Contents

DECEMBER 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 Fourth-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

FFO-5.—Internal Revenue Receipts by State ...................................................................................................................... 20

FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports................................................................ 21

ACCOUNT OF THE U.S. TREASURY 

Introduction.—Source and Availability of the Balance in the Account of the U.S. Treasury ............................................. 25

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 25

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 27

FD-1.—Summary of Federal Debt....................................................................................................................................... 28

FD-2.—Debt Held by the Public.......................................................................................................................................... 29

FD-2.—Interest-Bearing Public Debt (Historical)............................................................................................................... 30

FD-3.—Government Account Series................................................................................................................................... 31

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 32

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

Private Investors..................................................................................................................................................... 33

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 34

FD-6.—Debt Subject to Statutory Limitation (Historical)................................................................................................... 34

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 35

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 37

TREASURY FINANCING ................................................................................................................................................. 37

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

and 52-Week Treasury Bills Outstanding ............................................................................................................ 40

PDO-2.—Offerings of Regular Weekly Treasury Bills ....................................................................................................... 44

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills.................................................. 45

PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills ....................................... 46

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................ 47

SBN-1.—Sales and Redemptions by Series, Cumulative .................................................................................................... 47

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 48

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I ............................................................................ 48
IV 

Contents 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 50

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 51

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical) .................................... 52

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 53

MARKET YIELDS 

Introduction.—Market Yields.............................................................................................................................................. 54

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes and Bonds....................................................... 54

MY-A.—Chart: Yields of Treasury Securities .................................................................................................................... 55

MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds .......................................................... 56

MY-B.—Chart: Average Yields of Long-Term Treasury, Corporate and Municipal Bonds .............................................. 59

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 60

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin ............................................................................... 60

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 61

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 65

IFS-1.—U.S. Reserve Assets ............................................................................................................................................... 65

IFS-2.—Selected U.S. Liabilities to Foreigners................................................................................................................... 66

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

Residents of Foreign Countries.............................................................................................................................. 67

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 68

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

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 70

CM-I-2.—Total Liabilities by Country................................................................................................................................ 71

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 73

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

with Respect to Selected Countries...................................................................................................................... 75

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

CM-II-1.—Total Claims by Type ........................................................................................................................................ 76

CM-II-2.—Total Claims by Country ................................................................................................................................... 77

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 79

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

with Respect to Selected Countries...................................................................................................................... 81

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 ......................................................................................................................................... 82

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............................................................................................................... 83
V 

Contents 

CM-IV-2.—Total Liabilities by Country............................................................................................................................. 84

CM-IV-3.—Total Liabilities by Type and Country............................................................................................................. 86

CM-IV-4.—Total Claims by Country.................................................................................................................................. 88

CM-IV-5.—Total Claims by Type and Country.................................................................................................................. 90

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 92

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 .............................................. 93

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type................................................. 94

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ....................................... 95

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

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

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

and Country....................................................................................................................................................... 99

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors ........................................................ 101

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions....................................................................................................................... 102

SECTION I.—Canadian Dollar Positions

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

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

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

SECTION II.—Japanese Yen Positions

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

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

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

SECTION III.—Swiss Franc Positions

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

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

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

SECTION IV.—Sterling Positions

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

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

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

SECTION V.—U.S. Dollar Positions

FCP-V-1.—Weekly Report of Major Market Participants ................................................................................................ 111

FCP-V-2.—Monthly Report of Major Market Participants ............................................................................................... 112

FCP-V-3.—Quarterly Report of Large Market Participants .............................................................................................. 112

SECTION VI.—Euro Positions

FCP-VI-1.—Weekly Report of Major Market Participants ............................................................................................... 113

FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 114

FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 114
VI 

Contents 

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 115

ESF-1.—Balance Sheet...................................................................................................................................................... 115

ESF-2.—Income and Expense ........................................................................................................................................... 116

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Trust Funds................................................................................................................................................ 119

TF-A.—Chart: Major Trust Funds, Total Net Increase or Decrease in Assets .................................................................. 119

TF-B.—Chart: Total Receipts of Major Trust Funds......................................................................................................... 120

TF-C.—Chart: Total Expenditures of Major Trust Funds ................................................................................................. 121

TF-1.—Civil Service Retirement and Disability Fund ...................................................................................................... 122

TF-2.—Federal Hospital Insurance Trust Fund ................................................................................................................. 123

TF-3.—Federal Disability Insurance Trust Fund............................................................................................................... 124

TF-4.—Federal Old-Age and Survivors Insurance Trust Fund ......................................................................................... 125

TF-5.—Federal Supplementary Medical Insurance Trust Fund......................................................................................... 126

TF-6.—National Service Life Insurance Fund................................................................................................................... 127

TF-7.—Railroad Retirement Account................................................................................................................................ 128

TF-8.—Unemployment Trust Fund ................................................................................................................................... 129

TF-9.—Investments of Specified Trust Accounts in Public Debt Securities by Issue....................................................... 131

Introduction.—Highway Trust Fund.................................................................................................................................. 132

TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account .................................................................... 132

RESEARCH PAPER INDEX............................................................................................................................................ 133

GLOSSARY ...................................................................................................................................................................... 134

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 Resources 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 
OPERATIONS

Profile of theEconomy

FederalFiscalOperations

Account of theU.S.Treasury

FederalDebt

PublicDebtOperations

U.S.SavingsBondsandNotes

Ownership ofFederalSecurities

MarketYields

U.S.CurrencyandCoinOutstanding

and inCirculation
3 

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product (GDP) 

Growth picked up in the third quarter of 2002, the fourth 

consecutive quarter of positive economic growth after three 

quarterly declines. Real GDP increased at a 3.1 percent 

annual rate, according to the advance estimate, after 

increasing by a revised 1.3 percent in the second quarter. 

Growth in personal consumption expenditures (PCE) 

accounted for a significant 3.0 percentage points of this 

increase. 

Growth in PCE more than doubled to 4.2 percent at an 

annual rate from 1.8 percent in the previous quarter. A 

majority of the increase in PCE during the third quarter was 

in the purchase of durable goods (particularly motor 

vehicles), which increased 22.7 percent, compared to 2.0 

percent in the second quarter. Purchases of services 

increased 2.3 percent, down from 2.7 percent in the second 

quarter, while purchases of nondurable goods were up 1.3 

percent, compared to a slight decline in the previous quarter. 

Government consumption expenditures and gross 

investment added 0.35 percentage points to real GDP growth 

in the third quarter, almost equally divided between Federal, 

State and local government spending. Federal Government 

spending increased 2.9 percent, down from 7.5 percent in the 

second quarter, while State and local government spending 

increased 1.2 percent, up from -1.7 percent. 

Investment in equipment and software accelerated to a 

6.5 percent annual rate in the third quarter, from 3.3 percent 

in the previous quarter. This increase was substantially offset 

by the continued disinvestment in nonresidential structures, 

which was down 16.0 percent. Nevertheless, total real 

business fixed investment increased for the first time in two 

years. Investment in residential structures dropped to -0.8 

percent from a positive 2.7 percent in the second quarter. 

The change in private inventories was negligible. 

Net exports of goods and services declined in the third 

quarter, subtracting just one-tenth of a percentage point from 

real GDP growth. This was much less than the 1.4 

percentage point drag realized in the second quarter. Exports 

of goods and services rose 2.1 percent, down from 14.3 

percent in the second quarter, while imports rose 2.5 percent, 

compared to 22.2 percent. 

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 

3.1 

* Based on first three quarters 

Inflation 

Inflation continued to be well behaved this year, 

although the pace picked up slightly from 2001. The 

acceleration can be traced to rising energy prices, the result 

to a large degree of a jump in the cost of crude petroleum. 

Through the first 10 months of this year, the consumer price 

index (CPI) rose at a 2.7 percent annual rate, up from an 

increase of 1.6 percent during the 12 months of 2001. After 

falling by 13.0 percent last year, energy prices have risen at 

a 14.2 percent annual rate through October of this year. The 

cost of food prices is rising at a modest pace this year, 

increasing at a 1.2 percent annual rate. This remains well 

below the 2.8 percent advance last year. “Core” inflation 

(prices excluding food and energy), a gauge of the 

underlying inflation rate, remains moderate. The core index 

has risen by only 2.1 percent, down from 2.7 percent last 

year. If the current pace continues for the remainder of the 

year, it would result in the smallest annual increase since 

1999. 

At the producer level, finished goods prices have risen at 

a 2.0 annual rate during the first 10 months of the year 

compared with a decline of 1.6 percent last year. The 

turnaround reflects a swing in energy prices that dropped by 

more than 17 percent in 2001 but increased at an annual rate 

of more than 15 percent so far this year. Core finished goods 

prices are up fractionally through October following a near 1 

percent advance last year. Food prices have declined at a 1.5 

percent rate this year. Further back in the production chain, 

core intermediate materials price increases have slowed to 

0.1 percent in the latest two months, indicating little or no 

building price pressures. Volatile core crude prices are 

currently about 11 percent above last year’s levels. 
4 PROFILE OF THE ECONOMY 

Hourly compensation costs (including stock options) as 

calculated in the national income accounts for the nonfarm 

sector were up by 3.3 percent in the third quarter of 2002 

from a year earlier, but the increase was more than offset by 

a 5.3 percent jump in productivity. As a result, labor costs 

per unit of output were down by 2.0 percent over the four 

Consumer Prices 

(Percent change from a year earlier) 

7 

6 

5 

4 

3 

2 

1 

0 

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

Excluding food and 

energy 

Total 

quarters. The employment cost index for total compensation, 

a fixed-weighted compensation measure that does not 

account for stock options, increased by 3.7 percent for the 

12-month period ending in September, down from the 4.1 

percent increase for the comparable period last year. 

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 

Labor markets remain sluggish overall. Job growth 

stalled at the beginning of fall after several months of 

moderate gains, and the unemployment rate has eased only 

slightly from a springtime peak of 6.0 percent. 

Nonfarm payroll employment edged down by 5,000 in 

October and 13,000 in September, following a four-month 

string of gains totaling 233,000. Declining employment in 

the private sector held down results for both months. 

Particularly large job cuts were recorded in manufacturing 

and construction. Employment in the manufacturing sector 

has fallen steadily since August 2000, with 1.9 million jobs 

eliminated since then. October job losses were mostly offset 

by an increase in private service-sector employment and a 

rise in government payrolls due in part to new hiring for the 

Transportation Security Administration. 

The unemployment rate backed off the 7-1/2 year high of 

6.0 percent reached in April but by October fell only to 5.7 

percent. Uncertainty regarding the outlook for profits, the 

strength of the economic recovery, and the geopolitical 

situation has apparently made businesses reluctant to 

undertake significant new hiring initiatives. 

The pace of growth in average hourly earnings slowed 

during the past year, reflecting the impact of the recession. 

Earnings in October were only 3.0 percent above the yearearlier level, down from 3.8 percent during the year ended 

October 2001. Growth in earnings adjusted for inflation also 

slowed recently to 1.0 percent from 1.9 percent during the 

year ended October 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 

5.0 0 

4.5 -100 

-200 

4.0 

-300 

3.5 -400 

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

330 

176 

33 

99 

47 

-118 -96 

-310 

-63 

12 

55

-5 

*Based on October data 

Real disposable personal income and 

consumer spending 

Following little change in the fourth quarter of 2001, 

personal income grew at a 5.0 percent annual rate in the first 

half of this year before registering a 3.6 percent increase in 

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

under 60 percent of personal income, have risen this year 

following declines in the final three quarters of 2001. 

Growth accelerated from an annual rate of 2.2 percent in the 

first quarter to a 3.6 percent pace in the third quarter. Wages 

and salaries in manufacturing were down at a modest 0.5 

percent annual rate in the third quarter after increasing by 

1.1 percent in the second quarter. These followed sharp 

declines averaging 6.0 percent in 2001 and in the first 

quarter of this year. Interest income rose at a 4.7 percent 

annual rate in the second quarter before increasing 

fractionally in the third quarter, showing the first quarterly 

gains since 2000. Dividend income continued to rise in the 

third quarter, increasing at an annual rate of more than 6 

percent for a fourth consecutive quarter. Growth in transfer 

payments from government to individuals slowed to a 5.0 

percent annual rate in the third quarter from a double-digit 

pace in the first half of the year. This reflected a leveling off 

in unemployment insurance benefit payments in the third 

quarter following significant increases dating back to 2000. 

After-tax income adjusted for inflation continued to rise 

in the third quarter, increasing at a 2.7 percent annual rate on 

top of a 3.6 percent gain in the second quarter. These 

followed a surge of 14.5 percent in the first quarter, when 

disposable income was boosted by reduced withholding in 

January that was legislated in the Economic Growth and Tax 

Relief and Reconciliation Act of 2001. 

After growth in real consumer spending slowed to an 

annual rate of 1.8 percent in the second quarter from a 3.1 

percent rate in the first quarter, the pace picked up to 

4.2 percent in the third quarter. Spending on durable goods 

was strong in the third quarter, boosted by a surge in the 

motor vehicle component. The personal saving rate stood at 

3.7 percent in the third quarter, in line with the average 

during the first half of the year, up from a rate of 2.3 percent 

in 2001. 

Industrial production and capacity 

utilization 

After seven months of solid, uninterrupted growth, 

industrial production has tapered off in recent months. 

October marked the third consecutive monthly decline as 

production dropped by a sharp 0.8 percent, the biggest fall 

since last September. At the October level, production has 

grown by 2.3 percent at an annual rate from the December 

low. 

Manufacturing production, which accounts for just over 

87 percent of all industrial output, also posted its third 

consecutive decline in October, falling 0.7 percent. That 

decline reflected a large 5.2 percent drop in production of 

motor vehicles and parts, which, in turn, represented 

shortages of parts due to the lockouts at west coast ports. 

Even excluding motor vehicles and parts, factory production 

still declined by 0.3 percent in October. In the third quarter, 

manufacturing output advanced by 3.2 percent at an annual 
6 PROFILE OF THE ECONOMY 

rate, slightly lower than the 3.6 percent rise in the second 

quarter. Before the recent slowdown in manufacturing, 

advances in motor vehicles and parts, underpinned by swift 

auto sales, greatly aided the recovery from last year’s low 

point. Production in the high-technology industries 

(computers, communications equipment, and semiconductors) 

has generally been posting solid advances since last 

September, but growth rates have come down from 18.6 

percent at an annual rate in the second quarter to 9.7 percent 

in the third quarter. A portion of that slowdown can be 

attributed to declines in communications equipment, which 

fell by a sharp 17.6 percent at an annual rate in the third 

quarter. Computer production remained solid in the third 

quarter. In the nondurable sector, the printing and publishing 

industry and the chemicals and other products industry 

posted healthy increases in the third quarter while the food 

and tobacco products industry slid sharply. 

The capacity utilization rate for the industrial sector 

declined 0.6 percentage point to 75.2 percent in October, the 

lowest level since March. That is also a large 6.7 percentage 

points below the 81.9 percent long-run average for utilization 

and 9.3 percentage points below the expansion peak of 84.5 

percent in January 1995. Capacity utilization in the 

manufacturing sector also dipped 0.6 percentage point in 

October to 73.5 percent, 7.4 percentage points below its longterm average. Capacity utilization in the high-tech industries 

edged down 0.2 percentage points in October 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 extraordinary productivity performance in recent 

quarters continues to confirm 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. However, 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 

three quarters of 2002, productivity grew successively by 

annual rates of 8.6 percent, 1.7 percent, and 4.0 percent, 

bringing growth over the latest four quarters up to 5.3 

percent, the biggest increase during a four-quarter period 

since 1983. These 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 1995 has been 2.6 percent per year. 

Productivity increases for the last several quarters reflect 

cutbacks in hours, even as output is growing again after the 

recession. 

Hourly labor compensation rose by 3.3 percent over the 

past four quarters. Compensation growth was slower last 

year because of the recession. 

Robust productivity growth and moderate hourly labor 

compensation growth have held down unit labor costs 

recently. Unit labor costs declined at a 5.3 percent annual 

rate in the first quarter of 2002, and rose 2.2 percent and 0.8 

percent in the second and third quarters, respectively. During 

the latest four quarters, unit labor costs fell 2.0 percent, and 

over the seven quarters since the end of 2000, unit labor 

costs have declined 0.6 percent, the biggest seven-quarter 

decrease since the early 1960s. Such excellent cost 

performance has helped keep inflation contained and could 

improve the outlook for business investment and future 

business expansion. 

Productivity in manufacturing also rose strongly in 

recent quarters. In the first three quarters of this year, factory 

output per hour worked increased successively by annual 

rates of 9.7 percent, 4.2 percent, and 5.9 percent. 

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 

prior four years. Hourly compensation in manufacturing 

grew at a 3.6 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 2.1 percent over the latest year. Falling 

labor costs should help stabilize profits in manufacturing, 

which were hit hard during the recession. 

International transactions 

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

quarter of 2002 to a new high of $519.8 billion (all figures 

are annualized), or 5.0 percent of nominal GDP, from $449.8 

billion, or 4.4 percent of GDP, in the first 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 $70.0 billion increase recorded in the 

second quarter was due in large part to a rising trade deficit. 

Imports of goods and services rose twice as fast as exports, 

causing the trade gap to widen by $60.5 billion to a record 

$442.5 billion. A swing in the balance on investment income 

from a small surplus of $2.7 billion in the first quarter to a 

deficit of $18.5 billion in the second quarter also played a 

role in boosting the current account deficit. The shift to a 

deficit on investment income was the first in the history of 

the series and was primarily due to a sharp increase in 

foreign investors’ earnings on direct investment, which are 

treated as imports. These developments were partly offset by 

an improvement in the deficit on unilateral transfers, which 

eased from $64.1 billion to $52.2 billion as government 

grants declined. 

The current account is, by definition, matched by 

offsetting transactions in the capital and financial accounts, 

with any difference in the recorded flows listed as a 
PROFILE OF THE ECONOMY 7 

statistical discrepancy. Capital account transactions, which 

consist mainly of debt forgiveness and wealth transfers 

associated with immigration, are typically small and have 

remained essentially unchanged at $0.8 billion since early 

2000. The financial account measures transactions that alter 

foreign financial assets and liabilities of the United States. In 

the second quarter of 2002, net foreign investment in the 

U.S. slowed to $321.5 billion from $350.3 billion in the first 

quarter. U.S. purchases of foreign assets surged, led by a 

sharp increase in U.S. claims on foreigners reported by U.S. 

banks. The pickup in U.S. investment activity abroad more 

than offset an acceleration in net foreign investment in the 

United States, which nearly doubled after an abrupt pullback 

in the first quarter. Net foreign purchases of U.S. corporate 

and other bonds climbed to an unprecedented $369.2 billion 

in the second quarter, and purchases of Treasury securities 

amounted to $5.5 billion on net, a marked turnaround from 

net sales of $29.1 billion in the first quarter. Net foreign 

purchases of U.S. stocks continued to ease, however, 

slipping back to $45.6 billion in the second quarter from 

$100.0 billion in the first quarter and a peak of $263.8 

billion in the first quarter of 2000. The pace of foreign direct 

investment in the United States also moderated considerably 

in the second quarter. 

Exchange rate of the dollar 

Despite a modest rally since the middle of the summer, 

the U.S. dollar, compared to the currencies of America’s key 

trading partners, still remains below its February 2002 peak. 

Over the 8 months ending in October, the nominal exchange 

value of the dollar relative to a broad index covering the 

currencies of 26 important U.S. trading partners depreciated 

by 1.8 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, including the euro area countries, Japan, 

Canada, the United Kingdom, Australia, Sweden, and 

Switzerland. During the February to October 2002 period, 

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

currencies fell by 7.0 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 11.3 percent and the dollar/yen exchange 

rate fell by 7.3 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 

responsible for 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 October 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 4.8 percent. 

Since December 1999, this index has risen by 12.3 percent. 

Interest rates 

The Federal Reserve eased monetary conditions last year 

in response to the recession and the terrorist attacks, and 

then eased them again this year on November 6. 

As a result of these easing moves, from the beginning of 

2001 through mid-November of this year, the Federal 

Reserve has lowered the target for the federal funds rate (the 

rate that banks and other financial institutions charge each 

other for overnight loans) by a total of 5-1/4 percentage 

points. These actions brought the target down to its current 

1-1/4 percent, which is the lowest level of federal funds rates 

since 1961. Although the Federal Reserve cut the target 11 

times last year, this year the Federal Reserve cut the target 

once, by 50 basis points at the Federal Open Market 

Committee meeting on November 6. However, the Federal 

Reserve has changed its "bias" several times this year, and 

on November 6 moved to a neutral bias from a bias that 

suggested that weakness was a greater risk than overly rapid 

growth. In response to the monetary easing, the interest rate 

for the 3-month Treasury bill has fallen over the past two 

years from levels above 6 percent to current levels at midNovember under 1-1/4 percent. 

Rates on long-term Treasury securities have been at low 

levels throughout 2001 and into 2002. Starting at over 5 

percent at the beginning of this year, the 10-year Treasury 

rate has fallen to 4 percent or below by mid-November, the 

lowest since 1963. Long-term rates are influenced by several 

factors. Weakness in the economy, in general, has helped 

push them down. Long-term rates also fell because of the 

terrorist attacks, which made Treasury securities desirable as 

safe havens against economic uncertainty. In addition, 

declines in the stock market have 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 percent or 

below by mid-November. The low mortgage rates have 

induced many homeowners to refinance, which has provided 

funds to support more consumption spending. 
8 PROFILE OF THE ECONOMY

Housing

Housing demand continued to be very strong in the third

quarter of 2002. Sales of new single-family homes averaged a

record 997,000 at an annual rate in the quarter, with sales

topping a 1-million unit pace in both August and September.

Resales of existing single-family homes averaged an annual rate 

of 5.36 million in the third quarter, down from the all-time high 

of 5.78 million in the first quarter but still quite strong.

Very low mortgage rates have been fueling the demand for 

homes. Mortgage interest rates dropped to historic lows in the 

third quarter and continued their downward trend in October

and November. The rate for a 30-year conventional loan

averaged 6.3 percent in the third quarter and hit 5.94 percent

in mid-November. That was the lowest since Freddie Mac

began tracking this rate in 1971. Favorable financing, 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 nearly 

2 million despite the economic recession in 2001.

As expected, construction of new homes has also reached

an extraordinarily high level, although unusual weather

conditions this year have somewhat distorted the quarterly

pattern of growth. Starts of new homes averaged 1.7 million at 

a seasonally-adjusted annual rate in the third quarter after

averaging a 1.67 million unit pace in the second quarter and

1.73 million in the first. By comparison, a total of 1.6 million

new homes were started in 2001. Housing starts this year are

on track to record their highest annual total since 1986.

Federal budget

The Federal budget was in deficit by $159 billion in

fiscal year 2002. That followed four straight years of

surplus, but was a little better than the $165 billion deficit

that had been projected in July’s Mid-Session Review. In

relation to GDP, the deficit represented a modest 1.5 percent 

share. The shift from surpluses to deficit primarily reflected

the effects of the economic recession in 2001, which

includes declines in the stock market, 

required for combating terrorism and providing for domestic 

security, and tax cuts and other stimulus measures to jumpstart the flagging economy.

Receipts in fiscal 2002 fell by $138 billion, or 6.9

percent, the largest percentage decline since 1946. That

followed a 1.7 percent decline in receipts in fiscal 2001, the

first back-to-back decreases since fiscal years 1958 and

1959. Almost the entire decline in receipts in the latest fiscal 

year came from individual income taxes, chiefly a $96

billion drop in nonwithheld receipts. Data are not available

yet to pinpoint the exact source of the shortfall, but reduced

capital gains were likely to have been a large factor.

Outlays rose by $148 billion in fiscal 2002, or

7.9 percent, led by a $39 billion increase (nearly 13 percent) 

in defense spending. Total outlays represented 19.5 percent

of GDP, the highest ratio since 1997. Medicaid spending

rose 

unemployment during the recession caused outlays for

unemployment compensation to rise by about 80 percent.

Outlays for net interest declined for the fifth straight year.

Debt held by the public rose by about $220 billion in

fiscal year 2002 to $3.54 trillion. That represented a 34.3

percent share of GDP, up from 33.1 percent in fiscal year

2001, but otherwise the lowest since 1984. Gross Federal

debt (which also includes Federal securities held as

investments of government accounts, such as the Social

Security trust fund) rose to near $6.2 trillion. The current

statutory debt limit is $6.4 trillion.

3.5

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)

0.0

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)

increased spending

more rapidly than in past years, and higher
PROFILE OF THE ECONOMY 9 

Net national saving and investment 

Net national saving, the source of funds for new 

investment, declined to 2.5 percent of net national product 

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

percent in 2001 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.) 

The decline was attributable to a swing in the Federal 

budget from a surplus equivalent to 0.8 percent of NNP in 

calendar year 2001, to a deficit of 1.9 percent of NNP in the 

first half of 2002. The reversal reflected mainly the impact 

of the recession and additional needs of homeland security 

following the terrorist attacks. The deficit of State and local 

governments also widened slightly in 2002, in response to 

the weaker economy. Combined, the public sector registered 

dissaving equivalent to 2.4 percent of NNP so far in 2002, 

compared to a 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. 

Private saving increased in the first half of 2002 to 5.0 

percent of NNP from 3.3 percent in 2001, the lowest since 

1934. Both household saving and retained earnings reached 

lows in 2001 not seen in at least 60 years. Saving of 

households jumped to 3.2 percent of NNP in the first half of 

2002 from 1.9 percent in 2001. 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 of NNP in 2001 to 1.7 

percent in the first half of 2002, reflecting some 

improvement in profits. 

Net domestic investment (by government and private 

industry in structures, equipment, software, and inventory) 

slowed to 6.1 percent of NNP in the first half of 2002 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 past decade was financed from 

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

of NNP in 1991 to -5.1 percent in the first half of 2002. 

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 two quarters 
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 normally 

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 (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

off-budget receipts, outlays and deficit of the Government. 
FEDERAL FISCAL OPERATIONS 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 Fourth-Quarter Receipts by Source 

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

Fourth-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the fourth quarter of fiscal 

2002 supplements fiscal data reported in the 

September 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 $215.0 billion for the fourth 

quarter of fiscal 2002. This is an increase of $21.3 billion 

over the comparable prior year quarter. Withheld receipts 

decreased by $4.3 billion and non-withheld receipts 

decreased by $7.9 billion during this period. Refunds 

decreased by $33.6 billion over the comparable fiscal 2001 

quarter. Approximately $35.2 billion of the fiscal 2001 

fourth quarter refund total relates to payments issued in 

accordance with provisions of the Economic Growth and 

Tax Relief Reconciliation Act of 2001 (EGTRRA). There 

was an increase of $2.1 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 $32.2 billion for the fourth quarter of fiscal 

2002. This is an increase of $18.8 billion compared to the 

prior year fourth quarter. The $18.8 billion change is 

comprised of an increase of $26.2 billion in estimated and 

final payments, and an increase of $7.4 billion in corporate 

refunds. Approximately $32.2 billion in corporate payments 

were delayed from the fourth quarter of fiscal 2001 to the 

first quarter of fiscal 2002 due to deposit rule changes 

enacted as part of EGTRRA. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal 2002 were $158.6 billion, an increase of $3.5 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal Disability 

Insurance, and Federal Hospital Insurance trust funds 

changed by $1.9 billion, $0.3 billion, and -$0.8 billion, 

respectively. There was a -$1.3 billion accounting 

adjustment for prior years employment tax liabilities made 

in the fourth quarter of fiscal 2002, while there was a $0.8 

billion adjustment in the fourth quarter of fiscal 2001. 

Unemployment insurance—Unemployment insurance 

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

were $5.5 billion, a decrease of $0.2 billion over the 

comparable quarter of fiscal 2001. Net State taxes deposited 

in the U.S. Treasury decreased by $0.2 billion to $4.4 

billion. Net Federal Unemployment Tax Act (FUTA) taxes 

did not change significantly from $1.2 billion. 
12 FEDERAL FISCAL OPERATIONS 

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, con. 

Contributions for other insurance and retirement— 

Contributions for other retirement were $1.1 billion for the 

fourth quarter of 2002. This was a negligible change from 

the comparable quarter of fiscal 2001. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal 2002 were $19.0 billion, an increase of $1.4 

billion over the comparable prior year quarter. Total excise 

tax refunds for the quarter were $0.8 billion, a decrease of 

$0.2 billion over the comparable prior year quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.4 billion for the fourth quarter of fiscal 2002. These 

receipts represent an increase of $0.3 billion over the same 

quarter in fiscal 2001. 

Customs duties—Customs duties net of refunds were 

$5.4 billion for the fourth quarter of fiscal 2002. This is an 

increase of $0.1 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts for 

the fourth quarter of fiscal 2002 were $8.5 billion, a decrease 

of $2.4 billion over the comparable prior year quarter. This 

change is due in part to deposits of earnings by Federal 

Reserve Banks decreasing by $1.4 billion 

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

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

Fourth quarter July - Sept. Fiscal 2002 

Total on- and off-budget results: 

Total receipts ................................................................. 451,789 1,853,288 

On-budget receipts .................................................... 328,606 1,337,967 

Off-budget receipts .................................................... 123,184 515,321 

Total outlays................................................................... 493,998 2,011,808 

On-budget outlays...................................................... 381,349 1,656,146 

Off-budget outlays...................................................... 112,648 355,662 

Total surplus or deficit (-) ............................................... -42,209 -158,520 

On-budget surplus or deficit (-) .................................. -52,743 -318,179 

Off-budget surplus or deficit (-) .................................. 10,535 159,659 

Means of financing: 

Borrowing from the public .............................................. 89,445 220,829 

Reduction of operating cash .......................................... -21,255 -16,667 

Other means .................................................................. -25,981 -45,643 

Total on- and off-budget financing............................. 42,209 158,520 

Fourth-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 July Aug. Sept. 

Individual income taxes...................................................... 64.6 58.7 91.7 

Corporate income taxes..................................................... 1.7 -0.3 30.8 

Employment taxes and contributions................................. 50.9 50.9 56.9 

Unemployment insurance .................................................. 2.2 3.1 0.2 

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

Excise taxes ....................................................................... 6.4 5.5 7.1 

Estate and gift taxes .......................................................... 2.4 2.1 1.9 

Customs duties .................................................................. 1.9 2.0 1.5 

Miscellaneous receipts....................................................... 4.1 2.3 2.2 

Total budget receipts ..................................................... 134.4 124.6 192.8 

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) 

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

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) 

1100 

1000 

900 

800 

700 

600 

500 

400 

300 

200 

100 

0 

2002 

2001 * 

Individual Social Corporate Excise Misc. Estate/gift Customs 

income insurance income taxes receipts taxes duties 

taxes and taxes 

retirement 

receipts 

* 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) 

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 ................................ 1,853,288 1,337,967 515,321 2,011,808 1,656,146 355,662 -158,520 -318,179 159,659 428,391 

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 - 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 r 164,819 134,013 r 30,806 r -7,656 -12,010 r 4,354 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 

July ................................ 134,409 95,174 39,235 163,568 130,838 32,730 -29,159 -35,663 6,505 33,695 

Aug ................................ 124,619 85,126 39,493 179,328 141,405 37,923 -54,709 -56,279 1,570 50,709 

Sept ................................ 192,761 148,306 44,456 151,102 109,106 41,995 41,659 39,199 2,460 18,442 

Fiscal 2002................................ 1,853,288 1,337,967 515,321 2,011,808 1,656,146 355,662 -158,520 -318,179 159,659 428,391 

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) 

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 ................................................................ 159 207,721 220,829 16,667 790 15,714 2,457 -23,843 -2,836 158,520 

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

2001 - 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 r 272 -794 r 7,656 

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 

July ................................ -284 -2,712 36,123 164 -70 7,069 18 217 - 29,159 

Aug ................................ -267 -6,973 57,415 -13,278 177 908 183 -14,716 - 54,709 

Sept ................................ 896 23,431 -4,093 34,369 -43 1,132 818 -1,866 576 -41,659 

Fiscal 2002................................ 159 207,721 220,829 16,667 790 15,714 2,457 -23,843 -2,836 158,520 

* 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)

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 ................................ 750,756 286,956 179,365 858,347 211,438 63,396 148,042 1,006,389 665,381 1,011 664,370 

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

2001 - Sept................................ 49,67945,676 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 ................................ 59,8182,729 6,013 56,534 3,411 3,450 -39 56,495 50,192 * 50,192 

Dec ................................ 86,8896,472 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 ................................ 62,0023,351 29,607 35,745 2,995 4,935 -1,940 33,805 51,878 - 51,878 

Mar ................................ 65,5286,272 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................................ 60,7974,425 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 

July ................................ 63,6364,460 3,519 64,577 6,842 5,168 1,675 66,252 50,439 * 50,439 

Aug ................................ 57,5674,928 3,767 58,727 3,211 3,550 -340 58,387 50,528 * 50,528 

Sept ................................ 56,151 39,818 4,229 91,740 35,346 4,525 30,821 122,561 57,481 1,011 56,470 

Fiscal 2002................................ 750,756 286,956 179,365 858,347 211,438 63,396 148,042 1,006,389 665,381 1,011 664,370 

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) 

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 ................................ 4,185 5 4,178 668,548 27,746 127 27,620 4,533 61 4,594 

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

2001 - 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 

July ................................ 446 * 446 50,886 2,204 14 2,190 351 6 356 

Aug ................................ 342 * 342 50,870 3,112 19 3,093 426 5 430 

Sept ................................ 388 * 388 56,858 257 7 250 359 4 363 

Fiscal 2002................................ 4,185 5 4,178 668,548 27,746 127 27,620 4,533 61 4,594 

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 

(23) 

Refunds 

(24) 

Net 

(25) 

Gross 

(26) 

Refunds 

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

Net 

(31) 

Gross 

(32) 

Refunds 

(33) 

Net 

(34) 

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 ................................ 700,761 9,090 60 9,030 567 - 567 33,812 1,079 32,733 25,703 1,044 24,659 

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

2001 - 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 

July ................................ 53,432 770 * 771 47 - 47 2,807 2 2,805 2,879 109 2,770 

Aug ................................ 54,393 839 7 832 51 - 51 3,159 288 2,871 1,853 67 1,787 

Sept ................................ 57,471 924 14 910 78 - 78 4,946 219 4,727 1,436 68 1,367 

Fiscal 2002................................ 700,761 9,090 60 9,030 567 - 567 33,812 1,079 32,733 25,703 1,044 24,659 

Net miscellaneous receipts 

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Deposits of 

earnings by 

Federal 

Reserve 

Banks 

(42) 

Universal Estate and gift taxes Customs duties 

service fund Total receipts 

Gross 

(36) 

Refunds 

(37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

and all other 

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget 

(46) 

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 ................................ 66,989 27,242 734 26,507 19,829 1,227 18,602 23,683 10,357 34,040 1,337,967 515,321 

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

2001 - 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 

July ................................ 6,393 2,447 63 2,384 1,974 90 1,883 3,149 916 4,065 95,174 39,235 

Aug ................................ 5,541 2,118 68 2,051 2,063 103 1,960 1,507 780 2,287 85,126 39,493 

Sept ................................ 7,082 1,984 41 1,943 1,817 299 1,518 1,593 594 2,186 148,306 44,456 

Fiscal 2002................................ 66,989 27,242 734 26,507 19,829 1,227 18,602 23,683 10,357 34,040 1,337,967 515,321 

* 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) 

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 ................................ 3,227 4,824 68,978 5,325 332,116 47,036 17,772 466,106 31,889 9,641 24,197 64,237 

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 - 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 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 r 4,115 

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 

July ................................ 242 383 3,856 361 27,952 2,331 1,333 40,477 2,710 634 1,755 6,338 

Aug ................................ 241 509 4,223 446 31,977 3,358 800 42,732 2,570 707 1,902 5,998 

Sept ................................ 326 410 4,754 581 27,116 5,697 1,669 36,321 973 922 2,259 5,245 

Fiscal 2002................................ 3,227 4,824 68,978 5,325 332,116 47,036 17,772 466,106 31,889 9,641 24,197 64,237 

Fiscal year 

or month 

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

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

State Transportation other Affairs programs Agency President Agency istration Program 

(13) (14) (16) (17) (19) (20) (21) (22) (23) (24) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(15) 

Corps of 

Engineers 

(18) 

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 ................................ 9,524 61,178 332,537 42,057 50,882 4,798 35,159 7,440 496 4,236 -271 13,385 

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 - 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 4,331 490 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 

July ................................ 557 5,671 14,631 1,465 4,387 392 2,901 575 26 326 -28 922 

Aug ................................ 601 6,126 18,325 1,384 6,837 335 2,929 642 31 276 -211 861 

Sept ................................ 830 5,770 14,868 -5,183 2,481 439 2,946 719 30 557 -98 -102 

Fiscal 2002................................ 9,524 61,178 332,537 42,057 50,882 4,798 35,159 7,440 496 4,236 -271 13,385 

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 AllowSpace 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) 

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 ................................ 14,429 4,187 52,512 492 488,692 15,729 -42,782 -153,195 -5,024 -2 1,656,146 355,662 

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 - 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 r 445 -3,016 -1,156 -712 * 134,013 r 30,806 

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 

July ................................ 1,228 372 4,711 79 40,869 9 -3,240 -174 -485 - 130,838 32,730 

Aug ................................ 1,272 499 4,057 -4 43,884 1,622 -3,498 -2,150 45 - 141,405 37,923 

Sept ................................ 1,350 388 4,543 -203 38,448 6,052 -7,161 -1,162 -683 -1 109,106 41,995 

Fiscal 2002................................ 14,429 4,187 52,512 492 488,692 15,729 -42,782 -153,195 -5,024 -2 1,656,146 355,662 

* 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, 

September 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 .......................................... 858,278 67 - 858,345 994,281 58 - 994,339 

Corporation income taxes ....................................... 148,036 - 7 148,044 151,071 - 4 151,075 

Social insurance and retirement receipts: 

Employment and general retirement (off-budget) ....... - - 515,321 515,321 - - 507,519 507,519 

Employment and general retirement (on-budget) ....... - - 153,227 153,227 - - 153,923 153,923 

Unemployment insurance................................ - - 27,620 27,620 - - 27,812 27,812 

Other retirement ................................................ - - 4,594 4,594 - - 4,713 4,713 

Excise taxes ........................................................ 23,423 594 42,972 66,989 23,723 563 41,946 66,232 

Estate and gift taxes .............................................. 26,507 - - 26,507 28,400 - - 28,400 

Customs duties..................................................... 12,079 5,805 718 18,602 12,643 5,939 786 19,368 

Miscellaneous receipts ........................................... 24,945 8,304 800 34,049 28,695 7,995 974 37,664 

Total receipts................................................. 1,093,268 14,770 745,258 1,853,296 1,238,812 14,556 737,676 1,991,044 

(On-budget) ............................................... 1,093,268 14,770 229,938 1,337,975 1,238,812 14,556 230,157 1,483,525 

(Off-budget) ............................................... - - 515,321 515,321 - - 507,519 507,519 

Budget outlays: 

Legislative branch................................................. 3,127 97 6 3,230 2,713 254 64 3,030 

Judicial branch ..................................................... 4,581 243 * 4,824 4,385 25 -2 4,409 

Department of Agriculture ....................................... 52,987 15,789 213 68,989 43,900 24,002 254 68,156 

Department of Commerce....................................... 5,352 -34 4 5,322 5,102 -86 1 5,017 

Department of Defense-military ................................ 330,768 1,336 12 332,116 288,511 2,318 200 291,030 

Department of Education ........................................ 46,113 172 * 46,285 35,988 -265 * 35,724 

Department of Energy ............................................ 20,264 -2,492 * 17,772 18,469 -2,049 * 16,420 

Department of Health and Human Services ................. 325,638 -139 140,605 466, 104 283,279 -161 143,273 426,391 

Department of Housing and Urban Development .......... 36,445 -4,566 * 31,880 39,372 -5,431 -4 33,937 

Department of the Interior ....................................... 9,586 -249 304 9,641 8,274 -581 308 8,001 

Department of Justice............................................ 22,184 1,050 963 24,197 15,772 534 4,504 20,810 

Department of Labor.............................................. 10,234 -906 54,923 64,252 8,051 -1,035 32,255 39,271 

Department of State............................................... 9,007 15 432 9,453 7,083 -19 382 7,446 

Department of Transportation................................ 11,366 -60 49,976 61,282 9,574 -46 44,547 54,075 

Department of the Treasury : 

Interest on the public debt................................ 332,537 - - 332,537 359,508 - - 359,508 

Other .............................................................. 42,549 -589 19 41,979 31,746 -1,356 52 30,442 

Department of Veterans Affairs................................ 51,393 -1,497 986 50,881 44,812 -802 1,033 45,043 

Corps of Engineers................................................ 4,172 -76 701 4,798 3,990 -23 758 4,726 

Other defense civil programs ................................ 17,116 1 18,041 35,159 16,152 3 18,006 34,161 

Environmental Protection Agency.............................. 6,903 -17 565 7,451 6,906 -8 492 7,390 

Executive Office of the President .............................. 496 * - 496 280 * * 280 

Federal Emergency Management Agency................... 4,853 -617 * 4,236 4,200 215 * 4,415 

General Services Administration............................... 167 -438 * -271 188 -197 * 

International Assistance Program .............................. 15,094 -1,623 -162 13,309 13,494 -1,670 -53 11,771 

National Aeronautics and Space Administration............ 14,428 - 1 14,429 14,093 - 1 14,094 

National Science Foundation ................................ 4,130 26 31 4,187 3,652 11 28 3,691 

Office of Personnel Management.............................. 28,225 -102 24,390 52,512 27,176 27 23,713 50,916 

Small Business Administration ................................ 660 -168 * 492 -267 -302 * -569 

Social Security Administration ................................ 46,275 -7 442,426 488,694 40,494 -3 421,257 461,748 

Other independent agencies ................................ 7,917 2,442 5,370 15,729 4,029 4,016 5,347 13,393 

Undistributed offsetting receipts: 

Interest............................................................ - - -153,196 -153,196 - - -143,937 -143,937 

Other .............................................................. -3,979 -1,047 -42,782 -47,808 -7,173 -1,046 -38,792 -47,011 

Total outlays.................................................. 1,460,588 6,545 543,829 2,010,962 1,333,752 16,328 513,688 1,863,769 

(On-budget) ............................................... 1,460,588 7,195 187,515 1,655,299 1,333,752 14,027 169,152 1,516,931 

(Off-budget) ............................................... - -651 356,314 355,663 - 2,302 344,536 346,838 

Surplus (+) or deficit (-) ................................ -367,320 8,225 201,429 -157,666 -94,940 -1,773 223,988 127,276 

(On-budget) ............................................... -367,320 7,574 42,422 -317,324 -94,940 529 61,005 -33,406 

(Off-budget) ............................................... - 651 159,007 159,658 - -2,302 162,983 160,682 

- No transactions. Note.—These figures include September 2002 year-end adjustments and may not agree 

* Less than $500,000. with similar data in other tables. 

-8 
20 FEDERAL FISCAL OPERATIONS

TABLE FFO-5.—Internal Revenue Receipts by State, 2002 REVISED 1/7/2003

[In thousands of dollars. Source: Internal Revenue Service]

Individual income and employment taxes

State

 Grand 

 total

 (1)

Total individual

income and

employment

taxes 

(2)

Income tax

not withheld

and SECA 1, 2

(3)

Income 

tax

withheld 

 and 

FICA 1

(4)

Railroad

retirement

(5)

Unemployment

insurance

(6)

Corporation

income

taxes 3

(7)

Estate

tax

(8)

Gift

tax

(9)

Excise

tax

(10)

Alabama................................................................ 18,650,989 16,357,183 3,068,872 13,206,398 3,008 78,906 1,867,639 297,561 12,519 116,088

Alaska ................................................................ 3,211,048 3,016,940 719,383 2,283,396 1,643 12,517 117,146 14,595 112 62,255

Arizona................................................................ 24,901,726 20,916,224 4,683,185 16,123,415 1,040 108,584 1,896,445 281,924 23,137 1,783,997

Arkansas................................................................ 19,701,605 14,487,463 1,893,714 12,468,040 1,931 123,778 4,721,185 143,816 -62,966 412,108

California................................................................ 232,301,672 202,770,828 47,990,422 153,980,040 6,448 793,918 21,655,748 3,939,525 261,884 3,673,688

Colorado................................................................ 36,425,729 34,040,705 6,132,881 27,785,177 8,978 113,669 1,198,433 305,883 11,945 868,763

Connecticut................................................................ 39,704,704 32,256,165 7,512,567 24,658,791 1,144 83,664 6,660,592 546,684 43,288 197,975

Delaware................................................................ 11,789,203 7,779,319 989,351 6,765,698 362 23,908 3,823,379 171,268 2,251 12,988

District of Columbia................................14,750,258 11,935,392 1,172,961 10,418,641 325,875 17,915 2,490,491 139,212 9,018 176,145

Florida................................................................ 94,507,294 85,364,368 22,334,880 61,966,138 704,464 358,887 5,905,368 1,972,330 163,524 1,101,704

Georgia................................................................ 60,330,806 47,323,416 7,591,208 39,480,601 4,263 247,344 9,761,760 434,846 14,934 2,795,850

Hawaii................................................................ 5,559,960 4,779,462 1,196,020 3,564,027 - 19,415 606,173 70,828 17,195 86,302

Idaho................................................................ 6,894,987 6,328,494 1,016,178 5,270,488 1,228 40,601 506,782 36,722 1,408 21,582

Illinois................................................................ 111,520,475 94,185,656 15,654,153 77,974,909 203,324 353,269 11,992,066 1,264,346 76,261 4,002,145

Indiana................................................................ 33,999,215 30,643,556 4,792,417 25,714,233 22,259 114,647 2,623,846 401,681 49,064 281,069

Iowa................................................................ 14,570,904 12,927,804 2,283,056 10,582,972 5,757 56,018 1,409,807 140,213 5,162 87,918

Kansas................................................................ 16,293,151 13,924,986 2,392,682 11,036,280 432,647 63,377 926,707 185,560 8,375 1,247,522

Kentucky ................................................................ 17,333,323 15,565,771 2,772,676 12,717,590 6,017 69,487 1,334,005 173,321 10,593 249,633

Louisiana................................................................ 22,664,648 21,328,978 3,520,738 17,742,624 3,116 62,500 1,012,379 166,596 14,201 142,494

Maine................................................................ 5,302,925 4,740,744 1,117,612 3,595,552 4,139 23,441 340,476 101,338 4,492 115,875

Maryland ................................................................ 41,637,531 37,374,228 6,649,071 30,500,100 104,806 120,251 3,256,253 569,909 32,127 405,013

Massachusetts................................ 60,389,579 54,674,464 11,677,932 42,805,318 20,313 170,900 4,304,364 902,778 48,254 459,719

Michigan................................................................ 66,310,784 61,458,413 7,666,965 53,498,855 32,750 259,842 4,082,856 542,529 56,091 170,895

Minnesota................................................................ 58,143,877 48,263,156 5,434,835 42,587,063 66,861 174,397 8,202,248 456,391 23,628 1,198,453

Mississippi................................................................ 9,011,608 8,120,055 1,712,506 6,363,021 1,515 43,013 554,283 93,253 8,710 235,308

Missouri................................................................ 41,145,979 34,242,740 4,939,563 29,101,848 57,289 144,040 4,480,300 550,221 56,786 1,815,931

Montana................................................................ 3,119,114 2,885,949 799,893 2,048,052 26,010 11,994 150,459 48,071 537 34,097

Nebraska................................................................ 12,508,654 10,024,823 1,626,014 7,344,275 1,012,350 42,184 2,290,869 95,051 2,781 95,130

Nevada................................................................ 12,141,754 10,020,550 3,141,091 6,831,132 78 48,249 1,886,140 106,822 22,200 106,043

New Hampshire................................ 7,358,146 6,884,267 1,607,637 5,250,501 259 25,869 282,205 103,308 9,172 79,194

New Jersey................................................................ 91,275,843 78,795,055 12,593,863 65,862,441 99,041 239,710 9,902,252 879,021 68,227 1,631,288

New Mexico................................................................ 7,146,536 6,499,143 1,691,470 4,774,402 169 33,103 431,889 117,084 7,740 90,680

New York ................................................................ 182,023,813 156,596,003 30,059,666 125,842,025 278,076 416,236 20,979,542 2,982,299 221,842 1,244,127

North Carolina................................................................ 47,807,484 39,703,323 6,419,322 33,094,905 4,720 184,377 7,365,527 491,968 24,193 222,473

North Dakota................................................................ 2,717,953 2,465,136 563,618 1,887,817 2,607 11,094 208,395 24,588 401 19,434

Ohio................................................................ 86,810,682 73,026,137 9,117,954 63,626,501 19,429 262,253 10,015,921 825,681 33,773 2,909,170

Oklahoma................................................................ 18,213,114 12,912,374 2,905,300 9,936,188 2,545 68,341 1,042,779 187,255 12,050 4,058,654

Oregon................................................................ 18,392,990 16,863,604 3,175,109 13,599,564 2,385 86,546 1,046,519 271,676 48,926 162,265

Pennsylvania................................................................ 85,488,178 73,731,442 12,009,239 61,318,036 109,632 294,535 8,877,628 1,047,815 97,494 1,733,799

Rhode Island................................................................ 7,942,125 6,170,461 1,132,333 5,010,434 6 27,689 1,681,668 79,372 3,177

South Carolina................................................................ 15,166,634 13,929,975 2,689,138 11,165,960 1,613 73,264 889,445 194,365 6,078

7,447

146,771

South Dakota................................................................ 3,573,354 3,452,008 986,993 2,442,313 6,592 16,110 82,467 18,984 1,372 18,523

Tennessee................................................................ 35,824,877 31,669,382 4,651,256 26,872,633 3,326 142,167 2,960,201 349,433 15,630 830,232

Texas................................................................ 146,440,182 117,685,965 22,814,054 93,898,188 397,514 576,209 13,702,495 1,287,937 109,064 13,654,721

Utah................................................................9,117,924 8,233,065 1,645,987 6,538,039 4,469 44,571 573,944 80,162 7,646 223,107

Vermont................................................................ 3,007,156 2,742,097 627,025 2,101,137 2,118 11,817 168,557 53,165 18,158 25,179

Virginia................................................................ 49,658,845 40,766,110 7,575,494 32,480,189 549,894 160,534 6,899,627 651,040 34,770 1,307,298

Washington................................................................ 42,324,665 35,649,249 7,444,465 28,197,677 5,681 1,427 5,334,603 546,887 31,248 762,678

West Virginia................................................................ 4,927,855 4,542,538 989,645 3,532,901 318 19,674 233,721 63,662 4,882 83,053

Wisconsin................................................................ 34,648,056 29,860,923 5,002,359 24,721,313 3,958 133,294 4,086,681 388,834 32,820 278,797

Wyoming................................................................ 2,735,388 2,310,603 895,779 1,405,361 141 9,321 71,196 54,768 -9,887 308,707

International: 12,226,684 8,964,920 3,004,719 5,891,543 19,099 49,558 2,988,908 74,878 13,043 184,936

Puerto Rico................................................................ 4,554,453 3,222,505 241,291 2,941,710 6 39,498 1,326,919 3,427 1,308 293

Other................................................................ 7,672,231 5,742,414 2,763,427 2,949,833 19,094 10,060 1,661,989 71,450 11,735 184,642

Collections not classified by State:

Presidential Election Campaign

Fund 4 ................................................................66,996 66,996 - 66,996 - - - - - -

Other, including Federal Tax 

Deposits 5................................................................ 6,975,108 4,619,534 1,934,179 2,613,946 8 71,402 1,553,233 604,731 - 197,610

Total, Internal Revenue 

Receipts ................................................................

2,016,627,096 1,725,811,146 324,019,429 1,390,478,688 4,573,216 6,739,813 211,437,600 25,532,186 1,709,329 52,136,835

1

 Collections of individual income tax (withheld and not withheld) include old- age, survivors, 

disability, and hospital insurance (OASHDHI) taxes on salaries and wages (FICA) and selfemployment income (SECA). 

2

 Includes fiduciary income tax collections of $10.8 billion.

3

 Includes taxes of $319.2 million on unrelated business income of exempt organizations 

(Forms 990T).

4

 Designations by taxpayers of a portion of their taxes to the Presidential Election Campaign 

Fund also are included even though they are not collections, as such, because they do not 

affect taxpayer liability. Transfer of amounts to this fund was made on a national basis only 

and had no effect on State collection data.

5

 Includes tax payments made to banks under the Federal Tax Deposit (FTD) system 

that had not been classified by State as of the end of the fiscal year because they had 

not yet been applied to taxpayers accounts. Also, includes credits allowable on income 

tax returns for certain gasoline, diesel fuel, and special motor fuel tax payments and for 

excess payments under the Federal Insurance Contributions Act or FICA.

Note.—Details may not add to totals due to rounding. Amounts reflect adjustments 

made to data reported in prior years. 
FEDERAL FISCAL OPERATIONS 21 

TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports 

[Source: U. S. Customs Service] 

Collection Collection Collection 

District and Port Fiscal Year District and Port Fiscal Year District and Port Fiscal Year 

of Collection 2002 of Collection 2002 of Collection 2002 

Headquarters: 

National Finance Center ................ $765,376,737.89 

Portland, Maine: 

Port of Portland, ME....................... 34,758,738.61 

Port of Bangor, ME......................... 191,220.53 

Port of Eastport, ME....................... 57,528.16 

Port of Jackman, ME...................... 1,692,651.28 

Port of Vanceboro, ME................... 2,305,167.22 

Port of Houlton, ME........................ 5,662,964.76 

Port of Fort Fairfield, ME................ 27,688.77 

Port of Van Buren, ME ................... 624,423.32 

Port of Madawaska, ME................. 83,654.18 

Port of Fort Kent, ME ..................... 126,310.92 

Port of Bath, ME............................. -

Port of Bar Harbor, ME .................. 828.42 

Port of Calais, ME .......................... 4,786,433.63 

Port of Limestone, ME ................... 2,456.24 

Port of Rockland, ME..................... -

Port of Jonesport, ME .................... -

Port of Bridgewater, ME................. 18,897.36 

Port of Portsmouth, NH.................. 2,561,439.54 

Port of Belfast, ME ......................... 1,299,558.18 

Port of Searsport, ME .................... -

Manchester, NH User Fee Airport..... 429,962.22 

Total, District .............................. 54,629,923.34 

St. Albans, Vermont: 

Port of St. Albans, VT .................... 1,244,168.15 

Port of Richford, VT........................ 63,572.13 

Port of Beecher Falls, VT............... 209,196.28 

Port of Burlington, VT..................... 64,756.74 

Port of Derbyline, VT...................... 9,994,318.14 

Port of Norton, VT .......................... 5,779,303.47 

Port of Highgate Springs/Alburg, VT ... 29,738,909.75 

Total, District .............................. 47,094,224.66 

Boston, Massachusetts: 

Port of Boston, MA......................... 238,556,962.59 

Port of Springfield, MA ................... 76,536.52 

Port of Worchester, MA.................. 100,982,060.60 

Port of Glouchester, MA................. 48,331.99 

Port of New Bedford, MA ............... 682,962.42 

Port of Plymouth, MA..................... -

Port of Fall River, MA..................... -

Port of Salem, MA.......................... 1,378,209.17 

Port of Provincetown, MA .............. -

Port of Bridgeport, CT.................... 4,917,479.30 

Port of Hartford, CT........................ 6,436,549.34 

Port of New Haven, CT .................. 22,950,442.04 

Port of New London, CT ................ 1,592,786.78 

Port of Lawrence, MA .................... 169,232.37 

Logan Airport.................................. 74,069,531.00 

Total, District .............................. 451,861,084.12 

Providence, Rhode Island: 

Port of Providence, RI.................... 35,871,809.30 

Port of Newport, RI......................... 16,156.07 

Total, District .............................. 35,887,965.37 

Ogdensburg, New York: 

Port of Ogdensburg, NY................ 2,357,032.52 

Port of Massena, NY ..................... 3,566,867.93 

Port of Cape Vincent, NY .............. -

Port of Alexandria Bay, NY............ 16,750,553.58 

Port of Champlain-Rouses 

Point, NY ..................................... 89,800,511.26 

Port of Clayton, NY........................ -

Port of Trout River, 

Chateaugay, NY ........................ 10,094,952.79 

Total, District.............................. 122,569,918.08 

Buffalo, New York: 

Port of Buffalo, NY......................... 161,595,183.79 

Port of Rochester, NY ................... 10,340,198.26 

Port of Oswego, NY....................... -

Port of Syracuse, NY..................... 7,095,606.48 

Port of Utica, NY............................ -

Binghampton User Fee Airport...... 99,248.22 

Total District............................... 179,130,236.75 

New York, New York: 

Port of New York, NY .................... 373,262,191.37 

Port of Albany, NY......................... 3,748,772.07 

Port of JFK Airport......................... 1,239,316,235.23 

Federal Express Corp (JFK) ......... 2,001.10 

NYACC, Jamaica, NY ................... 906,698.72 

DHL Airways, Jamaica, NY ........... 18,293,730.72 

TNT Skypak (JFK)......................... 1,650,750.93 

Port of Perth Amboy, NJ................ 29,671,873.17 

UPS, Newark, NJ........................... 12,290,512.80 

Federal Express Corp (Newark).... 18,160,484.88 

Morristown, NJ User Fee Airport... 138,578.32 

Port of Newark, NJ ........................ 3,279,667,434.09 

Total, District.............................. 4,977,109,263.40 

Philadelphia, Pennsylvania: 

Port of Philadelphia, PA ................ 298,531,907.36 

Port of Chester, PA ....................... 53,289,303.97 

Port of Wilmington, DE.................. 55,257,652.61 

Port of Pittsburgh, PA.................... 36,407,217.57 

Port of Paulsboro, NJ .................... -

Port of Wilkes Barre/Scranton, PA.... 1,134,266.06 

Port of Camden, NJ....................... -

Philadelphia International Airport .. 30,966,152.20 

Port of Harrisburg, PA ................... 22,015,340.75 

Port of Allentown, PA .................... 6,748,722.03 

Port of Lehigh Valley, PA .............. -12,689.87 

Atlantic City, NJ User Fee Airport . 97,657.96 

Trenton/Mercer User Fee Airport .. 109,777.03 

UPS (Philadelphia, PA) ................. 36,739,688.08 

Total, District.............................. 541,284,995.75 

Baltimore, Maryland: 

Port of Annapolis, MD.................... -

Port of Cambridge, MD.................. -

Port of Baltimore, MD .................... 484,448,866.14 

Port of Crisfield, MD....................... -

BWI Airport..................................... 14,509,891.07 

Total, District.............................. 498,958,757.21 

Norfolk, Virginia: 

Port of Norfolk, VA......................... 398,731,114.32 

Port of Newport News, VA............. 36,821,365.47 

Port of Richmond-Petersburg, VA..... 35,299,272.25 

Port of Charleston, WV.................. 9,214,637.99 

Port of Front Royal, VA.................. 181,294.03 

New River Valley User Fee Airport ... 2,956,805.03 

Total, District.............................. 483,204,489.09 

Charlotte, North Carolina: 

Port of Wilmington, NC .................. 24,972,999.91 

Port of Winston Salem, NC............ 26,355,798.41 

Port of Durham, NC ....................... 11,933,745.93 

Port of Beaufort-Morehead, NC..... 1,375,091.14 

Port of Charlotte, NC ..................... 201,005,580.72 

Total, District.............................. 265,643,216.11 

Charleston, South Carolina: 

Port of Charleston, SC................... 597,725,499.15 

Port of Georgetown, SC................. 1,887,616.78 

Port of GreenvilleSpartanburg, SC.......................... 73,506,515.23 

Port of Columbia, SC..................... 14,454,264.01 

Myrtle Beach User Fee Airport ...... 93,254.60 

Total, District.............................. 687,667,149.77 

Savannah, Georgia: 

Port of Brunswick, GA.................... 80,435,591.23 

Port of Savannah, GA.................... 332,455,156.19 

Port of Atlanta, GA......................... 424,245,024.76 

Total, District.............................. 837,135,772.18 

Tampa, Florida: 

Port of Tampa, FL.......................... 75,552,305.56 

Port of Jacksonville, FL.................. 278,405,887.13 

Port of Fernandina, FL................... 2,692,944.69 

Port of Orlando, FL ........................ 17,535,886.96 

Sanford Regional Airport ............... 1,048,089.80 

Port of St. Petersburg, FL.............. 65,491.91 

Port of Port Canaveral, FL............. 2,775,728.59 

Port of Panama City, FL ................ 1,249,440.15 

Port of Pensacola, FL .................... 1,324,088.28 

Port of Manatee, FL....................... 6,734,410.62 

Sarasota, FL User Fee Airport....... 157,168.23 

Daytona Beach, FL User Fee 

Airport .......................................... 122,784.36 

Melbourne, FL User Fee Airport.... 207,149.73 

Ocala, FL User Fee Airport............ 537,384.27 

Ft. Myers, FL.................................. 3,258,129.37 

Total, District.............................. 391,666,889.65 
22 FEDERAL FISCAL OPERATIONS 

TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports, con. 

[Source: U. S. Customs Service] 

Collection Collection Collection 

District and Port Fiscal Year District and Port Fiscal Year District and Port Fiscal Year 

of Collection 2002 of Collection 2002 of Collection 2002 

Mobile, Alabama: 

Port of Mobile, Alabama................. 39,154,549.83 

Port of Gulfport, MS ....................... 27,046,238.38 

Port of Pascagoula, MS ................. 4,303,792.23 

Port of Birmingham, AL.................. 10,709,099.23 

Port of Huntsville, AL ..................... 16,841,220.72 

Total, District .............................. 98,054,900.39 

New Orleans, Louisiana: 

Port of Morgan City, LA.................. 3,958,222.39 

Port of New Orleans, LA ................ 165,797,526.12 

Port of Little Rock, AK.................... 7,395,780.00 

Port of Baton Rouge, LA................ 22,096,341.07 

Port of Memphis, TN ...................... 335,019,621.48 

Port of Desteran, LA....................... -

Port of Nashville, TN ...................... 89,808,306.14 

Port of Chattanooga, TN................ 10,530,588.05 

Port of Gramercy, LA ..................... 10,375,568.03 

Port of Vicksburg, MS .................... 445,411.18 

Port of Knoxville, TN ...................... 38,539,315.74 

Port of Lake Charles, LA................ 4,568,693.22 

Port of Shrevesport/Bossier, LA .... 443,066.24 

Tri City User Fee Airport ................ 2,619,958.81 

Federal Express (Memphis, TN).... 88,083,032.43 

Total, District .............................. 779,681,430.90 

Port Arthur, Texas: 

Port of Port Arthur, TX ................... 33,312,101.82 

Port of Sabine, TX.......................... -

Port of Orange, TX......................... -

Port of Beaumont, TX .................... 158,103.28 

Total, District .............................. 33,470,205.10 

Laredo, Texas: 

Port of Brownsville, TX................... 22,651,764.49 

Port of Del Rio, TX ......................... 2,231,624.25 

Port of Eagle Pass, TX................... 39,626,709.91 

Port of Laredo, TX.......................... 219,216,378.90 

Port of Hidalgo, TX......................... 33,294,327.56 

Port of Rio Grande City, TX ........... 633,761.40 

Port of Progresso, TX .................... 228,796.69 

Port of Roma, TX ........................... 279,874.40 

Total, District .............................. 318,163,237.80 

El Paso, Texas: 

Port of El Paso, TX......................... 70,883,852.03 

Port of Presidio, TX........................ 270,252.69 

Port of Fabens, TX......................... 13,278.91 

Port of Columbus, NM.................... 378,222.32 

Port of Albuquerque, NM ............... 2,331,661.49 

Port of Santa Teresa, NM .............. 1,879,710.49 

Total, District .............................. 75,756,977.93 

San Diego, California: 

Port of San Diego, CA................... 121,670,252.76 

Port of Andrade, CA ...................... 74,691.23 

Port of Calexico, CA ...................... 12,501.41 

Port of San Ysidro, CA .................. 741,893.46 

Port of Tecate, CA......................... 13,474,631.92 

Port of Otay Mesa, CA .................. 60,902,644.23 

Port of Calexico East, CA.............. 16,086,443.40 

Total, District.............................. 212,963,058.41 

Nogales, Arizona: 

Port of Douglas, AZ ....................... 1,188,250.74 

Port of Lukeville, AZ ...................... 19,420.75 

Port of Naco, AZ............................ 41,102.07 

Port of Nogales, AZ ....................... 74,479,575.21 

Port of Phoenix, AZ ....................... 35,992,507.41 

Port of Sasabe, AZ ........................ 23,004.25 

Port of San Luis, AZ ...................... 7,850,731.44 

Port of Tucson, AZ ........................ 613,195.82 

Scottsdale User Fee Airport .......... 97,250.55 

Total, District.............................. 120,305,038.24 

Los Angeles, California: 

Port of Los Angeles, CA................ 4,762,187,756.66 

Port of San Luis Obispo, CA ......... -

Port of Long Beach, CA................. 1,295.21 

Port of Segundo, CA ..................... -

Port of Port Hueneme, CA............. 13,814,107.79 

Port of LAX .................................... 476,856,746.34 

Port of Ontario Intl. Airport............. 117.00 

Port of Las Vegas, NV................... 8,614,846.74 

DHL (LAX) ..................................... 10,720,892.20 

So. California Logistics Airport, CA... 98,710.49 

Virgin Atlantic Cargo (LAX) ........... 95,057.19 

UPS-Ontario .................................. 5,950,398.20 

Palm Springs User Fee Airport ..... 106,338.70 

TNT (LAX) ..................................... 1,026,662.85 

IBC (LAX) ...................................... 996,391.18 

Total, District.............................. 5,280,469,320.55 

San Francisco, California: 

San Francisco Intl. Airport............. 115,010,511.54 

Port of Eureka, CA ........................ 75,665.77 

Port of Fresno, CA......................... 1,426,349.40 

Port of Sacramento, CA ................ 72.08 

Port of San Francisco, CA............. 544,449,381.57 

Port of Oakland, CA ...................... 20,927.47 

Port of Reno, NV ........................... 4,064,011.59 

Port of San Jose, CA..................... 707,087.50 

DHL (SFO)..................................... 4,967,900.82 

Aircargo Handling Service............. 906.63 

TNT (SFO)..................................... -

IBC (SFO)...................................... 129,526.72 

Federal Express (SFO) ................. 14,527,639.86 

Total, District.............................. 685,379,980.95 

Columbia-Snake, Oregon: 

Port of Astoria, OR......................... 562,864.46 

Port of Newport, OR ...................... 4,339.27 

Port of Coos Bay, OR .................... 240,410.52 

Port of Portland, OR ...................... 348,475,089.45 

Port of Longview, WA .................... 4,459,815.68 

Port of Boise, ID............................. 469,104.95 

Port of Vancouver, WA .................. -

Port of Kalama, WA ....................... -

Portland International Airport......... 41,433.84 

Rogue Valley-Medford User 

Fee Airport ................................... 146,951.19 

Total, District.............................. 354,400,009.36 

Seattle, Washington: 

Port of Seattle, WA ........................ 419,626,495.73 

Port of Tacoma, WA ...................... 292,494,984.13 

Port of Aberdeen, WA.................... 712,487.38 

Port of Blaine, WA ......................... 75,242,414.03 

Port of Bellingham, WA.................. 1,064,545.37 

Port of Everett, WA........................ 269,043.75 

Port of Port Angeles, WA............... 129,903.32 

Port of Port Towsend, WA ............. 7,893.88 

Port of Sumas, WA ........................ 21,708,834.32 

Port of Anacortes, WA ................... 717,616.38 

Port of Nighthawk, WA................... 

Port of Danville, WA....................... 342,381.25 

Port of Ferry, WA........................... 1,415,492.57 

Port of Friday Harbor, WA ............. 145,424.18 

Port of Boundry, WA...................... 6,231.69 

Port of Laurier, WA ........................ 5,197,263.02 

Port of Point Roberts, WA ............. 54,850.86 

Port of Kenmore Air Harbor, WA ... -

Port of Oroville, WA ....................... 3,639,482.73 

Port of Frontier, WA....................... 589,609.23 

Port of Spokane, WA ..................... 48,140.71 

Port of Lynden, WA........................ 1,190,258.37 

Port of Metaline Falls, WA............. 1,298,237.41 

Port of Olympia, WA ...................... 12,344.00 

Port of Neah Bay, WA.................... -

Seattle-Tacoma Airport.................. 37,351,768.94 

DHL (SEATAC).............................. 122,862.07 

UPS (SEATAC).............................. 319,319.69 

Moses Lake User Fee Airport........ 429,778.61 

Total, District.............................. 864,137,720.30 

Anchorage, Alaska: 

Port of Juneau, AK......................... 183,867.17 

Port of Ketchikan, AK..................... 214,514.39 

Port of Skagway, AK...................... 28,613.45 

Port of Alcan, AK ........................... 201,629.14 

Port of Wrangell, AK ...................... 13,979.85 

Port of Dalton Cache, AK .............. 11,348.94 

Port of Valdez, AK ......................... 709,406.95 

Port of Fairbanks, AK..................... 12,275.20 

Port of Sitka, AK ............................ 38,642.28 

Port of Anchorage, AK................... 5,432,519.26 

Port of Kodiak, AK ......................... 1,045.34 

UPS ............................................... 66,787,592.62 

Federal Express............................. 16,374,610.86 

Total, District.............................. 90,010,045.45 

56.68 
FEDERAL FISCAL OPERATIONS 23 

TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports, con. 

[Source: U. S. Customs Service] 

Collection Collection Collection 

District and Port Fiscal Year District and Port Fiscal Year District and Port Fiscal Year 

of Collection 2002 of Collection 2002 of Collection 2002 

Honolulu, Hawaii: 

Port of Honolulu, HI........................ 26,795,411.43 

Port of Hilo, HI................................ 269,082.53 

Port of Kahului, HI.......................... 259,574.34 

Port of Nawiliwili-Port Allen, HI ...... 15,211.95 

Honolulu International Airport ........ 10,413,994.73 

Port of Kailua-Kona, HI .................. 92,668.41 

Total, District .............................. 37,845,943.39 

Great Falls, Montana: 

Port of Raymond, MT..................... 98,361.07 

Port of Eastport, ID......................... 17,060,571.44 

Port of Salt Lake City, UT .............. 27,435,108.04 

Port of Great Falls, MT................... 479,540.43 

Port of Butte, MT............................ 17,418.72 

Port of Turner, MT.......................... 5,624.35 

Centennial User Fee Airport .......... 106,373.58 

Jefferson County User Fee Airport.... 136,077.09 

Port of Denver, CO......................... 64,744,994.07 

Port of Porthill, ID........................... 1,237,203.02 

Port of Scobey, MT ........................ 524.64 

Port of Sweetgrass, MT ................. 10,771,349.73 

Port of Whitetail, MT....................... 190.00 

Port of Piegan, MT ......................... 10,108.90 

Port of Ophiem, MT........................ 333.00 

Port of Rooseville, MT.................... 4,541,875.71 

Port of Morgan, MT ........................ 15,627.88 

Port of Whitlash, MT....................... 591.00 

Port of Del Bonita, MT.................... 6,986.49 

Wildhorse, MT ................................ 12,917.60 

Total, District .............................. 126,681,776.76 

Pembina, North Dakota: 

Port of Pembina, ND ...................... 11,970,286.54 

Port of Noyes, ND .......................... 13,213,473.11 

Port of Portal, ND........................... 34,400,788.24 

Port of Neche, ND.......................... 34,079.88 

Port of St. John, ND ....................... 8,549.98 

Port of Northgate, ND .................... 9,563.88 

Port of Walhalla, ND....................... 38,065.26 

Port of Hannah, ND........................ 415.38 

Port of Sarles, ND .......................... 2,707.00 

Port of Ambrose, ND...................... 87.35 

Port of Antler, ND........................... 3,996.11 

Port of Sherwood, ND.................... 2,984.70 

Port of Hansboro, ND..................... 3,612.77 

Port of Maida, ND........................... 6,740.82 

Port of Fortuna, ND........................ 14,861.01 

Port of Westhope, ND.................... 7,820.67 

Port of Noonan, ND........................ 4,220.68 

Port of Carbury, ND........................ 3,612.07 

Port of Dunseith, ND ...................... 347,068.18 

Port of Warroad, MN ...................... 145,663.99 

Port of Baudette, MN ..................... 75,974.00 

Port of Pinecreek, MN.................... 3,492.02 

Port of Roseau, MN........................ 316,064.38 

Hector User Fee Airport................. 367,350.58 

Lancaster, MN................................ 56,212.56 

Total, District .............................. 61,037,691.16 

Minneapolis, Minnesota: 

Port of Minneapolis, MN................ 108,779,522.15 

Port of Sioux Falls, SD .................. 781,319.78 

Rochester User Fee Airport........... 96,753.02 

Total, District.............................. 109,657,594.95 

Duluth, Minnesota: 

Port of Duluth, MN......................... 1,030,631.24 

Port of International Falls/ 

Ranier, MN .................................. 70,288,545.55 

Port of Superior, WI....................... 252,242.13 

Port of Grand Portage, MN............ 1,130,495.17 

Total, District.............................. 72,701,914.09 

Milwaukee, Wisconsin: 

Port of Milwaukee, WI ................... 29,389,462.46 

Port of Marinette, WI ..................... 761.00 

Port of Green Bay, WI ................... 2,535,094.36 

Port of Manitowoc, WI ................... -

Port of Sheboygan, WI .................. -

Port of Racine, WI ......................... 588,659.85 

Total, District.............................. 32,513,977.67 

Detroit, Michigan: 

Port of Detroit, MI .......................... 335,905,293.25 

Port of Port Huron, MI ................... 74,890,377.81 

Port of Sault Sainte Marie, MI ....... 11,128,095.87 

Port of Saginaw/ Bay City/Flint, MI ... 167,230.16 

Port of Battle Creek, MI................. 12,664,181.89 

Port of Grand Rapids, MI............... 19,111,458.96 

Port of Escanaba, MI..................... -

Port of Marquette, MI..................... -

Port of Algonac, MI........................ -

Port of Muskegon, MI .................... -

Port of Rogers City, MI.................. -

Port of Detour, MI.......................... -

Port of Mackinac Isle, MI............... -

Port of South Haven, MI................ -

Port of Presque Isle, MI................. -

Port of Alpena, MI.......................... -

Port of Ferrysburg, MI ................... -

Oakland County User Fee Airport .... 229,223.90 

Willow Run User Fee Airport......... 176,179.92 

Total, District.............................. 454,272,041.76 

Chicago, Illinois: 

Port of Chicago, IL......................... 1,188,914,043.78 

Port of Peoria, IL............................ 26,237,909.34 

Port of Omaha, NE........................ 42,181,869.33 

Nippon Courier Hub....................... -140,699.48 

Midway Intl. Airport........................ 5,011.96 

Port of Des Moines, IA .................. 2,495,285.24 

Port of Davenport/Rock Island/ 

Moline, IL ..................................... 9,698,061.42 

Rockford Airport............................. 3,949,428.62 

Waukegan User Fee Airport.......... 98,542.71 

Pal-waukee User Fee Airport ........ 89,090.93 

Du Page User Fee Airport............. 103,721.18 

Decatur User Fee Airport .............. 91,404.13 

Total, District.............................. 1,273,723,669.16 

Cleveland, Ohio: 

Port of Cleveland, OH.................... 112,574,753.19 

Port of Cincinnati, OH/ 

Lawrenceburg, IN ........................ 83,048,878.93 

Port of Columbus, OH.................... 383,514,602.30 

Port of Dayton, OH ........................ 5,114,209.03 

Port of Toledo/Sandusky, OH........ 9,152,363.46 

Port of Erie, OH ............................. 638,051.99 

Port of Ashtabula/Conneaut, OH... 1,611,331.50 

Port of Indianapolis, IN .................. 87,487,522.29 

Port of Akron, OH .......................... -

Port of Evansville, IN ..................... -

Port of Louisville, KY...................... 250,709,941.18 

Port of Owensboro, KY.................. 1,101,898.22 

Airborne Airpark User Fee Airport... 92,267.09 

Ft. Wayne User Fee Airport........... 111,390.15 

Bluegrass User Fee Airport ........... 448,574.54 

Hulman User Fee Airport............... 90,390.23 

Airborne Express ........................... 907,884.62 

BAX Global .................................... 2,803,053.27 

Emery Worldwide........................... 14,977,974.33 

UPS ............................................... 46,822,787.03 

DHL (Cincinnati) ............................ 11,315,275.74 

Federal Express (Indianapolis)...... 18,343,185.60 

Total, District..............................1,030,866,334.69 

St. Louis, Missouri: 

Port of Kansas City, MO ................ 133,080,745.30 

Port of St. Louis, MO ..................... 103,123,559.68 

Port of Wichita, KA......................... 25,398,225.67 

Port of Springfield, MO .................. 8,188,755.05 

Total, District.............................. 269,791,285.70 

San Juan, Puerto Rico: 

Port of Aguadilla, PR ..................... 809,404.01 

Fajardo, PR.................................... 730,456.47 

Port of Mayaguez, PR.................... 1,309,118.20 

Port of Ponce, PR.......................... 7,406,023.04 

Port of San Juan, PR..................... 86,350,900.09 

San Juan International Airport....... 11,187,281.11 

Total, District.............................. 107,793,182.92 

Virgin Islands of the United States: 

Port of Charlotte Amalie, VI........... 6,004,218.43 

Port of Cruz Bay, VI....................... 126,527.82 

Port of Christiansted, VI................. 4,841,226.85 

Total, District.............................. 10,971,973.10 

Miami, Florida: 

Port of Miami, FL ........................... 442,481,913.07 

Port of Key West, FL...................... 98,913.55 

Port of Port Everglades, FL ........... 148,429,128.73 

Port of West Palm Beach, FL ........ 10,332,202.76 

Port of Fort Pierce, FL ................... 101,487.10 

Miami International Airport............. 182,689,926.75 

Miami International Courier 

Association................................... 1,698,907.76 

DHL Worldwide Express................ 2,739,265.97 

MIA/CFS ECCF ............................. 448,346.35 

UPS (Miami Intl. Airport)................ 2,116,884.90 

Ft. Lauderdale Intl. Airport............. 276,588.11 

Total, District.............................. 791,413,565.05 
24 FEDERAL FISCAL OPERATIONS 

TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports, con. 

[Source: U. S. Customs Service] 

Collection Collection Collection 

District and Port Fiscal Year District and Port Fiscal Year District and Port Fiscal Year 

of Collection 2002 of Collection 2002 of Collection 2002 

Houston, Texas: 

Port of Houston, TX........................ 447,590,972.02 

Port of Oklahoma City, OK............. -

Port of Texas City, TX.................... -

Houston Intercontinental Airport .... 23,862,050.37 

Port of Galveston, TX..................... 20,618,466.88 

Port of Freeport, TX ....................... 10,245,849.02 

Port of Corpus Christi, TX.............. 18,941,413.14 

Port of Port Lavaca, TX.................. 1,253,754.88 

Total, District .............................. 522,512,506.31 

Washington, District of Columbia: 

Port of Alexandria, VA.................... 31,264.71 

Dulles International Airport............. 25,884,060.55 

Total, District .............................. 25,915,325.26 

Dallas-Ft. Worth, Texas: 

Port of Dallas/Ft. Worth, TX .......... 258,713,754.95 

Port of Amarillo, TX ....................... 73,128.27 

Port of Lubbock, TX....................... 237,052.56 

Port of Oklahoma City, OK............ 12,416,943.16 

Port of Tulsa, OK........................... 6,524,505.17 

Port of Austin, TX .......................... 4,772,243.79 

Port of San Antonio, TX................. 9,312,964.20 

Midland User Fee Airport .............. 93,026.21 

Addison User Fee Airport.............. 131,170.76 

Alliance User Fee Airport .............. 91,381.60 

Total, District.............................. 292,366,170.67 

Bahamas Preclearance: 

Preclearance-Christiansted, VI...... 126,227.03 

Preclearance-St. Croix, VI............. 6,118.48 

Kindley Field, Bermuda.................. 82,214.86 

Freeport, Bahamas........................ 6,299.50 

Nassau, Bahamas ......................... 96,234.74 

Aruba ............................................. 26,667.80 

Total, District.............................. 343,762.41 

Preclearance-Canada: 

Montreal, Canada Preclearance.... 124,501.10 

Winnipeg, Canada Preclearance .... 2,152.00 

Toronto, Canada Preclearance ..... 48,443.49 

Ottawa, Canada Preclearance ...... 1,429.60 

Vancouver, British Columbia 

Preclearance................................ 28,366.35 

Calgary, Canada Preclearance ..... 2,881.00 

Edmonton, Canada Preclearance... 724.77 

Total, District.............................. 208,498.31 

Total Collections of Duties, 

Taxes and Fees...................$24,472,629,752.11 
25 

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) 

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

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

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

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

2002 ................................................ 

2001 - Sept......................................... 

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

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

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

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

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

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

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

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

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

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

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

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

See footnotes at end of table. 

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 

6,160,448 367,327 6,529,692 1,231,160 1,212,577 

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 

492,425 27,659 521,959 94,140 92,101 

543,483 25,735 570,587 83,918 95,828 

552,486 33,839 583,320 111,295 79,932 
26 ACCOUNT OF THE U.S. TREASURY 

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)

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

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

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

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

2002 ....................................... 

2001 - Sept............................. 

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

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

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

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

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

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

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

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

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

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

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

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

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 

7,879 53,007 13,688 61,680 2,593 44 5,552 21,097 

r 9,796 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 

6,242 33,553 6,417 33,553 2,593 104 5,279 11,781 

4,874 21,643 6,479 30,671 3,990 4,134 5,068 18,257 

7,879 53,007 8,668 55,050 4,348 2,207 5,838 27,700 

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
27 

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. 
28 FEDERAL DEBT 

TABLE FD-1.—Summary of Federal Debt 

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

Securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

Agency 

securities 

(8) (9) 

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

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

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

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

2002 ................................ 

2001 - Sept............................ 

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

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

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

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

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

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

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

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

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

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

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

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

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 

6,255,406 6,228,236 27,170 2,675,647 2,675,647 - 3,579,759 3,552,589 27,170 

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 

6,186,282 6,159,741 26,541 2,659,878 2,659,878 - 3,526,404 3,499,863 26,541 

6,236,756 6,210,482 26,274 2,652,793 2,652,793 - 3,583,963 3,557,689 26,274 

6,255,406 6,228,236 27,170 2,675,647 2,675,647 - 3,579,759 3,552,589 27,170 

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) 

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

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

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

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

2002 ................................ 

2001 - Sept............................ 

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

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

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

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

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

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

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

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

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

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

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

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

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 

6,255,406 56,607 6,198,800 2,675,647 17,660 2,657,987 3,579,759 38,947 3,540,812 

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 

6,186,282 57,263 6,129,019 2,659,878 18,348 2,641,529 3,526,404 38,914 3,487,490 

6,236,756 57,295 6,179,462 2,652,793 18,237 2,634,556 3,583,963 39,058 3,544,905 

6,255,406 56,607 6,198,800 2,675,647 17,660 2,657,987 3,579,759 38,947 3,540,812 
FEDERAL DEBT 29 

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 Nonsecurities 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....................................... 

2002....................................... 

2001 - Sept ........................... 

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

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

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

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

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

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

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

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

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

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

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

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

3,339,310 2,915,225 734,856 1,432,956 612,521 134,891 424,085 

3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823 

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 

3,500,452 3,080,525 862,246 1,486,932 592,702 138,645 419,927 

3,558,277 3,130,242 890,698 1,508,127 592,699 138,719 428,033 

3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823 

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 ....................................... 

2002 ....................................... 

2001 - Sept............................ 

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

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

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

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

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

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

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

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

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

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

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

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

186,464 18,269 39,488 146,364 29,995 3,505 

193,312 12,519 47,605 144,286 29,995 4,107 

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 

192,958 12,919 45,242 134,840 29,995 3,974 

193,092 12,719 46,624 141,631 29,995 3,974 

193,312 12,519 47,605 144,286 29,995 4,107 

* 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.” 
30 FEDERAL DEBT 

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

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

Marketable 

Total interest- Treasury Federal Nonbearing public Treasury Treasury Treasury inflation-indexed Financing marketable 

End of fiscal debt Total bills notes bonds notes and bonds Bank Total 

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

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) 

1998 ....................................... 180,816 35,079 1,777,329 164,431 29,995 1 

1999 ....................................... 180,019 30,970 2,005,166 168,091 29,995 1 

2000 ....................................... 177,724 25,431 2,242,900 153,288 29,996 1 
FEDERAL DEBT 31 

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) 

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 

2002................................ 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759 

2001 - 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 

July ............................ 2,689,163 13,026 30,382 25,165 9,790 154,208 549,182 228,748 21,494 1,165,549 

Aug ............................ 2,683,462 12,736 30,622 25,341 9,805 154,502 546,810 225,648 21,494 1,167,643 

Sept ........................... 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759 

Federal 

Federal Savings Supplemen- National 

and Loan tary Medical Service Life Railroad Treasury UnemployCorporation, 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) 

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 

2002 ................................ 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362 

2001 - 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 

July ............................. 2,793 40,239 20,442 11,640 3,075 24,883 - 73,024 315,523 

Aug ............................. 2,797 37,651 20,053 11,563 2,794 24,896 - 72,127 316,980 

Sept ............................ 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362 
32 FEDERAL DEBT 

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) 

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

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

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

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

2002 ....................................... 

2001 - Sept............................ 

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

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

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

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

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

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

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

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

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

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

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

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

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 

27,170 - 298 775 25,557 - 540 

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 

26,541 63 217 775 24,925 - 561 

26,274 63 158 775 24,725 - 553 

27,170 - 298 775 25,557 - 540 
FEDERAL DEBT 33 

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) 

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

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

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

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

2002 ................................ 

2001 - Sept............................ 

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

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

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

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

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

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

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

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

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

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

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

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

2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 10 mos. 

2,728,011 915,145 962,644 378,163 149,703 322,356 6 yrs. 0 mos. 

2,469,152 858,903 791,540 355,382 167,082 296,246 6 yrs. 2 mos. 

2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 

2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 

2,342,638 892,994 683,271 315,731 174,415 276,227 6 yrs. 0 mos. 

2,405,814 940,974 696,263 319,510 199,232 249,835 5 yrs. 11 mos. 

2,392,530 932,153 696,991 317,932 197,742 247,712 5 yrs. 10 mos. 

2,371,510 906,466 715,370 307,869 197,484 247,321 5 yrs. 10 mos. 

2,430,599 959,624 719,279 308,109 197,408 246,179 5 yrs. 9 mos. 

2,400,776 953,703 696,282 307,424 197,398 245,968 5 yrs. 9 mos. 

2,375,274 904,061 725,849 306,097 195,227 244,040 5 yrs. 9 mos. 

2,419,547 912,351 761,718 305,994 195,227 244,258 5 yrs. 8 mos. 

2,402,091 916,256 740,340 305,792 195,227 244,478 5 yrs. 8 mos. 

2,457,756 922,600 781,212 314,301 195,227 244,416 5 yrs. 7 mos. 

2,483,538 968,597 764,257 311,100 203,816 235,768 5 yrs. 7 mos. 

2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

1

 Beginning September 1976, the maturity distribution and average length were calculated Note.—Details may not add to totals due to rounding. Quarterly refunding charts can be 

on the interest-bearing marketable debt privately held. Published data were changed for accessed from the Office of Domestic Finance/Debt Management website at 

the end of the fiscal years back through 1967. www.treas.gov/offices/domestic-finance/debt-management/qrc.
34 FEDERAL DEBT 

TABLE FD-6.—Debt Subject to Statutory Limit* 

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

Debt subject to limit Securities outstanding subject to limit Securities 

Statutory debt 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 ................................................ 

2002 ................................................ 

2001 - Sept..................................... 

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

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

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

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

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

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

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

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

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

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

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

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

5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

5,950,000 5,744,523 5,744,281 242 5,815,983 242 71,703 

5,950,000 5,816,823 5,816,564 259 5,888,897 259 72,333 

5,950,000 5,871,413 5,871,154 259 5,943,439 259 72,285 

5,950,000 5,865,892 5,865,743 149 5,937,229 149 71,486 

5,950,000 5,933,154 5,933,001 153 6,003,453 153 70,451 

5,950,000 5,935,108 5,934,951 156 6,006,032 156 71,080 

5,950,000 5,914,816 5,914,647 169 5,984,677 169 70,030 

5,950,000 5,949,975 5,949,787 188 6,019,332 188 69,546 

6,400,000 6,058,313 6,058,110 203 6,126,469 203 68,359 

6,400,000 6,092,050 6,091,906 144 6,159,741 144 67,834 

6,400,000 6,142,835 6,142,665 170 6,210,482 170 67,817 

6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

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) 

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. 
FEDERAL DEBT 35 

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) 

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

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

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

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

2002 ................................................ 

2001 - Sept..................................... 

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

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

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

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

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

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

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

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

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

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

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

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

154,155 19,937 13,295 7808 203 642 

182,988 32,625 13,837 8506 261 761 

191,596 27,323 14,690 9413 305 729 

205,328 28,817 15,128 10,168 336 970 

213,555 25,074 16,312 10,780 417 906 

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 

221,997 24,189 15,903 11,421 395 889 

222,084 24,127 15,903 11,421 395 904 

213,555 25,074 16,312 10,780 417 906 

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) 

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 -

2002 ................................................ 89,713 2,770 7,553 2,640 24,693 -

2001 - 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 -

July ...................................... 98,051 2,929 5,544 3,103 22,877 -

Aug ...................................... 98,051 2,929 5,544 3,103 22,011 -

Sept ..................................... 89,713 2,770 7,553 2,640 24,693 -
36 FEDERAL DEBT 

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) 

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

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

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

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

2002 ....................................... 

2001 - Sept............................ 

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

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

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

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

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

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

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

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

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

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

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

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

- 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 

- 6,657 2,870 11,036 12,133 

- 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 

- 6,231 4,471 10,653 15,340 

- 6,231 4,722 11,503 15,239 

- 6,657 2,870 11,036 12,133 
37 

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: JULY-SEPTEMBER 

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

J U L Y 

Auction of 10-Year Inflation-Indexed Notes 

On July 8, 2002, Treasury announced it would auction 

$9,000 million of 10-year inflation-indexed notes of Series 

C-2012. The issue was to refund the outstanding adjusted 

amount of $17,870 million of securities maturing July 15 

and to pay down about $8,870 million. 

The 10-year inflation-indexed notes of series C-2012 were 

dated and issued July 15. They are due July 15, 2012, with 

interest payable on January 15 and July 15 until maturity. 

Treasury set an interest rate of 3 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 

July 10. Tenders totaled $21,860 million; Treasury accepted 

$9,000 million at the high yield of 3.099 percent with an 

equivalent price of $99.154. Tenders at the high yield were 

allotted 81.62 percent. The median yield was 3.049 percent, 

and the low yield was 3.000 percent. Noncompetitive 

tenders totaled $286 million. Competitive tenders accepted 

from private investors totaled $8,714 million. 

In addition to the $9,000 million of tenders accepted in 

the auction process, Treasury accepted $1,010 million from 

Federal Reserve Banks (FRBs) for their own accounts. The 

minimum par amount required for STRIPS of inflationindexed notes of Series C-2012 is $1,000. 

Auction of 2-Year Notes 

On July 17, 2002, Treasury announced it would auction 

$27,000 million of 2-year notes of Series Q-2004. The issue 

was to refund $21,052 million of securities maturing July 31 

and to raise new cash of approximately $5,948 million. 

The notes of Series Q-2004 were dated and issued July 

31. They are due July 31, 2004, with interest payable on 

January 31 and July 31 until maturity. Treasury set an 

interest rate of 2-1/4 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 July 24. Tenders totaled $42,178 

million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.270 percent with the 

equivalent price of $99.961. Tenders at the high yield were 

allotted 11.10 percent. The median yield was 2.220 percent, 

and the low yield was 2.100 percent. Noncompetitive 

tenders totaled $1,376 million. Competitive tenders accepted 

from private investors totaled $25,624 million. 

In addition to the $27,000 million of tenders accepted in 

the auction process, Treasury accepted $6,237 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Q-2004 is $1,000. 
38 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

A U G U S T 

August Quarterly Financing 

On July 31, 2002, Treasury announced it would auction 

$22,000 million of 5-year notes of Series F-2007 and 

$18,000 million of 10-year notes of Series D-2012. The 

issues were to refund $18,819 million of Treasury securities 

maturing August 15 and to raise about $21,181 million of 

new cash. 

The 5-year notes of Series F-2007 were dated and issued 

August 15. They are due August 15, 2007, with interest 

payable on February 15 and August 15 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 August 6. Tenders totaled 

$38,752 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.348 percent with an 

equivalent price of $99.552. Treasury accepted in full all 

competitive tenders at yields lower than 3.348 percent. 

Tenders at the high yield were allotted 82.67 percent. The 

median yield was 3.319 percent, and the low yield was 3.230 

percent. Noncompetitive tenders totaled $394 million. 

Competitive tenders accepted from private investors totaled 

$21,606 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $3,396 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series F-2007 is $1,000. 

The 10-year notes of Series D-2012 were dated and 

issued August 15. They are due August 15, 2012, with 

interest payable on February 15 and August 15 until 

maturity. Treasury set an interest rate of 4-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

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

for competitive tenders on August 7. Tenders totaled 

$23,208 million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.390 percent with an 

equivalent price of $99.880. Treasury accepted in full all 

competitive tenders at yields lower than 4.390 percent. 

Tenders at the high yield were allotted 49.47 percent. The 

median yield was 4.300 percent, and the low yield was 4.250 

percent. Noncompetitive tenders totaled $190 million. 

Competitive tenders accepted from private investors totaled 

$17,810 million. 

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

the auction process, Treasury accepted $1,645 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series D-2012 is $1,000. 

Auction of 2-Year Notes 

On August 26, 2002, Treasury announced it would 

auction $27,000 million of 2-year notes. The issue was to 

refund $20,267 million of securities maturing August 31 and 

to raise new cash of approximately $6,733 million. 

The notes of Series R-2004 were dated August 31 and 

issued September 3. They are due August 31, 2004, with 

interest payable on the last day of February and August until 

maturity. Treasury set an interest rate of 2-1/8 percent after 

determining which tenders were accepted on a yield auction 

basis. Accrued interest of $0.17610 per $1,000, covering the 

period from August 31 to September 3, 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 August 28. Tenders totaled 

$60,893 million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.220 percent with an 

equivalent price of $99.816. Tenders at the high yield were 

allotted 6.14 percent. Treasury accepted in full all 

competitive tenders at yields lower than 2.220 percent. The 

median yield was 2.200 percent, and the low yield was 2.150 

percent. Noncompetitive tenders totaled $1,151 million. 

Competitive tenders accepted from private investors totaled 

$25,849 million. 

In addition to the $27,000 million of tenders accepted in 

the auction process, Treasury accepted $7,537 million from 

FRBs for their own accounts. 

S E P T E M B E R 

Cash Management Bills 

On September 9, 2002, Treasury announced it would 

auction $9,000 million of 5-day bills. They were issued 

September 11 and matured September 16. The issue was to 

raise new cash. Treasury auctioned the bills on September 10. 

Tenders totaled $31,985 million; Treasury accepted $9,000 

million. The high bank discount rate was 1.695 percent. 

Auction of 2-Year Notes 

On September 23, 2002, Treasury announced it would 

auction $27,000 million of 2-year notes of Series S-2004. 

The issue was to refund $20,299 million of securities 

maturing September 30 and to raise new cash of 

approximately $6,701 million. 

The notes of Series S-2004 were dated and issued 

September 30. They are due September 30, 2004, with interest 

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 1-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 
PUBLIC DEBT OPERATIONS 39 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

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 September 25. Tenders totaled 

$54,047 million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.960 percent with the 

equivalent price of $99.834. Treasury accepted in full all 

competitive tenders at yields lower than 1.960 percent. 

Tenders at the high yield were allotted 70.43 percent. The 

median yield was 1.910 percent, and the low yield was 1.890 

percent. Noncompetitive tenders totaled $948 million. 

Competitive tenders accepted from private investors totaled 

$26,052 million. 

In addition to the $27,000 million of tenders accepted in 

the auction process, Treasury accepted $7,652 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series S-2004 is $1,000. 
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, Sept. 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 

Oct. 31................................................................ 1 5-3/4%-N note 10/31/97 26,594 5,435 21,159 

Nov. 15, 02-07................................................................ 7-7/8% bond 11/15/77 1,495 523 

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 4,238 10,820 

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 4,930 9,892 

Total ............................................... 84,895 18,912 65,983 

2003 

Jan. 31................................................................ 1 5-1/2%-C note 02/02/98 13,101 2,532 10,569 

Jan. 31................................................................ 1 4-3/4%-L note 01/31/01 15,453 4,302 11,150 

Feb. 15 ................................................................ 10-3/4% bond 01/04/83 3,007 1,052 1,954 

Feb. 15 ................................................................ 1 6-1/4%-A note 02/16/93 23,563 3,935 19,628 

Feb. 28 ................................................................ 1 5-1/2%-D note 03/02/98 13,670 3,703 9,968 

Feb. 28 ................................................................ 1 4-5/8%-M note 02/28/01 14,685 4,630 10,055 

Mar. 31 ................................................................ 1 5-1/2%-E note 03/31/98 14,173 4,022 10,151 

Mar. 31 ................................................................ 1 4-1/4%-N note 04/02/01 14,675 4,189 10,486 

Apr. 30................................................................ 1 5-3/4%-F note 04/30/98 12,573 3,406 9,167 

Apr. 30................................................................ 1 4%-P note 04/30/01 13,339 3,625 9,713 

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 2,286 10,846 

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 2,548 10,579 

June 30................................................................ 1 3-7/8%-R note 06/30/01 14,671 4,112 10,560 

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 4,752 13,913 

Sept. 30................................................................ 1 2-3/4%-U note 10/01/01 22,675 6,423 16,253 

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 1,788 3,442 

Nov. 15 ................................................................ 11-7/8% bond 10/05/83 7,260 2,126 5,134 

Nov. 15 ................................................................ 4-1/4%-K note 11/16/98 18,626 1,562 17,064 

Nov. 30 ................................................................ 1 3%-W note 11/30/01 26,171 6,075 20,096 

Dec. 31 ................................................................ 1 3-1/4%-X note 12/31/01 29,667 7,373 22,294 

Total ............................................... 418,661 99,410 319,251 

See footnote at end of table. 

971 
PUBLIC DEBT OPERATIONS 41 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 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................................................................ 

June 30................................................................ 

July 31................................................................ 

Aug. 15................................................................ 

Aug. 15................................................................ 

Aug. 15................................................................ 

Aug. 31................................................................ 

Sept. 30................................................................ 

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................................................................ 

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 1 2-7/8%-P note 07/31/02 1 2-1/4%-Q note 07/31/02 

13-3/4% bond 07/10/84 1 7-1/4%-C note 08/15/94 1 6%-G note 08/16/99 1 2-1/8%-R note 09/03/02 1 1-7/8%-S note 09/30/02 

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 6,226 24,549 

12,955 940 12,015 

17,823 2,274 15,549 

31,746 7,512 24,234 

32,874 8,334 24,540 

32,655 8,183 24,471 

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 

34,050 7,046 27,004 

33,250 6,237 27,013 

4,000 942 3,059 

13,346 1,939 11,408 

18,090 2,034 16,056 

34,541 7,537 27,005 

34,657 7,652 27,005 

4,201 1,076 3,125 

8,302 2,026 6,276 

14,374 3,532 10,841 

32,658 4,888 27,770 

Total ............................................... 465,322 93,125 372,197 

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 5,901 22,661 

9,270 2,156 7,114 

15,003 2,229 12,773 

4,081 1,261 2,821 

15,210 2,133 13,077 

28,063 4,293 23,770 

Total............................................... 138,326 26,128 112,198 

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 1 3-1/4%-F note 08/15/02 

10-3/8% bond 11/15/82 

17,912 1,728 16,184 

13,104 1,254 11,850 

13,958 2,754 11,205 

24,351 2,341 22,011 

25,637 4,963 20,674 

25,411 3,396 22,015 

10,126 1,919 8,207 

Total.............................................. 130,499 18,354 112,145 
42 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, Sept. 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)

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................................................................ 

July 15................................................................ 

Aug. 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 

18,741 2,046 16,695 

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 ............................................... 96,515 15,537 80,979 

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 

17,463 1,799 15,664 

4,481 869 3,611 

14,795 2,625 12,170 

4,388 906 3,482 

27,400 4,934 22,466 

5,015 1,195 3,820 

Total ............................................... 73,542 12,328 61,214 

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 

12,118 1,069 11,049 

23,356 4,039 19,316 

22,438 3,595 18,842 

Total ............................................... 57,911 8,704 49,208 

1 3-1/2%-A note 01/16/01 1 5%-B note 02/15/01 

1 5%-C note 08/15/01 

11,383 172 11,212 

23,436 3,583 19,853 

26,635 2,880 23,756 

Total ............................................... 61,455 6,634 54,821 

1 3-3/8%-A note 01/15/02 6,090 - 6,090 1 4-7/8%-B note 02/15/02 24,780 1,144 23,636 1 3%-C note 07/15/02 10,031 1,012 9,019 

1 4-3/8%-D note 08/15/02 19,648 1,645 18,003 

Total ............................................... 60,549 3,801 56,748 

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 43 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 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)

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................................................................ 

2030 

May 15 ................................................................ 

2031 

Feb. 15................................................................ 

2032 

Apr. 15 ................................................................ 

1 8-1/2% bond 02/15/90 9,476 1,486 7,990 1 8-3/4% bond 05/15/90 7,582 1,502 6,081 1 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total ............................................... 34,118 5,617 28,501 

1 7-7/8% bond 02/15/91 10,076 1,530 8,546 1 8-1/8% bond 05/15/91 10,067 1,618 8,449 1 8-1/8% bond 08/15/91 9,506 1,658 7,848 1 8% bond 11/15/91 30,632 4,286 26,346 

Total ............................................... 60,281 9,091 51,190 

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 9,522 1,485 8,037 1 6-3/8% bond 08/15/97 9,197 1,640 7,557 

1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total ............................................... 40,740 6,473 34,267 

1 3-5/8% bond 04/15/98 18,688 2,715 15,973 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 1 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total ............................................... 41,411 6,097 35,314 

1 5-1/4% bond 02/16/99 11,350 1,670 9,680 1 3-7/8% bond 04/15/99 21,359 2,717 18,642 1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total ............................................... 43,888 6,057 37,831 

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 5,085 158 4,927 

Total ............................................... 5,085 158 4,927 

1

 This security is eligible for stripping. See table V of the “Monthly Statement of the Public 

Debt of the United States”. 
44 PUBLIC DEBT OPERATIONS 

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 High 

Number Amount On On non- High discount investof days to of bids Total competitive competitive price per 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 - July 5................................ 2002 - Aug. 1 27 44,562.8 18,895.0 17,967.3 33.1 99.873 1.690 1.719 

Oct. 3 90 36,660.8 23,238.8 15,451.0 1,549.0 99.578 1.690 1.719 

2003 - Jan. 2 181 38,612.8 20,635.5 13,804.6 1,195.6 99.130 1.730 1.770 

July 11 ................................ 2002 - Aug. 8 28 49,169.3 20,097.9 19,964.6 36.7 99.868 1.695 1.723 

Oct. 10 91 38,023.1 22,603.3 15,437.9 1,562.2 99.572 1.695 1.724 

2003 - Jan. 9 182 36,350.4 20,324.5 13,818.7 1,181.7 99.123 1.735 1.774 

July 18 ................................ 2002 - Aug. 15 28 51,420.4 20,661.0 19,971.6 28.6 99.868 1.695 1.723 

Oct. 17 91 37,706.2 21,663.5 15,426.8 1,573.3 99.575 1.680 1.712 

2003 - Jan. 16 182 37,221.8 21,492.4 14,679.9 1,320.2 99.153 1.675 1.713 

July 25 ................................ 2002 - Aug. 22 28 48,001.4 20,784.3 19,964.4 35.7 99.868 1.695 1.723 

Oct. 24 91 44,272.1 20,821.2 14,262.9 1,737.8 99.580 1.660 1.692 

2003 - Jan. 23 182 39,893.9 21,613.9 14,941.8 1,058.2 99.153 1.675 1.713 

Aug. 1 ................................ 2002 - Aug. 29 28 38,952.4 20,874.8 19,961.4 38.9 99.868 1.700 1.723 

Oct. 31 91 34,339.0 21,322.1 14,105.1 1,895.0 99.575 1.680 1.712 

2003 - Jan. 30 182 34,229.1 21,965.2 14,222.3 1,777.7 99.146 1.690 1.727 

Aug. 8 ................................ 2002 - Sept. 5 28 54,824.4 23,446.8 21,962.0 38.0 99.870 1.675 1.697 

Nov. 7 91 39,200.3 20,543.5 14,362.8 1,637.4 99.596 1.600 1.627 

2003 - Feb. 6 182 41,475.4 21,873.0 14,765.9 1,234.7 99.214 1.555 1.589 

Aug. 15 ................................ 2002 - Sept. 12 28 63,837.8 27,024.2 25,968.4 32.3 99.870 1.670 1.697 

Nov. 14 91 35,022.6 21,868.5 14,394.7 1,605.4 99.588 1.630 1.659 

2003 - Feb. 13 182 31,280.3 20,649.0 13,652.6 1,347.6 99.196 1.590 1.625 

Aug. 22 ................................ 2002 - Sept. 19 28 70,840.5 28,308.1 25,962.5 37.8 99.871 1.660 1.684 

Nov. 21 91 37,713.2 20,088.5 13,434.9 1,565.2 99.588 1.630 1.659 

2003 - Feb. 20 182 39,538.5 19,500.6 12,913.0 1,087.5 99.176 1.630 1.666 

Aug. 29 ................................ 2002 - Sept. 26 28 62,916.4 27,375.2 24,967.1 33.2 99.869 1.685 1.710 

Nov. 29 92 32,810.9 20,755.4 13,273.2 1,726.8 99.583 1.630 1.661 

2003 - Feb. 27 182 30,503.7 19,491.0 12,093.7 1,906.3 99.173 1.635 1.672 

Sept. 5 ................................ 2002 - Oct. 3 28 62,066.6 23,739.2 21,961.7 39.0 99.871 1.660 1.684 

Dec. 5 91 44,490.8 20,793.0 13,448.4 1,551.6 99.593 1.610 1.639 

2003 - Mar. 6 182 38,365.3 19,468.9 12,956.1 1,043.9 99.201 1.580 1.615 

Sept. 12 ................................ 2002 - Oct. 10 28 50,338.6 20,850.1 17,972.5 27.9 99.869 1.680 1.710 

Dec. 12 91 33,553.0 21,185.4 14,407.3 1,593.0 99.584 1.645 1.676 

2003 - Mar. 13 182 35,995.9 17,898.8 11,682.3 1,317.9 99.173 1.635 1.672 

Sept. 19 ................................ 2002 - Oct. 17 28 47,014.1 20,774.1 17,965.9 34.3 99.871 1.660 1.684 

Dec. 19 91 39,668.1 22,064.0 14,476.9 1,523.4 99.580 1.660 1.692 

2003 - Mar. 20 182 38,484.0 17,912.1 11,999.5 1,000.5 99.171 1.640 1.676 

Sept. 26 ................................ 2002 - Oct. 24 28 46,316.8 21,075.6 17,948.6 51.5 99.874 1.625 1.645 

Dec. 26 91 37,898.4 21,536.4 14,353.4 1,646.9 99.593 1.610 1.639 

2003 - Mar. 27 182 36,806.8 18,018.8 11,326.8 1,673.3 99.201 1.580 1.615 

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.
PUBLIC DEBT OPERATIONS 45 

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) 

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 

07/10/02 07/15/02 3% note—7/15/12-C 10y 22,871 10,010 3.099 - 99.154 

07/24/02 07/31/02 2-1/4% note—7/31/04-Q 2y 48,414 33,237 2.270 - 99.961 

08/06/02 08/15/02 3-1/4% note—8/15/07-F 5y 42,148 25,396 3.348 - 99.552 

08/07/02 08/15/02 4-3/8% note—8/15/12-D 10y 24,852 19,645 4.390 - 99.880 

08/28/02 09/03/02 2-1/8% note—8/31/04-R 2y 68,430 34,537 2.220 - 99.816 

09/10/02 09/11/02 1.695% bill—9/16/02 5d 31,985 9,000 

09/25/02 09/30/02 1-7/8% note—9/30/04-S 2y 61,699 34,652 1.960 - 99.834 

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.
46 PUBLIC DEBT OPERATIONS 

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) 

01/02/01 5-1/8% note—12/31/02-AD 

01/16/01 3-1/2% note—1/15/11-A 

01/31/01 4-3/4% note—1/31/03-L 

02/15/01 5-3/4% note—11/15/05-F-reopening 

02/15/01 5% note—2/15/11-B 

02/15/01 5-3/8% bond—2/15/31 

02/28/01 4-5/8% note—2/28/03-M 

04/02/01 4-1/4% note—3/31/03-N 

04/30/01 4% note—4/30/03-P 

05/15/01 4-5/8% note—5/16/06-E 

05/15/01 5% note—2/15/11-B-reopening 

05/31/01 4-1/4% note—5/31/03-Q 

07/02/01 3-7/8% note—6/30/03-R 

07/16/01 3-1/2% note—1/15/11-A-reopening 

07/31/01 3-7/8% note—7/31/01-S-2003 

08/15/01 4-5/8% note—5/15/06-E-reopening 

08/15/01 5% note—8/15/11-C 

08/15/01 5-3/8% bond—2/15/31-reopening 

08/31/01 3-5/8% note—8/31/03-T 

10/01/01 2-3/4% note—9/30/03-U 

10/05/01 5% note—8/15/11-C-reopening 

10/15/01 3-3/8% bond—4/13/32 

10/31/01 2-3/4% note—10/31/03-V 

11/15/01 3-1/2% note—11/15/06-F 

11/15/01 5% note—8/15/11-C-reopening 

11/30/01 3% note—11/30/03-W 

12/31/01 3-1/4% note—12/31/03-X 

01/15/02 3-3/8% note—1/15/12-A 

01/31/02 3% note—1/31/04-J 

02/15/02 3-1/2% note—11/15/06-F-reopening 

02/15/02 

02/28/02 

04/01/02 

04/30/02 

05/15/02 

05/15/02 

05/30/02 

07/01/02 

07/15/02 

07/31/02 

08/15/02 

08/15/02 

09/03/02 

09/30/02 

4-7/8% note—2/15/12-B 

3% note—2/29/04-K 

3-5/8% note—3/31/04-L 

3-5/8% note—4/30/04-M 

4-7/8% note—2/15/12-B 

4-3/8% note—5/15/07-E 

3-1/4% note—5/31/04-N 

2-7/8% note—6/30/04-P 

3% note—7/15/12-C 

2-1/4% note—7/31/04-Q 

3-1/4% note—8/15/07-F 

4-3/8% note—8/15/12-D 

2-1/8% note—9/30/04-R 

1-7/8% note—9/30/04-S 

10/15/02 3% note—7/15/12-C-reopening 

14,822 3,333 56 924 7,344 9 512 2 2,606 36 

6,001 - 3 262 3,979 205 1,154 10 128 260 

15,453 3,333 60 948 7,989 1 226 1 2,885 10 

12,251 1,279 5 317 9,154 1 1,214 * 280 1 

11,976 971 11 89 8,865 * 860 - 1,155 25 

10,887 883 - 45 5,404 * 4,252 - 238 65 

14,685 3,667 27 883 5,996 - 2,216 3 1,875 18 

14,675 3,667 60 2,083 5,990 1 1,025 * 1,841 8 

13,339 3,333 57 986 6,994 1 23 1 1,925 19 

16,181 3,175 12 362 10,519 76 1,377 * 656 4 

11,460 2,457 1 372 6,349 * 1,760 - 515 6 

13,332 3,333 86 1,075 6,712 1 30 2 2,075 18 

14,671 3,667 58 1,050 7,377 1 145 1 2,233 139 

5,000 - 76 135 2,967 50 741 422 352 257 

16,003 4,000 51 1,043 7,868 3 1,025 1 2,000 12 

11,617 623 8 165 9,447 * 738 - 635 1 

12,046 1,043 1 109 7,043 * 1,652 - 2,090 108 

5,541 540 55 53 3,681 10 1,013 - 188 1 

18,665 4,667 51 1,042 9,875 15 662 1 2,309 43 

22,675 5,667 138 893 10,361 1 128 * 5,475 12 

6,000 - - * 4,651 - 1,112 - 175 62 

5,000 - 4 88 2,065 370 1,826 54 338 255 

25,126 6,143 45 698 11,415 10 751 * 6,037 27 

18,804 2,799 3,009 192 9,201 1 206 25 3,360 10 

8,596 1,592 201 77 5,548 - 200 - 975 3 

26,171 5,167 55 738 14,299 - 501 - 5,400 10 

29,668 6,666 41 852 14,373 1 5,202 1 2,478 53 

6,005 - 17 535 2,565 5 2,524 - 355 3 

30,776 5,766 75 1,065 18,830 1 976 * 4,030 33 

16,579 944 13 235 13,130 5 900 2 1,340 10 

13,389 753 13 187 8,122 116 2,617 - 1,580 1 

31,746 6,735 171 1,271 19,705 1 619 1 2,867 376 

32,874 7,873 175 1,394 17,800 1 1,709 2 3,675 245 

32,655 7,648 87 1,283 18,784 3 269 55 4,345 181 

11,391 391 6 145 8,023 * 1,545 - 579 702 

24,351 2,341 19 501 15,287 1 1,879 - 2,636 1,687 

33,297 6,298 83 1,527 19,066 2 2,102 41 4,155 23 

r 34,050 7,046 307 1,114 23,674 1 945 * 709 r 254 

r 10,015 1,010 4 659 5,992 15 2,166 * 40 r 129 

33,250 6,237 43 1,515 19,019 1 1,885 * 4,531 19 

25,411 3,396 14 441 14,239 * 658 2 6,658 3 

19,648 1,645 351 192 13,355 3 1,499 - 2,187 416 

34,541 7,537 53 1,093 19,014 4 2,225 - 4,590 25 

34,656 7,652 51 915 18,437 1 308 * 7,274 18 

6,998 - 1 221 5,153 16 1,536 - 56 15 

* Less than $500,000.

1

 Depository institutions include banks.

2

 Includes partnerships and personal trust accounts.

3

 Residual.
47 

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 Sept. 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..................................... 848,474 229,058 1,077,532 385,168 173,399 7,638 

Series I ............................................................... 10,449 510 10,959 438 12,096 -

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 1,313 - 114 

Total ............................................................... 895,686 232,655 1,128,341 425,191 185,495 7,756 

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.
48 U.S. SAVINGS BONDS AND NOTES 

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 - Sept............................. 

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

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

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

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

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

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

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

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

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

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

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

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

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 

5,591 5,663 11,254 9,813 4,531 5,282 179,000 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 

583 610 1,193 964 419 434 184,684 7,904 

679 715 1,395 1,159 535 490 184,967 7,808 

669 638 1,307 1,124 506 480 185,199 7,713 

602 592 1,194 925 427 380 185,495 7,638 

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 ....................... 2,615 5,542 8,157 8,995 3,653 4,620 851 160,918 6,768 

2001 - Sept............. Oct.............. 

Nov............. Dec............. 2002 - Jan.............. 

Feb ............. Mar ............. 

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

May............. June............ 

July ............. Aug ............. Sept............ 

See note at end of table. 

320 624 1,344 784 330 362 93 161,044 6,710 

973 762 1,735 877 332 438 108 161,874 6,630 

194 547 741 791 296 399 98 161,408 6,561 

489 589 1,078 902 401 418 84 159,365 8,695 

514 695 1,209 1,259 378 682 133 159,430 8,447 

415 614 1,029 874 255 436 142 159,596 8,295 

540 433 973 895 281 440 136 159,662 8,171 

414 708 1,122 981 234 488 138 159,786 8,050 

398 522 920 922 225 451 123 159,764 7,947 

385 560 945 850 190 431 113 159,844 7,849 

463 666 1,129 1,025 262 486 137 159,905 7,756 

471 589 1,060 996 249 477 139 159,922 7,661 

432 543 975 812 207 377 120 160,038 7,588 
U.S. SAVINGS BONDS AND NOTES 49 

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 

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 

Period (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 ................................ 26 - 26 782 782 - 851 12,790 43 

2001 - 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 

July ............................. 2 - 2 85 85 - 137 13,244 53 

Aug ............................. - - - 78 78 - 139 13,307 51 

Sept ............................ 1 - 1 67 67 - 120 13,361 50 

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 ................................ 2,577 139 2,716 98 98 - - 5,292 -

2001 - 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 -

July ............................. 214 50 264 48 48 - - 11,819 -

Aug ............................. 198 50 248 48 48 - - 11,969 -

Sept ............................ 170 49 219 44 44 - - 12,096 -

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. 
50 

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.) 
OWNERSHIP OF FEDERAL SECURITIES 51 

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 ................................................................ 

2002 ................................................................ 

2001 - Sept................................................................ 

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

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

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

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

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

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

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

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

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

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

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

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

5,834,475 5,807,463 2,468,757 460 2,468,297 559,636 

6,255,406 6,228,236 2,675,647 311 2,675,336 628,414 

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 

6,186,282 6,159,741 2,659,878 311 2,659,567 622,640 

6,236,756 6,210,482 2,652,793 311 2,652,482 626,312 

6,255,406 6,228,236 2,675,647 311 2,675,336 628,414 

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 

2002 ...................................................................................2,924,175 2,507,997 416,178 27,170 - 27,170 

-

2001 - Sept................................................................ 2,779,070 2,370,630 408,441 27,011 - 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 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 

July ................................................................ 2,877,223 2,472,941 404,282 26,541 - 26,541 

Aug ................................................................ 2,931,377 2,518,988 412,389 26,274 - 26,274 

Sept ................................................................ 2,924,175 2,507,997 416,178 27,170 - 27,170 

* 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.” 
52 OWNERSHIP OF FEDERAL SECURITIES 

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) 

1998 ................................................................ 5,555,552 5,518,681 1,763,860 1,254 1,762,606 458,131 

1999 ................................................................ 5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472 

2000 ................................................................ 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) 

1998 ........................................... 3,296,690 2,871,645 425,045 7,512 29,359 3,917 25,442 

1999 ........................................... 3,162,094 2,735,403 426,691 9,030 28,505 634 27,871 

2000 ........................................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 
OWNERSHIP OF FEDERAL SECURITIES 53

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

End of month

Total

public

debt 1

(1)

Federal

Reserve and

Government

accounts 2

(2)

Total

privately

held

(3)

Depository

institutions 3,4

(4)

U.S.

savings

bonds 5

(5)

Private 6

(6)

State and

local 

governments

(7)

Insurance

companies 3

(8)

Mutual

funds 3,7

(9)

State and

local

governments 3

(10)

Foreign

and international 8

(11)

Other

investors 9

(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 r 207.5 441.2 596.8 r 672.2

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 3,098.3 383.8 177.1 128.9 193.4 238.0 207.5 425.2 659.9 672.2

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 r 225.1 289.8 835.2 r 881.8

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 3,431.2 296.6 187.0 139.4 203.5 214.1 227.4 257.0 1,102.1 804.1

1997 - Mar................................ 5,380.9 1,928.7 3,452.2 317.3 186.5 r 140.9 203.7 181.8 221.9 248.1 1,157.6 r 794.4

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 r 308.3 186.2 r 135.9 211.9 169.4 235.1 238.1 1,250.5 r 702.1

June................................ 5,547.9 2,198.6 3,349.3 r 290.9 186.0 r 129.0 214.8 160.6 231.2 258.5 1,256.0 r 622.3

Sept................................ 5,526.2 2,213.0 3,313.2 244.4 186.0 r 120.5 211.2 151.3 232.5 266.4 1,224.2 r 676.7

Dec ................................ 5,614.2 2,280.2 3,334.0 r 237.4 186.6 112.5 217.7 141.7 253.9 269.3 1,278.7 r 636.2

1999 - Mar................................ 5,651.6 2,324.1 3,327.5 r 247.4 186.5 r 108.8 218.4 137.5 r 254.4 272.5 1,272.3 r 629.7

June................................ 5,638.8 2,439.6 3,199.2 240.6 186.5 r 110.3 222.5 133.6 r 228.3 279.1 1,258.8 r 539.5

Sept................................ 5,656.3 2,480.9 3,175.4 r 241.2 186.2 r 110.1 215.3 128.0 224.8 271.6 1,281.4 r 516.8

Dec ................................ 5,776.1 2,542.2 3,233.9 r 248.6 186.4 r 109.8 211.2 123.4 229.1 266.8 1,268.7 r 589.9

2000 - Mar................................ 5,773.4 2,590.6 3,182.8 r 237.7 185.3 r 107.9 211.1 120.0 222.4 257.2 1,106.9 r 734.3

June................................ 5,685.9 2,698.6 2,987.4 r 222.1 184.6 r 109.3 210.5 116.5 205.3 256.4 1,082.0 r 600.7

Sept................................ 5,674.2 2,737.9 2,936.2 r 220.5 184.3 r 109.7 200.7 113.8 207.6 241.9 1,057.9 r 599.8

Dec ................................ 5,662.2 2,781.8 2,880.4 r 201.4 184.8 r 108.4 195.7 110.2 221.8 236.2 1,034.2 r 587.7

2001 - Mar................................ 5,773.7 2,880. 9 2,892.9 r 188.0 184.8 r 105.7 195.3 r 109.1 222.3 r 239.0 1,029.9 r 618.8

June................................ 5,726.8 3,004.2 2,722.6 r 188.1 185.5 r 105.9 204.4 r 108.1 218.4 r 246.5 1,000.5 r 465.2

Sept................................ 5,807.5 3,027.8 2,779.7 r 189.1 186.4 r 103.2 187.7 r 106.8 230.6 r 248.9 r 1,005.5 r 521.5

Dec ................................ 5,943.4 3,123.9 2,819.5 r 181.5 190.3 r 104.2 r 177.4 r 105.7 256.8 r 256.5 1,053.1 r 494.1

2002 - Mar................................ 6,006.0 3,156.8 2,849.2 187.6 192.0 r 106.3 r 187.0 r 108.4 r 263.3 r 261.2 r 1,055.7 r 487.7

June................................ 6,126.5 3,276.7 r 2,849.8 p 204.4 192.8 p 107.5 p 190.0 p 110.1 p 251.8 p 270.0 r 1,071.3 p 451.9

Sept................................ 6,228.2 3,303.5 2,924.8 n.a. p 193.3 n.a. n.a. n.a. n.a. n.a. p 1,133.7 n.a.

1

 Source: “Monthly Statement of the Public Debt of the United States.” Face value.

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve Banks, statement of 

condition, for System Open Market Accounts; and U. S. Treasury for Government accounts. 

Federal Reserve holdings exclude Treasury securities held under repurchase agreements.

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions and credit unions.

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current

 accrual value.

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift 

Savings Plan "G Fund."

7

 Includes money market mutual funds, mutual funds and closed-end investment companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series Treasury securities and Treasury deposit funds. 

Excludes Treasury securities held under repurchase agreements in custody accounts 

at the Federal Reserve Bank of New York. Estimates reflect the 1984 benchmark to 

December 1989, the 1989 benchmark to December 1994 and the 1994 benchmark to 

March 2000. The March 2000 benchmark was released in 2002.

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other 

investors.

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.
54 

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 - 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. 

July................................................................ 1.72 1.71 1.74 1.96 2.56 3.01 3.81 4.30 4.65 5.51 n.a. 

Aug................................................................ 1.68 1.65 1.64 1.76 2.13 2.52 3.29 3.88 4.26 5.19 n.a. 

Sept................................................................ 1.67 1.66 1.64 1.72 2.00 2.32 2.94 3.50 3.87 4.87 n.a. 

End of month: 

2001 - 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. 

July................................................................ 1.73 1.71 1.70 1.80 2.23 2.67 3.53 4.09 4.51 5.41 n.a. 

Aug................................................................ 1.70 1.69 1.67 1.74 2.14 2.50 3.22 3.78 4.14 5.06 n.a. 

Sept................................................................ 1.60 1.57 1.51 1.53 1.72 2.02 2.63 3.25 3.63 4.75 n.a. 

* Rates are from the Treasury yields curve. 
MARKET YIELDS 55 

CHART MY-A.—Yields of Treasury Securities, 

September 30, 2002* 

Based on closing bid quotations of actively traded issues (in percentages) 

5.5 

5.0 

4.5 

4.0 

3.5 

3.0 

2.5 

2.0 

1.5 

1.0 

0 2 4 6 8 10 12 14 16 18 20 

Note: The yield curve is based on actively traded issues. 

Years to maturity 

* Source: Office of Market Finance 
56 MARKET YIELDS 

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. 
MARKET YIELDS 57 

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. 
58 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 

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 5.09 

Feb ................................................................................................................................................................................................ 5.61 6.65 5.02 

Mar ................................................................................................................................................................................................ 5.93 6.79 5.07 

Apr................................................................................................................................................................................................ 5.85 6.81 5.12 

May ................................................................................................................................................................................................ 5.81 6.77 5.09 

June ................................................................................................................................................................................................ 5.65 6.57 5.02 

July................................................................................................................................................................................................ 5.51 6.46 4.85 

Aug................................................................................................................................................................................................ 5.19 6.20 4.83 

Sept................................................................................................................................................................................................ 4.87 5.98 4.64 

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.
MARKET YIELDS 59

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

Aa Municipal Bonds

Treasury 

Bonds

Aa Corporate Bonds

Calendar years

*Source: Office of Market Finance
60 

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, September 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 ................................ $785,504,626,216 $751,703,628,508 $751,189,799,922 $262,296,216 $251,532,370 

Less amounts held by: 

The Treasury................................................................ 351,359,513 26,456,513 26,240,565 20,739 195,209 

FRBs ................................................................ 125,046,725,730 123,961,844,476 123,961,842,360 - 2,116 

Amounts in circulation................................ $660,106,540,973 $627,715,327,519 $627,201,716,997 $262,275,477 $251,335,045 

Fractional 

Total Dollars 3 coins 

Coins 2 (1) (2) (3) 

Amounts outstanding ................................ $33,800,997,708 $3,493,629,008 $30,307,368,700 

Less amounts held by: 

The Treasury................................................................ 324,903,000 294,105,000 30,798,000 

FRBs ................................................................ 1,084,881,254 172,867,058 912,014,196 

Amounts in circulation................................ $32,391,213,454 $3,026,656,950 $29,364,556,504 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 61 

TABLE USCC-2.—Amounts Outstanding and in Circulation, September 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................................................................ 

$7,580,585,990 $7,434,666,050 $143,481 $145,776,459 

1,286,455,124 1,154,099,882 132,342,666 12,576 

8,800,571,125 8,661,302,055 109,649,810 29,619,260 

13,907,782,410 13,885,981,230 5,950 21,795,230 

95,929,744,920 95,909,641,180 3,380 20,100,360 

55,701,400,750 55,689,911,200 - 11,489,550 

444,194,567,600 444,152,445,400 20,130,100 21,992,100 

142,870,000 142,682,000 - 188,000 

166,154,000 165,948,000 - 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 ................................................................ $627,715,327,519 $627,201,716,997 $262,275,477 $251,335,045 

Amounts (in millions) Per capita 5 

Comparative totals of currency and coins in circulation—selected dates (1) (2) 

Sept. 30, 2002.................................................................... 

Aug. 31, 2002..................................................................... 

July 31, 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 .................................................................... 

660,107 $2,290.81 

664,128 2,306.85 

665,152 2,312.44 

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. 
InternationalFinancialStatistics

Capital Movements

ForeignCurrencyPositions

ExchangeStabilizationFund
65 

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 - 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 ......................................................................... 74,751 11,042 11,575 32,271 19,863 

Aug ......................................................................... 75,307 11,042 11,752 32,470 20,043 

Sept ........................................................................ 75,860 11,042 11,710 32,251 20,857 

Oct.......................................................................... 75,499 11,042 11,700 32,171 20,586 

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.
66 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 - Sept. r ................................ 2,578,393 892,776 297,763 444,740 4,036 146,237 1,036,428 602,761 261,569 341,192 46,428 

Oct. r................................ 2,679,056 900,689 301,171 446,979 3,520 149,019 1,106,839 627,987 273,396 354,591 43,541 

Nov. r................................ 2,767,457 907,706 298,339 453,245 3,398 152,724 1,168,151 647,454 286,541 360,913 44,146 

Dec. r................................ 2,745,346 898,264 285,148 454,306 3,411 155,399 1,146,368 656,178 287,475 368,703 44,536 

2002 - Jan. r ................................ 2,669,754 900,243 287,532 451,306 3,433 157,972 1,082,585 635,776 280,544 355,232 51,150 

Feb. r ................................ 2,704,095 908,561 296,663 449,129 3,138 159,631 1,103,533 642,229 282,037 360,192 49,772 

Mar. r ................................ 2,760,030 907,908 285,689 454,362 3,159 164,698 1,159,008 650,677 280,349 370,328 42,437 

Apr. r................................ 2,779,007 911,644 288,927 452,756 3,179 166,782 1,179,240 643,062 283,966 359,096 45,061 

May................................ 2,804,673 926,197 301,552 452,687 3,199 168,759 1,190,050 646,177 287,051 359,126 42,249 

June................................ 2,850,883 955,592 325,086 454,848 3,000 172,658 1,187,906 660,092 292,354 367,738 47,293 

July ................................ 2,852,665 960,317 331,628 449,580 3,020 176,089 1,140,066 705,156 311,033 394,123 47,126 

Aug. p ................................ 2,915,117 960,745 326,537 450,215 3,040 180,953 1,183,682 724,102 329,909 394,193 46,588 

Sept. p ................................ 2,930,127 964,076 329,772 446,704 3,058 184,542 1,168,250 750,146 326,197 423,949 47,655 

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 67 

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 - 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 

July ......................................................................... 3,020 3,020 694 1,663 663 

Aug ......................................................................... 3,040 3,040 698 1,674 668 

Sept ........................................................................ 3,058 3,058 702 1,684 672 

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. 
68 

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 

also 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 was set at 

$2 million. 

Exporters, importers, industrial and commercial 

concerns, financial institutions (other than banks, other 

depository institutions and brokers), and other nonbanking 

enterprises 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 69 

• 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 

replaced former tables CM-I-1 and CM-I-2 and includes 

breakouts of liabilities arising under repurchase agreements 

and from foreign ownership of short-term securities issued 

by U.S. Government and Federally-sponsored agencies. The 

remaining tables in this section were 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 was 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. 
70 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 2002 Year 

Type of Liability 2001 Mar. r Apr. r May r June July Aug. Sept. p 

Total liabilities to all foreigners................................ 1,735,975 1,739,193 1,768,594 1,792,802 1,824,416 1,801,724 1,858,172 1,843,318 

Payable in dollars........................................................... 1,655,381 1,660,955 1,690,356 1,714,564 1,731,188 1,708,496 1,764,944 1,750,090 

Foreign official institutions 1 ................................ 285,148 285,689 288,927 301,552 325,086 331,628 326,537 329,772 

Demand deposits ................................................... 2,988 2,651 1,827 2,002 1,707 2,146 1,946 1,900 

Time deposits......................................................... 19,467 14,197 15,331 15,514 14,551 13,458 14,388 13,258 

U.S. Treasury bills and certificates ........................ 161,719 161,312 155,770 162,516 176,178 188,486 189,301 185,688 

Short-term U.S. agency obligations....................... 36,351 40,826 45,910 49,374 51,634 45,257 45,208 44,161 

Other liabilities ....................................................... 64,623 66,703 70,089 72,146 81,016 82,281 75,694 84,765 

Unaffiliated foreign banks and other 

foreigners ............................................................... 567,805 582,795 574,313 586,535 598,872 600,619 621,613 622,209 

Demand deposits ................................................... 30,580 33,798 29,546 30,044 32,861 30,397 29,448 30,074 

Time deposits......................................................... 132,243 120,509 117,759 114,147 109,456 103,040 104,313 101,063 

U.S. Treasury bills and certificates ........................ 25,732 27,223 26,272 28,422 31,694 33,394 35,772 35,766 

Short-term U.S. agency obligations....................... 29,143 27,823 23,594 25,765 31,979 22,728 23,760 27,016 

Other liabilities ....................................................... 350,107 373,442 377,142 388,157 392,882 411,060 428,320 428,290 

Banks’ own foreign offices................................ 791,621 780,344 812,675 814,348 795,662 764,754 806,254 786,513 

International and regional organizations 2 ................. 10,807 12,127 14,441 12,129 11,568 11,495 10,540 11,596 

Demand deposits ................................................... 35 22 19 14 32 15 34 52 

Time deposits......................................................... 3,756 7,024 6,194 6,730 6,401 7,394 6,294 5,502 

U.S. Treasury bills and certificates ........................ 577 1,105 970 328 407 481 532 764 

Short-term U.S. agency obligations....................... 40 21 21 18 - - - -

Other liabilities ....................................................... 6,399 3,955 7,237 5,039 4,728 3,605 3,680 5,278 

Payable in foreign currencies 3 ................................ 80,594 78,238 78,238 78,238 93,228 93,228 93,228 93,228 

Sector: 

Banks and other foreigners................................ 74,417 76,218 76,218 76,218 85,726 85,726 85,726 85,726 

International and regional organizations 2.................. 6,177 2,020 2,020 2,020 7,502 7,502 7,502 7,502 

Major foreign currencies: 

Canadian dollars .................................................... 5,812 5,981 5,981 5,981 7,119 7,119 7,119 7,119 

Euro................................................................ 31,621 24,945 24,945 24,945 39,381 39,381 39,381 39,381 

U.K. pounds sterling............................................... 6,238 6,882 6,882 6,882 7,418 7,418 7,418 7,418 

Japanese yen......................................................... 26,645 30,040 30,040 30,040 27,697 27,697 27,697 27,697 

Memoranda: 

Banks’ own liabilities to foreigners 

payable in dollars ................................................... 1,180,417 1,168,062 1,208,236 1,218,557 1,198,097 1,178,301 1,224,641 1,215,962 

Collateralized by repurchase agreements ................ 150,806 128,168 141,443 154,803 159,627 180,775 192,299 205,171 

Foreign official institutions 1 ............................... 45,730 43,855 42,295 48,116 53,634 58,100 49,223 61,539 

Foreign banks and other foreigners................... 102,400 83,309 98,102 104,720 102,939 120,927 141,899 141,310 

International and regional organizations 2 ..................... 2,676 1,004 1,046 1,967 3,054 1,748 1,177 2,322 

Liabilities to foreigners reported by IBFs ................... 441,916 450,149 480,978 468,429 465,938 430,422 444,905 446,455 

Payable in dollars................................................... 389,264 401,127 431,956 419,407 405,069 369,553 384,036 385,586 

Payable in foreign currencies 3 .............................. 52,652 49,022 49,022 49,022 60,869 60,869 60,869 60,869 

Custody liabilities of domestic 

customers payable in dollars ................................ 474,964 492,893 482,120 496,007 533,091 530,195 540,303 534,128 

1

 Includes Bank for International Settlements. 3

 Data may be as of preceding quarter-end for most recent month shown in table. 

Inter-American Development Bank. 

2

 Principally the International Bank for Reconstruction and Development and the 
CAPITAL MOVEMENTS 71 

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 May r June July Aug. Sept. p 

Europe: 

Austria ................................................................ 2,960 2,755 3,277 3,209 3,680 2,979 3,654 3,198 

Belgium 1 ................................................................ 46,078 34,230 6,863 6,898 6,229 6,625 6,433 8,552 

Bulgaria ................................................................ 472 367 267 316 326 297 174 166 

Czech Republic.............................................................. 790 626 612 903 531 491 690 670 

Denmark................................................................ 2,357 3,134 3,786 3,460 3,445 3,536 4,119 3,170 

Finland ................................................................ 1,749 1,412 1,446 1,198 1,197 3,503 1,498 1,259 

France ................................................................ 58,317 41,275 57,922 45,219 46,136 50,555 46,193 48,661 

Germany ................................................................ 29,004 41,416 26,353 30,843 29,751 32,317 31,609 35,760 

Greece ................................................................ 3,877 2,042 2,308 2,701 3,635 2,880 2,742 2,677 

Hungary................................................................ 871 1,127 730 436 355 463 356 251 

Ireland ................................................................ 7,691 8,115 16,752 17,274 18,059 17,698 19,656 22,261 

Italy................................................................ 9,756 6,755 7,382 5,471 5,748 4,968 4,494 4,547 

Luxembourg 1................................................................ n.a. n.a. 17,334 15,433 15,847 15,615 16,060 16,534 

Netherlands................................................................ 9,365 7,587 12,708 12,449 10,728 9,857 11,811 11,293 

Norway................................................................ 1,363 2,310 3,746 7,689 11,172 14,548 10,055 17,755 

Poland ................................................................ 4,274 3,649 3,695 4,050 3,576 3,702 3,523 3,861 

Portugal................................................................ 2,501 2,529 4,082 4,952 4,672 3,552 3,111 3,751 

Romania................................................................ 768 850 1,481 1,862 1,679 1,914 1,949 2,089 

Russia 2 ................................................................ 5,476 19,052 20,808 24,222 25,070 24,199 24,206 25,262 

Spain ................................................................ 11,091 8,236 9,208 10,244 11,478 10,840 12,869 13,042 

Sweden ................................................................ 4,744 6,506 3,451 5,759 4,188 4,827 5,721 4,149 

Switzerland ................................................................ 64,092 76,307 68,740 116,868 102,020 87,679 104,092 107,715 

Turkey ................................................................ 7,972 7,636 7,486 12,170 9,924 10,717 12,409 12,802 

United Kingdom ................................ 190,706 187,145 222,321 186,915 194,154 193,615 201,498 200,964 

Channel Islands and Isle of Man 3 ................................ n.a. n.a. 36,342 38,650 39,006 39,557 38,340 39,117 

Yugoslavia 4 ................................................................ 286 282 309 273 267 279 276 280 

Other Europe ................................................................ 14,778 16,518 19,397 15,900 16,987 17,970 19,942 19,889 

Total Europe .............................................................. 481,338 481,861 558,806 575,364 569,860 565,183 587,480 609,675 

Canada................................................................ 40,579 36,975 31,536 28,568 29,542 31,828 30,074 30,299 

Latin America: 

Argentina................................................................ 18,650 19,500 10,773 11,707 11,400 11,341 11,476 11,223 

Brazil ................................................................ 12,944 11,726 15,218 13,598 13,740 13,309 12,823 12,355 

Chile ................................................................ 7,095 5,946 4,993 6,692 6,176 6,449 5,853 5,549 

Colombia ................................................................ 5,685 4,561 4,714 4,294 4,036 3,898 3,744 4,535 

Ecuador................................................................ 1,959 2,117 2,396 2,301 2,264 2,329 2,271 2,379 

Guatemala................................................................ 1,632 1,619 1,899 1,352 1,336 1,340 1,401 1,552 

Mexico................................................................ 32,263 33,041 40,514 35,929 33,926 34,787 36,402 33,972 

Panama................................................................ 4,420 4,353 3,645 3,313 3,913 3,162 3,173 3,244 

Peru................................................................ 1,143 1,444 1,368 1,273 1,451 1,536 1,387 1,403 

Uruguay................................................................ 2,393 3,036 3,214 2,480 2,384 1,896 2,625 2,624 

Venezuela ................................................................ 20,459 24,984 25,303 22,718 22,301 22,334 22,110 21,918 

Other Latin America 5................................ 10,916 10,094 6,307 6,434 6,143 6,404 6,239 6,438 

Total Latin America ................................ 119,559 122,421 120,344 112,091 109,070 108,785 109,504 107,192 

Caribbean: 

Bahamas................................................................ 139,425 191,061 180,118 173,293 180,759 161,818 173,846 166,989 

Bermuda................................................................ 8,005 9,763 10,681 13,690 16,954 19,680 23,270 23,203 

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. 464,118 501,066 496,878 502,529 519,738 502,428 

Cuba................................................................ 75 90 88 93 96 92 99 92 

Jamaica................................................................ 547 828 1,222 1,043 976 983 1,000 984 

Netherlands Antilles................................ 4,205 5,454 3,273 3,320 3,763 3,956 10,554 4,397 

Trinidad and Tobago................................ 601 904 1,281 1,647 1,607 1,705 1,817 1,576 

Other Caribbean 5 ................................ n.a. n.a. 12,142 12,879 14,896 15,926 14,913 11,229 

Total Caribbean ................................ 484,404 590,968 672,923 707,031 715,929 706,689 745,237 710,898 

See footnotes at end of table. 
72 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 May r June July Aug. Sept. p 

Asia: 

China: 

Mainland................................................................ 12,325 16,531 10,510 22,422 20,791 18,118 18,820 14,633 

Taiwan................................................................ 13,644 17,374 17,729 21,821 23,578 19,166 20,201 21,824 

Hong Kong ................................................................ 28,260 26,996 27,197 27,897 29,656 31,351 27,609 28,242 

India ................................................................ 7,368 4,530 3,708 4,983 7,100 7,409 7,279 7,527 

Indonesia................................................................ 6,571 8,514 12,424 12,673 13,911 13,629 13,845 13,138 

Israel ................................................................ 7,489 8,099 7,908 9,001 8,993 9,796 7,991 11,658 

Japan ................................................................ 170,614 162,449 174,067 182,240 199,131 195,922 193,796 189,620 

Korea................................................................ 12,991 7,960 9,057 6,619 6,854 7,066 6,873 6,590 

Lebanon ................................................................ 1,212 681 563 728 691 731 682 684 

Malaysia ................................................................ 3,851 2,335 1,299 1,961 1,715 1,478 1,775 1,598 

Pakistan ................................................................ 813 1,024 1,971 1,317 1,658 1,937 2,123 2,594 

Philippines................................................................ 3,806 2,320 1,777 1,549 1,769 2,095 1,587 2,079 

Singapore................................................................ 32,840 28,638 17,447 13,792 14,073 14,108 14,056 14,667 

Syria ................................................................ 55 59 67 36 34 37 40 39 

Thailand ................................................................ 6,052 3,212 4,757 5,119 5,973 4,598 5,120 5,051 

Oil-exporting countries 7................................ 22,565 24,939 21,274 19,368 19,359 18,244 19,445 20,005 

Other Asia ................................................................ 5,387 5,312 5,787 6,337 6,451 6,033 6,794 7,247 

Total Asia ................................................................ 335,843 320,973 317,542 337,863 361,737 351,718 348,036 347,196 

Africa: 

Congo (formerly Zaire)................................ 14 4 4 7 - 1 - 86 

Egypt................................................................ 2,023 2,621 2,783 3,605 3,672 3,411 3,179 2,538 

Ghana ................................................................ 147 188 133 124 191 175 179 164 

Liberia ................................................................ 423 318 229 227 215 172 175 147 

Morocco ................................................................ 179 148 274 230 307 265 307 329 

South Africa ................................................................ 1,497 1,011 843 685 687 726 779 779 

Oil-exporting countries 8................................ 3,010 4,141 4,461 3,643 3,614 3,849 4,032 3,762 

Other Africa ................................................................ 2,280 2,535 2,738 3,244 3,255 3,615 3,588 3,451 

Total Africa ................................................................ 9,573 10,966 11,465 11,765 11,941 12,214 12,239 11,256 

Other countries: 

Australia ................................................................ 8,408 10,109 5,634 4,884 6,196 5,587 6,688 6,096 

New Zealand 9................................ n.a. n.a. 328 597 692 811 842 1,067 

All other................................................................ 1,413 1,281 413 490 379 373 431 

Total other countries ................................ 9,821 11,390 6,375 5,971 7,267 6,771 7,961 7,703 

Total foreign countries ................................ 1,481,117 1,575,554 1,718,991 1,778,653 1,805,346 1,782,727 1,840,128 1,824,219 

International and regional 

organizations: 

International ................................................................ 13,758 12,193 15,485 12,871 17,984 17,591 16,916 16,861 

European regional................................ 504 453 689 359 445 669 553 790 

Latin American regional................................ 1,150 740 480 644 350 394 410 402 

Caribbean regional 10 ................................ n.a. n.a. 84 84 91 118 75 70 

Asian regional ................................ 607 175 213 181 178 159 41 967 

African regional................................ 141 74 33 10 22 66 49 9 

Middle Eastern regional................................ - - - - - - - -

Total international 

and regional ................................ 16,160 13,635 16,984 14,149 19,070 18,997 18,044 19,099 

Grand total ................................ 1,497,277 1,589,189 1,735,975 1,792,802 1,824,416 1,801,724 1,858,172 1,843,318 

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 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 former 10 Before January 2001, included in “Latin American regional.”

Yugoslav Republic of Macedonia.

540 
CAPITAL MOVEMENTS 73 

TABLE CM-I-3.—Total Liabilities by Type and Country, Sept. 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 term to term ble 

in Totals 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) 

Europe: 

Austria................................................................ 3,198 3,081 117 1,370 1,711 99 200 794 1,695 5 27 161 37 63 523 

Belgium................................................................ 8,552 8,389 163 7,074 1,315 101 748 674 4,776 522 51 348 338 831 17 

Bulgaria................................................................ 166 164 2 104 60 4 - - 144 9 3 4 - - -

Czech Republic ................................ 670 653 17 233 420 11 30 420 157 10 12 13 - - -

Denmark ................................ 3,170 3,141 29 2,496 645 35 - 40 2,733 - 17 15 266 35 252 

Finland ................................................................ 1,259 1,259 - 181 1,078 22 - 165 1,008 - 18 16 2 28 861 

France................................................................ 48,661 37,915 10,746 20,073 17,842 443 682 13,100 9,305 7,465 220 452 73 6,175 1,327 

Germany................................ 35,760 31,197 4,563 20,838 10,359 570 2,617 1,186 14,052 3,993 240 996 133 7,410 8,517 

Greece ................................................................ 2,677 2,612 65 1,168 1,444 89 54 1,288 405 94 69 461 85 67 52 

Hungary ................................ 251 243 8 136 107 21 - 96 94 1 10 21 - - -

Ireland................................................................ 22,261 22,050 211 5,847 16,203 163 428 234 1,273 73 151 208 1,846 17,674 1,764 

Italy ................................................................ 4,547 3,493 1,054 3,181 312 329 74 159 1,332 886 143 492 27 51 56 

Luxembourg................................ 16,534 16,156 378 7,215 8,941 357 453 1,885 2,251 5,054 147 62 1,098 4,849 536 

Netherlands ................................ 11,293 11,004 289 4,915 6,089 524 1,047 435 1,293 506 234 302 625 6,038 184 

Norway................................................................ 17,755 17,747 8 17,730 17 69 1 2 17,505 10 30 39 1 90 -

Poland................................................................ 3,861 3,842 19 987 2,855 45 40 1,850 1,293 564 9 39 - 2 5 

Portugal ................................ 3,751 3,695 56 1,396 2,299 34 71 1,975 507 68 21 182 9 828 30 

Romania ................................ 2,089 2,084 5 406 1,678 6 - 965 1,089 9 4 11 - - -

Russia 4................................................................ 25,262 25,252 10 4,127 21,125 444 26 950 23,289 443 19 70 1 10 8 

Spain................................................................ 13,042 12,596 446 8,112 4,484 128 294 2,387 7,250 290 135 914 25 1,173 377 

Sweden................................................................ 4,149 4,137 12 2,351 1,786 42 15 52 1,123 136 32 95 372 2,270 1,034 

Switzerland ................................ 107,715 105,283 2,432 97,462 7,821 319 680 4,336 4,757 92,595 216 546 1,262 572 1,280 

Turkey................................................................ 12,802 12,786 16 1,863 10,923 87 172 10,851 1,400 170 20 65 9 12 8 

United Kingdom ................................ 200,964 182,595 18,369 171,733 10,862 1,537 11,256 835 11,228 126,130 1,184 1,819 2,450 26,156 2,985 

Channel Islands and Isle 

of Man 5 ................................ 39,117 38,846 271 38,762 84 29 88 1 124 38,307 12 31 72 182 -

Yugoslavia 6 ................................ 280 280 - 280 - 10 48 - 147 - 1 5 - 69 -

Other Europe................................ 19,889 19,057 832 9,175 9,882 140 63 9,617 8,689 154 85 220 53 36 10 

Total Europe ................................ 609,675 569,557 40,118 429,215 140,342 5,658 19,087 54,297 118,919 277,494 3,110 7,587 8,784 74,621 19,826 

Canada ................................................................ 30,299 24,832 5,467 16,733 8,099 258 634 4,335 4,388 9,170 926 1,183 233 3,705 136 

Latin America: 

Argentina ................................................................ 11,223 11,179 44 8,833 2,346 71 172 654 1,416 268 2,082 5,430 428 658 156 

Brazil ................................................................ 12,355 11,583 772 11,105 478 156 2,870 - 1,373 1,462 1,076 4,166 171 309 124 

Chile................................................................ 5,549 5,494 55 4,235 1,259 94 157 35 1,385 600 453 2,459 87 224 90 

Colombia ................................................................ 4,535 4,509 26 3,153 1,356 33 109 11 1,656 42 473 1,993 19 173 305 

Ecuador ................................................................ 2,379 2,374 5 2,217 157 17 198 - 466 70 358 1,123 33 109 69 

Guatemala................................ 1,552 1,535 17 1,349 186 48 148 94 261 4 161 738 13 68 11 

Mexico ................................................................ 33,972 32,486 1,486 19,736 12,750 212 1,313 6,808 5,828 2,215 1,900 11,125 785 2,300 838 

Panama ................................................................ 3,244 3,225 19 2,632 593 61 275 22 369 364 168 1,383 168 415 137 

Peru ................................................................ 1,403 1,369 34 1,259 110 16 80 - 219 40 126 778 82 28 17 

Uruguay................................................................ 2,624 2,613 11 2,115 498 34 24 103 736 233 188 896 220 179 75 

Venezuela ................................ 21,918 21,355 563 16,138 5,217 135 1,988 4,670 2,222 71 2,057 9,619 158 435 96 

Other Latin America................................ 6,438 6,382 56 6,055 327 174 1,443 122 1,407 196 387 2,424 46 183 46 

Caribbean: 

Bahamas ................................................................ 166,989 165,955 1,034 153,348 12,607 100 861 415 11,870 144,970 171 1,751 686 5,131 461 

Bermuda................................................................ 23,203 21,895 1,308 17,027 4,868 82 314 375 3,162 371 147 480 844 16,120 147 

Cayman Islands ................................ 502,428 493,619 8,809 332,471 161,148 16 2,430 583 136,439 267,573 277 1,594 2,182 82,525 2,488 

Cuba ................................................................ 92 92 - 92 - 2 6 - 11 - - 65 - 8 -

Jamaica ................................................................ 984 932 52 919 13 23 455 - 281 13 33 125 1 1 1 

Netherlands Antilles................................ 4,3974,391 6 4,094 297 10 125 2 792 330 55 329 191 2,557 9 

Trinidad and Tobago ................................ 1,576 1,562 14 1,361 201 59 809 125 267 49 60 117 61 15 4 

Other Caribbean ................................ 11,229 11,138 91 7,760 3,378 453 325 285 1,163 540 836 4,610 1,452 1,474 547 

Total Caribbean................................ 710,898 699,584 11,314 517,072 182,512 745 5,325 1,785 153,985 413,846 1,579 9,071 5,417 107,831 3,657 

Total Latin America................................ 107,192 104,104 3,088 78,827 25,277 1,051 8,777 12,519 17,338 5,565 9,429 42,134 2,210 5,081 1,964 

See footnotes at end of table. 
74 CAPITAL MOVEMENTS 

TABLE CM-I-3.—Total Liabilities by Type and Country, Sept. 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................................ 14,633 14,621 12 8,595 6,026 371 422 369 12,038 561 98 450 21 291 43 

Taiwan................................ 21,824 21,726 98 18,982 2,744 305 2,098 2,181 13,283 708 259 2,407 115 370 294 

Hong Kong ................................ 28,242 27,604 638 14,567 13,037 405 393 5,789 8,014 6,262 342 1,476 204 4,719 99 

India ................................................................ 7,527 7,488 39 1,669 5,819 183 28 4,075 1,790 698 96 127 - 491 9 

Indonesia ................................ 13,138 13,098 40 1,698 11,400 155 342 11,300 634 311 274 69 - 13 10 

Israel ................................................................ 11,658 11,619 39 4,668 6,951 116 12 6,127 2,623 247 132 1,596 37 729 495 

Japan................................ 189,620 170,143 19,477 64,595 105,548 836 2,394 84,197 11,120 51,404 1,238 1,487 812 16,655 810 

Korea ................................ 6,590 6,562 28 3,437 3,125 391 11 837 2,580 2,147 64 251 - 281 17 

Lebanon................................ 684 684 - 615 69 30 8 - 523 9 7 91 2 14 17 

Malaysia ................................ 1,598 1,556 42 1,253 303 146 - 238 880 230 12 41 - 9 3 

Pakistan................................ 2,594 2,587 7 1,608 979 39 45 883 682 815 46 59 - 18 5 

Philippines ................................ 2,079 2,064 15 1,688 376 239 129 38 652 453 199 215 18 121 20 

Singapore ................................ 14,667 12,638 2,029 10,083 2,555 210 1,253 1,350 2,153 6,565 133 303 172 499 29 

Syria................................................................ 39 39 - 37 2 7 2 - 8 - 4 16 - 2 2 

Thailand................................ 5,051 5,044 7 1,271 3,773 176 10 3,605 754 205 59 122 87 26 11 

Other Asia ................................ 27,252 24,474 2,778 17,366 7,108 582 2,096 4,582 5,915 8,361 212 484 267 1,975 395 

Total Asia ................................ 347,196 321,947 25,249 152,132 169,815 4,191 9,243 125,571 63,649 78,976 3,175 9,194 1,735 26,213 2,259 

Africa: 

Congo (formerly Zaire) ................................ 86 86 - 86 - - 1 - 84 1 - - - - -

Egypt................................................................ 2,538 2,538 - 1,042 1,496 73 179 1,366 472 118 22 251 - 57 43 

Ghana................................ 164 164 - 154 10 18 33 10 87 1 3 10 - 2 -

Liberia ................................ 147 137 10 68 69 1 - - 1 - 5 61 11 58 13 

Morocco................................ 329 329 - 326 3 28 - - 274 2 8 15 1 1 -

South Africa................................ 779 777 2 738 39 72 1 - 194 334 23 99 - 54 4 

Other Africa ................................ 7,213 7,114 99 5,618 1,496 983 862 1,065 2,583 714 195 379 37 296 21 

Total Africa ................................ 11,256 11,145 111 8,032 3,113 1,175 1,076 2,441 3,695 1,170 256 815 49 468 

Other countries: 

Australia................................ 6,096 5,931 165 1,986 3,945 181 2 1,794 2,727 198 157 94 207 571 328 

New Zealand................................ 1,067 869 198 708 161 21 - 1 773 12 19 34 1 8 -

All other................................ 540 524 16 449 75 11 - 40 91 82 32 65 34 169 -

Total other countries................................ 7,703 7,324 379 3,143 4,181 213 2 1,835 3,591 292 208 193 242 748 328 

Total foreign 

countries ................................ 1,824,219 1,738,493 85,726 1,205,154 533,339 13,291 44,144 202,783 365,565 786,513 18,683 70,177 18,671 218,667 28,251 

International and 

regional orgs.: 

International................................ 16,861 9,367 7,494 9,365 2 - - - - - 33 5,182 - 4,151 -

European regional ................................ 790 790 - 26 764 - - - - - 10 - 764 16 -

Latin American regional ................................ 402 394 8 377 17 - - - - - 7 312 - 75 16 

Caribbean regional ................................ 70 70 - 70 - - - - - - - - - 70 -

Asian regional ................................967 967 - 961 6 - - - - - 1 8 - 958 -

African regional................................9 9 - 9 - - - - - - 1 - - 8 -

Middle Eastern regional ................................ - - - - - - - - - - - - - - -

Total international 

and regional................................ 19,099 11,597 7,502 10,808 789 - - - - - 52 5,502 764 5,278 16 

Grand total................................ 1,843,318 1,750,090 93,228 1,215,962 534,128 13,291 44,144 202,783 365,565 786,513 18,735 75,679 19,435 223,945 28,267 

1

 These data as of June 30, 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 by 3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in the United States. Data for entities of the former Yugoslavia recognized as independent 

“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 “Other 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former 

Europe.” Yugoslav Republic of Macedonia.

81 
CAPITAL MOVEMENTS 75 

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 three quarters of

2002, U.S. banking liabilities

increased $107 billion, 700

(In billions of dollars) 

following a $147 billion

increase last year. 

600 U.S. banking liabilities to

foreigners, excluding long- term securities, are 

concentrated in international

500 financial centers. The data on 

this page show that nearly 

one-half of U.S. banking

liabilities currently is 400 reported opposite the United

Kingdom and the banking

centers in the Caribbean. 

300 Foreigners domiciled in the

rest of Europe and in Asia

hold an additional 40 percent. 

200 U.S. banking liabilities in the 

mid-1990s went through a

growth spurt. The annual 

100 growth rate between 1993

and 1997 averaged 10

percent. From 1998 to 2000,

growth slowed to about 5 

0 percent per year, more in line

with the 1989 through 1992 1998 1999 2000 2001 Sept. 2002 period. Last year, growth

increased to 9 percent. 

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 1998 1999 2000 2001 Sept. 2002 

United Kingdom................................ 202,280 190,706 187,145 222,321 200,964 

All other Europe ................................ 274,354 290,632 294,716 336,485 408,711 

Caribbean banking centers 1,2................................ 451,575 487,601 593,499 661,835 700,261 

Japan................................................................ 193,202 170,614 162,449 174,067 189,620 

All other Asia ................................................................ 143,224 165,229 158,524 143,475 157,576 

Subtotal ................................................................ 1,264,635 1,304,782 1,396,333 1,538,183 1,657,132 

All other countries. ................................ 184,327 192,495 192,856 197,792 186,186 

Grand total ................................................................ 1,448,962 1,497,277 1,589,189 1,735,975 1,843,318 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama.

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 
76 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 Dec. Mar. r June r Sept. r Dec. r Mar. June p 

Total claims................................................................ 1,033,128 1,177,192 1,286,235 1,280,955 1,225,029 1,351,051 1,358,944 1,426,554 

Payable in dollars............................................................ 944,937 1,095,869 1,191,920 1,182,383 1,135,038 1,257,548 1,262,395 1,317,275 

Banks’ own claims on foreigners ................................ 793,139 904,642 975,219 991,445 962,258 1,055,169 1,062,040 1,110,469 

Foreign public borrowers................................ 30,527 33,221 46,347 47,500 42,245 44,540 50,049 46,796 

Unaffiliated foreign banks: 

Deposits ................................................................ 34,538 23,886 20,047 20,336 20,023 26,189 26,306 24,012 

Other................................................................ 62,648 71,357 81,835 71,352 72,512 74,178 68,821 68,432 

Own foreign offices ......................................................... 529,682 630,137 665,270 686,555 662,466 749,124 754,029 793,226 

All other foreigners .......................................................... 135,744 146,041 161,720 165,702 165,012 161,138 162,835 178,003 

Claims of banks’ domestic customers ............................ 151,798 191,227 216,701 190,938 172,780 202,379 200,355 206,806 

Deposits................................................................ 88,006 100,352 111,323 93,656 71,537 92,546 87,634 86,353 

Negotiable and readily 

transferable instruments................................ 51,161 78,147 92,013 81,034 91,408 94,016 98,050 106,740 

Collections and other ................................ 12,631 12,728 13,365 16,248 9,835 15,817 14,671 13,713 

Payable in foreign currencies................................ 88,191 81,323 94,315 98,572 89,991 93,503 96,549 109,279 

Banks’ own claims on foreigners 

of which ................................................................ 67,365 56,912 73,210 77,428 69,106 75,872 80,095 93,274 

Canadian dollars ................................ n.a. n.a. - 5,420 6,170 6,106 6,297 7,087 

Euros ................................................................ n.a. n.a. - 32,993 28,555 42,980 42,662 55,294 

U.K. pounds sterling................................ n.a. n.a. - 9,022 6,996 6,296 6,892 7,359 

Japanese yen......................................................... n.a. n.a. - 11,196 10,489 9,892 13,534 12,369 

Claims of banks’ domestic customers 

of which ................................................................ 20,826 24,411 21,105 21,144 20,885 17,631 16,454 16,005 

Canadian dollars ................................ n.a. n.a. - 811 892 935 1,478 1,104 

Euros ................................................................ n.a. n.a. - 6,378 9,008 3,097 2,387 5,149 

U.K. pounds sterling................................ n.a. n.a. - 2,114 1,745 1,133 836 1,591 

Japanese yen......................................................... n.a. n.a. - 874 359 351 543 1,985 

Memoranda: 

Claims reported by IBFs ................................ 274,611 308,953 325,510 344,659 311,172 339,685 345,525 363,306 

Payable in dollars ......................................................... 243,765 281,707 293,792 312,578 281,395 306,381 309,417 322,291 

Payable in foreign currencies................................ 30,846 27,246 31,718 32,081 29,777 33,304 36,108 41,015 

Customer liability on acceptances ................................ 4,553 4,257 2,993 3,054 2,468 2,588 2,139 2,353 

Collateralized by resale agreements .............................. n.a. n.a. 134,083 129,693 111,844 137,655 117,383 152,383 

Foreign public borrowers................................ n.a. n.a. 27,964 28,463 21,427 26,784 28,952 26,447 

Foreign banks and other foreigners ............................. n.a. n.a. 103,575 96,770 86,058 106,119 83,441 121,883 

International and regional orgs ................................ n.a. n.a. 2,544 4,460 4,359 4,752 4,990 4,053 

Claims with remaining maturity 

of 1 year or less: 

On foreign public borrowers................................18,328 17,443 21,575 23,171 16,858 23,724 22,217 22,878 

On all other unaffiliated foreigners ............................... 169,566 168,660 173,532 168,808 161,600 176,373 166,356 180,117 

Claims with remaining maturity of 

more than 1 year: 

On foreign public borrowers................................11,933 15,108 24,341 23,770 24,504 19,947 25,931 22,056 

On all other unaffiliated foreigners ............................... 67,255 72,798 88,280 86,555 95,962 84,976 89,770 86,739 
CAPITAL MOVEMENTS 77 

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 Dec. Mar. r June r Sept. r Dec. r Mar. June p 

Europe: 

Austria ................................................................ 4,651 4,862 4,728 4,405 3,849 7,378 4,950 5,342 

Belgium 1 ................................................................ 15,774 9,957 6,962 6,200 6,988 7,458 8,339 7,667 

Bulgaria ................................................................ 7 23 7 2 1 2 - 3 

Czech Republic ............................................................... 152 139 179 129 147 600 291 172 

Denmark ................................................................ 3,223 4,923 7,086 6,691 4,175 3,472 3,049 2,359 

Finland................................................................ 2,426 8,691 7,924 9,173 11,199 10,877 15,031 16,951 

France ................................................................ 36,433 53,007 62,158 70,406 69,720 86,667 84,654 92,000 

Germany................................................................ 58,385 70,564 82,014 83,506 62,484 54,736 58,365 63,856 

Greece................................................................ 1,165 1,247 784 868 521 517 547 514 

Hungary ................................................................ 37 41 25 19 59 25 153 52 

Ireland................................................................ 4,612 6,970 5,264 3,852 3,477 9,022 6,715 6,235 

Italy ................................................................ 12,765 12,586 10,743 12,410 10,651 8,115 8,644 8,493 

Luxembourg 1 ................................................................ na. n.a. 3,884 8,529 9,642 3,760 6,774 5,950 

Netherlands ................................................................ 19,928 22,974 30,918 24,961 25,075 22,600 21,971 24,469 

Norway ................................................................ 1,160 5,655 9,013 7,301 5,264 7,007 8,199 10,018 

Poland ................................................................ 1,219 434 397 192 427 535 612 162 

Portugal ................................................................ 1,927 2,105 1,934 2,106 1,765 2,159 2,422 2,205 

Romania ................................................................ 68 80 91 61 62 99 109 102 

Russia 2 ................................................................ 731 690 1,147 1,091 969 606 1,673 1,176 

Spain ................................................................ 5,400 4,531 7,529 5,452 5,789 4,717 6,895 4,715 

Sweden................................................................ 8,508 15,985 19,379 18,847 19,302 19,758 19,335 26,182 

Switzerland................................................................ 85,388 87,736 111,214 124,159 80,082 99,316 128,984 130,963 

Turkey................................................................ 9,906 4,455 4,369 3,983 4,056 3,370 5,315 3,969 

United Kingdom............................................................... 172,345 223,976 258,890 256,095 261,780 299,370 295,322 293,890 

Channel Islands and Isle of Man 3 ................................ na. n.a. 3,352 3,276 4,171 4,513 4,033 4,366 

Yugoslavia 4................................................................ 50 50 49 49 4 - - -

Other Europe................................................................ 9,515 7,029 3,329 2,489 2,571 2,894 2,640 2,928 

Total Europe ................................................................ 455,775 548,710 643,369 656,252 594,230 659,573 695,022 714,739 

Canada................................................................ 56,906 55,908 64,482 68,008 66,981 76,107 79,416 89,672 

Latin America: 

Argentina ................................................................ 11,486 12,911 12,620 13,233 13,273 11,586 10,829 11,524 

Brazil................................................................ 18,733 22,130 21,374 22,959 24,007 20,846 21,054 20,221 

Chile ................................................................ 6,743 6,067 6,120 5,603 5,544 5,464 5,555 4,993 

Colombia ................................................................ 4,543 4,388 4,044 3,657 3,625 3,646 3,731 3,286 

Ecuador ................................................................ 780 651 551 538 524 507 491 511 

Guatemala ................................................................ 1,162 1,279 1,205 1,229 1,297 1,532 1,456 924 

Mexico ................................................................ 19,160 18,247 18,192 17,874 17,624 16,885 17,563 17,209 

Panama ................................................................ 3,512 3,239 3,235 3,389 3,606 3,437 3,080 2,926 

Peru ................................................................ 2,559 2,823 2,830 2,583 2,448 2,198 2,065 1,846 

Uruguay................................................................ 822 702 458 446 552 459 524 349 

Venezuela................................................................ 3,720 3,749 3,451 3,124 3,385 3,202 3,626 3,556 

Other Latin America 5 ................................ 5,135 5,277 3,575 3,103 3,323 3,404 2,926 2,988 

Total Latin America................................ 78,355 81,463 77,655 77,738 79,208 73,166 72,900 70,333 

Caribbean: 

Bahamas ................................................................ 112,826 132,681 118,091 106,643 114,984 103,541 99,118 111,036 

Bermuda................................................................ 8,117 9,485 8,280 6,790 8,401 8,470 8,500 11,850 

British West Indies 6 ................................ 210,411 237,770 n.a. n.a. n.a. n.a. n.a. n.a. 

Cayman Islands 6 ............................................................ na. n.a. 248,177 245,975 239,752 303,879 278,738 292,921 

Netherlands Antilles ................................ 6,051 5,812 6,961 5,802 9,900 6,741 7,168 6,923 

Trinidad and Tobago ................................ 609 609 710 949 944 940 971 866 

Other Caribbean 5............................................................ n.a. n.a. 5,211 4,380 3,634 3,786 3,528 3,801 

Total Caribbean ............................................................ 338,313 386,712 387,778 370,840 377,984 427,775 398,520 427,758 

See footnotes at end of table. 
78 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 Dec. Mar. r June r Sept. r Dec. r Mar. June p 

Asia: 

China: 

Mainland ................................................................ 2,160 1,658 1,445 4,479 3,541 2,138 4,220 6,107 

Taiwan ................................................................ 1,639 2,720 1,985 2,657 3,347 4,573 4,696 6,659 

Hong Kong ................................................................ 6,580 7,346 11,459 9,543 6,842 10,365 6,915 6,355 

India................................................................ 1,874 2,341 1,962 1,763 1,747 1,477 1,377 1,595 

Indonesia ................................................................ 1,853 1,944 2,042 1,972 1,985 1,795 1,750 1,584 

Israel................................................................ 5,061 5,588 5,196 5,149 6,356 6,984 5,622 5,858 

Japan................................................................ 34,627 39,179 45,396 39,857 38,216 42,115 39,453 43,993 

Korea ................................................................ 9,625 8,014 12,530 11,480 12,003 10,755 13,978 17,025 

Lebanon................................................................ 29 39 63 58 35 45 42 43 

Malaysia ................................................................ 1,092 849 986 869 861 731 931 1,178 

Pakistan................................................................ 405 165 426 547 647 129 328 488 

Philippines ................................................................ 1,466 1,833 1,240 1,874 2,109 2,598 2,079 2,009 

Singapore ................................................................ 3,9884,576 2,820 1,767 4,093 3,513 3,426 3,351 

Syria ................................................................ - 12 2 3 3 3 2 2 

Thailand................................................................ 1,556 1,404 1,308 1,598 1,291 2,544 1,516 753 

Oil-exporting countries 7 ................................ 15,502 10,627 10,301 10,308 9,512 9,222 11,176 12,248 

Other Asia................................................................ 437 324 274 314 242 357 497 548 

Total Asia................................................................ 87,894 88,619 99,435 94,238 92,830 99,344 98,008 109,796 

Africa: 

Congo (formerly Zaire) ................................ 25 - - - 2 - - -

Egypt ................................................................ 308 228 367 551 426 430 371 430 

Ghana................................................................ 22 18 90 20 23 25 14 6 

Liberia................................................................ 513 545 356 476 376 377 330 395 

Morocco................................................................ 377 241 229 211 170 123 104 96 

South Africa................................................................ 714 378 604 579 535 769 820 719 

Oil-exporting countries 8 ................................ 277 477 221 147 157 175 218 241 

Other Africa ................................................................ 276 357 393 324 314 311 346 311 

Total Africa ................................ 2,512 2,244 2,260 2,308 2,003 2,210 2,203 2,198 

Other countries: 

Australia................................................................ 8,308 8,228 7,521 5,826 6,119 7,272 6,352 6,926 

New Zealand 9 ................................ n.a. n.a. 509 614 436 512 893 633 

All other ................................................................ 486 427 153 182 566 40 13 148 

Total other countries................................ 8,794 8,655 8,183 6,622 7,121 7,824 7,258 7,707 

Total foreign countries ................................ 1,028,549 1,172,311 1,283,162 1,276,006 1,220,357 1,345,999 1,353,327 1,422,203 

International and regional orgs.: 

International................................................................ 4,555 4,777 3,019 4,488 4,446 4,322 5,237 3,848 

European regional................................ 10 - 10 8 7 14 10 42 

Latin American regional ................................ 14 104 44 105 104 237 182 208 

Caribbean regional 10 ................................ n.a. n.a. - - - - - -

Asian regional................................ - - - 348 115 479 188 253 

African regional ................................ - - - - - - - -

Middle Eastern regional ................................ - - - - - - - -

Total international 

and regional................................ 4,579 4,881 3,073 4,949 4,672 5,052 5,617 4,351 

Grand total ................................ 1,033,128 1,177,192 1,286,235 1,280,955 1,225,029 1,351,051 1,358,944 1,426,554 

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 79 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2002 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Reporting banks’ own claims 

Claims of banks’ domestic 

customers 

On foreign 

public borrowers and 

unaffiliated 

foreigners 

(3) 

Memorandum 

Country 

Total 

claims 

(1) 

Total 

banks’ On own Payable in Customers’ Payable in 

own foreign foreign liability on foreign 

claims offices currencies acceptances currencies 

(2) (4) (5) (6) (9) 

Payable in 

dollars 

(8) 

Total 

(7) 

Europe: 

Austria ................................................................ 5,342 4,300 3,889 74 337 - 1,042 1,022 20 

Belgium 1 ................................................................ 7,667 5,275 4,822 375 78 - 2,392 2,131 261 

Bulgaria ................................................................ 32 - 2 - - 1 1 -

Czech Republic ............................................................... 172 170 104 65 1 - 2 - 2 

Denmark ................................................................ 2,359 1,315 1,232 16 67 - 1,044 661 383 

Finland................................................................ 16,951 16,526 251 16,266 9 9 425 369 56 

France ................................................................ 92,000 81,077 13,554 45,212 22,311 4 10,923 10,482 441 

Germany................................................................ 63,856 36,703 14,118 14,773 7,812 7 27,153 24,940 2,213 

Greece................................................................ 514 378 320 10 48 6 136 135 1 

Hungary ................................................................ 5212 4 - 8 - 40 - 40 

Ireland................................................................ 6,235 4,644 4,035 537 72 - 1,591 1,410 181 

Italy ................................................................ 8,493 6,653 2,547 1,831 2,275 3 1,840 1,662 178 

Luxembourg 1 ................................................................ 5,950 3,738 3,156 391 191 19 2,212 2,080 132 

Netherlands ................................................................ 24,469 18,327 8,371 8,069 1,887 10 6,142 5,897 245 

Norway ................................................................ 10,018 8,690 8,525 1 164 - 1,328 856 472 

Poland ................................................................ 162 159 39 21 99 - 3 1 2 

Portugal ................................................................ 2,2051,813 1,047 733 33 - 392 392 -

Romania ................................................................ 102 102 96 - 6 - - - -

Russia 2 ................................................................ 1,1761,169 1,135 10 24 1 7 7 -

Spain ................................................................ 4,715 4,129 2,236 845 1,048 10 586 578 8 

Sweden................................................................ 26,182 14,187 4,432 9,382 373 - 11,995 11,841 154 

Switzerland................................................................ 130,963 122,596 6,398 112,846 3,352 9 8,367 8,299 68 

Turkey................................................................ 3,969 2,735 2,597 65 73 100 1,234 1,164 70 

United Kingdom............................................................... 293,890 221,542 34,713 168,914 17,915 61 72,348 66,604 5,744 

Channel Islands and Isle of Man 3 ................................ 4,366 4,247 1,979 2,267 1 - 119 119 -

Yugoslavia 4................................................................ - - - - - - - - -

Other Europe................................................................ 2,928 2,091 1,863 6 222 10 837 101 736 

Total Europe ................................................................ 714,739 562,580 121,463 382,711 58,406 249 152,159 140,752 11,407 

Canada................................................................ 89,672 67,718 11,550 49,043 7,125 4 21,954 20,753 1,201 

Latin America: 

Argentina ................................................................ 11,524 11,399 7,424 3,595 380 10 125 119 6 

Brazil................................................................ 20,221 19,480 12,444 6,575 461 202 741 676 65 

Chile ................................................................ 4,993 4,943 4,783 91 69 2 50 50 -

Colombia ................................................................ 3,286 3,271 3,091 175 5 8 15 15 -

Ecuador ................................................................ 511500 466 34 - 5 11 11 -

Guatemala ................................................................ 924 916 789 93 34 10 8 8 -

Mexico ................................................................ 17,209 16,502 16,186 80 236 59 707 219 488 

Panama ................................................................ 2,9262,807 1,638 961 208 39 119 119 -

Peru ................................................................ 1,846 1,839 1,409 424 6 10 7 7 -

Uruguay................................................................ 349348 227 97 24 1 1 1 -

Venezuela................................................................ 3,556 3,463 3,308 29 126 9 93 71 22 

Other Latin America 5 ................................ 2,988 2,959 2,668 264 27 28 29 26 3 

Total Latin America................................ 70,333 68,427 54,433 12,418 1,576 383 1,906 1,322 

Caribbean: 

Bahamas ................................................................ 111,036 109,084 3,635 104,734 715 - 1,952 1,952 -

Bermuda................................................................ 11,850 11,777 11,060 28 689 - 73 67 6 

Cayman Islands 6 ................................ 292,921 259,999 54,559 188,810 16,630 50 32,922 32,795 127 

Cuba ................................................................ - - - - - - - - -

Jamaica ................................................................ 361361 287 74 - - - - -

Netherlands Antilles ................................ 6,923 6,865 2,849 4,010 6 - 58 4 54 

Trinidad and Tobago ................................ 866 866 650 212 4 1 - - -

Other Caribbean 5................................ 3,801 3,800 3,194 357 249 10 1 1 -

Total Caribbean ................................ 427,758 392,752 76,234 298,225 18,293 61 35,006 34,819 187 

See footnotes at end of table. 

584 
80 CAPITAL MOVEMENTS 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2002, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Reporting banks’ own claims 

Claims of banks’ domestic 

customers 

On foreign 

public borrowers and 

unaffiliated 

foreigners 

(3) 

Memorandum 

Country 

Total 

claims 

(1) 

Total 

banks’ On own Payable in Customers’ Payable in 

own foreign foreign liability on foreign 

claims offices currencies acceptances currencies 

(2) (4) (5) (6) (9) 

Total 

(7) 

Payable in 

dollars 

(8) 

Asia: 

China: 

Mainland ................................................................ 6,107 6,047 5,936 111 - 19 60 60 -

Taiwan ................................................................ 6,659 6,608 4,399 2,121 88 2 51 24 27 

Hong Kong ................................................................ 6,355 5,802 3,289 2,307 206 21 553 490 63 

India................................................................ 1,595 1,465 1,237 225 3 7 130 124 6 

Indonesia ................................................................ 1,584 1,581 1,520 51 10 1 3 1 2 

Israel................................................................ 5,858 3,412 1,852 1,559 1 - 2,446 2,445 1 

Japan................................................................ 43,993 40,333 6,511 29,883 3,939 16 3,660 1,674 1,986 

Korea ................................................................ 17,025 14,932 12,537 2,319 76 1,446 2,093 2,073 20 

Lebanon................................................................ 43 38 36 2 - - 5 5 -

Malaysia ................................................................ 1,178 1,159 1,149 8 2 3 19 6 13 

Pakistan................................................................ 488 486 37 440 9 - 2 2 -

Philippines ................................................................ 2,009 2,000 1,952 43 5 9 9 8 1 

Singapore ................................................................ 3,351 2,676 1,236 1,353 87 - 675 650 25 

Syria ................................................................ 2 - - - - - 2 2 -

Thailand................................................................ 753 735 94 636 5 17 18 18 -

Other Asia................................................................ 12,796 12,460 1,610 7,891 2,959 19 336 335 1 

Total Asia................................................................ 109,796 99,734 43,395 48,949 7,390 1,560 10,062 7,917 2,145 

Africa: 

Congo (formerly Zaire) ................................ - - - - - - - - -

Egypt ................................................................ 430 420 277 141 2 77 10 9 1 

Ghana................................................................ 6 3 3 - - 1 3 3 -

Liberia................................................................ 395 395 395 - - - - - -

Morocco................................................................ 96 86 79 - 7 - 10 10 -

South Africa................................................................ 719 654 573 76 5 7 65 6 59 

Other Africa ................................................................ 552 533 498 27 8 2 19 16 3 

Total Africa ................................................................ 2,198 2,091 1,825 244 22 87 107 44 

Other countries: 

Australia................................................................ 6,926 5,602 3,637 1,635 330 9 1,324 942 382 

New Zealand 7 ................................................................ 633 587 454 1 132 - 46 13 33 

All other ................................................................ 148 6 6 - - - 142 139 3 

Total other countries................................ 7,707 6,195 4,097 1,636 462 9 1,512 1,094 

Total foreign countries ................................ 1,422,203 1,199,497 312,997 793,226 93,274 2,353 222,706 206,701 16,005 

International and regional orgs.: 

International................................................................ 3,848 3,848 3,848 - - - - - -

European regional................................ 42 42 42 - - - - - -

Latin American regional ................................ 208 103 103 - - - 105 105 -

Caribbean regional 8................................ - - - - - - - - -

Asian regional................................................................ 253 253 253 - - - - - -

African regional .............................................................. - - - - - - - - -

Middle Eastern regional ................................ - - - - - - - - -

Total international and regional................................ 4,351 4,246 4,246 - - - 105 105 -

Grand total ................................................................ 1,426,554 1,203,743 317,243 793,226 93,274 2,353 222,811 206,806 16,005 

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.”

63 

418 
CAPITAL MOVEMENTS 81 

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 June 2002 

(In billions of dollars) 

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 1998 1999 2000 2001 June 2002 

United Kingdom................................ 162,874 172,345 223,976 299,370 293,890 

All other Europe ................................ 213,888 283,430 324,734 360,203 420,849 

Caribbean banking centers 1,2................................ 304,395 340,917 388,987 426,068 425,656 

Japan................................................................ 55,170 34,627 39,179 42,115 43,993 

All other Asia ................................................................ 63,088 53,267 49,440 57,229 65,803 

Subtotal ................................................................ 799,415 884,586 1,026,316 1,184,985 1,250,191 

All other countries. ................................ 175,356 148,542 150,876 166,066 176,363 

Grand total ................................................................ 974,771 1,033,128 1,177,192 1,351,051 1,426,554 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. 

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

In the first half of 2002, U.S. 

banking claims on foreigners

increased $76 billion. In 

2001, U.S. banking claims on

foreigners increased $174

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. 
82 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 2002 Calendar year 2002 

Country 2000 2001 June 2000 2001 June 

Other Europe: 

Cyprus ................................................................ 140 180 165 42 28 7 

Iceland ................................................................ 116 56 163 13 n.a. n.a. 

Monaco................................................................ 161 299 127 n.a. n.a. n.a. 

Other Latin America and Caribbean: 

Aruba ................................................................ 366 237 218 n.a. n.a. n.a. 

Barbados ................................................................ 1,306 2,121 1,358 629 831 542 

Belize................................................................ 149 147 179 42 n.a. 71 

Bolivia ................................................................ 800 778 893 367 259 289 

Costa Rica ................................................................ 1,374 1,071 1,096 647 910 728 

Dominica................................................................ 51 53 45 37 n.a. 33 

Dominican Republic ........................................................ 1,617 1,928 1,621 952 976 1,031 

El Salvador ................................................................ 633 760 698 1,029 1,150 915 

French West Indies and French Guiana ......................... 51 21 29 n.a. n.a. n.a. 

Haiti ................................................................................. 303 294 233 53 31 32 

Honduras................................................................ 1,674 1,767 1,855 287 338 346 

Nicaragua ................................................................ 127 156 155 98 85 n.a. 

Paraguay ................................................................ 824 819 763 88 84 87 

Suriname ................................................................ 173 313 151 50 n.a. n.a. 

Other Asia: 

Afghanistan ................................................................ 55 56 44 - n.a. -

Burma ................................................................ 5 8 8 - - -

Jordan................................................................ 391 n.a. 596 66 103 93 

Macau................................................................ 66 41 63 n.a. - -

Sri Lanka ................................................................ 208 196 n.a. 29 11 11 

Yemen ................................................................ 325 393 326 4 2 n.a. 

Other Africa: 

Angola ................................................................ 390 n.a. n.a. n.a. n.a. n.a. 

Cameroon................................................................ 23 13 21 7 9 13 

Ethiopia................................................................ 137 249 n.a. n.a. - -

Guinea ................................................................ 40 38 42 - n.a. 44 

Ivory Coast ................................................................ 74 n.a. n.a. 20 15 n.a. 

Kenya ................................................................ 116 145 134 5 n.a. n.a. 

Mauritius................................................................ 116 87 256 n.a. 4 n.a. 

Mozambique................................................................ 199 55 n.a. n.a. n.a. -

Rwanda ................................................................ 66 44 66 n.a. n.a. -

Senegal ................................................................ 18 n.a. 35 16 n.a. 9 

Somalia................................................................ 13 11 13 - - -

Sudan ................................................................ 12 7 9 n.a. - -

Tanzania................................................................ 294 229 226 3 5 n.a. 

Tunisia ................................................................ 66 172 152 100 89 n.a. 

Uganda ................................................................ 95 79 105 1 2 n.a. 

Zambia................................................................ 107 70 n.a. n.a. - -

Zimbabwe ................................................................ 56 81 53 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 12 n.a. 

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 

of U.S. banking liabilities and claims. See Capital Movements Sections I and II. 

Bulletin.” 

dates for the “Other” geographical categories in the regular monthly series in the “Treasury 
CAPITAL MOVEMENTS 83 

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 June r Sept. r Dec. r Mar. June p 

Total liabilities ................................................................ 46,570 53,020 73,904 67,986 53,476 66,679 74,035 70,696 

Payable in dollars............................................................. 36,668 37,605 48,931 41,700 35,306 42,925 46,805 48,620 

Financial................................................................ 10,371 13,883 25,246 17,655 11,415 18,763 20,122 21,892 

Commercial: 

Trade payables ......................................................... 10,133 11,720 12,162 11,957 10,483 10,893 13,757 13,376 

Advance receipts and other ................................ 16,164 12,002 11,523 12,088 13,408 13,269 12,926 13,352 

Payable in foreign currencies ................................ 9,902 15,415 24,973 26,286 18,170 23,754 27,230 22,076 

Financial................................................................ 8,884 14,097 22,173 24,253 16,087 22,271 25,466 20,473 

Commercial: 

Trade payables .............................................................. 845 1,114 2,131 1,128 1,207 888 1,115 817 

Advance receipts and other................................ 173 204 669 905 876 595 649 786 

Total claims................................................................ 77,462 76,642 90,157 97,376 93,988 113,082 102,058 102,592 

Payable in dollars............................................................. 72,171 69,170 79,558 87,596 83,204 103,864 92,486 93,550 

Financial: 

Deposits ................................................................ 28,549 16,373 21,015 23,174 19,888 27,850 26,317 26,499 

Other ................................................................ 14,049 18,593 25,142 32,038 32,076 46,621 39,553 41,998 

Commercial: 

Trade receivables ............................................................ 25,743 30,624 30,007 28,201 27,224 25,828 23,199 22,222 

Advance payments and other................................ 3,830 3,580 3,394 4,183 4,016 3,565 3,417 2,831 

Payable in foreign currencies ................................ 5,291 7,472 10,599 9,780 10,784 9,218 9,572 9,042 

Financial: 

Deposits ................................................................ 1,650 2,193 2,359 2,207 2,503 1,951 1,811 1,813 

Other ................................................................ 2,012 3,072 4,515 4,472 5,548 4,865 4,015 3,313 

Commercial: 

Trade receivables ............................................................ 1,459 1,978 3,097 2,336 2,016 1,685 2,398 2,173 

Advance payments and other................................ 170 229 628 765 717 717 1,348 1,743 
84 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 June r Sept. r Dec. r Mar. June p 

Europe: 

Austria ................................................................ 112 118 112 111 136 182 151 118 128 

Belgium-Luxembourg................................ 852 357 171 440 395 236 253 224 216 

Bulgaria ................................................................ 5 3 - 2 1 1 3 1 2 

Czech Republic................................ 38 105 26 7 7 16 10 9 14 

Denmark................................................................ 170 132 105 149 107 85 148 578 251 

Finland ................................................................ 281 83 48 91 76 148 86 94 195 

France ................................................................ 2,189 2,017 2,331 2,459 1,886 2,429 3,575 4,232 4,931 

Germany ................................................................ 3,232 3,455 3,105 3,215 3,473 2,949 3,249 3,386 3,173 

Greece ................................................................ 89 120 141 400 321 543 410 334 310 

Hungary................................................................ 13 3 9 8 6 11 27 12 22 

Ireland ................................................................ 1,136 1,307 827 1,216 1,161 1,195 1,264 1,260 1,065 

Italy................................................................ 923 1,177 749 1,773 1,689 1,490 1,395 1,317 1,282 

Netherlands................................ 933 1,835 2,503 2,316 2,106 2,341 3,117 2,414 2,631 

Norway................................................................ 242 188 266 286 362 332 320 370 356 

Poland ................................................................ 7 11 46 42 40 48 43 194 362 

Portugal................................................................ 36 29 34 16 12 30 16 14 10 

Romania................................................................ 165 149 159 178 22 23 17 18 21 

Russia 1 ................................................................ 115 82 251 91 40 46 48 34 41 

Spain ................................................................ 334 546 501 468 297 400 423 316 514 

Sweden ................................................................ 244 171 158 117 110 120 97 94 97 

Switzerland ................................ 936 654 773 606 790 775 884 721 837 

Turkey ................................................................ 285 211 384 408 166 176 133 141 140 

United Kingdom ................................ 15,753 9,677 19,592 29,209 28,067 17,115 25,131 30,927 26,613 

Yugoslavia 2 ................................ 6 8 11 11 30 27 14 14 11 

Other Europe ................................ 159 181 201 182 193 201 211 247 195 

Total Europe ................................ 28,255 22,619 32,503 43,801 41,493 30,919 41,025 47,069 43,417 

Canada................................................................ 3,549 2,083 2,059 2,344 2,574 1,993 2,577 2,740 2,989 

Latin America and 

Caribbean: 

Argentina................................................................ 219 118 169 146 76 77 50 109 65 

Bahamas................................................................ 157 21 23 37 71 49 209 28 17 

Bermuda................................................................ 432 299 157 2,020 828 617 1,551 1,269 1,029 

Brazil ................................................................ 363 304 271 262 300 334 325 312 358 

British West Indies ................................ 616 967 540 482 1,529 271 1,672 679 1,046 

Chile ................................................................ 150111 64 52 124 104 56 74 44 

Colombia ................................................................ 120 72 141 131 113 90 82 54 23 

Cuba................................................................ - 5 27 20 14 13 42 23 23 

Ecuador................................................................ 22 19 58 32 4 10 4 3 9 

Guatemala................................ 30 12 6 10 8 11 13 10 13 

Jamaica................................................................ 18 12 13 16 8 24 12 11 15 

Mexico................................................................ 591 406 912 867 780 907 935 1,484 984 

Netherlands Antilles................................ 23 44 19 32 18 164 46 13 146 

Panama................................................................ 16 16 67 32 49 43 49 149 54 

Peru................................................................ 30 35 28 24 21 26 41 23 26 

Trinidad and Tobago................................ 75 34 15 36 42 39 38 17 39 

Uruguay................................................................ 20 8 8 27 6 6 8 7 6 

Venezuela ................................ 262 204 305 286 219 245 168 282 210 

Other Latin America 

and Caribbean ................................ 418 426 379 1,994 181 262 284 454 452 

Total Latin America 

and Caribbean ................................ 3,562 3,113 3,202 6,506 4,391 3,292 5,585 5,001 4,559 

See footnotes at end of table. 
CAPITAL MOVEMENTS 85 

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 June r Sept. r Dec. r Mar. June p 

Asia: 

China: 

Mainland................................................................ 1,250 708 627 497 665 695 735 875 2,263 

Taiwan................................................................ 936 898 1,175 970 1,036 858 819 946 625 

Hong Kong ................................ 750 388 223 640 1,132 189 560 388 254 

India................................................................ 170 387 519 309 179 151 179 270 214 

Indonesia................................................................ 213 154 83 81 55 39 44 47 55 

Israel................................................................ 176 228 160 468 210 89 195 404 523 

Japan................................................................ 8,602 7,439 5,751 8,973 5,663 5,850 5,850 7,580 6,688 

Korea................................................................ 1,150 945 543 941 1,012 1,041 897 766 742 

Lebanon ................................................................ 29 27 56 53 55 54 57 57 55 

Malaysia ................................................................ 766 141 118 162 266 381 393 272 240 

Pakistan................................................................ 60 33 37 96 117 111 94 94 99 

Philippines................................ 222 169 169 114 977 120 1,100 120 129 

Singapore ................................................................ 1,252 1,240 917 2,280 2,191 1,998 1,793 1,721 2,049 

Syria ................................................................ 23 15 8 27 6 19 6 11 11 

Thailand................................................................ 405 362 165 203 134 60 105 44 50 

Oil-exporting countries 3................................ 3,138 2,852 2,555 2,844 3,094 3,058 2,649 3,157 3,218 

Other Asia ................................ 211 141 217 290 217 252 83 227 227 

Total Asia ................................ 19,353 16,127 13,323 18,948 17,009 14,965 15,559 16,979 17,442 

Africa: 

Congo (formerly Zaire)................................ - - 9 - 122 1 1 1 1 

Egypt ................................................................ 90 39 86 166 173 204 117 153 154 

Ghana................................................................ 28 9 1 6 5 5 3 4 3 

Liberia................................................................ 1 9 2 18 39 - 30 - -

Morocco................................................................ 49 41 31 11 24 43 34 27 29 

South Africa................................ 255 189 138 135 117 113 111 164 153 

Oil-exporting countries 4................................ 408 393 499 483 539 476 441 545 500 

Other Africa ................................ 103 142 212 181 157 124 152 204 231 

Total Africa ................................ 934 822 978 1,000 1,176 966 889 1,098 1,071 

Other countries: 

Australia ................................................................ 911 949 634 344 369 338 584 682 696 

All other ................................................................ 810 852 300 898 918 973 430 429 492 

Total other countries ................................ 1,721 1,801 934 1,242 1,287 1,311 1,014 1,111 1,188 

Total foreign countries ................................ 57,374 46,565 52,975 73,841 67,930 53,446 66,649 73,998 70,666 

International and regional orgs.: 

International ................................ - - 1 1 - - - 30 21 

European regional................................ 8 5 44 45 40 30 30 4 8 

Latin American regional ................................ - - - - 16 - - 3 -

Asian regional ................................ - - - 9 - - - - 1 

African regional ................................ - - - 8 - - - - -

Middle Eastern regional ................................ - - - - - - - - -

Total international 

and regional ................................ 8 5 45 63 56 30 30 37 30 

Grand total ................................ 57,382 46,570 53,020 73,904 67,986 53,476 66,679 74,035 70,696 

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. 
86 CAPITAL MOVEMENTS 

TABLE CM-IV-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] 

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 ................................................................ 

128 - - - 128 

216 120 119 1 96 

2 - - - 2 

14 - - - 14 

251 125 125 - 126 

195 165 15 150 30 

4,931 4,071 2,943 1,128 860 

3,173 2,622 1,883 739 551 

310 9 9 - 301 

22 2 2 - 20 

1,065 735 476 259 330 

1,282 356 11 345 926 

2,631 1,939 1,932 7 692 

356 2 2 - 354 

362 315 315 - 47 

10 3 3 - 7 

21 - - - 21 

41 15 5 10 26 

514 242 238 4 272 

97 - - - 97 

837 61 46 15 776 

140 7 7 - 133 

26,613 23,859 7,523 16,336 2,754 

11 - - - 11 

195 34 32 2 161 

Total Europe ................................................................ 43,417 34,682 15,686 18,996 8,735 

Canada................................................................ 2,989 946 747 199 2,043 

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 ............................................................... 

65 4 4 - 61 

17 5 5 - 12 

1,029 626 614 12 403 

358 38 35 3 320 

1,046 1,000 1,000 - 46 

44 7 7 - 37 

23 2 1 1 21 

23 - - - 23 

9 - - - 9 

13 - - - 13 

15 2 2 - 13 

984 25 14 11 959 

146 109 109 - 37 

54 - - - 54 

26 1 1 - 25 

39 5 5 - 34 

6 - - - 6 

210 5 - 5 205 

452 3 - 3 449 

Total Latin America and 

Caribbean ................................................................ 4,559 1,832 1,797 35 2,727 

See footnotes at end of table. 
CAPITAL MOVEMENTS 87 

TABLE CM-IV-3.—Total Liabilities by Type and Country, June 30, 2002, Preliminary, con. 

[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) 

Asia: 

China: 

Mainland ................................................................ 

Taiwan ................................................................ 

Hong Kong................................................................ 

India ................................................................ 

Indonesia ................................................................ 

Israel ................................................................ 

Japan ................................................................ 

Korea ................................................................ 

Lebanon................................................................ 

Malaysia................................................................ 

Pakistan ................................................................ 

Philippines................................................................ 

Singapore................................................................ 

Syria................................................................ 

Thailand ................................................................ 

Other Asia................................................................ 

2,263 1,475 1,474 1 788 

625 3 3 - 622 

254 37 20 17 217 

214 3 2 1 211 

55 4 4 - 51 

523 302 302 - 221 

6,688 2,387 1,443 944 4,301 

742 21 20 1 721 

55 6 6 - 49 

240 - - - 240 

99 - - - 99 

129 1 1 - 128 

2,049 222 190 32 1,827 

11 - - - 11 

50 1 1 - 49 

3,445 29 29 - 3,416 

Total Asia ................................................................ 17,442 4,491 3,495 996 12,951 

Africa: 

Congo (formerly Zaire) ................................ 1 - - - 1 

Egypt................................................................ 154 15 13 2 139 

Ghana ................................................................ 3 - - - 3 

Liberia ................................................................ - - - - -

Morocco ................................................................ 29 - - - 29 

South Africa ................................................................ 153 1 - 1 152 

Other Africa................................................................ 731 104 104 - 627 

Total Africa................................................................ 1,071 120 117 3 951 

Other countries: 

Australia ................................................................ 696 5 3 2 691 

All other................................................................ 492 289 47 242 203 

Total other countries................................ 1,188 294 50 244 894 

Total foreign countries ................................ 70,666 42,365 21,892 20,473 28,301 

International and regional orgs.: 

International ................................................................ 21 - - - 21 

European regional ........................................................... 8 - - - 8 

Latin American regional................................ - - - - -

Asian regional ................................................................ 1 - - - 1 

African regional................................................................ - - - - -

Middle Eastern regional................................ - - - - -

Total international and regional ................................ 30 - - - 30 

Grand total ................................................................ 70,696 42,365 21,892 20,473 28,331 

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
88 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 June r Sept. r Dec. r Mar. June p 

Europe: 

Austria ................................................................ 126 146 208 498 516 556 1,985 2,004 3,028 

Belgium-Luxembourg................................ 734 899 845 748 664 725 893 1,023 1,007 

Bulgaria ................................................................ 32 11 6 6 17 19 13 11 12 

Czech Republic................................ 42 67 26 67 77 60 79 60 58 

Denmark................................................................ 155 81 310 229 281 160 138 84 86 

Finland ................................................................ 211 244 261 224 310 365 238 254 298 

France ................................................................ 2,811 3,035 3,203 4,301 4,566 4,743 4,371 4,684 5,139 

Germany ................................................................ 2,041 2,126 2,464 2,830 3,153 3,085 2,726 2,139 2,465 

Greece ................................................................ 386 316 487 332 397 393 339 367 371 

Hungary................................................................ 62 66 54 47 51 52 66 53 43 

Ireland ................................................................ 277 244 340 616 864 621 821 621 770 

Italy................................................................ 1,466 1,257 1,284 1,114 1,417 1,461 1,434 1,166 1,313 

Netherlands................................................................ 1,274 1,342 2,658 3,125 1,933 1,797 2,667 2,235 2,228 

Norway................................................................ 303 165 273 308 234 239 257 185 229 

Poland ................................................................ 124 111 62 67 68 66 77 81 53 

Portugal................................................................ 78 153 91 83 62 80 71 60 77 

Romania................................................................ 7 20 11 16 15 48 34 33 19 

Russia 1 ................................................................ 221 232 293 373 123 129 137 127 95 

Spain ................................................................ 623 527 715 860 1,156 1,071 1,042 1,336 991 

Sweden ................................................................ 504 565 339 360 294 369 441 280 321 

Switzerland ................................................................ 988 897 1,253 1,462 1,125 1,179 1,200 744 767 

Turkey ................................................................ 379 236 464 700 976 438 383 491 608 

United Kingdom ................................ 13,997 12,535 13,388 20,402 19,629 19,234 20,343 17,602 15,079 

Yugoslavia 2 ................................ 11 14 17 15 15 33 23 7 7 

Other Europe ................................ 267 251 360 291 483 510 362 732 489 

Total Europe ................................ 27,119 25,540 29,412 39,074 38,426 37,433 40,140 36,379 35,553 

Canada................................................................ 5,973 5,120 5,310 8,078 8,210 7,330 9,011 8,051 8,003 

Latin America and Caribbean: 

Argentina................................................................ 688 893 896 1,109 922 852 810 614 550 

Bahamas................................................................ 2,335 427 1,613 1,390 857 684 1,018 1,239 1,360 

Bermuda................................................................ 352 575 401 395 1,076 606 1,287 1,033 919 

Brazil ................................................................ 2,475 1,859 2,381 2,784 3,233 3,241 3,081 2,729 2,876 

British West Indies ................................ 10,571 24,492 12,280 12,733 17,640 19,358 33,060 27,423 29,617 

Chile ................................................................ 327 320 263 302 339 286 242 375 225 

Colombia ................................................................ 424 279 349 351 302 303 240 302 290 

Cuba................................................................ - - - 1 2 - 2 6 9 

Ecuador................................................................ 101 103 82 66 63 61 62 66 93 

Guatemala................................................................ 93 88 85 106 101 89 90 100 82 

Jamaica................................................................ 52 45 52 126 123 104 93 93 75 

Mexico................................................................ 1,929 2,790 3,476 3,955 3,994 4,337 4,466 4,002 4,118 

Netherlands Antilles................................ 153 37 45 84 80 119 70 79 67 

Panama................................................................ 145 173 168 244 168 149 105 93 103 

Peru................................................................ 147 183 148 171 91 94 79 143 75 

Trinidad and Tobago................................ 20 55 46 59 38 60 45 48 41 

Uruguay................................................................ 49 59 68 35 21 24 20 33 18 

Venezuela ................................................................ 612 456 487 415 387 381 371 391 377 

Other Latin America 

and Caribbean ................................ 820 1,176 1,325 842 977 918 919 1,123 1,275 

Total Latin America 

and Caribbean ................................ 21,293 34,010 24,165 25,168 30,414 31,666 46,060 39,892 42,170 

See footnotes at end of table. 
CAPITAL MOVEMENTS 89 

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 June r Sept. r Dec. r Mar. June p 

Asia: 

China: 

Mainland................................................................ 1,076 825 760 1,096 1,119 1,261 1,052 1,101 1,509 

Taiwan................................................................ 814 770 1,097 1,299 1,164 923 853 776 984 

Hong Kong ................................ 562 331 400 593 1,422 583 1,094 925 686 

India ................................................................ 439 348 599 661 638 789 638 584 478 

Indonesia................................................................ 704 417 408 407 321 366 239 258 216 

Israel ................................................................ 347327 336 458 638 732 700 724 569 

Japan ................................................................ 2,799 2,875 5,336 4,427 4,844 4,198 3,610 3,984 3,148 

Korea................................................................ 9881,084 1,378 1,745 1,690 1,798 1,850 1,932 1,750 

Lebanon ................................................................ 37 26 14 36 21 16 16 20 23 

Malaysia ................................................................ 547 492 516 743 645 739 645 594 605 

Pakistan ................................................................ 44 37 23 37 54 58 44 51 35 

Philippines................................ 144 148 258 106 869 88 1,001 911 727 

Singapore................................................................ 779 734 1,041 1,065 1,162 1,033 1,120 1,052 1,107 

Syria ................................................................ 11 12 5 11 3 2 11 3 1 

Thailand ................................................................ 280 489 651 344 379 202 232 229 181 

Oil-exporting countries 3................................ 1,118 1,144 1,648 1,104 1,115 1,016 985 736 964 

Other Asia ................................ 157 160 152 195 238 167 189 122 130 

Total Asia ................................ 10,846 10,219 14,622 14,327 16,322 13,971 14,279 14,002 13,113 

Africa: 

Congo (formerly Zaire)................................ 3 1 - - - - - 1 -

Egypt................................................................ 286136 186 266 270 280 233 206 155 

Ghana ................................................................ 9 14 6 5 7 8 7 7 9 

Liberia ................................................................ 8 11 3 2 40 1 28 26 51 

Morocco ................................................................ 28 29 35 49 25 27 35 33 33 

South Africa ................................ 322 272 323 266 313 349 293 262 301 

Oil-exporting countries 4................................ 134 181 186 237 137 253 137 160 158 

Other Africa ................................ 209 226 178 258 285 348 326 325 335 

Total Africa ................................ 999 870 917 1,083 1,077 1,266 1,059 1,020 1,042 

Other countries: 

Australia ................................................................ 1,485 1,398 1,889 2,041 1,947 1,947 2,150 2,345 2,355 

All other................................................................ 390 286 351 359 513 360 383 361 

Total other countries ................................ 1,875 1,684 2,240 2,400 2,460 2,307 2,533 2,706 2,709 

Total foreign countries ................................ 68,105 77,443 76,639 90,130 96,909 93,973 113,082 102,050 102,590 

International and regional orgs.: 

International ................................ 18 15 2 2 2 1 - - -

European regional................................ 5 3 - 4 448 9 - 2 

Latin American regional ................................ - - - - 6 2 - 4 -

Asian regional ................................ - - - 12 10 3 - 2 -

African regional................................ - 1 1 2 1 - - - -

Middle Eastern regional ................................ - - - 7 - - - - -

Total international 

and regional ................................ 23 19 3 27 467 15 - 8 2 

Grand total ................................ 68,128 77,462 76,642 90,157 97,376 93,988 113,082 102,058 102,592 

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.

354 

2 
90 CAPITAL MOVEMENTS 

TABLE CM-IV-5.—Total Claims by Type and Country, June 30, 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................................................................ 

3,028 2,820 2,819 1 208 

1,007 797 759 38 210 

12 - - - 12 

58 27 26 1 31 

86 28 28 - 58 

298 12 11 1 286 

5,139 2,312 2,192 120 2,827 

2,465 1,302 788 514 1,163 

371 168 167 1 203 

43 - - - 43 

770 615 612 3 155 

1,313 353 343 10 960 

2,228 1,847 1,546 301 381 

229 123 99 24 106 

53 1 - 1 52 

77 10 8 2 67 

19 - - - 19 

95 23 22 1 72 

991 568 542 26 423 

321 143 135 8 178 

767 295 280 15 472 

608 478 473 5 130 

15,079 11,684 9,799 1,885 3,395 

7 - - - 7 

489 50 32 18 439 

Total Europe................................................................ 35,553 23,656 20,681 2,975 11,897 

Canada................................................................ 8,003 5,248 4,605 643 2,755 

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................................ 

550 289 283 6 261 

1,360 1,332 1,331 1 28 

919 704 696 8 215 

2,876 2,036 2,033 3 840 

29,617 29,591 29,591 - 26 

225 28 27 1 197 

290 69 67 2 221 

9 - - - 9 

93 12 12 - 81 

82 25 25 - 57 

75 48 48 - 27 

4,118 2,823 2,779 44 1,295 

67 60 60 - 7 

103 43 43 - 60 

75 8 8 - 67 

41 - - - 41 

18 1 1 - 17 

377 60 58 2 317 

1,275 382 375 7 893 

Total Latin America and 

Caribbean................................................................ 42,170 37,511 37,437 74 4,659 

See footnotes at end of table. 
CAPITAL MOVEMENTS 91 

TABLE CM-IV-5.—Total Claims by Type and Country, June 30 , 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 ................................................................ 

1,509 795 793 2 714 

984 121 91 30 863 

686 430 114 316 256 

478 314 161 153 164 

216 115 114 1 101 

569 176 174 2 393 

3,148 1,093 421 672 2,055 

1,750 1,218 1,218 - 532 

23 - - - 23 

605 420 344 76 185 

35 3 3 - 32 

727 659 659 - 68 

1,107 307 299 8 800 

1 - - - 1 

181 80 66 14 101 

1,094 95 94 1 999 

Total Asia ................................................................ 13,113 5,826 4,551 1,275 7,287 

Africa: 

Congo (formerly Zaire)................................ - - - - -

Egypt................................................................ 155 37 35 2 118 

Ghana ................................................................ 9 - - - 9 

Liberia ................................................................ 51 50 50 - 1 

Morocco ................................................................ 33 16 15 1 17 

South Africa ................................................................ 301 156 155 1 145 

Other Africa ................................................................ 493 172 172 - 321 

Total Africa ................................................................ 1,042 431 427 4 611 

Other countries: 

Australia ................................................................ 2,355 839 727 112 1,516 

All other................................................................ 354 112 69 43 242 

Total other countries ................................ 2,709 951 796 155 1,758 

Total foreign countries ................................ 102,590 73,623 68,497 5,126 28,967 

International and regional orgs.: 

International ................................................................ - - - - -

European regional................................ 2 - - - 2 

Latin American regional ................................ - - - - -

Asian regional ................................................................ - - - - -

African regional................................................................ - - - - -

Middle Eastern regional ................................ - - - - -

Total international and regional ................................ 2 - - - 2 

Grand total ................................................................ 102,592 73,623 68,497 5,126 28,969 

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. 
92 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. - Sept. July - Sept. 

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. - Sept. 

2002 

July - Sept. 

United Kingdom................................ 129,014 166,290 183,986 120,365 34,152 

All other Europe ................................ 71,492 128,577 78,921 18,490 4,707 

Caribbean banking centers 1,2................................ 43,142 19,883 57,817 59,903 10,881 

Japan................................................................ 43,366 52,006 56,589 67,743 45,984 

All other Asia ................................ 34,168 52,151 110,995 72,906 32,014 

Subtotal ................................................................ 321,182 418,907 488,308 339,407 127,738 

All other countries. ................................ 28,979 38,921 32,541 18,218 1,193 

Grand total ................................ 350,161 457,828 520,849 357,625 128,931 

1

 Includes Bahamas, Bermuda, 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 three quarters

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 three 

quarters 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 $528 billion. In 

the first three quarters of 2002,

net foreign acquisitions

(including stock swaps) of U.S.

securities totaled $364 billion, 

somewhat below last year’s

record pace, but on par with the

robust pace of 2000. 
CAPITAL MOVEMENTS 93 

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 r ................................................................ 18,514 3,474 15,726 -686 5,267,730 5,249,216 163,990 1,201,649 1,037,659 

2002 - Jan. - Sept. p ................................ 48,648 -7,602 55,246 1,004 4,949,308 4,900,660 134,028 1,266,449 1,132,421 

2001 - Sept. r ................................ -1,134 2,549 -3,831 148 388,087 389,221 7,828 110,430 102,602 

Oct. r ................................ 15,723 2,239 13,399 85 487,602 471,879 27,277 125,029 97,752 

Nov. r................................ 12,362 6,266 6,322 -226 589,043 576,681 14,073 120,631 106,558 

Dec. r................................ 8,817 1,061 7,790 -34 375,852 367,035 8,629 125,184 116,555 

2002 - Jan. r................................ -16,206 -3,000 -13,471 265 473,945 490,151 3,964 121,694 117,730 

Feb. r................................ 3,107 -2,177 4,960 324 407,202 404,095 6,233 114,781 108,548 

Mar. r................................ 15,518 5,233 10,136 149 534,651 519,133 19,516 137,322 117,806 

Apr. r ................................ -12,528 -1,606 -11,232 310 511,338 523,866 23,721 145,482 121,761 

May ................................ -539 -69 30 -500 596,786 597,325 18,348 139,360 121,012 

June ................................ 10,896 2,161 8,612 123 514,518 503,622 11,996 133,665 121,669 

July................................ 21,023 -5,268 26,385 -94 664,005 642,982 11,727 164,232 152,505 

Aug. p................................ 1,120 635 70 415 616,928 615,808 17,443 156,902 139,459 

Sept. p................................ 26,257 -3,511 29,756 12 629,935 603,678 21,080 153,011 131,931 

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 r ................................................................................. 221,955 741,041 519,086 116,390 3,051,332 2,934,942 

2002 - Jan. - Sept. p........................................................... 138,022 599,419 461,397 36,927 2,379,615 2,342,688 

2001 - Sept......................................................................... 10,182 45,728 35,546 -11,532 193,492 205,024 

Oct. r....................................................................... 13,591 67,432 53,841 7,261 255,679 248,418 

Nov ......................................................................... 16,783 66,364 49,581 13,172 241,311 228,139 

Dec. r...................................................................... 13,660 52,470 38,810 13,284 239,276 225,992 

2002 - Jan. r ....................................................................... 15,611 59,850 44,239 8,616 255,717 247,101 

Feb ......................................................................... 7,254 53,943 46,689 2,101 259,946 257,845 

Mar. r ...................................................................... 26,580 82,503 55,923 6,917 286,549 279,632 

Apr. r....................................................................... 18,493 71,804 53,311 7,827 272,125 264,298 

May......................................................................... 26,643 80,193 53,550 -346 274,543 274,889 

June........................................................................ 20,959 71,019 50,060 4,013 248,562 244,549 

July ......................................................................... 3,922 56,991 53,069 9,655 318,210 308,555 

Aug. p ................................................................ 14,495 64,511 50,016 4,613 257,264 252,651 

Sept. p ................................................................ 4,065 58,605 54,540 -6,469 206,699 213,168 

1

 Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
94 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 purchases 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. - Sept. p................................ 

2001 - Sept................................................................ 

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

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

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

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

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

Mar. r................................................................ 

Apr. r................................................................ 

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

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

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

Aug. p................................................................ 

Sept. 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 

31,157 23,980 988,705 964,725 7,177 974,907 967,730 

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 

12,836 7,333 109,465 102,132 5,503 116,435 110,932 

-3,100 461 99,383 98,922 -3,561 114,999 118,560 

-1,056 6,871 124,357 117,486 -7,927 113,418 121,345 

747 5,730 118,365 112,635 -4,983 111,699 116,682 

20,992 7,707 120,212 112,505 13,285 139,500 126,215 

1,466 -1,583 111,361 112,944 3,049 92,879 89,830 

1,486 774 122,840 122,066 712 87,224 86,512 
CAPITAL MOVEMENTS 95 

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 r 

(1) 

Jan. July Calendar 

year 

2001 r 

(4) 

Jan. July Calendar 

year 

2001 r 

(7) 

Jan. July Calendar Jan. July 

year through through 

2001 Sept. Sept. p 

(10) (11) (12) 

through 

Sept. 

(2) 

through 

Sept. p 

(3) 

through 

Sept. 

(5) 

through 

Sept. p 

(6) 

through 

Sept. 

(8) 

through 

Sept. p 

(9) Country 

Europe: 

Austria ................................ -838 -775 -214 -230 349 77 312 346 -18 707 -47 -60 

Belgium 1 ................................ -598 1,761 1,493 2,272 -42 100 1,893 2,491 538 2,177 1,521 254 

Bulgaria ................................ 120 -78 -2 - 29 11 54 40 32 20 4 -4 

Czech Republic ................................ 474 288 -65 6 2 - 172 34 - 56 -23 -14 

Denmark................................ -464 -962 -577 377 -126 80 1,443 612 93 1,720 365 -852 

Finland................................ -191 -80 -42 132 40 23 195 37 20 637 160 -69 

France ................................ -4,272 -448 -1,391 2,036 1,137 474 2,992 1,649 460 5,914 738 44 

Germany................................ -1,668 -7,674 -5,637 6,511 2,204 1,225 5,851 1,041 -563 8,415 -981 -2,098 

Greece................................ 171 432 223 143 246 11 141 -108 -105 -14 114 21 

Hungary................................ 151 -22 39 49 4 15 40 27 10 13 -18 4 

Ireland ................................ 185 297 7 522 -251 245 1,245 4,890 1,194 1,927 1,400 185 

Italy ................................................................ -2,008 1,380 252 -2,126 -220 -204 233 260 -391 2,249 1,319 -19 

Luxembourg 1 ................................ n.a. -1,317 -350 n.a. 875 -169 n.a. -57 66 n.a. 2,057 245 

Netherlands ................................ -6,728 -20,362 -75 -960 -2,128 644 2,498 1,586 -233 10,919 2,448 2,336 

Norway ................................ 2,726 -8,973 -3,791 1,762 1,765 -504 -230 2,624 744 1,996 1,309 790 

Poland ................................ -1,320 -895 -783 528 184 111 -24 6 5 9 -3 -1 

Portugal................................ 2,273 966 522 -31 -16 -25 144 138 19 153 133 1 

Romania ................................ 170 406 261 -234 147 59 1 8 - -1 -2 -

Russia 2 ................................ 1,477 1,584 712 343 8,778 4,278 2 - - 2 53 8 

Spain ................................ -5,301 -1,747 -1,068 658 564 446 759 177 58 857 -749 -183 

Sweden ................................ -1,190 588 536 529 201 242 246 254 129 3,635 854 -518 

Switzerland................................ 1,412 1,300 691 2,992 2,965 1,676 2,729 4,257 1,911 3,456 202 -1,596 

Turkey ................................ -934 -59 -304 19 - - -15 -13 -14 -19 5 -

United Kingdom................................ -7,279 28,710 19,734 43,972 17,264 6,191 108,800 63,619 4,824 38,493 10,772 3,403 

Channel Islands and 

Isle of Man 3 ................................ na. 1,213 578 n.a. 670 486 n.a. 2,406 2,039 n.a. -359 6 

Yugoslavia 4 ................................ - 1 1 - 2 2 - - - - 3 2 

Other Europe................................ 2,745 1,885 -21 198 -79 -233 634 -703 172 1 -24 -6 

Total Europe ................................ -20,604 -2,581 10,729 60,511 34,564 15,261 134,901 85,621 10,990 88,099 21,251 1,879 

Canada ................................ -1,634 -5,646 -2,807 1,310 -697 -1,300 3,285 1,920 444 10,984 6,328 2,501 

Latin America: 

Argentina ................................ -399 465 443 1,558 -260 159 361 160 2 593 252 54 

Brazil ................................ 2,633 1,131 1,000 1,951 -84 -292 -17 181 -182 -139 -14 -76 

Chile ................................ 240 239 68 2 156 149 614 51 73 204 73 -62 

Colombia ................................ 192 -723 -325 188 124 44 495 38 -133 -6 -24 -15 

Ecuador ................................ 8 -2 3 45 59 28 100 30 7 56 -19 3 

Guatemala................................ 37 3 - 54 73 34 71 56 19 16 -3 -4 

Mexico ................................ 195 2,800 -697 2,257 4,259 303 1,340 850 54 -673 496 126 

Panama ................................ -150 -4 12 686 751 319 537 351 115 39 -125 -45 

Peru................................................................ 99 151 165 611 914 344 13 91 22 37 180 -13 

Uruguay................................ -225 -360 -3 275 528 145 277 59 72 193 45 -28 

Venezuela ................................ 290 10 -152 365 508 161 381 589 380 19 42 28 

Other Latin America 5................................ 286 447 588 997 93 49 652 335 51 -41 -187 30 

Total Latin America................................ 3,206 4,157 1,102 8,989 7,121 1,443 4,824 2,791 480 298 716 -2 

Caribbean: 

Bahamas ................................ -4,479 16,217 5,370 472 1,171 384 1,797 543 384 1,908 -82 -185 

Bermuda................................ 2,790 3,566 -3,358 6,916 4,221 2,031 17,658 9,803 2,453 -11,558 -6,926 -1,600 

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 2,530 3,756 n.a. 20,532 6,919 n.a. 17,129 1,450 n.a. -6,505 -3,707 

Cuba................................ - n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a. 

Jamaica ................................ 23 9 -44 187 334 98 29 92 29 14 -7 -5 

Netherlands Antilles ................................ -10,744 -3,212 -1,142 120 1,210 -429 845 52 -143 516 -1,319 -1,703 

Trinidad and Tobago................................ 17 31 1 -325 60 16 88 57 35 3 -8 -5 

Other Caribbean 5 ................................ n.a. -9,898 -5,157 n.a. 625 174 n.a. -207 -484 n.a. 1,034 -863 

Total Caribbean ................................ 1,066 9,243 -574 13,351 28,153 9,193 49,855 27,469 3,724 -5,452 -13,813 -8,068 

See footnotes at end of table. 
96 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 r 

(1) 

Jan. July Calendar 

year 

2001 r 

(4) 

Jan. July Calendar 

year 

2001 r 

(7) 

Jan. July Calendar 

year 

2001 

(10) 

Jan. July 

through 

Sept. 

(2) 

through 

Sept. p 

(3) 

through 

Sept. 

(5) 

through 

Sept. p 

(6) 

through 

Sept. 

(8) 

through 

Sept. p 

(9) 

through 

Sept. 

(11) 

through 

Sept. p 

Country (12)

Asia: 

China: 

Mainland ................................................................ 19,117 9,722 8,987 25,979 22,246 8,436 6,688 5,184 761 3 196 131 

Taiwan................................................................ 2,265 -931 439 5,417 8,448 2,745 2,248 1,288 310 259 349 61 

Hong Kong ................................................................ 7,244 -6,998 294 17,843 8,034 2,882 4,187 2,990 1,211 676 1,815 907 

India................................................................ 935 -749 -672 -17 5 2 38 31 18 -15 -15 4 

Indonesia................................................................ -7,226 142 607 10 410 42 96 34 7 74 23 -8 

Israel................................................................ 1,282 2,768 -252 637 -131 -246 553 501 156 -374 -116 -106 

Japan................................................................ 16,114 25,492 26,974 27,606 21,775 10,906 6,081 5,789 1,957 6,788 14,687 6,147 

Korea................................................................ 816 11,026 4,415 -1,114 -79 -519 831 996 253 -76 41 -30 

Lebanon ................................................................ 24 - -1 8 8 - 17 -13 -1 23 54 17 

Malaysia ................................................................ 1,642 1,110 321 232 1,263 -254 66 76 25 -57 -22 -5 

Pakistan................................................................ 40 - - 3 39 38 2 31 31 -8 4 -1 

Philippines................................................................ 597 130 67 300 265 103 247 141 17 -40 -35 6 

Singapore................................................................ -7,917 -1,142 -1,286 2,905 565 193 5,401 -498 -85 13,078 3,828 2,882 

Syria ................................................................ - 4 4 - - - - 2 - -10 -4 -2 

Thailand................................................................ 378 261 784 42 115 36 18 132 9 -20 14 -7 

Oil-exporting countries 7................................ 865 -1,359 -2,710 1,151 1,484 955 1,186 259 -212 1,789 -1,045 31 

Other Asia ................................................................ 156 -98 292 104 -8 -90 -28 104 20 425 11 2 

Total Asia ................................ 36,332 39,378 38,263 81,106 64,439 25,229 27,631 17,047 4,477 22,515 19,785 10,029 

Africa: 

Congo (formerly Zaire)................................ - - - -1 - - 3 - - -1 1 1 

Egypt ................................................................ -811 -315 29 105 46 35 28 15 18 -41 8 1 

Ghana................................................................ - 506 506 - 1 - - - - - - -

Liberia................................................................ -111 - 4 -22 65 10 69 18 -3 -306 -13 -24 

Morocco................................................................ 111 -26 - 50 2 1 - -3 -1 -3 -12 -5 

South Africa................................................................ -97 126 92 4 -23 -25 177 -5 27 -154 - 32 

Oil-exporting countries 8................................ -2 -27 -3 150 305 101 1 28 -1 -43 2 -6 

Other Africa ................................................................ 30 474 -114 18 313 206 178 62 -8 182 -3 6 

Total Africa................................ -880 738 514 304 709 328 456 115 32 -366 -17 

Other countries: 

Australia ................................................................ 1,427 3,179 1,183 -1,647 317 560 -120 2,894 2,377 117 2,453 1,270 

New Zealand 9................................ n.a. -617 -292 n.a. -16 -10 n.a. -93 -48 n.a. 324 134 

All other countries ................................ 274 -207 -51 154 -17 -4 662 89 -63 -183 -18 -18 

Total other countries ................................ 1,714 2,355 840 -1,570 284 546 426 2,890 2,266 109 2,759 1,386 

Total foreign countries................................ 19,200 47,644 48,067 164,001 134,573 50,700 221,378 137,853 22,413 116,187 37,009 7,730 

International and regional orgs.: 

International ................................ -290 835 309 42 -479 -331 493 181 41 31 -39 

European regional................................ -7 14 -3 - - - 25 -60 20 - -

Latin American regional ................................ 41 12 36 10 -9 14 67 45 -12 159 -53 

9 

-

57 

Caribbean regional 10 ................................ na. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Asian regional ................................ -449 182 -9 -76 -58 -133 4 2 20 -3 9 2 

African regional ................................ 25 -34 n.a. 13 1 n.a. -12 1 n.a. -1 - n.a. 

Middle Eastern regional ................................ -6 -5 - - - - - - - 17 1 1 

Total international and regional................................ -686 1,004 333 -11 -545 -450 577 169 69 203 -82 69 

Grand total................................ 18,514 48,648 48,400 163,990 134,028 50,250 221,955 138,022 22,482 116,390 36,927 7,799 

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 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.” 

5 
CAPITAL MOVEMENTS 97 

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third 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 

Marketable Bonds 

Treasury of U.S. 

and Gov’t 

Federal corps 

Financ- and 

ing Bank federally 

bonds sponand sored 

notes agencies Bonds Stocks 

(2) (3) (4) (5) 

Corporate and 

other Foreign securities 

Bonds 

(6) 

Stocks 

(7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federally 

sponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

(13) 

Stocks 

Country (14)

Total 

purchases 

(1) 

Europe: 

Austria ................................................................ 3,764 1,400 872 81 863 266 282 3,990 1,614 795 99 923 253 306 

Belgium ................................................................ 17,568 5,698 4,835 1,871 3,603 408 1,153 14,814 4,205 4,735 1,333 3,349 416 776 

Bulgaria ................................................................ 168 16 25 40 65 22 - 125 18 14 8 69 16 -

Czech Republic................................ 742 579 - - 102 35 26 896 644 - - 116 97 39 

Denmark................................................................ 15,761 12,613 832 558 999 219 540 16,927 13,190 752 465 1,851 171 498 

Finland................................................................ 3,248 1,934 316 51 407 93 447 3,615 1,976 293 31 476 149 690 

France ................................................................ 156,426 75,466 1,563 2,028 59,868 10,480 7,021 157,854 76,857 1,089 1,568 59,824 11,214 7,302 

Germany ................................................................ 75,407 37,583 3,188 1,963 10,458 15,224 6,991 81,200 43,220 1,963 2,526 12,556 14,476 6,459 

Greece................................................................ 2,506 1,976 57 10 377 36 50 2,447 1,753 46 115 356 54 123 

Hungary................................................................ 363 229 15 10 44 11 54 265 190 - - 40 3 32 

Ireland ................................................................ 68,205 39,292 2,961 4,002 15,634 3,147 3,169 65,396 39,285 2,716 2,808 15,449 2,595 2,543 

Italy ................................................................ 25,820 12,342 775 233 8,121 2,525 1,824 26,060 12,090 979 624 8,140 2,338 1,889 

Luxembourg ................................................................ 16,449 3,062 2,754 1,216 6,147 1,969 1,301 15,401 3,412 2,923 1,150 5,902 577 1,437 

Netherlands ................................................................ 67,446 40,077 8,365 1,074 11,150 1,427 5,353 63,744 40,152 7,721 1,307 8,814 1,211 4,539 

Norway ................................................................ 146,762 136,339 3,229 3,297 1,904 1,325 668 148,989 140,130 3,733 2,553 1,114 1,067 392 

Poland ................................................................ 2,444 1,130 267 5 5 990 47 3,906 1,913 156 - 6 1,794 37 

Portugal ................................................................ 4,674 3,854 381 60 234 27 118 4,184 3,332 406 41 233 29 143 

Romania ................................................................ 2,318 1,883 433 - - - 2 2,008 1,622 374 - - 11 1 

Russia 1 ................................................................ 20,138 4,129 15,240 1 277 53 438 15,147 3,417 10,962 1 269 51 447 

Spain ................................................................ 9,235 5,246 607 85 1,335 711 1,251 9,520 6,314 161 27 1,518 366 1,134 

Sweden ................................................................ 19,783 9,582 5,227 252 2,749 370 1,603 19,265 9,046 4,985 123 3,267 678 1,166 

Switzerland................................................................ 46,089 17,510 5,957 3,408 12,996 1,720 4,498 44,459 16,819 4,281 1,497 14,592 1,509 5,761 

Turkey ................................................................ 1,320 951 3 - 20 184 162 1,451 1,255 3 14 20 61 98 

United Kingdom ................................ 1,140,206 590,685 45,191 73,078 131,723 158,889 140,640 1,096,465 570,951 39,000 68,254 128,320 156,809 133,131 

Channel Islands and Isle of Man 2 ................................ 8,794 1,558 2,390 2,393 1,895 123 435 5,795 980 1,904 354 1,889 190 478 

Yugoslavia 3 ................................................................ 6 2 2 - 2 - - 1 1 - - - - -

Other Europe................................ 9,537 6,453 976 406 794 326 582 9,574 6,474 1,209 234 800 229 628 

Total Europe ................................ 1,865,179 1,011,589 106,461 96,122 271,772 200,580 178,655 1,813,498 1,000,860 91,200 85,132 269,893 196,364 170,049 

Canada ................................................................ 189,708 105,966 4,439 4,345 43,077 14,910 16,971 189,500 108,773 5,739 3,901 40,576 15,922 14,589 

Latin America: 

Argentina................................................................ 2,766 674 330 163 1,076 351 172 2,116 231 171 161 1,022 299 232 

Brazil ................................................................ 15,590 6,414 862 304 466 5,758 1,786 14,141 5,414 1,154 486 542 5,118 1,427 

Chile ................................................................ 4,574 2,171 309 435 591 880 188 4,056 2,103 160 362 653 663 115 

Colombia ................................................................ 2,996 1,116 383 542 187 712 56 3,375 1,441 339 675 202 671 47 

Ecuador ................................................................ 585 96 49 29 283 20 108 544 93 21 22 280 5 123 

Guatemala................................................................ 164 5 37 38 29 45 10 82 5 3 19 33 17 5 

Mexico ................................................................ 10,309 3,100 1,502 800 999 2,053 1,855 11,451 3,797 1,199 746 873 3,287 1,549 

Panama ................................................................ 2,665 174 659 358 717 593 164 2,220 162 340 243 762 551 162 

Peru................................................................ 1,119 340 396 32 110 183 58 519 175 52 10 123 126 33 

Uruguay................................................................ 1,271 222 312 163 330 189 55 1,118 225 167 91 358 207 70 

Venezuela ................................................................ 2,541 590 330 766 284 480 91 1,947 742 169 386 256 319 75 

Other Latin America ................................ 6,653 4,610 129 234 566 1,055 59 5,827 4,022 80 183 536 965 41 

Total Latin America ................................ 51,233 19,512 5,298 3,864 5,638 12,319 4,602 47,396 18,410 3,855 3,384 5,640 12,228 3,879 

Caribbean: 

Bahamas ................................................................ 62,384 35,717 1,462 3,168 11,188 6,921 3,928 57,077 30,347 1,078 2,784 11,373 7,671 3,824 

Bermuda................................................................ 348,742 117,266 34,799 12,394 136,355 36,457 11,471 348,372 120,624 32,768 9,941 137,955 35,773 11,311 

Cayman Islands 4 ................................ 767,582 262,717 246,766 37,323 160,844 28,482 31,450 760,022 258,961 239,847 35,873 164,551 29,418 31,372 

Cuba ................................................................ - - - - - - - - - - - - - -

Jamaica ................................................................ 536 14 310 58 8 145 1 373 58 212 29 13 61 -

Netherlands Antilles ................................ 87,154 46,861 2,479 629 31,089 2,014 4,082 90,513 48,003 2,908 772 32,792 1,903 4,135 

Trinidad and Tobago................................ 192 12 25 43 14 97 1 81 11 9 8 19 30 4 

Other Caribbean ................................ 107,346 14,145 1,985 3,117 78,602 1,194 8,303 113,050 19,302 1,811 3,601 79,465 1,311 7,560 

Total Caribbean ................................ 1,373,936 476,732 287,826 56,732 418,100 75,310 59,236 1,369,488 477,306 278,633 53,008 426,168 76,167 58,206 

See footnote at end of table. 
98 CAPITAL MOVEMENTS 

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Third 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 

Marketable 

Treasury Bonds 

and of U.S. 

Federal Gov’t 

Financ- corps and 

ing Bank federally 

bonds sponand sored 

notes agencies Bonds Stocks 

(2) (3) (4) (5) 

Corporate and 

other Foreign securities 

Bonds 

(6) 

Stocks 

(7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federally 

sponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

(13) 

Stocks 

Country (14)

Total purchases 

(1) 

Asia: 

China: 

Mainland ................................ 72,899 53,068 16,496 1,416 505 1,326 88 53,489 44,081 8,060 655 374 214 105 

Taiwan ................................ 13,776 4,606 3,896 484 1,350 1,110 2,330 8,587 4,167 1,151 174 1,289 120 1,686 

Hong Kong ................................ 47,808 21,474 6,294 2,346 3,138 3,427 11,129 42,053 21,180 3,412 1,135 2,231 3,468 10,627 

India................................................................ 2,340 1,956 3 19 82 32 248 2,986 2,628 1 1 78 1 277 

Indonesia................................ 2,021 1,622 60 20 104 97 118 1,311 1,015 18 13 112 48 105 

Israel................................................................ 8,226 5,571 401 412 1,254 98 490 8,823 5,823 647 256 1,360 105 632 

Japan................................ 259,439 139,904 30,833 5,233 14,632 35,356 33,481 210,484 112,930 19,927 3,276 8,485 35,155 30,711 

Korea................................ 22,462 15,755 2,600 580 114 1,481 1,932 18,696 11,340 3,119 327 144 1,429 2,337 

Lebanon ................................ 176 - 3 1 152 9 11 165 1 3 2 135 17 7 

Malaysia ................................ 2,547 1,537 68 50 40 327 525 2,189 1,216 322 25 45 122 459 

Pakistan ................................ 87 - 42 31 11 - 3 29 - 4 - 12 1 12 

Philippines................................ 1,476 789 250 65 74 198 100 1,254 722 147 48 68 197 72 

Singapore................................ 42,786 17,550 3,461 1,991 12,440 3,596 3,748 40,268 18,836 3,268 2,076 9,558 3,091 3,439 

Syria ................................................................ 20 14 - - 6 - - 19 10 - - 8 - 1 

Thailand ................................ 6,794 6,308 88 19 99 143 137 5,851 5,524 52 10 106 13 146 

Other Asia ................................ 19,770 11,179 2,347 729 4,617 638 260 21,388 13,597 1,482 921 4,584 376 428 

Total Asia ................................ 502,627 281,333 66,842 13,396 38,618 47,838 54,600 417,592 243,070 41,613 8,919 28,589 44,357 51,044 

Africa: 

Congo (formerly Zaire)................................ 25 - - - 25 - - 24 - - - 24 - -

Egypt ................................ 238 55 37 20 96 13 17 158 26 2 2 95 18 15 

Ghana................................ 729 506 - - 4 219 - 8 - - - 4 - 4 

Liberia................................ 259 12 38 9 83 61 56 216 8 28 12 107 11 50 

Morocco ................................ 5 - 1 - 3 1 - 12 - - 1 8 1 2 

South Africa................................ 1,072 229 17 64 170 121 471 805 137 42 37 138 136 315 

Other Africa ................................ 1,275 148 438 67 380 162 80 942 265 131 76 380 16 74 

Total Africa................................ 3,603 950 531 160 761 577 624 2,165 436 203 128 756 182 460 

Other countries: 

Australia ................................ 28,710 11,895 1,668 5,118 3,323 2,446 4,260 22,416 10,712 1,108 2,741 2,053 2,007 3,795 

New Zealand ................................ 1,100 384 93 120 201 129 173 1,133 676 103 168 67 37 82 

All other countries ................................ 1,089 166 343 52 242 219 67 1,056 217 347 115 260 53 64 

Total other countries................................ 30,899 12,445 2,104 5,290 3,766 2,794 4,500 24,605 11,605 1,558 3,024 2,380 2,097 3,941 

Total foreign countries ................................ 4,017,185 1,908,527 473,501 179,909 781,732 354,328 319,188 3,864,244 1,860,460 422,801 157,496 774,002 347,317 302,168 

International and 

regional orgs.: 

International ................................ 2,139 1,456 379 156 121 11 16 2,244 1,147 710 115 112 132 28 

European regional................................ 497 63 - 20 - 73 341 478 66 - - - 66 346 

Latin American regional ................................ 415 44 18 2 294 1 56 277 8 4 14 237 - 14 

Caribbean regional................................ - - - - - - - - - - - - - -

Asian regional ................................ 1,060 778 247 20 14 - 1 1,180 787 380 - 12 - 1 

African regional ................................ - - - - - - - - - - - - - -

Middle Eastern regional ................................ 13 - - - 12 - 1 11 - - - 11 - -

Total international 

and regional ................................ 4,124 2,341 644 198 441 85 415 4,190 2,008 1,094 129 372 198 389 

Grand total................................ 4,021,309 1,910,868 474,145 180,107 782,173 354,413 319,603 3,868,434 1,862,468 423,895 157,625 774,374 347,515 302,557 

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 99 

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 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

(13) 

Stocks 

(14) 

Corporate and 

Total pur other Foreign securities ­

chases 

(1) 

Bonds Stocks Bonds 

(6) 

Stocks 

Country (4) (5) (7)

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 ................................................................ 17,845 7,438 849 325 1,839 158 7,236 15,320 7,629 717 130 1,202 146 5,496 

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 ................................ 4,215,087 1,846,504 204,755 346,545 635,894 628,556 552,833 4,059,658 1,853,783 160,783 237,745 597,401 635,695 574,251 

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 ................................ 44,514 29,299 3,635 1,985 5,150 1,786 2,659 40,936 26,554 3,437 1,351 5,149 1,746 2,699 

Total Europe................................ 6,615,523 3,014,983 367,766 428,650 1,256,534 764,650 782,940 6,364,733 3,035,587 307,255 293,749 1,168,435 759,472 800,235 

Canada ................................................................ 561,130 294,703 22,342 16,146 115,229 39,139 73,571 544,242 296,337 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................................................................ 788,798 224,719 41,103 49,230 372,729 64,846 36,171 775,169 221,929 34,187 31,572 384,287 62,162 41,032 

Cayman Islands 6 ................................ 1,874,484 529,509 431,083 127,670 595,675 81,985 108,562 1,825,636 516,543 425,093 99,892 591,945 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................................ 3,531,899 988,953 489,994 216,749 1,440,833 184,407 210,963 3,477,253 987,887 476,643 166,894 1,446,285 182,322 217,222 

See footnote at end of table. 
100 CAPITAL MOVEMENTS 

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 

Country 

Total 

purchases 

(1) 

Marketable 

Treasury Bonds 

and of U.S. 

Federal Gov’t 

Financ- corps and 

ing Bank federally 

bonds sponand sored 

notes agencies Bonds Stocks 

(2) (3) (4) (5) 

Corporate and 

other Foreign securities 

Bonds 

(6) 

Stocks 

(7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federally 

sponsored 

agencies 

(10) 

Corporate and 

other Foreign securities 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

(13) 

Stocks 

(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................................ 842,600 413,116 131,350 20,650 70,518 42,216 164,750 806,127 397,002 103,744 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 ................................ 1,767,084 855,453 289,100 58,932 193,752 93,072 276,775 1,611,369 819,121 207,994 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 ................................ 82,469 37,024 3,694 4,115 14,259 5,335 18,042 84,197 35,597 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 ................................ 91,677 39,781 5,308 5,051 15,901 6,449 19,187 92,745 38,067 6,878 4,625 15,792 7,184 20,199 

Total foreign countries 12,802,734 5,261,888 1,198,539 740,222 3,049,696 1,158,784 1,393,605 12,301,071 5,242,688 1,034,538 518,844 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................................ 12,818,601 5,267,730 1,201,649 741,041 3,051,332 1,159,185 1,397,664 12,317,442 5,249,216 1,037,659 519,086 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 recognized 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 101 

CHART CM-D.—Net Purchases of Long-Term 

Foreign Securities by U.S. Investors * 

150 

100 

50 

0 

-50 

-100 

-150 

(In billions of dollars) 

Note: To facilitate comparison of net purchases during 2002 w ith those in 

prior years, the chart depicts data for all periods at an annualized rate. 

1998 1999 2000 2001 2002 2002 

Jan.-Sept. July-Sept. 

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. - Sept. 

2002 

July - Sept. 

Foreign bonds ................................ 17,349 5,676 4,054 -30,423 -23,980 -6,898 

Foreign stocks................................ -6,212 -15,640 13,088 50,113 -7,177 -17,046 

Total ................................ 11,137 -9,964 17,142 19,690 -31,157 -23,944 

* 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, 

$80 billion in 2000, $45 billion 

in 2001, but only $4 billion in

the first three quarters 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 $45

billion in foreign stocks

acquired through mergers, U.S.

residents acquired $95 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 three 

quarters of 2002, U.S. investors

sold $27 billion in foreign

securities. 
102 

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) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 103 

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 

Purchased 

(1) 

Sold 

Report date (2)

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 ................................................................ 

07/03/02 ................................................................ 

07/10/02 ................................................................ 

07/17/02 ................................................................ 

07/24/02 ................................................................ 

07/31/02 ................................................................ 

08/07/02 ................................................................ 

08/14/02 ................................................................ 

08/21/02 ................................................................ 

08/28/02 ................................................................ 

09/04/02 ................................................................ 

09/11/02 ................................................................ 

09/18/02 ................................................................ 

09/25/02 ................................................................ 

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 

310,857 315,360 -1,019 1.5320 

295,876 299,666 -1,381 1.5199 

302,331 307,173 -1,411 1.5403 

315,267 318,605 -1,773 1.5650 

319,273 319,664 -1,696 1.5831 

324,034 326,165 -2,180 1.5774 

360,343 330,632 -2,383 1.5640 

322,504 320,395 -2,081 1.5579 

326,039 323,906 -1,631 1.5598 

332,990 327,872 -2,601 1.5675 

345,269 346,492 -842 1.5811 

320,607 317,910 -536 1.5788 

320,606 316,284 -739 1.5802 
104 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 - Oct................................

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

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

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

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

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

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

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

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

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

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

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

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 

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 

321,827 325,353 90,302 93,311 46,414 48,869 43,003 37,247 -2,346 1.5831 

327,998 328,948 89,554 93,874 45,982 49,956 44,349 39,796 -2,074 1.5591 

340,298 341,562 111,416 110,619 38,607 42,308 38,686 34,707 -1,184 1.5875 

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 ................................ 27,947 31,102 45,729 n.a. n.a. n.a. 613 565 167 1.5932 

June ................................ 28,220 33,095 46,032 n.a. n.a. 521 884 560 n.a. 1.5166 
FOREIGN CURRENCY POSITIONS 105 

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) 

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 ................................................................ 

07/03/02 ................................................................ 

07/10/02 ................................................................ 

07/17/02 ................................................................ 

07/24/02 ................................................................ 

07/31/02 ................................................................ 

08/07/02 ................................................................ 

08/14/02 ................................................................ 

08/21/02 ................................................................ 

08/28/02 ................................................................ 

09/04/02 ................................................................ 

09/11/02 ................................................................ 

09/18/02 ................................................................ 

09/25/02 ................................................................ 

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 

160,400 164,615 923 127.52 

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 

154,896 156,125 350 119.94 

157,452 158,105 295 117.69 

150,163 153,534 225 116.24 

155,647 158,415 357 116.85 

154,640 155,437 310 119.88 

155,266 157,081 336 120.37 

159,326 161,126 395 117.34 

154,746 157,325 339 118.60 

162,894 165,937 325 118.67 

163,428 166,380 294 118.04 

167,333 170,374 180 120.40 

167,095 169,459 -68 121.78 

166,960 169,457 165 122.82 
106 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 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

Report date (8)

1999 - Dec................................ 146,349 149,278 27,233 24,011 22,474 21,436 36,816 39,114 1,050 102.31 

2000 - Dec................................ 155,896 161,619 25,262 24,120 19,454 18,782 47,367 48,779 1,143 114.42 

2001 - Oct................................ 172,914 176,430 34,972 36,056 23,614 22,879 54,121 55,151 588 122.50 

Nov ................................ 158,790 161,136 32,115 32,023 20,905 19,859 52,762 53,639 645 123.44 

Dec ................................ 150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68 

2002 - Jan ................................ 162,263 165,117 30,633 30,785 24,297 21,669 58,592 61,238 1,048 134.76 

Feb ................................ 162,654 165,377 29,624 29,188 22,834 20,675 34,761 36,347 779 133.67 

Mar ................................ 156,403 159,474 34,770 34,807 22,441 21,064 35,832 37,181 940 132.73 

Apr................................ 172,923 174,637 43,567 44,296 22,744 20,663 33,516 34,848 1,106 128.61 

May................................ 165,067 167,212 43,939 43,864 24,406 22,146 29,695 31,953 521 124.33 

June................................ 156,590 157,567 47,243 46,471 25,418 22,923 31,018 32,677 191 119.62 

July ................................ 166,425 168,669 84,076 83,590 27,855 25,642 32,086 33,516 372 119.88 

Aug ................................ 155,188 158,400 43,412 42,677 26,362 24,416 30,046 31,327 325 118.45 

Sept. ................................ 168,294 170,760 37,705 38,360 28,641 26,848 33,179 34,241 329 121.81 

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 Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Purchased Sold Assets 

(3) 

Liabilities 

(4) 

Bought Written Bought Written 

Report date (1) (2) (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................................ 12,513 11,509 5,757 5,747 854 n.a. n.a. 891 -16 132.73 

June................................ 12,689 12,160 5,120 5,003 n.a. 11,431 12,056 n.a. -77 119.62 
FOREIGN CURRENCY POSITIONS 107 

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) 

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 ................................................................ 

07/03/02 ................................................................ 

07/10/02 ................................................................ 

07/17/02 ................................................................ 

07/24/02 ................................................................ 

07/31/02 ................................................................ 

08/07/02 ................................................................ 

08/14/02 ................................................................ 

08/21/02 ................................................................ 

08/28/02 ................................................................ 

09/04/02 ................................................................ 

09/11/02 ................................................................ 

09/18/02 ................................................................ 

09/25/02 ................................................................ 

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 4,937 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 

250,899 255,013 4,939 1.4935 

260,532 264,644 4,805 1.4872 

259,678 265,831 5,741 1.4547 

272,945 278,917 5,852 1.4601 

265,927 272,583 4,949 1.4855 

281,722 286,615 4,093 1.4970 

273,577 281,589 3,770 1.4958 

280,885 283,353 2,653 1.4987 

327,122 329,694 3,014 1.5008 

322,717 324,810 2,611 1.4767 

337,079 341,764 2,344 1.5023 

311,881 315,949 3,497 1.5037 

305,655 309,800 2,296 1.4978 
108 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 Sold Assets Liabilities Bought Written Bought Written 

Report date (1) (2) (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 - 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 

July ................................ 291,133 297,916 70,530 73,555 48,891 42,508 47,290 47,374 5,198 1.4855 

Aug ................................ 279,448 282,902 65,321 64,875 44,745 39,628 41,406 44,858 2,634 1.4967 

Sept. ................................ 308,953 311,719 57,271 56,240 43,585 36,998 40,657 42,609 2,419 1.4767 

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 

(3) 

Liabilities 

(4) 

Bought Written Bought Written 

Report date (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................................ 24,094 30,303 33,474 18,665 n.a. n.a. n.a. n.a. n.a. 1.6826 

June................................ 27,577 34,034 32,487 19,371 n.a. n.a. n.a. n.a. 50 1.4826 
FOREIGN CURRENCY POSITIONS 109 

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) 

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 ................................................................ 

07/03/02 ................................................................ 

07/10/02 ................................................................ 

07/17/02 ................................................................ 

07/24/02 ................................................................ 

07/31/02 ................................................................ 

08/07/02 ................................................................ 

08/14/02 ................................................................ 

08/21/02 ................................................................ 

08/28/02 ................................................................ 

09/04/02 ................................................................ 

09/11/02 ................................................................ 

09/18/02 ................................................................ 

09/25/02 ................................................................ 

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 

394,985 408,965 1,141 1.5266 

411,507 423,025 1,007 1.5477 

419,628 433,029 958 1.5706 

427,715 442,012 976 1.5709 

419,404 437,420 734 1.5633 

437,644 453,052 616 1.5373 

430,526 445,881 430 1.5368 

408,609 422,038 186 1.5311 

432,594 446,455 54 1.5350 

435,938 447,419 564 1.5641 

440,089 452,393 971 1.5527 

437,852 451,680 326 1.5491 

450,500 460,996 619 1.5572 
110 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 

(3) 

Liabilities 

(4) 

Bought Written Bought Written 

Report date (5) (6) (7) (8) 

1999 - Dec................................ 432,242 417,962 87,209 89,210 33,780 40,959 38,668 36,834 -1,112 1.6176 

2000 - Dec................................ 479,669 474,813 132,953 130,552 52,002 49,853 34,026 35,250 1,692 1.4922 

2001 - Oct................................ 502,107 507,242 167,094 162,237 31,379 33,889 34,479 32,289 1,297 1.4544 

Nov ................................ 451,233 457,021 153,515 147,058 26,946 30,283 29,687 28,705 738 1.4248 

Dec ................................ 347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556 

2002 - Jan ................................ 396,261 424,684 154,610 142,786 29,245 29,876 29,476 30,090 1,390 1.4110 

Feb ................................ 403,387 435,670 157,285 146,703 29,489 30,184 31,576 30,826 1,302 1.4164 

Mar ................................ 361,712 392,921 165,819 153,758 27,540 26,578 28,823 29,707 1,293 1.4243 

Apr................................ 419,679 450,084 191,776 177,630 30,355 28,636 32,424 33,698 844 1.4570 

May................................ 409,922 435,580 184,975 171,930 29,767 27,158 31,937 32,561 277 1.4556 

June................................ 373,791 410,209 197,979 179,559 33,897 31,400 34,614 38,632 854 1.5313 

July ................................ 455,736 487,603 204,138 195,022 35,290 29,178 37,620 39,058 977 1.5633 

Aug ................................ 377,470 409,751 197,332 187,173 31,003 26,741 34,739 36,192 622 1.5499 

Sept. ................................ 439,123 445,884 204,296 184,699 29,932 26,994 32,633 31,537 627 1.5683 

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 Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollar 

per pound) 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought Written Bought Written 

Report date (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................................ 33,394 34,589 31,715 22,862 n.a. n.a. n.a. 3,641 393 1.4243 

June................................ 30,570 30,164 29,057 22,462 n.a. n.a. 3,802 3,702 263 1.5313 
FOREIGN CURRENCY POSITIONS 111 

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) 

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 ................................................................ 

07/03/02 ................................................................ 

07/10/02 ................................................................ 

07/17/02 ................................................................ 

07/24/02 ................................................................ 

07/31/02 ................................................................ 

08/07/02 ................................................................ 

08/14/02 ................................................................ 

08/21/02 ................................................................ 

08/28/02 ................................................................ 

09/04/02 ................................................................ 

09/11/02 ................................................................ 

09/18/02 ................................................................ 

09/25/02 ................................................................ 

4,302,656 4,243,747 3,396 n.a. 

4,321,390 4,278,344 1,973 n.a. 

4,393,597 4,338,057 1,296 n.a. 

4,394,091 4,331,154 -1,020 n.a. 

4,520,493 4,458,211 -1,333 n.a. 

4,489,072 4,429,947 -3,586 n.a. 

4,521,872 4,460,163 -2,944 n.a. 

4,663,866 4,606,754 -3,024 n.a. 

4,636,070 4,581,666 -3,724 

4,586,859 4,548,706 -1,615 n.a. 

4,658,237 4,609,634 -2,286 n.a. 

4,475,694 4,400,474 -4,573 n.a. 

4,579,517 4,507,912 -5,937 n.a. 

4,480,399 4,424,355 -2,023

4,604,285 4,573,826 -1,532 n.a.

4,592,720 4,570,683 -5,442 n.a.

4,664,371 4,646,945 -3,896 n.a.

4,622,538 4,620,448 -1,440 n.a.

4,697,648 4,714,952 -5,354 n.a. 

4,728,369 4,752,685 -4,073 n.a. 

4,479,733 4,507,146 -1,529 n.a. 

4,963,129 5,058,758 -885 n.a. 

4,966,184 5,038,400 -1,508 n.a. 

5,013,947 5,087,458 -173 n.a. 

4,910,451 4,980,665 1,313 n.a. 

4,987,400 5,027,763 -742 n.a. 
112 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 

(3) 

Liabilities 

(4) 

Bought Written Bought Written 

Report date (1) (2) (5) (6) (7) (8) 

1999 - Dec................................ 4,429,626 4,470,268 - - 554,465 537,876 606,475 464,834 4,031 n.a. 

2000 - Dec................................ 4,880,774 4,897,055 - - 695,166 664,229 547,462 520,982 5,725 n.a. 

2001 - Oct................................ 4,845,593 4,817,715 - - 729,728 696,645 465,585 460,166 2,265 n.a. 

Nov ................................ 4,541,710 4,492,706 - - 741,688 717,156 473,358 461,638 1,848 n.a. 

Dec ................................ 4,142,797 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a. 

2002 - Jan ................................ 4,586,416 4,514,569 - - 880,970 843,337 582,189 574,693 2,286 n.a. 

Feb ................................ 4,556,707 4,491,013 - - 633,953 599,680 503,812 504,180 4,376 n.a. 

Mar ................................ 4,276,943 4,221,701 - - 623,080 597,594 520,811 495,288 3,716 n.a. 

Apr................................ 4,640,230 4,566,619 - - 631,526 599,422 534,011 503,031 -1,371 n.a. 

May................................ 4,591,137 4,552,617 - - 592,251 596,458 576,557 538,080 -160 n.a. 

June................................ 4,469,571 4,406,871 - - 658,899 631,991 637,630 620,346 -2,073 n.a. 

July ................................ 5,002,608 4,984,339 - - 728,557 682,247 701,531 691,968 -2,037 n.a. 

Aug ................................ 4,715,273 4,784,133 - - 689,138 647,964 660,058 640,390 310 n.a. 

Sept ................................ 5,029,571 4,971,986 - - 703,912 660,959 654,672 630,212 -72 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 Exchange 

equivalent rate 

(9) (10) 

Purchased Sold Assets 

(3) 

Liabilities 

(4) 

Bought Written Bought Written 

Report date (1) (2) (5) (6) (7) (8) 

1999 - Dec................................ 355,039 356,538 - - 39,429 n.a. 18,542 45,725 n.a. n.a. 

2000 - Mar................................ 352,979 378,558 - - 32,348 55,153 43,881 47,262 1,031 n.a. 

June................................ 324,914 346,333 - - 19,704 28,846 24,183 29,783 116 n.a. 

Sept ................................ 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. 

Dec ................................ 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. 

2001 - Mar................................ 358,652 401,829 - - 28,326 n.a. n.a. 17,413 n.a. n.a. 

June................................ 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 

Sept ................................ 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 

Dec ................................ 329,408 376,350 - - 24,444 n.a. n.a. 30,170 n.a. n.a. 

2002 - Mar................................ 347,582 383,035 - - 19,378 n.a. n.a. 14,259 n.a. n.a. 

June................................ 365,554 396,078 - - n.a. n.a. n.a. 56,788 n.a. n.a. 
FOREIGN CURRENCY POSITIONS 113 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4)

Purchased 

(1) 

Sold 

(2) 

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 ................................................................ 

07/03/02 ................................................................ 

07/10/02 ................................................................ 

07/17/02 ................................................................ 

07/24/02 ................................................................ 

07/31/02 ................................................................ 

08/07/02 ................................................................ 

08/14/02 ................................................................ 

08/21/02 ................................................................ 

08/28/02 ................................................................ 

09/04/02 ................................................................ 

09/11/02 ................................................................ 

09/18/02 ................................................................ 

09/25/02 ................................................................ 

1,498,108 1,547,749 -5,438 1.1353 

1,499,915 1,544,438 -5,797 1.1357 

1,533,432 1,596,538 -3,732 1.1249 

1,512,718 1,573,786 -2,410 1.1208 

1,588,196 1,647,864 -2,527 1.1048 

1,564,574 1,619,627 -1,110 1.1062 

1,604,198 1,658,637 -2,190 1.0971 

1,651,068 1,706,353 -3,359 1.0812 

1,634,205 1,682,084 -683 1.0692 

1,574,629 1,626,682 -729 1.0647 

1,616,998 1,673,747 1,762 1.0599 

1,515,285 1,577,798 1,259 1.0447 

1,568,273 1,625,053 -286 1.0188 

1,519,819 1,588,103 -1,288 1.0205 

1,534,571 1,595,527 -1,712 1.0114 

1,569,978 1,626,116 705 0.9926 

1,578,454 1,638,557 664 1.0061 

1,571,549 1,637,320 -440 1.0233 

1,593,258 1,663,379 1,611 1.0265 

1,601,542 1,666,448 761 1.0226 

1,526,055 1,590,809 -1,185 1.0208 

1,715,443 1,808,133 -378 1.0207 

1,733,000 1,821,950 71 1.0088 

1,739,065 1,826,064 -1,490 1.0250 

1,686,763 1,770,150 -1,297 1.0245 

1,742,622 1,831,537 753 1.0241 
114 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 - 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 

July ................................ 1,713,799 1,788,265 1,044,473 997,201 348,950 328,181 297,415 312,085 -577 1.0233 

Aug ................................ 1,600,945 1,693,434 1,074,351 1,023,439 306,039 280,310 251,798 277,873 -2,309 1.0179 

Sept ................................ 1,748,483 1,847,999 1,139,888 1,009,744 302,885 255,182 265,580 298,872 -1,527 1.0130 

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................................ 151,730 155,522 211,506 132,718 13,876 n.a. n.a. 13,806 n.a. 1.1468 

June................................ 164,656 164,125 201,038 141,211 n.a. n.a. n.a. 14,478 n.a. 1.0099 
115 

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 Mar. 31, 2002, and June 30, 2002 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Apr. 1, 2002, 

through 

Assets, liabilities and capital Mar. 31, 2002 June 30, 2002 June 30, 2002 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 9,813,548 -37,938 9,775,610 

Special drawing rights 1 ........................................................... 10,808,800 836,473 11,645,273 

Foreign exchange and securities: 

European euro ..................................................................... 7,201,092 997,870 8,198,962 

Japanese yen....................................................................... 7,116,490 763,081 7,879,571 

Accounts receivable................................................................. 94,976 24,793 119,769 

Total assets.......................................................................... 35,034,906 2,584,279 37,619,185 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 23,560 2,357 25,917 

Total current liabilities ...................................................... 23,560 2,357 25,917 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 6,109,273 409,356 6,518,629 

Total other liabilities ......................................................... 8,309,273 409,356 8,718,629 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 26,502,073 2,172,566 28,674,639 

Total capital...................................................................... 26,702,073 2,172,566 28,874,639 

Total liabilities and capital............................................ 35,034,906 2,584,279 37,619,185 

See footnote on the following page. 
116 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 

Apr. 1, 2002, Oct. 1, 2001, 

through through 

June 30, 2002 June 30, 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 ......................................................................................... 

1,714,148 596,487 

321,072 167,124 

27,792 81,720 

43,134 139,983 

66,420 195,946 

- -

Income from operations..................................................................... 2,172,566 1,181,260 

Net income (+) or loss (-)............................................................... 2,172,566 1,181,260 

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.” 
TrustFunds
119

INTRODUCTION: Trust Funds

The tables and charts in this section present the most

recent data available on various trust funds administered by

the Treasury. Trust funds are moneys held by the

Government in accounts established by law or by trust

agreement for specific purposes and designated by law as

being trust funds. 

This report compiles data from many sources and

provides information in a consolidated manner. 

The Civil Service Retirement and Disability Fund is

operated by the Office of Personnel Management. The

Federal Hospital Insurance and Federal Supplementary

Medical Insurance Trust Funds are under the auspices of

the Department of Health and Human Services’ Health Care 

Financing Administration. The Federal Old-age and

Survivors Insurance and Federal Disability Insurance Trust

Funds are administered by Social Security. 

In addition, the Department of Veterans Affairs’

Veterans Benefits Administration disburses the National

Service Life Insurance Fund. The Department of Labor’s

Employment and Training Administration is responsible for 

the Unemployment Trust Fund. 

Data for the Railroad Retirement Trust Fund also are

included in this section. That trust fund is administered by

the Railroad Retirement Board, an independent agency. 

The following tables are published in the December

issue of the “Treasury Bulletin” each year. Most of the data 

for the tables came from the “Monthly Treasury Statement

of Receipts and Outlays of the United States Government,” 

in which monthly data are published. Estimated figures are

based on the “Budget of the United States Government,

Fiscal Year 2003,” released February 4, 2002.

CHART TF-A.—Major Trust Funds

Total Net Increase or Decrease in Assets

(In billions of dollars)

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

Federal

Old-age

and

Survivors

Insurance

Trust Fund

Federal

Hospital

Insurance

Trust Fund

Civil

Service

Retirement

and

Disability

Fund

Federal

Disability

Insurance

Trust Fund

Railroad

Retirement

Account

National

Service 

Life

Insurance

Fund

Federal

Supplementary

Medical

Insurance

Trust Fund

Unemployment Trust

Fund

Source: Financial Management Service

2002

2001
120 TRUST FUNDS 

CHART TF-B.—Total Receipts of Major Trust Funds 

(In billions of dollars) 

550 

500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

2002 

2001 

Federal 

Old-age 

and 

Survivors 

Insurance 

Trust Fund 

Federal 

Hospital 

Insurance 

Trust Fund 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

Federal 

Disability 

Insurance 

Trust Fund 

Civil 

Service 

Retirement 

and 

Disability 

Fund 

Unemployment Trust 

Fund 

Railroad 

Retirement 

Account 

National 

Service 

Life 

Insurance 

Fund 

Source: Financial Management Service 
TRUST FUNDS 121 

CHART TF-C.—Total Expenditures of Major Trust Funds 

(In billions of dollars) 

400 

350 

300 

250 

200 

150 

100 

50 

0 

2002 

2001 

Federal 

Old-age 

and 

Survivors 

Insurance 

Trust Fund 

Federal 

Hospital 

Insurance 

Trust Fund 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

Federal 

Disability 

Insurance 

Trust Fund 

Unemployment Trust 

Fund 

Civil 

Service 

Retirement 

and 

Disability 

Fund 

Railroad 

Retirement 

Account 

National 

Service 

Life 

Insurance 

Fund 

Source: Financial Management Service 
122 TRUST FUNDS 

TABLE TF-1.—Civil Service Retirement and Disability Fund 

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

Receipts 

Donations, 

service credit 

payments, 

and other Interest and 

Agencies’ Employees’ Federal miscellaneous profits on 

Fiscal year Total contributions contributions contributions receipts investments 

or month (1) (2) (3) (4) (5) (6) 

1998 ................................................................ 72,229 14,828 4,124 21,357 153 31,766 

1999 ................................................................ 74,522 15,131 4,250 21,401 161 33,579 

2000 ................................................................ 75,968 16,091 4,541 21,557 170 33,608 

2001 ................................................................ 77,948 16,705 4,190 21,639 462 34,953 

2002 ................................................................ 80,070 17,524 4,029 22,108 506 35,903 

2003 - Est................................................................ 93,495 21,215 4,474 29,400 27 38,379 

2001 - Oct................................................................ 1,480 1,103 332 - 42 2 

Nov ................................................................ 1,616 1,189 365 - 40 21 

Dec ................................................................ 19,199 1,025 301 - 42 17,830 

2002 - Jan ................................................................ 1,366 1,022 302 - 41 2 

Feb ................................................................ 1,429 1,045 314 - 40 31 

Mar ................................................................ 1,777 1,310 390 - 43 33 

Apr................................................................ 1,560 1,129 336 - 42 52 

May................................................................ 1,919 1,331 387 - 42 158 

June................................................................ 19,081 1,021 298 - 41 17,721 

July ................................................................ 1,428 1,076 308 - 43 1 

Aug ................................................................ 1,754 1,308 379 - 45 23 

Sept ................................................................ 27,461 4,965 317 22,108 43 27 

Fiscal 2002................................................................ 80,070 17,524 4,029 22,108 506 35,903 

Fiscal year 

or month 

Total expenditures 

other than investments 

(7) 

Net increase, or 

decrease (-), in assets 

(8) 

Assets, end of period 

Total Investments Unexpended balance 

(9) (10) (11)

1998................................................................................... 43,058 29,170 450,135 446,757 3,378 

1999................................................................................... 43,932 30,590 480,725 480,640 85 

2000................................................................................... 45,194 30,774 511,499 511,986 -487 

2001................................................................................... 47,356 30,592 542,091 542,608 -517 

2002................................................................................... 48,970 31,100 573,191 573,713 -522 

2003 - Est .......................................................................... 52,622 40,873 613,837 613,837 -

2001 - Oct.......................................................................... 4,037 -2,557 539,534 540,060 -526 

Nov ........................................................................ 3,957 -2,341 537,193 537,702 -509 

Dec ........................................................................ 3,949 15,250 552,443 552,944 -501 

2002 - Jan.......................................................................... 4,140 -2,774 549,669 550,161 -492 

Feb ........................................................................ 4,069 -2,640 547,029 547,531 -502 

Mar ........................................................................ 4,083 -2,306 544,723 545,100 -377 

Apr ......................................................................... 4,205 -2,645 542,077 542,600 -523 

May........................................................................ 4,085 -2,166 539,911 536,428 3,483 

June....................................................................... 4,085 14,996 554,908 555,432 -524 

July ........................................................................ 4,166 -2,738 552,170 552,690 -520 

Aug ........................................................................ 4,088 -2,333 549,837 550,354 -517 

Sept ....................................................................... 4,107 23,354 573,191 573,713 -522 

Fiscal 2002 ........................................................................ 48,970 31,100 573,191 573,713 -522 

* Less than $500,000. 

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2003," released by the Office of Management and Budget Feb. 4, 2002. Details may not add to totals 

due to rounding. 
TRUST FUNDS 123 

TABLE TF-2.—Federal Hospital Insurance Trust Fund 

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

Receipts 

Interest and profits 

Fiscal year Total Net appropriations Federal payments Deposits by States on investments Other 

or month (1) (2) (3) (4) (5) (6) 

1998 ................................................................ 138,100 121,308 5,331 -2 9,154 2,308 

1999 ................................................................ 152,948 133,774 7,484 * 9,287 2,402 

2000 ................................................................ 159,534 137,097 9,516 2 10,469 2,450 

2001 ................................................................ 171,736 151,257 5,605 - 12,338 2,536 

2002 ................................................................ 179,738 150,852 12,146 * 13,774 2,966 

2003 - Est................................................................ 188,786 164,421 9,344 - 14,892 129 

2001 - Oct................................................................ 11,789 11,490 124 - 4 171 

Nov ................................................................ 12,736 12,514 27 - 10 185 

Dec ................................................................ 22,663 13,044 2,631 - 6,578 411 

2002 - Jan ................................................................ 16,075 14,286 1,563 - 26 201 

Feb ................................................................ 11,432 11,176 1 * 60 196 

Mar ................................................................ 13,350 12,487 645 - 23 195 

Apr................................................................ 20,303 15,943 4,048 - 120 191 

May................................................................ 11,895 11,620 1 - 80 194 

June................................................................ 22,246 13,450 1,379 - 6,841 576 

July ................................................................ 11,663 11,398 * - 3 261 

Aug ................................................................ 11,453 11,233 * - 21 199 

Sept ................................................................ 14,133 12,212 1,727 - 7 187 

Fiscal 2002................................................................ 179,738 150,852 12,146 * 13,774 2,966 

Expenditures other than investments Net increase, Assets, end of period 

Benefit Administrative or decrease Unexpended 

Fiscal year Total payments expenses Other (-), in assets Total Investments balance 

or month (7) (8) (9) (10) (11) (12) (13) (14) 

1998................................................................ 136,690 135,487 1,178 25 1,410 116,264 118,250 -1,986 

1999................................................................ 130,759 129,463 1,282 15 22,188 138,453 153,767 -15,314 

2000................................................................ 129,195 127,934 1,253 9 30,338 168,791 168,859 -68 

2001................................................................ 141,975 139,356 1,425 1,194 29,761 198,552 197,137 1,415 

2002................................................................ 147,051 145,566 1,478 7 32,687 231,239 228,906 2,333 

2003 - Est ................................................................ 150,002 146,255 1,609 2,138 38,784 271,276 271,276 -

2001 - Oct................................................................ 10,868 10,719 149 * 921 199,473 198,167 1,306 

Nov ................................................................ 13,244 13,215 28 1 -508 198,964 197,329 1,635 

Dec ................................................................ 11,497 11,371 124 2 11,166 210,130 208,888 1,242 

2002 - Jan................................................................ 10,444 10,319 124 1 5,632 215,762 213,823 1,939 

Feb ................................................................ 11,654 11,514 139 1 -222 215,540 214,569 971 

Mar ................................................................ 13,153 13,060 92 2 197 215,737 214,168 1,569 

Apr ................................................................ 13,332 13,172 160 * 6,971 222,708 221,104 1,604 

May................................................................ 14,724 14,595 129 * -2,829 219,879 217,728 2,151 

June................................................................ 10,113 9,971 141 1 12,133 232,012 229,943 2,069 

July ................................................................ 12,976 12,858 117 * -1,313 230,699 228,748 1,951 

Aug ................................................................ 14,305 14,171 136 -1 -2,852 227,846 225,648 2,198 

Sept ................................................................ 10,740 10,601 140 -1 3,393 231,239 228,906 2,333 

Fiscal 2002 ................................................................ 147,051 145,566 1,478 7 32,687 231,239 228,906 2,333 

* Less than $500,000. 

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2003," released by the Office of Management and Budget Feb. 4, 2002. Details may not 

add to totals due to rounding. 
124 TRUST FUNDS 

TABLE TF-3.—Federal Disability Insurance Trust Fund 

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

Receipts Expenditures other than investments 

Deposits Interest and profits Benefit 

Fiscal year Total Appropriations by States on investments Other Total payments 

or month (1) (2) (3) (4) (5) (6) (7) 

1998................................................................ 62,956 57,944 1 4,432 579 49,459 47,739 

1999................................................................ 67,792 61,884 * 5,223 684 52,142 50,488 

2000................................................................ 77,061 69,995 4 6,265 796 56,046 54,276 

2001................................................................ 82,980 74,609 - 7,572 799 60,831 58,219 

2002................................................................ 86,022 76,300 * 8,714 1,007 66,434 64,271 

2003 - Est ................................................................ 91,107 81,557 - 9,524 26 71,479 69,285 

2001 - Oct................................................................ 5,478 5,201 - 7 270 5,221 5,021 

Nov ................................................................ 5,601 5,592 - 5 4 5,113 5,044 

Dec ................................................................ 9,802 5,610 - 4,189 3 5,305 5,179 

2002 - Jan................................................................ 7,579 7,348 - 6 225 5,394 5,243 

Feb ................................................................ 6,075 6,038 * 30 7 5,657 5,512 

Mar ................................................................ 6,721 6,687 - 22 13 5,364 5,271 

Apr ................................................................ 8,3548,095 - 29 230 5,393 5,195 

May................................................................ 6,333 6,248 - 74 11 5,984 5,710 

June................................................................ 11,454 7,119 - 4,331 4 5,777 5,469 

July ................................................................ 6,043 5,811 - 5 227 5,670 5,469 

Aug ................................................................ 5,869 5,851 - 9 9 5,669 5,527 

Sept ................................................................ 6,713 6,701 - 8 5 5,888 5,631 

Fiscal 2002 ................................................................ 86,022 76,300 * 8,714 1,007 66,434 64,271 

Expenditures other than investments, con. 

Fiscal year 

or month 

Payments 

to railroad 

retirement 

account 

(8) 

Administrative

expenses

(9)

Other 

(10) 

Net increase, 

or decrease 

(-), in assets 

(11) 

Total 

(12) 

Assets, end of period 

Investments 

(13) 

Unexpended 

balance 

(14) 

1998................................................................ 157 1,488 76 13,497 78,068 76,996 1,072 

1999................................................................ 135 1,480 40 15,650 93,718 92,666 1,052 

2000................................................................ 159 1,575 35 21,014 114,732 113,707 1,025 

2001................................................................ 10 1,712 890 22,149 136,882 135,842 1,040 

2002................................................................ 154 1,967 43 19,588 156,470 155,287 1,183 

2003 - Est ................................................................ 213 1,881 100 19,628 172,681 172,681 -

2001 - Oct................................................................ - 199 1 257 137,139 135,983 1,156 

Nov ................................................................ - 67 2 488 137,627 136,536 1,091 

Dec ................................................................ - 122 4 4,497 142,124 140,947 1,177 

2002 - Jan................................................................ - 149 2 2,185 144,309 143,065 1,244 

Feb ................................................................ - 142 3 418 144,727 143,596 1,131 

Mar ................................................................ - 88 5 1,358 146,085 144,716 1,369 

Apr ................................................................ - 198 1 2,961 149,046 147,601 1,445 

May................................................................ - 272 1 349 149,395 148,385 1,010 

June................................................................ 154 153 2 5,676 155,071 153,979 1,092 

July ................................................................ - 200 1 373 155,444 154,238 1,206 

Aug ................................................................ - 144 -3 200 155,644 154,533 1,111 

Sept ................................................................ - 234 23 825 156,470 155,287 1,183 

Fiscal 2002 ................................................................ 154 1,967 43 19,588 156,470 155,287 1,183 

* Less than $500,000. 

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2003," released by the Office of Management and Budget Feb. 4, 2002. Details may not 

add to totals due to rounding. 
TRUST FUNDS 125 

TABLE TF-4.—Federal Old-Age and Survivors Insurance Trust Fund 

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

Expenditures other than investments 

Receipts Payments to railDeposits Net earnings Benefit road retirement 

Fiscal year Total Appropriations by States on investments Other Total payments account 

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

1998 ................................................................ 415,687 364,632 -5 42,197 8,863 329,769 324,274 3,662 

1999 ................................................................ 446,977 389,705 * 46,847 10,425 337,916 332,383 3,681 

2000 ................................................................ 484,259 418,206 5 53,531 12,517 353,427 347,890 3,538 

2001 ................................................................ 513,871 440,811 * 61,239 11,821 373,037 367,680 3,273 

2002 ................................................................ 532,888 451,742 * 68,105 13,041 389,625 383,956 3,493 

2003 - Est................................................................ 562,060 466,185 - 74,325 21,550 404,553 398,398 3,641 

2001 - Oct................................................................ 33,758 30,626 - 42 3,089 31,059 31,044 -

Nov ................................................................ 32,989 32,934 - 43 13 31,481 31,169 -

Dec ................................................................ 68,091 35,151 - 32,928 12 31,663 31,413 -

2002 - Jan ................................................................ 46,437 43,267 - 29 3,140 32,013 32,259 -

Feb ................................................................ 36,156 35,563 * 164 428 32,546 32,184 -

Mar ................................................................ 39,428 39,232 - 176 20 32,772 31,959 -

Apr................................................................ 50,941 47,667 - 134 3,141 32,565 32,503 -

May................................................................ 37,269 36,790 - 461 17 31,903 32,001 -

June................................................................ 77,059 43,033 - 34,012 14 35,873 32,283 3,493 

July ................................................................ 37,372 34,216 - 18 3,137 32,436 32,331 -

Aug ................................................................ 34,516 34,458 - 43 15 32,831 32,413 -

Sept ................................................................ 38,873 38,805 - 55 14 32,482 32,398 -

Fiscal 2002................................................................ 532,888 451,742 * 68,105 13,041 389,625 383,956 3,493 

Expenditures other than investments, con. Net increase, Assets, end of period 

Administrative or decrease Unexpended 

Fiscal year expenses Other (-), in assets Total Investments balance 

or month (9) (10) (11) (12) (13) (14) 

1998 ................................................................ 1,832 - 85,919 661,104 653,282 7,822 

1999 ................................................................ 1,851 - 109,061 770,165 762,226 7,939 

2000 ................................................................ 1,998 - 130,832 900,998 893,519 7,479 

2001 ................................................................ 2,084 - 140,834 1,041,832 1,034,114 7,718 

2002 ................................................................ 2,175 - 143,263 1,185,095 1,173,759 11,336 

2003 - Est................................................................ 2,510 4 157,507 1,331,957 1,331,957 -

2001 - Oct................................................................ 15 - 2,698 1,044,530 1,036,461 8,069 

Nov ................................................................ 312 - 1,508 1,046,039 1,038,508 7,531 

Dec ................................................................ 250 - 36,428 1,082,467 1,071,795 10,672 

2002 - Jan ................................................................ -246 - 14,424 1,096,890 1,085,847 11,043 

Feb ................................................................ 362 - 3,610 1,100,500 1,089,319 11,181 

Mar ................................................................ 813 - 6,656 1,107,156 1,096,981 10,175 

Apr................................................................ 63 - 18,376 1,125,532 1,115,478 10,054 

May................................................................ -98 - 5,366 1,130,897 1,119,990 10,907 

June................................................................ 97 - 41,185 1,172,083 1,160,809 11,274 

July ................................................................ 105 - 4,936 1,177,019 1,165,549 11,470 

Aug ................................................................ 418 - 1,685 1,178,704 1,167,643 11,061 

Sept ................................................................ 84 - 6,391 1,185,095 1,173,759 11,336 

Fiscal 2002................................................................ 2,175 - 143,263 1,185,095 1,173,759 11,336 

* Less than $500,000. 

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2003," released by the Office of Management and Budget Feb. 4, 2002. Details may not 

add to totals due to rounding. 
126 TRUST FUNDS

TABLE TF-5.—Federal Supplementary Medical Insurance Trust Fund

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

Receipts

Expenditures other than investments

Fiscal year

or month

Total

(1)

Premiums

(2)

Federal

contributions

(3)

Interest and 

profits on

investments

(4)

Other

(5)

Total

(6)

Benefit

payments

(7)

1998 ................................................................ 81,955 17,153 59,919 2,606 2,277 76,272 74,837 

1999 ................................................................ 85,278 17,722 62,185 2,925 2,446 80,518 79,008 

2000 ................................................................ 89,242 17,961 65,561 3,161 2,559 88,992 87,212 

2001 ................................................................ 79,227 19,447 69,838 3,188 2,865 99,452 97,466 

2002 ................................................................ 105,680 78,334 2,917 3,254 3 108,826 106,995 

2003 - Est................................................................ 110,054 25,809 80,905 2,703 637 111,166 108,265 

2001 - Oct................................................................ 7,852 5,928 29 148 * 8,235 8,058 

Nov................................................................ 8,295 6,308 60 362 * 10,436 10,536 

Dec................................................................ 10,577 7,317 1,326 149 - 8,445 8,343 

2002 - Jan ................................................................ 9,203 7,071 18 383 * 8,171 8,010 

Feb ................................................................ 8,524 6,443 24 277 * 8,390 8,227 

Mar ................................................................ 8,553 6,466 13 275 2 8,119 8,002 

Apr................................................................ 8,511 6,417 34 274 1 9,442 9,199 

May................................................................ 8,571 6,467 28 277 - 11,342 11,121 

June................................ 9,838 6,438 1,329 271 * 7,551 7,373 

July ................................................................ 8,629 6,515 15 277 * 9,997 9,842 

Aug ................................................................ 8,620 6,512 30 281 - 11,233 11,061 

Sept................................ 8,507 6,451 12 278 -1 7,465 7,221 

Fiscal 2002................................................................ 105,680 78,334 2,917 3,254 3 108,826 106,995 

Expenditures other than investments, con. Assets, end of period

Fiscal year

or month

Administrative

expenses

(8)

Other

(9)

Net increase,

or decrease

(-), in assets

(10)

Total

(11)

Investments

(12)

Unexpended

balance

(13)

1998 ................................................................ 1,413 22 5,683 40,538 39,502 1,036

1999 ................................................................ 1,493 17 4,760 45,297 26,528 18,769

2000 ................................................................ 1,759 21 249 45,547 45,075 472

2001 ................................................................ 1,974 12 -20,225 25,322 41,978 -16,656

2002 ................................................................ 1,820 10 -3,145 22,176 38,804 -16,628

2003 - Est................................................................ 2,214 687 -1,112 38,831 38,831 -

2001 - Oct................................................................ 177 * -383 24,939 41,495 -16,556

Nov................................................................ -101 1 -2,141 22,798 39,286 -16,488

Dec................................................................ 100 2 2,132 24,929 40,828 -15,899

2002 - Jan ................................................................ 161 1 1,032 25,961 42,539 -16,578

Feb ................................................................ 162 1 134 26,095 41,775 -15,680

Mar ................................................................ 115 2 434 26,529 42,788 -16,259

Apr................................................................ 242 * -931 25,598 42,050 -16,452

May................................................................ 220 * -2,771 22,828 39,502 -16,674

June................................................................ 177 1 2,288 25,115 41,551 -16,436

July ................................................................ 154 * -1,368 23,747 40,239 -16,492

Aug ................................................................ 173 -1 -2,614 21,134 37,651 -16,517

Sept................................................................ 241 3 1,043 22,176 38,804 -16,628

Fiscal 2002................................................................ 1,820 10 -3,145 22,176 38,804 -16,628

* Less than $500,000.

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2003," released by the Office of Management and Budget Feb. 4, 2002. Details may not 

add to totals due to rounding.
TRUST FUNDS 127 

TABLE TF-6.—National Service Life Insurance Fund 

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

Interest 

and profits 

on 

investments 

(4) 

Expenditures 

other than 

investments 

(benefits, 

net lending, 

refunds, and 

dividends) 

(5) 

Net increase, 

or decrease 

(-), in assets 

(6) 

Total 

(7) 

Receipts 

Transfers from 

general and 

special funds 

(3) 

Assets, end of period 

Premiums and 

other receipts 

(2) 

Unexpended

balance

(9)

Fiscal year 

or month 

Total 

(1) 

Investments 

(8) 

1998 ................................ 1,196 217 2 977 1,210 -15 12,044 12,008 36 

1999 ................................ 1,146 204 6 936 1,201 -55 11,989 11,954 35 

2000 ................................ 1,090 201 1 887 1,242 -152 11,836 11,804 32 

2001 ................................ 1,050 194 1 855 1,221 -171 11,665 11,639 26 

2002 ................................ 1,008 185 1 823 1,176 -167 11,498 11,465 33 

2003 - Est................................ 1,417 184 453 780 1,733 -316 9,673 9,673 -

2001 - Oct................................ 21 19 * 2 90 -69 11,597 11,561 36 

Nov ................................ 15 12 * 2 86 -72 11,525 11,489 36 

Dec ................................ 422 14 * 407 87 334 11,859 11,821 38 

2002 - Jan ................................ 19 19 * * 101 -82 11,777 11,736 41 

Feb ................................ 15 15 * 1 98 -82 11,695 11,654 41 

Mar ................................ 18 17 * 1 126 -108 11,587 11,561 26 

Apr................................ 17 16 * 1 90 -73 11,514 11,476 38 

May................................ 17 14 * 2 98 -82 11,432 11,393 39 

June................................ 417 14 * 403 103 314 11,746 11,720 26 

July ................................ 17 17 * * 87 -70 11,676 11,640 36 

Aug ................................ 15 14 * 1 96 -82 11,594 11,563 31 

Sept ................................ 16 14 * 2 112 -96 11,498 11,465 33 

Fiscal 2002................................ 1,008 185 1 823 1,176 -167 11,498 11,465 33 

* Less than $500,000. 

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2003," released by the Office of Management and Budget Feb. 4, 2002. Details may not 

add to totals due to rounding. 
128 TRUST FUNDS 

TABLE TF-7.—Railroad Retirement Account 

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

Receipts Expenditures other 

Interest than investments 

and profits Benefit 

Fiscal year Total Appropriations on investments Other Total payments 

or month (1) (2) (3) (4) (5) (6) 

1998 ................................................................................... 10,443 4,353 2,017 4,073 8,391 2,984 

1999 ................................................................................... 8,763 4,143 313 4,308 8,384 2,977 

2000 ................................................................................... 9,654 4,337 1,161 4,157 8,434 3,030 

2001 ................................................................................... 10,229 4,272 2,347 3,610 8,569 3,039 

2002 ................................................................................... 10,095 4,177 1,935 3,983 10,325 3,397 

2003 - Est........................................................................... 8,364 8,346 18 - 8,911 8,911 

2001 - Oct........................................................................... 773 418 274 81 698 275 

Nov ......................................................................... 14 301 -287 - 694 256 

Dec ......................................................................... -9 221 -230 - 698 257 

2002 - Jan .......................................................................... 928 564 279 85 709 256 

Feb ......................................................................... 584 365 218 - 711 273 

Mar ......................................................................... 33 425 -392 - 718 254 

Apr.......................................................................... 819 357 377 85 711 272 

May......................................................................... 573 406 167 - 759 286 

June........................................................................ 3,819 -57 229 3,647 939 273 

July ......................................................................... 790 446 259 85 728 276 

Aug ......................................................................... 875 342 532 - 731 277 

Sept ........................................................................ 897 388 509 - 2,230 441 

Fiscal 2002......................................................................... 10,095 4,177 1,935 3,983 10,325 3,397 

Expenditures other than investments, con. Net increase, Assets, end of period 

Administrative or decrease Unexpended 

Fiscal year expenses Other (-), in assets Total Investments balance 

or month (7) (8) (9) (10) (11) (12) 

1998 ................................................................................... 87 5,321 2,052 9,793 21,811 -12,018 

1999 ................................................................................... 88 8,319 379 10,172 24,345 -14,173 

2000 ................................................................................... 94 5,310 1,220 11,393 24,823 -13,430 

2001 ................................................................................... 91 5,439 1,660 13,053 26,865 -13,812 

2002 ................................................................................... 99 6,828 -230 12,823 25,260 -12,437 

2003 - Est................................................................ - - -547 394 394 -

2001 - Oct................................................................ 9 415 74 13,128 26,978 -13,850 

Nov ................................................................ 7 432 -680 12,448 26,914 -14,466 

Dec ................................................................ 9 431 -707 11,741 26,874 -15,133 

2002 - Jan ................................................................ 10 443 219 11,959 26,952 -14,993 

Feb ................................................................ 6 432 -127 11,832 26,966 -15,134 

Mar ................................................................ 10 454 -685 11,147 26,944 -15,797 

Apr................................................................ 8 430 109 11,256 26,989 -15,733 

May................................................................ 7 465 -186 11,070 26,981 -15,911 

June................................................................ 7 658 2,880 13,950 26,744 -12,794 

July ................................................................ 8 443 62 14,012 26,830 -12,818 

Aug ................................................................ 10 444 143 14,155 26,822 -12,667 

Sept ................................................................ 9 1,780 -1,333 12,823 25,260 -12,437 

Fiscal 2002................................................................ 99 6,828 -230 12,823 25,260 -12,437 

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2003," released by the Office of Management and Budget Feb. 4, 2002. Details may not 

add to totals due to rounding. 
TRUST FUNDS 129 

TABLE TF-8.—Unemployment Trust Fund 

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

Receipts 

State Federal Advances from Deposits by Railroad Interest and profits 

Fiscal year Total unemployment taxes unemployment taxes the general fund Retirement Board on investments 

or month (1) (2) (3) (4) (5) (6) 

1998 ................................................................ 32,297 21,047 6,369 508 68 4,305 

1999 ................................................................ 31,681 19,894 6,475 403 111 4,798 

2000 ................................................................ 33,259 20,701 6,871 397 68 5,222 

2001 ................................................................ 33,993 20,824 6,937 432 51 5,749 

2002 ................................................................ 33,788 20,911 6,613 718 95 5,450 

2003 - Est................................................................ 41,124 29,886 5,813 531 150 4,744 

2001 - Oct................................................................ 1,571 829 683 3 17 39 

Nov ................................................................ 2,412 2,212 143 43 1 13 

Dec ................................................................ 3,020 155 69 4 * 2,792 

2002 - Jan ................................................................ 1,267 573 633 33 17 11 

Feb ................................................................ 2,109 1,759 256 77 1 17 

Mar ................................................................ 368 219 52 37 * 60 

Apr................................................................ 5,198 1,735 3,332 38 27 66 

May................................................................ 8,523 8,183 292 32 2 13 

June................................................................ 3,319 870 26 58 * 2,365 

July ................................................................ 2,246 1,186 980 46 24 10 

Aug ................................................................ 3,153 2,969 118 47 5 13 

Sept ................................................................ 602 220 29 300 * 52 

Fiscal 2002................................................................ 33,788 20,911 6,613 718 95 5,450 

Expenditures other than investments 

State State Repayment of Federal Railroad 

unemployment administrative advances from administrative administrative 

Fiscal year Total benefits expenses the general fund expenses expenses 

or month (7) (8) (9) (10) (11) (12) 

1998 ................................................................................... 23,284 19,933 3,085 - 204 * 

1999 ................................................................................... 24,752 21,180 3,361 - 140 * 

2000 ................................................................................... 24,050 20,657 3,117 - 193 * 

2001 ................................................................................... 31,603 27,896 3,213 - 396 * 

2002 ................................................................................... 54,569 50,642 3,452 - 371 -

2003 - Est........................................................................... 44,767 44,643 - - - -

2001 - Oct........................................................................... 3,265 2,925 305 - 26 -

Nov ......................................................................... 3,021 2,947 40 - 26 -

Dec ......................................................................... 3,716 3,358 317 - 31 -

2002 - Jan .......................................................................... 4,947 4,546 351 - 38 -

Feb ......................................................................... 4,252 3,957 262 - 23 -

Mar ......................................................................... 4,639 4,215 394 - 21 -

Apr.......................................................................... 5,493 5,118 322 - 45 -

May......................................................................... 5,559 5,185 321 - 45 -

June........................................................................ 5,025 4,688 287 - 44 -

July ......................................................................... 5,172 4,869 272 - 25 -

Aug ......................................................................... 5,038 4,685 321 - 24 -

Sept ........................................................................ 4,443 4,150 260 - 24 -

Fiscal 2002......................................................................... 54,569 50,642 3,452 - 371 -

See footnotes at end of table. 
130 TRUST FUNDS 

TABLE TF-8.—Unemployment Trust Fund, con. 

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

Expenditures other than investments, con. 

Railroad unemployment insurance Net increase, Assets, end of period 

Benefit Administrative or decrease Unexpended 

Fiscal year payments expenses (-), in assets Total Investments balance 

or month (13) (14) (15) (16) (17) (18) 

1998 ................................................................................... 59 3 9,014 81,970 70,641 11,329 

1999 ................................................................................... 68 4 6,929 88,899 77,358 11,541 

2000 ................................................................................... 78 3 9,209 98,108 86,399 11,709 

2001 ................................................................................... 93 4 2,390 100,498 88,638 11,860 

2002 ................................................................................... 99 5 -20,782 79,716 68,265 11,451 

2003 - Est........................................................................... 124 - -3,643 72,602 72,602 -

2001 - Oct........................................................................... 9 * -1,694 98,804 86,668 12,136 

Nov ................................................................ 8 * -610 98,195 86,523 11,672 

Dec ................................................................ 10 * -696 97,498 85,918 11,580 

2002 - Jan ................................................................ 12 * -3,679 93,819 81,754 12,065 

Feb ................................................................ 10 * -2,142 91,676 80,147 11,529 

Mar ................................................................ 9 * -4,271 87,405 75,874 11,531 

Apr................................................................ 8 * -295 87,110 72,400 14,710 

May................................................................ 5 2 2,964 90,075 78,390 11,685 

June................................................................ 5 * -1,706 88,368 76,922 11,446 

July ................................................................ 6 * -2,926 85,442 73,024 12,418 

Aug ................................................................ 7 * -1,885 83,557 72,127 11,430 

Sept ................................................................ 8 * -3,841 79,716 68,265 11,451 

Fiscal 2002................................................................ 99 5 -20,782 79,716 68,265 11,451 

* Less than $500,000. 

Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 

2003," released by the Office of Management and Budget Feb. 4, 2002. Details may not 

add to totals due to rounding. 
TRUST FUNDS 131 

TABLE TF-9A.—Investments of Specified Trust Accounts in Public Debt Securities

by Issue, as of Sept. 30, 2002

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

Federal Old-age 

Federal Disability Federal Hospital and Survivors Railroad 

Insurance Insurance Trust Insurance Retirement 

Trust Fund Fund Trust Fund Account 

(3) (4) (5) (7) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(6) 

Unemployment 

Trust Fund 

(8) 

Investment of securities 

Payable date 

(1) 

Issue date 

Type and rate (2)

Public issues: 

Bonds: 

11-3/4% ................................ 02/15/05-10 02/15/80 30 - - - - -

Total public issues ...................................................... 30 - - - - -

TABLE TF-9B.—Investments of Specified Trust Accounts in Public Debt Securities

by Issue, as of Sept. 30, 2002

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

Issued Retired (-) or inflation adjusted Outstanding 

Type (1) (2) (3) 

Government account series: 

Federal Disability Trust Fund.............................................................................. 165,554 -10,298 155,256 

Federal Hospital Insurance Trust Fund ......................................................... 245,144 -16,238 228,906 

Federal Old-age and Survivors Insurance Trust Fund ........................ 1,190,297 -16,538 1,173,759 

Federal Supplementary Medical Insurance Trust Fund ........................... 53,717 -14,913 38,804 

Railroad Retirement Account......................................................................... 26,400 -3,018 23,383 

Unemployment Trust Fund ....................................................................... 76,922 -8,657 68,265 

Total Government account series................................................................ 1,758,034 -69,662 1,688,373 

Note.—Details may not add to totals due to rounding. 
132 TRUST FUNDS 

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
TECHNICAL PAPERS 133 

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 
134 

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 September 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 
GLOSSARY 135 

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 
136 GLOSSARY 

“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).