturity yield 

beginning in February 2002. The corporate bond average 

yield is developed by Treasury by calculating reoffering 

yields on new long-term securities maturing in at least 20 

years and rated Aa by Moody’s Investors Service. The 

municipal bond average yield prior to 1991 was compiled by 

Treasury. Beginning with January 1991, the average yield is 

the “Municipal Bond Yield Average,” published by 

Moody’s Investors Service for 20-year reoffering yields on 

selected Aa-rated general obligations. See the footnotes for 

further explanation. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities:

Bills, Notes and Bonds*

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

1-mo. 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 20-yr. 30-yr. 

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

Monthly average: 

2001 - July ........................................................ n.a. 3.59 3.56 3.62 4.04 4.31 4.76 5.06 5.24 5.75 5.61 

Aug....................................................... 3.53 3.44 3.39 3.47 3.76 4.04 4.57 4.84 4.97 5.58 5.48 

Sept...................................................... 2.68 2.69 2.71 2.82 3.12 3.45 4.12 4.51 4.73 5.53 5.48 

Oct ....................................................... 2.27 2.20 2.17 2.33 2.73 3.14 3.91 4.31 4.57 5.34 5.32 

Nov....................................................... 1.99 1.91 1.92 2.18 2.78 3.22 3.97 4.42 4.65 5.33 5.12 

Dec....................................................... 1.72 1.72 1.82 2.22 3.11 3.62 4.39 4.86 5.09 5.76 5.48 

2002 - Jan......................................................... 1.68 1.68 1.77 2.16 3.03 3.56 4.34 4.79 5.04 5.69 5.45 

Feb....................................................... 1.74 1.76 1.86 2.23 3.02 3.55 4.30 4.71 4.91 5.61 n.a. 

Mar....................................................... 1.79 1.83 2.06 2.57 3.56 4.14 4.74 5.14 5.28 5.93 n.a. 

Apr ....................................................... 1.72 1.75 1.98 2.48 3.42 4.01 4.65 5.02 5.21 5.85 n.a. 

May ...................................................... 1.74 1.76 1.91 2.35 3.26 3.80 4.49 4.90 5.16 5.81 n.a. 

June ..................................................... 1.72 1.73 1.83 2.20 2.99 3.49 4.19 4.60 4.93 5.65 n.a. 

End of month: 

2001 - July ........................................................ 3.67 3.54 3.47 3.53 3.79 4.06 4.57 4.86 5.07 5.61 5.51 

Aug....................................................... 3.40 3.37 3.31 3.41 3.64 3.91 4.46 4.72 4.85 5.47 5.39 

Sept...................................................... 2.28 2.40 2.36 2.49 2.86 3.22 3.93 4.37 4.60 5.45 5.42 

Oct ....................................................... 2.15 2.05 1.95 2.07 2.44 2.87 3.66 4.03 4.30 5.05 4.89 

Nov....................................................... 1.87 1.78 1.79 2.06 2.84 3.30 4.08 4.55 4.78 5.54 5.27 

Dec....................................................... 1.68 1.74 1.83 2.17 3.07 3.59 4.38 4.84 5.07 5.74 5.48 

2002 - Jan......................................................... 1.69 1.76 1.89 2.29 3.16 3.70 4.42 4.82 5.07 5.68 5.44 

Feb....................................................... 1.76 1.79 1.87 2.25 3.06 3.64 4.27 4.70 4.88 5.61 n.a. 

Mar....................................................... 1.76 1.79 2.12 2.70 3.72 4.31 4.91 5.29 5.42 6.03 n.a. 

Apr ....................................................... 1.77 1.77 1.91 2.35 3.24 3.83 4.53 4.88 5.11 5.74 n.a. 

May ...................................................... 1.72 1.74 1.91 2.34 3.22 3.73 4.37 4.77 5.08 5.77 n.a. 

June ..................................................... 1.69 1.70 1.75 2.06 2.90 3.37 4.09 4.52 4.86 5.65 n.a. 

* Rates are from the Treasury yields curve. 
52 MARKET YIELDS 

CHART MY-A.—Yields of Treasury Securities, 

June 28, 2002* 

Based on closing bid quotations of actively traded issues (in percentages) 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

3.0 

2.5 

2.0 

1.5 

0 2 4 6 8 10 12 14 16 18 

Note: The yield curve is based on actively traded issues. 

Years to maturity 

* Source: Office of Market Finance 

20 
MARKET YIELDS 53 

TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds 

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

New Aa New Aa 

Treasury corporate municipal 

Bonds 1 bonds 2 bonds 3 

Period (1) (2) (3) 

MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES 

1991 

Jan ................................................................................................................................................................................................ 8.27 9.60 7.00 

Feb ................................................................................................................................................................................................ 8.03 9.14 6.61 

Mar ................................................................................................................................................................................................ 8.29 9.14 6.88 

Apr................................................................................................................................................................................................ 8.21 9.07 6.81 

May ................................................................................................................................................................................................ 8.27 9.13 6.78 

June ................................................................................................................................................................................................ 8.47 9.37 6.90 

July................................................................................................................................................................................................ 8.45 9.38 6.89 

Aug................................................................................................................................................................................................ 8.14 8.88 6.66 

Sept................................................................................................................................................................................................ 7.95 8.79 6.58 

Oct................................................................................................................................................................................................ 7.93 8.81 6.44 

Nov................................................................................................................................................................................................ 7.92 8.72 6.37 

Dec................................................................................................................................................................................................ 7.70 8.55 6.43 

1992 

Jan ................................................................................................................................................................................................ 7.58 8.36 6.29 

Feb ................................................................................................................................................................................................ 7.85 8.63 6.42 

Mar ................................................................................................................................................................................................ 7.97 8.62 6.59 

Apr................................................................................................................................................................................................ 7.96 8.59 6.54 

May ................................................................................................................................................................................................ 7.89 8.57 6.39 

June ................................................................................................................................................................................................ 7.84 8.45 6.32 

July................................................................................................................................................................................................ 7.60 8.19 5.90 

Aug................................................................................................................................................................................................ 7.39 7.96 5.81 

Sept................................................................................................................................................................................................ 7.34 7.99 6.05 

Oct................................................................................................................................................................................................ 7.53 8.17 6.18 

Nov................................................................................................................................................................................................ 7.61 8.25 6.22 

Dec................................................................................................................................................................................................ 7.44 8.12 6.02 

1993 

Jan ................................................................................................................................................................................................ 7.34 7.91 6.05 

Feb ................................................................................................................................................................................................ 7.09 7.73 5.74 

Mar ................................................................................................................................................................................................ 6.82 7.39 5.54 

Apr................................................................................................................................................................................................ 6.85 7.48 5.64 

May ................................................................................................................................................................................................ 6.92 7.52 5.61 

June ................................................................................................................................................................................................ 6.81 7.48 5.54 

July................................................................................................................................................................................................ 6.63 7.35 5.40 

Aug................................................................................................................................................................................................ 6.32 7.04 5.50 

Sept................................................................................................................................................................................................ 6.00 6.88 5.44 

Oct................................................................................................................................................................................................ 5.94 6.88 5.23 

Nov................................................................................................................................................................................................ 6.21 7.17 5.19 

Dec................................................................................................................................................................................................ 6.25 7.22 5.27 

1994 

Jan ................................................................................................................................................................................................ 6.29 7.16 5.19 

Feb ................................................................................................................................................................................................ 6.49 7.27 5.16 

Mar ................................................................................................................................................................................................ 6.91 7.64 5.47 

Apr................................................................................................................................................................................................ 7.27 7.95 5.59 

May ................................................................................................................................................................................................ 7.41 8.17 5.79 

June ................................................................................................................................................................................................ 7.40 8.16 5.96 

July................................................................................................................................................................................................ 7.58 8.30 6.11 

Aug................................................................................................................................................................................................ 7.49 8.25 6.07 

Sept................................................................................................................................................................................................ 7.71 8.48 6.10 

Oct................................................................................................................................................................................................ 7.94 8.76 6.31 

Nov................................................................................................................................................................................................ 8.08 8.89 6.79 

Dec................................................................................................................................................................................................ 7.87 8.66 6.63 

See footnotes at end of table. 
54 MARKET YIELDS 

TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds, con. 

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

New Aa New Aa 

Treasury corporate municipal 

Bonds 1 bonds 2 bonds 3 

Period (1) (2) (3) 

MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES 

1995 

Jan ................................................................................................................................................................................................ 7.85 8.59 6.48 

Feb ................................................................................................................................................................................................ 7.61 8.39 6.09 

Mar ................................................................................................................................................................................................ 7.45 8.23 5.91 

Apr................................................................................................................................................................................................ 7.36 8.10 5.80 

May ................................................................................................................................................................................................ 6.95 7.68 5.75 

June ................................................................................................................................................................................................ 6.57 7.42 5.61 

July................................................................................................................................................................................................ 6.72 7.54 5.69 

Aug................................................................................................................................................................................................ 6.86 7.75 5.81 

Sept................................................................................................................................................................................................ 6.55 7.42 5.75 

Oct................................................................................................................................................................................................ 6.37 7.29 5.80 

Nov................................................................................................................................................................................................ 6.26 7.20 5.56 

Dec................................................................................................................................................................................................ 6.06 7.02 5.46 

1996 

Jan ................................................................................................................................................................................................ 6.05 7.00 5.41 

Feb ................................................................................................................................................................................................ 6.24 7.14 5.41 

Mar ................................................................................................................................................................................................ 6.60 7.58 5.57 

Apr................................................................................................................................................................................................ 6.79 7.81 5.72 

May ................................................................................................................................................................................................ 6.93 7.87 5.73 

June ................................................................................................................................................................................................ 7.06 8.00 5.82 

July................................................................................................................................................................................................ 7.03 7.97 5.82 

Aug................................................................................................................................................................................................ 6.84 7.68 5.69 

Sept................................................................................................................................................................................................ 7.03 7.84 5.62 

Oct................................................................................................................................................................................................ 6.81 7.69 5.53 

Nov................................................................................................................................................................................................ 6.48 7.43 5.47 

Dec................................................................................................................................................................................................ 6.55 7.45 5.47 

1997 

Jan ................................................................................................................................................................................................ 6.83 7.62 5.53 

Feb ................................................................................................................................................................................................ 6.69 7.54 5.40 

Mar ................................................................................................................................................................................................ 6.93 7.85 5.59 

Apr................................................................................................................................................................................................ 7.09 8.04 5.73 

May ................................................................................................................................................................................................ 6.94 7.90 5.53 

June ................................................................................................................................................................................................ 6.77 7.71 5.39 

July................................................................................................................................................................................................ 6.51 7.44 5.27 

Aug................................................................................................................................................................................................ 6.58 7.30 5.27 

Sept................................................................................................................................................................................................ 6.50 7.04 5.25 

Oct................................................................................................................................................................................................ 6.33 6.90 5.26 

Nov................................................................................................................................................................................................ 6.11 6.79 5.23 

Dec................................................................................................................................................................................................ 5.99 6.68 5.07 

1998 

Jan ................................................................................................................................................................................................ 5.81 6.62 4.93 

Feb ................................................................................................................................................................................................ 5.89 6.66 4.96 

Mar ................................................................................................................................................................................................ 5.95 6.63 5.10 

Apr................................................................................................................................................................................................ 5.92 6.59 5.10 

May ................................................................................................................................................................................................ 5.93 6.63 5.17 

June ................................................................................................................................................................................................ 5.70 6.43 5.01 

July................................................................................................................................................................................................ 5.68 6.36 5.04 

Aug................................................................................................................................................................................................ 5.54 6.34 5.06 

Sept................................................................................................................................................................................................ 5.20 6.26 4.94 

Oct................................................................................................................................................................................................ 5.01 6.21 4.82 

Nov................................................................................................................................................................................................ 5.25 6.42 4.93 

Dec................................................................................................................................................................................................ 5.06 6.13 4.90 

See footnotes at end of table. 
MARKET YIELDS 55 

TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds, con. 

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] 

New Aa New Aa 

Treasury corporate municipal 

Bonds 1 bonds 2 bonds 3 

Period (1) (2) (3) 

MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES 

1999 

Jan ................................................................................................................................................................................................ 5.16 6.14 4.94 

Feb ................................................................................................................................................................................................ 5.37 6.33 4.89 

Mar ................................................................................................................................................................................................ 5.58 6.52 5.02 

Apr................................................................................................................................................................................................ 5.55 6.58 5.00 

May ................................................................................................................................................................................................ 5.81 6.86 5.15 

June ................................................................................................................................................................................................ 6.04 7.21 5.31 

July................................................................................................................................................................................................ 5.98 7.20 5.30 

Aug................................................................................................................................................................................................ 6.07 7.36 5.56 

Sept................................................................................................................................................................................................ 6.07 7.38 5.67 

Oct................................................................................................................................................................................................ 6.26 7.51 5.84 

Nov................................................................................................................................................................................................ 6.15 7.35 5.90 

Dec................................................................................................................................................................................................ 6.35 7.55 5.91 

2000 

Jan ................................................................................................................................................................................................ 6.63 7.83 6.02 

Feb ................................................................................................................................................................................................ 6.23 7.59 5.95 

Mar ................................................................................................................................................................................................ 6.05 7.54 5.80 

Apr................................................................................................................................................................................................ 5.85 7.49 5.64 

May ................................................................................................................................................................................................ 6.15 7.85 5.94 

June ................................................................................................................................................................................................ 5.93 7.75 5.74 

July................................................................................................................................................................................................ 5.85 7.66 5.59 

Aug................................................................................................................................................................................................ 5.72 7.47 5.48 

Sept................................................................................................................................................................................................ 5.83 7.50 5.50 

Oct................................................................................................................................................................................................ 5.80 7.50 5.56 

Nov................................................................................................................................................................................................ 5.78 7.41 5.50 

Dec................................................................................................................................................................................................ 5.49 7.21 5.23 

2001 

Jan ................................................................................................................................................................................................ 5.54 7.15 5.07 

Feb ................................................................................................................................................................................................ 5.45 7.08 5.14 

Mar ................................................................................................................................................................................................ 5.34 6.87 5.08 

Apr................................................................................................................................................................................................ 5.65 7.09 5.24 

May ................................................................................................................................................................................................ 5.78 7.19 5.25 

June ................................................................................................................................................................................................ 5.67 7.11 5.18 

July................................................................................................................................................................................................ 5.61 7.02 5.15 

Aug................................................................................................................................................................................................ 5.48 6.85 4.99 

Sept................................................................................................................................................................................................ 5.48 6.83 5.05 

Oct................................................................................................................................................................................................ 5.32 6.72 4.99 

Nov................................................................................................................................................................................................ 5.12 6.51 4.96 

Dec................................................................................................................................................................................................ 5.48 6.80 5.22 

2002 

Jan ................................................................................................................................................................................................ 5.45 6.75 r 5.09 

Feb ................................................................................................................................................................................................ 5.61 6.65 r 5.02 

Mar ................................................................................................................................................................................................ 5.93 6.79 r 5.07 

Apr................................................................................................................................................................................................ 5.85 6.81 5.12 

May ................................................................................................................................................................................................ 5.81 6.77 5.09 

June ................................................................................................................................................................................................ 5.65 6.57 5.02 

1

 Treasury bond rate is for a 30-year maturity prior to February 2002 and for a 20-year 3 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors 

maturity thereafter. Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present. 2

 Treasury series based on 3-week moving average of reoffering yields of new corporate 

bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years.
56 MARKET YIELDS

CHART MY-B.—Average Yields of Long-Term

Treasury, Corporate and Municipal Bonds*

Monthly averages (in percentages)

4

5

6

7

8

9

10

11

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

Calendar years

*Source: Office of Market Finance

Aa municipal bonds

Treasury bonds

Aa corporate bonds
57 

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, various 

U.S. Mint offices, the Federal Reserve Banks (FRBs) and 

the Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, June 30, 2002 

[Source: Financial Management Service] 

Total 

currency Currency no 

and coin Total currency Federal Reserve notes 1 U.S. Notes longer issued 

Currency (1) (2) (3) (4) (5) 

Amounts outstanding ................................ $786,132,402,212 $752,652,072,504 $752,137,355,941 $262,775,016 $251,941,547 

Less amounts held by: 

The Treasury................................................................ 371,120,625 19,845,625 19,635,669 20,739 189,217 

FRBs ................................................................ 127,837,579,484 126,889,832,454 126,889,830,643 - 1,811 

Amounts in circulation................................ $657,923,702,103 $625,742,394,425 $625,227,889,629 $262,754,277 $251,750,519 

Fractional 

Total Dollars 3 coins 

Coins 2 (1) (2) (3) 

Amounts outstanding ................................ $33,480,329,708 $3,492,929,008 $29,987,400,700 

Less amounts held by: 

The Treasury................................................................ 351,275,000 300,825,000 50,450,000 

FRBs ................................................................ 947,747,030 196,462,163 751,284,867 

Amounts in circulation................................ $32,181,307,678 $2,995,641,845 $29,185,665,833 

See footnotes following table USCC-2. 
58 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2002 

[Source: Financial Management Service] 

Currency no 

Total Federal Reserve notes 1 U.S. notes longer issued 

Currency in circulation by denomination (1) (2) (3) (4) 

$1 ....................................................................................... 

$2 ....................................................................................... 

$5 ....................................................................................... 

$10 ..................................................................................... 

$20 ..................................................................................... 

$50 ..................................................................................... 

$100 ................................................................................... 

$500 ................................................................................... 

$1,000 ................................................................ 

$5,000 ................................................................ 

$10,000 ................................................................ 

Fractional parts ................................................................ 

Partial notes 4................................................................ 

$7,607,195,706 $7,461,125,222 $143,481 $145,927,003 

1,280,733,254 1,148,369,612 132,351,066 12,576 

8,846,548,605 8,707,036,985 109,707,610 29,804,010 

13,990,099,800 13,968,224,200 5,950 21,869,650 

96,856,498,360 96,836,393,160 3,380 20,101,820 

56,272,791,100 56,261,297,950 - 11,493,150 

440,574,178,500 440,531,643,000 20,542,700 21,992,800 

142,932,500 142,744,500 - 188,000 

166,221,000 166,015,000 - 206,000 

1,755,000 1,700,000 - 55,000 

3,440,000 3,340,000 - 100,000 

485 - - 485 

115 - 90 25 

Total currency ................................................................ $625,742,394,425 $625,227,889,629 $262,754,277 $251,750,519 

Amounts (in millions) Per capita 5 

Comparative totals of currency and coins in circulation—selected dates (1) (2) 

June 30, 2002 .................................................................... 

May 31, 2002 ..................................................................... 

Apr.30, 2002....................................................................... 

Sept. 30, 2000.................................................................... 

Sept. 30, 1995.................................................................... 

Sept. 30, 1990.................................................................... 

Sept. 30, 1985.................................................................... 

Sept. 30, 1980.................................................................... 

June 30, 1975 .................................................................... 

June 30, 1970 .................................................................... 

June 30, 1965 .................................................................... 

June 30, 1960 .................................................................... 

June 30, 1955 .................................................................... 

657,924 $2,289.25 

653,817 2,276.76 

645,510 2,249.45 

568,614 2.061.26 

409,272 1,553.15 

278,903 1,105.14 

187,337 782.45 

129,916 581.48 

81,196 380.08 

54,351 265.39 

39,719 204.14 

32,064 177.47 

30,229 182.90 

1

 Issued on or after July 1, 1929. 4 Based on Bureau of the Census estimates of population

5

 Represents value of certain partial denominations not presented for redemption. 3

 Includes $481,781,898 in standard silver dollars. 

2

 Excludes coins sold to collectors at premium prices. 
61 

INTRODUCTION: International Financial Statistics 

The tables in this section provide statistics on U.S. • Table IFS-2 contains statistics on liabilities to 

Government reserve assets, liabilities to foreigners and its foreign official institutions, and selected liabilities to all 

international financial position. All monetary figures are in other foreigners, which are used in the U.S. balance of

dollars or dollar equivalents. payments statistics. 

• Table IFS-1 shows reserve assets of the United • Table IFS-3 shows nonmarketable bonds and notes 

States, including its gold stock, special drawing rights held that the Treasury issues to official institutions and other

in the Special Drawing Account in the International residents of foreign countries.

Monetary Fund (IMF), holdings of convertible foreign

currencies and reserve position in the IMF.

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Reserve 

position in 

International 

Total reserve Special drawing Foreign Monetary 

End of calendar assets 1 Gold stock 2 rights 1,3 currencies 4 Fund 1,5,6 

year or month (1) (2) (3) (4) (5) 

1997................................................................... 69,954 11,047 10,027 30,809 18,071 

1998................................................................... 81,761 11,046 10,603 36,001 24,111 

1999................................................................... 71,516 11,048 10,336 32,182 17,950 

2000................................................................... 67,647 11,046 10,539 31,238 14,824 

2001 - July ........................................................... 65,736 11,044 10,518 29,209 14,965 

Aug .......................................................... 67,852 11,044 10,913 30,598 15,297 

Sept.......................................................... 70,963 11,045 10,919 30,595 18,404 

Oct........................................................... 69,707 11,045 10,827 30,048 17,787 

Nov .......................................................... 69,157 11,045 10,863 29,956 17,293 

Dec .......................................................... 68,654 11,045 10,774 28,981 17,854 

2002 - Jan............................................................ 67,532 11,044 10,657 28,229 17,602 

Feb........................................................... 67,357 11,044 10,763 28,381 17,169 

Mar........................................................... 67,574 11,044 10,809 28,643 17,078 

Apr ........................................................... 67,844 11,044 10,988 29,628 16,184 

May .......................................................... 69,579 11,044 11,297 30,740 16,498 

June ......................................................... 74,696 11,044 11,645 32,166 19,841 

July .......................................................... 74,753 11,044 11,575 32,271 19,863 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 4 Includes holdings of Treasury and Federal Reserve System; beginning November 

the special drawing right (SDR) based on a weighted average of exchange rates for the 1978, these are valued at current market exchange rates or, where appropriate, at 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the such other rates as may be agreed upon by the parties to the transactions. 

IMF also are valued on this basis beginning July 1974. 5 The United States has the right to purchase foreign currencies equivalent to its 2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United reserve position in the IMF automatically if needed. Under appropriate conditions, the 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against United States could purchase additional amounts related to the U.S. quota.

all gold held. 6 Includes an SDR $361 million loan to the IMF under the General Arrangements to 3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus Borrow in July 1998, and an SDR $619 million loan to the IMF under the New 

transactions in SDRs. Arrangements to Borrow in December 1998.
62 INTERNATIONAL FINANCIAL STATISTICS 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities to foreign countries 

Official institutions 1 Liabilities 

Non- Liabilities to other foreigners to nonLiabilities Marketable marketable Liabilities Marketable monetary 

reported U.S. U.S. reported U.S. internaby Treasury Treasury Other by banks Treasury tional and 

End of banks in bonds bonds readily Liabilities in the bonds regional 

calendar United and and marketable to United and organizayear or Total Total States notes 2 notes 3 liabilities 2, 4 banks 5 Total States notes 2,6 tions 7 

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

1997................................ 2,452,208 749,295 283,685 428,004 5,994 31,612 931,575 757,193 172,405 584,788 14,145 

1998................................ 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247 

1999................................ 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453 

2000 - Mar 8 ................................ 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077 

Series Break................................ 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482 

2000 - Dec ................................ 2,560,801 888,000 297,603 450,832 5,348 134,217 1,049,619 581,309 228,332 352,977 41,873 

2001 - June r................................ 2,609,869 877,230 283,737 442,589 5,081 145,823 1,072,795 614,529 263,252 351,277 45,315 

July r................................ 2,596,598 886,679 295,274 441,848 4,846 144,711 1,060,134 606,859 266,509 340,350 42,926 

Aug. r ................................ 2,593,661 883,174 292,553 442,191 4,805 143,625 1,058,865 606,919 262,322 344,597 44,703 

Sept. r ................................ 2,570,372 892,660 297,654 444,740 4,036 146,230 1,030,882 600,402 260,492 339,910 46,428 

Oct. r................................ 2,670,402 900,595 301,084 446,979 3,520 149,012 1,101,548 624,718 272,163 352,555 43,541 

Nov. r ................................ 2,758,021 907,583 298,223 453,245 3,398 152,717 1,162,118 644,174 284, 983 359,191 44,146 

Dec. r ................................ 2,737,809 897,953 284,844 454,306 3,411 155,392 1,140,499 654,822 286,161 368,661 44,535 

2002 - Jan. r................................ 2,660,744 900,118 287,414 451,306 3,433 157,965 1,076,842 632,635 278,001 354,634 51,149 

Feb................................ 2,692,938 908,097 296,206 449,129 3,138 159,624 1,098,420 636,650 280,332 356,318 49,771 

Mar................................ 2,746,741 907,661 285,428 454,383 3,159 164,691 1,152,831 643,813 278,982 364,831 42,436 

Apr ................................ 2,771,480 911,621 288,890 452,777 3,179 166,775 1,175,053 639,746 282,765 356,981 45,060 

May p................................ 2,797,844 926,196 301,537 452,708 3,199 168,752 1,185,769 643,631 286,008 357,623 42,248 

June p................................ 2,831,944 955,229 324,709 454,869 3,000 172,651 1,175,413 659,492 290,741 368,751 41,810 

1

 Includes Bank for International Settlements. 8 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 2

 Derived by applying reported transactions to benchmark data. holdings of selected U.S. long-term securities. Figures on the first line are comparable to 3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as those for earlier dates; figures on the second line are based in part on a benchmark survey 

follows: Mexico, beginning March 1990, 30- year maturity issue; Venezuela, beginning as of end-March 2000 and are comparable to those shown for the following dates.

December 1990, 30- year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 4

 Includes debt securities of U.S. Government corporations, federally sponsored agencies other depository institutions and brokers in the United States. Data generally correspond 

and private corporations. to statistics following in this section and in the “Capital Movements” section. Table 5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury 

currencies to foreign banks and to “other foreigners.” letters of credit and nonnegotiable noninterest- bearing special U.S. notes held by 6

 Includes marketable U.S. Government bonds and notes held by foreign banks. international and regional organizations. 7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank and the Asian Development Bank.
INTERNATIONAL FINANCIAL STATISTICS 63 

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) 

1997................................................................ 5,994 5,994 1,091 3,692 1,211 

1998................................................................ 6,074 6,074 1,172 3,991 911 

1999................................................................ 6,111 6,111 1,259 4,313 539 

2000................................................................ 5,348 5,348 1,244 3,520 584 

2001 - June.......................................................... 5,081 5,081 1,289 3,184 608 

July .......................................................... 4,846 4,846 1,029 3,205 612 

Aug .......................................................... 4,805 4,805 963 3,226 616 

Sept.......................................................... 4,036 4,036 968 2,448 620 

Oct........................................................... 3,520 3,520 974 1,921 625 

Nov .......................................................... 3,398 3,398 980 1,789 629 

Dec .......................................................... 3,411 3,411 977 1,801 633 

2002 - Jan............................................................ 3,433 3,433 983 1,813 637 

Feb........................................................... 3,138 3,138 673 1,824 641 

Mar........................................................... 3,159 3,159 677 1,836 646 

Apr ........................................................... 3,179 3,179 681 1,848 650 

May .......................................................... 3,199 3,199 685 1,860 654 

June ......................................................... 3,000 3,000 689 1,652 659 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zero- 3 Beginning December 1990, indicates current value of zero-coupon, 30- year maturity 

coupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

face value of the issue is $3,060 million. $2,721 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 $6,437 million. 
64 

INTRODUCTION: Capital Movements

Treasury collects information about the transference of 

financial assets and other portfolio capital movements 

between the United States and foreigners and has since 

1935. Commercial banks and other depository institutions, 

bank holding companies, securities brokers and dealers, and 

nonbanking enterprises in the United States file capital 

movement reports with district FRBs. Beginning in late 

1998, the Federal Reserve Board also performs services on 

behalf of the Treasury in support of this data collection 

system. 

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms and nonbanking enterprises. The 

most recent revisions to selected reporting forms and 

instructions were effective January 31, 2001. The major 

changes are outlined below. Copies of the reporting forms 

and instructions may be obtained from the Office of 

Program Services, Office of the Assistant Secretary for 

International Affairs, Treasury, Washington, D.C. 20220; 

the International Finance Division, Board of Governors of 

the Federal Reserve System, Washington, D.C. 20551; or 

district FRBs. A number of reporting forms and instructions 

als o may be downloaded from the Treasury International 

Capital (TIC) reporting system website at the address 

highlighted in the NOTE at the end of the 

INTRODUCTION text. 

In general, information is reported opposite the country 

or geographical area where the foreigner is located, as 

shown on records of reporting institutions. However, 

information may not always reflect the ultimate ownership 

of assets. Reporting institutions are not required to go 

beyond addresses shown on their records and so 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 country, but are accounted for 

in regional groupings of such organizations. The only 

exception is information pertaining to the Bank for 

International Settlements, which is reported opposite “Other 

Europe.” For purposes of publication only, information on 

the European Central Bank also is included in “Other 

Europe.” 

Banks and other depository institutions, bank holding 

companies, securities brokers and dealers, and nonbanking 

enterprises in the United States must file reports. These 

enterprises include the branches, agencies, subsidiaries and 

other affiliates in the United States of foreign banking and 

nonbanking firms. Those with liabilities, claims or securities 

transactions below specified levels are exempt from 

reporting. 

Banks and other depository institutions, and some 

brokers and dealers, file monthly reports covering their 

dollar liabilities to, and dollar claims on, foreigners in a 

number of countries. Twice a year, June 30 and December 

31, they also report the same liabilities and claims items 

attributed to foreigners in countries not shown separately on 

the monthly reports. Quarterly reports are filed for liabilities 

and claims denominated in foreign currencies. Beginning 

January 2001, the geographical detail of the international 

banking transactions forms was changed to add lines for 

Luxembourg, the combined Channel Islands and Isle of 

Man, the Caribbean region, New Zealand, and the European 

Central Bank. In addition, the British West Indies line was 

replaced with a line for the Cayman Islands. At the same 

time, the exemption level applicable to the banking reports 

was raised from $15 million to $50 million. The new 

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 enterprises report monthly 

their transactions with foreigners by country in long-term 

securities. This country list was amended in January 2001 as 

outlined in the reporting of international banking activity 

above. 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. Prior to January 2001, this exception level had been 

set at $2 million. 

Exporters, importers, industrial and commercial 

concerns, financial institutions (other than banks, other 

depository institutions and brokers), and other nonbanking 

enterpris es must file reports quarterly if liabilities to, or 

claims on, unaffiliated foreigners amount to $10 million or 

more at the end of the covered quarter. 

Nonbanking enterprises also report each month their 

aggregate U.S. dollar denominated deposit and certificates 

of deposit claims of $10 million or more on banks abroad. 

The data in these tables do not cover all types of 

reported capital movements between the United States and 

other countries. 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 (Commerce) in its regular reports on the U.S. 

balance of payments. 
CAPITAL MOVEMENTS 65 

• Section I presents liabilities to foreigners reported 

by U.S. banks and other depository institutions, as well as 

brokers and dealers. Dollar liabilities are reported monthly; 

those denominated in foreign currencies are reported 

quarterly. Respondents report certain of their own liabilities 

and a wide range of their custody liabilities to foreigners. 

Beginning with the June 2001 issue, new table CM -I-1 

replaces former tables CM-I-1 and CM-I-2 and includes 

new breakouts of liabilities arising under repurchase 

agreements and from foreign ownership of short-term 

securities issued by U.S. Government and Federallysponsored agencies. The remaining tables in this section 

have been renumbered accordingly. 

• Section II presents claims on foreigners reported by 

U.S. banks and other depository institutions, brokers and 

dealers. Data on banks’ claims held for their own account 

are collected monthly. Information on claims held for their 

domestic customers as well as on foreign currency claims is 

collected on a quarterly basis only. Maturity data are 

reported according to time remaining to maturity. Reporting 

also covers certain items held by brokers and dealers in the 

United States. Beginning with the June 2001 issue, table 

CM-II-1 in this section has been revised to include a new 

breakout of claims on foreigners arising under resale 

agreements. 

• Section III contains supplementary data on dollar 

liabilities to, and dollar claims on, countries not listed 

separately on the monthly reports submitted by banks, other 

depository institutions, brokers and dealers in the United 

States. The supplementary reports are filed semiannually as 

of the end of June and December. 

• Section IV shows the liabilities to, and claims on, 

unaffiliated foreigners of exporters, importers, industrial and 

commercial concerns, financial institutions (other than 

banks, other depository institutions and brokers), and other 

nonbanking enterprises in the United States. Information 

does not include accounts of nonbanking enterprises in the 

United States with their own branches and subsidiaries 

abroad or with their foreign parent companies. These are 

reported by business enterprises to Commerce on its direct 

investment forms. Data exclude claims on foreigners held 

through banks in the United States. 

• Section V contains information on transactions with 

foreigners in long-term domestic and foreign securities as 

reported by banks, brokers 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 breakdown of the transactions data 

does not necessarily reflect the domicile of the ultimate 

owners or the original issuers of the securities. This is 

because the path of a security is not tracked prior to its 

being purchased from, or after it is sold to, a foreigner in a 

reportable transaction. That is, before it enters and after it 

departs the reporting system, ownership of a security may 

be transferred between foreigners of different countries. 

Such transfers may occur any number of times and are 

concealed among the net figures for U.S. transactions 

opposite individual countries. Hence, the geographical 

breakdown shows only the country of domicile of the 

foreign buyers and sellers of securities in a particular round 

of transactions. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the Treasury International 

Capital (TIC) reporting system 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 is 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 on the last business day of each month. 
66 CAPITAL MOVEMENTS 

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] 

Calendar 2001 2002 Year 

Type of Liability 2000 Dec. r Jan. r Feb. r Mar. Apr. May June p 

Total liabilities to all foreigners................................ 1,589,189 1,728,487 1,665,589 1,696,588 1,731,387 1,763,168 1,787,462 1,804,450 

Payable in dollars .............................................. 1,511,410 1,647,893 1,584,995 1,615,994 1,653,245 1,685,026 1,709,320 1,726,308 

Foreign official instituti ons 1............................... 297,603 284,844 287,414 296,206 285,428 288,890 301,537 324,709 

Demand deposits ................................ 3,952 2,988 2,257 1,513 2,651 1,827 2,002 1,707 

Time deposits ............................................. 35,573 19,471 14,862 16,021 13,646 15,170 14,414 14,466 

U.S. Treasury bills and certificates................... 153,010 161,719 166,640 164,076 161,312 155,770 162,516 176,178 

Short-term U.S. agency obligations.................. n.a. 36,351 31,445 45,085 40,826 45,910 49,374 51,634 

Other liabilities ............................................ 105,068 64,315 72,210 69,511 66,993 70,213 73,231 80,724 

foreigners.................................................. 516,278 566,793 564,983 568,160 581,599 573,242 585,590 597,635 

Demand deposits ................................ 29,372 30,578 27,547 29,328 33,767 29,528 30,019 32,845 

Time deposits ............................................. 146,064 130,934 126,488 122,113 120,439 117,663 114,049 110,805 

U.S. Treasury bills and certificates................... 24,584 25,732 22,621 22,971 27,223 26,272 28,422 31,694 

Short-term U.S. agency obligations.................. n.a. 29,143 24,087 22,627 27,823 23,594 25,765 31,979 

Other liabilities ............................................ 316,258 350,406 364,240 371,121 372,347 376,185 387,335 390,312 

Banks ’ own foreign offices ................................ 684,987 785,450 715,443 736,175 774,092 808,454 810,065 792,397 

International and regional organizations 2 ............. 12,542 10,806 17,155 15,453 12,126 14,440 12,128 11,567 

Demand deposits ................................ 41 35 35 31 22 19 14 32 

Time deposits ............................................. 6,246 3,755 7,581 5,482 7,023 6,193 6,729 6,400 

U.S. Treasury bills and certificates................... 252 577 883 859 1,105 970 328 407 

Short-term U.S. agency obligations.................. n.a. 40 24 24 21 21 18 -

Other liabilities ............................................ 6,003 6,399 8,632 9,057 3,955 7,237 5,039 4,728 

Payable in foreign currencies 3.............................. 77,779 80,594 80,594 80,594 78,142 78,142 78,142 78,142 

Unaffiliated foreign banks and other 

Sector: 

Banks and other foreigners............................76,687 74,417 74,417 74,417 76,122 76,122 76,122 76,122 

International and regional organizations 2

.............. 1,092 6,177 6,177 6,177 2,020 2,020 2,020 2,020 

Major foreign currencies: 

Canadian dollars................................ n.a. 5,812 5,812 5,812 5,981 5,981 5,981 5,981 

Euro......................................................... n.a. 31,621 31,621 31,621 24,876 24,876 24,876 24,876 

U.K. pounds sterling................................ n.a. 6,238 6,238 6,238 6,878 6,878 6,878 6,878 

Japanese yen............................................. n.a. 26,645 26,645 26,645 30,017 30,017 30,017 30,017 

Memoranda: 

Banks’ own liabilities to foreigners 

payable in dollars ................................ 1,077,636 1,172,929 1,101,890 1,125,615 1,160,352 1,202,906 1,213,313 1,193,217 

Collateralized by repurchase agreements............ - 150,738 127,686 131,199 126,817 140,263 153,782 157,929 

Foreign official institutions 1......................... - 45,422 47,345 42,686 43,605 42,269 48,116 53,272 

Foreign banks and other foreigners............... n.a. 102,640 78,179 84,714 82,208 96,948 103,699 101,603 

International and regional organizations 2 .............. - 2,676 2,162 3,799 1,004 1,046 1,967 3,054 

Liabilities to foreigners reported by IBFs ............... 429,404 441,915 426,124 444,673 450,008 480,867 468,344 454,017 

Payable in dollars ................................ 384,543 389,263 373,472 392,021 401,070 431,929 419,406 405,079 

Payable in foreign currencies 3........................ 44,861 52,652 52,652 52,652 48,938 48,938 48,938 48,938 

Custody liabilities of domestic 

customers payable in dollars .......................... 433,774 474,964 483,105 490,379 492,893 482,120 496,007 533,091 

1

 Includes Bank for International Settlements. 3

 Data may be as of preceding quarter-end for most recent month shown in table. 2

 Principally the International Bank for Reconstruction and Development and the 

Inter-American Development Bank. 
CAPITAL MOVEMENTS 67 

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 2002 

Country 1999 2000 2001 r Feb. r Mar. Apr. May June p 

Europe: 

Austria ............................................................ 2,960 2,755 3,274 3,408 3,257 3,476 3,209 3,676 

Belgium 1......................................................... 46,078 34,230 6,854 6,867 8,096 6,782 6,898 6,201 

Bulgaria........................................................... 472 367 267 215 268 311 316 324 

Czech Republic ................................ 790 626 612 673 280 781 903 530 

Denmark.......................................................... 

Finland............................................................ 2,357 

1,749 

3,134 

1,412 

3,785 

1,445 

3,104 

1,159 

2,857 

1,682 

2,806 

1,239 

3,460 

1,198 

3,421 

1,197 

France............................................................ 58,317 41,275 57,900 50,038 44,156 45,392 45,170 44,447 

Germany ......................................................... 29,004 41,416 26,320 27,276 29,864 29,782 30,833 29,388 

Greece............................................................ 3,877 2,042 2,304 2,857 2,561 2,286 2,701 3,571 

Hungary .......................................................... 871 1,127 729 884 364 471 436 355 

Ireland ............................................................ 7,691 8,115 16,747 19,787 17,521 17,510 17,274 18,028 

Italy ................................................................ 9,756 6,755 7,370 5,945 6,207 5,799 5,467 5,541 

Luxembourg 1 ................................ n.a. n.a. 17,334 14,867 14,545 14,507 15,433 16,009 

Netherlands ................................ 9,365 7,587 12,701 14,076 14,118 11,434 12,443 10,839 

Norway ........................................................... 1,363 2,310 3,744 4,890 7,711 6,478 7,689 11,172 

Poland ............................................................ 4,274 3,649 3,692 3,789 3,787 3,345 4,050 3,578 

Portugal .......................................................... 2,501 2,529 4,078 4,848 5,463 5,098 4,952 4,663 

Romania.......................................................... 768 850 1,481 1,606 1,657 1,547 1,862 1,679 

Russia 2........................................................... 5,476 19,052 20,790 20,849 21,434 22,124 24,222 25,071 

Spain.............................................................. 11,091 8,236 9,188 10,630 9,854 11,185 10,212 11,480 

Sweden........................................................... 4,744 6,506 3,447 3,776 3,494 2,577 5,759 4,258 

Switzerland ................................ 64,092 76,307 68,727 96,998 110,293 131,655 116,868 102,236 

Turkey ............................................................ 7,972 7,636 7,484 11,530 12,469 12,625 12,170 10,862 

United Kingdom................................ 190,706 187,145 222,133 187,949 176,213 178,020 185,981 189,209 

Channel Islands and Isle of Man 3.......................... n.a. n.a. 36,340 37,481 38,061 38,118 38,650 38,783 

Yugoslavia 4 ................................ 286 282 309 317 296 265 273 267 

Other Europe................................ 14,778 16,518 19,390 18,214 17,918 19,849 15,900 16,972 

Total Europe................................ 481,338 481,861 558,445 554,033 554,426 575,462 574,329 563,757 

Canada .............................................................. 40,579 36,975 31,517 31,705 32,378 30,308 28,542 28,034 

Latin America: 

Argentina......................................................... 18,650 19,500 10,724 10,429 11,662 11,835 11,693 11,396 

Brazil.............................................................. 12,944 11,726 15,184 13,924 15,333 14,781 13,597 13,673 

Chile............................................................... 

Colombia......................................................... 7,095 

5,685 

5,946 

4,561 

4,983 

4,687 

5,197 

4,606 

5,348 

4,179 

6,375 

4,246 

6,692 

4,293 

6,170 

4,030 

Ecuador .......................................................... 1,959 2,117 2,383 2,369 2,276 2,349 2,301 2,266 

Guatemala................................ 1,632 1,619 1,893 1,838 1,828 1,798 1,351 1,335 

Mexico............................................................ 32,263 33,041 40,274 41,441 36,347 35,526 35,897 33,087 

Panama.......................................................... 4,420 4,353 3,623 3,639 3,390 3,376 3,313 3,933 

Peru ............................................................... 1,143 1,444 1,359 1,356 1,551 1,228 1,273 1,420 

Uruguay .......................................................... 2,393 3,036 3,210 2,586 2,983 2,718 2,480 2,443 

Venezuela........................................................ 20,459 24,984 25,249 23,281 23,314 22,757 22,710 22,115 

Other Latin America 5................................ 10,916 10,094 6,287 6,662 6,744 6,694 6,431 6,140 

Total Latin America................................ 119,559 122,421 119,856 117,328 114,955 113,683 112,031 108,008 

Caribbean: 

Bahamas ......................................................... 139,425 191,061 180,108 148,704 172,048 165,188 173,293 180,414 

Bermuda ......................................................... 8,005 9,763 10,619 11,323 10,509 11,367 13,690 15,917 

British West Indies 6 ................................ 331,546 382,868 n.a. n.a. n.a. n.a. n.a. n.a. Cayman Islands 6

................................ n.a. n.a. 457,920 458,807 466,050 481,898 496,890 492,744 

Cuba .............................................................. 75 90 88 89 89 90 93 96 

Jamaica.......................................................... 547 828 1,219 1,143 1,162 1,094 1,043 971 

Netherlands Antilles ................................ 4,205 5,454 3,268 3,161 3,808 5,753 3,320 3,765 

Trinidad and Tobago ................................ 601 904 1,278 1,559 1,419 1,804 1,647 1,606 

Other Caribbean 5................................ n.a. n.a. 12,078 10,068 10,567 10,664 12,841 14,783 

Total Caribbean................................ 484,404 590,968 666,578 634,854 665,652 677,858 702,817 710,296 

See footnotes at end of table. 
68 CAPITAL MOVEMENTS 

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 2002 

Country 1999 2000 2001 r Feb. r Mar. Apr. May June p 

Asia: 

China: 

Mainland ................................ 12,325 16,531 10,484 21,177 16,735 22,348 22,422 20,793 

Taiwan................................ 13,644 17,374 17,658 21,518 20,440 24,459 21,821 23,568 

Hong Kong................................ 28,260 26,996 27,186 23,812 22,879 25,235 27,897 29,640 

India ............................................................... 7,368 4,530 3,703 4,133 4,481 4,048 4,983 7,064 

Indonesia................................ 6,571 8,514 12,422 11,482 11,270 11,925 12,673 13,921 

Israel .............................................................. 7,489 8,099 7,864 9,471 9,636 9,577 9,001 8,990 

Japan ............................................................. 170,614 162,449 174,046 169,761 186,871 178,340 182,240 200,305 

Korea.............................................................. 12,991 7,960 9,053 6,538 5,595 5,999 6,619 6,853 

Lebanon.......................................................... 1,212 681 560 695 691 667 728 691 

Malaysia.......................................................... 3,851 2,335 1,298 1,848 1,217 1,256 1,961 1,715 

Pakistan .......................................................... 

Philippines ................................ 813 

3,806 

1,024 

2,320 

1,965 

1,769 

1,826 

1,434 

1,820 

1,535 

1,223 

1,676 

1,317 

1,549 

1,657 

1,759 

Singapore................................ 32,840 28,638 17,423 16,757 16,121 16,222 13,792 14,397 

Syria.............................................................. 55 59 65 55 55 57 36 34 

Thailand.......................................................... 6,052 3,212 4,756 5,049 5,491 4,999 5,119 6,025 

Oil-exporting countries 7 ................................ 22,565 24,939 21,261 16,177 17,933 16,693 19,368 17,822 

Other Asia................................ 5,387 5,312 5,785 6,736 6,301 6,930 6,337 6,449 

Total Asia ................................ 335,843 320,973 317,298 318,469 329,071 331,654 337,863 361,683 

Africa: 

Congo (formerly Zaire)................................ 14 4 4 2 1 5 7 -

Egypt.............................................................. 

Ghana............................................................. 2,023 

147 

2,621 

188 

2,779 

133 

3,966 

107 

3,857 

107 

3,606 

127 

3,605 

124 

3,672 

191 

Liberia............................................................. 423 318 227 197 199 239 227 215 

Morocco.......................................................... 179 148 273 197 127 234 230 307 

South Africa................................ 1,497 1,011 837 672 802 638 685 687 

Oil-exporting countries 8 ................................ 3,010 4,141 4,456 3,847 3,993 3,910 3,639 3,604 

Other Africa................................ 2,280 2,535 2,734 2,834 2,777 2,986 3,244 3,255 

Total Africa................................ 9,573 10,966 11,443 11,822 11,863 11,745 11,761 11,931 

Other countries: 

Australia.......................................................... 8,408 10,109 5,628 5,846 7,810 4,979 4,884 6,209 

New Zealand 9 ................................ n.a. n.a. 326 493 530 620 597 573 

All other........................................................... 1,413 1,281 413 408 556 399 490 372 

Total other countries................................ 9,821 11,390 6,367 6,747 8,896 5,998 5,971 7,154 

Total foreign countries ................................ 1,481,117 1,575,554 1,711,504 1,674,958 1,717,241 1,746,708 1,773,314 1,790, 863 

International and regional 

organizations: 

International ................................ 13,758 12,193 15,484 19,891 11,893 14,281 12,870 12,509 

European regional ................................ 504 453 689 926 1,170 1,011 359 445 

Latin American regional................................ 

Caribbean regional 10................................ 1,150 

n.a. 

740 

n.a. 

480 

84 

520 

79 

731 

81 

954 

67 

644 

84 

342 

91 

Asian regional ................................ 607 175 213 190 232 139 181 178 

African regional................................ 141 74 33 24 39 8 10 22 

Middle Eastern regional................................ - - - - - - - -

Total international 

and regional................................ 16,160 13,635 16,983 21,630 14,146 16,460 14,148 13,587 

Grand total................................ 1,497,277 1,589,189 1,728,487 1,696,588 1,731,387 1,763,168 1,787,462 1,804,450 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 2

 Since December 1992, data for all other republics of the former U.S.S.R. included in combined “Other Latin America and Caribbean.”

“Other Europe.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 3

 Before January 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates 4

 Includes Serbia and Montenegro, which presently form an entity not formally recognized (Trucial States).

by the United States. Data for entities of the former Yugoslavia recognized as indep endent 8 Includes Algeria, Gabon, Libya and Nigeria.

states by the United States are reported under “Other Europe” as follows: since December 9 Before January 2001, data included in “All other.”

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the 10 Before January 2001, included in “Latin American regional.”

Former Yugoslav Republic of Macedonia.
CAPITAL MOVEMENTS 69 

TABLE CM-I-3.— Total Liabilities by Type and Country, June 30, 2002, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

To foreign official institutions and Memo- Total liabilities unaffiliated foreign banks To all other foreigners randum 

Short- Liabilities Short- NegotiaPayable 

in Totals 

term 

U.S. 

to 

banks’ 

term 

U.S. 

ble 

CDs 

Payable foreign Banks’ Treasury own Treasury held for

in curren- own Custody Deposits obliga- Other lia- foreign Deposits obliga- Other all forTotal dollars cies 1 liabilities liabilities Demand Time 2 tions 3 bilities offices Demand Time 2 tions 3 liabilities eigners

Country (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Europe: 

Austria................................ 3,676 3,563 113 2,119 1,444 90 628 658 1,821 14 26 167 77 82 174 

Belgium ................................ 6,201 6,026 175 5,211 815 84 404 466 4,247 291 66 108 89 271 24 

Bulgaria................................ 324 324 - 139 185 5 - 185 113 14 4 3 - - -

Czech Republic ................................ 530 514 16 200 314 14 10 310 101 15 11 53 - - -

Denmark ................................ 3,421 3,416 5 2,789 627 31 - 24 3,141 - 13 13 149 45 452 

Finland................................ 1,197 1,197 - 133 1,064 22 - 245 898 - 13 16 2 1 816 

France................................ 44,447 35,404 9, 043 18,410 16,994 465 521 12,297 7,398 7,083 231 416 15 6,978 1,306 

Germany................................ 29,388 25,188 4,200 15,817 9,371 565 2,382 913 10,443 3,542 243 1,049 126 5,925 7,231 

Greece................................ 3,571 3,570 1 2,216 1,354 40 58 1,227 646 204 196 1,075 55 69 50 

Hungary................................ 355 347 8 132 215 15 5 154 135 18 8 12 - - -

Ireland................................ 18,028 17,848 180 3,853 13,995 91 165 107 1,549 167 139 177 1,671 13,782 2,834 

Italy ................................ 5,541 4,690 851 4,398 292 385 638 212 1,332 1,315 158 420 28 202 6 

Luxembourg ................................ 16,009 15,469 540 6,773 8,696 282 841 2,106 2,976 3,738 105 308 186 4,927 577 

Netherlands ................................ 10,83910,435 404 4,198 6,237 427 341 426 1,721 529 221 366 628 5,776 266 

Norway ................................ 11,172 11,164 8 11,151 13 140 1 6 9,824 15 15 31 1 1,131 -

Poland................................ 3,578 3,557 21 1,356 2,201 30 25 1,200 1,357 907 9 27 - 2 -

Portugal................................ 4,663 4,616 47 996 3,620 37 209 3,371 484 71 38 201 3 202 5 

Romania................................ 1,679 1,674 5 234 1,440 6 - 770 877 7 4 10 - - -

Russia 4................................ 25,071 25,060 11 3,294 21,766 995 44 686 22,805 428 22 73 1 6 6 

Spain ................................ 11,480 11,032 448 7,410 3,622 117 215 2,442 4,859 1,870 152 939 26 412 417 

Sweden................................ 4,258 4,176 82 2,698 1,478 85 130 48 1,320 204 29 88 - 2,272 962 

Switzerland................................ 102,236 99,588 2,648 92,933 6,655 438 971 3,316 4,832 87,713 186 467 1,173 492 1,805 

Turkey ................................ 10,862 9,908 954 1,417 8,491 81 213 8,431 753 2 20 75 8 325 8 

United Kingdom ................................ 189,209 174,329 14,880 164,308 10,021 1,278 10,528 961 12,935 125,373 1,534 1,681 2,594 17,445 2,453 

Channel Islands and Isle 

of Man 5................................ 38,783 38,735 48 38,664 71 120 75 - 173 37,822 8 72 60 405 -

Yugoslavia 6................................ 267267 - 267 - 10 52 - 128 - 1 6 - 70 -

Other Europe ................................ 16,972 16,155 817 9,506 6,649 169 117 6,395 9,049 109 67 186 17 46 5 

Total Europe................................ 563,757 528,252 35,505 400,622 127,630 6,022 18,573 46,956 105,917 271,451 3,519 8,039 6,909 60,866 19,397 

Canada................................ 28,034 23,900 4,134 17,690 6,210 246 1,314 3,022 4,185 7,600 974 1,096 304 5,159 378 

Latin America: 

Argentina ................................ 11,396 11,356 40 8,896 2,460 76 154 1,010 1,328 362 1,928 5,498 374 626 155 

Brazil ................................ 13,673 12,968 705 12,225 743 115 3,459 200 2,095 1,502 969 4,119 237 272 123 

Chile................................ 6,170 6,121 49 4,473 1,648 208 185 55 1,830 589 453 2,321 117 363 312 

Colombia ................................ 4,030 4,010 20 3,709 301 35 418 - 451 26 468 2,298 96 218 172 

Ecuador................................ 2,266 2,259 7 2,186 73 18 175 - 344 53 324 1,210 24 111 31 

Guatemala ................................ 1,335 1,319 16 1,279 40 51 208 2 158 3 151 713 - 33 11 

Mexico................................ 33,087 32,440 647 19,921 12,519 147 1,531 6,019 6,025 3,025 1,939 11,035 842 1,877 769 

Panama................................ 3,933 3,893 40 3,356 537 104 284 20 360 1,009 184 1,421 150 361 127 

Peru ................................ 1,420 1,417 3 1,361 56 10 147 - 138 144 109 806 27 36 15 

Uruguay................................ 2,443 2,373 70 2,022 351 45 61 111 628 280 175 828 129 116 53 

Venezuela................................ 22,115 21,738 377 17,200 4,538 109 2,949 3,506 2,921 110 2,016 9,660 63 404 86 

Other Latin America................................ 6,140 6,092 48 5,781 311 149 1,663 122 1,100 131 371 2,329 34 193 57 

Total Latin America................................ 108,008 105,986 2,022 82,409 23,577 1,067 11,234 11,045 17,378 7,234 9,087 42,238 2,093 4,610 1,911 

Caribbean: 

Bahamas ................................ 180,414 179,725 689 165,448 14,277 112 1,152 148 13, 359 159,220 135 1,687 647 3,265 683 

Bermuda................................ 15,917 15,646 271 10,685 4,961 77 381 316 2,938 372 197 575 1,329 9,461 48 

Cayman Islands ................................ 492,744 484,950 7,794 314,365 170,585 309 4,058 390 145,984 259,619 543 2,309 1,075 70,663 2,536 

Cuba................................ 96 96 - 96 - 2 5 - 12 - - 68 - 9 -

Jamaica................................ 971 924 47 910 14 23 530 - 194 26 25 124 - 2 1 

Netherlands Antilles ................................ 3,765 3,757 8 3,601 156 33 258 6 511 324 54 329 39 2,203 6 

Trinidad and Tobago................................ 1,606 1,593 13 1,532 61 52 804 - 450 28 51 148 51 9 4 

Other Caribbean ................................ 14,783 14,706 77 11,096 3,610 2,727 369 453 1,270 608 700 4,501 1,210 2,868 508 

Total Caribbean................................ 710,296 701,397 8,899 507,733 193,664 3,335 7,557 1,313 164,718 420,197 1,705 9,741 4,351 88,480 3,786 

See footnotes at end of table. 
70 CAPITAL MOVEMENTS 

TABLE CM-I-3. —Total Liabilities by Type and Country, June 30, 2002, Preliminary, con. 

[Position in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

To foreign official institutions and MemoTotal liabilities unaffiliated foreign banks To all other foreigners randum 

Short- Liabilities Short- NegotiaPayable Totals term to term ble 

in U.S. banks’ U.S. CDs 

Payable foreign Banks’ Treasury own Treasury held for 

in curren- own Custody Deposits obliga- Other lia- foreign Deposits obliga- Other all forTotal dollars cies 1 liabilities liabilities Demand Time 2 tions 3 bilities offices Demand Time 2 tions 3 liabilities eigners 

Country (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 

Asia: 

China: 

Mainland................................ 20,793 20,781 12 8,329 12,452 458 618 1,300 16,989 441 86 489 72 328 49 

Taiwan ................................ 23,568 23,480 88 20,773 2,707 268 2,728 2,058 14,221 617 246 2,787 174 381 305 

Hong Kong................................ 29,640 29,018 622 15,966 13,052 403 429 3,968 9,148 8,490 357 1,673 143 4,407 70 

India................................ 7,064 7,061 3 1,760 5,301 148 17 3,925 1,594 767 92 137 - 381 8 

Indonesia................................ 13,921 13,871 50 2,310 11,561 138 149 11,499 1,382 249 223 204 12 15 8 

Israel................................ 8,990 8,954 36 4,131 4,823 77 34 4,190 2,008 345 124 1,619 20 537 473 

Japan................................ 200,305 179,654 20,651 71,446 108,208 863 5,118 88,501 10,286 56,255 781 1,475 688 15,687 326 

Korea................................ 6,853 6,826 27 3,235 3,591 282 63 1,193 2,564 2,170 67 184 - 303 10 

Lebanon................................ 691 691 - 672 19 34 7 - 514 18 9 93 3 13 16 

Malaysia ................................ 1,715 1,673 42 1,292 381 132 100 324 909 142 11 46 - 9 2 

Pakistan................................ 1,657 1,651 6 1,183 468 36 49 352 399 695 21 59 - 40 28 

Philippines................................ 1,759 1,754 5 1,275 479 231 139 38 590 312 127 248 41 28 16 

Singapore................................ 14,397 12,044 2,353 10,681 1,363 251 1,480 447 2,216 6,421 117 452 168 492 20 

Syria................................ 34 34 - 31 3 5 2 - 5 - 2 17 - 3 3 

Thailand................................ 6,025 5,966 59 982 4,984 99 16 4,900 436 211 73 182 9 40 10 

Other Asia................................ 24,271 23,030 1,241 16,749 6,281 741 2,128 3,392 6,635 7,153 207 486 348 1,940 537 

Total Asia................................ 361,683 336,488 25,195 160,815 175,673 4,166 13,077 126,087 69,896 84,286 2,543 10,151 1,678 24,604 1,881 

Africa: 

Congo (formerly Zaire)................................ - - - - - - - - - - - - - - -

Egypt................................ 3,672 3,672 - 1,397 2,275 65 179 2,126 649 325 19 247 - 62 38 

Ghana................................ 191 191 - 191 - 17 39 - 115 5 3 9 - 3 -

Liberia ................................ 215 205 10 147 58 1 - - 2 - 6 138 11 47 11 

Morocco................................ 307 307 - 305 2 64 - - 201 9 6 26 - 1 -

South Africa................................ 687 685 2 643 42 68 1 - 283 148 25 108 - 52 4 

Other Africa................................ 6,859 6,770 89 5,453 1,317 920 840 999 2,537 676 168 353 33 244 59 

Total Africa ................................ 11,931 11,830 101 8,136 3,694 1,135 1,059 3,125 3,787 1,163 227 881 44 409 112 

Other countries: 

Australia ................................ 6,209 6,031 178 3,904 2,127 295 102 687 3,876 249 127 101 203 391 3 

New Zealand................................ 573 486 87 452 34 39 - 13 193 130 24 34 2 51 -

All Other ................................ 372 371 1 319 52 16 - 40 128 87 25 74 - 1 1 

Total other countries ................................ 7,154 6,888 266 4,675 2,213 350 102 740 4,197 466 176 209 205 443 4 

Total foreign 

countries................................

1,790,863 1,714,741 76,122 1,182,080 532,661 16,321 52,916 192,288 370,078 792,397 18,231 72,355 15,584 184,571 27,469 

International and 

regional orgs.: 

International................................ 12,509 10,489 2,020 10,489 - - - - - - 7 6,138 - 4,344 -

European regional................................ 445 445 - 38 407 - - - - - 12 - 407 26 -

Latin American regional................................ 342 342 - 319 23 - - - - - 10 253 - 79 20 

Caribbean regional ................................ 91 91 - 91 - - - - - - - - - 91 -

Asian regional ................................ 178 178 - 178 - - - - - - 1 9 - 168 -

African regional................................ 22 22 - 22 - - - - - - 2 - - 20 -

Middle Eastern regional................................ - - - - - - - - - - - - - - -

Total international 

and regional ................................ 13,587 11,567 2,020 11,137 430 - - - - - 32 6,400 407 4,728 20 

Grand total................................ 1,804,450 1,726,308 78,142 1,193,217 533,091 16,321 52,916 192,288 370,078 792,397 18,263 78,755 15,991 189,299 27,489 

1

 These data as of March 31, 2002. 5 Before January 2001, data included in United Kingdom. 2

 Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 6 Includes Serbia and Montenegro, which presently form an entity not formally recognized 3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting by the United States. Data for entities of the former Yugoslavia recognized as independent 

countries in “Other Asia” and “Other Africa” amount to $1,972 million. states by the United States are reported under “Other Europe” as follows: since December 4

 Since December 1992, data for all other republics of the former U.S.S.R. included in 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the 

“Other Europe.” former Yugoslav Republic of Macedonia.
CAPITAL MOVEMENTS 71 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries 

800 In the first half of 2002, U.S. 

700 

600 

500 

400 

300 

200 

100 

0 

(In billions of dollars) 

banking liabilities increased 

$76 billion. In 2001, banking liabilities increased $139 

billion. 

U.S. banking liabilities to 

foreigners, excluding long- term securities, are 

concentrated in international 

financial centers. The data on 

this page show that nearly 

one-half of U.S. banking 

liabilities currently is 

reported opposite the United

Kingdom and the banking 

centers in the Caribbean. 

Foreigners domiciled in the

rest of Europe and in Asia 

hold an additional 40 percent. 

U.S. banking liabilities in the 

mid-1990s went through a 

growth spurt. The annual 

growth rate between 1993 

and 1997 averaged 10 

percent. In 1998 and 1999,

growth slowed to about 5 

percent per year, more in line 

with the 1989 through 1992

period. Last year, growth 

1998 1999 2000 2001 June 2002 increased to almost 9 percent.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 1998 1999 2000 2001 June 2002 

United Kingdom................................ 202,280 190,706 187,145 222,133 189,209 

All other Europe ................................ 274,354 290,632 294,716 336,312 374,548 

Caribbean banking centers 1,2................................ 451,575 487,601 593,499 655,538 696,773 

Japan ................................................................ 193,202 170,614 162,449 174,046 200,305 

All other Asia................................ 143,224 165,229 158,524 143,252 161, 378 

Subtotal ............................................................ 1,264,635 1,304,782 1,396,333 1,531,281 1,622,213 

All other countries. ................................ 184,327 192,495 192,856 197,206 182,237 

Grand total ................................ 1,448,962 1,497,277 1,589,189 1,728,487 1,804,450 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

United Kingdom All other Europe Caribbean banking centers 

Japan All other Asia All other countries 
72 CAPITAL MOVEMENTS 

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] 

Calendar 

Year 2000 2001 2002 

Type of Claim 1999 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p 

Total claims ......................................................... 1,033,128 1,105,023 1,177,192 1,284,858 1,278,257 1,222,452 1,347,455 1,353,475 

Payable in dollars................................ 944,937 1,025,546 1,095,869 1,190,543 1,179,685 1,132,461 1,253,952 1,257,022 

Banks’ own claims on foreigners ........................... 793,139 855,492 904,642 973,842 988,747 959,681 1,051,573 1,056,667 

Foreign public borrowers ................................ 30,527 35,152 33,221 46,347 47,500 42,245 44,332 50,049 

Unaffiliated foreign banks: 

Deposits..................................................... 34,538 23,765 23,886 20,047 20,336 20,022 26,189 26,266 

Other......................................................... 62,648 63,023 71,357 81,835 71,352 72,511 74,386 68,629 

Own foreign offices................................ 529,682 592,669 630,137 663,893 683,857 659,891 745,834 751,162 

All other foreigners ................................ 135,744 140,883 146,041 161,720 165,702 165,012 160,832 160,561 

Claims of banks’ domestic customers....................... 151,798 170,054 191,227 216,701 190,938 172,780 202,379 200,355 

Deposits ......................................................... 88,006 87,882 100,352 111,323 93,656 71,537 92,546 87,634 

Negotiable and readily 

transferable instruments ................................ 51,161 70,334 78,147 92,013 81,034 91,408 94,016 98,050 

Collections and other ................................ 12,631 11,838 12,728 13,365 16,248 9,835 15,817 14,671 

Payable in foreign currencies ............................... 88,191 79,477 81,323 94,315 98,572 89,991 93,503 96,453 

Banks’ own claims on foreigners 

of which........................................................ 67,365 60,354 56,912 73,210 77,428 69,106 75,872 79,999 

Canadian dollars................................ n.a. n.a. n.a. - 5,420 6,170 6,106 6,297 

Euros ........................................................ n.a. n.a. n.a. - 32,993 28,555 42,980 36,423 

U.K. pounds sterling ................................ n.a. n.a. n.a. - 9,022 6,996 6,296 6,888 

Japanese y en ................................ n.a. n.a. n.a. - 11,196 10,489 9,892 13,511 

Claims of banks’ domestic customers 

of which........................................................ 20,826 19,123 24,411 21,105 21,144 20,885 17,631 16,454 

Canadian dollars................................ n.a. n.a. n.a. - 811 892 935 1,478 

Euros ........................................................ n.a. n.a. n.a. - 6,378 9,008 3,097 2,387 

U.K. pounds sterling ................................ n.a. n.a. n.a. - 2,114 1,745 1,133 836 

Japanese yen ................................ n.a. n.a. n.a. - 874 359 351 543 

Memoranda: 

Claims reported by IBFs ................................ 274,611 307,289 308,953 325,510 344,659 311,172 339,685 345,431 

Payable in dollars................................ 243,765 277,410 281,707 293,792 312,578 281,395 306,381 309,377 

Payable in foreign currencies ............................... 30,846 29,879 27,246 31,718 32,081 29,777 33,304 36,054 

Customer liability on acceptances ........................... 4,553 4,701 4,257 2,993 3,054 2,468 2,588 2,139 

Collateralized by resale agreements........................ n.a. n.a. n.a. 134,083 129,693 111,844 137,349 114,917 

Foreign public borrowers................................ n.a. n.a. n.a. 27,964 28,463 21,427 26,576 28,952 

Foreign banks and other foreigners ....................... n.a. n.a. n.a. 103,575 96,770 86,058 106,021 80,975 

International and regional orgs ............................. n.a. n.a. n.a. 2,544 4,460 4,359 4,752 4,990 

Claims with remaining maturity 

of 1 year or less: 

On foreign public borrowers................................ 18,328 19,713 17,443 21,575 23,171 16,858 23,724 22,406 

On all other unaffiliated foreigners......................... 169,566 154,280 168,660 173,532 168,808 161,600 176,498 166,379 

Claims with remaining maturity of 

more than 1 year: 

On foreign public borrowers................................ 11,933 14,886 15,108 24,341 23,770 24,504 19,947 25,743 

On all other unaffiliated foreigners......................... 67,255 73,500 72,798 88,280 86,555 95,962 85,003 89,769 
CAPITAL MOVEMENTS 73 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar 

year 2000 2001 2002 

Country 1999 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p 

Europe: 

Austria.............................................................. 4,651 6,570 4,862 4,728 4,405 3,849 7,378 4,950 

Belgium 1........................................................... 15,774 10,769 9,957 6,962 6,200 6,988 7,431 8,339 

Bulgaria ............................................................ 7 6 23 7 2 1 2 -

Czec h Republic................................ 152 140 139 179 129 147 600 291 

Denmark ........................................................... 3,223 5,310 4,923 7,086 6,691 4,175 3,472 3,049 

Finland ............................................................. 2,426 4,258 8,691 7,924 9,173 11,199 10,877 15,031 

France.............................................................. 36,433 38,826 53,007 62,158 70,406 69,720 86,667 84,654 

Germany ........................................................... 58,385 57,955 70,564 82,014 83,506 62,484 54,736 58,365 

Greece............................................................. 1,165 1,080 1,247 784 868 521 517 547 

Hungary ............................................................ 37 46 41 25 19 59 25 153 

Ireland .............................................................. 4,612 6,196 6,970 5,264 3,852 3,477 9,022 6,715 

Italy................................................................ 12,765 11,126 12,586 10,743 12,410 10,651 8,115 8,644 

Luxembourg 1..................................................... na. n.a. n.a. 3,884 8,529 9,642 3,760 6,774 

Netherlands ....................................................... 19,928 23,089 22,974 30,918 24,961 25,075 22,600 21,971 

Norway ............................................................. 1,160 5,613 5,655 9,013 7,301 5,264 7,007 8,199 

Poland.............................................................. 1,219 240 434 397 192 427 535 612 

Portugal ............................................................ 1,927 2,195 2,105 1,934 2,106 1,765 2,159 2,422 

Romania ........................................................... 68 79 80 91 61 62 99 109 

Russia 2 ............................................................ 731 661 690 1,147 1,091 969 606 1,673 

Spain................................................................ 5,400 4,163 4,531 7,529 5,452 5,789 4,688 6,849 

Sweden ............................................................ 8,508 15,295 15,985 19,379 18,847 19,302 19,758 19,335 

Switzerland........................................................ 85,388 105,416 87,736 111,214 124,159 80,082 99,316 128,984 

Turkey .............................................................. 9,906 4,254 4,455 4,369 3,983 4,056 3,370 5,315 

United Kingdom ................................ 172,345 209,012 223,976 258,890 256,095 261,780 299,120 293,099 

Channel Islands and Isle of Man 3 ........................... na. n.a. n.a. 3,352 3,276 4,171 4,513 4,033 

Yugoslavia 4....................................................... 50 49 50 49 49 4 - -

Other Europe ..................................................... 9,515 9,307 7,029 3,329 2,489 2,571 2,894 2,640 

Total Europe ................................ 455,775 521,655 548,710 643,369 656,252 594,230 659,267 692,753 

Canada............................................................... 56,906 54,604 55,908 64,482 68,008 66,981 76,107 79,171 

Latin America: 

Argentina........................................................... 11,486 12,322 12,911 12,620 13,233 13,273 11,586 10,828 

Brazil............................................................... 18,733 20,184 22,130 21,374 22,959 24,007 20,846 21,054 

Chile ................................................................ 6,743 6,115 6,067 6,120 5,603 5,544 5,464 5,555 

Colombia........................................................... 4,543 3,870 4,388 4,044 3,657 3,625 3,646 3,731 

Ecuador............................................................ 780 641 651 551 538 524 507 491 

Guatemala......................................................... 1,162 1,252 1,279 1,205 1,229 1,297 1,532 1,451 

Mexico.............................................................. 19,160 17,373 18,247 18,192 17,874 17,624 16,885 17,533 

Panama............................................................ 3,512 3,040 3,239 3,235 3,389 3,606 3,442 3,082 

Peru................................................................ 2,559 2,719 2,823 2,830 2,583 2,448 2,198 2,062 

Uruguay ............................................................ 822 744 702 458 446 552 459 524 

Venezuela ......................................................... 3,720 3,593 3,749 3,451 3,124 3,385 3,202 3,620 

Other Latin America 5 ................................ 5,135 4,969 5,277 3,575 3,103 3,323 3,399 2,929 

Total Latin America................................ 78,355 76,822 81,463 77,655 77, 738 79,208 73,166 72,860 

Caribbean: 

Bahamas........................................................... 112,826 109,297 132,681 118,091 106,643 114,984 103,541 99,118 

Bermuda........................................................... 8,117 6,530 9,485 8,280 6,790 8,401 8,470 8,500 

British West Indies 6................................ 210,411 219,416 237,770 n.a. n.a. n.a. n.a. n.a. 

Cayman Islands 6 ................................ n.a. n.a. n.a. 246,800 243,277 237,177 300,589 275,871 

Netherlands Antilles ................................ 6,051 5,783 5,812 6,961 5,802 9,900 6,741 7,168 

Trinidad and Tobago................................ 609 599 609 710 949 944 940 971 

Other Caribbean 5................................ n.a. n.a. n.a. 5,211 4,380 3,633 3,786 3,520 

Total Caribbean ................................ 338,313 341,966 386,712 386,401 368,142 375,408 424,485 395,645 

See footnotes at end of table. 
74 CAPITAL MOVEMENTS 

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar 

year 2000 2001 2002 

Country 1999 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p 

Asia: 

China: 

Mainland................................ 2,160 1,558 1,658 1,445 4,479 3,541 2,138 4,220 

Taiwan................................ 1,639 3,150 2,720 1,985 2,657 3,347 4,573 4,696 

Hong Kong ................................ 6,580 7,202 7,346 11,459 9,543 6,842 10,365 6,915 

India................................................................ 1,874 2,144 2,341 1,962 1,763 1,747 1,477 1,377 

Indonesia ................................ 1,853 2,034 1,944 2,042 1,972 1,985 1,795 1,750 

Israel................................................................ 5,061 4,126 5,588 5,196 5,149 6,356 6,984 5,622 

Japan............................................................... 34,627 39,825 39,179 45,396 39,857 38,216 42,115 39,418 

Korea ............................................................... 9,625 14,708 8,014 12,530 11,480 12,003 10,755 13,973 

Lebanon................................ 29 36 39 63 58 35 45 42 

Malaysia ................................ 1,092 1,047 849 986 869 861 731 931 

Pakistan................................ 405 742 165 426 547 647 129 328 

Philippines ................................ 1,466 1,545 1,833 1,240 1,874 2,109 2,598 2,079 

Singapore................................ 3,988 3,109 4,576 2,820 1,767 4,093 3,513 3,426 

Syria .............................................................. - 2 12 2 3 3 3 2 

Thailand................................ 1,556 1,124 1,404 1,308 1,598 1,291 2,544 1,516 

Oil-exporting countries 7................................ 15,502 10,838 10,627 10,301 10,308 9,512 9,222 11,176 

Other Asia ................................ 437 310 324 274 314 241 357 497 

Total Asia................................ 87,894 93,500 88,619 99,435 94,238 92,829 99,344 97,968 

Africa: 

Congo (formerly Zaire)................................ 25 1 - - - 2 - -

Egypt................................................................ 308 199 228 367 551 426 430 371 

Ghana .............................................................. 22 18 18 90 20 23 25 14 

Liberia .............................................................. 513 591 545 356 476 376 377 330 

Morocco................................ 377 290 241 229 211 170 123 104 

South Africa................................ 714 400 378 604 579 535 769 820 

Oil-exporting countries 8................................ 277 917 477 221 147 157 175 218 

Other Africa................................ 276 280 357 393 324 314 311 346 

Total Africa................................ 2,512 2,696 2,244 2,260 2,308 2,003 2,210 2,203 

Other countries: 

Australia................................ 8,308 8,313 8,228 7,521 5,826 6,119 7,272 6,352 

New Zealand 9................................ n.a. n.a. n.a. 509 614 436 512 893 

All other ................................ 486 602 427 153 182 566 40 13 

Total other countries ................................ 8,794 8,915 8,655 8,183 6,622 7,121 7,824 7,258 

Total foreign countries................................ 1,028,549 1,100,158 1,172,311 1,281,785 1,273,308 1,217,780 1,342,403 1,347,858 

International and regional orgs .: 

International ................................ 4,555 4,544 4,777 3,019 4,488 4,446 4,322 5,237 

European regional................................ 10 42 - 10 8 7 14 10 

Latin American regional ................................ 14 78 104 44 105 104 237 182 

Caribbean regional 10................................ n.a. n.a. n.a. - - - - -

Asian regional................................ - 201 - - 348 115 479 188 

African regional................................ - - - - - - - -

Middle Eastern regional ................................ - - - - - - - -

Total International 

and regional................................ 4,579 4,865 4,881 3,073 4,949 4,672 5,052 5,617 

Grand total ................................ 1,033,128 1,105,023 1,177,192 1,284,858 1,278,257 1,222,452 1,347,455 1,353,475 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 2

 Since December 1992, data for all other republics of the former U.S.S.R. included in combined “Other Latin America and Caribbean.”

“Other Europe.” 6 Before January 2001, data for Cayman Islands included in British West Indies. 3

 Before January 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab 4

 Includes Serbia and Montenegro, which presently form an entity not formally recognized Emirates (Trucial States).

by the United States. Data for entities of the former Yugoslavia recognized as independent 8 Includes Algeria, Gabon, Libya, and Nigeria.

states by the United States are reported under “Other Europe” as follows: since December 9 Before January 2001, data included in “All other.”

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the 10 Before January 2001, included in “Latin American regional.”

Former Yugoslav Republic of Macedonia.
CAPITAL MOVEMENTS 75 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Mar. 31, 2002 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Reporting banks’ own claims 

Total 

On foreign 

public borClaims of banks’ domestic 

Mem orandum customers 

banks’ rowers and On own Payable in Customers’ Payable in 

Total own unaffiliated foreign foreign liability on Payable in foreign 

claims claims foreigners offices currencies acceptances Total dollars currencies 

Country (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Europe: 

Austria.............................................................. 4,950 4,680 4,072 127 481 - 270 266 4 

Belgium 1........................................................... 8,339 4,985 4,058 791 136 2 3,354 2,910 444 

Bulgaria ............................................................ - - - - - - - - -

Czech Republic................................ 291 285 83 195 7 - 6 - 6 

Denmark ........................................................... 3,049 1,639 1,245 300 94 5 1,410 1,119 291 

Finland ............................................................. 15,031 14,469 622 13,847 - 40 562 328 234 

France.............................................................. 84,654 71,889 13,966 41,218 16,705 1 12,765 11,711 1,054 

Germany ........................................................... 58,365 41,030 14,800 18,595 7,635 4 17,335 16,403 932 

Greece............................................................. 547 405 331 26 48 5 142 142 -

Hungary ............................................................ 153 33 28 - 5 - 120 - 120 

Ireland .............................................................. 6,715 4,781 4,331 350 100 - 1,934 1,435 499 

Italy................................................................ 8,644 7,308 2,593 2,508 2,207 1 1,336 1,135 201 

Luxembourg 1................................ 6,774 4,815 2,899 515 1,401 - 1,959 1,885 74 

Netherlands ................................ 21,971 16,523 10,829 4,669 1,025 10 5,448 5,396 52 

Norway ............................................................. 8,199 7,160 7,026 - 134 - 1,039 919 120 

Poland.............................................................. 612 610 458 37 115 - 2 2 -

Portugal ............................................................ 2,422 1,903 1,131 664 108 - 519 512 7 

Romania ........................................................... 109 109 94 - 15 - - - -

Russia 2 ............................................................ 1,673 1,670 1,619 40 11 - 3 3 -

Spain................................................................ 6,849 5,910 3,475 1,372 1,063 9 939 926 13 

Sweden ............................................................ 19,335 12,215 3,714 8,294 207 - 7,120 6,559 561 

Switzerland................................ 128,984 118,370 5,415 109,973 2,982 17 10,614 10,535 79 

Turkey .............................................................. 5,315 4,065 3,081 73 911 69 1,250 1,196 54 

United Kingdom ................................ 293,099 209,808 31,652 162,134 16,022 50 83,291 75,806 7,485 

Channel Islands and Isle of Man3............................... 4,033 3,836 1,452 2,384 - - 197 197 -

Yugoslavia 4................................ - - - - - - - - -

Other Europe ................................ 2,640 1,446 1,271 9 166 5 1,194 55 1,139 

Total Europe ................................ 692,753 539,944 120,245 368,121 51,578 218 152,809 139,440 13,369 

Canada............................................................... 79,171 62,875 11,112 45,540 6,223 3 16,296 14,647 1,649 

Latin America: 

Argentina........................................................... 10,828 10,363 8,597 1,295 471 7 465 256 209 

Brazil............................................................... 21,054 20,362 13,273 6,564 525 76 692 617 75 

Chile ................................................................ 5,555 5,474 5,199 200 75 4 81 57 24 

Colombia........................................................... 3,731 3,715 3,533 178 4 7 16 16 -

Ecuador............................................................ 491 478 442 36 - 1 13 13 -

Guatem ala......................................................... 1,451 1,440 1,335 78 27 10 11 11 -

Mexico.............................................................. 17,533 17,205 16,910 171 124 70 328 279 49 

Panama............................................................ 3,082 2,967 1,759 1,045 163 46 115 115 -

Peru................................................................ 2,062 2,052 1,544 504 4 8 10 10 -

Uruguay ............................................................ 524 521 300 203 18 - 3 3 -

Venezuela ......................................................... 3,620 3,570 3,418 45 107 7 50 10 40 

Other Latin America 5 ................................ 2,929 2,899 2,674 210 15 30 30 27 3 

Total Latin America................................ 72,860 71,046 58,984 10,529 1,533 266 1,814 1,414 400 

Caribbean: 

Bahamas........................................................... 99,118 98,661 3,554 94,525 582 1 457 456 1 

Bermuda........................................................... 8,500 7,903 7,742 28 133 - 597 589 8 

Cayman Islands 6 ................................ 275,871 241,887 40,914 187,560 13,413 59 33,984 33,783 201 

Cuba................................................................ - - - - - - - - -

Jamaica............................................................ 497 497 354 64 79 - - - -

Netherlands Antilles ................................ 7,168 7,143 3,158 3,979 6 - 25 8 17 

Trinidad and Tobago................................ 971 971 758 213 - - - - -

Other Caribbean 5................................ 3,520 3,519 2,770 418 331 14 1 1 -

Total Caribbean ................................ 395,645 360,581 59,250 286,787 14,544 74 35,064 34,837 227 

See footnotes at end of table. 
76 CAPITAL MOVEMENTS 

TABLE CM-II-3. — Total Claims on Foreigners by Type and Country, Mar. 31, 2002, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Reporting banks’ own claims 

Total 

On foreign 

public bor- Memorandum 

Claims of banks’ domestic 

customers 

banks’ rowers and On own Payable in Customers’ Payable in 

Total own unaffiliated foreign foreign liability on Payable in foreign 

claims claims foreigners offices currencies acceptances Total dollars currencies 

Country (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Asia: 

China: 

Mainland......................................................... 4,220 4,161 4,059 102 - 15 59 59 -

Taiwan............................................................ 4,696 4,638 3,751 780 107 1 58 25 33 

Hong Kong ................................ 6,915 6,669 4,208 2,291 170 24 246 222 24 

India................................................................ 1,377 1,227 1,131 94 2 10 150 147 3 

Indonesia .......................................................... 1,750 1,737 1,651 50 36 1 13 9 4 

Israel................................................................ 5,622 3,037 1,711 1,164 162 1 2,585 2,582 3 

Japan............................................................... 39,418 34,827 9,029 22,269 3,529 8 4,591 4,053 538 

Korea ............................................................... 13,973 13,861 11,900 1,960 1 1,374 112 83 29 

Lebanon............................................................ 42 36 35 1 - - 6 6 -

Malaysia ........................................................... 931 923 824 98 1 1 8 6 2 

Pakistan............................................................ 328 326 40 277 9 - 2 1 1 

Philippines ......................................................... 2,079 2,068 2,039 26 3 11 11 11 -

Singapore.......................................................... 3,426 2,214 1,039 1,110 65 1 1,212 1,181 31 

Syria .............................................................. 2 1 1 - - - 1 1 -

Thailand............................................................ 1,516 1,495 814 653 28 10 21 18 3 

Other Asia ......................................................... 11,673 11,326 1,874 7,753 1,699 39 347 346 1 

Total Asia................................ 97,968 88,546 44,106 38,628 5,812 1,496 9,422 8,750 

Africa: 

Congo (formerly Zaire)................................ - - - - - - - - -

Egypt................................................................ 371 360 251 107 2 30 11 11 -

Ghana .............................................................. 14 6 6 - - 1 8 8 -

Liberia .............................................................. 330 330 330 - - - - - -

Morocco............................................................ 104 94 88 - 6 - 10 10 -

South Africa................................ 820 799 688 98 13 11 21 7 14 

Other Africa................................ 564 547 480 60 7 1 17 15 2 

Total Africa................................ 2,203 2,136 1,843 265 28 43 67 51 

Other countries: 

Australia............................................................ 6,352 5,145 3,680 1,292 173 39 1,207 1,110 97 

New Zealand 7................................ 893 870 762 - 108 - 23 1 22 

All other ............................................................ 13 10 10 - - - 3 1 2 

Total other countries ................................ 7,258 6,025 4,452 1,292 281 39 1,233 1,112 

Total foreign countries................................ 1,347,858 1,131,153 299,992 751,162 79,999 2,139 216,705 200,251 16,454 

International and regional orgs.: 

International ................................ 5,237 5,236 5,236 - - - 1 1 -

European regional................................ 10 10 10 - - - - - -

Latin American regional ................................ 182 79 79 - - - 103 103 -

Caribbean regional 8................................ - - - - - - - - -

Asian regional................................ 188 188 188 - - - - - -

African regional................................ - - - - - - - - -

Middle Eastern regional ................................ - - - - - - - - -

Total International and regional............................. 5,617 5,513 5,513 - - - 104 104 -

Grand total ................................ 1,353,475 1,136,666 305,505 751,162 79,999 2,139 216,809 200,355 16,454 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the 2

 Since December 1992, data for all other republics of the former U.S.S.R. included in Former Yugoslav Republic of Macedonia.

“Other Europe.” 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 3

 Before January 2001, data included in United Kingdom. combined “Other Latin America and Caribbean.” 4

 Includes Serbia and Montenegro, which presently form an entity not formally recognized 6 Before January 2001, data for Cayman Islands included in British West Indies.

by the United States. Data for entities of the former Yugoslavia recognized as independent 7 Before January 2001, data included in “All other.”.

states by the United States are reported under “Other Europe” as follows: since December 8 Before January 2001, included in “Latin American regional.”

672 

16 

121 
CAPITAL MOVEMENTS 77 

CHART CM-B.—U.S. Claims on Foreigners

Reported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries

500 

400 

300 

200 

100 

0 

1998 1999 2000 2001 Mar. 2002 

(In billions of dollars) 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 1998 1999 2000 2001 Mar. 

United Kin gdom................................ 162,874 172,345 223,976 299,120 293,099 

All other Europe ................................ 213,888 283,430 324,734 360,147 399,654 

Caribbean banking centers 1,2................................ 304,395 340,917 388,987 422,783 393,739 

Japan ................................................................ 55,170 34,627 39,179 42,115 39,418 

All other Asia................................ 63,088 53,267 49,440 57,229 58,550 

Subtotal ............................................................ 799,415 884,586 1,026,316 1,181,394 1,184,460 

All other countries. ................................ 175,356 148,542 150,876 166,061 169,015 

Grand total ................................ 974,771 1,033,128 1,177,192 1,347,455 1,353,475 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

United Kingdom All other Europe Caribbean banking centers 

Japan All other Asia All other countries 

2002 

In the first quarter of 2002,

U.S. banking claims on 

foreigners increased $6 

billion. In 2001, U.S. 

banking claims on foreigners 

increased $170 billion, due 

mainly to an increase

opposite Europe. In 2000, 

banking claims on foreigners 

increased $144 billion, due to 

strong increases in claims 

opposite Europe and the 

banking centers in the

Caribbean. 

U.S. banking claims on

foreigners, excluding long- term securities, are 

concentrated in international 

financial centers. The data on 

this page show that 80 

percent of U.S. claims

currently are reported 

opposite the United 

Kingdom, “All other

Europe,” and the banking 

centers in the Caribbean. 

Foreigners domiciled in Asia

hold less than 10 percent of 

U.S. claims, down from 20 

percent at the end of 1996. 

After extremely strong 

growth in the mid-1990s, 

total U.S. banking claims on 

foreigners leveled off in 1998 

and 1999, growing at only

about 5 percent per year. In 

2000 and 2001, growth 

reached 14 percent, matching 

the growth rate of 1997. 
78 CAPITAL MOVEMENTS 

SECTION III.—Supplementary Liabilities and Claims Data 

Reported by Banks in the United States 

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regularly Reported Separately 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Total liabilities Total banks’ own claims 

Calendar 

year 2001 

Calendar 

year 2001 

Country 2000 June Dec. 2000 June Dec. 

Other Europe: 

Cyprus.............................................................. 140 238 180 42 n.a. 28 

Iceland.............................................................. 116 73 56 13 11 n.a. 

Monaco............................................................. 161 169 296 n.a. 61 n.a. 

Other Latin America and Caribbean: 

Aruba ............................................................... 366 126 237 n.a. n.a. n.a. 

Barbados ........................................................... 1,306 1,484 2,128 629 829 831 

Belize............................................................... 149 185 147 42 71 n.a. 

Bolivia .............................................................. 800 760 778 367 341 259 

Costa Rica......................................................... 1,374 1,380 1,071 647 771 910 

Dominica........................................................... 51 87 53 37 9 n.a. 

Dominican Republic............................................. 1,617 1,551 1,934 952 974 976 

El Salvador........................................................ 633 739 760 1,029 1,060 1,150 

French West Indies and French Guiana.................... 51 77 21 n.a. n.a. 11 

Haiti ................................................................ 303 321 295 53 33 31 

Honduras .......................................................... 1,674 1,779 1,767 287 262 338 

Nicaragua.......................................................... 127 126 156 98 98 85 

Paraguay ........................................................... 824 858 819 88 100 84 

Suriname........................................................... 173 217 313 50 n.a. n.a. 

Other Asia: 

Afghanistan........................................................ 55 59 56 - - n.a. 

Burma.............................................................. 5 5 8 - - -

Jordan.............................................................. 391 423 n.a. 66 84 103 

Macau .............................................................. 66 54 41 n.a. - -

Sri Lanka........................................................... 208 284 196 29 55 11 

Yemen.............................................................. 325 339 393 4 - 2 

Other Africa: 

Angola.............................................................. 390 526 n.a. n.a. n.a. n.a. 

Cameroon ......................................................... 23 17 13 7 n.a. 9 

Ethiopia ............................................................ 137 178 249 n.a. n.a. -

Guinea.............................................................. 40 48 38 - n.a. n.a. 

Ivory Coast........................................................ 74 56 n.a. 20 n.a. 15 

Kenya............................................................... 116 122 147 5 12 n.a. 

Mauritius ........................................................... 116 188 87 n.a. n.a. 4 

Mozambique ...................................................... 199 118 55 n.a. - n.a. 

Rwanda ............................................................ 66 41 44 n.a. - n.a. 

Senegal ............................................................ 18 17 n.a. 16 n.a. n.a. 

Somalia ............................................................ 13 13 11 - - -

Sudan............................................................... 12 11 7 n.a. - -

Tanzania........................................................... 294 188 229 3 2 5 

Tunisia.............................................................. 66 65 172 100 103 89 

Uganda............................................................. 95 79 79 1 - 2 

Zambia ............................................................. 107 66 67 n.a. - -

Zimbabwe.......................................................... 56 63 84 n.a. n.a. -

All other: 

New Zealand 1 ................................................... 718 n.a. n.a. 148 n.a. n.a. 

Papua New Guinea.............................................. n.a. n.a. n.a. 27 n.a. 12 

1

 Beginning January 2001, the New Zealand line shifted to monthly and quarterly reports Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

Bulletin.” 

of U.S. banking liabilities and claims. See Capital Movements Sections I and II. dates for the “Other” geographical categories in the regular monthly series in the “Treasury 
CAPITAL MOVEMENTS 79 

SECTION IV. — Liabilities to, and Claims on, Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2001 2002 

Type of liability or claim 1998 1999 2000 Mar. June r Sept. Dec. Mar. p 

Type of liabilities ................................................... 46,570 53,020 73,904 73,655 68,028 53,526 66,718 74,085 

Payable in dollars ................................ 36,668 37,605 48,931 46,526 41,734 35,347 42,957 46,853 

Financial.......................................................... 10,371 13,883 25,246 23,201 17,655 11,415 18,763 20,122 

Commercial: 

Trade payables................................ 10,133 11,720 12,162 10,789 11,991 10,524 10,925 13,806 

Advance receipts and other ............................... 16,164 12,002 11,523 12, 536 12,088 13,408 13,269 12,925 

Payable in foreign currencies ................................ 9,902 15,415 24,973 27,129 26,294 18,179 23,761 27,232 

Financial............................................................ 8,884 14,097 22,173 24,607 24,253 16,087 22,271 25,466 

Commercial: 

Trade payables.................................................. 845 1,114 2,131 1,692 1,136 1,216 895 1,117 

Advance receipts and other ................................ 173 204 669 830 905 876 595 

Total claims ......................................................... 77,462 76,642 90,157 107,705 97,470 94,076 113,155 102,147 

Payable in dollars ................................ 72,171 69,170 - 94,932 87,690 83,292 103,937 92,563 

Financial: 

Deposits ...................................................... 28, 549 16,373 21,015 23,244 23,174 19,888 27,850 26,317 

Other ........................................................... 14,049 18,593 25,142 41,417 32,038 32,076 46,621 39,553 

Commercial: 

Trade receivables ................................ 25,743 30,624 30,007 26,544 28,295 27,312 25,901 23,225 

Advance payments and other ................................ 3,830 3,580 3,394 3,727 4,183 4,016 3,565 3,468 

Payable in foreign currencies ................................ 5,291 7,472 10,599 12,773 9,780 10,784 9,218 9,584 

Financial: 

Deposits .......................................................... 1,650 2,193 2,359 2,175 2,207 2,503 1,951 1,811 

Other ............................................................. 2,012 3,072 4,515 7,419 4,472 5,548 4,865 4,015 

Commercial: 

Trade receivables ................................ 1,459 1,978 3,097 2,414 2,336 2,016 1,685 2,410 

Advance payments and other ................................ 170 229 628 765 765 717 717 1,348 

649 
80 CAPITAL MOVEMENTS 

TABLE CM-IV-2. —Total Liabilities by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2001 2002 

Country 1997 1998 1999 2000 Mar. June r Sept. Dec. Mar. p 

Europe: 

Austria................................ 112 118 112 111 147 138 183 152 119 

Belgium -Luxembourg................................ 852 357 171 440 363 395 236 253 224 

Bulgaria................................ 5 3 - 2 2 1 1 3 1 

Czech Republic ................................ 38 105 26 7 9 7 16 10 9 

Denmark ................................ 170 132 105 149 118 107 85 148 578 

Finland................................ 281 83 48 91 61 76 148 86 94 

France................................ 2,189 2,017 2,331 2,459 2,242 1,887 2,430 3,576 4,232 

Germany................................ 3,232 3,455 3,105 3,215 3,606 3,480 2,960 3,252 3,352 

Greece................................ 89 120 141 400 464 321 543 410 334 

Hungary................................ 13 3 9 8 8 6 11 27 12 

Ireland................................ 1,136 1,307 827 1,216 1,216 1,161 1,195 1,264 1,260 

Italy ................................................................ 923 1,177 749 1,773 1,557 1,690 1,491 1,396 1,318 

Netherlands ................................ 933 1,835 2,503 2,316 2,518 2,106 2,341 3,117 2,414 

Norway ................................ 242 188 266 286 314 362 332 320 370 

Poland................................ 7 11 46 42 52 40 48 43 194 

Portugal................................ 36 29 34 16 17 12 30 16 14 

Romania................................ 165 149 159 178 24 22 23 17 18 

Russia 1................................ 115 82 251 91 57 40 46 48 34 

Spain ................................ 334 546 501 468 742 298 403 425 318 

Sweden................................ 244 171 158 117 102 111 121 98 95 

Switzerland................................ 936 654 773 606 726 790 775 884 721 

Turkey ................................ 285 211 384 408 327 166 176 133 141 

United Kingdom ................................ 15,753 9,677 19,592 29,209 31,354 28,069 17,115 25,132 30,928 

Yugoslavia 2................................ 6 8 11 11 25 30 27 14 14 

Other Europe................................ 159 181 201 182 163 193 202 212 284 

Total Europe ................................ 28,255 22,619 32,503 43,801 46,214 41,508 30,938 41,036 47,078 

Canada................................ 3,549 2,083 2,059 2,344 2,343 2,585 2,005 2,588 2, 755 

Latin America and 

Caribbean: 

Argentina................................ 219 118 169 146 89 76 77 50 109 

Bahamas................................ 157 21 23 37 23 71 49 209 28 

Bermuda................................ 432 299 157 2,020 2,117 828 617 1,551 1,269 

Brazil................................ 363 304 271 262 265 300 334 325 312 

British West Indies ................................ 616 967 540 482 1,721 1,529 271 1,672 679 

Chile ................................ 150 111 64 52 97 124 104 56 74 

Colombia................................ 120 72 141 131 86 113 90 82 54 

Cuba................................ - 5 27 20 14 14 13 42 23 

Ecuador................................ 22 19 58 32 18 4 10 4 3 

Guatemala................................ 30 12 6 10 7 8 11 13 10 

Jamaica................................ 18 12 13 16 5 8 24 12 11 

Mexico................................ 591 406 912 867 823 782 908 937 1,487 

Netherlands Antilles ................................ 23 44 19 32 20 18 164 46 13 

Panama................................ 16 16 67 32 35 49 43 49 149 

Peru................................ 30 35 28 24 20 21 26 41 23 

Trinidad and Tobago................................ 75 34 15 36 29 42 39 38 17 

Uruguay ................................ 20 8 8 27 5 6 6 8 7 

Venezuela ................................ 262 204 305 286 244 219 245 168 282 

Other Latin America 

and Caribbean ................................418 426 379 1,994 180 181 262 284 454 

Total Latin America 

and Caribbean................................ 3,562 3,113 3,202 6,506 5,798 4,393 3,293 5,587 5,004 

See footnotes at end of table. 
CAPITAL MOVEMENTS 81 

TABLE CM-IV-2. —Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2001 2002 

Country 1997 1998 1999 2000 Mar. June r Sept. Dec. Mar. p 

Asia: 

China: 

Mainland................................ 1,250 708 627 497 686 665 695 735 875 

Taiwan................................ 936 898 1,175 970 938 1,036 858 819 946 

Hong Kong................................ 750 388 223 640 455 1,133 190 560 389 

India ................................................................ 170 387 519 309 168 179 151 179 270 

Indonesia................................ 213 154 83 81 42 55 39 44 47 

Israel................................................................ 176 228 160 468 142 210 89 195 404 

Japan................................ 8,602 7,439 5,751 8,973 7,188 5,674 5,863 5,861 7,593 

Korea................................ 1,150 945 543 941 959 1,013 1,041 898 767 

Lebanon ................................ 29 27 56 53 53 55 54 57 57 

Malaysia................................ 766 141 118 162 168 266 381 393 272 

Pakistan ................................ 60 33 37 96 94 117 111 94 94 

Philippines ................................ 222 169 169 114 116 977 120 1,100 120 

Singapore ................................ 1,252 1,240 917 2,280 1,962 2,191 1,998 1,793 1,721 

Syria................................................................ 23 15 8 27 21 6 19 6 11 

Thailand ................................ 405 362 165 203 205 134 60 105 44 

Oil-exporting countries 3................................ 3,138 2,852 2,555 2,844 3,374 3,095 3,062 2,652 3,165 

Other Asia................................ 211 141 217 290 295 217 252 83 227 

Total Asia................................ 19,353 16,127 13,323 18,948 16,866 17,023 14,983 15,574 17,002 

Africa: 

Congo (formerly Zaire) ................................ 90 39 86 166 227 173 204 117 153 

Egypt ................................ 28 9 1 6 6 5 5 3 4 

Ghana................................ 1 9 2 18 19 39 - 30 -

Liberia................................ 49 41 31 11 12 24 43 34 27 

Morocco................................ 255 189 138 135 112 117 113 111 164 

South Africa................................ - - 9 - 1 122 1 1 1 

Oil-exporting countries 4................................ 408 393 499 483 566 539 476 441 545 

Other Africa................................ 103 142 212 181 167 157 124 152 204 

Total Africa................................ 934 822 978 1,000 1,110 1,176 966 889 1,098 

Other countries: 

Australia ................................ 911 949 634 344 317 369 338 584 682 

All other................................ 810 852 300 898 968 918 973 430 429 

Total other 

countr ies................................ 1,721 1,801 934 1,242 1,285 1,287 1,311 1,014 1,111 

Total foreign 

countries................................ 57,374 46,565 52,975 73,841 73,616 67,972 53,496 66,688 74,048 

International 

and regional orgs.: 

International ................................ - - 1 1 - - - - 30 

European regional................................ 8 5 44 45 39 40 30 30 4 

Latin American regional ................................ - - - - - 16 - - 3 

Asian regional................................ - - - 9 - - - - -

African regional................................ - - - 8 - - - - -

Middle Eastern regional ................................ - - - - - - - - -

Total international 

and regional................................ 8 5 45 63 39 56 30 30 37 

Grand total................................57,382 46,570 53,020 73,904 73,655 68,028 53,526 66,718 74,085 

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and 

all other republics of the former U.S.S.R. are reported under “Other Europe. beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

recognized by the United States. Data for entities of the former Yugoslavia recognized as Emirates (Trucial States). 

independent states by the United States are reported under “Other Europe” as follows: 4 Includes Algeria, Gabon, Libya and Nigeria. 
82 CAPITAL MOVEMENTS 

TABLE CM-IV-3.—Total Liabilities by Type and Country, Mar. 31, 2002, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Financial liabilities 

Payable in foreign Commercial 

Total liabilities Total Payable in dollars currencies liabilities 

Country (1) (2) (3) (4) (5) 

Europe: 

Austria............................................................... 

Belgium-Luxembourg................................ 

Bulgaria............................................................. 

Czech Republic ................................ 

Denmark............................................................ 

Finland.............................................................. 

France............................................................... 

Germany............................................................ 

Greece.............................................................. 

Hungary............................................................. 

Ireland............................................................... 

Italy ................................................................ 

Netherlands ................................ 

Norway .............................................................. 

Poland............................................................... 

Portugal............................................................. 

Romania............................................................ 

Russia 1............................................................. 

Spain................................................................ 

Sweden............................................................. 

Switzerland......................................................... 

Turkey ............................................................... 

United Kingdom ................................ 

Yugoslavia 2................................ 

Other Europe................................ 

119 - - - 119 

224 119 88 31 105 

1 - - - 1 

9 - - - 9 

578 400 400 - 178 

94 78 14 64 16 

4,232 3,531 2,506 1,025 701 

3,352 2,802 2,008 794 550 

334 6 6 - 328 

12 1 1 - 11 

1,260 962 405 557 298 

1,318 355 11 344 963 

2,414 1,951 1,943 8 463 

370 3 3 - 367 

194 150 150 - 44 

14 6 3 3 8 

18 - - - 18 

34 17 6 11 17 

318 11 9 2 307 

95 - - - 95 

721 84 69 15 637 

141 8 8 - 133 

30,928 28,180 7,969 20,211 2,748 

14 - - - 14 

284 33 31 2 251 

Total Europe ................................ 47,078 38,697 15,630 23,067 8,381 

Canada............................................................... 2,755 942 754 188 1,813 

Latin America 

and Caribbean: 

Argentina........................................................... 

Bahamas ......................................................... 

Bermuda............................................................ 

Brazil................................................................ 

British West Indies................................ 

Chile................................................................ 

Colombia........................................................... 

Cuba................................................................ 

Ecuador............................................................. 

Guatemala......................................................... 

Jamaica............................................................. 

Mexico.............................................................. 

Netherlands Antilles................................ 

Panama............................................................. 

Peru................................................................ 

Trinidad and Tobago................................ 

Uruguay............................................................. 

Venezuela.......................................................... 

Other Latin America 

and Caribbean................................ 

109 9 9 - 100 

28 5 5 - 23 

1,269 836 823 13 433 

312 35 34 1 277 

679 612 612 - 67 

74 8 8 - 66 

54 2 1 1 52 

23 - - - 23 

3 - - - 3 

10 - - - 10 

11 2 2 - 9 

1,487 27 14 13 1,460 

13 - - - 13 

149 - - - 149 

23 1 1 - 22 

17 5 5 - 12 

7 - - - 7 

282 1 - 1 281 

454 4 - 4 450 

Total Latin America 

and Carib bean................................ 5,004 1,547 1,514 33 3,457 

See footnotes at end of table. 
CAPITAL MOVEMENTS 83 

TABLE CM-IV-3.—Total Liabilities by Type and Country, Mar. 31, 2002, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Repor ting System] 

Financial liabilities 

Payable in foreign Commercial 

Total liabilities Total Payable in dollars currencies liabilities 

Country (1) (2) (3) (4) (5) 

Asia: 

China: 

Mainland.......................................................... 

Taiwan............................................................ 

Hong Kong......................................................... 

India................................................................ 

Indonesia........................................................... 

Israel................................................................ 

Japan............................................................... 

Korea................................................................ 

Lebanon............................................................ 

Malaysia............................................................ 

Pakistan............................................................ 

Philippines ......................................................... 

Singapore.......................................................... 

Syria................................................................ 

Thailand............................................................ 

Other Asia.......................................................... 

875 59 59 - 816 

946 3 2 1 943 

389 255 243 12 134 

270 3 2 1 267 

47 4 4 - 43 

404 204 202 2 200 

7,593 3,299 1,426 1,873 4,294 

767 18 16 2 749 

57 6 6 - 51 

272 1 1 - 271 

94 - - - 94 

120 - - - 120 

1,721 128 96 32 1,593 

11 - - - 11 

44 1 1 - 43 

3,392 29 29 - 3,363 

Total Asia......................................................... 17,002 4,010 2,087 1,923 12,992 

Africa: 

Congo (formerly Zaire)................................ 153 15 13 2 138 

Egypt................................................................ 4 - - - 4 

Ghana............................................................... - - - - -

Liberia............................................................... 27 - - - 27 

Morocco............................................................ 164 3 - 3 161 

South Africa....................................................... 1 - - - 1 

Other Africa........................................................ 749 104 104 - 645 

Total Africa....................................................... 1,098 122 117 5 976 

Other countries: 

Australia .......................................................... 682 11 3 8 671 

All other........................................................... 429 259 17 242 170 

Total other countries ................................ 1,111 270 20 250 841 

Total foreign countries................................ 74,048 45,588 20,122 25,466 28,460 

International and regional orgs.: 

International ....................................................... 30 - - - 30 

European regional ................................ 4 - - - 4 

Latin American regional................................ 3 - - - 3 

Asian regional ..................................................... - - - - -

African regional................................................... - - - - -

Middle Eastern regional................................ - - - - -

Total international 

and regional................................................... 37 - - - 37 

Grand total .................................................... 74,085 45,588 20,122 25,466 28,497 

1

 Beginning with series for December 1992 forward, data for all other republics of the former independent states by the United States are reported under “Other Europe” as follows: 

U.S.S.R. are reported under “Other Europe.” Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally beginning in June 1994 for the Former Yugoslav Republic of Macedonia.

recognized by the United States. Data for entities of the former Yugoslavia recognized as
84 CAPITAL MOVEMENTS 

TABLE CM-IV-4.—Total Claims by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2001 2002 

Country 1997 1998 1999 2000 Mar. June r Sept. Dec. Mar. p 

Europe: 

Austria................................ 126 146 208 498 520 516 556 1,985 2,004 

Belgium -Luxembourg................................ 734 899 845 748 825 665 726 893 1,023 

Bulgaria................................ 32 11 6 6 8 17 19 14 11 

Czech Republic ................................ 42 67 26 67 54 77 60 79 60 

Denmark ................................ 155 81 310 229 148 281 160 138 84 

Finland................................ 211 244 261 224 254 310 365 238 254 

France................................ 2,811 3,035 3,203 4,301 6,621 4,566 4,744 4,372 4,685 

Germany................................ 2,041 2,126 2,464 2,830 2,987 3,156 3,089 2,730 2,142 

Greece................................ 386 316 487 332 391 398 395 340 367 

Hungary................................ 62 66 54 47 46 51 52 66 53 

Ireland................................ 277 244 340 616 719 864 621 821 621 

Italy ................................................................ 1,466 1,257 1,284 1,114 1,238 1,419 1,462 1,435 1,168 

Netherlands ................................ 1,274 1,342 2,658 3,125 3,070 1,935 1,798 2,667 2,235 

Norway ................................ 303 165 273 308 251 234 239 257 185 

Poland................................ 124 111 62 67 75 68 66 77 81 

Portugal................................ 78 153 91 83 106 62 80 71 60 

Romania................................ 7 20 11 16 19 15 48 34 33 

Russia 1................................ 221 232 293 373 184 123 129 137 127 

Spain ................................ 623 527 715 860 1,346 1,156 1,071 1,042 1,336 

Sweden................................ 504 565 339 360 317 294 369 441 280 

Switzerland................................ 988 897 1,253 1,462 1,247 1,126 1,179 1,200 744 

Turkey ................................ 379 236 464 700 392 976 438 383 491 

United Kingdom ................................ 13,997 12,535 13,388 20,402 24,500 19,637 19,241 20,349 17,608 

Yugoslavia 2................................ 11 14 17 15 19 15 33 23 7 

Other Europe................................ 267 251 360 291 293 483 510 362 732 

Total Europe ................................ 27,119 25,540 29,412 39,074 45,630 38,444 37,450 40,154 36,391 

Canada................................ 5,973 5,120 5,310 8,078 8,239 8,257 7,370 9,048 8,089 

Latin America 

and Caribbean: 

Argentina ................................ 688 893 896 1,109 1,033 922 852 810 614 

Bahamas ................................ 2,335 427 1,613 1,390 581 857 684 1,018 1,239 

Bermuda................................ 352 575 401 395 2,136 1,076 606 1,287 1,033 

Braz il ................................ 2,475 1,859 2,381 2,784 2,623 3,240 3,248 3,085 2,734 

British West Indies................................ 10,571 24,492 12,280 12,733 21,357 17,640 19,358 33,060 27,423 

Chile................................................................ 327 320 263 302 272 339 286 242 375 

Colombia ................................ 424 279 349 351 278 302 303 240 302 

Cuba................................................................ - - - 1 1 2 - 2 6 

Ecuador................................ 101 103 82 66 57 63 61 62 66 

Guatemala ................................ 93 88 85 106 73 101 89 90 100 

Jamaica................................ 52 45 52 126 85 123 104 93 93 

Mexico................................ 1,929 2,790 3,476 3,955 3,811 4,008 4,352 4,476 4,013 

Netherlands Antilles................................ 153 37 45 84 65 80 119 70 79 

Panama................................ 145 173 168 244 206 168 149 105 93 

Peru................................................................ 147 183 148 171 84 91 94 79 143 

Trinidad and Tobago................................ 20 55 46 59 35 38 60 45 48 

Uruguay................................ 49 59 68 35 45 21 24 20 33 

Venezuela................................ 612 456 487 415 330 387 381 371 391 

Other Latin America 

and Caribbean ................................ 820 1,176 1,325 842 863 978 919 920 1,124 

Total Latin America 

and Caribbean................................ 21,293 34,010 24,165 25,168 33,935 30,436 31,689 46,075 39,909 

See footnotes at end of table. 
CAPITAL MOVEMENTS 85 

TABLE CM-IV-4.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2001 2002 

Country 1997 1998 1999 2000 Mar. June r Sept. Dec. Mar. p 

Asia: 

China: 

Mainland................................ 1,076 825 760 1,096 1,143 1,120 1,262 1,053 1,102 

Taiwan................................ 814 770 1,097 1,299 1,290 1,164 923 853 776 

Hong Kong................................ 562 331 400 593 662 1,422 583 1,094 925 

India ................................................................ 439 348 599 661 674 638 789 638 584 

Indonesia................................ 704 417 408 407 336 321 366 239 258 

Israel................................................................ 347 327 336 458 515 638 732 701 724 

Japan................................ 2,799 2,875 5,336 4,427 6,427 4,846 4,199 3,611 3,985 

Korea................................ 988 1,084 1,378 1,745 1,673 1,692 1,800 1,852 1,947 

Lebanon ................................ 37 26 14 36 18 21 16 16 20 

Malaysia................................ 547 492 516 743 722 645 739 645 594 

Pakistan ................................ 44 37 23 37 43 54 58 44 51 

Philippines ................................ 144 148 258 106 99 869 88 1,001 911 

Singapore ................................ 779 734 1,041 1,065 1,015 1,162 1,033 1,120 1,052 

Syria................................................................ 11 12 5 11 5 3 2 11 3 

Thailand ................................ 280 489 651 344 351 379 202 232 229 

Oil-exporting countries 3................................ 1,118 1,144 1,648 1,104 1,052 1,116 1,019 986 740 

Other Asia................................ 157 160 152 195 175 238 167 189 122 

Total Asia................................ 10,846 10,219 14,622 14,327 16,200 16,328 13,978 14,285 14,023 

Africa: 

Congo (formerly Zaire) ................................ 286 136 186 266 287 270 280 233 206 

Egypt ................................ 9 14 6 5 7 7 8 7 7 

Ghana................................ 8 11 3 2 21 40 1 28 26 

Liberia................................ 28 29 35 49 25 25 27 35 33 

Morocco................................ 322 272 323 266 365 313 349 293 262 

South Africa................................ 3 1 - - 7 - - - 1 

Oil-exporting countries 4................................ 134 181 186 237 207 137 253 137 160 

Other Africa................................ 209 226 178 258 284 285 348 326 325 

Total Africa................................ 999 870 917 1,083 1,203 1,077 1,266 1,059 1,020 

Other countries: 

Australia ................................ 1,485 1,398 1,889 2,041 1,917 1,948 1,948 2,151 2,346 

All other................................ 390 286 351 359 399 513 360 383 

Total other countries ................................ 1,875 1,684 2,240 2,400 2,316 2,461 2,308 2,534 2,707 

Total foreign countries................................ 68,105 77,443 76,639 90,130 107,523 97,003 94,061 113,155 102,139 

International and 

regional orgs.: 

International ................................ 18 15 2 2 - 2 1 - -

European regional................................ 5 3 - 4 175 448 9 - 2 

Latin American regional ................................ - - - - - 6 2 - 4 

Asian regional................................ - - - 12 - 10 3 - 2 

African regional................................ - 1 1 2 - 1 - - -

Middle Eastern regional ................................ - - - 7 7 - - - -

Total international 

and regional................................ 23 19 3 27 182 467 15 - 8 

Grand total................................68,128 77,462 76,642 90,157 107,705 97,470 94,076 113,155 102,147 

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for all Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and 

other republics of the former U.S.S.R. are reported under “Other Europe.” beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

recognized by the United States. Data for entities of the former Yugoslavia recognized as Emirates (Trucial States).

independent states by the United States are reported under “Other Europe” as follows: 4 Includes Algeria, Gabon, Libya and Nigeria.

361 
86 CAPITAL MOVEMENTS 

TABLE CM-IV-5.—Total Claims by Type and Country, Mar. 31, 2002, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Financial claims 

Denominated in foreign Commercial 

Total claims Total Denominated in dollars currencies claims 

Country (1) (2) (3) (4) (5) 

Europe: 

Austria............................................................... 

Belgium-Luxembourg................................ 

Bulgaria............................................................. 

Czech Republic ................................ 

Denmark............................................................ 

Finland.............................................................. 

France............................................................... 

Germany............................................................ 

Greece.............................................................. 

Hungary............................................................. 

Ireland............................................................... 

Italy ................................................................ 

Netherlands ................................ 

Norway .............................................................. 

Poland............................................................... 

Portugal............................................................. 

Romania............................................................ 

Russia 1............................................................. 

Spain................................................................ 

Sweden............................................................. 

Switzerland......................................................... 

Turkey ............................................................... 

United Kingdom................................ 

Yugoslavia 2................................ 

Other Europe................................ 

2,004 1,870 1,870 - 134 

1,023 751 712 39 272 

11 - - - 11 

60 25 25 - 35 

84 29 28 1 55 

254 12 11 1 242 

4,685 1,801 1,665 136 2,884 

2,142 941 496 445 1,201 

367 190 189 1 177 

53 - - - 53 

621 286 233 53 335 

1,168 219 200 19 949 

2,235 1,820 1,486 334 415 

185 123 100 23 62 

81 - - - 81 

60 6 5 1 54 

33 - - - 33 

127 26 24 2 101 

1,336 711 693 18 625 

280 121 114 7 159 

744 308 288 20 436 

491 362 360 2 129 

17,608 14,023 11,219 2,804 3,585 

7 - - - 7 

732 47 35 12 685 

Total Europe ................................ 36,391 23,671 19,753 3,918 12,720 

Canada............................................................... 8,089 5,291 4,744 547 2,798 

Latin America 

and Caribbean: 

Argentina........................................................... 

Bahamas ......................................................... 

Bermuda............................................................ 

Brazil................................................................ 

British West Indies................................ 

Chile................................................................ 

Colombia........................................................... 

Cuba................................................................ 

Ecuador............................................................. 

Guatemala......................................................... 

Jamaica............................................................. 

Mexico.............................................................. 

Netherlands Antilles................................ 

Panama............................................................. 

Peru................................................................ 

Trinidad and Tobago................................ 

Uruguay............................................................. 

Venezuela.......................................................... 

Other Latin America 

and Caribbean................................ 

614 271 259 12 343 

1,239 1,197 1,194 3 42 

1,033 611 604 7 422 

2,734 1,892 1,889 3 842 

27,423 27,350 27,350 - 73 

375 180 179 1 195 

302 68 64 4 234 

6 - - - 6 

66 5 5 - 61 

100 22 22 - 78 

93 49 49 - 44 

4,013 2,777 2,730 47 1,236 

79 71 71 - 8 

93 39 39 - 54 

143 9 9 - 134 

48 - - - 48 

33 3 3 - 30 

391 79 77 2 312 

1,124 378 370 8 746 

Total Latin America 

and Caribbean................................ 39,909 35,001 34,914 87 4,908 

See footnotes at end of table. 
CAPITAL MOVEMENTS 87 

TABLE CM-IV-5.—Total Claims by Type and Country, Mar. 31, 2002, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Financial claims 

Denominated in foreign Commercial 

Total claims Total Denominated in dollars currencies claims 

Country (1) (2) (3) (4) (5) 

Asia: 

China: 

Mainland.......................................................... 

Taiwan............................................................. 

Hong Kong......................................................... 

India ................................................................ 

Indonesia........................................................... 

Israel................................................................ 

Japan................................................................ 

Korea................................................................ 

Lebanon............................................................ 

Malaysia............................................................ 

Pakistan ............................................................ 

Philippines.......................................................... 

Singapore.......................................................... 

Syria................................................................ 

Thailand............................................................ 

Other Asia.......................................................... 

1,102 242 238 4 860 

776 100 83 17 676 

925 654 356 298 271 

584 319 158 161 265 

258 120 119 1 138 

724 242 238 4 482 

3,985 2,009 1,426 583 1,976 

1,947 1,223 1,222 1 724 

20 - - - 20 

594 412 348 64 182 

51 3 3 - 48 

911 833 833 - 78 

1,052 145 140 5 907 

3 - - - 3 

229 91 71 20 138 

862 96 94 2 766 

Total Asia ................................ 14,023 6,489 5,329 1,160 7,534 

Africa: 

Congo (formerly Zaire) ................................ 206 39 36 3 167 

Egypt ................................................................ 7 - - - 7 

Ghana............................................................... 26 25 25 - 1 

Liberia............................................................... 33 16 16 - 17 

Morocco............................................................ 262 142 141 1 120 

South Africa................................ 1 - - - 1 

Other Africa................................ 485 168 168 - 317 

Total Africa................................ 1,020 390 386 4 630 

Other countries: 

Australia ............................................................ 2,346 693 610 83 1,653 

All other............................................................. 361 161 134 27 200 

Total other countries ................................ 2,707 854 744 110 1,853 

Total foreign countries ................................ 102,139 71,696 65,870 5,826 30,443 

International and regional orgs.: 

International................................ - - - - -

European regional................................ 2 - - - 2 

Latin American regional................................ 4 - - - 4 

Asian regional ................................ 2 - - - 2 

African regional ................................ - - - - -

Middle Eastern regional................................ - - - - -

Total international 

and regional................................ 8 - - - 8 

Grand total ................................ 102,147 71,696 65,870 5,826 30,451 

1

 Beginning with series for December 1992 forward, data for all other republics of the as independent states by the United States are reported under “Other Europe” as 

former U.S.S.R. are reported under “Other Europe.” follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and 2 Includes data on Serbia and Montenegro, which presently form an entity not formally Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of 

recognized by the United States. Data for entities of the former Yugoslavia recognized Macedonia. 
88 CAPITAL MOVEMENTS 

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries 

250 

200 

150 

100 

50 

0 

-50 

(In billions of dollars) 

Note: To facilitate comparison of net purchases during 2002 with those in 

prior years, the chart depicts data for all periods at an annualized rate. 

1999 2000 2001 2002 2002 

Jan. - June Apr. - June 

United Kingdom All other Europe Caribbean banking centers 

Japan All other Asia All other countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 1999 2000 2001 

2002 

Jan. - June 

2002 

Apr. - June 

United Kingdom ................................ 129,014 166,290 184,466 86,896 43,820 

All other Europe................................ 71,492 128,577 78,921 13,133 2,323 

Caribbean banking centers 1,2................................ 43,142 19,883 58,789 47,086 38,220 

Japan................................................................ 43,366 52,006 58,661 23,313 30,968 

All other Asia ................................ 34,168 52,151 110,995 40,654 10,870 

Subtotal................................ 321,182 418,907 491,832 211,082 126,201 

All other countries................................. 28,979 38,921 29,971 18,381 9,159 

Grand total................................ 350,161 457,828 521,803 229,463 135,360 

1

 Includes Bahamas, Bermu da, British West Indies, Netherlands Antilles and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

The data on this page represent

foreign investors’ purchases 

and sales of long-term U.S. 

securities (that is, U.S. Treasury

and Government agency bonds 

and notes, and U.S. corporate 

bonds and stocks) as reported to

the Treasury International 

Capital (TIC) reporting system. 

Foreign investors also acquired

U.S. equities through mergers 

that involve stock swaps. Net 

foreign acquisitions of U.S.

equities through stock swaps 

amounted to $14 billion in 

1999, $20 billion in 2000, $10 

billion in 2001, and about $7 

billion in the first half of 2002. 

(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. 

The data present aggregate net 

purchases on an annual basis

for 1999 through 2001, as well 

as the amount for the first half 

of 2002. The figures show that

foreigners’ annual net 

purchases (gross purchases 

minus gross sales) of U.S.

securities have maintained an 

extremely high level since 

1999. 

Annual net foreign purchases of 

U.S. securities first surpassed

$100 billion in 1993. In 2001, 

net acquisitions (including 

stock swaps) of U.S. securities

totaled a record $532 billion. In 

the first half of 2002, net 

foreign acquisitions (including

stock swaps) of U.S. securities 

totaled $229 billion, somewhat 

below last year’s record pace,

but on par with the robust pace 

of 2000. 
CAPITAL MOVEMENTS 89 

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchase 

Foreign countries 

U.S. Government corporations and 

federally sponsored agencies 

International 

and regional 

(4) 

Gross 

foreign 

purchases 

(5) 

Gross 

foreign 

sales 

(6) 

Official Other Net foreign 

purchases 

(7) 

Gross foreign 

purchases 

(8) 

Gross foreign

sales

(9)

Calendar 

year or month 

Total 

(1) 

institutions 

(2) 

foreigners 

(3) 

1998 ................................................................ 49,039 4,123 42,447 2,469 5,154,155 5,105,116 56,802 524,384 467,582 

1999 ................................................................ -9,953 -9,861 -657 565 4,288,138 4,298,091 92,200 486,000 393,800 

2000 ................................................................ -54,032 -6,302 -47,270 -460 3,870,511 3,924,543 152,842 728,930 576,088 

2001 ................................................................ 18,472 3,474 15,684 -686 5,267,709 5,249,237 165,086 1,202,197 1,037,111 

2002 - Jan. - June p................................ 1,324 563 90 671 3,038,978 3,037,654 84,192 792,511 708,319 

2001 - June ................................ -3,445 -3,243 6 -208 391,897 395,342 16,906 91,203 74,297 

July................................ -11,494 -741 -10,927 174 382,161 393,655 12,476 85,388 72,912 

Aug................................ 4,410 343 4,247 -180 426,541 422,131 12,036 99,946 87,910 

Sept ................................ -1,990 2,549 -4,687 148 387,659 389,649 8,428 110,730 102,302 

Oct ................................ 14,969 2,239 12,645 85 487,225 472,256 27,279 125,030 97, 751 

Nov ................................ 12,676 6,266 6,636 -226 589,200 576,524 14,313 120,751 106,438 

Dec................................ 10,497 1,061 9,470 -34 376,692 366,195 8,883 125,311 116,428 

2002 - Jan................................ -16,762 -3,000 -14,027 265 473,667 490,429 3,932 121,678 117,746 

Feb................................ -169 -2,177 1,684 324 405,564 405,733 6,233 114,781 108,548 

Mar................................ 13,916 5,254 8,513 149 533,850 519,934 19,914 137,521 117,607 

Apr ................................ -9,146 -1,606 -7,850 310 513,029 522,175 23,723 145,483 121,760 

May p................................ 73 -69 642 -500 597,092 597,019 18,350 139,361 121,011 

June p................................ 13,412 2,161 11, 128 123 515,776 502,364 12,040 133,687 121,647 

Corporate and other securities

Bonds 1 Stocks

Net foreign Gross foreign Gross foreign Net foreign Gross foreign Gross foreign 

Calendar 

year or month 

purchases 

(10) 

purchases 

(11) 

sales 

(12) 

purchases 

(13) 

purchases 

(14) 

sales 

(15) 

1998................................................................ 121,930 381,262 259,332 50,020 1,573,696 1,523,676 

1999................................................................ 160,392 368,692 208,300 107,522 2,340,659 2,233,137 

2000................................................................ 184,128 479,456 295,328 174,890 3,605,196 3,430,306 

2001................................................................ 221,855 740,961 519,106 116,390 3,051,332 2,934,942 

2002 - Jan. - June p............................................... 114,819 418,704 303,885 29,128 1,597,442 1,568,314 

2001 - June.......................................................... 15,026 66,954 51,928 10,438 259,622 249,184 

July .......................................................... 14,927 54,013 39,086 11,475 244,887 233,412 

Aug .......................................................... 12,711 57,739 45,028 7,703 247,297 239,594 

Sept.......................................................... 

Oct........................................................... 10,182 

13,551 

45,728 

67,412 

35,546 

53,861 

-11,532 

7,261 

193,492 

255,679 

205,024 

248,418 

Nov .......................................................... 16,783 66,364 49,581 13,172 241,311 228,139 

Dec .......................................................... 13,600 52,410 38,810 13,284 239,276 225,992 

2002 - Jan............................................................ 15,602 59,841 44,239 8,616 255,717 247,101 

Feb........................................................... 7,254 53,943 46,689 2,101 259,946 257,845 

Mar........................................................... 26,549 82,472 55,923 6,917 286,549 279,632 

Apr ........................................................... 18,267 71,691 53,424 7,827 272,125 264,298 

May p........................................................ 26,271 79,821 53,550 -346 274,543 274,889 

June p....................................................... 20,876 70,936 50,060 4,013 248,562 244,549 

1

 Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
90 CAPITAL MOVEMENTS 

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Net foreign pur- Foreign bonds Foreign stocks 

chases of for- Net foreign Gross foreign Net foreign Gross foreign 

eign securities purchases from purchases from Gross foreign purchases from purchas es from Gross foreign 

Calendar from U.S U.S. U.S. sales to U.S. U.S. U.S. sales to U.S. 

year or month (1) (2) (3) (4) (5) (6) (7) 

1998................................................................ 

1999................................................................ 

2000................................................................ 

2001................................................................ 

2002 - Jan. - June p................................ 

2001 - June.......................................................... 

July .......................................................... 

Aug .......................................................... 

Sept.......................................................... 

Oct........................................................... 

Nov. r................................ 

Dec .......................................................... 

2002 - Jan............................................................ 

Feb........................................................... 

Mar........................................................... 

Apr........................................................... 

May p................................ 

June p................................ 

-11,137 -17,349 1,328,250 1,345,599 6,212 929,569 923,357 

9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663 

-17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273 

-19,690 30,423 1,159,185 1,128,762 -50,113 1,397,664 1,447,777 

6,951 17,082 634,292 617,210 -10,131 655,173 665,304 

-5,494 1,048 101,950 100,902 -6,542 119,764 126,306 

-711 5,629 91,585 85,956 -6,340 114,292 120,632 

8,430 10,535 88,714 78,179 -2,105 96,415 98,520 

12,657 10,326 87,083 76,757 2,331 99,588 97,257 

-3,851 -754 94,591 95,345 -3,097 105,799 108,896 

1,611 -1,184 95,702 96,886 2,795 108,043 105,248 

-9,900 -945 69,504 70,449 -8,955 88,033 96,988 

-1,736 -5,558 93,550 99,108 3,822 103,389 99,567 

-478 2,245 89,172 86,927 -2,723 95,364 98,087 

12,886 7,333 109,465 102,132 5,553 116,460 110,907 

-3,104 461 99,383 98,922 -3,565 114,997 118,562 

-1,374 6,871 124,357 117,486 -8,245 113,259 121,504 

757 5,730 118,365 112,635 -4,973 111,704 116,677 
CAPITAL MOVEMENTS 91 

TABLE CM-V-3.—Net Foreign Transactions in Long -Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2002 2002 2002 2002 

Calendar 

year 

2001 

(1) 

Jan. Apr. Calendar 

year 

2001 

(4) 

Jan. Apr. Calendar 

year 

2001 

(7) 

Jan. Apr. Calendar Jan. Apr. 

year through through 

2001 r June June p 

(10) (11) (12) 

through 

June 

(2) 

through 

June p 

(3) 

through 

June 

(5) 

through 

June p 

(6) 

through 

June 

(8) 

through 

June p 

(9) Country 

Europe: 

Austria................................ -838 -561 -417 -230 272 165 312 364 265 707 13 -2 

Belgium 1 ................................ -598 268 229 2,272 -142 1,033 1,893 1,953 1,245 2,177 1,267 460 

Bulgaria................................ 120 -76 -24 - 18 -6 54 8 -6 20 8 8 

Czech Republic................................ 474 353 463 6 2 - 172 34 -21 56 -9 -4 

Denmark................................ -464 -385 33 377 -206 -52 1,443 519 123 1,720 1,217 544 

Finland................................ -191 -38 -13 132 17 48 195 17 4 638 229 -127 

France................................ -4,272 943 1,935 2,036 663 363 2,992 1,189 829 5,914 694 -1,317 

Germany................................ -1,668 -2,037 -53 6,511 979 1,029 5,851 1,604 169 8,415 1,117 -123 

Greece ................................ 171 209 184 143 235 26 141 -11 25 -14 93 72 

Hungary................................ 151 -61 -111 49 -11 30 40 17 17 13 -22 -15 

Ireland ................................ 185 340 -1,740 522 -496 -316 1,245 3,676 1,464 1,927 1,215 452 

Italy ................................................................ -2,008 1,128 -117 -2,126 -16 9 233 651 359 2,249 1,338 217 

Luxembourg 1................................ n.a. -967 -406 n.a. 1,044 649 n.a. -123 -69 n.a. 1,812 431 

Netherlands................................ -6,728 -20,557 -15,380 -960 -2,772 -875 2,498 1,819 1,040 10,919 112 -586 

Norway................................ 2,726 -5,182 -2,231 1,762 2,269 1,191 -230 1,840 634 1,996 519 74 

Poland................................ -1,320 -112 -190 528 73 -20 -24 1 1 9 -2 -4 

Portugal................................ 2,273 444 546 -31 9 22 144 119 59 153 132 3 

Romania................................ 170 145 106 -234 88 68 1 8 - -1 -2 -2 

Russia 2................................ 1,477 872 666 343 4,500 3,552 2 - - 2 45 12 

Spain................................................................ -5,301 -679 -931 658 118 468 759 119 36 857 -566 27 

Sweden................................ -1,190 52 350 529 -41 172 246 125 79 3,635 1,372 221 

Switzerland................................ 1,412 609 -562 2,992 1,289 1,059 2,729 1,984 1,347 3,456 1,798 193 

Turkey................................ -934 245 -8 19 - - -15 1 1 -19 5 8 

United Kingdom................................ -7,185 9,972 1,010 44,4 18 10,825 10,540 108,740 58,730 33,306 38,493 7,369 -1,036 

Channel Islands and 

Isle of Man 3 ................................ n.a. 635 842 n.a. 184 -1 n.a. 367 99 n.a. -365 -68 

Yugoslavia 4................................ - - n.a. - - n.a. - - n.a. - 1 n.a. 

Other Europe ................................ 2,745 1,906 2,984 198 154 194 634 -875 -766 - -18 -48 

Total Europe................................ -20,510 -12,534 -12,835 60,957 19,055 19,348 134,841 74,136 40,240 88,099 19,372 -610 

Canada................................................................ -4,136 -1,051 -477 1,310 603 429 3,285 1,476 686 10,984 3,827 2,181 

Latin America: 

Argentina ................................ -399 22 106 1,558 -419 301 361 158 49 593 198 97 

Brazil ................................................................ 2,633 131 396 1,951 208 320 -17 363 76 -139 62 -30 

Chile................................................................ 240 171 178 2 7 64 614 -22 -18 204 135 80 

Colombia................................ 192 -398 -222 188 80 4 495 171 48 -6 -9 -8 

Ecuador................................ 8 -5 -16 45 31 -13 100 23 2 56 -22 -10 

Guatemala................................ 37 3 -8 54 39 29 71 37 9 16 1 5 

Mexico................................ 195 3,497 547 2,257 3,956 747 1,340 796 601 -673 370 204 

Panama ................................ -150 -16 -83 686 432 143 537 236 159 39 -80 -50 

Peru................................................................ 99 -14 -10 611 570 169 13 69 33 37 193 21 

Uruguay................................ -225 -357 -375 275 383 146 277 -13 31 193 73 18 

Venezuela................................ 290 162 148 365 347 128 381 209 129 19 14 -44 

Other Latin America 5................................ 286 -141 -160 997 44 166 652 284 85 -41 -217 128 

Total Latin America ................................ 3,206 3,055 501 8,989 5,678 2,204 4,824 2,311 1,204 298 718 411 

Caribbean: 

Bahamas................................ -4,4 79 10,847 10,583 472 787 140 1,797 159 111 1,908 103 1,037 

Bermuda................................ 3,564 6,178 5,737 6,916 2,190 1,783 17,658 7,350 3,757 -11,558 -5,326 -2,328 

British West Indies 6................................ - n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a. 

Cayman Islands 6................................ n.a. -3,026 -9,713 n.a. 14,223 6,355 n.a. 15,679 9,846 n.a. -2,798 -31 

Cuba................................................................ - n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a. 

Jamaica ................................ 23 53 13 187 236 80 29 63 21 14 -2 -1 

Netherlands Antilles................................ -10,744 -2,070 9,360 120 1,639 1,331 845 195 -33 516 384 116 

Trinidad and To bago................................ 17 30 30 -325 44 35 88 22 4 3 -3 -

Other Caribbean 5................................ n.a. -4,741 -2,170 n.a. 451 100 n.a. 51 -123 n.a. 1,897 1,409 

Total Caribbean ................................ 1,840 7,271 13,840 13,589 19,570 9,824 49,815 23,519 13,583 -5,452 -5,745 202 

See footnotes at end of table. 
92 CAPITAL MOVEMENTS 

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2002 2002 2002 2002 

Calendar 

year 

2001 

(1) 

Jan. Apr. Calendar 

year 

2001 

(4) 

Jan. Apr. Calendar 

year 

2001 

(7) 

Jan. Apr. Calendar 

year 

2001 r 

(10) 

Jan. Apr. 

through 

June 

(2) 

through 

June p 

(3) 

through 

June 

(5) 

through 

June p 

(6) 

through 

June 

(8) 

through 

June p 

(9) 

through 

June 

(11) 

through 

June p 

Country (12)

Asia: 

China: 

Mainland................................................................ 19,117 735 -4,410 25,979 13,810 4,814 6,688 4,423 2,463 3 65 14 

Taiwan ................................................................ 2,265 -1,370 678 5,417 5,703 2,447 2,248 978 371 259 288 11 

Hong Kong................................................................ 7,244 -7,292 -7,545 17,843 5,152 2,469 4,187 1,779 1,097 676 908 623 

India................................................................ 935 -77 95 -17 3 - 38 13 - -15 -19 9 

Indonesia................................................................ -7,226 -465 -421 10 368 15 96 27 -2 74 31 4 

Israel................................................................ 1,282 3,020 2,092 637 115 -196 553 345 120 -374 -10 -109 

Japan................................................................ 17,774 20 6,522 28,018 10,921 12,146 6,081 3,832 4,747 6,788 8,540 7,553 

Korea................................................................ 816 6,611 4,020 -1,114 440 399 831 743 408 -76 71 101 

Lebanon................................................................ 24 1 1 8 8 4 17 -12 4 23 37 19 

Malaysia................................................................ 1,642 789 -26 232 1,517 225 66 51 -5 -57 -17 -13 

Pakistan................................................................ 40 - n.a. 3 1 n.a. 2 - n.a. -8 5 n.a. 

Philippines................................................................ 597 63 12 300 162 45 247 124 59 -40 -41 -27 

Singapore ................................................................ -7,917 144 1,720 2,905 372 -309 5,401 -413 115 13,078 946 208 

Syria ................................................................ - - - - - - - 2 1 -10 -2 -2 

Thailand ................................................................ 378 -523 -685 42 79 65 18 123 37 -20 21 8 

Oil-exporting countries 7................................ 865 1,113 142 1,151 529 -11 1,186 471 -128 1,789 -1,076 -105 

Other Asia ................................................................ 156 -390 -110 104 82 41 -28 84 35 425 9 -17 

Total Asia................................................................ 37,992 2,379 2,085 81,518 39,262 22,154 27,631 12,570 9,322 22,515 9,756 8,277 

Africa: 

Congo (formerly Zaire)................................ - n.a. n.a. -1 n.a. n.a. 3 n.a. n.a. -1 n.a. n.a. 

Egypt................................................................ -811 -344 -232 105 11 4 28 -3 -4 -41 7 -2 

Ghana................................................................ - - n.a. - 1 n.a. - - n.a. - - n.a. Liberia................................................................ -111 -4 -1 -22 55 45 69 21 9 -306 11 3 

Morocco ................................................................ 111 -26 -56 50 1 1 - -2 -2 -3 -7 -4 

South Africa ................................................................ -97 34 6 4 2 2 177 -32 14 -154 -32 -16 

Oil-exporting countries 8................................ -2 -24 -25 150 204 199 1 29 29 -43 8 9 

Other Africa ................................................................ 30 588 393 18 107 62 178 70 79 182 -9 -23 

Total Africa................................................................ -880 224 85 304 381 313 456 83 125 -366 -22 -33 

Other countries: 

Australia................................................................ 1,359 1,790 1,606 -1,647 -243 -82 -120 517 212 117 1,183 863 

New Zealand 9................................ n.a. -325 -165 n.a. -6 -12 n.a. -45 -25 n.a. 190 233 

All other countries................................ 274 -156 -234 154 -13 -17 662 152 15 -183 - -17 

Total other countries................................ 1,646 1,309 1,207 -1,570 -262 -111 426 624 202 109 1,373 1,079 

Total foreign countries................................ 19,158 653 4,406 165,097 84,287 54,161 221,278 114,719 65,362 116,187 29,279 11,507 

International and regional o rgs.: 

International................................................................ -290 526 137 42 -148 -194 493 140 7 31 -48 

European regional................................ -7 17 - - - - 25 -80 -14 - -

Latin American regional................................ 41 -24 -33 10 -23 2 67 57 58 159 -110 

-15 

-

1 

Caribbean regional 10................................ n.a. n.a. n.a. n.a. n.a. n.a. n. a. n.a. n.a. n.a. n.a. n.a. 

Asian regional................................................................ -449 191 -172 -76 75 145 4 -18 - -3 7 1 

African regional................................ 25 -34 1 13 1 -1 -12 1 1 -1 - -

Middle Eastern regional................................ -6 -5 n.a. - - n.a. - - n.a. 17 - n.a. 

Total international and regional ................................ -686 671 -67 -11 -95 -48 577 100 52 203 -151 -13 

Grand total................................ 18,472 1,324 4,339 165,086 84,192 54,113 221,855 114,819 65,414 116,390 29,128 11,494 

1 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Before Ja nuary 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” Latin America and Caribbean.” 3 Before January 2001, data included in United Kingdom. 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 4 Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates (Trucial 

for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other States).

Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for 8 Includes Algeria, Gabon, Libya, and Nigeria.

the Former Yugoslav Republic of Macedonia. 9 Before January 2001, data included in “All other.” 

10 Before January 2001, data included in “Latin American regional.” 
CAPITAL MOVEMENTS 93 

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2002, 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 

Market- Market -

able Bonds able 

Treasury of U.S. Treasury Bonds 

and Gov’t and of U.S. 

Federal corps Federal Gov’t 

Financ- and Financ- corps and 

ing Bank federally ing Bank federally 

bonds spon- bonds sponand sored and sored 

notes agencies notes agencies 

(2) (3) (9) (10) 

Total 

sales 

Country (8)

Total 

purchases 

(1) 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 

(4) (5) (6) (7) (11) (12) (13) (14) 

Europe: 

Austria ................................................................ 3,362 786 849 350 728 396 253 3,602 1,203 684 85 730 674 226 

Belgium ................................................................ 18,443 5,342 3,747 3,100 4,235 1,034 985 15,181 5,113 2,714 1,855 3,775 861 863 

Bulgaria ................................................................ 90 37 25 7 13 8 - 116 61 31 13 5 6 -

Czech Republic ................................ 1,350 1,177 - - 39 36 98 833 714 - 21 43 22 33 

Denmark ................................................................ 9,738 6,299 285 851 1,487 262 554 8,980 6,266 337 728 943 218 488 

Finland ................................................................ 2,670 1,474 314 37 366 11 468 2,935 1,487 266 33 493 92 564 

France ................................................................ 141,89 5 63,745 2,115 2,627 60,546 4,394 8,468 140,298 61,810 1,752 1,798 61,863 5,115 7,960 

Germany ................................................................ 89,070 49,007 2,456 2,764 14,839 11,492 8,512 89,718 49,060 1,427 2,595 14,962 14,274 7,400 

Greece ................................................................ 1,746 1,146 56 31 320 123 70 1,472 962 30 6 248 44 182 

Hungary ................................................................ 667 155 30 19 216 118 129 612 266 - 2 231 41 72 

Ireland ................................................................ 68,650 39,251 2,064 3,885 16,793 3,589 3,068 68,191 40,991 2,380 2,421 16,341 2,887 3,171 

Italy................................................................ 29,981 12,462 1,198 791 9,619 2,536 3,375 28,713 12,579 1,189 432 9,402 2,231 2,880 

Luxembourg ................................................................ 17,428 1,903 3,066 2,407 7,279 775 1,998 16,193 2,309 2,417 2,476 6,848 870 1,273 

Netherlands ................................................................ 78,631 47,202 9,362 2,301 9,206 2,609 7,951 93,383 62,582 10,237 1,261 9,792 2,739 6,772 

Norway ................................................................ 160,933 148,780 3,520 2,552 1,652 3,953 476 159,827 151,011 2,329 1,918 1,578 2,511 480 

Poland ................................................................ 2,171 1,265 106 1 9 745 45 2,201 1,455 126 - 13 584 23 

Portugal ................................................................ 12,388 11,289 306 97 299 162 235 11,734 10,743 284 38 296 176 197 

Romania ................................................................ 1,230 852 365 - - 13 - 1,080 746 297 - 2 35 -

Russia 1................................................................ 13,911 1,736 10,977 35 203 388 572 9,703 1,070 7,425 35 191 335 647 

Spain ................................................................ 10,568 5,380 961 144 1,881 411 1,791 11,496 6,311 493 108 1,854 363 2,367 

Sweden ................................................................ 15,908 7,675 1,821 281 4,586 276 1,269 14,826 7,325 1,649 202 4,365 155 1,130 

Switzerland ................................................................ 39,889 10,498 2,928 2,868 16,118 1,514 5,963 38,360 11,060 1,869 1,521 15,925 1,636 6,349 

Turkey ................................................................ 703 286 - 2 27 173 215 925 294 - 1 19 105 506 

United Kingdom ................................ 1,049,723 469,702 45,364 97,318 134,225 163,321 139,793 1,016,556 468,692 34,824 64,012 135,26 1 160,831 152,936 

Channel Islands and Isle of Man 2................................ 6,154 1,528 1,480 711 1,724 222 489 5,640 686 1,481 612 1,792 526 543 

Yugoslavia 3................................................................ - - - - - - - - - - - - - -

Other Europe ................................................................ 12,240 9,134 826 566 766 356 592 9,930 6,150 632 1,332 814 585 417 

Total Europe ................................ 1,789,539 898,111 94,221 123,745 287,176 198,917 187,369 1,752,505 910,946 74,873 83,505 287,786 197,916 197,479 

Canada ................................................................ 165,479 89,084 14,412 3,870 23,957 16,275 17,881 158,799 89,561 13,983 3,184 21,776 13,121 17,174 

Latin America: 

Argentina ................................................................ 2,808 217 419 212 860 515 585 2,252 111 118 163 763 574 523 

Brazil ................................................................ 13,759 2,374 836 364 521 7,634 2,030 12,875 1,978 516 288 551 7,281 2,261 

Chile ................................................................ 3,626 1,273 122 419 690 918 204 3,187 1,095 58 437 610 828 159 

Colombia ................................................................ 2,922 996 207 537 204 950 28 2,731 1,218 203 489 212 584 25 

Ecuador ................................................................ 356 7 24 20 173 4 128 393 23 37 18 183 12 120 

Guatemala ................................................................ 194 1 34 20 34 98 7 96 9 5 11 29 34 8 

Mexico................................................................ 13,504 4,419 1,858 1,156 1,348 2,046 2,677 11,224 3,872 1,111 555 1,144 1,422 3,120 

Panama ................................................................ 2,448 94 421 315 759 684 175 2,220 177 278 156 809 574 226 

Peru ................................................................ 824 93 366 52 115 139 59 669 103 197 19 94 187 69 

Uruguay ................................................................ 1,635 426 283 135 370 313 108 2,069 801 137 104 352 588 87 

Venezuela ................................................................ 1,542 224 215 167 347 515 74 1,040 76 87 38 391 364 84 

Other Latin America ................................ 5,707 1,611 338 557 632 2,507 62 5,323 1,771 172 472 504 2,351 53 

Total Latin America ................................ 49,325 11,735 5,123 3,954 6,053 16,323 6,137 44,079 11,234 2,919 2,750 5,642 14,799 6,735 

Caribbean: 

Bahamas................................................................ 76,268 45,744 780 4,925 12,740 7,549 4,530 64,842 35,161 640 4,814 11,703 7,501 5,023 

Bermuda ................................................................ 282,916 63,003 17,873 14,056 142,233 33,484 12,267 275,050 57,266 16,090 10,299 144,561 32,961 13,873 

Cayman Islands 4 ................................ 720,119 236,739 217,192 46,574 157,543 32,215 29,856 712,103 246,452 210,837 36,728 157,574 30,265 30,247 

Cuba ................................................................ - - - - - - - - - - - - - -

Jamaica ................................................................ 737 49 340 66 5 268 9 454 36 260 45 6 106 1 

Netherlands Antilles................................ 112,810 65,915 3,699 1,439 36,365 1,423 3,969 102,464 56,555 2,368 1,472 36,249 1,678 4,142 

Trinidad and Tobago ................................ 178 47 36 19 12 62 2 63 17 1 15 12 18 -

Other Caribbean ................................ 98,625 7,722 794 3,719 78,286 1,480 6,624 100,174 9,892 694 3,842 76,877 1,586 7,283 

Total Caribbean ................................ 1,291,653 419,219 240,714 70,798 427,184 76,481 57,257 1,255,150 405,379 230,890 57,215 426,982 74,115 60,569 

See footnote at end of table. 
94 CAPITAL MOVEMENTS 

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Second Quarter 2002, 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 

Market - Market -

able able 

Treasury Bonds Treasury Bonds 

and of U.S. and of U.S. 

Federal Gov’t Federal Gov’t 

Financ- corps and Financ- corps and 

ing Bank federally ing Bank federally 

bonds spon - bonds sponand sored and sored 

notes agencies notes agencies 

(2) (3) (9) (10) 

Total 

sales 

(8) 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

Total purchases 

(1) 

Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 

(4) (5) (6) (7) (11) (12) (13) (14) 

Asia: 

China: 

Mainland ................................ 45,211 31,537 9,574 2,874 339 768 119 41,719 35,947 4,760 411 325 177 99 

Taiwan................................ 13,225 4,019 4,042 719 1,474 1,314 1,657 8,909 3,341 1,595 348 1,463 332 1,830 

Hong Kong................................ 51,208 20,874 8,927 2,355 2,937 3,161 12,954 53,333 28,419 6,458 1,258 2,314 2,048 12,836 

India................................................................ 2,738 2,118 1 - 83 18 518 2,746 2,023 1 - 74 20 628 

Indonesia................................ 973 489 205 14 112 64 89 1,412 910 190 16 108 48 140 

Israel................................................................ 7,485 5,250 309 303 827 113 683 5,771 3,158 505 183 936 70 919 

Japan ................................................................ 199,626 80,718 29,724 7,062 22,516 20,131 39,475 169,049 74,196 17,578 2,315 14,963 17,258 42,739 

Korea................................................................ 26,232 17,496 3,720 646 235 774 3,361 20,643 13,476 3,321 238 134 716 2,758 

Lebanon................................ 252 3 5 6 192 28 18 205 2 1 2 173 21 6 

Malaysia................................ 2,893 1,483 770 25 69 102 444 3,531 1,509 545 30 82 120 1,245 

Pakistan................................ 17 - - 1 10 2 4 20 - - 1 10 2 7 

Philippi nes................................ 1,786 733 309 149 64 424 107 1,767 721 264 90 91 519 82 

Singapore................................ 43,741 16,013 2,863 2,548 12,730 3,915 5,672 40,722 14,293 3,172 2,433 12,522 3,697 4,605 

Syria................................................................ 2 - - 1 1 - - 3 - - - 3 - -

Thailand................................ 2,862 2,364 110 66 94 76 152 3,410 3,049 45 29 86 30 171 

Other Asia................................ 17,577 10,390 1,121 1,055 4,284 329 398 17,807 10,358 1,091 1,148 4,406 373 431 

Total Asia................................ 415,828 193,487 61,680 17,824 45,967 31,219 65,651 371,047 191,402 39,526 8,502 37,690 25,431 68,496 

Africa: 

Congo (formerly Zaire)................................ - - - - - - - - - - - - - -

Egypt................................................................ 226 46 7 13 49 84 27 425 278 3 17 51 69 7 

Ghana................................................................ 5 - - - 5 - - 5 - - - 5 - -

Liberia................................................................ 307 22 97 29 104 22 33 229 23 52 20 101 5 28 

Morocco................................ 123 115 1 - 3 4 - 181 171 - 2 7 - 1 

South Africa ................................ 679 14 12 68 128 83 374 2,055 8 10 54 144 1,156 683 

Other Africa ................................ 1,710 475 430 132 350 137 186 916 107 169 24 364 49 203 

Total Africa ................................ 3,050 672 547 242 639 330 620 3,811 587 234 117 672 1,279 922 

Other countries: 

Australia................................ 23,474 11,106 890 1,685 3,393 1,991 4,409 21,275 9,500 972 1,473 2,530 1,956 4,844 

New Zealand ................................ 1,395 348 21 170 358 292 206 1,224 513 33 195 125 160 198 

All other countries................................ 934 148 213 61 224 205 83 1,191 382 230 46 241 243 49 

Total other countries................................ 25,803 11,602 1,124 1,916 3,975 2,488 4,698 23,690 10,395 1,235 1,714 2,896 2,359 5,091 

Total foreign countries................................ 3,740,677 1,623,910 417,821 222,349 794,951 342,033 339,613 3,609,081 1,619,504 363,660 156,987 783,444 329,020 356,466 

Internatio nal and 

regional orgs.: 

International................................ 1,690 1,269 168 35 184 16 18 1,764 1,132 362 28 199 3 40 

European regional................................ 372 - - - - 49 323 266 - - 14 - 20 232 

Latin American regional................................ 339 191 4 63 69 7 5 302 224 2 5 68 - 3 

Caribbean regional................................ - - - - - - - - - - - - - -

Asian regional................................ 1,076 526 538 - 12 - - 1,103 698 393 - 11 - 1 

African regional................................ 2 1 - 1 - - - 1 - 1 - - - -

Middle Eastern regional................................ 15 - - - 14 - 1 15 - - - 14 - 1 

Total international 

and regional................................ 3,494 1,987 710 99 279 72 347 3,451 2,054 758 47 292 23 277 

Grand total................................ 3,744,171 1,625,897 418,531 222,448 795,230 342,105 339,960 3,612,532 1,621,558 364,418 157,034 783,736 329,043 356,743 

1 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” under “Other Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; 2 Before January 2001, data included in United Kingdom. and since June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United States. 4 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.

Data for entities of the former Yugoslavia recognized as independent states by the United States are reported 
CAPITAL MOVEMENTS 95 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2001 

[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 

Market - Marketable able 

Treasury Bonds Treasury Bonds 

and of U.S. and of U.S. 

Federal Gov’t Federal Gov’t 

Financ- corps and Financ- corps and 

ing Bank federally ing Bank federally 

bonds spon- bonds sponand sored and sored 

notes agencies notes agencies 

(2) (3) (9) (10) 

Total 

sales 

(8) 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities Total purchases 

(1) 

Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 

Country (4) (5) (6) (7) (11) (12) (13) (14) 

Europe: 

Austria ................................................................ 19,361 8,509 2,777 679 4,711 1,165 1,520 19,109 9,347 3,007 367 4,004 1,206 1,178 

Belgium 1 ................................................................ 53,700 16,432 6,267 5,634 16,900 3,343 5,124 47,658 17,030 3,995 3,741 14,723 3,667 4,502 

Bulgaria ................................................................ 777 305 - 59 319 18 76 629 185 - 5 299 19 121 

Czech Republic ................................ 8,054 5,260 6 178 205 24 2,381 6,142 4,786 - 6 149 6 1,195 

Denmark ................................................................ 52,698 32,394 3,715 3,595 7,996 1,685 3,313 49,484 32,858 3,338 2,152 6,276 1,231 3,629 

Finland ................................................................ 17,838 7,438 849 325 1,834 158 7,234 15,306 7,629 717 130 1,196 146 5,488 

France ................................................................ 492,319 238,302 14,946 11,566 175,869 12,599 39,037 483,788 242,574 12,910 8,574 169,955 13,076 36,699 

Germany ................................................................ 354,568 164,607 25,235 12,470 80,822 28,382 43,052 333,469 166,275 18,724 6,619 72,407 25,966 43,478 

Greece ................................................................ 9,901 5,189 409 301 1,712 957 1,333 8,913 5,018 266 160 1,726 378 1,365 

Hungary ................................................................ 1,126 471 222 62 146 2 223 846 320 173 22 133 9 189 

Ireland ................................................................ 296,346 188,671 11,868 10,115 51,806 17,574 16,312 290,349 188,486 11,346 8,870 49,879 14,560 17,208 

Italy................................................................ 153,233 51,651 3,458 2,452 67,032 12,343 16,297 156,061 53,659 5,584 2,219 64,783 11,426 18,390 

Luxembourg 1 ................................ 80,583 11,688 14,589 8,624 32,640 5,913 7,129 68,501 11,226 13,965 5,419 27,165 3,335 7,391 

Netherlands ................................................................ 214,518 111,687 14,442 6,534 45,293 8,283 28,279 205,224 118,415 15,402 4,036 34,374 7,907 25,090 

Norway ................................................................ 209,079 166,556 19,436 3,060 7,378 9,255 3,394 201,690 163,830 17,674 3,290 5,382 8,942 2,572 

Poland ................................................................ 10,253 8,041 1,195 26 46 702 243 10,889 9,361 667 50 37 537 237 

Portugal ................................................................ 11,453 7,311 183 283 1,388 657 1,631 9,762 5,038 214 139 1,235 490 2,646 

Romania ................................................................ 4,375 1,879 2,335 1 2 131 27 4,358 1,709 2,569 - 3 50 27 

Russia 2................................................................ 37,724 17,890 19,208 5 306 93 222 35,984 16,413 18,865 3 304 162 237 

Spain ................................................................ 67,169 34,241 2,711 1,146 11,199 4,520 13,352 70,192 39,542 2,053 387 10,342 4,251 13,617 

Sweden ................................................................ 55,007 17,986 2,559 1,383 23,715 1,764 7,600 51,917 19,176 2,030 1,137 20,080 1,607 7,887 

Switzerland ................................................................ 168,851 38,676 10,892 8,328 77,295 7,870 25,790 155,599 37,264 7,900 5,599 73,839 6,865 24,132 

Turkey ................................................................ 20,816 2,631 23 6 503 15,991 1,662 23,401 3,565 4 21 522 15,347 3,942 

United Kingdom ................................ 4,215,297 1,846,551 204,978 346,485 635,894 628,556 552,833 4,059,388 1,853,736 160,560 237,745 597,401 635,695 574,251 

Channel Islands and Isle 

of Man 3 ................................................................ 16,158 1,365 2,051 3,288 6,361 879 2,214 14,846 1,544 1,632 1,707 7,059 848 2,056 

Yugoslavia 4................................................................ 8 - - - 7 - 1 8 - - - 7 - 1 

Other Europe ................................ 44,521 29,299 3,635 1,985 5,155 1,786 2,661 40,950 26,554 3,437 1,351 5,155 1,746 2,707 

Total Europe ................................ 6,615,733 3,015,030 367,989 428,590 1,256,534 764,650 782,940 6,364,463 3,035,540 307,032 293,749 1,168,435 759,472 800,235 

Canada ................................................................ 559,879 293,452 22,342 16,146 115,229 39,139 73,571 545,493 297,588 21,032 12,861 104,245 37,929 71,838 

Latin America: 

Argentina ................................................................ 38,784 3,046 3,054 1,316 3,758 24,947 2,663 32,719 3,445 1,496 955 3,165 21,071 2,587 

Brazil ................................................................ 57,720 16,499 9,178 1,310 1,794 18,046 10,893 55,916 13,866 7,227 1,327 1,933 20,758 10,805 

Chile ................................................................ 17,389 8,358 262 1,535 2,322 3,787 1,125 15,112 8,118 260 921 2,118 2,884 811 

Colombia ................................................................ 11,723 3,978 1,431 1,972 1,082 3,164 96 11,798 3,786 1,243 1,477 1,088 4,110 94 

Ecuador ................................................................ 1,560 19 180 170 959 93 139 1,349 11 135 70 903 86 144 

Guatemala ................................................................ 763 162 80 136 219 126 40 574 125 26 65 203 51 104 

Mexico................................................................ 59,095 28,089 2,608 3,498 3,937 10,405 10,558 50,734 27,894 351 2,158 4,610 6,239 9,482 

Panama ................................................................ 10,607 543 1,540 1,587 3,462 2,784 691 9,513 693 854 1,050 3,423 2,723 770 

Peru ................................................................ 1,932 229 764 98 290 295 256 1,277 130 153 85 253 193 463 

Uruguay ................................................................ 6,729 1,380 646 598 1,522 2,001 582 5,231 1,605 371 321 1,329 1,264 341 

Venezuela ................................................................ 7,285 2,194 785 579 1,532 1,876 319 6,128 1,904 420 198 1,513 1,798 295 

Other Latin America 5 ................................ 10,262 1,426 2,161 1,114 3,057 2,051 453 7,762 1,140 1,164 462 3,098 1,510 388 

Total Latin America ................................ 223,849 65,923 22,689 13,913 23,934 69,575 27,815 198,113 62,717 13,700 9,089 23,636 62,687 26,284 

Caribbean: 

Bahamas................................................................ 206,548 95,161 4,413 18,153 48,550 21,242 19,029 208,053 99,640 3,941 16,356 46,642 21,064 20,410 

Bermuda ................................................................ 789,185 225,106 41,103 49,230 372,729 64,846 36,171 774,782 221,542 34,187 31,572 384,287 62,162 41,032 

Cayman Islands 6 ................................ 1,874,583 529,509 431,202 127,650 595,675 81,985 108,562 1,825,537 516,543 424,974 99,912 591,945 84,412 107,751 

Cuba ................................................................ - - - - - - - - - - - - - -

Jamaica ................................................................ 3,527 1,975 740 41 85 645 41 2,916 1,952 553 12 71 305 23 

Netherlands Antilles................................ 263,846 109,588 7,077 5,835 116,628 9,498 15,220 272,685 120,332 6,957 4,990 116,112 8,954 15,340 

Trinidad and Tobago ................................ 820 122 222 166 101 162 47 922 105 547 78 98 63 31 

Other Caribbean 5 ................................ 393,876 27,879 5,356 15,654 307,065 6,029 31,893 391,872 27,386 5,365 13,994 307,130 5,362 32,635 

Total Caribbean ................................ 3,532,385 989,340 490,113 216,729 1,440,833 184,407 210,963 3,476,767 987,500 476,524 166,914 1,446,285 182,322 217,222 

See footnote at end of table. 
96 CAPITAL MOVEM ENTS 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2001, 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 

Market- Market -

able able 

Treasury Bonds Treasury Bonds 

and of U.S. and of U.S. 

Federal Gov’t Federal Gov’t 

Financ- corps and Financ- corps and 

ing Bank federally ing Bank federally 

bonds spon - bonds sponand sored and sored 

notes agencies notes agencies 

(2) (3) (9) (10) 

Total 

sales 

Country (8)

Total 

purchases 

(1) 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securi ties 

Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 

(4) (5) (6) (7) (11) (12) (13) (14) 

Asia: 

China: 

Mainland................................ 193,074 127,407 49,827 7,554 1,674 6,094 518 137,214 108,290 23,848 866 1,671 2,061 478 

Taiwan ................................ 45,701 15,003 8,939 2,767 6,872 4,930 7,190 34,669 12,738 3,522 519 6,613 1,138 10,139 

Hong Kong................................ 293,578 134,609 60,672 7,281 18,153 10,634 62,229 265,153 127,365 42,829 3,094 17,477 7,336 67,052 

India................................................................ 9,579 7,282 28 48 804 53 1,364 9,345 6,347 45 10 819 15 2,109 

Indonesia................................ 4,825 1,682 53 115 511 1,936 528 11,384 8,908 43 19 437 1,610 367 

Israel................................................................ 25,235 12,408 1,351 1,132 5,791 620 3,933 23,132 11,126 714 579 6,165 359 4,189 

Japan................................ 843,636 413,946 131,556 20,650 70,518 42,216 164,750 805,091 396,172 103,538 14,569 63,730 42,394 184,688 

Korea................................ 70,530 48,436 9,836 1,185 357 3,385 7,331 70,223 47,620 10,950 354 433 1,529 9,337 

Lebanon................................ 1,674 89 12 30 1,163 258 122 1,424 65 4 13 1,140 95 107 

Malaysia................................ 8,212 4,667 404 153 1,048 1,015 925 5,678 3,025 172 87 1,105 183 1,106 

Pakistan................................ 231 40 3 4 133 7 44 161 - - 2 141 3 15 

Philippines................................ 5,430 2,800 708 369 466 651 436 4,325 2,203 408 122 506 579 507 

Singapore ................................ 177,649 52,720 17,256 12,424 52,125 19,280 23,844 161,402 60,637 14,351 7,023 39,047 18,987 21,357 

Syria ................................................................ 45 - 1 - 27 2 15 103 - 1 - 37 2 63 

Thailand ................................ 11,243 9,920 51 85 144 739 304 10,388 9,542 9 67 164 280 326 

Other Asia ................................ 77,478 25,274 8,609 5,135 33,966 1,252 3,242 70,641 24,253 7,354 3,977 31,752 847 2,458 

Total Asia................................ 1,768,120 856,283 289,306 58,932 193,752 93,072 276,775 1,610,333 818,291 207,788 31,301 171,237 77,418 304,298 

Africa: 

Congo (formerly Zaire)................................ 27 - - 4 8 7 8 27 - 1 1 9 3 13 

Egypt................................ 960 210 126 53 277 197 97 1,512 1,021 21 25 318 74 53 

Ghana................................ 2 - 1 - - - 1 1 - 1 - - - -

Liberia................................ 1,261 76 107 123 793 69 93 1,615 187 129 54 1,099 28 118 

Morocco ................................ 283 174 50 - 44 - 15 115 63 - - 47 - 5 

South Africa ................................ 2,791 532 20 213 577 29 1,420 2,966 629 16 36 731 41 1,513 

Other Africa ................................ 6,248 1,100 1,036 388 1,814 1,190 720 6,380 1,072 868 209 1,675 945 1,611 

Total Africa ................................ 11,572 2,092 1,340 781 3,513 1,492 2,354 12,616 2,972 1,036 325 3,879 1,091 3,313 

Other countries: 

Australia................................ 82,435 36,990 3,694 4,115 14,259 5,335 18,042 84,231 35,631 5,341 4,235 14,142 6,028 18,854 

New Zealand 7................................ 2,546 746 33 102 680 436 549 2,614 733 110 218 505 435 613 

All other countries................................ 6,662 2,011 1,581 834 962 678 596 5,934 1,737 1,427 172 1,145 721 732 

Total other countries................................ 91,643 39,747 5,308 5,051 15,901 6,449 19,187 92,779 38,101 6,878 4,625 15,792 7,184 20,199 

Total foreign countries 12,803,181 5,261,867 1,199,087 740,142 3,049,696 1,158,784 1,393,605 12,300,564 5,242,709 1,033,990 518,864 2,933,509 1,128,103 1,443,389 

International and 

regional orgs.: 

International................................ 6,968 2,564 2,551 643 909 205 96 7,047 2,854 2,509 150 878 512 144 

European regional................................ 4,113 57 - 26 - 172 3,858 4,418 64 - 1 - 146 4,207 

Latin American 

regional................................ 1,076 159 49 143 617 24 84 705 118 39 76 458 1 13 

Caribbean regional 8................................ 10 - - - - - 10 16 - - - - - 16 

Asian regional................................ 3,584 3,036 489 4 50 - 5 4,110 3,485 565 - 53 - 7 

African regional................................ 50 26 21 3 - - - 25 1 8 15 1 - -

Middle Eastern 

regional................................ 66 - - - 60 - 6 50 6 - - 43 - 1 

Total international 

and regional................................ 15,867 5,842 3,110 819 1,636 401 4,059 16,371 6,528 3,121 242 1,433 659 4,388 

Grand total................................ 12,819,048 5,267,709 1,202,197 740,961 3,051,332 1,159,185 1,397,664 12,316,935 5,249,237 1,037,111 519,106 2,934,942 1,128,762 1,447,777 

1 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” Latin America and Caribbean.” 3 Before January 2001, data included in United Kingdom. 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 4 Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data 7 Before January 2001, data included in “All other countries.”

for entities of the former Yugoslavia re cognized as independent states by the United States are reported under “Other 8 Before January 2001, data included in “Latin American regional.”

Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for 

the Former Yugoslav Republic of Macedonia.
CAPITAL MOVEMENTS 97 

CHART CM-D.—Net Purchases of Long-Term 

Foreign Securities by U.S. Investors * 

150 

100 

50 

0 

-50 

-100 

(In billions of dollars) 

Note: To facilitate comparison of net purchases during 2002 with those in 

prior years, the chart depicts data for all periods at an annualized rate. 

1998 1999 2000 2001 2002 2002 

Jan. - June Apr. - June 

Foreign bonds Foreign stocks Total foreign securities 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 1998 1999 2000 2001 

2002 

Jan. - June 

2002 

Apr. - June 

Foreign bonds................................ 17,349 5,676 4,054 -30,423 -17,082 -13,062 

Foreign stocks ................................ -6,212 -15,640 13,088 50,113 10,131 16,783 

Total ................................ 11,137 -9,964 17,142 19,690 -6,951 3,721 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 

The data on this page represent 

U.S. investors’ purchases and

sales of long-term foreign 

securities as reported to the 

Treasury International Capital

(TIC) reporting system. 

However, in the past several 

years, U.S. investors also have

acquired a substantial amount 

of foreign stocks, mostly 

European, through mergers that

involve stock swaps. Net 

acquisitions through stock 

swaps amounted to $96 billion

in 1998, $123 billion in 1999, 

$84 billion in 2000, $43 billion 

in 2001, but only $2 billion in

the first half of 2002. (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. 

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. In the past 

few years, the acquisitions have 

been concentrated in foreign

stocks, as net purchases of 

foreign bonds have been 

negligible, far below the levels

of the mid-1990s. In 2001, 

taking into account the $43 

billion in foreign stocks

acquired through mergers, U.S. 

residents acquired $93 billion in 

foreign stocks, almost in line

with recent years. Offsetting 

this, however, was $30 billion 

in net sales of foreign bonds.

On net, in the first half of 2002, 

U.S. investors sold $5 billion in 

foreign securities. 
98 

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling and euro) and the U.S. dollar. Positions 

in the U.S. dollar, which have been collected since January 

1999, are intended to approximate “all other” currency 

positions of reporting institutions. U.S.-based businesses file 

a consolidated report for their domestic and foreign 

subsidiaries, branches and agencies. U.S. subsidiaries of 

foreign entities file only for themselves, not for their foreign 

parents. Filing is required by law (31 United States Code 

5315; 31 Code of Federal Regulations 128, Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury and FFIEC 

035 reports. Tables I-3 through VI -3 present quarterly 

consolidated currency data reported by large market 

participants and FFIEC reporters that do not file weekly 

reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) mu ltiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 99 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

01/02/02.............................................................. 

01/09/02.............................................................. 

01/16/02.............................................................. 

01/23/02.............................................................. 

01/30/02.............................................................. 

02/06/02.............................................................. 

02/13/02.............................................................. 

02/20/02.............................................................. 

02/27/02.............................................................. 

03/06/02.............................................................. 

03/13/02.............................................................. 

03/20/02.............................................................. 

03/27/02.............................................................. 

04/03/02.............................................................. 

04/10/02.............................................................. 

04/17/02.............................................................. 

04/24/02.............................................................. 

05/01/02.............................................................. 

05/08/02.............................................................. 

05/15/02.............................................................. 

05/22/02.............................................................. 

05/29/02.............................................................. 

06/05/02.............................................................. 

06/12/02.............................................................. 

06/19/02.............................................................. 

06/26/02.............................................................. 

278,202 280,245 -1,302 1.5977 

281,516 283,555 -633 1.5969 

282,573 283,023 -1,123 1.5996 

282,297 280,897 -1,181 1.6029 

288,682 286,600 -713 1.5897 

281,645 279,597 -1,055 1.6052 

280,065 280,170 -1,256 1.5923 

283,111 280,901 -1,838 1.5894 

306,088 306,128 -951 1.6096 

303,068 302,569 -314 1.5814 

301,711 298,582 -1,181 1.5971 

271,525 268,179 -1,326 1.5798 

284,981 284,042 -2,145 1.5951 

270,985 269,705 -2,553 1.5903 

269,490 270,702 -1,450 1.5921 

280,651 282,069 -1,280 1.5754 

280,331 282,134 -1,421 1.5683 

285,924 287,264 -847 1.5610 

293,668 292,947 -890 1.5718 

296,247 298,920 -339 1.5586 

304,994 306,581 -773 1.5342 

300,807 301,480 -1,535 1.5346 

303,764 306,528 -499 1.5329 

311,828 314,508 194 1.5362 

288,068 289,148 -670 1.5411 

293,753 295,743 -173 1.5200 
100 FOREIGN CURRENCY POSITIONS 

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Purchased Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (3) (4) (5) (6) (7) (8) 

1999 - Dec................................

2000 - Dec................................

2001 - July ................................

Aug ................................

Sept................................

Oct................................

Nov ................................

Dec ................................

2002 - Jan................................ 

Feb................................ 

Mar................................ 

Apr................................ 

May ................................ 

June................................ 

301,513 299,988 48,848 46,733 29,403 32,548 24,040 25,542 43 1.4465 

367,705 350,994 73,277 69,548 19,300 20,492 18,100 19,909 1,286 1.4997 

372,454 371,860 76,271 76,780 22,505 22,092 24,621 24,158 -281 1.5330 

335,295 334,566 73,093 72,741 27,846 27,982 31,858 32,739 80 1.5508 

318,517 317,865 70,546 73,476 26,672 27,149 29,366 30,323 -487 1.5797 

327,829 329,567 77,543 80,204 27,755 29,641 29,098 31,690 -77 1.5888 

307,590 306,671 72,917 76,868 26,038 27,693 28,821 30,492 -426 1.5734 

269,352 273,354 80,030 76,966 25,527 27,709 27,788 28,719 -601 1.5921 

288,705 290,233 77,686 78,162 38,597 43,886 35,383 36,425 -844 1.5878 

283,297 286,509 73,095 78,917 40,596 43,624 37,475 39,483 -1,946 1.6023 

270,571 274,510 79,170 75,823 34,517 39,232 28,886 26,707 -1,950 1.5932 

299,532 298,157 77,836 75,497 31,565 35,871 29,137 25,956 -1,603 1.5690 

306,051 309,502 86,322 87,328 34,119 39,153 29,764 27,085 -1,503 1.5284 

299,286 302,547 82,104 80,916 39,785 42,318 37,814 34,860 -491 1.5166 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Purchased Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (3) (4) (5) (6) (7) (8) 

1999 - Dec ................................ 21,393 22,581 63,004 65,217 168 n.a. n.a. n.a. n.a. 1.4465 

2000 - Mar ................................ 20,098 22,775 47,433 41,645 n.a. n.a. 894 n.a. n.a. 1.4494 

June ................................ 19,493 23,320 49,501 43,293 323 n.a. 406 290 -93 1.4806 

Sept................................ 21,192 20,521 47,212 45,754 270 n.a. 257 212 -62 1.5038 

Dec ................................ 27,747 34,920 47,126 45,544 279 n.a. 316 366 36 1.4997 

2001 - Mar ................................ 21,626 30,472 46,819 43,788 n.a. n.a. 479 446 71 1.5768 

June ................................ 30,328 32,561 48,162 42,722 491 417 550 639 n.a. 1.5145 

Sept................................ 28,889 31,714 50,363 45,664 646 334 670 659 -95 1.5797 

Dec ................................ 29,576 35,651 46,875 43,480 1,151 570 418 224 188 1.5921 

2002 - Mar ................................ 25,956 28,476 45,162 n.a. n.a. n.a. 612 564 167 1.5932 
FOREIGN CURRENCY POSITIONS 101 

SECTION II.—Japanese Yen Positions

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

Report date (4)

Purchased 

(1) 

Sold 

(2) 

01/02/02.............................................................. 

01/09/02.............................................................. 

01/16/02.............................................................. 

01/23/02.............................................................. 

01/30/02.............................................................. 

02/06/02.............................................................. 

02/13/02.............................................................. 

02/20/02.............................................................. 

02/27/02.............................................................. 

03/06/02.............................................................. 

03/13/02.............................................................. 

03/20/02.............................................................. 

03/27/02.............................................................. 

04/03/02.............................................................. 

04/10/02.............................................................. 

04/17/02.............................................................. 

04/24/02.............................................................. 

05/01/02.............................................................. 

05/08/02.............................................................. 

05/15/02.............................................................. 

05/22/02.............................................................. 

05/29/02.............................................................. 

06/05/02.............................................................. 

06/12/02.............................................................. 

06/19/02.............................................................. 

06/26/02.............................................................. 

154,843 157,881 517 132.16 

160,443 163,496 486 132.92 

155,494 158,516 520 131.84 

154,901 158,088 387 134.40 

160,359 162,761 413 132.89 

159,138 162,449 636 133.71 

163,000 165,058 621 132.64 

161,848 164,759 687 133.80 

162,263 165,200 576 134.38 

158,830 161,262 632 130.66 

160,154 163,266 845 129.54 

155,142 158,859 923 131.50 

157,888 161,040 1,590 132.72 

156,998 157,759 648 132.73 

160,728 161,525 862 130.66 

160,910 161,870 831 130.76 

161,803 162,655 928 129.71 

163,400 164,615 923 127.52 

163,226 165,597 953 128.89 

160,822 161,323 964 127.70 

168,970 169,636 984 124.23 

163,651 165,151 550 124.45 

162,863 163,282 449 124.52 

166,354 167,194 343 125.72 

154,913 155,687 207 123.84 

158,731 159,171 93 119.98 
102 FOREIGN CURRENCY POSITIONS 

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought Written Bought Written 

Report date (5) (6) (7) (8) 

1999 - Dec................................

2000 - Dec................................

2001 - July ................................

Aug ................................

Sept................................

Oct................................

Nov ................................

Dec ................................

2002 - Jan................................ 

Feb................................ 

Mar................................ 

Apr................................ 

May ................................ 

June................................ 

146,349 149,278 27,233 24,011 22,474 21,436 36,816 39,114 1,050 102.31 

155,896 161,619 25,262 24,120 19,454 18,782 47,367 48,779 1,143 114.42 

186,735 191,954 26,456 26,241 23,345 22,692 54,659 53,837 912 125.09 

175,946 180,479 36, 813 36,190 28,750 25,629 55,048 57,848 1,095 118.79 

181,655 186,474 33,481 34,172 28,119 27,023 55,794 56,816 1,191 119.23 

172,914 176,430 34,972 36,056 23,614 22,879 54,121 55,151 588 122.50 

158,790 161,136 32,115 32,023 20,905 19,859 52,762 53,639 645 123.44 

150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68 

162,263 165,117 30,633 30,785 24,297 21,669 58,592 61,238 1,048 134.76 

162,654 165,377 29,621 29,188 22,834 20,675 34,761 36,347 779 133.67 

156,403 159,474 34,767 34,807 22,441 21,064 35,832 37,181 940 132.73 

172,923 174,637 43,563 44,296 22,744 20,663 33,516 34,848 1,106 128.61 

165,067 167,212 43,937 43,864 24,406 22,146 29,695 31,953 521 124.33 

156,590 157,567 47,243 46,471 25,418 22,923 31,018 32,677 191 119.62 

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

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Net delta 

equivalent 

(9) 

Purchased Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (3) (4) (5) (6) (7) (8) 

1999 - Dec ................................ 8,147 8,964 9,608 9,516 410 850 988 542 n.a. 102.31 

2000 - Mar ................................ 9,940 10,052 6,827 6,463 697 1,267 1,229 821 n.a. 102.80 

June ................................ 9,614 9,295 6,647 6,352 558 855 992 722 115 106.07 

Sept................................ 7,826 7,612 6,232 6,901 580 984 1,068 748 100 108.21 

Dec ................................ 7,538 8,215 6,392 5,286 455 663 727 409 16 114.42 

2001 - Mar ................................ 11,408 11,719 6,538 6,018 473 667 1,174 512 -84 125.54 

June ................................ 12,129 11,499 5,988 7,498 515 n.a. n.a. 1,049 28 124.77 

Sept................................ 11,638 11,483 7,101 7,181 484 n.a. n.a. 450 -119 119.23 

Dec ................................ 11,231 11,736 5,795 6,249 510 n.a. n.a. 669 -221 131.68 

2002 - Mar ................................ 11,972 10,928 5,712 5,725 790 n.a. n.a. 848 -16 132.73 
FOREIGN CURRENCY POSITIONS 103 

SECTION III.—Swiss Franc Positions

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4)

Purchased 

(1) 

01/02/02.............................................................. 

01/09/02.............................................................. 

01/16/02.............................................................. 

01/23/02.............................................................. 

01/30/02.............................................................. 

02/06/02.............................................................. 

02/13/02.............................................................. 

02/20/02.............................................................. 

02/27/02.............................................................. 

03/06/02.............................................................. 

03/13/02.............................................................. 

03/20/02.............................................................. 

03/27/02.............................................................. 

04/03/02.............................................................. 

04/10/02.............................................................. 

04/17/02.............................................................. 

04/24/02.............................................................. 

05/01/02.............................................................. 

05/08/02.............................................................. 

05/15/02.............................................................. 

05/22/02.............................................................. 

05/29/02.............................................................. 

06/05/02.............................................................. 

06/12/02.............................................................. 

06/19/02.............................................................. 

06/26/02.............................................................. 

307,944 310,771 -718 1.6443 

315,657 322,968 -718 1.6611 

318,865 327,715 871 1.6583 

310,675 320,145 864 1.6715 

336,003 343,606 306 1.7100 

346,507 349,359 343 1.6967 

356,621 356,599 -134 1.6860 

349,731 349,139 1,192 1.7017 

337,724 335,646 986 1.7053 

325,315 325,971 1,590 1.6818 

334,463 336,284 2,207 1.6767 

278,593 283,825 2,506 1.6539 

288,546 288,011 2,776 1.6793 

288,623 289,047 2,002 1.6593 

285,080 286,147 1,900 1.6679 

289,613 289,036 1,205 1.6531 

281,929 281,333 2,602 1.6436 

316,867 318,295 2,842 1.6039 

315,495 315,242 3,433 1.6101 

322,866 324,168 5,091 1.5995 

325,403 328,304 4,939 1.5698 

320,301 323,772 5,556 1.5676 

315,606 317,621 4,145 1.5658 

327,010 332,198 4,378 1.5655 

278,054 276,901 3,657 1.5369 

276,175 280,996 5,559 1.4952 
104 FOREIGN CURRENCY POSITIONS 

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec ................................ 349,124 346,571 24,262 24,361 63,446 66,092 62,096 58,039 -4,618 1.5912 

2000 - Dec ................................ 384,097 394,184 67,268 70,627 59,915 58,196 55,747 52,701 -1,458 1.6132 

2001 - July ................................ 425,747 425,111 55,661 60,539 55,354 50,837 52,559 50,838 -66 1.7284 

Aug ................................ 391,997 392,065 52,265 59,718 63,769 60,695 61,730 58,227 729 1.6638 

Sept................................ 369,236 374,938 53,136 60,486 74,636 67,827 65,635 65,649 2,180 1.6880 

Oct................................ 358,640 357,116 53,792 59,659 47,498 46,773 48,008 44,645 225 1.6344 

Nov ................................ 348,670 347,449 48,958 56,370 42,301 39,113 44,762 43,361 -54 1.6420 

Dec ................................ 272,369 275,786 46,430 55,320 39,079 36,389 40,849 39,248 -818 1.6579 

2002 - Jan................................ 332,136 340,370 46,174 56,480 49,839 47,112 47,186 45,402 -467 1.7208 

Feb................................ 320,627 320,782 45,485 55,858 47,952 45,335 45,121 43,244 1,088 1.6979 

Mar................................ 280,796 283,259 59,203 64,550 46,081 39,424 41,970 45,822 2,515 1.6826 

Apr ................................ 299,252 302,974 71,250 67,409 49,984 43,817 42,746 41,345 2,754 1.6178 

May ................................ 322,039 323,984 78,073 78,472 50,181 43,993 47,083 44,145 3,851 1.5705 

June ................................ 265, 519 269,523 78,017 78,929 49,731 43,124 47,331 47,236 4,328 1.4826 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar)

(10)

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec ................................ 28,025 30,321 25,346 22,075 n.a. n.a. 2,416 1,886 -251 1.5912 

2000 - Mar ................................ 25,551 32,822 23,732 11,470 n.a. n.a. 2,481 2,495 164 1.6644 

June ................................ 26,881 31,379 23,355 12,740 n.a. n.a. n.a. n.a. n.a. 1.6337 

Sept................................ 25,817 29,202 25,141 15,983 2,415 n.a. n.a. 3,679 n.a. 1.7268 

Dec ................................ 24,618 24,262 22,570 12,256 1,254 n.a. n.a. 1,801 n.a. 1.6132 

2001 - Mar ................................ 23,288 28,769 25,139 13,346 n.a. n.a. n.a. n.a. n.a. 1.7360 

June ................................ 28,972 36,271 24,529 11,406 755 n.a. n.a. 1,694 n.a. 1.7940 

Sept................................ 19, 564 27,598 27,084 11,057 n.a. n.a. n.a. n.a. n.a. 1.6188 

Dec ................................ 22,306 30,431 22,945 11,690 n.a. n.a. n.a. 1,278 n.a. 1.6579 

2002 - Mar ................................ 22,548 28,617 23,498 8,422 n.a. n.a. n.a. n.a. n.a. 1.6826 
FOREIGN CURRENCY POSITIONS 105 

SECTION IV.—Sterling Positions

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

Report date (4)

Purchased 

(1) 

01/02/02.............................................................. 

01/09/02.............................................................. 

01/16/02.............................................................. 

01/23/02.............................................................. 

01/30/02.............................................................. 

02/06/02.............................................................. 

02/13/02.............................................................. 

02/20/02.............................................................. 

02/27/02.............................................................. 

03/06/02.............................................................. 

03/13/02.............................................................. 

03/20/02.............................................................. 

03/27/02.............................................................. 

04/03/02.............................................................. 

04/10/02.............................................................. 

04/17/02.............................................................. 

04/24/02.............................................................. 

05/01/02.............................................................. 

05/08/02.............................................................. 

05/15/02.............................................................. 

05/22/02.............................................................. 

05/29/02.............................................................. 

06/05/02.............................................................. 

06/12/02.............................................................. 

06/19/02.............................................................. 

06/26/02.............................................................. 

379,195 387,554 1,346 1.4466 

396,530 406,386 1,786 1.4369 

401,222 409,377 1,673 1.4370 

407,921 418,566 1,499 1.4241 

417,117 424,670 1,346 1.4142 

412,554 423,599 1,199 1.4121 

434,470 446,461 1,614 1.4325 

423,461 435,940 1,413 1.4266 

435,647 448,966 1,203 1.4203 

411,065 425,687 1,183 1.4229 

418,482 433,226 1,049 1.4151 

390,237 405,017 1,066 1.4287 

392,224 406,129 1,036 1.4243 

383,412 395,918 1,226 1.4358 

390,239 405,295 1,228 1.4370 

396,494 408,935 1,214 1.4437 

406,525 416,368 1,054 1.4484 

424,183 435,572 1,064 1.4626 

409,163 420,902 1,234 1.4556 

415,919 424,563 840 1.4593 

428,960 437,430 688 1.4584 

442,583 450,866 628 1.4616 

423,395 432,468 249 1.4587 

427,011 433,304 56 1.4706 

411,335 417,785 449 1.4909 

413,480 425,633 431 1.5256 
106 FOREIGN CURRENCY POSITIONS 

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate 

(U.S. dollar 

per pound) 

(10) 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec................................

2000 - Dec................................

2001 - July ................................

Aug ................................

Sept................................

Oct................................

Nov ................................

Dec ................................

2002 - Jan................................ 

Feb................................ 

Mar................................ 

Apr................................ 

May ................................ 

June................................ 

432,242 417,962 87,209 89,210 33,780 40,959 38,668 36,834 -1,112 1.6176 

479,669 474,813 132,953 130,552 52,002 49,853 34,026 35,250 1,692 1.4922 

508,693 511,810 151,850 136,514 39,555 40,400 35,607 35,878 1,538 1.4256 

498,928 501,669 159,645 143,890 40,786 42,188 38,686 39,608 957 1.4539 

466,369 467,295 189,961 157,729 39,921 42,843 38,961 39,245 1,775 1.4691 

502,107 507,242 167,094 162,237 31,379 33,889 34,479 32, 289 1,297 1.4544 

451,233 457,021 153,515 147,058 26,946 30,283 29,687 28,705 738 1.4248 

347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556 

396,261 424,684 154,610 142,786 29,245 29,876 29,476 30,090 1,390 1.4110 

403,387 435,670 157,285 146,703 29,489 30,184 31,576 30,826 1,302 1.4164 

361,712 392,921 165,819 153,758 27,540 26,578 28,823 29,707 1,293 1.4243 

419,679 450,084 191,776 177,630 30,355 28,636 32,424 33,698 844 1.4570 

409,922 435,580 184,975 171,930 29,767 27,158 31,937 32,561 277 1.4556 

373,791 410,209 197,979 179,559 33,897 31,400 34,614 38,632 854 1.5313 

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

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Exchange rate 

(U.S. dollar 

per pound) 

(10) 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec ................................ 20,076 28,844 60,608 49,434 1,095 1,514 2,415 n.a. n.a. 1.6176 

2000 - Mar ................................ 26,741 30,937 40,575 33,411 1,158 1,236 2,095 1,372 -758 1.5927 

June ................................ 28,019 32,192 44,947 34,944 1,581 1,505 1,702 1,275 -44 1.5166 

Sept................................ 29,370 30,972 43,390 22,825 1,684 1,350 3,274 1,388 25 1.4736 

Dec ................................ 26,463 30,649 70,752 33,294 2,244 1,887 2,912 1,809 144 1.4922 

2001 - Mar ................................ 33,159 37,997 69,553 31,759 4,097 3,564 3,511 3,251 412 1.4155 

June ................................ 37,364 35,327 43,277 33,576 4,081 3,648 4,204 3,596 314 1.4140 

Sept................................ 34,899 35,116 110,591 34,786 4,262 3,651 3,907 4,763 357 1.4691 

Dec ................................ 32,360 32,229 n.a. 31,571 2,224 2,152 2,177 2,373 388 1.4556 

2002 - Mar ................................ 30,105 30,903 34,869 24,224 n.a. n.a. n.a. 3,641 393 1.4243 
FOREIGN CURRENCY POSITIONS 107 

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts Exchange 

Purchased Sold Net options positions rate 

Report date (1) (2) (3) (4) 

01/02/02.............................................................. 

01/09/02.............................................................. 

01/16/02.............................................................. 

01/23/02.............................................................. 

01/30/02.............................................................. 

02/06/02.............................................................. 

02/13/02.............................................................. 

02/20/02.............................................................. 

02/27/02.............................................................. 

03/06/02.............................................................. 

03/13/02.............................................................. 

03/20/02.............................................................. 

03/27/02.............................................................. 

04/03/02.............................................................. 

04/10/02.............................................................. 

04/17/02.............................................................. 

04/24/02.............................................................. 

05/01/02.............................................................. 

05/08/02.............................................................. 

05/15/02.............................................................. 

05/22/02.............................................................. 

05/29/ 02.............................................................. 

06/05/02.............................................................. 

06/12/02.............................................................. 

06/19/02.............................................................. 

06/26/02.............................................................. 

4,258,440 4,184,987 407 n.a. 

4,402,179 4,321,602 2,990 n.a. 

4,380,560 4,297,866 4,039 n.a. 

4,346,260 4,264,561 5,343 n.a. 

4,471,052 4,402,247 5,684 n.a. 

4,451,575 4,381,085 4,767 n.a. 

4,476,785 4,414,862 3,858 n.a. 

4,458,055 4,392,710 3,458 n.a. 

4,503,501 4,426,452 4,523 n.a. 

4,397,061 4,327,320 3,462 n.a. 

4,416,169 4,361,269 2,416 n.a. 

4,280,941 4,223,835 1,503 n.a. 

4,263,277 4,205,784 3,055 n.a. 

4,216,058 4,158,084 2,735 n.a. 

4,234,004 4,192,165 1,109 n.a. 

4,307,396 4,252,925 -525 n.a. 

4,308,209 4,246,775 -1,798 n.a. 

4,428,513 4,367,688 -1,938 n.a. 

4,400,070 4,342,012 -4,587 n.a. 

4,433,655 4,372,356 -3,957 n.a. 

4,573,431 4,516,857 -4,443 n.a. 

4,539,470 4,485,036 -5,403 n.a. 

4,494,858 4,457,454 -3,345 n.a. 

4,567,152 4,518,828 -4,407 n.a. 

4,385,038 4,310,937 -6,259 n.a. 

4,487,454 4,416,681 -7,445 n.a. 
108 FOREIGN CURRENCY POSITIONS 

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate

(10)

Purchased Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (3) (4) (5) (6) (7) (8) 

1999 - Dec................................

2000 - Dec................................

2001 - July ................................

Aug ................................

Sept................................

Oct................................

Nov ................................

Dec ................................

2002 - Jan................................ 

Feb................................ 

Mar................................ 

Apr................................ 

May ................................ 

June................................ 

4,429,626 4,470,268 - - 554,465 537,876 606,475 464,834 4,031 n.a. 

4,880,774 4,897,055 - - 695,166 664,229 547,462 520,982 5,725 n.a. 

5,236,086 5,226,660 - - 827,658 798,790 522,169 497,990 5,380 n.a. 

4,955,089 4,918,782 - - 871,379 843,867 551,510 535,105 1,043 n.a. 

4,946,337 4,895,539 - - 870,384 841, 743 571,301 561,648 -857 n.a. 

4,845,593 4,817,715 - - 729,728 696,645 465,585 460,166 2,265 n.a. 

4,541,710 4,492,706 - - 741,688 717,156 473,358 461,638 1,848 n.a. 

4,142,797 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a. 

4,496,793 4,425,576 - - 828,955 794,766 551,266 432,304 2,273 n.a. 

4,460,410 4,397,574 - - 586,338 553,966 472,309 472,279 3,288 n.a. 

4,192,181 4,138,159 - - 580,741 557,695 487,310 461,789 3,027 n.a. 

4,548,777 4,476,430 - - 592,633 562,741 502,353 471,526 -2,602 n.a. 

4,500,159 4,462,480 - - 559,551 566,652 552,669 512,580 -2,099 n.a. 

4,382,881 4,320,389 - - 615,768 592,873 603,294 583,348 -3,951 n.a. 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate

(10)

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec................................ 

2000 - Mar................................ 

June................................ 

Sept................................ 

Dec ................................ 

2001 - Mar................................ 

June................................ 

Sept................................ 

Dec ................................ 

2002 - Mar................................ 

355,039 356,538 - - 39,429 n.a. 18,542 45,725 n.a. n.a. 

352,979 378,558 - - 32,348 55,153 43,881 47,262 1,031 n.a. 

324,914 346,333 - - 19,704 28,846 24,183 29,783 116 n.a. 

317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. 

371,877 391,251 - - 27,156 18,228 24,062 20,503 1,938 n.a. 

358,652 401,829 - - 28,326 n.a. n.a. 17,413 n.a. n.a. 

328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 

328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 

329,408 376,350 - - 24,444 n.a. n.a. 30,170 n.a. n.a. 

321,086 356,775 - - 25,231 n.a. n.a. 18,740 n.a. n.a. 
FOREIGN CURRENCY POSITIONS 109 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Report date 

Spot, forward and future contracts 

Purchased Sold 

(1) (2) 

Exchange 

rate 

(Euros per 

Net options positions U.S. dollar) 

(3) (4) 

01/02/02.............................................................. 1,564,583 1,605,091 

01/09/02.............................................................. 1,619,068 1,669,455 

01/16/02.............................................................. 1,565,878 1,621,889 

01/23/02.............................................................. 1,554,872 1,601,467 

01/30/02.............................................................. 1,632,379 1,683,639 

02/06/02.............................................................. 1,610,430 1,652,645 

02/13/02.............................................................. 1,581,803 1,622,196 

02/20/02.............................................................. 1,606,793 1,646,169 

02/27/02.............................................................. 1,609,203 1,646,942 

03/06/02.............................................................. 1,578,838 1,619,486 

03/13/02.............................................................. 1,603,185 1,647,785 

03/20/02.............................................................. 1,549,038 1,595,153 

03/27/02.............................................................. 1,529,731 1,576,407 

04/03/02.............................................................. 1,498,108 1,547,749 

04/10/02.............................................................. 1,499,915 1,544,438 

04/17/02.............................................................. 1,533,432 1,596,538 

04/24/02.............................................................. 1,512,718 1,573,786 

05/01/02.............................................................. 1,588,196 1,647,864 

05/08/02.............................................................. 1,564,574 1,619,627 

05/15/02.............................................................. 1,604,198 1,658,637 

05/22/02.............................................................. 1,651,068 1,706,353 

05/29/02.............................................................. 1,634,205 1,682,084 

06/05/02.............................................................. 1,574,629 1,626,682 

06/12/02.............................................................. 1,616,998 1,673,747 

06/19/02.............................................................. 1,515,285 1,577,798 

06/26/02.............................................................. 1,568,273 1,625,053 

-2,849 1.1068 

-2,967 1.1221 

-4,505 1.1325 

-4,032 1.1392 

-7,254 1.1612 

-5,184 1.1529 

-5,370 1.1413 

-7,324 1.1504 

-7,067 1.1555 

-6,783 1.1406 

-5,766 1.1423 

-5,086 1.1297 

-6,152 1.1459 

-5,438 1.1353 

-5,797 1.1357 

-3,732 1.1249 

-2,410 1.1208 

-2,527 1.1048 

-1,110 1.1062 

-2,190 1.0971 

-3,359 1.0812 

-683 1.0692 

-729 1.0647 

1,762 1.0599 

1,259 1.0447 

-286 1.0188 
110 FOREIGN CURRENCY POSITIONS 

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate

(10)

Purchased Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (3) (4) (5) (6) (7) (8) 

1999 - Dec ................................ 1,452,108 1,461,307 474,536 446,874 409,670 402,166 258,738 242,453 -7,254 0.9930 

2000 - Dec. ................................ 1,950,622 1,943,752 657,186 619,882 261,374 248,948 256,884 277,614 -10,431 1.0618 

2001 - July ................................ 2,028,684 2,060,043 767,943 766,892 306,448 290,290 351,597 388,922 -7,122 1.1423 

Aug ................................ 1,927,625 1,960,117 874,835 854,433 295,185 282,873 336,373 362,094 -7,952 1.0977 

Sept................................ 1,853,044 1,885,728 830,216 885,265 309,785 289,310 369,299 389,436 -9,737 1.0990 

Oct................................ 1,883,428 1,916,679 944,829 936,710 238,407 220,991 223,741 246,506 -7,118 1.1113 

Nov ................................ 1,652,362 1,701,547 820,654 776,510 241,356 221,178 231,710 249,530 -5,041 1.1162 

Dec ................................ 1,464,662 1,516,730 821,624 761,351 213,086 197,235 211,261 231,581 -3,133 1.1217 

2002 - Jan................................. 1,637,032 1,692,907 860,631 810,636 258,234 246,849 264,633 277,132 -7,503 1.1656 

Feb................................ 1,569,718 1,614,881 834,044 802,940 252,758 238,623 269,200 276,578 -6,331 1.1511 

Mar................................ 1,498,995 1,549,865 866,055 811,650 244,395 234,640 252,874 254,191 -6,291 1.1468 

Apr ................................ 1,576,850 1,653,275 1,086,107 1,009,197 254,085 250,469 263,592 263,425 -2,529 1.1112 

May ................................ 1,609,509 1,673,883 1,133,955 1,067,089 269,494 257,275 266,767 275,028 -1,890 1.0725 

June ................................ 1,515,762 1,576,392 1,118,449 1,048,228 313,514 306,403 281,360 289,477 779 1.0099 

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

[In billions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate

(10)

Purchased 

(1) 

Sold 

(2) 

Assets Liabilities Bought Written Bought Written 

Report date (3) (4) (5) (6) (7) (8) 

1999 - Dec ................................ 92,802 97,957 98,287 93,539 4,212 4,265 5,228 4,413 -1,083 0.9289 

2000 - Mar ................................ 157,837 137,611 222,847 87,591 7,762 12,088 12,578 10,024 -916 1.0466 

June ................................ 152,605 143,345 226,923 87,974 10,660 11,704 13,871 12,373 -447 1.0485 

Sept................................ 144,129 147,945 229,496 88,077 11,846 12,922 21,183 16,153 1,752 1.1340 

Dec ................................ 129,716 136,375 n.a. 96,884 10,791 9,851 13,261 10,361 1,483 1.0618 

2001 - Mar ................................ 158,727 155,397 n.a. 131,437 10, 594 9,998 11,681 13,315 1,285 1.1371 

June ................................ 167,044 167,048 187,306 140,910 16,275 n.a. n.a. 11,562 n.a. 1.1773 

Sept................................ 161,577 152,442 n.a. 160,493 12,168 n.a. n.a. 10,563 n.a. 1.0990 

Dec ................................ 164,416 155,896 n.a. 142,698 17,066 n.a. n.a. 14,370 n.a. 1.1217 

2002 - Mar ................................ 139,023 141,228 189,269 110,184 13,774 n.a. n.a. 13,716 n.a. 1.1468 
111 

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 Dec. 31, 2001, and Mar. 31, 2002 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Jan. 1, 2002, 

through 

Assets, liabilities and capital Dec. 31, 2001 Mar. 31, 2002 Mar. 31, 2002 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................... 9,855,064 -41,516 9,813,548 

Special drawing rights 1 .......................................... 10,783,297 25,503 10,808,800 

Foreign exchange and securities: 

European euro.................................................. 7,280,566 -79,474 7,201,092 

Japanese yen................................................... 7,206,444 -89,954 7,116,490 

Accounts receivable............................................... 107,938 -12,962 94,976 

Total assets...................................................... 35,233,309 -198,403 35,034,906 

Liabilities and capital 

Current liabilities: 

Accounts payable .............................................. 24,734 -1,174 23,560 

Total current liabilities ...................................... 24,734 -1,174 23,560 

Other liabilities: 

SDR certificates ................................................ 2,200,000 - 2,200,000 

SDR allocations................................................. 6,157,386 -48,113 6,109,273 

Total other liabilities ......................................... 8,357,386 -48,113 8,309,273 

Capital: 

Capital account ................................................. 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF -2) ............. 26,651,189 -149,116 26,502,073 

Total capital................................................... 26,851,189 -149,116 26,702,073 

Total liabilities and capital.............................. 35,233,309 -198,403 35,034,906 

See footnote on the following page. 
112 EXCHANGE STABILIZATION FUND 

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter Fiscal year to date 

Jan. 1, 2002, Oct. 1, 2001, 

through through 

Mar. 31, 2002 Mar. 31, 2002 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange.............................................. 

Adjustment for change in valuation 

of SDR holdings and allocations 1 .......................... 

Interest (+) or net charges (-) on: 

SDRs.............................................................. 

U.S. Government securities.................................. 

Foreign exchange.............................................. 

Commissions....................................................... 

-241,579 -1,117,660 

-35,924 -153,948 

25,906 53,929 

42,245 96,849 

60,237 129,526 

- -

Income from operations....................................... -149,115 -991,304 

Net income (+) or loss (-).................................. -149,115 -991,304 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the Note.—Annual balance sheets for fiscal 1934 through 1940 appeared in the 1940 

SDRs based on a weighted average of exchange rates for the currencies of selected “Annual Report of the Secretary of the Treasury” and those for succeeding years 

member countries. The U.S. SDR holdings and allocations are valued on this basis appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

beginning July 1974. December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
TRUST FUNDS 115 

TABLE TF-15A.—Highway Trust Fund 

The following information is released according to the The 24-month revenue estimates for the highway and 

provisions of the Byrd Amendment [codified at 26 United mass transit accounts, respectively, include the latest 

States Code 9503(d)] and represents data concerning the estimates received from Treasury’s Office of Tax Analysis 

Highway Trust Fund. The figure described as “unfunded for excise taxes, net of refunds. They represent net highway 

authorizations” is the latest estimate received from the DOT receipts for those periods beginning at the close of fiscal 

for fiscal 2003. 2003. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal 2003)....................................................................................................................... 76.86

less:

Cash balance (fiscal 2003) ................................................................................................................................................................................................. 18.04

Unfunded authorizations (fiscal 2003)................................................................................................................................................................................ 58.82

24-month revenue estimate (fiscal 2004 and 2005)................................................................................................................................................................ 60.54

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal 2003).......................................................................................................................... 0.24

less:

Cash balance (fiscal 2003) ................................................................................................................................................................................................. 4.34

Unfunded authorizations (fiscal 2003)................................................................................................................................................................................ -4.10

24-month revenue estimate (fiscal 2004 and 2005)........................................................................................................................................................... 9.82
116 TECHNICAL PAPERS 

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. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 

Washington, D.C. 20220 

Telephone (202) 622-1519, or fax (202) 622-1294 
117 

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I and J are discount or accrual type bonds— 

meaning principal and interest are paid when bonds are 

redeemed. Series G, H, HH and K are current-income bonds, 

and the semiannual interest paid to their holders is not 

included in accrued discount. 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-2, -3)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-2)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)— 

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Coupon issue—The issue of bonds or notes (public debt). 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes and 1890 Series Treasury notes. 

Current income bonds (“U.S. Savings Bonds and Notes”)— 

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount. 

Debt outstanding subject to limitation (FD -6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of June 2002, the debt 

limit was $6,400,000 million; the limit may change from year 

to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-2)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve Banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes —amounts outstanding” consists of new series 
118 GLOSSARY 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS -2, -3)— 

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS -2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)— 

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)— Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)— Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)— 

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS -1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)— 

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have 

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), and savings notes issued between May 1967 

and October 1970 have a final maturity of 30 years. Series HH 

bonds (issued since January 1980) mature after 20 years. 

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury 

securities at the price equivalent to the weighted average 

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)— 

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays or deficits. Their budget authority is not 

included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)— 

Treasury has historically offered packages of several 
GLOSSARY 119 

“coupon” security issues on the 15th of February, May, 

August and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties 

and fees. 

Reopening (PDO-3, -4)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (FD -2)—(SLUGs) 

Special nonmarketable certificates, notes and bonds offered to 

State and local governments as a means to invest proceeds 

from their own tax-exempt financing. Interest rates and 

maturities comply with IRS arbitrage provisions. SLUGs are 

offered in both time deposit and demand deposit forms. Time 

deposit certificates have maturities of up to 1 year. Notes 

mature in 1 to 10 years and bonds mature in more than 10 

years . Demand deposit securities are 1-day certificates rolled 

over with a rate adjustment daily. 

Statutory debt limit (FD -6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-1, -3)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), they 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).