June 2005 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

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

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

FEDERAL DEBT 

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

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

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

FD-2.—Interest-Bearing Public Debt (Historical)............................................................................................................... 26 

FD-3.—Government Account Series................................................................................................................................... 27 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 28 

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

 Private Investors .................................................................................................................................................... 29 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 30 

FD-6.—Debt Subject to Statutory Limitation (Historical) .................................................................................................. 30 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 31

PUBLIC DEBT OPERATIONS 

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

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

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

 and 52-Week Treasury Bills Outstanding............................................................................................................ 37 

PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 42 

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 43 

PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills ....................................... 44 

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................ 45 

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

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

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I ........................................................................... 46
June 2005 

IV 

Contents 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 48 

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

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical).................................... 50 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 51

MARKET YIELDS 

Introduction.—Market Yields.............................................................................................................................................. 52 

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 53 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin ............................................................................... 53 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 54

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 57 

IFS-1.—U.S. Reserve Assets............................................................................................................................................... 57 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 58 

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

 Residents of Foreign Countries.............................................................................................................................. 59

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 60 

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

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 63 

CM-I-2.—Total Liabilities by Country................................................................................................................................ 64 

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 66 

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

 with Respect to Selected Countries...................................................................................................................... 68 

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

CM-II-1.—Total Claims by Type........................................................................................................................................ 69 

CM-II-2.—Total Claims by Country ................................................................................................................................... 70 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 72 

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

 with Respect to Selected Countries...................................................................................................................... 74 

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......................................................................................................................................... 75 

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............................................................................................................... 76 

CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 77 

CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country ...................................................................................... 79 

CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 81 
June 2005 

V

Contents 

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.............................................. 83 

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type................................................. 84 

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ....................................... 85 

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

 and Country, during (first quarter).................................................................................................................... 87 

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

 and Country, during (calendar year) ................................................................................................................. 89 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 91 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 92

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 93 

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

FCP-IV-1.—Weekly Report of Major Market Participants............................................................................................... 100 

FCP-IV-2.—Monthly Report of Major Market Participants.............................................................................................. 101 

FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................. 101 

SECTION V.—U.S. Dollar Positions 

FCP-V-1.—Weekly Report of Major Market Participants ................................................................................................ 102 

FCP-V-2.—Monthly Report of Major Market Participants............................................................................................... 103 

FCP-V-3.—Quarterly Report of Large Market Participants.............................................................................................. 103 

SECTION VI.—Euro Positions 

FCP-VI-1.—Weekly Report of Major Market Participants............................................................................................... 104 

FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 105 

FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 105 

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 106 

ESF-1.—Balance Sheet ..................................................................................................................................................... 106 

ESF-2.—Income and Expense........................................................................................................................................... 107
June 2005 

VI 

Contents 

SPECIAL REPORTS 

TRUST FUNDS (See note at bottom of page.) 

Introduction.—Highway Trust Fund ................................................................................................................................. 111 

TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account .................................................................... 111

RESEARCH PAPER INDEX............................................................................................................................................ 112

GLOSSARY ...................................................................................................................................................................... 113

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. 

SPECIAL REPORTS 

Trust Funds 1-8, published in the December issue of 

the Treasury Bulletin, are scheduled to be 

discontinued starting with the December 2006 issue. 

Trust fund information can be found in the Monthly 

Treasury Statement, www.fms.treas.gov/mts, and the 

Budget of the United States Government, 

www.whitehouse.gov/omb/budget. 

Comments or concerns regarding the discontinuation 

of these tables can be forwarded to the Treasury 

Bulletin staff at treasury.bulletin@fms.treas.gov. 
June 2005 

VII

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

Aquatic Resources Trust Fund.......................................................................... √ 

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

Civil Service Retirement and Disability Fund .................................................. √

Federal Disability Insurance Trust Fund........................................................... √

Federal Hospital Insurance Trust Fund............................................................. √

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

Federal Supplementary Medical Insurance Trust Fund .................................... √

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

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

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

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

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

National Service Life Insurance Fund............................................................... √

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

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

Railroad Retirement Account............................................................................ √

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

Unemployment Trust Fund............................................................................... √

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
June 2005 

3

Growth of Real GDP

4.3 4.5 4.7

2.2

0.2

2.3

4.4

3.9

3.6

0

1

2

3

4

5

6

97 98 99 0 01 02 03 04 05*

(Percent change, fourth quarter to fourth quarter)

*2005 based on first quarter

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product (GDP) 

The advance estimate of real gross domestic product 

(GDP) showed 2005 first quarter growth of 3.1 percent at an 

annual rate, in line with the historical trend. Real GDP 

increased by 4.4 percent in 2004–the highest annual average 

since 1999. 

Personal consumption slowed to a 3.5 percent annual rate 

in the first quarter from the 4.2 percent annual pace set in the 

fourth quarter of 2004. Lower spending on motor vehicles 

was responsible for almost the entire deceleration in 

consumption growth. 

The pace of business fixed investment rose at a 4.7 

percent annual rate in the first quarter after posting a strong 

14.5 percent growth rate in the prior quarter. Equipment and 

software was up at a 6.9 percent rate, while investment in 

structures fell at a 2.6 percent pace. First-quarter residential 

investment, on the other hand, picked up to a 5.7 percent 

annualized growth rate from 3.4 percent in the fourth 

quarter. Faster inventory accumulation helped to offset 

slowdowns in other areas, contributing 1.2 percentage points 

to real GDP growth. 

Exports posted a strong 7.0 percent annual growth rate in 

the first quarter, but imports rose even faster–reaching a 14.7 

percent annual growth rate. The faster import growth 

contributed to a widening of the trade gap to a record $663.2 

billion deficit in the first quarter, from a $621.1 billion gap 

in the fourth quarter (both figures are in real terms and at an 

annual rate). 

Government spending continued its modest growth in the 

first quarter, climbing just 0.6 percent at an annual rate after 

increasing 0.9 percent and 0.7 percent in the fourth and third 

quarters of 2004, respectively. Government spending rose 

just 1.9 percent in 2004 on an annual average basis–the 

lowest rate since 1998. 
PROFILE OF THE ECONOMY 

June 2005 

4 

0

1

2

3

4

5

6

7

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

Inflation 

Inflation picked up in 2004 but has since stabilized 

somewhat. The consumer price index rose by 3.1 percent 

over the 12 months ending in March, little different from the 

3.3 percent increase during all of 2004. These followed a 1.9 

percent rise during 2003. Energy prices jumped by 12.4 

percent during the latest 12 months while food prices rose by 

a moderate 2.5 percent. Core consumer prices (excluding 

food and energy) increased by 2.3 percent during the 12 

months ending in March, up from an exceptionally low 1.1 

percent during 2003. 

Inflation at the producer level has been a bit higher. 

Overall finished goods prices rose by 4.9 percent during the 

year ending in March, boosted by a 15.3 percent jump in 

energy prices. Core finished goods inflation was 2.6 percent 

over the latest 12 months. Core inflation has been creeping 

up from a slight decline during 2002. Further back in the 

production chain, the cost of core intermediate materials has 

increased by 7.6 percent during the year ending in March, 

moderating somewhat from gains in excess of 8 percent late 

last year. Prices of core crude materials rose by just 

3.3 percent during the latest 12 months, down from 12-

month increases of more than 20 percent last year. 

Labor costs as calculated in the national income accounts 

for the private nonfarm business sector have continued to 

rise in the early part of 2005. Hourly compensation costs 

increased at a 4.8 percent annual rate in the first quarter, up a 

little from the 4.3 percent gain registered across the four 

quarters of last year. This was faster than the 2.6 percent 

annual rate increase in productivity in the first quarter. As a 

result, unit labor costs rose at a 2.2 percent rate in the first 

quarter. Unit labor costs have accelerated from the 1.5 

percent increase during 2004 but are still consistent with 

moderate inflation. The employment cost index for total 

compensation, a fixed-weighted compensation measure, 

increased by 3.5 percent during the 12-month period ending 

in March 2005, off slightly from the 3.8 percent increase 

during the 12 months ending in March 2004. All of the 

deceleration resulted from a slowing in the rate of increase 

in benefit costs to 5.9 percent. Wage increases remained 

subdued at 2.4 percent over the past year. 
PROFILE OF THE ECONOMY 

June 2005 

5

Employment and unemployment 

Labor markets appeared quite healthy entering spring 

2005. Nonfarm payroll employment surged by 274,000 in 

April. In the first 4 months of the year, payroll employment 

has increased 844,000, an average gain of 211,000 per 

month. That marks a positive start for the year. In December, 

the Administration’s budget forecast projected a monthly 

payroll increase of about 175,000 for 2005. Since payroll 

employment reached a low point in May 2003, the economy 

has created nearly 3.5 million jobs. 

April’s employment gain was broad-based. Construction 

employment rose by 47,000, the largest monthly gain in over 

a year. Payrolls in leisure and hospitality services expanded 

by a large 58,000 in April while education and health 

services and professional and business services each posted 

gains of roughly 35,000. One of the few downsides in the 

latest report was a 6,000 decline in manufacturing jobs. Over 

the latest 12 months, factory payrolls have declined by 

15,000. 

The unemployment rate held steady at 5.2 percent in 

April, 1.1 percentage points below the June 2004 peak of 6.3 

percent. The labor force participation rate rose from a 17-

year low of 65.8 percent in March to 66.0 percent in April. 

The average workweek lengthened from 33.7 hours to 

33.9 hours in April, marking the longest workweek since late 

2002. Aggregate production hours advanced by a strong 0.9 

percent in April, reflecting both the longer workweek and 

the increase in jobs. Average hourly earnings were up a 

nominal 2.7 percent from a year earlier in April. Although 

earnings growth has accelerated in nominal terms since early 

2004, faster growth of prices has caused declines in real 

terms.

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

96 97 98 99 00 01 02 03 04 05

(Percent)

Apr. 2005

5.2%

Payroll Employment

190 190

274

-161-160

9

-281

-88

-21 -42 -30

-85

-18

231

177

101

134

33

-400

-300

-200

-100

0

100

200

300

400

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

(Average monthly change in thousands)

* Based on April data

2001 2002 2003 2004 2005
PROFILE OF THE ECONOMY 

June 2005 

6 

Real disposable personal income and 

consumer spending 

Growth in nominal personal income increased at a 2.4 

percent annual rate in the first quarter of this year following 

a 10.9 percent surge in the fourth quarter. The divergence in 

the growth during the two quarters largely reflected a onetime dividend payout by Microsoft in December that sharply 

boosted dividend income in the fourth quarter. Wages and 

salaries, which account for more than half of personal 

income, rose at a 5.4 percent annual rate in the first quarter, 

matching the strong performance across the four quarters of 

last year. Personal interest income grew at a 6.7 percent 

annual rate in the first quarter, more than double the 3.1 

percent increase during 2004. Interest income has now 

increased for a year-and-a-half. Prior to these increases, 

interest income had been moving down on average for 3 

years. Following the fourth quarter boost from the Microsoft 

payout, dividend income fell back in the first quarter. During 

last year and the early part of this year, dividend income has 

increased at a healthy 9.3 percent annual rate. This followed 

little change during 2003. 

Disposable (after-tax) income adjusted for inflation fell 

fractionally in the first quarter from the Microsoft boosted 

fourth-quarter level. Over the two quarters, real disposable 

income rose at a 3.9 percent annual rate. This represented an 

acceleration from the 2.7 percent pace during the first three 

quarters of 2004. Real consumer spending increased at a 3.5 

percent annual rate in the first quarter on top of a 4.2 percent 

rise during 2004. The personal saving rate fell to a very low 

0.6 percent in the first quarter of this year from 1.2 percent 

last year and 1.4 percent in 2003. The 2004 rate was boosted 

by the Microsoft payout. The saving rate has on average 

been falling since reaching a post-World War II high of 

11.2 percent in 1982. 

Industrial production and capacity 

utilization 

Industrial production grew at a somewhat slower rate in 

the first quarter of 2005. Output from factories, mines, and 

utilities increased 3.6 percent at an annual rate in the first 

quarter, in line with the average in the previous two quarters. 

Over the 12 months ending in March, output increased by 

3.9 percent. 

Manufacturing production, which accounts for about 82 

percent of all industrial output, also grew 3.6 percent at an 

annual rate in the first quarter after a 4.6 percent advance in 

the fourth quarter of 2004 and following gains averaging 

about 5.5 percent in the previous four quarters. The 

deceleration in the first quarter was related to sharp declines 

in the production of apparel and leather goods as well as 

primary metals. Output of high-technology goods 

(computers, communications equipment, and 

semiconductors) surged to a 29.0 percent annual rate 

increase in the first quarter from 14.5 percent in the fourth 

quarter. The acceleration reflected a significant spike in the 

production of semiconductors and still-strong output of 

computers and peripheral equipment. Growth of output of 

communications equipment increased sharply to a 24.2 

percent pace in the first quarter from 13.2 percent in the 

fourth quarter, maintaining a stronger performance after 

sluggish growth in the first half of 2004. Production of 

motor vehicles and parts slowed to a 4.9 percent annual rate 

in the first quarter after jumping 16.3 percent at an annual 

rate in the fourth quarter. Apart from automobiles, 

manufacturing output rose at a 3.5 percent annual rate in the 

first quarter, as it did in the fourth quarter. 

Production at utilities, which accounts for 10 percent of 

total industrial output, rose by a 1.4 percent annual rate in 

the first quarter after surging by 10.4 percent in the fourth 

quarter which followed two consecutive quarters of weatherrelated declines. (Weather is often a factor in this sector.) 

Output at mines (the remaining 8 percent of industrial 

output) increased 6.6 percent in the first quarter after three 

straight quarterly declines. 

The capacity utilization rate for the industrial sector rose 

to 79.3 percent in the first quarter of 2005 from 78.8 percent 

in the fourth quarter. Although capacity utilization has risen 

in each of the last seven quarters, it remains 1.7 percentage 

points below the long-term average of 81.0 percent. 

Capacity utilization in the manufacturing sector was 78.1 

percent in the first quarter, above the 77.6 percent reading in 

the fourth quarter but 1.7 percentage points below its longterm average of 79.8 percent. Utilization in the hightechnology industries edged up to 71.7 percent in the first 

quarter from 69.8 percent in the fourth quarter, still about 6.5 

percentage points below its long-term average of 78.3 

percent. 

Nonfarm productivity and unit labor costs 

After slowing somewhat in the latter half of 2004, the 

pace of productivity improved in early 2005. Preliminary 

first quarter data showed that nonfarm business productivity 

(real output per hour worked) rose 2.6 percent at an annual 

rate. 

Over the most recent four quarters, labor productivity 

was up 2.5 percent, roughly in line with the rate seen in the 

latter half of the 1990s and well above the 1.5 percent annual 

pace averaged from 1973 through 1995. Over the past 4 

years, productivity has risen at a 4.0 percent annual rate, the 

strongest pace for such a period in over 50 years. 

Hourly compensation costs in the nonfarm business 

sector rose 4.8 percent at an annual rate in the first quarter, 

up from 3.8 percent in the fourth quarter. These costs 

increased by 5.0 percent (nominal terms) over the most 

recent four quarters. Unit labor costs, which represent the 

excess of compensation growth over productivity growth, 

increased at a 2.2 percent annual rate in the first quarter, up 

from 1.7 percent in the fourth quarter. Unit labor costs were 

up 2.5 percent over the most recent four quarters, following 

a decline of 1.0 percent in the year-earlier four-quarter 

period. 

Productivity in the manufacturing sector rose at a 3.9 

percent annual rate in the first quarter and was up a strong 
PROFILE OF THE ECONOMY 

June 2005 

7

5.5 percent over the most recent four quarters. Over the past 

4 years, factory productivity has risen at an impressive 5.7 

percent pace, well above the 3.9 percent averaged in the 

latter half of the 1990s. 

Hourly compensation costs in manufacturing advanced at 

a 4.9 percent annual rate in the first quarter and were up 7.0 

percent over the most recent four quarters. Strong 

productivity growth in the factory sector has kept unit labor 

costs in check. These costs advanced by a slim 0.9 percent 

annual rate in the first quarter and were up a modest 1.4 

percent over the most recent four quarters. Over the past 10 

years, factory unit labor costs have increased at an annual 

rate of only 0.6 percent. 

International transactions 

The current account measures trade in goods and 

services as well as the flow of investment income and 

unilateral transfers (including government grants and 

pension payments as well as private transfers to and from 

foreigners). The current account has been in deficit almost 

continuously since the early 1980s but has fluctuated widely 

over time. In the fourth quarter of 2004, the current account 

deficit widened by $88 billion to an all-time high of $752 

billion at an annual rate, equivalent to a record 6.3 percent of 

GDP. The sharp increase was primarily due to further 

deterioration in the trade balance, which also reached a new 

high in the fourth quarter. A notable decline in the surplus 

on investment income and a large increase in net outflows 

for unilateral transfers also contributed to the growing 

current account imbalance in late 2004. Data on trade in 

goods and services at the start of the first quarter suggest 

further deterioration in the current account balance is likely 

in early 2005. 

By definition, the current account is matched by 

offsetting transactions in the capital and financial accounts 

with any difference in the recorded flows listed as a 

statistical discrepancy. Capital account transactions, which 

mainly consist of debt forgiveness and wealth transfers 

associated with immigration, are typically small and in the 

third quarter amounted to -$1.5 billion at an annual rate. 

The financial account measures transactions that alter the 

foreign financial assets and liabilities of the United States. 

Net financial inflows (the difference between net foreign 

purchases of U.S. assets and U.S. purchases of foreign 

assets) accelerated in the fourth quarter to $735 billion at an 

annual rate from a $515 billion pace in the third quarter. 

Foreigners purchased a record $1.8 trillion in U.S. assets on 

top of $1.0 trillion in acquisitions in the third quarter. 

Foreign private purchases of non-Treasury securities surged 

to an all-time high, with acquisitions of federally-sponsored 

agency bonds setting a new record in the fourth quarter. In 

addition, U.S. liabilities to foreigners reported by U.S. banks 

rose substantially, and net foreign private purchases of U.S. 

Treasury securities moved higher. The pickup in foreign 

financial inflows more than offset U.S. purchases of assets 

overseas which more than doubled to a $1.1 trillion annual 

rate in the fourth quarter. 

Exchange rate of the dollar 

The dollar peaked in February 2002 and has since 

followed a generally depreciating trend, notwithstanding a 

temporary strengthening during the first half of 2004. In the 

23-month period between the 2002 peak and January 2004, 

the nominal exchange value of the dollar relative to a broad 

index covering the currencies of 26 important U.S. trading 

partners depreciated by 13 percent. During the subsequent 

15 months through April 2005, the dollar has eased by about 

2 percent, for a cumulative decline since February 2002 of 

15.1 percent. 

The decline was a function mainly of 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. Between February 2002 and April 2005, the 

exchange rate of the dollar compared to an index of these 

currencies fell by 26.6 percent. Dollar depreciation against 

the yen and the euro, whose combined weights account for 

roughly 55 percent of the major index, was largely 

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

rate fell by 33 percent and the dollar/yen exchange rate fell 

by 20 percent. 

The dollar remains relatively strong compared with the 

currencies of many other important trading partners, 

although its pace of appreciation over the past several 

months has slowed. Since February 2002, the exchange 

value of the dollar compared to an index of currencies that 

includes Mexico, China, Brazil, and seven other Asian 

countries has appreciated by 1.3 percent. 
PROFILE OF THE ECONOMY 

June 2005 

8 

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003 2004 2005

Short-term Interest Rates

Federal funds

rate target

3-month Treasury bills

(Percent)

`

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003 2004 2005

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)

Interest rates 

At its most recent meeting in May 2005, the Federal 

Open Market Committee (FOMC) raised the federal funds 

target rate by 25 basis points to 3 percent, the eighth hike in 

the current cycle of monetary tightening (begun in late June 

2004). Previously, the FOMC had held the federal funds 

target (the rate that banks and other financial institutions 

charge each other for overnight loans) constant at 1 percent 

for 1 year. Even so, at the relatively low level of 3 percent, 

the Federal Reserve’s monetary stance remains 

accommodative. 

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

started rising in early May 2004 in anticipation of the latest 

monetary tightening cycle. Over the past year the rate has 

risen by almost 190 basis points to 2.87 percent. Although 

the 10-year Treasury yield initially rose to about 4.8 percent 

in May 2004 (also in anticipation of faster growth and 

monetary tightening), it has trended lower over much of the 

past year. After trading very close to 4.0 percent in early 

February, the rate has fluctuated in a somewhat higher range, 

but at 4.25 percent as of late April, is still about 60 basis 

points lower than in spring 2004. 

Mortgage interest rates generally follow movements of 

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

30-year fixed-rate loan fell to about 5.4 percent in March 

2004, close to the low of 5.2 percent reached in June 2003. 

The low rates led to a new round of mortgage refinancings 

and helped free additional cash for consumption. In 

subsequent months, the rate rose to an average 6.3 percent at 

the end of June 2004, and the pace of refinancings subsided. 

After following the 10-year Treasury yield lower to 5.63 

percent as of last February, the rate has since edged a bit 

higher reaching an average 5.86 percent in April. 

Corporate bond yields reflect movements in long-term 

Treasury yields as well as numerous other factors. Moody’s 

seasoned Baa yield declined on evidence of rising corporate 

profits, reaching an average 6.11 percent in March 2004. 

The yield rose to 6.75 in May and June, reflecting rising 

yields in bond markets generally, but has since edged down 

to 6.0 percent as of April. The spread between the Baa yield 

and the 10-year Treasury yield, a measure of investor risk 

appetite, narrowed to an average of 1.57 percentage points as 

of March from nearly 4 percentage points in late 2002, 

suggesting an ongoing, significant improvement in such 

appetite. Although risk appetite remains relatively strong, 

the spread has widened slightly to 1.71 percentage points as 

of April, reflecting some reappraisal of risks among 

investors.
PROFILE OF THE ECONOMY 

June 2005 

9

Housing 

The housing sector remained very strong in the first 

quarter of 2005. Real residential investment accelerated, 

boosted in part by a jump in home building early in the 

quarter. Sales of single-family homes were essentially 

unchanged at the record level posted in the final quarter of 

2004. The homeownership rate also hovered close to an alltime high in the first quarter. 

Housing starts jumped by 24 percent at an annual rate in 

the first quarter to a 27-year high of 2.085 million at an 

annual rate with increased construction activity reported in 

both the single- and multi-family sectors. The large increase 

occurred despite a steep drop in groundbreakings reported 

for March. That decline, combined with slower recent 

growth of building permit issuance, may signal a return to a 

more normal and sustainable pace of housing construction in 

the months ahead. 

Sales of new single-family homes climbed by 18-1/2 

percent at an annual rate in the first quarter to an annualized 

pace of 1.295 million, a new high for this series which dates 

back to 1963. Resales of existing single-family homes eased 

by 3-3/4 percent at an annual rate to a pace of 5.990 million–

still the third fastest quarterly rate of single-family resales on 

record. Altogether, single-family home sales totaled 7.285 

million in the first quarter, little different than the record 

7.288 million pace in the previous quarter. The 

homeownership rate stood at 69.1 percent in the first quarter, 

off only slightly from a recent peak of 69.2 percent reached 

in both the second and fourth quarters of 2004. 

Housing activity continued to be supported by favorable 

financial conditions. The interest rate for a 30-year 

conventional fixed-rate mortgage averaged 5.76 percent in 

the first quarter, up just 3 basis points from 5.73 percent in 

the fourth quarter. Mortgage rates have crept higher since 

then but were still quite low at 5.86 percent in April. While 

the housing industry does not expect 2005 to be another 

record-breaking year, attractive mortgage rates along with 

the expanding economy and labor market should continue to 

lend support to housing demand in the near term. 

Federal budget 

In the first half of fiscal year 2005, the federal budget 

deficit totaled $295 billion, almost $7 billion less than the 

deficit in the comparable period of fiscal year 2004. Receipts 

grew more rapidly than outlays in the first half of the fiscal 

year, narrowing the deficit. Receipts were almost $87 billion 

or 10.4 percent higher than in the first half of the prior fiscal 

year while outlays in the first half of fiscal year 2005 were 

$82 billion or 7.1 percent higher than in the first half of 

fiscal year 2004. Individual income and employment tax 

receipts increased over the 6-month period, due in part to 

improvement in the labor market, as the number of payroll 

jobs rose by over 2 million by March 2005 from March 

2004. Net corporate tax revenue through the first 6 months 

of this fiscal year also grew by a sizable amount compared to 

the same period in the previous fiscal year due in part to 

stronger corporate profits. 

After reaching $412 billion in fiscal year 2004, the 

deficit is expected to diminish over the next several years 

and be cut in half by fiscal year 2009 under the 

Administration’s budget plan. By fiscal year 2010, the 

deficit’s share of GDP would be a low 1.3 percent. 

According to the Administration’s Fiscal Year 2006 Budget, 

tight controls on discretionary spending that is unrelated to 

defense or homeland security are expected to result in 

shrinking budget deficits through fiscal year 2010. Receipts 

are projected to grow by an average of 7.0 percent a year 

through 2010, while growth in outlays over that span is 

projected to rise 4.8 percent a year, on average (not 

including possible supplemental funding). 
PROFILE OF THE ECONOMY 

June 2005 

10 

Net national saving and investment 

Net national saving, a source of funds for new 

investment, has fallen sharply since 1998 after a brief period 

of improvement in the mid 1990s. Recent declines were 

partially reversed in 2004, however, as net national saving 

climbed by 0.7 percentage point to 2.1 percent of net 

national product (NNP). (Net national saving and NNP 

exclude depreciation to replace worn-out or obsolete 

equipment, software, and structures used in production.) 

The increase was due in part to a pickup in private 

saving, which rose to 5.5 percent of NNP from 5.2 percent in 

2003. Since 2001, the private saving rate has climbed by 1.8 

percentage points from a six-decade low of 3.7 percent. The 

recent turnaround reflects strong growth of undistributed 

corporate profits, which amounted to 4.5 percent of NNP in 

2004 compared to 4.0 percent in the previous year and a 

recent low of 2.0 percent in 2000. Personal saving, in 

contrast, continued to decline in 2004, edging down by 0.1 

percentage point to a 70-year low of 1.0 percent of NNP. 

An improvement in government finances also 

contributed to the increase in the net national saving rate in 

2004. The Federal budget deficit as a share of NNP 

narrowed from 3.8 percent in 2003 to 3.6 percent in 2004. At 

the same time, state and local governments recorded a small 

surplus equivalent to 0.2 percent of NNP. Altogether, the 

public sector deficit represented 3.5 percent of NNP in 2004, 

down from 3.8 percent in 2003 and below the 3.8 percent 

average from 1982 through 1995. 

Net domestic investment (by government and private 

industry in structures, equipment, software, and inventory) 

jumped to 8.7 percent of NNP in 2004 from 6.9 percent in 

2003. While still below the 9-3/4 percent average posted 

from 1998 through 2000, the current rate of net investment is 

notably higher than readings around 6-3/4 percent in the first 

half of the 1990s. A large portion of domestic investment 

continues to be financed from abroad, a long-term trend that 

has persisted for more than two decades. This is reflected in 

net foreign investment, which has shifted from a small 

surplus of 0.3 percent of NNP in 1991 to a deficit of 6.1 

percent in 2004. 

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00 04

Public

Total

(Saving as a percent of NNP)
June 2005 

11

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

June 2005 

12 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source 

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

Second-Quarter Receipts 

The following capsule analysis of budget receipts, 

by source, for the second quarter of fiscal year 2005 

supplements fiscal data reported in the March 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 $185.0 billion for the second 

quarter of fiscal year 2005. This is an increase of $16.0 

billion over the comparable prior year quarter. Withheld 

receipts increased by $13.8 billion and non-withheld receipts 

increased by $3.3 billion during this period. Refunds 

increased by $1.1 billion over the comparable fiscal year 

2004 quarter. There was a decrease of $3.8 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2004. 

Corporate income taxes—Net corporate income tax 

receipts were $35.5 billion for the second quarter of fiscal 

year 2005. This is an increase of $11.3 billion compared to 

the prior year second quarter. The $11.3 billion change is 

comprised of an increase of $10.1 billion in estimated and 

final payments, and a decrease of $1.2 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of 

fiscal year 2005 were $188.1 billion, an increase of $11.7 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $7.1 billion, $1.2 billion, and $3.4 billion, 

respectively. There was a $2.4 billion accounting adjustment 

for prior years employment tax liabilities made in the second 

quarter of fiscal year 2005, while there was a -$1.4 billion 

adjustment in the second quarter of fiscal year 2004. 

Unemployment insurance—Unemployment insurance 

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

2005 were $5.8 billion, an increase of $1.2 billion over the 

comparable quarter of fiscal year 2004. Net State taxes 

deposited in the U.S. Treasury increased by $0.9 billion to 

$4.6 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.2 billion to $1.2 billion. 
FEDERAL FISCAL OPERATIONS 

June 2005 

13

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the 

second quarter of fiscal year 2005. This was a negligible 

change from the comparable quarter of fiscal year 2004. 

Excise taxes—Net excise tax receipts for the second 

quarter of fiscal year 2005 were $17.0 billion, an increase of 

$0.8 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.2 billion, a 

decrease of $0.3 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.1 billion for the second quarter of fiscal year 2005. 

These receipts represent an increase of $0.3 billion over the 

same quarter in fiscal year 2004. 

Customs duties—Customs duties net of refunds were 

$5.5 billion for the second quarter of fiscal year 2005. This 

is an increase of $0.6 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the second quarter of fiscal year 2005 were $7.7 billion, 

an increase of $0.5 billion over the comparable prior year 

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

Federal Reserve banks increasing by $0.3 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”] 

Second quarter 

Jan. - Mar. 

Actual fiscal 

year to date 

2005 

Budget estimates 

(Feb. 2005) 

full fiscal year 2005 

Total on- and off-budget results: 

Total receipts ................................................................ 451,829 939,022 2,052,845

On-budget receipts ................................................... 304,671 667,069 1,491,482

Off-budget receipts ................................................... 147,159 271,953 561,363

Total outlays.................................................................. 628,335 1,233,669 2,479,404

On-budget outlays..................................................... 506,410 1,039,907 2,080,022

Off-budget outlays..................................................... 121,924 193,762 399,382

Total surplus or deficit (-) .............................................. -176,504 -294,647 -426,559

On-budget surplus or deficit (-)................................. -201,740 -372,838 -588,540

Off-budget surplus or deficit (-)................................. 25,234 78,190 161,981

Means of financing: 

Borrowing from the public............................................. 164,667 266,733 425,681

Reduction of operating cash......................................... 2,241 13,900 1,349

Other means ................................................................. 9,597 14,014 -471

Total on- and off-budget financing............................ 176,504 294,647 426,559

Second-Quarter Net Budget Receipts by Source, Fiscal Year 2005 

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

Source Jan. Feb. Mar. 

Individual income taxes...................................................... 110.8 30.2 44.0 

Corporate income taxes..................................................... 6.7 1.7 27.0 

Employment and general retirement.................................. 70.0 55.3 62.8 

Unemployment insurance .................................................. 1.8 3.2 0.8 

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

Excise taxes ....................................................................... 5.7 4.5 6.8 

Estate and gift taxes .......................................................... 2.2 1.9 2.0 

Customs duties .................................................................. 1.8 1.8 2.0 

Miscellaneous receipts....................................................... 2.8 2.0 2.9

Total budget receipts ..................................................... 202.2 100.9 148.7

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

June 2005 

14 

CHART FFO-A.—

Monthly Receipts and Outlays, 2004-2005

(In billions of dollars) 

-50

0

50

100

150

200

250

MAM J J ASONDJ FM

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

50

100

150

200

250

300

350

400

450

500

Individual

income taxes

Social

insurance

and

retirement

receipts

Corporate

income taxes

Excise taxes M isc.

receipts 

Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year.

2005

2004 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2004-2005

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

June 2005 

15

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

 

2000 ............................ 2,025,060 1,544,477 480,583 1,788,441 1,457,678 330,765 236,619 86,801 149,818 23,761 

2001 ............................ 1,991,044 1,483,525 507,519 1,862,764 1,516,762 346,002 128,281 -33,237 161,518 141,902 

2002 ............................ 1,853,051 1,337,730 515,321 2,010,855 1,655,192 355,663 -157,804 -317,462 159,658 428,391 

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

2004 ............................ r 1,879,783 r 1,345,039 534,744 r 2,292,606 r 1,913,094 379,512 r -412,823 r -568,055 155,233 595,064 

 

2005 - Est.................... 2,052,845 1,491,482 561,363 2,479,404 2,080,022 399,382 -426,559 -588,540 161,981 677,277 

2006 - Est.................... 2,177,550 1,584,359 593,191 2,567,617 2,144,300 423,317 -390,067 -559,941 169,874 676,402 

 

2004 - Mar................... 132,425 86,979 45,446 r 205,337 r 165,656 39,681 r -72,913 r -78,678 5,765 39,686 

Apr................... 220,091 162,882 57,209 r 202,513 r 166,253 36,259 r 17,578 r -3,372 20,950 1,178 

May.................. 115,450 72,010 43,440 177,913 r 138,571 39,342 -62,463 -66,561 4,098 61,589 

June................. 214,382 166,393 47,989 r 195,258 r 195,275 -17 r 19,124 r -28,882 48,006 77,702 

July .................. 134,415 93,572 40,843 203,575 166,630 36,944 -69,160 -73,058 3,899 41,815 

Aug .................. 137,729 95,899 41,830 r 178,861 r 137,461 41,400 r -41,132 r -41,562 430 34,072 

Sept................. r 207,351 r 160,732 46,619 r 182,719 r 141,745 40,973 r 24,633 r 18,987 5,646 27,834 

Oct................... r 136,896 r 97,734 39,162 r 194,198 r 159,519 34,679 r -57,302 r -61,785 4,483 50,618 

Nov .................. 134,547 92,178 42,369 r 192,448 r 152,310 40,138 r -57,901 r -60,132 2,231 94,923 

Dec .................. 215,749 172,486 43,263 r 218,603 r 221,581 -2,978 r -2,853 r -49,095 46,241 70,639 

2005 - Jan ................... 202,217 147,773 54,444 r 193,639 r 155,666 37,973 r 8,578 r -7,893 16,471 32,738 

Feb .................. 100,871 57,519 43,352 214,814 172,445 42,368 -113,942 -114,926 984 84,784 

Mar .................. 148,741 99,379 49,363 219,969 178,385 41,583 -71,227 -79,007 7,779 62,274 

 

Fiscal year 2005 to date ... 939,021 667,069 271,953 1,233,669 1,039,907 193,762 -294,647 -372,838 78,190 395,976 

 

Means of financing—net transactions, con. 

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

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of 

Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve position

on the U.S. 

quota in the 

IMF (deduct) 

 (17) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

 

2000 ...................................... -832 245,736 -222,809 -3,799 4,033 3,185 -6,292 -12,627 -4,056 -236,619 

2001 ...................................... -661 231,496 -90,256 -8,440 1,603 8,543 4,717 -21,554 -10,048 -128,281 

2002 ...................................... -137 207,713 220,542 16,667 790 15,724 2,457 -24,298 -2,802 157,804 

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

2004 ...................................... -1,769 213,677 379,618 1,390 720 r -23,529 -4,630 6,494 662 r 412,823 

 

2005 - Est.............................. -563 251,033 425,681 -1,349 * * * -471 * 426,559 

2006 - Est.............................. -163 276,644 399,595 - * * * -9,528 * 390,067 

2004 - Mar............................. 89 -11,874 51,649 4,567 4 -17,379 -177 8,208 71 r 72,913 

Apr............................. -185 18,933 -17,941 19,163 -246 -49 -1,310 17,921 * r -17,578 

May............................ -71 13,703 47,815 -24,582 237 69 -33 -9,661 - 62,463 

June........................... 282 66,038 11,946 28,760 -22 602 -221 -2,241 290 r -19,124 

July ............................ -186 -6,155 47,784 -9,997 -73 565 -683 11,188 * 69,160 

Aug ............................ -240 3,681 30,150 -32,104 124 r -305 416 -20,887 - r 41,132 

Sept........................... 388 22,852 5,370 33,836 72 r -425 -371 r 2,934 175 r -24,633 

Oct............................. -62 37,351 13,205 11,725 259 r 550 96 r 56,727 * r 57,302 

Nov ............................ 43 5,787 89,179 -30,042 436 -253 543 r -60,594 - r 57,901 

Dec ............................ 96 r 71,053 r -318 6,657 150 -184 -602 9,162 30 r 2,853 

2005 - Jan ............................. -129 12,437 20,172 36,643 -285 1,273 -4,232 4,649 - r -8,578 

Feb ............................ -222 5,094 79,467 -41,709 -1,616 -410 89 -9,171 - 113,942 

Mar ............................ 168 -2,586 65,028 2,825 -162 -584 -60 8,018 200 71,227 

Fiscal year 2005 to date .......... -106 129,136 266,733 -13,901 -1,218 392 -4,166 8,791 230 294,647 

 

 

* Less than $500,000. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of 

Management and Budget on February 7, 2005. 

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

June 2005 

16

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 Refunds 

 (10) 

 Net 

 (11) 

 

2000 .............................. 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,750 618,076 1,965 616,111 

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 .............................. 750,754 286,956 179,365 858,345 211,439 63,396 148,044 1,006,389 665,381 1,011 664,370 

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

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

 

2005 - Est...................... 893,704 - - 893,704 226,526 - 226,526 1,120,230 722,723 - 722,723 

2006 - Est...................... 966,877 - - 966,877 220,258 - 220,258 1,187,135 765,326 - 765,326 

 

2004 - Mar..................... 77,807 6,209 40,216 43,800 24,236 5,306 18,931 62,731 56,567 - 56,567 

Apr..................... 57,798 98,173 52,358 103,614 28,925 5,439 23,485 127,099 73,441 - 73,441 

May.................... 52,696 r 2,922 r 24,949 30,668 6,483 1,255 5,228 35,897 54,966 - 54,966 

June................... 65,944 r 31,290 2,793 94,440 46,392 2,086 44,307 138,747 60,930 - 60,930 

July .................... 60,494 4,063 3,991 60,566 6,557 1,616 4,941 65,507 52,225 - 52,225 

Aug .................... 60,711 4,952 2,810 62,853 3,658 1,852 1,806 64,659 53,553 - 53,553 

Sept................... 57,311 35,761 3,949 89,123 45,569 3,286 42,283 131,406 61,002 980 60,022 

Oct..................... 58,025 9,101 2,592 64,534 13,917 6,222 7,694 72,228 51,419 - 51,419 

Nov .................... 60,003 r 4,221 6,289 57,935 4,560 1,775 2,785 60,720 55,779 - 55,779 

Dec .................... r 85,390 r 7,573 1,559 r 91,405 r 56,065 2,206 r 53,859 r 145,264 57,954 415 57,539 

2005 - Jan ..................... 72,156 41,316 2,645 110,827 8,223 1,524 6,699 117,526 69,679 - 69,679 

Feb .................... 71,841 3,270 44,961 30,150 4,325 2,605 1,719 31,869 54,828 - 54,828 

Mar .................... 76,403 6,692 39,107 43,988 30,812 3,766 27,046 71,034 62,426 - 62,426 

 

Fiscal year 2005 to date... 423,819 72,173 97,154 398,839 117,902 18,099 99,803 498,641 352,085 415 351,670 

 

Social insurance and retirement receipts, con. 

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

Railroad retirement 

Fiscal year 

or month 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

 

2000 ............................ 4,345 8 4,337 620,447 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 4,713 

2002 ............................ 4,185 8 4,177 668,548 27,746 127 27,620 4,533 61 4,594 

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

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

 

2005 - Est.................... 3,913 - 3,913 726,636 42,476 - 42,476 4,574 45 4,619 

2006 - Est.................... 3,969 - 3,969 769,295 44,956 - 44,956 4,540 43 4,583 

 

2004 - Mar................... 440 * 440 57,007 686 10 677 377 4 381 

Apr................... 301 * 301 73,742 6,719 28 6,691 410 4 414 

May ................. 349 1 348 55,314 12,752 11 12,741 348 5 353 

June ................ 74 * 74 61,005 1,139 10 1,129 347 5 352 

July.................. 375 * 375 52,600 2,946 18 2,929 421 4 425 

Aug.................. 423 -1 424 53,977 5,868 14 5,853 405 5 409 

Sept................. 312 * 312 60,334 633 8 625 368 3 371 

Oct................... 323 * 323 51,742 1,402 8 1,393 344 5 349 

Nov.................. 341 14 327 56,106 4,058 6 4,052 344 5 349 

Dec.................. r 421 -1 r 421 r 57,960 r 399 5 r 395 425 3 428 

2005 - Jan ................... 352 * 352 70,031 1,823 3 1,820 336 4 340 

Feb.................. 424 1 423 55,251 3,215 1 3,214 342 5 347 

Mar.................. 422 * 422 62,848 786 9 777 425 4 429 

 

Fiscal year 2005 to date.... 2,283 14 2,268 353,938 11,683 32 11,651 2,216 26 2,242 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

June 2005 

17

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 1

(45) 

Off-budget 

(46) 

 

2000 ............................ 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,375 42,669 1,544,477 480,583 

2001 ............................ 66,232 29,248 848 28,400 20,295 927 19,368 26,124 11,541 37,664 1,483,525 507,519 

2002 ............................ 66,989 27,242 734 26,507 19,829 1,227 18,602 23,683 10,120 33,803 1,337,730 515,321 

2003 ............................ 67,522 22,827 868 21,959 21,032 1,170 19,862 21,878 12,430 34,309 1,258,265 523,842 

2004 ............................ r 69,855 25,579 749 24,831 21,806 723 21,083 19,652 12,627 32,279 r 1,345,039 534,744 

 

2005 - Est.................... 74,013 23,754 - 23,754 24,674 - 24,674 24,102 12,341 36,443 1,491,482 561,363 

2006 - Est.................... 75,566 26,121 - 26,121 28,256 - 28,256 28,528 13,110 41,638 1,584,359 593,191 

 

2004 - Mar................... 5,670 2,242 84 2,159 1,811 64 1,747 1,157 896 2,053 86,979 45,446 

Apr................... 5,877 2,766 62 2,705 1,820 74 1,746 930 886 1,817 162,882 57,209 

May ................. 5,471 1,955 36 1,919 1,590 75 1,515 1,197 r 1,044 2,241 72,010 43,440 

June ................ 6,192 1,943 81 1,862 1,848 73 1,775 2,089 1,231 3,320 166,393 47,989 

July.................. 6,078 2,257 52 2,205 2,153 48 2,105 1,518 1,050 2,567 93,572 40,843 

Aug.................. 5,916 2,372 78 2,295 2,098 80 2,018 1,564 1,038 2,602 95,899 41,830 

Sept................. r 7,772 2,335 58 2,278 1,954 43 1,911 1,582 1,072 2,654 r 160,732 46,619 

Oct................... r 4,265 2,048 81 1,968 2,186 65 2,121 1,916 913 2,830 r 97,734 39,162 

Nov.................. 6,386 2,137 69 2,069 1,931 106 1,825 1,992 1,047 3,039 92,178 42,369 

Dec.................. r 6,022 1,756 68 1,688 1,848 40 1,808 1,181 1,002 2,183 172,486 43,263 

2005 - Jan ................... 5,681 2,251 49 2,201 1,868 61 1,806 1,688 1,124 2,812 147,773 54,444 

Feb .................. 4,535 1,925 71 1,854 1,829 49 1,780 1,162 860 2,022 57,519 43,352 

Mar .................. 6,793 2,095 76 2,018 2,042 88 1,954 1,648 1,240 2,888 99,379 49,363 

 

Fiscal year 2005 to date.. 33,682 12,212 414 11,798 11,704 409 11,294 9,587 6,186 15,774 667,069 271,953 

 

1 Details do not add to totals due to the fiscal year 2005 budget estimate of $20 billion for 

adjustment for revenue uncertainty. 

* Less than $500,000. 

Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of 

Management and Budget on February 7, 2005. 

Detail may not add to totals due to rounding. 

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

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

Excise taxes 

Airport and Airway Trust Fund 

Black Lung Disability Trust 

Fund Highway Trust Fund Miscellaneous 

Fiscal year 

or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds 

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

 

2000............................ 652,851 9,784 46 9,739 518 - 518 35,987 1,014 34,973 24,357 721 23,636

2001............................ 693,967 9,244 53 9,191 522 - 522 32,465 996 31,469 26,009 960 25,049

2002............................ 700,761 9,090 60 9,030 567 - 567 33,682 1,079 32,603 25,833 1,044 24,789

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

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

2005 - Est ................... 773,731 10,517 - 10,517 584 - 584 38,881 - 38,881 24,031 - 24,031

2006 - Est ................... 818,834 11,319 - 11,319 601 - 601 40,226 - 40,226 23,420 - 23,420

 

2004 - Mar .................. 58,065 679 - 679 47 - 47 2,804 - 2,804 2,232 92 2,140

Apr .................. 80,847 792 - 792 46 - 46 r 3,058 - 3,058 2,046 63 1,983

May ................. 68,408 753 16 737 46 - 46 2,917 261 2,656 2,079 48 2,032

June ................ 62,486 706 - 706 50 - 50 2,056 - 2,056 3,487 106 3,381

July.................. 55,953 802 - 802 49 - 49 3,113 - 3,113 2,173 60 2,113

Aug.................. 60,239 805 7 799 49 - 49 3,083 267 2,815 2,326 73 2,253

Sept................. 61,330 1,489 7 1,482 96 - 96 r 6,132 163 r 5,969 295 71 225

Oct .................. 53,484 147 * 147 9 - 9 r 553 2 r 551 3,602 43 3,559

Nov.................. 60,507 841 - 841 51 - 51 3,418 - 3,418 2,155 78 2,077

Dec.................. r 58,783 1,053 - 1,053 51 - 51 3,124 - 3,124 r 1,854 59 r 1,795

2005 - Jan................... 72,191 777 - 777 47 - 47 3,154 - 3,154 1,755 53 1,703

Feb.................. 58,812 769 18 751 46 - 46 3,045 318 2,728 767 -243 1,010

Mar.................. 64,054 871 * 872 48 - 48 3,327 -1 3,329 2,634 90 2,545

 

Fiscal year 2005 to date.. 367,831 4,458 18 4,441 252 - 252 16,621 319 16,304 12,767 80 12,689

 
FEDERAL FISCAL OPERATIONS 

June 2005 

18

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

Department of 

Energy 

(7) 

Department of 

Health 

and 

Human 

Services 

(8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department

of 

Justice 

(12) 

 Depart-

 ment of

 Labor 

 (13) 

 

2000 ..................... 2,913 4,086 75,658 7,929 281,234 33,309 15,010 382,627 12,365 30,829 8,022 17,377 31,876

2001 ..................... 3,030 4,408 68,047 5,017 290,413 35,724 16,420 426,391 14,086 33,937 7,876 18,868 39,757

2002 ..................... 3,243 4,823 68,982 5,322 332,116 46,286 17,772 466,104 15,980 31,880 9,741 21,408 64,703

2003 ..................... 3,420 5,123 72,483 5,680 388,891 57,400 19,385 505,410 31,843 37,470 9,204 21,775 69,592

2004 ..................... 3,880 5,396 71,768 5,849 437,111 62,814 19,974 r 543,206 26,724 45,024 8,916 28,953 56,708

 

2005 - Est............. 4,083 5,741 94,912 6,278 444,068 70,953 22,178 585,772 33,259 42,614 9,433 21,171 50,034

2006 - Est............. 4,356 6,145 94,590 6,500 426,315 64,272 21,969 643,886 33,284 40,185 9,812 23,380 51,713

 

2004 - Mar............ 314 428 6,112 606 38,734 4,553 1,501 50,068 2,404 3,342 1,058 2,527 5,269

Apr............ 309 478 4,281 411 40,731 4,484 2,493 50,117 2,214 3,074 630 2,080 4,852

May........... 283 381 3,252 451 31,484 4,413 1,385 40,130 1,686 10,077 595 2,637 4,283

June.......... 317 457 4,677 474 37,116 5,154 1,869 50,444 2,620 3,962 952 3,420 4,310

July ........... 329 545 4,472 481 42,126 4,928 1,678 47,136 2,086 3,165 837 4,221 3,978

Aug ........... 309 410 5,198 599 33,805 4,532 1,017 42,866 2,434 2,960 1,032 2,234 3,978

Sept .......... 419 451 5,247 633 38,883 r 7,941 2,068 r 46,109 2,735 3,171 813 2,002 3,111

Oct............ 300 443 12,110 422 r 36,222 6,191 1,798 45,382 3,070 3,429 727 1,938 2,875

Nov ........... 295 435 9,676 517 37,107 4,343 2,093 r 46,370 3,036 3,456 420 1,789 3,980

Dec ........... 373 531 r 10,325 526 44,255 5,234 1,995 51,947 3,850 r 3,536 r 748 1,774 r 4,802

2005 - Jan ............ 387 429 r 7,565 580 33,377 8,634 1,052 r 42,847 2,796 3,494 691 r 1,930 4,327

Feb ........... 285 423 7,050 426 36,680 5,253 1,459 44,165 2,794 3,017 546 1,782 3,895

Mar ........... 307 474 5,728 536 42,150 5,928 2,313 53,336 3,434 3,342 1,014 2,024 4,036

 

Fiscal year 2005 to 

 date......................... 1,947 2,735 52,454 3,007 229,791 35,583 10,710 284,047 18,980 20,274 4,146 11,237 23,915

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration 

(23) 

International 

Assistance 

Program 

(24) 

 

2000 ..................... 6,849 41,592 361,998 26,574 47,087 4,334 32,861 7,240 249 25 12,084 

2001 ..................... 7,446 49,372 359,508 27,415 45,043 4,726 34,161 7,390 246 -8 11,771 

2002 ..................... 9,453 56,112 332,537 38,021 r 50,871 4,798 35,158 7,450 453 r -260 13,309 

2003 ..................... 9,257 50,808 318,149 48,374 56,892 4,749 39,881 8,065 388 323 13,466 

2004 ..................... 10,942 54,541 321,566 r 53,692 59,556 4,842 41,732 8,335 3,309 r -404 r 13,738 

 

2005 - Est............. 11,934 58,215 347,890 55,082 68,046 4,891 43,460 7,862 5,765 459 14,754 

2006 - Est............. 14,109 60,585 392,387 48,811 68,281 4,643 44,489 8,202 7,192 54 17,022 

 

2004 - Mar............ 1,118 3,956 14,097 r 10,102 3,143 267 3,850 829 r 344 r 129 r 967 

Apr............ 896 r 3,891 12,755 r 5,215 7,508 443 3,505 649 r 135 359 r 1,579 

May .......... 844 4,484 20,433 3,119 2,661 318 3,312 622 r 300 -233 r 320 

June ......... 889 4,663 84,469 r 712 5,091 263 3,604 705 r 273 -42 r 1,674 

July........... 753 5,872 15,098 1,399 8,012 509 3,397 734 322 -158 1,205 

Aug........... 826 5,276 18,989 1,705 3,046 386 3,198 743 511 -185 246 

Sept.......... 1,189 6,278 12,532 r -7,359 4,985 524 3,475 707 452 r 61 r 617 

Oct............ 1,241 4,335 13,735 r 2,925 5,234 626 r 2,280 551 272 -86 778 

Nov........... 836 4,403 19,601 r 1,419 5,459 696 3,556 694 r 435 23 416 

Dec........... 1,401 r 4,523 86,912 r 843 8,549 493 3,913 674 542 173 1,442 

2005 - Jan ............ 842 3,846 15,215 r 6,479 3,010 495 3,525 487 521 -205 4,809 

Feb........... 686 3,603 15,889 26,834 5,185 83 3,221 542 670 1 586 

Mar........... 998 4,859 15,520 11,621 5,781 312 4,094 883 634 421 1,969 

 

Fiscal year 2005 to 

 date.......................... 6,004 25,569 166,872 50,121 33,218 2,705 20,589 3,831 3,074 327 10,000 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

June 2005 

19

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics 

and 

Space 

Administration 

(25) 

National

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

Offbudget 

(36) 

 

2000 .......................... 13,443 3,487 48,660 -422 441,289 10,879 -37,851 -129,088 -4,580 -1,502 1,457,678 330,765 

2001 .......................... 14,094 3,691 50,916 -569 461,261 13,449 -38,792 -144,111 -7,194 -1,025 1,516,762 346,002 

2002 .......................... 14,429 4,187 52,512 492 488,242 r 15,853 -42,782 -153,316 -5,024 -2 1,655,192 355,663 

2003 .......................... 14,552 4,735 54,134 1,559 507,734 8,947 -49,351 -156,066 -5,029 * 1,796,238 363,010 

2004 .......................... 15,186 5,118 56,533 4,077 530,206 r 5,833 -53,430 r -153,986 -5,105 * r 1,913,094 379,512 

 

2005 - Est.................. 15,719 5,641 60,964 3,036 559,048 19,671 -58,990 -163,452 -5,886 -100 2,080,022 399,382 

2006 - Est.................. 15,744 5,666 64,259 790 583,492 22,607 -62,542 -171,518 -7,131 -100 2,144,300 423,317 

 

2004 - Mar................. 1,529 394 4,921 3,465 43,971 r 591 -4,512 -20 -719 - r 165,656 39,681 

Apr................. 1,207 379 4,898 51 47,221 1,058 -4,763 -13 -613 * 166,253 36,259 

May ............... 1,353 368 4,577 58 42,157 1,651 -4,907 -4,480 -98 * 138,570 39,342 

June .............. 1,284 492 5,258 -10 r 48,028 -1,109 -4,521 -71,298 -939 * r 195,275 -17 

July................ 1,117 468 4,775 64 46,884 1,803 -4,485 -64 -111 - 166,630 36,944 

Aug................ 1,248 571 4,340 59 41,984 2,035 -4,538 r -2,198 -755 - r 137,461 41,400 

Sept............... 1,938 493 4,749 61 44,331 r -1,172 -4,257 r 4 -469 * r 141,745 40,973 

Oct................. 827 464 5,233 69 44,591 r 744 -4,433 r 15 -109 * r 159,519 34,679 

Nov................ 1,458 414 4,702 80 44,647 r 26 -4,433 r -4,677 -824 * r 152,310 40,138 

Dec................ 1,308 422 4,535 71 48,397 r 1,890 -4,759 -72,314 -309 - r 221,581 -2,978 

2005 - Jan ................. 1,247 375 5,194 -475 42,946 2,631 -4,675 -164 -573 - r 155,666 37,973 

Feb................ 1,172 397 4,559 2,337 46,549 2,019 -4,715 -2,002 -578 - 172,445 42,368 

Mar................ 1,291 417 4,933 67 46,382 658 -4,841 -336 -317 * 178,385 41,583 

Fiscal year 2005 to 

date .......................... 7,303 2,489 29,156 2,147 273,512 7,968 -27,856 -79,478 -2,710 - 1,039,906 193,763 

 

 * Less than $500,000. 

Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of 

Management and Budget on February 7, 2005. 

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

June 2005 

20

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

March 2005 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 398,816 23 - 398,839 367,672 22 - 367,694

Corporation income taxes........................................... 99,799 - 4 99,803 67,319 - * 67,320

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 271,953 271,953 - - 256,814 256,814

Employment and general retirement (on-budget)... - - 81,986 81,986 - - 75,574 75,574

Unemployment insurance ....................................... - - 11,651 11,651 - - 9,484 9,484

Other retirement...................................................... - - 2,241 2,241 - - 2,272 2,272

Excise taxes ................................................................ 12,026 323 21,333 33,682 12,776 304 19,469 32,549

Estate and gift taxes ................................................... 11,798 - - 11,798 11,568 - - 11,568

Customs duties ........................................................... 7,373 3,369 553 11,295 6,544 3,014 455 10,013

Miscellaneous receipts................................................ 10,470 4,845 459 15,774 11,832 4,799 446 17,077

Total receipts....................................................... 540,282 8,561 390,179 939,022 477,710 8,139 364,515 850,364

(On-budget)..................................................... 540,282 8,561 118,226 667,069 477,710 8,139 107,701 593,550

(Off-budget)..................................................... - - 271,953 271,953 - - 256,814 256,814

 

Budget outlays: 

Legislative branch ....................................................... 1,928 9 10 1,947 1,847 81 -14 1,914

Judicial branch ............................................................ 2,482 270 -17 2,735 2,377 305 -8 2,674

Department of Agriculture ........................................... 33,193 19,254 6 52,454 32,130 12,629 -120 44,639

Department of Commerce........................................... 2,986 21 * 3,007 2,828 -29 * 2,800

Department of Defense-military .................................. 226,508 3,276 6 229,790 210,818 2,130 19 212,967

Department of Education ............................................ 35,450 134 * 35,585 31,382 -17 * 31,365

Department of Energy................................................. 11,969 -1,260 * 10,709 11,393 -1,928 * 9,465

Department of Health and Human Services ............... 205,225 -13 78,835 284,046 188,355 24 78,025 266,405

Department of Homeland Security.............................. 18,716 181 83 18,980 13,408 -560 101 12,949

Department of Housing and Urban Development....... 20,583 -306 -3 20,274 18,803 -186 -2 18,615

Department of the Interior........................................... 4,675 -685 157 4,147 4,544 -645 158 4,058

Department of Justice ................................................. 10,481 677 80 11,238 11,711 570 79 12,361

Department of Labor................................................... 5,065 -371 19,220 23,915 5,012 107 27,078 32,196

Department of State.................................................... 6,113 -280 172 6,005 5,412 -64 198 5,546

Department of Transportation..................................... 3,837 -31 21,763 25,569 801 -10 23,285 24,076

Department of the Treasury: 

Interest on the public debt....................................... 166,871 - - 166,871 157,291 - - 157,291

Other ....................................................................... 50,693 -507 -65 50,121 49,505 -580 -24 48,901

Department of Veterans Affairs .................................. 33,364 -642 497 33,219 28,558 -818 512 28,252

Corps of Engineers ..................................................... 2,153 192 360 2,705 1,891 176 330 2,397

Other defense civil programs...................................... 37,124 -12,944 -3,592 20,588 34,493 -13,393 142 21,241

Environmental Protection Agency............................... 4,543 -112 -599 3,832 4,754 -70 -509 4,175

Executive Office of the President................................ 3,074 * - 3,074 1,317 * - 1,317

General Services Administration ................................ 90 236 * 326 82 -287 - -205

International Assistance Program............................... 9,832 -635 803 10,000 8,851 -557 -196 8,097

National Aeronautics and Space Administration ........ 7,304 -3 * 7,302 7,039 - * 7,040

National Science Foundation...................................... 2,472 12 5 2,489 2,311 12 25 2,348

Office of Personnel Management ............................... 3,928 -41 25,269 29,157 3,690 47 24,199 27,936

Small Business Administration ................................... 2,163 -16 * 2,147 3,795 * * 3,794

Social Security Administration .................................... 26,720 1 246,791 273,512 24,051 * 235,549 259,601

Other independent agencies....................................... 6,212 -1,667 3,422 7,968 2,683 -2,346 1,230 1,568

Undistributed offsetting receipts: 

Interest .................................................................... - - -79,478 -79,478 - - -75,936 -75,936

Other ....................................................................... -2,712 -5,292 -22,561 -30,565 -2,120 -4,516 -21,443 -28,079

Total outlays........................................................ 943,044 -541 291,166 1,233,669 869,012 -9,925 292,680 1,151,767

(On-budget)..................................................... 943,044 2,165 94,698 1,039,907 869,012 -6,271 104,417 967,158

(Off-budget)..................................................... - -2,706 196,469 193,762 - -3,654 188,263 184,609

Surplus or deficit (-)............................................. -402,761 9,102 99,013 -294,647 -391,302 18,064 71,835 -301,403

(On-budget)..................................................... -402,761 6,395 23,529 -372,838 -391,302 14,410 3,284 -373,608

(Off-budget)..................................................... - 2,706 75,484 78,190 - 3,654 68,551 72,205

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
June 2005 

21

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 1 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 2 

(3) 

Taxes 3 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

2000 ................................................ 4,921,490 253,060 5,172,731 1,189,835 1,195,453 

2001 ................................................ 5,050,444 340,364 5,389,954 1,271,952 1,281,245 

2002 ................................................ 6,160,448 367,327 6,529,692 1,231,160 1,212,577 

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

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

 

2004 - Mar....................................... 606,819 42,866 650,315 113,704 108,509 

 Apr....................................... 694,764 41,609 735,865 107,192 88,537 

May ..................................... 522,420 30,342 554,517 82,997 105,823 

June .................................... 659,073 43,553 701,230 123,501 96,136 

July...................................... 579,783 31,854 612,753 86,898 95,778 

Aug...................................... 583,266 35,694 621,421 81,990 111,633 

Sept..................................... 687,583 48,402 732,453 109,780 79,476 

Oct....................................... 508,948 38,035 547,855 84,853 72,257 

Nov...................................... 637,909 34,300 673,566 86,010 114,695 

Dec...................................... 653,542 49,944 701,333 149,391 144,888 

2005 - Jan ....................................... 535,535 36,048 572,524 108,352 70,768 

Feb ...................................... 646,100 31,410 677,808 97,231 138,642 

Mar ...................................... 727,877 39,548 766,879 126,367 124,087 

 

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

June 2005 

22 

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

and Tax and Loan Note Account Balances, con. 

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

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan 

note accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan 

note accounts 

(13) 

 

2000 ...................................... 8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 

2001 ...................................... 9,796 34,423 14,460 68,650 3,446 97 5,656 18,420 

2002 ...................................... 7,879 53,007 13,688 61,680 2,593 44 5,552 21,097 

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

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

 

2004 - Mar............................. 5,884 15,390 6,538 31,842 4,404 2,536 5,429 14,264 

Apr............................. 6,392 34,044 7,900 47,271 4,242 59 6,045 16,366 

May............................ 4,637 11,218 6,392 34,044 4,247 6,391 5,356 13,362 

June........................... 6,032 38,582 7,323 46,696 1,592 19 5,741 20,897 

July ............................ 4,917 29,701 6,714 29,701 2,915 149 4,963 10,053 

Aug ............................ 2,456 58 5,995 29,701 2,456 27 4,801 3,063 

Sept........................... 5,987 30,362 7,626 44,493 3,701 121 5,608 16,669 

Oct............................. 5,116 42,959 6,216 42,959 3,640 6,118 5,024 20,335 

Nov ............................ 3,759 14,274 6,210 28,924 3,759 1,230 4,921 12,730 

Dec ............................ 5,912 18,777 7,113 34,745 3,386 700 5,056 15,828 

2005 - Jan ............................. 4,971 56,362 5,912 56,362 4,516 3,358 5,076 23,002 

Feb ............................ 4,673 14,951 6,246 47,948 4,404 54 5,168 14,283 

Mar ............................ 5,219 17,230 5,872 44,539 3,283 859 4,719 21,138 

 

 

1

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

than Government account series, and taxes. 

2

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

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

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

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

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

under the Federal Insurance Contributions Act beginning January 1950 and under 

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

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

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

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

beginning October 1988. 
June 2005 

23

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

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

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

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

Treasury’s Financial Management Service (FMS) 

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

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

United States.” Effective June 2001, FMS revised 

procedures and categories in these tables to agree with the 

Bureau of the Public Debt’s publication changes. 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

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

The difference between interest-bearing and total public debt 

securities reflects outstanding matured Treasury securities—

that is, unredeemed securities that have matured and are no 

longer accruing interest. Because the Federal Financing 

Bank is under the supervision of Treasury, its securities are 

held by a U.S. Government account. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

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

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

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

maturities of Treasury securities on nonbusiness days, which 

can be redeemed on the next business day. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

June 2005 

24 

TABLE FD-1.—Summary of Federal Debt

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

 

2000............................... 5,701,851 5,674,179 27,672 2,235,763 2,235,712 51 3,466,088 3,438,416 27,672 

2001............................... 5,834,475 5,807,464 27,011 2,468,757 2,468,757 - 3,365,718 3,338,707 27,011 

2002............................... r 6,255,111 6,228,236 26,874 2,675,648 2,675,648 - r 3,579,462 r 3,552,588 26,874 

2003............................... 6,809,272 6,783,320 25,952 2,859,291 2,859,291 - 3,949,981 3,924,029 25,952 

2004............................... 7,403,236 7,379,053 24,183 3,075,704 r 3,075,703 r 1 4,327,532 r 4,303,350 r 24,182 

 

2004 - Mar ..................... 7,155,263 7,131,068 24,195 2,954,401 2,954,401 - 4,200,862 4,176,667 24,195 

Apr ..................... r 7,157,800 r 7,133,790 24,010 2,974,990 2,974,990 - 4,182,809 4,158,799 24,010 

May .................... r 7,220,323 7,196,383 23,939 2,989,498 2,989,498 - r 4,230,825 4,206,885 23,939 

June ................... 7,298,556 7,274,335 24,221 3,055,601 3,055,601 - 4,242,955 4,218,734 24,221 

July..................... 7,340,603 7,316,568 24,035 3,049,267 r 3,049,266 r 1 4,291,337 r 4,267,302 r 24,034 

Aug..................... 7,374,745 7,350,950 23,795 3,053,081 r 3,053,080 r 1 4,321,664 r 4,297,870 r 23,794 

Sept.................... 7,403,236 7,379,053 24,183 3,075,704 r 3,075,703 r 1 4,327,532 r 4,303,350 r 24,182 

Oct...................... 7,453,800 7,429,678 24,122 3,112,950 r 3,112,949 r 1 4,340,850 r 4,316,729 r 24,121 

Nov..................... 7,549,374 7,525,210 24,164 3,118,944 r 3,118,943 r 1 4,430,430 r 4,406,267 r 24,163 

Dec..................... 7,620,403 7,596,143 24,261 r 3,189,791 r 3,189,791 r 1 r 4,430,612 r 4,406,352 r 24,260 

2005 - Jan ...................... 7,651,874 7,627,743 24,131 3,201,711 r 3,201,711 r 1 4,450,163 r 4,426,032 r 24,130 

Feb..................... 7,737,047 7,713,138 23,909 3,206,773 3,206,773 1 4,530,274 4,506,365 23,908 

Mar..................... 7,801,016 7,776,939 24,077 3,204,543 3,204,542 1 4,596,473 4,572,397 24,076 

 

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

End of fiscal 

year or month 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

 

2000 ............................... 5,701,851 73,513 5,628,338 2,235,763 16,865 2,218,895 3,466,088 56,648 3,409,440

2001 ............................... 5,834,475 64,896 5,769,579 2,468,757 18,363 2,450,394 3,365,719 46,533 3,319,185

2002 ............................... r 6,255,111 57,278 6,197,833 2,675,648 17,541 2,658,107 r 3,579,463 39,737 3,539,726

2003 ............................... 6,809,272 50,551 6,758,722 2,859,291 13,860 2,845,430 3,949,981 36,691 3,913,291

2004 ............................... 7,403,236 51,219 7,352,017 r 3,075,704 16,596 3,059,107 r 4,327,532 34,623 4,292,910

 

2004 - Mar...................... 7,155,263 47,423 7,107,840 2,954,401 14,345 r 2,940,055 4,200,862 33,078 r 4,167,785

Apr...................... r 7,157,800 48,967 r 7,108,833 2,974,990 16,001 2,958,989 r 4,182,810 32,966 r 4,149,844

May..................... r 7,220,323 r 49,971 r 7,170,351 2,989,498 r 16,807 2,972,692 r 4,230,825 r 33,164 r 4,197,660

June.................... r 7,298,556 50,221 7,248,335 3,055,601 16,872 r 3,038,729 r 4,242,955 33,349 r 4,209,606

July ..................... 7,340,603 50,639 7,289,964 3,049,266 16,692 3,032,574 4,291,337 r 33,947 4,257,390

Aug ..................... 7,374,745 50,950 7,323,795 3,053,080 16,825 3,036,255 4,321,665 34,125 4,287,540

Sept.................... 7,403,236 51,219 7,352,017 3,075,703 16,596 3,059,107 4,327,533 34,623 4,292,910

Oct...................... 7,453,799 51,226 7,402,573 3,112,949 16,490 3,096,459 4,340,850 34,736 4,306,114

Nov ..................... 7,549,374 51,835 7,497,539 3,118,943 16,697 3,102,245 4,430,431 35,138 4,395,293

Dec ..................... r 7,620,403 52,130 7,568,274 r 3,189,791 16,493 r 3,173,298 r 4,430,612 35,637 r 4,394,975

2005 - Jan ...................... 7,651,874 50,991 7,600,883 3,201,711 15,976 3,185,735 4,450,163 35,015 4,415,148

Feb ..................... 7,737,047 51,603 7,685,444 3,206,773 15,944 3,190,829 4,530,274 35,659 4,494,615

Mar ..................... 7,801,016 53,130 7,747,886 3,204,543 16,299 3,188,243 4,596,473 36,831 4,559,643

 
FEDERAL DEBT 

June 2005 

25

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. 

savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

2001 ....................................... 186,464 - 18,269 39,488 146,364 29,995 3,505 

2002 ....................................... 193,312 - 12,519 47,605 144,286 29,995 4,107 

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

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

 

2004 - Mar.............................. 204,465 - 6,731 54,714 155,712 29,995 4,332 

Apr.............................. 204,539 - 6,731 54,521 161,634 29,995 4,420 

May ............................ 204,666 - 6,431 56,135 161,058 29,995 4,416 

June............................ 204,631 - 6,431 56,514 161,474 29,995 4,571 

July ............................. 204,559 - 6,431 57,294 156,803 29,995 4,570 

Aug ............................. 204,232 - 5,881 58,387 154,923 29,995 4,584 

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

Oct.............................. 204,299 - 5,881 12,968 160,523 29,995 4,680 

Nov ............................. 204,425 - 5,881 58,468 157,754 29,995 4,680 

Dec ............................. 204,454 - 5,881 58,986 160,682 29,995 4,796 

2005 - Jan .............................. 204,446 - 6,181 60,320 163,754 29,995 4,781 

Feb ............................. 204,471 - 6,181 61,061 164,008 29,995 4,781 

Mar ............................. 204,248 - 6,081 62,683 179,005 29,995 4,879 

 

 

TABLE FD-2.—Debt Held by the Public

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

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

Bills 

(3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

Nonmarketable 

Total 

(7) 

 

2001 .................................. 3,339,310 2,915,225 734,856 1,432,956 612,521 134,891 424,085 

2002 .................................. 3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823 

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

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

 

2004 - Mar......................... 4,176,874 3,720,923 984,940 1,983,437 564,171 188,376 455,951 

Apr......................... 4,158,978 3,697,136 933,396 2,001,114 564,169 198,457 461,842 

May ....................... 4,207,088 3,744,385 958,051 2,030,669 555,934 199,731 462,703 

June....................... 4,218,910 3,755,294 946,759 2,052,221 555,923 200,391 463,617 

July ........................ 4,267,913 3,808,260 962,514 2,067,221 555,916 222,609 459,654 

Aug ........................ 4,298,492 3,840,488 976,732 2,088,509 551,910 223,337 458,004 

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

Oct......................... 4,318,485 3,900,137 979,562 2,124,510 551,902 244,164 418,348 

Nov ........................ 4,407,907 3,946,702 1,028,304 2,134,318 539,415 244,666 461,205 

Dec ........................ 4,408,389 3,943,593 1,001,189 2,157,067 539,406 245,930 464,796 

2005 - Jan ......................... 4,428,221 3,958,742 984,817 2,167,268 539,402 267,256 469,479 

Feb ........................ 4,508,288 4,037,788 1,028,387 2,205,829 537,234 266,338 470,499 

Mar ........................ 4,572,716 4,085,824 1,055,765 2,226,180 537,058 266,821 486,892 

 
FEDERAL DEBT 

June 2005 

26 

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

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

Marketable 

End of fiscal 

year or month 

Total interestbearing public 

debt 

(1) 

Total 

(2) 

Treasury 

bills 

(3) 

Treasury 

notes 

(4) 

Treasury 

bonds 

(5) 

Treasury 

inflation-indexed 

notes and bonds 

(6) 

Federal 

Financing 

Bank 

(7) 

Nonmarketable

Total 

(8) 

 

2000................................... 5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

 

Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

2000 ...................................... 177,724 25,431 2,242,900 153,288 29,996 1 

 

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

June 2005 

27

End of fiscal 

year or month 

Federal Savings

and Loan 

Corporation, 

Resolution Fund

(11) 

Federal 

Supplementary Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

 Unemploy- 

 ment Trust 

 Fund 

 (18) 

Other 

(19) 

 

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 

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

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

 

2004 - Mar............ 2,950 26,431 14,669 11,102 553 482 - 32,684 387,525 

 Apr............ 2,953 24,317 15,383 11,012 551 530 - 31,373 386,610 

 May........... 2,953 26,331 15,785 10,938 550 385 - 44,811 392,422 

 June.......... 2,955 26,032 13,628 11,208 941 424 - 43,871 391,295 

 July ........... 2,969 23,640 13,734 11,130 550 586 - 43,225 390,704 

 Aug ........... 2,972 24,077 10,915 11,053 550 521 - 46,918 407,967 

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

 Oct............ 3,014 16,557 10,991 10,878 604 562 - 44,306 385,314 

 Nov ........... 3,026 15,782 11,719 10,802 1,055 406 - 46,166 434,377 

 Dec ........... 3,034 20,273 12,564 11,067 1,037 333 - 44,115 446,016 

2005 - Jan ............ 3,041 21,989 9,833 10,982 1,135 442 - 41,610 433,626 

 Feb ........... 3,046 23,261 10,062 10,897 1,241 459 - 42,521 436,758 

 Mar ........... 3,052 24,122 10,974 10,792 2,168 495 - 39,260 437,158 

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Bank 

Insurance 

Fund 

(3) 

Employees 

Life Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

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 

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

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

 

2004 - Mar..... 3,008,617 10,617 31,580 27,444 10,399 176,690 616,066 255,208 28,122 1,376,095 

 Apr..... 3,029,036 10,946 31,391 27,435 10,407 178,947 613,487 260,006 28,458 1,395,230 

 May.... 3,045,225 10,903 31,971 27,780 10,346 178,431 610,808 260,177 21,886 1,398,748 

 June... 3,111,724 11,132 31,856 27,766 10,355 183,508 626,116 267,270 22,336 1,441,031 

 July .... 3,105,732 11,155 31,962 27,806 10,366 183,348 623,579 263,282 22,337 1,445,359 

 Aug .... 3,110,630 11,242 32,335 28,090 10,305 182,635 608,277 263,003 22,666 1,447,104 

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

 Oct..... 3,121,569 10,681 32,073 28,123 10,333 182,212 641,678 263,733 23,324 1,457,186 

 Nov .... 3,158,863 11,521 32,511 28,465 10,268 181,692 624,923 263,539 23,543 1,459,068 

 Dec .... 3,230,551 12,139 32,198 28,512 10,285 186,191 627,770 270,383 23,870 1,500,764 

2005 - Jan ..... 3,243,619 10,823 32,077 28,537 10,305 187,472 638,075 273,910 23,869 1,515,893 

 Feb .... 3,249,385 12,383 32,126 28,807 12,060 186,787 635,265 272,022 24,130 1,517,560 

 Mar .... 3,248,893 12,919 31,870 28,817 12,086 186,645 632,790 268,665 22,998 1,524,082 

 
FEDERAL DEBT 

June 2005 

28 

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund 

(2) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(3) 

Farm Credit 

System 

Financial 

Assistance 

Corporation 

(4) 

Other 

independent 

Tennessee 

Valley Authority 

(5) 

 Postal 

 Service 

 (6) 

 Other 

 (7) 

 

2000 ..................................... 27,672 63 227 775 25,987 51 569 

2001 ..................................... 27,011 63 231 775 25,381 - 561 

2002 ..................................... 26,874 - 298 775 25,261 - 541 

2003 ..................................... 25,952 - 279 325 24,876 - 472 

2004 ..................................... 24,183 - 200 325 23,253 - 406 

 

2004 - Mar............................ 24,195 - 120 325 23,329 - 421 

Apr............................ r 24,010 - 149 325 23,115 - r 422 

May .......................... r 23,939 - 162 325 23,029 - 424 

June ......................... r 24,221 - 163 325 23,313 - 421 

July........................... 24,035 - 185 325 23,103 - 422 

Aug........................... 23,795 - 196 325 22,864 - 410 

Sept.......................... r 24,183 - 200 325 23,253 - 406 

Oct............................ r 24,122 - 203 325 23,186 - 407 

Nov........................... 24,164 - 207 325 23,224 - 408 

Dec........................... 24,261 - 207 325 23,319 - 409 

2005 - Jan ............................ 24,131 - 211 325 23,184 - 411 

Feb ........................... 23,909 - 217 325 22,967 - 401 

Mar ........................... 24,077 - 139 325 23,208 - 404 

 

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

June 2005 

29

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

2000 ............................... 2,469,152 858,903 791,540 355,382 167,082 296,246 6 yrs. 2 mos. 

2001 ............................... 2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 

2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

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

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

 

2004 - Mar...................... 3,046,725 1,178,142 1,038,873 389,481 243,520 196,709 4 yrs. 10 mos. 

Apr...................... 3,019,341 1,125,763 1,054,136 398,995 243,520 196,928 4 yrs. 11 mos. 

May..................... 3,035,769 1,153,189 1,043,862 398,095 243,436 197,187 4 yrs. 11 mos. 

June.................... 3,067,768 1,136,300 1,082,581 408,129 243,436 197,323 4 yrs. 11 mos. 

July ..................... 3,088,164 1,147,439 1,070,294 418,436 243,436 208,560 4 yrs. 11 mos. 

Aug ..................... 3,145,333 1,148,585 1,137,991 406,590 243,436 208,731 4 yrs. 11 mos. 

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

Oct...................... 3,166,311 1,143,145 1,137,251 434,604 242,636 208,675 4 yrs. 10 mos. 

Nov ..................... 3,233,704 1,177,963 1,159,725 444,697 250,625 200,694 4 yrs. 10 mos. 

Dec ..................... 3,225,653 1,149,591 1,170,576 453,993 250,625 200,868 4 yrs. 10 mos. 

2005 - Jan ...................... 3,240,748 1,132,991 1,195,479 452,642 269,863 189,773 4 yrs. 10 mos. 

Feb ..................... 3,322,699 1,184,006 1,231,825 456,120 269,036 181,712 4 yrs. 9 mos. 

Mar ..................... 3,372,393 1,211,253 1,244,945 465,335 269,072 181,789 4 yrs. 8 mos. 

 

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

June 2005 

30 

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 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

2001 ................................................ 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

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

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

 

2004 - Mar....................................... 7,384,000 7,088,648 7,088,532 116 7,131,068 116 42,536 

Apr....................................... 7,384,000 7,089,700 7,089,567 133 7,133,789 133 44,222 

May...................................... 7,384,000 7,151,523 7,151,377 146 7,196,383 146 45,006 

June..................................... 7,384,000 7,229,320 7,229,174 147 7,274,335 147 45,161 

July ...................................... 7,384,000 7,271,328 7,271,159 169 7,316,568 169 45,408 

Aug ...................................... 7,384,000 7,305,531 7,305,351 180 7,350,950 180 45,599 

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

Oct....................................... 7,384,000 7,383,975 7,383,788 187 7,429,677 187 45,889 

Nov ...................................... 8,184,000 7,464,740 7,464,549 191 7,525,210 191 60,660 

Dec ...................................... 8,184,000 7,535,644 7,535,454 191 7,596,144 191 60,690 

2005 - Jan ....................................... 8,184,000 7,567,702 7,567,634 68 7,627,743 68 60,109 

Feb ...................................... 8,184,000 7,652,726 7,652,653 74 7,713,138 74 60,485 

Mar ...................................... 8,184,000 7,715,503 7,715,380 123 7,776,939 123 61,559 

 

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

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 

subject to limitation 

Interest-bearing debt 

subject to limitation 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1

(4) 

Public debt 

(5) 

Other debt 

(6) 

Non-interestbearing debt 

subject to 

limitation 

(7) 

 

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

June 2005 

31

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2000 ................................................ 189,468 27,323 14,690 9,413 305 729 

2001 ................................................ 203,201 28,817 15,128 10,168 336 970 

2002 ................................................ 213,555 25,074 16,312 10,780 417 906 

2003 ................................................ r 224,472 24,858 15,291 11,497 379 1,321 

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

 

2004 - Mar....................................... r 227,464 15,149 15,998 11,675 379 1,873 

Apr....................................... 228,894 15,671 15,998 r 12,756 379 2,064 

May...................................... 228,358 15,480 16,023 r 12,763 379 2,064 

June..................................... 231,020 r 15,224 r 16,647 r 12,763 379 2,089 

July ...................................... 231,865 15,263 16,647 12,763 379 2,089 

Aug ...................................... 233,883 15,142 16,792 12,817 403 2,089 

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

Oct....................................... 226,700 23,213 16,560 11,937 474 1,897 

Nov ...................................... 205,234 16,074 16,560 11,937 474 1,897 

Dec ...................................... r 216,546 19,478 16,560 11,937 474 1,831 

2005 - Jan ....................................... 219,074 20,857 16,562 11,937 474 1,831 

Feb ...................................... 223,236 22,912 17,365 12,040 474 1,831 

Mar ...................................... 223,597 23,780 17,716 13,148 500 1,831 

 

 Department 

of Energy 

Department of Housing 

 and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

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 

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

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

 

2004 - Mar....................................... 102,170 2,747 11,794 2,056 30,466 

Apr....................................... 102,170 2,847 11,794 2,056 29,483 

May ..................................... 101,690 2,820 11,794 2,056 29,174 

June .................................... 107,991 2,770 11,794 2,056 28,692 

July...................................... 107,991 2,820 11,794 2,056 28,877 

Aug...................................... 109,164 2,820 11,794 2,056 29,195 

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

Oct....................................... 100,473 2,900 7,635 1,203 27,803 

Nov...................................... 100,473 2,955 7,635 1,203 13,157 

Dec...................................... 107,811 2,955 7,635 1,203 13,555 

2005 - Jan ....................................... 107,811 2,917 7,635 1,203 13,522 

Feb...................................... 107,811 2,917 7,635 1,203 13,599 

Mar...................................... 113,130 2,777 7,635 1,203 13,065 

 
FEDERAL DEBT 

June 2005 

32 

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

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2000 ...................................... 6,683 2,746 10,012 10,694 

2001 ...................................... 7,045 2,884 10,087 12,120 

2002 ...................................... 6,657 2,870 11,036 12,133 

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

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

 

2004 - Mar............................. 6,985 4,566 r 8,555 13,053 

Apr............................. 6,985 4,839 r 8,555 r 13,297 

May ........................... 6,985 5,090 r 8,555 13,485 

June .......................... 6,985 2,137 r 8,546 r 12,947 

July............................ 6,985 2,422 8,546 13,233 

Aug............................ 6,985 2,678 8,546 13,402 

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

Oct............................. 7,237 3,240 12,189 9,939 

Nov............................ 7,237 3,496 12,189 9,947 

Dec............................ 7,237 3,781 12,189 9,899 

2005 - Jan ............................. 7,237 4,067 12,773 10,248 

Feb ............................ 7,237 4,311 12,744 11,157 

Mar ............................ 5,688 4,587 7,692 10,845 

 

Note.—Detail may not add to totals due to rounding. 
June 2005 

33

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

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

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

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United 

States.” The information in this section of the “Treasury 

Bulletin” pertains only to marketable Treasury securities. 

• Table PDO-1 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

• Table PDO-2 presents the results of weekly auctions 

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

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

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

presented. High yields on accepted tenders and the dollar 

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

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up 

to $5 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. 

Note: This is the last time the PDO-4 table will appear in the 

Treasury Bulletin. The Office of Debt Management will post 

a monthly file on the 7th business day of each month at 

http://www.treas.gov/offices/domestic-finance/debtmanagement/investor_class_auction.shtml. Two files will be 

posted each month: auction allotments by investor class for 

marketable Treasury coupon and bill securities. 

TREASURY FINANCING: JANUARY-MARCH 

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

J A N U A R Y 

Cash Management Bills 

On December 28, 2004, Treasury announced it would 

auction $15,000 million of 15-day bills. They were issued 

January 3, 2005 and matured January 18. The issue was to 

raise new cash. Treasury auctioned the bills on December 

30. Tenders totaled $29,875 million; Treasury accepted 

$15,000 million. The high bank discount rate was 2.090 

percent.

On January 7, 2005, Treasury announced it would 

auction $4,000 million of 5-day bills. They were issued 

January 13 and matured January 18. The issue was to raise 

new cash. Treasury auctioned the bills on January 11. 

Tenders totaled $22,127 million; Treasury accepted $4,000 

million. The high bank discount rate was 2.040 percent. 

Auction of 5-Year Notes 

On January 10, 2005, Treasury announced it would 

auction $15,000 million of 5-year notes of Series E-2010. 

The issue was to raise new cash. 

The notes of Series E-2010 were dated January 15 and 

issued January 18. They are due January 15, 2010, with 

interest payable on July 15 and January 15 until maturity. 

Treasury set an interest rate of 3-5/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

eastern standard time (e.s.t.) for noncompetitive tenders and 

before 1:00 p.m. e.s.t. for competitive tenders on January 12. 

Tenders totaled $35,559 million; Treasury accepted $15,000 

million. All noncompetitive and successful competitive 

bidders were allotted securities at the high yield of 3.731 

percent with an equivalent price of $99.520732. Treasury 

accepted in full all competitive tenders at yields lower than 

3.731 percent. Tenders at the high yield were allotted 37.67 

percent. The median yield was 3.700 percent, and the low 

yield was 3.640 percent. Noncompetitive tenders totaled $73 

million. Competitive tenders accepted from private investors 

totaled $14,827 million. Accrued interest of $0.30041 per 

$1,000 must be paid for the period from January 15 to 

January 18. The minimum par amount required for STRIPS 

of notes of Series E-2010 is $1,000. 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On January 10, 2005, Treasury announced it would 

auction $10,000 million of 10-year TIPS to raise new cash. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2005 

34 

The 10-year TIPS of Series A-2015 were dated January 

15 and issued January 18. They are due January 15, 2015, 

with interest payable on July 15 and January 15 until 

maturity. Treasury set an interest rate of 1-5/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the TIPS before 12 noon 

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

for competitive tenders on January 13. Tenders totaled 

$18,848 million; Treasury accepted $10,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.725 percent with an 

equivalent price of $99.090640. Treasury accepted in full all 

competitive tenders at yields lower than 1.725. Tenders at 

the high yield were allotted 87.22 percent. The median yield 

was 1.682 percent, and the low yield was 1.000 percent. 

Noncompetitive tenders totaled $166 million. Competitive 

tenders accepted from private investors totaled $9,784 

million. Accrued interest of $0.13468 per $1,000 must be 

paid for the period from January 15 to January 18. Both the 

unadjusted price of $99.085686 and the unadjusted accrued 

interest of $0.13467 were adjusted by an index ratio of 

1.00005, for the period from January 15 through January 18. 

The minimum par amount required for STRIPS of TIPS is 

$1,000. 

Auction of 20-Year 2-3/8 Percent TIPS 

On January 20, 2005, Treasury announced it would 

auction $8,000 million of 20-year 2-3/8 percent TIPS to 

raise new cash. 

The 20-year TIPS of January 2025 were dated July 15, 

2004 and issued January 31, 2005. They are due January 15, 

2025, with interest payable on July 15 and January 15 until 

maturity. 

Treasury received tenders for the TIPS before 12 noon 

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

for competitive tenders on January 25. Tenders totaled 

$12,041 million; Treasury accepted $8,000 million at the 

high yield of 2.000 percent with an equivalent price of 

$107.552000. Tenders at the high yield were allotted 73.40 

percent. The median yield was 1.910 percent, and the low 

yield was 1.721 percent. Noncompetitive tenders totaled $40 

million. Competitive tenders accepted from private investors 

totaled $7,960 million. Adjusted accrued interest of 

$1.06364 per $1,000 must be paid for the period from 

January 15 to January 31. Both the unadjusted price of 

$106.144524 and the unadjusted accrued interest of 

$1.04972 were adjusted by an index ratio of 1.01326, for the 

period from July 15, 2004, through January 31, 2005. 

In addition to the $8,000 million of tenders accepted in 

the auction process, Treasury accepted $3,000 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS is $1,000.

Auction of 2-Year Notes 

On January 24, 2005, Treasury announced it would 

auction $24,000 million of 2-year notes of Series M-2007. 

The issue was to refund $25,837 million of securities 

maturing January 31 and to pay down approximately $1,837 

million. 

The notes of Series M-2007 were dated and issued on 

January 31. They are due January 31, 2007, with interest 

payable on July 31 and January 31 until maturity. Treasury 

set an interest rate of 3-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on January 26. Tenders totaled $48,237 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.245 percent with the 

equivalent price of $99.769428. Treasury accepted in full all 

competitive tenders at yields lower than 3.245 percent. 

Tenders at the high yield were allotted 53.69 percent. The 

median yield was 3.219 percent, and the low yield was 3.190 

percent. Noncompetitive tenders totaled $876 million. 

Competitive tenders accepted from private investors totaled 

$23,124 million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $5,000 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series M-2007 is $1,000. 

F E B R U A R Y 

Cash Management Bills 

On February 7, 2005, Treasury announced it would 

auction $5,000 million of 3-day bills. They were issued 

February 11 and matured February 14. The issue was to raise 

new cash. Treasury auctioned the bills on February 9. 

Tenders totaled $22,655 million; Treasury accepted $5,000 

million. The high bank discount rate was 2.380 percent. 

February Quarterly Financing 

On February 2, 2005, Treasury announced it would 

auction $22,000 million of 3-year notes of Series M-2008, 

$15,000 million of 5-year notes of Series F-2010, and 

$14,000 million of 10-year notes of Series B-2015 to refund 

$11,440 million of Treasury securities maturing or called on 

February 15 and to raise new cash of approximately $39,560 

million. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2005 

35

The 3-year notes of Series M-2008 were dated and issued 

February 15. They are due February 15, 2008, with interest 

payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 3-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on February 8. Tenders totaled $44,297 

million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.470 percent with an 

equivalent price of $99.731536. Treasury accepted in full all 

competitive tenders at yields lower than 3.470 percent. 

Tenders at the high yield were allotted 26.30 percent. The 

median yield was 3.420 percent, and the low yield was 3.000 

percent. Noncompetitive tenders totaled $163 million. 

Competitive tenders accepted from private investors totaled 

$21,832 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $1,883 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series M-2008 is $1,000. 

The 5-year notes of Series F-2010 were dated and issued 

February 15. They are due February 15, 2010, with interest 

payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 3-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on February 9. Tenders totaled $37,897 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.618 percent with an 

equivalent price of $99.464692. Treasury accepted in full all 

competitive tenders at yields lower than 3.618 percent. 

Tenders at the high yield were allotted 84.07 percent. The 

median yield was 3.590 percent, and the low yield was 3.000 

percent. Noncompetitive tenders totaled $101 million. 

Competitive tenders accepted from private investors totaled 

$14,799 million. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $1,616 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2010 is $1,000. 

The 10-year notes of Series B-2015 were dated and 

issued February 15. They are due February 15, 2015, with 

interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

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

competitive tenders on February 10. Tenders totaled $28,737 

million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.049 percent with an 

equivalent price of $99.600335. Treasury accepted in full all 

competitive tenders at yields lower than 4.049 percent. 

Tenders at the high yield were allotted 40.60 percent. The 

median yield was 4.000 percent, and the low yield was 3.910 

percent. Noncompetitive tenders totaled $86 million. 

Competitive tenders accepted from private investors totaled 

$13,814 million. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $1,212 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2015 is $1,000. 

Auction of 2-Year Notes 

On February 22, 2005, Treasury announced it would 

auction $24,000 million of 2-year notes. The issue was to 

refund $26,999 million of securities maturing February 28 

and to pay down approximately $2,999 million. 

The notes of Series N-2007 were dated and issued 

February 28. They are due February 28, 2007, with interest 

payable on August 31 and February 28 until maturity. 

Treasury set an interest rate of 3-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

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

e.s.t. for competitive tenders on February 24. Tenders totaled 

$46,425 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.498 percent with an 

equivalent price of $99.764391. Treasury accepted in full all 

competitive tenders at yields lower than 3.498 percent. 

Tenders at the high yield were allotted 97.86 percent. The 

median yield was 3.470 percent, and the low yield was 3.410 

percent. Noncompetitive tenders totaled $921 million. 

Competitive tenders accepted from private investors totaled 

$23,074 million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $8,000 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series N-2007 is $1,000. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2005 

36 

M A R C H 

Cash Management Bills 

On February 28, 2005, Treasury announced it would 

auction $11,000 million of 12-day bills. They were issued 

March 3 and matured March 15. The issue was to raise new 

cash. Treasury auctioned the bills on March 2. Tenders 

totaled $33,622 million; Treasury accepted $11,000 million. 

The high bank discount rate was 2.440 percent. 

On March 3, Treasury announced it would auction 

$13,000 million of 7-day bills. They were issued March 8 

and matured March 15. The issue was to raise new cash. 

Treasury auctioned the bills on March 7. Tenders totaled 

$35,760 million; Treasury accepted $13,000 million. The 

high bank discount rate was 2.465 percent. 

Auction of 5-Year Notes 

On March 7, 2005, Treasury announced it would auction 

$15,000 million of 5-year notes of Series G-2010. The issue 

was to raise new cash. 

The notes of Series G-2010 were dated and issued March 

15. They are due March 15, 2010, with interest payable on 

September 15 and March 15 until maturity. Treasury set an 

interest rate of 4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

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

for competitive tenders on March 9. Tenders totaled $38,767 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.080 percent with an 

equivalent price of $99.641447. Treasury accepted in full all 

competitive tenders at yields lower than 4.080 percent. 

Tenders at the high yield were allotted 93.47 percent. The 

median yield was 4.040 percent, and the low yield was 4.000 

percent. Noncompetitive tenders totaled $102 million. 

Competitive tenders accepted from private investors totaled 

$14,798 million. The minimum par amount required for 

STRIPS of notes of Series G-2010 is $1,000. 

Auction of 9-Year 11-Month 4 Percent Notes 

On March 7, 2005, Treasury announced it would auction 

$9,000 million of 9-year 11-month 4 percent notes of Series 

B-2015. The issue was to raise new cash. 

The notes of Series B-2015 were dated February 15 and 

issued March 15. They are due February 15, 2015, with 

interest payable on August 15 and February 15 until 

maturity. 

Treasury received tenders for the notes before 12 noon 

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

for competitive tenders on March 10. Tenders totaled 

$21,172 million; Treasury accepted $9,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.504 percent with an 

equivalent price of $95.996638. Treasury accepted in full all 

competitive tenders at yields lower than 4.504 percent. 

Tenders at the high yield were allotted 1.71 percent. The 

median yield was 4.470 percent, and the low yield was 4.410 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$8,880 million. Accrued interest of $3.09392 per $1,000 

must be paid for the period from February 15 to March 15. 

The minimum par amount required for STRIPS of notes of 

Series B-2015 is $1,000. 

Auction of 2-Year Notes 

On March 28, 2005, Treasury announced it would 

auction $24,000 million of 2-year notes of Series P-2007. 

The issue was to refund $27,000 million of securities 

maturing March 31 and to pay down approximately $3,000 

million. 

The notes of Series P-2007 were dated and issued March 

31. They are due March 31, 2007, with interest payable on 

September 30 and March 31 until maturity. Treasury set an 

interest rate of 3-3/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

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

for competitive tenders on March 30. Tenders totaled 

$48,769 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.860 percent with an 

equivalent price of $99.790219. Treasury accepted in full all 

competitive tenders at yields lower than 3.860 percent. 

Tenders at the high yield were allotted 4.82 percent. The 

median yield was 3.839 percent, and the low yield was 3.750 

percent. Noncompetitive tenders totaled $1,046 million. 

Competitive tenders accepted from private investors totaled 

$22,954 million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $8,000 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series P-2007 is $1,000.
PUBLIC DEBT OPERATIONS 

June 2005 

37

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2005 

[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. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2005

Apr. 30........................................................... 1 1-5/8%-K note 04/30/03 34,295 7,994 26,301 

May 15, 05-10 ............................................... 10% bond 05/15/80 2,987 1,177 1,811 

May 15........................................................... 1 12% bond 04/02/85 4,261 941 3,319 

May 15........................................................... 1 6-1/2%-B note 05/15/95 14,740 2,241 12,499 

May 15........................................................... 1 6-3/4%-E note 05/15/00 28,562 6,566 21,996 

May 31........................................................... 1 1-1/4%-L note 06/02/03 31,021 7,116 23,905 

June 30.......................................................... 1 1-1/8%-M note 06/30/03 31,701 7,971 23,730 

July 31........................................................... 1 1-1/2%-N note 07/31/03 29,997 5,864 24,133 

Aug. 15.......................................................... 1 10-3/4% bond 07/02/85 9,270 2,603 6,666 

Aug. 15.......................................................... 1 6-1/2%-C note 08/15/95 15,003 3,118 11,884 

Aug. 31.......................................................... 1 2%-P note 09/02/03 30,592 7,424 23,168 

Sept. 30......................................................... 1 1-5/8%-Q note 09/30/03 31,539 6,585 24,954 

Oct. 31........................................................... 1 1-5/8%-R note 10/31/03 32,368 6,551 25,818 

Nov. 15, 05-10............................................... 12-3/4% bond 11/17/80 4,081 1,261 2,821 

Nov. 15.......................................................... 1 5-7/8%-D note 11/24/95 15,210 2,525 12,685 

Nov. 15.......................................................... 1 5-3/4%-F note 11/15/00 28,063 4,845 23,218 

Nov. 30.......................................................... 1 1-7/8%-S note 12/01/03 32,204 6,856 25,348 

Dec. 31.......................................................... 1 1-7/8%-T note 12/31/03 33,996 7,987 26,009 

 Total ............................. 409,891 89,626 320,264 

 

2006 

Jan. 31........................................................... 1 1-7/8%-K note 02/02/04 32,533 6,928 25,605 

Feb. 15 .......................................................... 1 9-3/8% bond 01/15/86 4,756 1,046 3,710 

Feb. 15 .......................................................... 1 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

Feb. 28 .......................................................... 1 1-5/8%-L note 03/01/04 34,002 8,000 26,002 

Mar. 31 .......................................................... 1 1-1/2%-M note 03/31/04 34,339 8,334 26,005 

Apr. 30........................................................... 1 2-1/4%-N note 04/30/04 34,335 8,333 26,001 

May 15, 06-11 ............................................... 13-7/8% bond 05/15/81 3,545 1,074 2,471 

May 15........................................................... 1 6-7/8%-B note 05/15/96 16,015 3,935 12,080 

May 15........................................................... 1 4-5/8%-E note 05/15/01 27,798 3,808 23,990 

May 15........................................................... 1 2%-G note 05/15/03 22,392 391 22,001 

May 31........................................................... 1 2-1/2%-P note 06/01/04 31,308 7,072 24,236 

June 30.......................................................... 1 2-3/4%-Q note 06/30/04 32,588 7,997 24,591 

July 15........................................................... 1 7%-C note 07/15/96 22,740 5,519 17,222 

July 31........................................................... 1 2-3/4%-R note 08/02/04 31,011 8,001 23,009 

Aug. 15.......................................................... 1 2-3/8%-H note 08/15/03 27,909 4,194 23,715 

Aug. 31.......................................................... 1 2-3/8%-S note 08/31/04 31,814 8,004 23,811 

Sept. 30......................................................... 2-1/2%-T note 09/30/04 31,656 7,999 23,657 

Oct. 15........................................................... 1 6-1/2%-D note 10/15/96 22,460 5,160 17,299 

Oct. 31........................................................... 1 2-1/2%-U note 11/01/04 29,569 5,560 24,009 

Nov. 15, 06-11............................................... 14% bond 11/16/81 4,048 975 3,073 

Nov. 15.......................................................... 1 3-1/2%-F note 11/15/01 35,380 4,133 31,247 

Nov. 15.......................................................... 1 2-5/8%-J note 11/17/03 26,536 3,193 23,343 

Nov. 30.......................................................... 1 2-7/8%-V note 11/30/04 30,049 6,044 24,005 

Dec. 31.......................................................... 1 3%-W note 12/31/04 31,952 7,948 24,004 

Total ............................. 614,248 125,590 488,657 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

June 2005 

38 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2005, 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 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 

 All other 

 investors 

 (5) 

 

2007 

Jan. 15........................................................... 1 3-3/8%-A note 02/06/97 18,966 2,055 16,911 

Jan. 31........................................................... 1 3-1/8%-M note 01/31/05 29,027 5,000 24,027 

Feb. 15 .......................................................... 1 6-1/4%-B note 02/18/97 13,104 1,792 11,312 

Feb. 15 .......................................................... 1 2-1/4%-H note 02/17/04 25,469 1,666 23,803 

Feb. 28 .......................................................... 1 3-3/8%-N note 02/28/05 32,007 8,000 24,007 

Mar. 31 .......................................................... 1 3-3/4%-P note 03/31/05 32,003 8,000 24,003 

May 15........................................................... 1 6-5/8%-C note 05/15/97 13,958 3,365 10,593 

May 15........................................................... 1 4-3/8%-E note 05/15/02 24,351 3,810 20,542 

May 15........................................................... 1 3-1/8%-J note 05/17/04 27,564 4,114 23,450 

Aug. 15.......................................................... 1 6-1/8%-D note 08/15/97 25,637 6,096 19,541 

Aug. 15.......................................................... 1 3-1/4%-F note 08/15/02 25,411 3,766 21,645 

Aug. 15.......................................................... 1 2-3/4%-K note 08/16/04 24,674 2,668 22,005 

Nov. 15.......................................................... 1 3%-G note 11/15/02 50,620 6,609 44,010 

Nov. 15, 07-12............................................... 10-3/8% bond 11/15/82 10,126 2,362 7,764 

 Total............................. 352,917 59,304 293,613 

 

2008 

Jan. 15........................................................... 1 3-5/8%-A note 01/15/98 19,843 2,196 17,647 

Feb. 15 .......................................................... 1 5-1/2%-B note 02/17/98 13,583 2,491 11,092 

Feb. 15 .......................................................... 1 3%-E note 02/18/03 27,489 3,512 23,977 

Feb. 15 .......................................................... 1 3-3/8%-M note 02/15/05 23,885 1,883 22,003 

May 15........................................................... 1 5-5/8%-C note 05/15/98 27,191 6,119 21,072 

May 15........................................................... 1 2-5/8%-F note 05/15/03 33,338 336 33,003 

Aug. 15, 08-13............................................... 12% bond 08/15/83 11,917 3,041 8,876 

Aug. 15.......................................................... 1 3-1/4%-G note 08/15/03 21,357 4,097 17,260 

Sept. 15......................................................... 1 3-1/8%-H note 09/15/03 16,002 811 15,191 

Oct. 15........................................................... 1 3-1/8%-J note 10/15/03 15,996 - 15,996 

Nov. 15.......................................................... 1 4-3/4%-D note 11/16/98 25,083 3,548 21,535 

Nov. 15.......................................................... 1 3-3/8%-K note 11/17/03 18,181 2,402 15,779 

Dec. 15.......................................................... 1 3-3/8%-L note 12/15/03 16,000 752 15,248 

Total............................. 269,867 31,188 238,679 

 

2009 

Jan. 15............................................................ 1 3-7/8%-A note 01/15/99 18,490 2,538 15,952 

Jan. 15............................................................ 1 3-1/4%-D note 01/15/04 16,003 603 15,400 

Feb. 15............................................................ 1 3%-E note 02/17/04 17,434 1,430 16,004 

Mar. 15............................................................ 1 2-5/8%-F note 03/15/04 16,001 302 15,700 

Apr. 15 ............................................................ 1 3-1/8%-G note 04/15/04 16,003 - 16,003 

May 15, 09-14................................................. 13-1/4% bond 05/15/84 4,481 869 3,611 

May 15............................................................ 1 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

May 15............................................................ 1 3-7/8%-H note 05/17/04 18,060 3,422 14,638 

June 15........................................................... 1 4%-J note 06/15/04 15,005 - 15,005 

July 15 ............................................................ 1 3-5/8%-K note 07/15/04 15,005 - 15,005 

Aug. 15, 09-14 ................................................ 12-1/2% bond 08/15/84 4,388 906 3,482 

Aug. 15 ........................................................... 1 6%-C note 08/16/99 27,400 5,555 21,845 

Aug. 15 ........................................................... 1 3-1/2%-L note 08/16/04 17,295 2,290 15,004 

Sept. 15 .......................................................... 3-3/8%-M note 09/15/04 15,005 - 15,005 

Oct. 15 ............................................................ 1 3-3/8%-N note 10/15/04 15,005 - 15,005 

Nov. 15, 09-14 ................................................ 1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Nov. 15 ........................................................... 1 3-1/2%-P note 11/15/04 18,752 3,750 15,002 

Dec. 15 ........................................................... 1 3-1/2%-Q note 12/15/04 15,002 - 15,002 

Total............................. 269,138 25,485 243,653 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

June 2005 

39

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2005, 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 

Date of final maturity 

 Description 

 (1) 

 Issue date 

 (2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2010 

Jan. 15.............................................................. 1 4-1/4%-A note 01/18/00 12,831 1,410 11,421 

Jan. 15.............................................................. 1 3-5/8%-E note 01/18/05 15,005 - 15,005 

Feb. 15.............................................................. 1 6-1/2%-B note 02/15/00 23,356 4,554 18,802 

Feb. 15.............................................................. 1 3-1/2%-F note 02/15/05 16,617 1,616 15,001 

Mar. 15.............................................................. 1 4%-G note 03/15/05 15,005 - 15,005 

Apr. 15 .............................................................. 1 7/8%-D note 10/29/04 12,080 413 11,667 

Aug. 15 ............................................................. 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Total ............................. 117,331 11,587 105,744 

 

2011 

Jan. 15 ............................................................ 1 3-1/2%-A note 01/16/01 12,053 330 11,723 

Feb. 15............................................................ 1 5%-B note 02/15/01 23,436 3,583 19,853 

Aug. 15 ........................................................... 1 5%-C note 08/15/01 26,635 3,206 23,430 

Total ............................. 62,125 7,118 55,006 

 

2012 

Jan. 15.............................................................. 1 3-3/8%-A note 01/15/02 6,448 75 6,373 

Feb. 15.............................................................. 1 4-7/8%-B note 02/15/02 24,780 2,965 21,815 

July 15 .............................................................. 1 3%-C note 07/15/02 24,411 2,165 22,246 

Aug. 15 ............................................................. 1 4-3/8%-D note 08/15/02 19,648 2,867 16,781 

Nov. 15 ............................................................. 1 4%-E note 11/15/02 18,113 236 17,877 

Total ............................. 93,400 8,307 85,093 

 

2013 

Feb. 15.............................................................. 1 3-7/8%-A note 02/18/03 19,498 1,497 18,002 

May 15.............................................................. 1 3-5/8%-B note 05/15/03 18,254 252 18,002 

July 15 .............................................................. 1 1-7/8%-C note 07/15/03 20,773 304 20,469 

Aug. 15 ............................................................. 1 4-1/4%-D note 08/15/03 33,521 3,911 29,610 

Nov. 15 ............................................................. 1 4-1/4%-E note 11/17/03 30,637 2,036 28,601 

Total ............................. 122,683 8,000 114,684 

 

2014 

Jan. 15.............................................................. 1 2%-A note 01/15/04 21,674 557 21,116 

Feb. 15.............................................................. 1 4%-B note 02/17/04 28,081 1,072 27,009 

May 15.............................................................. 1 4-3/4%-C note 05/17/04 27,303 2,293 25,010 

July 15 .............................................................. 1 2%-D note 07/15/04 19,223 - 19,223 

Aug. 15 ............................................................. 1 4-1/4%-E note 08/16/04 24,722 1,718 23,004 

Nov. 15. ............................................................ 1 4-1/4%-F note 11/15/04 25,473 2,471 23,002 

Total ............................. 146,475 8,111 138,363 

 

2015 

Jan. 15 ............................................................. 1 1-5/8%-A note 01/18/05 10,001 - 10,001 

Feb. 15.............................................................. 1 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Feb. 15.............................................................. 1 4%-B note 02/15/15 24,215 1,212 23,003 

Aug. 15 ............................................................. 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

Nov. 15 ............................................................. 1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

Total ............................. 54,345 5,232 49,114 

 

2016 

Feb. 15.............................................................. 1 9-1/4% bond 02/18/86 5,432 1,037 4,395 

May 15.............................................................. 1 7-1/4% bond 05/15/86 18,824 1,174 17,649 

Nov. 15 ............................................................. 1 7-1/2% bond 11/17/86 18,787 2,355 16,432 

Total ............................. 43,043 4,566 38,477 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

June 2005 

40 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2005, 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 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2017 

May 15............................................................ 1 8-3/4% bond 05/15/87 15,559 2,755 12,804 

Aug. 15 ........................................................... 1 8-7/8% bond 08/17/87 10,968 2,058 8,910 

Total .............................. 26,528 4,813 21,715 

 

2018 

May 15............................................................ 1 9-1/8% bond 05/16/88 6,717 1,240 5,478 

Nov. 15 ........................................................... 1 9% bond 11/22/88 7,174 1,053 6,121 

Total .............................. 13,892 2,293 11,599 

 

2019 

Feb. 15............................................................ 1 8-7/8% bond 02/15/89 13,090 2,373 10,717 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/89 18,941 2,841 16,100 

Total .............................. 32,031 5,214 26,817 

 

2020 

Feb. 15............................................................ 1 8-1/2% bond 02/15/90 9,476 1,486 7,990 

May 15............................................................ 1 8-3/4% bond 05/15/90 7,582 1,502 6,081 

Aug. 15 ........................................................... 1 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total .............................. 34,118 5,617 28,501 

 

2021 

Feb. 15............................................................ 1 7-7/8% bond 02/15/91 10,076 1,530 8,546 

May 15............................................................ 1 8-1/8% bond 05/15/91 10,067 1,618 8,449 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/91 9,506 1,658 7,848 

Nov. 15 ........................................................... 1 8% bond 11/15/91 30,632 4,371 26,261 

Total .............................. 60,281 9,176 51,105 

 

2022 

Aug. 15 ........................................................... 1 7-1/4% bond 08/17/92 10,128 1,509 8,619 

Nov. 15 ........................................................... 1 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total .............................. 17,551 3,110 14,442 

 

2023 

Feb. 15............................................................ 1 7-1/8% bond 02/16/93 15,782 2,636 13,147 

Aug. 15 ........................................................... 1 6-1/4% bond 08/16/93 22,659 1,935 20,725 

Total............................... 38,441 4,570 33,871 

 

2024 

Nov. 15 ........................................................... 1 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total............................... 9,604 1,615 7,989 

 

2025 

Jan. 15............................................................ 1 2-3/8% bond 07/30/04 22,256 3,050 19,206 

Feb. 15............................................................ 1 7-5/8% bond 02/15/95 9,509 1,594 7,916 

Aug. 15 ........................................................... 1 6-7/8% bond 08/15/95 11,187 1,800 9,388 

Total .............................. 42,952 6,443 36,509 

 

2026 

Feb. 15............................................................ 1 6% bond 02/15/96 12,838 1,164 11,674 

Aug. 15 ........................................................... 1 6-3/4% bond 08/15/96 8,810 1,614 7,196 

Nov. 15 ........................................................... 1 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total .............................. 32,509 4,502 28,007 

 See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

June 2005 

41

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2005, 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 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2027 

Feb. 15.............................................................. 1 6-5/8% bond 02/18/97 9,522 1,485 8,037 

Aug. 15 ............................................................. 1 6-3/8% bond 08/15/97 9,197 1,640 7,557 

Nov. 15 ............................................................. 1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total .............................. 40,740 6,473 34,267 

 

2028 

Apr. 15 .............................................................. 1 3-5/8% bond 04/15/98 19,787 2,991 16,796 

Aug. 15 ............................................................. 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15 ............................................................. 1 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total .............................. 42,510 6,374 36,136 

 

2029 

Feb. 15.............................................................. 1 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15 .............................................................. 1 3-7/8% bond 04/15/99 22,615 3,093 19,523 

Aug. 15 ............................................................. 1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total .............................. 45,144 6,433 38,712 

 

2030 

May 15.............................................................. 1 6-1/4% bond 02/15/00 17,043 1,894 15,149 

Total .............................. 17,043 1,894 15,149 

 

2031 

Feb. 15.............................................................. 1 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total .............................. 16,428 1,423 15,005 

 

2032 

Apr. 15 .............................................................. 1 3-3/8% bond 10/15/01 5,385 259 5,126 

Total .............................. 5,385 259 5,126 

 

1

 This security is eligible for stripping. See table V of the “Monthly Statement of the 

Public Debt of the United States.” 
PUBLIC DEBT OPERATIONS 

June 2005 

42 

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 

 Issue date 

Maturity date 

(1) 

Number 

of days to 

 maturity 1

(2) 

Amount 

of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

 On 

 competitive 

 basis 

 (5) 

 On non- 

 competitive 

 basis 3 

 (6) 

 High 

 price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate 

 (percent) 4

 (9) 

 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2005 - Jan. 06 .................. 2005 - Feb. 03 28 39,016.4 13,642.7 9,913.4 86.9 99.844444 2.000 2.031

Apr. 07 91 49,102.2 25,176.7 17,033.9 1,620.6 99.424931 2.275 2.320

July 07 182 54,143.2 23,176.7 15,768.1 1,057.3 98.705778 2.560 2.630

Jan. 13................. Feb. 10 28 30,798.4 10,785.8 7,917.1 83.0 99.846000 1.980 2.011

Apr. 14 91 46,901.4 25,069.7 17,107.4 1,607.8 99.411028 2.330 2.376

July 14 182 45,537.8 21,796.8 14,498.1 1,258.2 98.685556 2.600 2.671

Jan. 20................. Feb. 17 28 30,322.1 10,001.6 7,928.9 71.2 99.851444 1.910 1.939

Apr. 21 91 50,819.3 26,509.6 17,066.3 1,603.0 99.403444 2.360 2.407

July 21 182 45,927.6 22,066.4 14,712.7 1,057.5 98.667861 2.635 2.708

Jan. 27................. Feb. 24 28 21,796.7 11,428.9 7,924.9 75.3 99.842111 2.030 2.061

Apr. 28 91 39,280.3 26,005.6 17,089.3 1,616.8 99.413556 2.320 2.366

July 28 182 39,584.2 21,790.8 14,590.9 1,250.0 98.680500 2.610 2.682

Feb. 03 ................ Mar. 03 28 36,721.2 14,934.7 11,915.8 84.3 99.829278 2.195 2.229

May 05 91 50,150.1 27,559.3 18,063.4 1,708.8 99.374375 2.475 2.525

Aug. 04 182 44,222.6 23,198.5 15,558.5 1,116.7 98.629944 2.710 2.786

Feb. 10 ................ Mar. 10 28 48,989.1 22,253.8 18,908.8 91.2 99.821111 2.300 2.336

May 12 91 49,746.2 27,398.6 18,278.3 1,672.0 99.373111 2.480 2.530

Aug. 11 182 47,545.5 23,181.6 15,506.7 1,269.1 98.629944 2.710 2.786

Feb. 17 ................ Mar. 17 28 43,843.3 23,308.4 18,886.6 113.7 99.816833 2.355 2.392

May 19 91 50,324.3 26,432.6 18,037.0 1,744.3 99.357944 2.540 2.592

Aug. 18 182 45,244.7 23,191.5 15,545.8 1,208.8 98.604667 2.760 2.838

Feb. 24 ................ Mar. 24 28 49,745.4 26,997.9 23,904.1 96.2 99.811778 2.420 2.458

May 26 91 43,871.6 28,064.3 18,745.8 1,784.2 99.338986 2.615 2.669

Aug. 25 182 43,257.7 24,221.9 16,342.8 1,449.8 98.559167 2.850 2.932

Mar. 03 ................ Mar. 31 28 51,896.3 26,875.6 23,895.5 104.8 99.804778 2.510 2.550

June 02 91 50,219.0 28,024.2 18,924.5 1,642.9 99.313708 2.715 2.772

Sept. 01 182 41,236.6 24,243.9 16,657.4 1,140.3 98.521250 2.925 3.010

Mar. 10 ................ Apr. 07 28 56,465.8 26,831.3 23,917.0 83.1 99.800500 2.565 2.606

June 09 91 60,365.7 26,900.8 17,786.3 1,712.5 99.314972 2.710 2.767

Sept. 08 182 48,356.4 24,360.4 16,482.0 1,368.0 98.516194 2.935 3.021

Mar. 17 ................ Apr. 14 28 44,601.4 26,483.5 23,872.5 127.7 99.794278 2.645 2.687

June 16 91 46,549.9 27,074.1 18,043.5 1,681.7 99.308653 2.735 2.792

Sept. 15 182 38,617.6 24,204.8 16,652.2 1,183.1 98.483333 3.000 3.089

Mar. 24 ................ Apr. 21 28 44,568.4 25,996.5 23,880.6 119.7 99.790000 2.700 2.743

June 23 91 42,947.7 26,952.7 18,023.1 1,642.1 99.292222 2.800 2.859

Sept. 22 182 46,098.3 24,267.5 16,416.5 1,298.9 98.465639 3.035 3.125

Mar. 31 ................ Apr. 28 28 43,807.8 19,869.3 16,304.2 121.1 99.793889 2.650 2.692

 June 30 91 54,186.6 25,728.4 16,289.6 1,715.6 99.297278 2.780 2.839

 Sept. 29 182 39,916.2 23,011.5 14,813.0 1,190.1 98.437833 3.090 3.183

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

June 2005 

43

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] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and 

equivalent price 

for notes and 

bonds 

(6) 

 

04/01/04 04/02/04 0.960% bill—04/15/04 13d 78,305 25,004 

04/05/04 04/06/04 0.935% bill—04/20/04 14d 29,705 5,000 

04/07/04 04/08/04 0.970% bill—04/19/04 11d 45,016 16,000 

04/06/04 04/15/04 3-1/8% note—04/15/09-G 5y 36,548 16,000 3.220 - 99.564 

04/07/04 04/15/04 2% note—01/15/14-A 9y 9m 16,003 9,000 1.809 - 102.189 

04/28/04 04/30/04 2-1/4% note—04/30/06-N 2y 63,074 34,334 2.270 - 99.961 

05/11/04 05/17/04 3-1/8% note—05/15/07-J 3y 53,540 27,562 3.199 - 99.790 

05/12/04 05/17/04 3-7/8% note—05/15/09-H 5y 42,609 18,058 3.927 - 99.766 

05/13/04 05/17/04 4-3/4% note—05/15/14-C 10y 44,006 17,294 4.848 - 99.230 

05/26/04 06/01/04 2-1/2% note—05/31/06-P 2y 64,225 31,298 2.538 - 99.926 

05/27/04 06/01/04 0.905% bill—06/14/04 13d 25,405 5,000 

06/02/04 06/03/04 0.965% bill—06/15/04 12d 73,860 30,000 

06/08/04 06/09/04 0.970% bill—06/11/04 2d 14,930 4,000 

06/09/04 06/15/04 4% note—06/15/09-J 5y 43,696 15,000 4.010 - 99.955 

06/10/04 06/15/04 4-3/4% note—05/15/14-C 9y 11m 29,304 10,000 4.828 - 99.383 

06/23/04 06/30/04 2-3/4% note—06/30/06-Q 2y 61,894 32,581 2.785 - 99.932 

07/01/04 07/02/04 1.150% bill—07/15/04 13d 43,825 21,001 

07/06/04 07/08/04 1.160% bill—07/15/04 7d 21,241 6,000 

07/07/04 07/15/04 3-5/8% note—07/15/09-K 5y 34,879 15,000 3.663 - 99.828 

07/08/04 07/15/04 2% TIPS—07/15/14-D 10y 18,864 10,000 2.020 - 99.820 

07/27/04 07/30/04 2-3/8% TIPS—01/15/25 20y 6m 16,440 11,000 2.470 - 98.758 

07/28/04 08/02/04 2-3/4% note—07/31/06-R 2y 63,678 31,006 2.797 - 99.909 

08/09/04 08/16/04 2-3/4% note—08/15/07-K 3y 47,145 24,668 2.842 - 99.737 

08/11/04 08/16/04 3-1/2% note—08/15/09-L 5y 41,940 17,290 3.520 - 99.909 

08/12/04 08/16/04 4-1/4% note—08/15/14-E 10y 42,312 15,718 4.270 - 99.838 

08/25/04 08/31/04 2-3/8% note—08/31/06-S 2y 60,382 31,807 2.494 - 99.769 

08/31/04 09/01/04 1.480% bill—09/15/04 14d 38,794 16,000 

09/02/04 09/03/04 1.460% bill—09/15/04 12d 37,380 16,000 

09/07/04 09/08/04 1.480% bill—09/15/04 7d 29,455 9,000 

09/08/04 09/15/04 3-3/8% note—09/15/09-M 5y 40,806 15,000 3.439 - 99.708 

09/09/04 09/15/04 4-1/4% note—08/15/14-E 9y 11m 19,059 9,000 4.195 - 100.436 

09/29/04 09/30/04 2-1/2% note—09/30/06-T 2y 60,355 31,652 2.620 - 99.767659 

09/29/04 10/01/04 1.595% bill—10/15/04 14d 30,830 14,000 

10/06/04 10/15/04 3-3/8% note—10/15/09-N 5y 34,811 15,000 3.490 - 99.476542 

10/07/04 10/15/04 2% TIPS—07/15/14-D 9y 9m 21,970 9,000 1.885 - 101.525704 

10/12/04 10/13/04 1.680% bill—10/15/04 2d 27,855 8,001 

10/26/04 10/29/04 7/8% TIPS—04/15/10-D 5y 6m 21,653 12,000 0.950 - 99.625501 

10/27/04 11/01/04 2-1/2% note—10/31/06-U 2y 51,950 29,560 2.590 - 99.825825 

11/08/04 11/15/04 3% note—11/15/07-G 3y 54,473 27,301 3.090 - 99.744019 

11/09/04 11/15/04 3-1/2% note—11/15/09-P 5y 47,223 18,750 3.510 - 99.954506 

11/10/04 11/15/04 4-1/4% note—11/15/14-F 10y 31,232 16,471 4.280 - 99.758010 

11/17/04 11/18/04 1.890% bill—11/23/04 5d 28,215 7,000 

11/23/04 11/30/04 2-7/8% note—11/30/06-V 2y 68,629 30,044 2.945 - 99.865006 

11/30/04 12/01/04 1.950% bill—12/15/04 14d 17,377 4,000 

12/01/04 12/03/04 1.960% bill—12/15/04 12d 56,045 24,001 

12/03/04 12/07/04 1.980% bill—12/15/04 8d 32,240 14,000 

12/08/04 12/15/04 3-1/2% note—12/15/09-Q 5y 39,029 15,000 3.550 - 99.772769 

12/09/04 12/15/04 4-1/4% note—11/15/14-F 9y 11m 24,159 9,000 4.150 - 100.800290 

12/29/04 12/31/04 3% note—12/31/06-W 2y 55,921 31,948 3.120 - 99.769076 

01/11/05 01/13/05 2.040% bill—01/18/05 5d 22,127 4,000 

01/12/05 01/18/05 3-5/8% note—01/15/10-E 5y 35,559 15,000 3.731 - 99.520732 

01/13/05 01/18/05 1-5/8% TIPS—01/15/15-A 10y 18,848 10,000 1.725 - 99.090640 

01/25/05 01/31/05 2-3/8% TIPS—01/15/25 20y 15,041 11,000 2.000 - 107.552000 

01/26/05 01/31/05 3-1/8% note—01/31/07-M 2y 53,236 29,000 3.245 - 99.769428 

02/09/05 02/11/05 2.380% bill—02/14/05 3d 22,655 5,000 

02/08/05 02/15/05 3-3/8% note—01/15/08-M 3y 46,180 23,883 3.470 - 99.731536 

02/09/05 02/15/05 3-1/2% note—02/15/10-F 5y 39,513 16,616 3.618 - 99.464692 

02/10/05 02/15/05 4% note—02/15/15-B 10y 29,949 15,212 4.049 - 99.600335 

02/24/05 02/28/05 3-3/8% note—02/28/07-N 2y 54,425 32,000 3.498 - 99.764391 

03/02/05 03/03/05 2.440% bill—03/15/05 12d 33,622 11,000 

03/07/05 03/08/05 2.465% bill—03/15/05 7d 35,760 13,000 

03/09/05 03/15/05 4% note—03/15/10-G 5y 38,767 15,000 4.080 - 99.641447 

03/10/05 03/15/05 4% note—02/15/15-F 9y 11m 21,172 9,000 4.504 - 95.996638 

03/30/05 03/31/05 3-3/4% note—03/31/07-P 2y 56,769 32,000 3.860 - 99.790219 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
44 PUBLIC DEBT OPERATIONS 

June 2005 

TABLE PDO-4.—Allotments by Investor Class 

for Marketable Public Debt Securities Other than Bills 

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Issue 

date 

Coupon

rate 

(%) 

(1) 

Security 

type 

(2) 

 Cusip 

 (3) 

Maturity 

date 

(4) 

Total 

issue 

(5) 

Federal 

Reserve 

banks 

(6) 

Depository 

institutions 1

(7) 

Individuals 2

(8) 

Dealers 

 and 

brokers 

(9) 

Private 

pension 

and 

retirement 

funds and 

Ins. Co. 

(10) 

Invest

ment 

funds 

(11) 

Foreign 

and 

international 

 (12) 

Other 3 

(13) 

 07/15/2003 1-7/8 IIS note 912828BD1 07/15/2013 11,006 - 20 542 4,925 204 3,250 2,042 23 

07/31/2003 1-1/2 note 912828BE9 07/31/2005 29,997 4,996 55 677 15,453 10 1,059 7,737 9 

08/15/2003 2-3/8 note 912828BF6 08/15/2006 27,909 3,907 51 255 19,505 1 946 3,230 15 

08/15/2003 3-1/4 note 912828BG4 08/15/2008 21,357 3,354 15 228 12,055 1 1,587 4,101 16 

08/15/2003 4-1/4 note 912828BH2 08/15/2013 20,521 2,515 8 230 12,366 1 1,778 3,575 48 

09/02/2003 2 note 912828BJ8 08/31/2005 30,592 5,590 69 812 17,518 8 2,292 4,293 10 

09/15/2003 3-1/8 note 912828BK5 09/15/2008 16,002 - 6 138 12,137 2 660 3,060 - 

09/15/2003 4-1/4 note 912828BH2 08/15/2013 13,000 - 100 76 9,910 - 2,070 775 69 

09/30/2003 1-5/8 note 912828BL3 09/30/2005 31,539 6,535 37 715 15,458 8 1,647 7,099 41 

10/15/2003 3-1/8 note 912828BM1 10/15/2008 15,996 - 5 94 8,000 - 3,540 4,347 10 

10/15/2003 1-7/8 IIS note 912828BD1 07/15/2013 9,002 - 5 307 5,517 6 3,121 34 11 

10/31/2003 1-5/8 note 912828BN9 10/31/2005 32,368 6,368 56 651 13,976 8 4,231 7,050 30 

11/17/2003 2-5/8 note 912828BP4 11/15/2006 26,536 2,538 26 198 15,071 1 2,021 6,603 78 

11/17/2003 3-3/8 note 912828BQ2 11/15/2008 18,181 2,178 15 277 10,962 - 596 4,140 12 

11/17/2003 4-1/4 note 912828BR0 11/15/2013 18,636 1,634 2 175 10,539 - 3,075 3,200 11 

12/01/2003 1-7/8 note 912828BS8 11/30/2005 32,204 6,201 54 639 16,961 8 1,907 6,425 9 

12/15/2003 3-3/8 note 912828BT6 12/15/2008 16,000 - 6 97 10,402 - 1,232 4,250 11 

12/15/2003 4-1/4 note 912828BR0 11/15/2013 12,001 - 185 55 9,181 - 1,275 1,295 10 

12/31/2003 1-7/8 note 912828BU3 12/31/2005 33,996 7,987 63 681 17,766 7 1,986 5,425 82 

01/15/2004 3-1/4 note 912828BV1 01/15/2009 16,003 - 5 358 9,561 251 1,601 4,147 80 

01/15/2004 2 IIS note 912828BW9 01/15/2014 12,000 - 10 275 7,051 14 4,163 465 23 

02/02/2004 1-7/8 note 912828BX7 01/31/2006 32,533 6,531 61 851 14,254 9 2,100 8,603 124 

02/17/2004 2-1/4 note 912828BY5 02/15/2007 25,469 1,666 25 257 12,981 10 2,335 8,081 113 

02/17/2004 3 note 912828BZ2 02/15/2009 17,434 1,430 15 194 9,094 257 944 5,365 135 

02/17/2004 4 note 912828CA6 02/15/2014 17,082 1,072 1 144 8,733 6 2,244 4,820 60 

03/01/2004 1-5/8 note 912828CB4 02/28/2006 34,002 8,000 71 873 13,798 5 2,501 8,555 199 

03/15/2004 2-5/8 note 912828CC2 03/15/2009 16,001 - 256 94 8,661 - 1,425 5,495 70 

03/15/2004 4 note 912828CA6 02/15/2014 11,000 - 100 45 8,842 - 760 1,235 18 

03/31/2004 1-1/2 note 912828CD0 03/31/2006 34,339 8,334 37 929 13,813 6 2,224 8,742 256 

04/15/2004 3-1/8 note 912828CE8 04/15/2009 16,003 - 9 91 9,374 - 1,505 4,913 110 

04/15/2004 2 IIS note 912828BW9 01/15/2014 9,001 - 1,133 272 4,942 92 2,178 374 9 

04/30/2004 2-1/4 note 912828CF5 04/30/2006 34,335 8,333 44 898 14,524 3 1,336 9,040 155 

05/17/2004 3-1/8 note 912828CG3 05/15/2007 27,564 3,562 32 487 13,007 10 3,115 7,200 151 

05/17/2004 3-7/8 note 912828CH1 05/15/2009 18,060 3,058 11 216 9,696 - 398 4,605 76 

05/17/2004 4-3/4 note 912828CJ7 05/15/2014 17,298 2,293 2 428 8,463 9 1,539 4,500 64 

06/01/2004 2-1/2 note 912828CK4 05/31/2006 31,308 6,298 140 1,628 13,850 8 1,557 7,690 136 

06/15/2004 4 note 912828CL2 06/15/2009 15,005 - 11 160 6,508 - 3,610 4,630 85 

06/15/2004 4-3/4 note 912828CJ7 05/15/2014 10,005 - - 68 6,191 - 726 3,000 21 

06/30/2004 2-3/4 note 912828CM0 06/30/2006 32,588 7,581 45 964 9,270 8 6,551 7,980 189 

07/15/2004 3-5/8 note 912828CN8 07/15/2009 15,005 - 501 109 8,694 - 1,025 4,610 65 

07/15/2004 2 IIS note 912828CP3 07/15/2014 10,001 - 5 1,12 6,255 28 2,555 957 89 

07/30/2004 2-3/8 IIS bond 912810FR4 01/15/2025 11,001 - 5 771 5,869 298 3,434 546 77 

08/02/2004 2-3/4 note 912828CQ1 07/31/2006 31,011 7,006 31 1,098 9,446 8 5,491 7,815 117 

08/16/2004 2-3/4 note 912828CR9 08/15/2007 24,674 2,668 10 268 13,868 - 731 6,996 132 

08/16/2004 3-1/2 note 912828CS7 08/15/2009 17,295 2,290 7 181 8,600 - 1,251 4,896 70 

08/16/2004 4-1/4 note 912828CT5 08/15/2014 15,721 1,718 - 122 6,345 - 3,050 4,449 37 

08/31/2004 2-3/8 note 912828CU2 08/31/2006 31,814 7,807 32 970 12,544 5 1,530 8,874 51 

09/15/2004 3-3/8 note 912828CV0 09/15/2009 15,005 - 4,736 93 5,474 1 695 4,006 - 

09/15/2004 4-1/4 note 912828CT5 08/15/2014 9,000 - - 37 8,739 - 25 200 - 

09/30/2004 2-1/2 note 912828CW8 09/30/2006 31,656 7,652 57 898 11,319 8 5,066 6,555 102 

10/15/2004 3-3/8 note 912828CX6 10/15/2009 15,005 - 3 106 9,053 - 1,761 4,030 53 

10/15/2004 2 IIS note 912828CP3 07/15/2014 9,002 - 1 118 4,485 - 3,805 592 1 

10/29/2004 7/8 IIS note 912828CZ1 04/15/2010 12,001 - 4 122 5,827 233 5,531 284 - 

11/01/2004 2-1/2 note 912828CY4 10/31/2006 29,569 5,560 62 709 14,002 6 1,716 7,363 153 

11/15/2004 3 note 912828AN0 11/15/2007 27,308 5,301 9 347 10,113 - 5,230 6,300 8 

11/15/2004 3-1/2 note 912828DB3 11/15/2009 18,752 3,750 8 198 8,218 - 2,170 4,351 56 

11/15/2004 4-1/4 note 912828DC1 11/15/2014 16,472 2,471 1 153 8,203 1 1,628 4,010 5 

11/30/2004 2-7/8 note 912828DD9 11/30/2006 30,049 6,044 106 695 13,260 7 2,300 7,623 13 

12/15/2004 3-1/2 note 912828DE7 12/15/2009 15,002 - 1 110 5,177 - 4,924 4,791 - 

12/15/2004 4-1/4 note 912828DC1 11/15/2014 9,000 - - 39 8,127 - 708 126 - 

12/31/2004 3 note 912828DF4 12/31/2006 31,952 7,948 79 757 15,446 8 3,021 4,590 104 

01/18/2005 3-5/8 note 912828DG2 01/15/2010 15,005 - 4 62 9,007 - 3,070 2,800 61 

01/18/2005 1-5/8 IIS note 912828DH0 01/15/2015 10,001 - 7 248 6,543 54 1,839 1,305 6 

01/31/2005 3-1/8 note 912828DJ6 01/31/2007 29,027 5,000 48 864 16,362 8 1,482 5,105 159 

01/31/2005 2-3/8 IIS bond 912810FR4 01/15/2025 11,000 3,000 20 83 5,100 37 2,502 258 - 

02/15/2005 3-3/8 note 912828DK3 02/15/2008 23,885 1,883 1 160 12,328 1 5,014 4,470 28 

02/15/2005 3-1/2 note 912828DL1 02/15/2010 16,617 1,616 4 97 8,164 - 3,901 2,835 - 

02/15/2005 4 note 912828DM9 02/15/2015 15,215 1,212 1 96 10,078 1 981 2,802 43 

02/28/2005 3-3/8 note 912828DN7 02/28/2007 32,007 8,000 35 871 15,834 5 2,540 4,610 112 

03/15/2005 4 note 912828DP2 03/15/2010 15,005 - 944 100 7,578 3 3,290 3,089 1 

03/15/2005 4 note 912828DM9 02/15/2015 9,000 - 500 20 7,397 - 874 209 - 

03/31/2005 3-3/4 note 912828DQ0 03/31/2007 32,001 8,000 46 995 16,008 2 1,403 5,535 12 

1

 Depository institutions include banks. 

2

 Includes partnerships and personal trust accounts. 

3

 Residual. 

Note: This is the last time the PDO-4 table will appear in the Treasury Bulletin. The Office 

of Debt Management will post a monthly file on the 7th business day of each month at 

http://www.treas.gov/offices/domestic-finance/debt-management/investor_class_ 

auction.shtml. Two files will be posted each month: auction allotments by investor class for 

marketable Treasury coupon and bill securities. 
June 2005

45

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 year 1974.

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through March 31, 2005

[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)

 Interest-

 bearing debt

 (5)

 Matured

 non-interest-

 bearing debt

 (6)

Savings bonds:

Series A-D 2............................................ 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH........................... 861,738 243,455 1,105,193 398,061 164,913 11,947 

Series I.................................................. 22,961 2,414 25,092 2,006 27,241 -

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 ......................................... 862 721 1,583 1,349 - 84 

Total...................................................

22,905,727 248,967 23,154,694 439,688 177,300 12,035 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series E 

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J 

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.

2

 Details by series on a cumulative basis and by period of series A-D combined can be 

found in the February 1952 and previous issues of the “Treasury Bulletin.”
U.S. SAVINGS BONDS AND NOTES 

June 2005 

46 

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 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 1 

(5) 

Accrued 

discount 1 

(6) 

Interestbearing debt 

(7) 

Matured 

non-interestbearing debt

(8) 

Fiscal years: 

1935-01.............................. 406,939 225,226 632,165 424,473 323,697 100,776 179,515 6,751 

2002 ................................... 12,542 7,719 20,261 12,494 5,487 7,007 185,495 7,638 

2003 ................................... 13,776 7,276 21,052 12,057 5,401 6,656 192,563 8,832 

2004 ................................... 12,228 6,396 18,623 14,674 5,949 18,135 194,062 9,985 

 

Calendar years: 

1935-01.............................. 421,422 249,875 671,297 468,142 337,288 130,854 181,416 8,780 

2002 ................................... 10,101 7,596 17,697 12,582 5,524 7,058 184,698 10,058 

2003 ................................... 14,821 6,936 21,757 12,010 5,316 6,694 192,160 11,538 

2004 ................................... 364 1,266 1,630 2,329 951 3,279 193,282 11,075 

 

2004 - Mar.......................... 726 549 1,275 1,218 506 1,724 193,423 10,883 

Apr.......................... 645 674 1,319 1,146 480 1,626 193,657 10,723 

May ........................ 956 347 1,302 1,087 471 1,558 193,909 10,599 

June ....................... 825 529 1,354 1,306 543 1,848 194,018 10,455 

July......................... 1,036 433 1,469 1,463 580 2,043 194,097 10,305 

Aug......................... 1,054 544 1,598 1,858 756 2,614 193,912 10,166 

Sept........................ 1,196 494 1,690 1,392 419 1,811 194,062 9,985 

Oct.......................... 536 629 1,165 1,248 447 1,695 194,256 9,890 

Nov......................... 690 483 1,173 966 264 1,230 194,468 9,805 

Dec......................... 820 522 1,342 1,229 599 1,828 191,673 12,630 

2005 - Jan .......................... 816 618 1,434 1,353 609 1,962 191,968 12,329 

Feb......................... 560 561 1,121 1,000 465 1,465 192,181 12,142 

Mar......................... 534 512 1,046 1,171 557 1,728 192,153 11,947 

 

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] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series E and EE 

Fiscal years: 

1941-01 ............. 358,040 221,371 579,411 373,198 262,718 110,480 24,771 161,044 6,710 

2002 .................. 5,689 7,227 12,916 11,187 4,197 6,990 1,470 160,038 7,588 

2003 .................. 5,058 6,673 11,731 10,734 3,986 6,748 1,337 158,536 8,761 

2004 .................. 6,162 5,360 11,522 12,999 4,292 15,447 2,484 153,433 9,903 

 

Calendar years: 

1941-01 ............. 361,444 236,708 598,152 390,198 273,307 116,891 26,916 159,365 6,710 

2002 .................. 5,695 7,042 12,737 11,195 3,272 7,923 1,442 158,083 9,948 

2003 .................. 4,744 6,268 11,012 10,700 3,917 6,783 1,204 155,722 11,417 

2004 .................. 893 1,065 1,958 2,062 687 2,749 243 155,899 11,147 

 

2004 - Mar......... 401 448 849 1,065 354 1,419 148 155,644 10,783 

 Apr......... 367 578 945 998 333 1,331 142 155,603 10,628 

 May........ 529 258 787 951 336 1,287 142 155,419 10,507 

 June....... 440 444 884 1,154 393 1,547 229 155,061 10,366 

 July ........ 691 355 1,046 1,301 419 1,720 304 154,650 10,218 

 Aug ........ 691 479 1,170 1,692 591 2,283 498 153,767 10,081 

 Sept....... 801 426 1,227 1,229 257 1,486 511 153,433 9,903 

 Oct......... 420 555 975 810 285 1,095 82 153,433 9,810 

 Nov ........ 287 403 690 810 109 919 24 153,382 9,726 

 Dec ........ 367 438 805 1,062 433 1,495 9 150,352 12,490 

2005 - Jan ......... 253 529 782 1,169 425 1,594 3 150,254 12,199 

 Feb ........ 190 465 655 849 314 1,163 2 150,240 12,017 

 Mar ........ 198 414 612 980 367 1,347 1 150,059 11,827 

See note at end of table. 
U.S. SAVINGS BONDS AND NOTES 

June 2005 

47

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 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

 Total 

 (4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series H and HH 

 

Fiscal years: 

1952-01 ........... 14,071 - 14,071 25,762 25,762 - 24,679 12,815 41 

2002 ................ 47 - 47 921 921 - 1,470 13,361 50 

2003 ................ 33 - 33 946 946 - 1,336 13,765 71 

2004 ................ 279 - 279 952 952 - 2,484 15,286 82 

 

Calendar years: 

1952-01 ........... 13,807 - 13,807 27,383 27,383 - 25,906 12,860 85 

2002 ................ 41 - 41 923 923 - 1,580 13,496 110 

2003 ................ 30 - 30 894 894 - 1,215 13,789 121 

2004 ................ 11 - 11 168 168 - 243 13,885 106 

 

2004 - Mar....... 4 - 4 96 96 - 148 13,939 99 

 Apr....... 2 - 2 83 83 - 142 14,001 94 

 May...... 20 - 20 71 71 - 142 14,095 92 

 June..... 9 - 9 76 76 - 229 14,259 89 

 July ...... 23 - 23 85 85 - 304 14,504 87 

 Aug ...... 70 - 70 86 86 - 498 14,988 84 

 Sept..... 131 - 131 84 84 - 511 15,286 82 

 Oct....... 15 - 15 72 72 - 82 15,292 81 

 Nov ...... - - - 74 74 - 24 15,243 79 

 Dec ...... - - - 85 85 - 9 15,107 140 

2005 - Jan ....... - - - 94 94 - 3 15,026 130 

 Feb ...... - - - 82 82 - 2 14,950 125 

 Mar ...... - - - 104 104 - 1 14,853 120 

 

Series I 

 

Fiscal years: 

1999-01 ........... 5,363 236 5,599 180 180 - - 5,656 - 

2002 ................ 6,806 490 7,296 366 366 - - 12,096 - 

2003 ................ 8,682 590 9,272 518 518 - - 20,262 - 

2004 ................ 5,778 1,034 6,812 707 707 - - 25,343 - 

 

Calendar years: 

1999-01 ........... 9,126 314 9,440 240 240 - - 9,192 - 

2002 ................ 4,363 545 4,908 438 438 - - 13,120 - 

2003 ................ 9,380 665 10,045 524 524 - - 22,299 - 

2004 ................ 1,023 201 1,224 96 96 - - 23,576 - 

 

2004 - Mar....... 320 101 421 56 56 - - 23,840 - 

 Apr....... 276 96 372 64 64 - - 24,052 - 

 May...... 406 89 495 64 64 - - 24,395 - 

 June..... 377 84 461 74 74 - - 24,698 - 

 July ...... 322 78 400 77 77 - - 24,943 - 

 Aug ...... 293 65 358 79 79 - - 25,157 - 

 Sept..... 264 68 332 78 78 - - 25,343 - 

 Oct....... 101 73 174 280 280 - - 25,521 - 

 Nov ...... 402 80 482 81 81 - - 25,842 - 

 Dec ...... 453 84 537 81 81 - - 26,215 - 

2005 - Jan ....... 563 89 652 89 89 - - 26,688 - 

 Feb ...... 370 96 466 68 68 - - 26,991 - 

 Mar ...... 336 98 434 86 86 - - 27,241 - 

 

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. 
June 2005 

48 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

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

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

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

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

June 2005 

49

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2001 ................................................ 5,834,474 5,807,463 2,468,757 460 2,468,297 559,636 

2002 ................................................ 6,255,406 6,228,236 2,675,647 311 2,675,336 628,414 

2003 ................................................ 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593 

2004 ................................................ 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 

 

2004 - Mar....................................... 7,155,263 7,131,068 2,954,401 233 2,954,168 672,391 

Apr....................................... 7,157,799 7,133,789 2,974,990 233 2,974,757 675,908 

May...................................... 7,220,322 7,196,383 2,989,498 142 2,989,356 679,588 

June..................................... 7,298,556 7,274,335 3,055,601 142 3,055,459 685,454 

July ...................................... 7,340,603 7,316,568 3,049,266 142 3,049,124 691,656 

Aug ...................................... 7,374,745 7,350,950 3,053,080 142 3,052,938 692,734 

Sept..................................... 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 

Oct....................................... 7,453,800 7,429,678 3,112,949 142 3,112,807 710,668 

Nov ...................................... 7,549,374 7,525,210 3,118,943 142 3,118,801 710,668 

Dec ...................................... 7,620,404 7,596,143 3,189,090 142 3,188,948 715,507 

2005 - Jan ....................................... 7,651,874 7,627,743 3,201,711 142 3,201,569 715,507 

Feb ...................................... 7,737,047 7,713,138 3,206,773 1 3,206,772 715,210 

Mar ...................................... 7,801,016 7,776,939 3,204,543 1 3,204,542 714,999 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable 

(8) 

Nonmarketable 

(9) 

Total 

outstanding 

(10) 

 Held by 

 private 

 investors 

 (11) 

 

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 

2003 .................................................................... 3,269,347 2,805,814 463,443 25,952 25,952 

2004 .................................................................... 3,605,143 3,147,752 457,391 24,183 24,183 

 

2004 - Mar........................................................... 3,504,276 3,048,590 455,686 24,195 24,195 

Apr........................................................... 3,482,891 3,021,292 461,599 24,010 24,010 

May.......................................................... 3,527,297 3,064,860 462,437 23,939 23,939 

June......................................................... 3,533,280 3,069,912 463,368 24,221 24,221 

July .......................................................... 3,575,646 3,116,678 458,968 24,035 24,035 

Aug .......................................................... 3,605,136 3,147,828 457,309 23,795 23,795 

Sept......................................................... 3,605,143 3,147,752 457,391 24,183 24,183 

Oct........................................................... 3,606,060 3,191,919 414,142 24,122 24,122 

Nov .......................................................... 3,695,599 3,252,800 442,798 24,164 24,164 

Dec .......................................................... 3,691,547 3,244,132 447,414 24,261 24,261 

2005 - Jan ........................................................... 3,710,525 3,259,316 451,210 24,131 24,131 

Feb .......................................................... 3,791,155 3,339,104 452,051 23,909 23,909 

Mar .......................................................... 3,857,397 3,388,837 468,560 24,077 24,077 

 
OWNERSHIP OF FEDERAL SECURITIES 

June 2005 

50 

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

(Historical) 

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

Interest-bearing public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2000 ................................................ 5,701,851 5,622,092 2,235,763 461 2,235,249 511,413 

 

 Agency securities 

Interest-bearing public debt securities, con. 

Held by private investors 

End of 

fiscal year 

or month 

 Total 

 (7) 

Marketable 

(8) 

 Non- 

 marketable 

 (9) 

Matured 

public 

debt 

and debt 

bearing no 

interest 

(10) 

 Total 

 outstanding 

 (11) 

Held by 

U.S. Government 

accounts and 

Federal Reserve 

banks 

(12) 

Held by 

private 

investors 

(13) 

 

2000 ...................................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

 

Note.—Detail may not add to totals due to rounding. 
OWNERSHIP OF FEDERAL SECURITIES 

June 2005 

51

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Government 

accounts 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

investors 9

(12) 

 

1994 - Mar......... 4,575.9 1,476.0 3,099.9 397.4 175.0 119.9 224.3 233.4 212.8 443.4 661.1 632.5 

 June ....... 4,645.8 1,547.5 3,098.3 383.8 177.1 129.2 220.6 238.0 204.6 425.2 659.9 659.9 

 Sept........ 4,692.8 1,562.8 3,130.0 364.0 178.6 136.2 217.4 243.7 201.6 398.2 682.0 708.3 

 Dec......... 4,800.2 1,622.6 3,177.6 339.6 179.9 139.9 215.6 240.1 209.4 370.0 667.3 815.8 

1995 - Mar......... 4,864.1 1,619.3 3,244.8 353.0 181.4 141.6 225.0 244.2 210.6 350.5 707.0 831.7 

 June ....... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.5 217.2 245.0 202.5 313.7 762.5 855.4 

 Sept........ 4,974.0 1,688.0 3,286.0 330.8 183.5 141.9 211.3 245.2 211.6 304.3 820.4 837.1 

 Dec......... 4,988.7 1,681.0 3,307.7 315.4 185.0 142.6 208.2 241.5 225.1 289.8 835.2 864.9 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 144.2 213.5 239.4 240.9 283.6 908.1 849.0 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.5 221.1 229.5 230.6 283.3 929.7 810.6 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.1 213.4 226.8 226.8 263.7 993.4 830.2 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 139.9 212.8 214.1 227.4 257.0 1,102.1 794.3 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.4 211.1 181.8 221.9 248.1 1,157.6 786.5 

 June ....... 5,376.2 1,998.9 3,377.3 300.1 186.3 141.9 214.9 183.1 216.8 243.3 1,182.7 708.1 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 142.9 223.5 186.8 221.6 235.2 1,230.5 682.0 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 219.0 176.6 232.4 239.3 1,241.6 674.9 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 136.5 212.1 169.4 234.7 238.1 1,250.5 701.6 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 129.6 213.2 160.6 230.7 258.5 1,256.0 623.8 

 Sept........ 5,526.2 2,213.0 3,313.2 244.4 186.0 121.1 207.8 151.3 231.8 271.8 1,224.2 674.7 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 113.2 212.6 141.7 253.5 279.7 1,278.7 630.6 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 110.4 211.5 137.5 254.0 286.8 1,272.3 621.1 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 113.7 213.8 133.6 227.9 298.5 1,258.8 525.8 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 116.8 204.8 128.0 224.4 298.5 1,281.4 494.1 

 Dec......... 5,776.1 2,542.2 3,233.9 248.6 186.4 118.5 198.8 123.4 228.7 303.2 1,268.7 557.6 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 114.3 196.9 120.0 222.0 301.6 1,106.9 698.0 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 114.9 194.5 116.5 204.8 302.2 1,082.0 565.6 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 114.7 184.7 113.7 207.4 297.4 1,057.9 555.6 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 113.2 177.9 110.2 220.7 297.2 1,034.2 540.6 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 115.2 175.8 109.1 220.7 309.4 1,029.9 560.0 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 115.9 181.2 108.1 217.5 322.7 1,000.5 403.2 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 119.3 164.5 106.8 231.2 325.7 1,005.5 451.2 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 120.7 152.4 105.7 257.5 339.4 1,051.2 420.9 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 123.3 160.2 114.0 264.3 342.8 1,067.1 398.0 

 June ....... 6,126.5 3,276.7 2,849.8 204.6 192.7 125.2 150.4 122.0 251.7 343.9 1,135.4 323.8 

 Sept........ 6,228.2 3,303.5 2,924.8 210.4 193.3 130.9 145.5 130.4 254.6 344.2 1,200.8 314.6 

 Dec......... 6,405.7 3,387.2 3,018.5 222.8 194.9 134.7 144.1 139.7 278.8 351.5 1,246.8 305.1 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.1 196.9 138.7 140.9 139.5 295.1 348.3 1,285.9 371.6 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.1 137.9 148.1 138.7 301.2 345.0 1,382.8 366.4 

 Sept........ 6,783.2 3,515.3 3,268.0 146.9 201.5 139.6 141.6 137.4 286.4 355.6 1,458.5 400.5 

 Dec......... 6,998.0 3,620.1 3,377.9 154.0 203.8 140.8 147.4 136.5 279.6 358.8 1,537.6 419.3 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 165.0 204.5 142.9 148.2 140.7 281.3 365.4 1,681.7 373.0 

 June ....... 7,274.3 3,742.8 3,531.5 161.6 204.6 146.0 153.4 143.6 258.8 374.7 1,827.9 261.0 

 Sept........ 7,379.1 3,772.0 3,607.0 140.0 204.2 150.4 147.7 146.6 254.5 374.3 1,884.4 304.0 

 Dec......... 7,596.1 3,929.0 3,667.1 127.8 204.4 152.3 146.7 147.6 254.3 382.1 1,944.2 307.8 

2005 - Mar........ 7,776.9 3,921.6 3,855.4 n.a. 204.3 n.a. n.a. n.a. n.a. n.a. 2,037.0 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 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, and the June 2003 benchmark to March 2004. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
June 2005 

52 

INTRODUCTION: Market Yields

The table in this section presents yields on Treasury 

marketable securities for maturities ranging from 1 month to 

20 years. 

Table MY-1 lists Treasury market bid yields at 

constant maturities for bills, notes, and bonds. These 

“constant maturity rates (CMTs)” are interpolated from 

the Treasury yield curve and published daily at Treasury's 

web site, www.ustreas.gov/offices/domestic-finance/debtmanagement/interest-rate/yield.shtml. The yield curve is 

fitted daily using a hermite cubic spline. For inputs, 

Treasury primarily uses the bid yields on the on-the-run 

securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

of approximately 3:30 p.m. each trading day. CMT yields 

are based on semiannual interest payments and are read at 

constant maturity points to develop a consistent data 

series. 

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

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 now includes a 20-year maturity. 

Historical data for the 20-year maturity is available from the 

Board of Governors’ Statistical Release H.15. 

Prior to January 2003, this section also included data on 

long-term Treasury, corporate and municipal yields (Table 

MY-2). Effective January 2003, Table MY-2 and Chart MYB were discontinued because Treasury no longer issues 

long-term bonds and no longer calculates or estimates longterm corporate rates. 

Chart MY-A, which previously was published in this 

section, has been discontinued. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

[In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Period 

1-mo. 

(1) 

3-mo. 

(2) 

6-mo. 

(3) 

1-yr. 

(4) 

2-yr. 

(5) 

3-yr. 

(6) 

 5-yr. 

 (7) 

7-yr. 

(8) 

10-yr. 

(9) 

 20-yr. 

 (10) 

 

Monthly average: 

2004 - Apr....................................... 0.91 0.96 1.11 1.43 2.07 2.57 3.39 3.89 4.35 5.16

May ..................................... 0.91 1.04 1.33 1.78 2.53 3.10 3.85 4.31 4.72 5.46

June.................................... 1.05 1.29 1.64 2.12 2.76 3.26 3.93 4.35 4.73 5.45

July ..................................... 1.19 1.36 1.70 2.10 2.64 3.05 3.69 4.11 4.50 5.24

Aug ..................................... 1.37 1.50 1.76 2.02 2.51 2.88 3.47 3.90 4.28 5.07

Sept .................................... 1.55 1.68 1.91 2.12 2.53 2.83 3.36 3.75 4.13 4.89

Oct ...................................... 1.63 1.79 2.05 2.23 2.58 2.85 3.35 3.75 4.10 4.85

Nov ..................................... 1.92 2.11 2.32 2.50 2.85 3.09 3.53 3.88 4.19 4.89

Dec ..................................... 1.96 2.22 2.50 2.67 3.01 3.21 3.60 3.93 4.23 4.88

2005 - Jan....................................... 2.05 2.37 2.68 2.86 3.22 3.39 3.71 3.97 4.22 4.77

Feb...................................... 2.36 2.58 2.85 3.03 3.38 3.54 3.77 3.97 4.17 4.61

Mar...................................... 2.65 2.80 3.09 3.30 3.73 3.91 4.17 4.33 4.50 4.89

 

End of month: 

2004 - Apr....................................... 0.83 0.98 1.17 1.55 2.31 2.86 3.63 4.11 4.53 5.31

May ..................................... 0.94 1.08 1.39 1.83 2.54 3.10 3.81 4.26 4.66 5.39

June.................................... 1.17 1.33 1.68 2.09 2.70 3.16 3.81 4.24 4.62 5.33

July ..................................... 1.27 1.45 1.77 2.13 2.68 3.09 3.71 4.13 4.50 5.24

Aug ..................................... 1.45 1.59 1.79 1.99 2.41 2.75 3.33 3.76 4.13 4.93

Sept .................................... 1.47 1.71 2.00 2.21 2.63 2.89 3.38 3.79 4.14 4.89

Oct ...................................... 1.73 1.91 2.13 2.28 2.56 2.82 3.30 3.70 4.05 4.79

Nov ..................................... 2.07 2.23 2.44 2.63 3.02 3.29 3.72 4.07 4.36 5.03

Dec ..................................... 1.89 2.22 2.59 2.75 3.08 3.25 3.63 3.94 4.24 4.85

2005 - Jan....................................... 2.06 2.51 2.79 2.96 3.29 3.43 3.71 3.92 4.14 4.64 

Feb...................................... 2.51 2.76 3.01 3.20 3.59 3.75 4.00 4.18 4.36 4.79 

Mar...................................... 2.63 2.79 3.13 3.35 3.80 3.96 4.18 4.33 4.50 4.88 

 

* Rates are from the Treasury yields curve. 
June 2005 

53

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, March 31, 2005 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $890,879,371,300 $854,839,239,442 $854,334,105,988 $256,272,466 $248,860,988

Less amounts held by: 

The Treasury....................................... 292,046,769 21,410,225 21,224,644 7,505 178,076

FRBs ................................................... 135,962,131,601 135,242,395,284 135,242,391,099 - 4,185

Amounts in circulation............................. $754,625,192,930 $719,575,433,933 $719,070,490,245 $256,264,961 $248,678,727

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $36,040,131,858 $3,505,529,008 $32,534,602,850 

Less amounts held by: 

The Treasury....................................... 270,636,544 201,538,544 69,098,000 

FRBs ................................................... 719,736,317 100,922,461 618,813,856 

Amounts in circulation............................. $35,049,758,997 $3,203,068,003 $31,846,690,994 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

June 2005 

54 

TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2005 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ...................................................................... $8,192,667,246 $8,047,982,182 $143,503 $144,541,561 

$2 ...................................................................... 1,416,209,502 1,283,952,008 132,244,918 12,576 

$5 ...................................................................... 9,580,590,715 9,442,759,825 109,299,310 28,531,580 

$10 .................................................................... 14,652,042,640 14,630,588,370 6,300 21,447,970 

$20 .................................................................... 106,192,515,780 106,172,407,660 3,840 20,104,280 

$50 .................................................................... 59,775,821,750 59,764,323,200 500 11,498,050 

$100 .................................................................. 519,452,026,200 519,415,479,500 14,556,000 21,990,700 

$500 .................................................................. 142,516,500 142,321,500 5,500 189,500 

$1,000 ............................................................... 165,818,000 165,606,000 5,000 207,000 

$5,000 ............................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ............................................................. 3,460,000 3,360,000 - 100,000 

Fractional notes 4 .............................................. 600 - 90 510 

Total currency ............................................... $719,575,433,933 $719,070,490,245 $256,264,961 $248,678,727 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Mar. 31, 2005 ............................................................................................ 754,625 $2,551 

Feb. 28, 2005 ............................................................................................ 751,625 2,543 

Jan. 31, 2005 ............................................................................................ 746,707 2,528 

Sept. 30, 2000........................................................................................... 568,614 2,061 

Sept. 30, 1995........................................................................................... 409,272 1,553 

Sept. 30, 1990........................................................................................... 278,903 1,105 

Sept. 30, 1985........................................................................................... 187,337 782 

Sept. 30, 1980........................................................................................... 129,916 581 

June 30, 1975 ........................................................................................... 81,196 380 

June 30, 1970 ........................................................................................... 54,351 265 

June 30, 1965 ........................................................................................... 39,719 204 

June 30, 1960 ........................................................................................... 32,064 177 

June 30, 1955 ........................................................................................... 30,229 183 

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

 5 Based on Bureau of the Census estimates of population. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
June 2005 

57

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary 

Fund 1, 5

(5) 

 

2000 ................................................................................... 67,647 11,046 10,539 31,238 14,824 

2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 

2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 

2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 

 

2004 - Apr .......................................................................... 82,091 11,045 12,445 38,279 20,322 

May......................................................................... 82,804 11,045 12,682 38,780 20,297 

June........................................................................ 82,652 11,045 12,659 38,872 20,076 

July ......................................................................... 81,375 11,044 12,586 38,352 19,393 

Aug ......................................................................... 82,602 11,043 12,710 39,037 19,812 

Sept........................................................................ 82,578 11,043 12,782 39,310 19,443 

Oct.......................................................................... 84,232 11,043 13,041 40,618 19,530 

Nov......................................................................... 86,702 11,043 13,478 42,102 20,079 

Dec ......................................................................... 86,824 11,045 13,582 42,718 19,479 

2005 - Jan .......................................................................... 81,366 11,042 13,342 41,735 15,247 

Feb ......................................................................... 80,168 11,042 11,727 42,063 15,336 

Mar ......................................................................... 78,942 11,041 11,564 41,061 15,276 

Apr.......................................................................... 79,525 11,041 11,610 41,452 15,422 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to total due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

June 2005 

58 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury 

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable 

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2, 6

(10) 

Liabilities 

to nonmonetary 

international and 

regional 

organizations 7

(11) 

 

2000 - Mar. 8........... 2,576,611 805,904 301,358 430,243 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 ....................... 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 ....................... 2,719,151 895,406 282,290 454,306 3,411 155,399 1,125,812 653,374 284,671 368,703 44,559 

2002 - June 8 .......... 2,997,081 953,532 328,090 451,163 3,000 171,279 1,299,551 696,788 296,705 400,083 47,210 

Series Break........... 3,006,298 1,042,606 328,090 559,599 3,000 151,917 1,299,551 642,450 296,705 345,745 21,691 

2002 ....................... 3,238,149 1,077,938 335,090 569,891 2,769 170,188 1,382,628 750,890 325,764 425,126 26,693 

2003 - June 8 r........ 3,597,378 1,177,090 379,114 610,122 2,876 184,978 1,431,589 961,169 452,617 508,552 27,530 

Series Break r ........ 3,604,050 1,233,387 379,114 650,336 2,876 201,061 1,431,589 911,397 452,617 458,780 27,677 

2003 r ..................... 3,867,636 1,344,250 401,856 723,591 2,613 216,190 1,439,484 1,058,326 518,962 539,364 25,576 

2004 - June 8 r........ 4,441,095 1,563,452 483,553 848,728 1,569 229,603 1,543,454 1,311,145 649,835 661,310 23,044 

Series Break r ........ 4,410,964 1,648,306 483,553 910,456 1,569 252,728 1,543,454 1,188,963 649,835 539,128 30,241 

 

2004 - July.............. 4,482,985 1,668,856 494,875 916,391 1,579 256,011 1,597,645 1,188,188 641,977 546,211 28,296 

Aug ............. 4,531,254 1,681,080 487,978 931,906 1,589 259,607 1,597,274 1,225,043 681,638 543,405 27,857 

Sept ............ 4,522,725 1,706,747 499,338 942,780 1,599 263,030 1,539,319 1,249,365 699,077 550,288 27,294 

Oct .............. 4,629,249 1,738,267 515,265 958,429 1,609 262,964 1,594,950 1,265,900 712,526 553,374 30,132 

Nov ............. 4,709,730 1,752,756 503,347 979,478 1,619 268,312 1,606,733 1,321,832 756,074 565,758 28,409 

Dec ............. 4,725,842 1,775,100 516,044 986,454 1,630 270,972 1,557,866 1,365,038 797,725 567,313 27,838 

2005 - Jan .............. 4,679,196 1,786,379 512,228 994,084 1,640 278,427 1,517,744 1,344,310 754,353 589,957 30,763 

Feb ............. 4,765,899 1,775,941 483,189 1,005,357 1,650 285,745 1,539,901 1,417,535 796,030 621,505 32,522 

Mar ............. 4,737,469 1,768,690 490,343 990,374 1,661 286,312 1,491,978 1,446,569 782,230 664,339 30,232 

 

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000, end-June 2002, end-June 2003, and end-June 2004, respectively, 

and are comparable to those shown for the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

June 2005 

59

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) 

 

2000 .............................................................................. 5,348 5,348 1,244 3,520 584 

2001 .............................................................................. 3,411 3,411 977 1,801 633 

2002 .............................................................................. 2,769 2,769 715 1,368 686 

2003 .............................................................................. 2,613 2,613 768 1,102 743 

 

2004 - Mar..................................................................... 1,540 1,540 782 - 758 

Apr..................................................................... 1,549 1,549 786 - 763 

May.................................................................... 1,559 1,559 791 - 768 

June................................................................... 1,569 1,569 796 - 773 

July .................................................................... 1,579 1,579 801 - 778 

Aug .................................................................... 1,589 1,589 806 - 783 

Sept................................................................... 1,599 1,599 810 - 789 

Oct..................................................................... 1,609 1,609 815 - 794 

Nov.................................................................... 1,619 1,619 820 - 799 

Dec.................................................................... 1,630 1,630 825 - 805 

2005 - Jan ..................................................................... 1,640 1,640 830 - 810 

Feb .................................................................... 1,650 1,650 835 - 815 

Mar .................................................................... 1,661 1,661 840 - 821 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $3,060 million. 

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $3,821 million. Note: This 

issue was paid off in full and retired on January 29, 2004. 

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

June 2005 

60 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly, quarterly, and semiannual reports are 

filed with district Federal Reserve banks by commercial 

banks, securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data and to 

some sensitive data aggregates is strictly limited to specific 

staff of Treasury and the Federal Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the cooperation 

of other Government agencies and the Federal Reserve 

System and in consultation with representatives of banks, 

securities firms, and nonbanking enterprises. The most recent 

revisions to selected reporting forms and instructions were 

effective February 28, 2003. The major changes are outlined 

under “Description of statistics” 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. Reporting forms and instructions also may be 

downloaded from the TIC website. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. 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.” 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. Notices of these changes and requests for public 

comments on them were published in the Federal Register

last year and some modifications were made in response to 

the comments received. A detailed outline of the changes 

affecting each form may be accessed on the TIC website. 
CAPITAL MOVEMENTS 

June 2005 

61

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to, and dollar claims on foreigners in a number of 

countries. 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 and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

Quarterly reports are filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with foreigners. Except as 

noted below under “Description of statistics,” the reportable 

liabilities and claims positions are with unaffiliated 

foreigners. Separate reports are filed for financial balances 

and for commercial balances. Effective for reports filed as of 

March 31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in five sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

their domestic nonbank and non-securities firm affiliates, 

other than their insurance affiliates, which report separately 

on the C-series forms. Data on respondents’ own dollar 

claims are collected monthly on Form BC. Information on 

claims held for domestic customers as well as on claims 

denominated in foreign currencies is collected on a quarterly 

basis only on Forms BQ-1 and BQ-2, respectively. Effective 

with reports filed as of February 28, 2003, reporting 

coverage was expanded as outlined in Section I. 

Additionally, columns were added for separate reporting of 

negotiable CDs and other short-term negotiable instruments 

issued by foreigners. Further, the foreigner category, 

“foreign official institutions,” replaced the former, broader 

category, “foreign public borrowers,” for consistency with 

the liabilities reporting on this sector. 

• Section III 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, and securities 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 
CAPITAL MOVEMENTS 

June 2005 

62 

banks, other depository institutions, and securities brokers 

and dealers), and other nonbanking enterprises in the United 

States. Data exclude claims on foreigners held by banks in 

the United States. 

Historically, the information does not include any 

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. 

However, effective with reports filed as of March 31, 2003, 

a number of changes were introduced in the coverage and 

reporting formats of nonbanking forms. A major revision is 

the addition of Section B to Form CQ-1 to capture foreign 

affiliate positions (including those with affiliates of the 

respondent’s parent) of insurance underwriting subsidiaries 

and financial intermediaries. Insurance underwriting 

subsidiaries of BHCs/FHCs now include positions vis-à-vis 

all foreign-resident affiliates. From end-March 2003 

forward, financial intermediaries are to report positions visà-vis all foreign-resident affiliated financial intermediaries. 

• Section V contains information on transactions with 

foreigners in long-term domestic and foreign securities as 

reported by banks, securities brokers and dealers, and other 

entities in the United States. The data cover transactions 

executed in the United States for the accounts of foreigners 

and transactions executed abroad for the accounts of 

reporting institutions and their domestic customers. This 

includes transactions in newly-issued securities as well as 

transactions in, and redemptions of, outstanding issues. 

However, the data do not include nonmarketable Treasury 

bonds and notes shown in table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

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 TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

June 2005 

63

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] 

2004 2005 

Type of Liability 

 Calendar 

 Year 

 2003 r Sept. r Oct. r Nov. r Dec. Jan. Feb. Mar. p 

Total liabilities to all foreigners............................... 2,382,470 2,754,286 2,841,662 2,883,065 2,888,149 2,803,297 2,840,167 2,783,247 

Payable in dollars............................................... 2,315,606 2,684,504 2,771,880 2,813,283 2,812,297 2,727,445 2,764,315 2,707,395 

Foreign official institutions 1 ........................... 401,856 499,338 515,265 503,347 516,044 512,228 483,189 490,343 

Deposits, excluding negotiable CDs.......... 24,208 23,656 24,124 26,302 27,717 31,678 28,859 31,937 

U.S. Treasury bills and certificates ............ 212,032 259,921 259,509 255,968 244,573 242,250 235,233 236,153 

Other liabilities............................................ 165,616 215,761 231,632 221,077 243,754 238,300 219,097 222,253 

Foreign banks (including own foreign 

 offices) and other foreigners ........................ 1,899,601 2,171,945 2,241,025 2,296,356 2,282,938 2,199,444 2,263,278 2,201,555 

Deposits, excluding negotiable CDs.......... 822,461 873,869 912,783 944,331 908,442 895,102 897,175 845,340 

U.S. Treasury bills and certificates ............ 46,655 57,508 57,945 61,841 71,265 67,319 69,348 72,419 

Other liabilities............................................ 1,030,485 1,240,568 1,270,297 1,290,184 1,303,231 1,237,023 1,296,755 1,283,796 

International and regional organizations 2 ..... 14,149 13,221 15,590 13,580 13,315 15,773 17,848 15,497 

Deposits, excluding negotiable CDs.......... 6,134 5,275 6,594 6,328 6,085 5,092 5,583 5,328 

U.S. Treasury bills and certificates ............ 110 1,276 1,617 1,402 1,339 1,107 1,116 586 

Other liabilities............................................ 7,905 6,670 7,379 5,850 5,891 9,574 11,149 9,583 

Payable in foreign currencies 3 .......................... 66,864 69,782 69,782 69,782 75,852 75,852 75,852 75,852 

Sector: 

Banks and other foreigners........................ 58,845 66,451 66,451 66,451 72,653 72,653 72,653 72,653 

International and regional organizations 2 ...... 8,019 3,331 3,331 3,331 3,199 3,199 3,199 3,199 

Major currencies: 

Canadian dollars ........................................ 4,780 6,081 6,081 6,081 6,532 6,532 6,532 6,532 

Euro............................................................ 33,477 35,664 35,664 35,664 32,532 32,532 32,532 32,532 

United Kingdom pounds sterling................ 4,606 5,177 5,177 5,177 7,058 7,058 7,058 7,058 

Japanese yen............................................. 16,191 10,992 10,992 10,992 12,762 12,762 12,762 12,762 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars........................................................... 1,677,193 1,896,691 1,963,602 2,019,609 2,000,386 1,927,251 1,958,936 1,911,549 

Liabilities to own foreign offices..................... 1,125,352 1,218,146 1,273,361 1,281,807 1,259,867 1,224,972 1,242,172 1,215,900 

Liabilities collaterized by repurchase 

 agreements ............................................. 460,191 600,689 608,282 619,219 647,140 575,183 598,852 605,436 

Foreign official institutions 1 ................... 82,927 112,304 108,781 100,195 109,506 112,544 101,166 105,677 

Foreign banks and other foreigners....... 372,524 486,130 495,954 517,216 536,097 459,894 493,348 497,310 

International and regional organizations 2..... 4,740 2,255 3,547 1,808 1,537 2,745 4,338 2,449 

Reported by IBFs ........................................... 367,196 398,262 404,388 400,943 369,576 369,724 402,270 336,030 

Respondents’ own liabilities payable in 

 foreign currencies 3 ...................................... 63,119 64,522 64,522 64,522 67,998 67,998 67,998 67,998 

Reported by IBFs ........................................... 36,928 35,759 35,759 35,759 36,534 36,534 36,534 36,534 

Liabilities held in custody for domestic 

 customers..................................................... 642,158 793,073 813,538 798,934 819,765 808,048 813,233 803,700

Payable in dollars....................................... 638,413 787,813 808,278 793,674 811,911 800,194 805,379 795,846 

Payable in foreign currencies 3 .................. 3,745 5,260 5,260 5,260 7,854 7,854 7,854 7,854 

 

1

 Includes Bank for International Settlements. 

2

 Principally the International Bank for Reconstruction and Development (World Bank) 

and the Inter-American Development Bank. 

3

 Data may be as of preceding quarter-end for most recent month shown in table. 
CAPITAL MOVEMENTS 

June 2005 

64 

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 2004 2005 

Country 2001 2002 2003 r Nov. r Dec. Jan. Feb. Mar. p 

Europe: 

Austria ............................................... 3,277 2,862 4,841 4,850 4,277 3,706 4,103 5,129

Belgium 1 ........................................... 6,852 9,641 9,642 13,918 13,952 14,802 13,872 15,764

Bulgaria ............................................. 267 219 224 160 224 104 113 120

Czech Republic................................. 612 531 2,359 1,523 1,662 1,531 1,478 1,616

Denmark............................................ 3,778 5,115 3,744 3,710 3,206 4,225 3,588 3,111

Finland............................................... 1,446 1,711 1,821 1,338 1,446 3,050 3,225 993

France ............................................... 57,924 44,098 41,727 59,910 59,342 65,721 66,632 59,228

Germany............................................ 26,296 42,235 53,617 60,633 57,753 55,162 58,996 66,345

Greece............................................... 2,308 2,996 1,266 1,649 1,383 2,218 1,718 1,226

Hungary............................................. 730 439 345 1,047 780 756 964 593

Ireland ............................................... 16,694 33,146 30,888 56,079 63,646 66,656 68,395 67,923

Italy.................................................... 7,243 6,098 6,643 8,802 7,732 8,498 8,413 8,520

Luxembourg 1 .................................... 17,107 32,943 37,005 52,560 52,956 54,521 56,601 54,554

Netherlands....................................... 12,660 11,419 17,150 18,282 21,152 21,685 23,754 24,606

Norway .............................................. 3,746 18,907 22,471 25,981 32,910 27,205 23,348 26,223

Poland ............................................... 3,695 4,205 3,724 5,764 5,690 4,448 6,561 7,361

Portugal............................................. 4,082 3,676 1,011 2,223 1,738 3,484 1,778 2,358

Romania............................................ 1,481 1,919 575 1,104 1,636 1,485 1,072 1,305

Russia 2 ............................................. 20,808 23,158 41,694 63,861 70,375 70,271 76,457 75,831

Serbia and Montenegro (formerly 

Yugoslavia) 3 ................................. 309 301 162 101 110 91 100 187

Spain ................................................. 9,251 14,499 10,329 10,790 9,149 10,947 10,237 6,647

Sweden ............................................. 3,451 4,697 7,377 5,959 6,602 6,392 5,539 5,198

Switzerland........................................ 67,379 133,546 111,678 117,725 101,340 93,257 121,396 84,417

Turkey ............................................... 7,486 12,132 13,749 7,990 5,191 6,998 3,706 4,874

United Kingdom................................. 222,032 203,237 345,235 467,758 433,383 420,442 452,431 450,843

Channel Islands and Isle of Man 4 .... 36,307 47,820 20,814 22,157 20,775 20,981 20,897 21,841

Other Europe..................................... 19,397 25,108 17,478 28,223 26,457 23,167 27,055 27,282

Total Europe.................................. 556,618 686,658 807,569 1,044,097 1,004,867 991,803 1,062,429 1,024,095

Canada.................................................. 31,529 32,221 37,780 35,197 35,250 34,815 36,732 34,203

Latin America: 

Argentina........................................... 10,786 10,938 9,880 11,121 10,931 11,077 9,436 9,528

Brazil ................................................. 15,219 11,332 17,839 17,226 16,952 18,990 22,589 25,366

Chile .................................................. 4,993 6,194 4,504 8,421 7,375 7,431 7,146 6,680

Colombia ........................................... 4,716 4,174 4,277 5,430 6,330 6,271 6,246 6,371

Ecuador............................................. 2,396 2,307 2,611 2,612 2,696 2,685 2,606 2,489

Guatemala......................................... 1,900 1,396 1,557 1,486 1,540 1,506 1,480 1,322

Mexico............................................... 40,548 37,374 36,952 52,163 52,139 39,022 39,352 42,030

Panama............................................. 3,646 3,903 4,125 4,317 4,640 4,628 4,787 5,095

Peru................................................... 1,368 1,366 1,406 1,731 1,972 2,305 1,555 1,773

Uruguay............................................. 3,222 2,822 3,688 4,231 4,191 4,059 3,937 3,990

Venezuela ......................................... 25,311 22,540 21,546 24,448 24,887 25,648 25,795 25,260

Other Latin America 5........................ 6,311 6,415 6,014 6,441 6,461 6,513 6,769 7,038

Total Latin America ....................... 120,416 110,761 114,399 139,627 140,114 130,135 131,698 136,942

Caribbean: 

Bahamas ........................................... 179,382 164,133 157,689 173,562 187,765 179,765 186,939 179,983

Bermuda............................................ 10,611 25,281 39,229 79,261 94,138 71,352 70,224 56,489

Cayman Islands 6 .............................. 445,040 639,443 745,754 872,083 879,212 861,287 850,144 854,368

Cuba.................................................. 88 91 96 107 108 109 110 112

Jamaica............................................. 1,222 840 720 1,016 922 908 869 911

Netherlands Antilles .......................... 3,273 5,011 8,739 4,792 5,864 5,505 4,515 5,879

Trinidad and Tobago......................... 1,281 1,420 1,259 1,348 1,630 1,779 1,791 1,959

Other Caribbean 5 ............................. 12,208 11,757 27,662 41,785 39,844 31,574 34,562 35,649

Total Caribbean............................. 653,105 847,976 981,148 1,173,954 1,209,483 1,152,279 1,149,154 1,135,350

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2005 

65

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 2004 2005 

Country 2001 2002 2003 r Nov. r Dec. Jan. Feb. Mar. p 

 

Asia: 

China: 

Mainland..................................... 10,498 15,483 13,236 52,768 53,132 58,300 36,648 36,037

Taiwan........................................ 17,657 18,708 26,835 24,734 26,609 26,215 27,425 23,814

Hong Kong ..................................... 26,706 33,365 49,974 37,513 43,998 38,408 39,985 38,703

India................................................ 3,676 7,968 14,535 11,857 11,292 12,447 14,334 14,544

Indonesia........................................ 12,424 14,123 14,374 6,562 5,933 7,193 5,708 2,866

Israel............................................... 7,908 7,505 12,231 11,093 11,261 12,013 12,508 11,015

Japan.............................................. 173,640 176,331 170,315 172,368 169,300 158,839 155,485 153,715

Korea.............................................. 9,035 8,978 12,659 12,829 12,531 15,811 14,511 20,153

Lebanon ......................................... 563 651 676 795 777 798 1,111 820

Malaysia ......................................... 1,299 1,221 1,640 2,830 2,934 3,440 3,235 4,118

Pakistan.......................................... 1,971 2,093 2,963 1,180 1,197 966 970 1,037

Philippines...................................... 1,777 1,813 1,690 2,347 2,976 2,503 2,522 2,439

Singapore....................................... 16,872 17,676 23,766 27,660 28,962 21,176 16,946 17,289

Syria ............................................... 67 35 22 21 21 22 21 22

Thailand.......................................... 4,757 7,607 7,232 11,426 11,442 12,377 12,124 11,137

Oil-exporting countries 7................. 19,334 18,893 24,787 44,686 41,541 44,797 43,995 39,905

Other Asia ...................................... 5,785 6,819 7,656 6,599 6,880 6,879 6,988 6,608

Total Asia ................................... 313,969 339,269 384,591 427,268 430,786 422,184 394,516 384,222

Africa: 

Congo (formerly Zaire)................... 4 2 18 3 4 21 49 10

Egypt .............................................. 2,783 2,655 2,336 2,256 2,755 4,272 4,156 4,180

Ghana............................................. 133 312 596 608 468 394 379 430

Liberia............................................. 229 141 181 208 229 247 263 249

Morocco.......................................... 274 306 376 124 169 166 124 172

South Africa.................................... 715 1,118 3,734 3,572 3,401 3,778 3,125 3,319

Oil-exporting countries 8................. 4,461 4,466 3,608 4,370 5,241 5,801 5,438 5,287

Other Africa .................................... 2,734 3,361 3,113 3,173 3,391 2,913 3,108 3,015

Total Africa ................................. 11,333 12,361 13,962 14,314 15,658 17,592 16,642 16,662

Other countries: 

Australia ......................................... 5,072 12,055 14,087 21,985 23,387 22,774 16,873 21,914

New Zealand 9................................ 318 1,918 2,592 3,914 3,731 4,410 2,712 2,921

All other .......................................... 413 263 4,174 5,798 8,359 8,333 8,364 8,242

Total other countries .................. 5,803 14,236 20,853 31,697 35,477 35,517 27,949 33,077

Total foreign countries ........... 1,692,773 2,043,482 2,360,302 2,866,154 2,871,635 2,784,325 2,819,120 2,764,551

International and regional 

 organizations: 

International ................................... 15,508 20,464 18,437 14,617 13,917 16,431 18,345 16,241

European regional.......................... 689 1,511 449 474 568 529 520 457

Latin American regional ................. 480 507 502 620 536 564 677 499

Caribbean regional 10 ..................... 84 67 63 99 113 114 96 73

Asian regional ................................ 213 85 2,221 276 300 323 319 402

African regional .............................. 33 15 496 722 989 863 977 873

Middle Eastern regional ................. - - - 103 91 148 113 151

Total international 

 and regional ............................ 17,007 22,649 22,168 16,911 16,514 18,972 21,047 18,696

Grand total ............................. 1,709,780 2,066,131 2,382,470 2,883,065 2,888,149 2,803,297 2,840,167 2,783,247

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 

June 2005 

66 

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2005, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 

Payable 

 in 

 dollars 

 (2) 

 Payable 

 in 

 foreign 

 curren- 

 cies 1

 (3) 

Own 

 liabilities

 (4) 

 Custody 

 liabilities 

 (5) 

Nonnegotiable 

deposits 

and 

brokerage 

balances 2

 (6) 

 Short- 

 term 

 U.S. 

 Treasury 

obligations 3

(7) 

 Other 

 liabilities 

 (8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(9) 

Shortterm 

U.S. 

Treasury

obligations 3 

(10) 

 Other 

 liabilities

 (11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable

CDs 

held for 

all foreigners 

(13) 

Europe: 

Austria..................................... 5,129 5,129 - 1,368 3,761 208 190 4,329 222 106 74 1 3,121

Belgium 4 ................................. 15,764 15,627 137 10,943 4,684 3,082 1,707 6,847 893 43 3,055 1,164 2,627

Bulgaria................................... 120 120 - 120 - 93 - 16 11 - - 1 -

Czech Republic....................... 1,616 1,561 55 340 1,221 277 900 346 37 - 1 2 1

Denmark.................................. 3,111 3,107 4 2,626 481 152 346 2,324 188 96 1 - 2

Finland .................................... 993 965 28 251 714 131 150 351 48 28 257 66 221

France..................................... 59,228 57,129 2,099 37,610 19,519 8,214 13,297 16,797 1,219 224 17,378 13,359 2,577

Germany ................................. 66,345 59,393 6,952 51,078 8,315 13,848 1,454 27,936 2,390 446 13,319 27,072 3,643

Greece .................................... 1,226 1,048 178 980 68 335 - 53 599 5 56 250 5

Hungary................................... 593 576 17 173 403 43 332 84 46 71 - 17 -

Ireland ..................................... 67,923 67,782 141 11,417 56,365 1,903 389 5,802 2,057 6,886 50,745 102 11,837

Italy.......................................... 8,520 8,035 485 4,636 3,399 2,390 2,196 2,640 681 11 117 1,494 1,070

Luxembourg 4.......................... 54,554 52,311 2,243 21,623 30,688 4,434 6,467 4,950 329 1,185 34,946 16,939 6,774

Netherlands............................. 24,606 23,629 977 13,876 9,753 2,141 1,280 1,048 1,755 1,116 16,289 9,684 1,677

Norway.................................... 26,223 26,062 161 23,706 2,356 126 272 24,881 106 79 598 21 513

Poland..................................... 7,361 7,319 42 2,160 5,159 784 3,700 2,759 49 - 27 10 12

Portugal................................... 2,358 2,227 131 751 1,476 446 - 125 179 2 1,475 203 10

Romania.................................. 1,305 1,297 8 731 566 35 100 1,132 26 4 - 15 -

Russia 5 ................................... 75,831 75,814 17 14,627 61,187 2,031 - 73,453 322 3 5 112 2

Serbia and Montenegro 

 (formerly Yugoslavia) 6......... 187 187 - 187 - 25 - 138 20 - 4 - -

Spain....................................... 6,647 5,981 666 5,199 782 1,963 659 1,970 1,051 41 297 1,329 29

Sweden ................................... 5,198 5,178 20 4,828 350 50 95 363 340 34 4,296 43 155

Switzerland.............................. 84,417 83,002 1,415 74,203 8,799 62,486 3,869 8,049 4,375 2,396 1,827 67,311 342

Turkey ..................................... 4,874 4,873 1 1,201 3,672 620 3,612 466 114 5 56 46 9

United Kingdom....................... 450,843 432,668 18,175 413,342 19,326 92,823 1,625 127,440 13,495 4,712 192,573 282,524 4,221

Channel Islands and Isle 

 of Man 7 ................................. 21,841 21,776 65 20,445 1,331 19,090 95 253 357 416 1,565 19,164 33

Other Europe ............................. 27,282 27,197 85 11,543 15,654 5,806 13,472 6,954 501 105 359 259 9

Total Europe.......................... 1,024,095 989,993 34,102 729,964 260,029 223,536 56,207 321,506 31,410 18,014 339,320 441,188 38,890

Canada........................................... 34,203 31,946 2,257 22,850 9,096 4,335 3,277 12,532 3,422 1,380 7,000 10,281 1,140

Latin America: 

Argentina.................................... 9,528 9,414 114 8,616 798 277 1 443 7,929 383 381 243 186

Brazil .......................................... 25,366 23,641 1,725 18,991 4,650 9,298 2,216 7,074 4,182 88 783 2,145 75

Chile ........................................... 6,680 6,611 69 4,277 2,334 593 269 1,848 3,119 365 417 302 84

Colombia.................................... 6,371 6,304 67 4,132 2,172 369 303 2,151 2,961 168 352 39 90

Ecuador...................................... 2,489 2,469 20 2,360 109 300 - 346 1,732 3 88 127 22

Guatemala ................................. 1,322 1,308 14 1,264 44 141 - 310 822 4 31 13 10

Mexico........................................ 42,030 40,651 1,379 23,144 17,507 3,794 7,186 10,268 15,901 965 2,537 649 383

Panama...................................... 5,095 4,967 128 4,151 816 1,354 2 748 2,065 225 573 735 107

Peru............................................ 1,773 1,769 4 1,599 170 421 3 76 1,115 104 50 52 26

Uruguay ..................................... 3,990 3,951 39 3,571 380 620 1 1,398 1,456 173 303 1,233 59

Venezuela.................................. 25,260 24,972 288 22,030 2,942 8,942 1,892 953 12,042 155 988 225 90

Other Latin America .................. 7,038 6,999 39 5,821 1,178 2,361 147 1,203 2,918 134 236 93 386

Total Latin America............... 136,942 133,056 3,886 99,956 33,100 28,470 12,020 26,818 56,242 2,767 6,739 5,856 1,518

Caribbean: 

Bahamas.................................... 179,983 177,476 2,507 174,130 3,346 129,149 376 37,298 6,342 814 3,497 156,042 146

Bermuda .................................... 56,489 56,031 458 36,690 19,341 1,922 400 3,634 4,610 3,180 42,285 10,460 877

Cayman Islands 8 ...................... 854,368 845,940 8,428 637,506 208,434 278,565 215 388,117 16,653 13,569 148,821 530,506 1,522

Cuba........................................... 112 112 - 112 - 13 - 4 86 - 9 - -

Jamaica...................................... 911 818 93 801 17 395 - 236 168 11 8 40 3

Netherlands Antilles .................. 5,879 5,875 4 3,423 2,452 1,612 2,196 431 772 39 825 596 57

Trinidad and Tobago................. 1,959 1,953 6 1,696 257 1,100 - 348 253 33 219 249 17

Other Caribbean........................ 35,649 35,481 168 24,557 10,924 3,944 592 1,276 7,813 3,099 18,757 310 2,524

Total Caribbean .................. 1,135,350 1,123,686 11,664 878,915 244,771 416,700 3,779 431,344 36,697 20,745 214,421 698,203 5,146

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2005 

67

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2005, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 Payable 

 in 

 dollars 

 (2) 

Payable 

in 

foreign 

currencies 1

(3) 

Own 

liabilities 

(4) 

Custody 

liabilities 

(5) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(6) 

Shortterm 

U.S. 

Treasury 

obligations 3

(7) 

Other 

liabilities 

(8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

 (9) 

Shortterm 

U.S. 

Treasury 

obligations 3 

(10) 

Other 

liabilities 

(11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable

CDs 

held for 

all foreigners 

(13) 

Asia: 

China: 

Mainland ...................... 36,037 36,036 1 15,251 20,785 1,756 10,527 20,891 888 118 1,856 1,462 936

Taiwan ......................... 23,814 23,788 26 20,691 3,097 3,295 2,364 13,632 3,912 132 453 956 279

Hong Kong....................... 38,703 37,450 1,253 11,983 25,467 5,166 16,854 10,120 3,336 491 1,483 3,777 404

India.................................. 14,544 14,522 22 2,151 12,371 764 9,320 3,229 606 - 603 469 8

Indonesia ......................... 2,866 2,864 2 1,497 1,367 685 1,234 438 500 2 5 255 14

Israel................................. 11,015 10,991 24 4,092 6,899 651 5,618 1,778 1,705 239 1,000 874 93

Japan ............................... 153,715 147,982 5,733 48,771 99,211 19,025 91,657 27,829 4,091 1,818 3,562 33,517 299

Korea................................ 20,153 20,117 36 5,016 15,101 2,432 7,213 9,849 345 7 271 1,437 528

Lebanon........................... 820 812 8 800 12 328 - 371 102 9 2 4 2

Malaysia........................... 4,118 4,090 28 1,968 2,122 547 1,411 1,378 135 6 613 123 45

Pakistan ........................... 1,037 1,027 10 660 367 337 223 344 75 1 47 168 4

Philippines........................ 2,439 2,432 7 1,610 822 782 419 443 489 157 142 86 24

Singapore......................... 17,289 15,201 2,088 11,257 3,944 5,732 1,087 4,343 787 474 2,778 7,245 140

Syria ................................. 22 22 - 20 2 - - - 20 - 2 - 2

Thailand ........................... 11,137 11,136 1 2,176 8,960 472 8,820 1,358 381 23 82 95 4

Other Asia........................ 46,513 43,389 3,124 18,943 24,446 8,180 20,215 10,042 1,235 256 3,461 6,332 2,144

Total Asia..................... 384,222 371,859 12,363 146,886 224,973 50,152 176,962 106,045 18,607 3,733 16,360 56,800 4,926

Africa: 

Congo (formerly Zaire).... 10 10 - 10 - 7 - - 3 - - 3 -

Egypt ................................ 4,180 4,180 - 1,627 2,553 586 2,502 763 310 1 18 127 46

Ghana .............................. 430 430 - 231 199 42 199 167 21 - 1 - -

Liberia............................... 249 249 - 130 119 1 - 3 126 40 79 2 2

Morocco ........................... 172 172 - 122 50 77 - 23 24 - 48 1 -

South Africa ..................... 3,319 3,299 20 3,169 130 770 102 2,177 226 21 3 2,416 7

Other Africa...................... 8,302 8,277 25 4,110 4,167 1,849 3,532 2,123 635 32 106 236 302

Total Africa .................. 16,662 16,617 45 9,399 7,218 3,332 6,335 5,256 1,345 94 255 2,785 357

Other countries: 

Australia ........................... 21,914 21,726 188 10,509 11,217 1,795 2,176 14,892 558 462 1,843 758 1,594

New Zealand ................... 2,921 2,627 294 1,558 1,069 280 492 1,210 174 111 360 - 18

All other............................ 8,242 388 7,854 339 49 62 18 137 160 - 11 29 1

Total other countries ... 33,077 24,741 8,336 12,406 12,335 2,137 2,686 16,239 892 573 2,214 787 1,613

Total foreign 

countries..............2,764,551 2,691,898 72,653 1,900,376 791,522 728,662 261,266 919,740 148,615 47,306 586,309 1,215,900 53,590

International and 

regional orgs.: 

International..................... 16,241 13,233 3,008 10,143 3,090 - - - 4,643 364 8,226 - 2,370

European regional........... 457 457 - 438 19 - - - 374 12 71 - -

Latin American regional.... 499 308 191 308 - - - - 217 - 91 - -

Caribbean regional.......... 73 73 - 51 22 - - - 25 22 26 - -

Asian regional.................. 402 402 - 194 208 - - - 53 70 279 - -

African regional................ 873 873 - 39 834 - - - 16 17 840 - -

Middle Eastern regional.... 151 151 - - 151 - - - - 101 50 - 34

Total international 

and regional ............ 18,696 15,497 3,199 11,173 4,324 - - - 5,328 586 9,583 - 2,404

Grand total...............2,783,247 2,707,395 75,852 1,911,549 795,846 728,662 261,266 919,740 153,943 47,892 595,892 1,215,900 55,994

 

 1

 These data as of September 30, 2004. 

2

 Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting 

countries in “Other Asia” and “Other Africa” amount to $1,972 million. 4

 Before January 2001, combined data reported for Belgium-Luxembourg. 

5

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

6

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia. 

7 Before January 2001, data included in United Kingdom. 

8

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
CAPITAL MOVEMENTS 

June 2005 

68 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

2001 2002 2003 2004 Mar. 2005

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2001 2002 2003 2004 Mar. 2005 

 

United Kingdom............................. 222,032 203,237 345,235 433,383 450,843

All other Europe ............................ 334,586 483,421 462,334 571,484 573,252

Caribbean banking centers 1,2....... 641,952 837,771 955,536 1,171,619 1,101,814

Japan............................................. 173,640 176,331 170,315 169,300 153,715

All other Asia ................................. 140,329 162,938 214,276 261,486 230,507 

Subtotal ....................................... 1,512,539 1,863,698 2,147,696 2,607,272 2,510,131 

All other countries ......................... 197,241 202,433 234,774 280,877 273,116 

Grand total................................... 1,709,780 2,066,131 2,382,470 2,888,149 2,783,247

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

U.S. banking liabilities to 

foreigners, excluding long-term 

securities, were recorded at 

about $2.8 trillion in March 

2005, a slight decrease from the 

$2.9 trillion recorded for 

yearend 2004. U.S. banking 

liabilities increased about $506 

billion in 2004 and about $316 

billion in 2003. Much of the 

increase in liabilities to 

foreigners in 2003 reflects 

changes to the reporting scope 

of the TIC reporting system 

effective February 2003. 

Between March and December 

of 2003, when data were 

reported on a consistent basis, 

banking liabilities increased 

about $136 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more than 

half of U.S. banking liabilities 

is currently recorded against the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers have recorded 

most of the growth in banking 

liabilities in recent years. 

Foreigners domiciled in the rest 

of Europe and in Asia account 

for about 35 percent of U.S. 

banking liabilities. 
 CAPITAL MOVEMENTS 

June 2005 

69

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] 

 2003 2004 

Type of Claim 

 Calendar 

 Year 

 2002 Dec. r Mar. r June r Sept. Dec. p 

Total claims.............................................................. 1,516,742 1,706,438 1,936,539 1,959,794 2,002,728 2,111,520 

Payable in dollars.................................................. 1,409,095 1,603,404 1,828,403 1,845,903 1,884,705 1,984,497 

Own claims on foreigners................................... 1,185,445 1,322,363 1,514,991 1,525,779 1,587,605 1,668,435 

Foreign official institutions............................... n.a. 53,328 70,251 73,177 65,017 71,908 

Foreign public borrowers................................. 48,765 n.a. n.a. n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 970,357 979,597 1,125,072 1,125,590 1,169,315 1,192,591 

All other foreigners .......................................... 166,323 289,438 319,668 327,012 353,273 403,936 

Claims of domestic customers.............................. 223,650 281,041 313,412 320,124 297,100 316,062 

Payable in foreign currencies .................................. 107,647 103,034 108,136 113,891 118,023 127,023 

Own claims on foreigners ..................................... 71,724 81,669 87,264 92,427 92,119 93,593 

of which: 

Canadian dollars.............................................. 7,614 12,716 12,929 14,161 14,621 15,084 

Euros................................................................ 40,858 39,661 41,372 41,512 44,239 42,889 

United Kingdom pounds sterling...................... 6,809 6,882 8,580 10,377 7,380 8,890 

Japanese yen................................................... 9,008 16,610 18,403 20,317 17,291 20,550 

Claims of domestic customers.............................. 35,923 21,365 20,872 21,464 25,904 33,430 

of which: 

Canadian dollars.............................................. 9,032 3,360 4,227 1,591 1,662 2,356 

Euros................................................................ 12,019 8,554 6,555 7,765 12,368 17,745 

United Kingdom pounds sterling...................... 2,863 2,602 1,728 1,663 3,374 3,789 

Japanese yen................................................... 7,362 3,909 6,236 7,289 4,956 6,291 

Memoranda: 

Total own claims on foreigners ............................. 1,257,169 1,404,032 1,602,255 1,618,206 1,679,724 1,762,028 

Non-negotiable deposits .................................... n.a. 538,187 614,371 633,550 621,442 671,178 

Short-term negotiable instruments 

 (payable in dollars)........................................... n.a. 5,704 6,711 7,995 8,149 8,728 

Resale agreements ............................................ 161,585 344,753 381,551 378,174 438,527 473,671 

Other................................................................... n.a. 515,388 599,622 598,487 611,606 608,451 

Claims on own foreign offices............................... 892,340 934,166 1,047,383 1,058,745 1,099,213 1,154,782 

Claims reported by IBFs ....................................... 344,333 321,674 370,312 373,851 412,889 407,406 

Payable in dollars............................................... 313,450 293,898 339,364 341,323 374,910 365,500 

Payable in foreign currencies............................. 30,883 27,776 30,948 32,528 37,979 41,906 

Total claims held for domestic customers ............ 171,397 302,406 334,284 341,588 323,004 349,492 

Non-negotiable deposits .................................... n.a. 141,003 129,474 146,338 149,455 140,821 

Short-term negotiable instruments 

 (payable in dollars)........................................... 137,289 135,303 180,651 176,552 147,553 168,691 

Other ..................................................................... 34,108 26,100 24,159 18,698 25,996 39,980 

 

 
 CAPITAL MOVEMENTS 

June 2005 

70 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2003 2004 

Country 

Calendar 

year 

2002 June r Sept. r Dec. r Mar. r June r Sept. Dec. p

 

Europe: 

Austria .................................................... 3,972 4,543 5,937 5,650 5,674 4,763 5,270 5,873

Belgium 1 ................................................ 8,255 9,545 10,661 11,353 13,689 14,409 13,869 12,023

Bulgaria .................................................. 10 11 110 59 12 120 39 106

Czech Republic ...................................... 149 157 151 232 107 234 185 747

Denmark................................................. 2,228 4,793 4,802 3,606 2,536 3,733 3,977 2,863

Finland.................................................... 9,020 9,529 7,256 8,489 9,088 11,387 13,023 12,190

France .................................................... 76,743 87,258 85,350 89,151 103,563 105,062 95,914 116,004

Germany................................................. 43,348 40,347 44,760 41,851 49,486 50,183 44,102 41,003

Greece.................................................... 653 342 250 244 212 263 278 139

Hungary.................................................. 211 128 156 78 158 106 101 182

Ireland..................................................... 4,990 6,781 13,218 12,721 16,324 16,266 12,569 23,591

Italy ......................................................... 7,750 8,846 8,983 10,553 15,380 16,144 18,559 20,938

Luxembourg 1 ......................................... 4,506 7,824 5,987 7,595 7,944 6,119 7,147 8,670

Netherlands ............................................ 32,757 30,873 30,001 29,533 33,847 32,044 31,234 32,271

Norway ................................................... 14,980 17,961 13,804 18,713 22,898 31,016 27,246 27,626

Poland .................................................... 179 677 1,166 53 1,121 954 1,794 220

Portugal .................................................. 2,641 2,941 3,094 2,765 2,812 1,972 1,983 1,883

Romania ................................................. 107 160 138 192 187 194 226 264

Russia 2 .................................................. 896 831 1,013 1,259 1,057 1,127 981 1,104

Serbia and Montenegro (formerly 

Yugoslavia) 3........................................ 9 - 3 - 24 - - -

Spain ...................................................... 8,696 6,495 6,391 5,199 5,093 9,556 9,276 10,650

Sweden................................................... 22,789 22,215 23,141 20,044 24,292 23,868 20,620 26,943

Switzerland............................................. 138,173 112,316 101,924 82,948 106,867 96,329 112,011 117,413

Turkey..................................................... 3,305 3,384 3,401 2,209 3,327 3,296 2,393 2,603

United Kingdom...................................... 293,642 376,473 388,145 385,701 460,654 468,900 506,529 536,935

Channel Islands and Isle of Man 4 ......... 17,775 49,277 48,819 43,415 51,345 49,116 48,325 32,268

Other Europe.......................................... 1,997 2,553 2,477 3,443 4,693 5,841 6,502 6,451

Total Europe ........................................ 699,781 806,260 811,138 787,056 942,390 953,002 984,153 1,040,960

Canada...................................................... 94,126 78,575 81,765 79,059 81,535 81,727 75,174 75,267

Latin America: 

Argentina ................................................ 7,053 6,319 5,502 4,426 3,712 3,573 3,009 2,491

Brazil....................................................... 16,070 17,388 17,608 16,571 18,664 17,315 16,539 14,654

Chile ....................................................... 5,322 5,360 5,913 6,167 6,023 6,229 5,814 6,273

Colombia ................................................ 2,633 2,530 2,554 2,123 2,173 2,242 2,528 2,680

Ecuador.................................................. 469 502 427 419 425 453 447 493

Guatemala.............................................. 925 812 826 817 846 835 773 895

Mexico .................................................... 16,249 15,149 14,285 14,113 13,472 12,171 13,067 14,130

Panama .................................................. 2,070 2,104 1,925 1,946 1,928 1,742 1,559 2,021

Peru ........................................................ 1,424 1,562 1,408 1,398 1,383 1,667 1,649 1,547

Uruguay.................................................. 276 344 437 478 412 408 392 426

Venezuela .............................................. 3,404 3,421 3,229 3,093 2,990 2,993 2,784 3,105

Other Latin America 5 ............................. 2,780 2,525 2,583 2,438 2,571 2,679 2,406 2,767

Total Latin America.............................. 58,675 58,016 56,697 53,989 54,599 52,307 50,967 51,482

Caribbean: 

Bahamas ................................................ 96,358 127,555 115,056 104,469 100,823 96,400 88,338 105,605

Bermuda................................................. 10,620 22,200 13,750 15,410 21,171 16,390 26,401 34,680

Cayman Islands 6 ................................... 417,363 513,979 491,568 489,806 545,927 575,712 583,171 589,540

Cuba....................................................... - 93 - - - - - -

Jamaica .................................................. 321 331 402 379 388 457 378 351

Netherlands Antilles ............................... 6,783 7,325 7,289 6,736 5,401 5,459 5,357 5,610

Trinidad and Tobago .............................. 889 862 789 701 829 900 691 756

Other Caribbean 5 .................................. 3,453 4,520 3,632 5,108 6,047 6,848 7,046 7,844

Total Caribbean................................... 535,787 676,865 632,486 622,609 680,586 702,166 711,382 744,386

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2005 

71

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2003 2004 

Country 

 Calendar 

 year 

 2002 June r Sept. r Dec. r Mar. r June r Sept. Dec. p

 

Asia: 

China: 

Mainland .................................... 1,110 7,063 8,551 4,320 9,836 9,065 12,026 9,402

Taiwan ....................................... 3,939 5,631 7,601 9,952 9,401 11,336 10,165 10,932

Hong Kong ................................... 7,777 7,581 7,779 7,927 9,505 6,349 4,364 6,240

India.............................................. 1,314 1,529 1,786 1,781 2,141 2,481 2,402 2,276

Indonesia...................................... 1,795 1,158 1,460 877 958 937 638 616

Israel............................................. 6,979 6,539 5,389 7,186 7,444 5,257 5,885 3,258

Japan............................................ 59,792 72,660 72,744 74,174 69,503 80,954 91,360 104,487

Korea............................................ 11,209 7,128 7,286 12,416 20,890 15,320 14,117 15,596

Lebanon........................................ 48 75 78 72 72 60 56 49

Malaysia ....................................... 921 1,019 1,254 1,028 1,170 1,375 1,155 1,554

Pakistan........................................ 77 728 1,006 74 52 88 64 37

Philippines .................................... 2,180 1,547 1,337 1,751 1,580 1,316 937 1,002

Singapore ..................................... 4,425 4,295 6,822 8,291 9,075 8,973 6,636 6,660

Syria ............................................. 2 2 2 2 2 21 5 6

Thailand........................................ 1,443 1,539 2,110 1,303 1,198 808 963 1,456

Oil-exporting countries 7 ............... 10,487 8,434 7,864 8,748 6,466 8,239 10,213 10,739

Other Asia .................................... 246 206 131 194 122 173 243 231

Total Asia................................... 113,744 127,134 133,200 140,096 149,415 152,752 161,229 174,541

Africa: 

Congo (formerly Zaire) ................. - -- - - -- -

Egypt ............................................ 500 429 362 251 228 212 201 247

Ghana........................................... 12 17 16 17 11 11 19 22

Liberia........................................... 308 281 366 317 257 201 265 273

Morocco........................................ 71 60 52 66 66 71 88 95

South Africa.................................. 653 3,463 3,588 3,672 3,876 434 348 455

Oil-exporting countries 8 ............... 238 230 223 158 218 162 208 244

Other Africa .................................. 295 313 292 278 201 279 213 188

Total Africa ................................ 2,077 4,793 4,899 4,759 4,857 1,370 1,342 1,524

Other countries: 

Australia........................................ 7,793 10,069 10,522 10,599 13,417 11,365 10,642 13,622

New Zealand ................................ 881 1,252 1,263 2,964 2,590 1,763 1,486 2,028

All other ........................................ 69 97 82 46 61 39 79 82

Total other countries.................. 8,743 11,418 11,867 13,609 16,068 13,167 12,207 15,732

Total foreign countries ............ 1,512,933 1,763,061 1,732,052 1,701,177 1,929,450 1,956,491 1,996,454 2,103,892

International and regional orgs: 

International.................................. 3,291 4,303 5,446 3,971 5,260 2,118 4,452 6,625

European regional........................ 8 11 4 127 834 661 191 525

Latin American regional ............... 179 153 247 265 283 232 143 329

Caribbean regional....................... - - - - - - - -

Asian regional............................... 331 1,053 861 898 712 257 1,447 149

African regional ............................ - - - - - 35 35 -

Middle Eastern regional ............... - - - - - - 6 -

Total international 

 and regional............................ 3,809 5,520 6,558 5,261 7,089 3,303 6,274 7,628

Grand total .............................. 1,516,742 1,768,581 1,738,610 1,706,438 1,936,539 1,959,794 2,002,728 2,111,520

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 
 CAPITAL MOVEMENTS 

June 2005 

72 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2004 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

Total 

claims 

(1) 

 

Total 

(2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

(3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

 (6) 

Total 

(7) 

 Payable in 

 dollars 

 (8) 

 Payable in 

 foreign 

 currencies 

 (9) 

Europe: 

Austria ............................................... 5,873 4,594 1,505 3,086 134 3 1,279 1,249 30

Belgium 1 ........................................... 12,023 8,132 5,036 2,852 492 244 3,891 3,323 568

Bulgaria ............................................. 106 104 102 - - 2 2 2 -

Czech Republic ................................. 747 746 715 16 45 15 1 - 1

Denmark............................................ 2,863 1,032 621 291 100 120 1,831 1,681 150

Finland............................................... 12,190 11,924 11,764 75 11,377 85 266 220 46

France ............................................... 116,004 105,887 73,037 17,029 62,036 15,821 10,117 7,209 2,908

Germany............................................ 41,003 29,294 12,644 13,219 4,185 3,431 11,709 10,443 1,266

Greece............................................... 139 138 7 87 - 44 1 1 -

Hungary............................................. 182 79 62 2 - 15 103 - 103

Ireland................................................ 23,591 14,502 4,035 9,990 2,754 477 9,089 8,730 359

Italy .................................................... 20,938 17,924 16,551 353 15,271 1,020 3,014 2,994 20

Luxembourg 1 .................................... 8,670 5,977 4,865 1,001 2,053 111 2,693 2,340 353

Netherlands ....................................... 32,271 25,400 13,599 8,503 13,731 3,298 6,871 4,301 2,570

Norway .............................................. 27,626 25,721 24,082 1,434 700 205 1,905 1,800 105

Poland ............................................... 220 194 42 9 15 143 26 1 25

Portugal ............................................. 1,883 1,869 1,046 530 536 293 14 3 11

Romania ............................................ 264 264 27 202 2 35 - - -

Russia 2 ............................................. 1,104 1,100 782 307 35 11 4 4 -

Serbia and Montenegro (formerly 

 Yugoslavia) 3 ................................... - - - - - - - - -

Spain ................................................. 10,650 9,346 7,979 472 6,338 895 1,304 1,288 16

Sweden.............................................. 26,943 17,570 10,581 6,440 11,033 549 9,373 9,212 161

Switzerland........................................ 117,413 116,129 111,466 2,701 108,334 1,962 1,284 1,214 70

Turkey................................................ 2,603 2,571 2,088 454 30 29 32 7 25

United Kingdom................................. 536,935 419,726 293,235 110,710 320,494 15,781 117,209 111,374 5,835

Channel Islands and Isle of Man 4 ........ 32,268 27,116 22,784 4,094 22,788 238 5,152 2,223 2,929

Other Europe..................................... 6,451 2,632 2,030 378 1 224 3,819 5 3,814

Total Europe ................................... 1,040,960 849,971 620,685 184,235 582,484 45,051 190,989 169,624 21,365

Canada................................................. 75,267 64,121 42,207 8,826 38,876 13,088 11,146 8,270 2,876

Latin America: 

Argentina ........................................... 2,491 2,291 257 2,018 178 16 200 172 28

Brazil.................................................. 14,654 14,457 7,927 6,201 3,852 329 197 171 26

Chile .................................................. 6,273 6,225 2,547 3,666 260 12 48 48 -

Colombia ........................................... 2,680 2,665 1,488 1,160 208 17 15 15 -

Ecuador............................................. 493 470 133 336 16 1 23 23 -

Guatemala......................................... 895 883 421 450 59 12 12 12 -

Mexico ............................................... 14,130 13,680 1,779 11,734 443 167 450 350 100

Panama ............................................. 2,021 1,969 1,322 617 372 30 52 48 4

Peru ................................................... 1,547 1,531 489 1,041 287 1 16 16 -

Uruguay............................................. 426 416 127 276 63 13 10 10 -

Venezuela ......................................... 3,105 3,088 665 2,225 28 198 17 16 1

Other Latin America 5 ........................ 2,767 2,732 1,335 1,395 266 2 35 35 -

Total Latin America......................... 51,482 50,407 18,490 31,119 6,032 798 1,075 916 159

Caribbean: 

Bahamas ........................................... 105,605 81,534 77,788 2,419 77,231 1,327 24,071 23,997 74

Bermuda............................................ 34,680 33,941 311 32,990 3,294 640 739 735 4

Cayman Islands 6 .............................. 589,540 485,236 381,434 93,454 364,980 10,348 104,304 102,986 1,318

Cuba.................................................. - - - - - - - - -

Jamaica ............................................. 351 351 86 265 57 - - - -

Netherlands Antilles .......................... 5,610 5,562 1,316 4,238 1,305 8 48 48 -

Trinidad and Tobago ......................... 756 755 347 408 81 - 1 1 -

Other Caribbean 5 ............................. 7,844 7,782 214 7,420 71 148 62 62 -

Total Caribbean.............................. 744,386 615,161 461,496 141,194 447,019 12,471 129,225 127,829 1,396

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2005 

73

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2004, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

 Total 

 claims 

 (1) 

 Total 

 (2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

 (3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

(6) 

 Total 

 (7) 

 Payable in

 dollars 

 (8) 

Payable in 

foreign 

currencies 

(9) 

Asia: 

China: 

Mainland ......................................... 9,402 9,265 8,929 336 108 - 137 136 1 

Taiwan ............................................ 10,932 10,791 9,959 655 504 177 141 19 122 

Hong Kong ........................................ 6,240 5,866 4,414 1,131 3,869 321 374 226 148 

India................................................... 2,276 2,136 1,739 378 270 19 140 130 10 

Indonesia........................................... 616 610 160 395 42 55 6 4 2 

Israel.................................................. 3,258 1,355 1,118 215 1,078 22 1,903 1,899 4 

Japan................................................. 104,487 97,848 59,046 23,234 60,781 15,568 6,639 466 6,173 

Korea................................................. 15,596 15,539 14,895 636 1,957 8 57 31 26 

Lebanon............................................. 49 47 42 5 - - 2 2 - 

Malaysia ............................................ 1,554 1,522 1,159 341 296 22 32 9 23 

Pakistan............................................. 37 32 11 20 2 1 5 3 2 

Philippines ......................................... 1,002 984 623 350 12 11 18 16 2 

Singapore .......................................... 6,660 5,941 4,255 447 2,901 1,239 719 666 53 

Syria .................................................. 6 4 1 3 - - 2 2 - 

Thailand............................................. 1,456 1,407 1,124 20 217 263 49 19 30 

Other Asia ......................................... 10,970 10,817 6,320 801 4,355 3,696 153 153 - 

Total Asia........................................ 174,541 164,164 113,795 28,967 76,392 21,402 10,377 3,781 6,596 

Africa: 

Congo (formerly Zaire) ...................... - - - - - - - - - 

Egypt ................................................. 247 231 186 42 100 3 16 6 10 

Ghana................................................ 22 11 9 2 6 - 11 11 - 

Liberia................................................ 273 265 2 251 - 12 8 8 - 

Morocco............................................. 95 85 37 16 - 32 10 10 - 

South Africa....................................... 455 357 195 121 125 41 98 7 91 

Other Africa ....................................... 432 400 156 243 52 1 32 32 - 

Total Africa ..................................... 1,524 1,349 585 675 283 89 175 74 101 

Other countries: Australia............................................. 13,622 10,028 7,095 2,614 3,690 319 3,594 2,754 840 

New Zealand ..................................... 2,028 977 141 461 2 375 1,051 961 90 

All other ............................................. 82 82 5 77 4 - - - - 

Total other countries....................... 15,732 11,087 7,241 3,152 3,696 694 4,645 3,715 930 

Total foreign countries ................. 2,103,892 1,756,260 1,264,499 398,168 1,154,782 93,593 347,632 314,209 33,423 

International and regional orgs: 

International....................................... 6,625 5,364 - 5,364 - - 1,261 1,261 - 

European regional............................. 525 6 - 6 - - 519 512 7 

Latin American regional .................... 329 249 - 249 - - 80 80 - 

Caribbean regional............................ - - - - - - - - - 

Asian regional.................................... 149 149 - 149 - - - - - 

African regional ................................. - - - - - - - - - 

Middle Eastern regional .................... - - - - - - - - - 

Total international and regional...... 7,628 5,768 - 5,768 - - 1,860 1,853 7 

Grand total ................................... 2,111,520 1,762,028 1,264,499 403,936 1,154,782 93,593 349,492 316,062 33,430 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data 

series. 
 CAPITAL MOVEMENTS 

June 2005 

74 

0

100

200

300

400

500

600

700

800

2000 2001 2002 2003 Dec. 2004

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

 

 [In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2000 2001 2002 2003 Dec. 2004 

United Kingdom...................... 223,976 300,665 293,642 385,701 536,935

All other Europe ...................... 324,734 362,960 406,139 401,355 504,025

Caribbean banking centers 1,2 388,987 422,615 533,194 618,367 737,456

Japan ...................................... 39,179 40,047 59,792 74,174 104,487

All other Asia........................... 49,440 57,326 53,952 65,922 70,054 

Subtotal................................. 1,026,316 1,183,613 1,346,719 1,545,519 1,952,957 

All other countries................... 150,876 167,986 170,023 160,919 158,563 

Grand total ............................ 1,177,192 1,351,599 1,516,742 1,706,438 2,111,520 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In December 2004, U.S. 

banking claims, excluding 

long-term securities, amounted 

to about $2.1 trillion, an 

increase of about $405 billion 

from yearend 2003. U.S. 

banking claims increased $190 

billion in 2003. In large part, 

the increase in claims in 2003 

reflects changes to the reporting 

scope of the TIC reporting 

system effective February 2003. 

Between March and December 

of 2003, when data were 

reported on a consistent basis, 

banking claims increased $18 

billion. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

About 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. The 

share of claims against 

foreigners domiciled in Asia 

has declined over the past 

several years from about 20 

percent at the end of 1996 to 

less than 10 percent currently. 
 CAPITAL MOVEMENTS 

June 2005 

75

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 2004 Calendar year 2004 

Country 2003 June Dec. 2003 June Dec. 

 

Other Europe: 

Cyprus.............................................................. 183 181 180 184 193 171 

Iceland.............................................................. 241 331 246 16 69 n.a. 

Monaco............................................................. 366 207 255 n.a. n.a. n.a. 

Other Latin America and Caribbean: 

Aruba................................................................ 425 323 437 179 180 149 

Barbados.......................................................... 11,114 10,633 10,438 631 111 164 

Belize................................................................ 167 207 204 18 n.a. 21 

Bolivia............................................................... 1,045 948 1,128 216 133 194 

Costa Rica........................................................ 964 920 969 700 682 698 

Dominica .......................................................... 69 45 n.a. n.a. - n.a. 

Dominican Republic ......................................... 1,744 2,208 2,484 551 455 418 

El Salvador....................................................... 1,321 1,228 1,296 806 936 1,089 

French West Indies and French Guiana.......... 40 38 21 - n.a. n.a. 

Haiti .................................................................. 350 326 385 43 50 54 

Honduras.......................................................... 1,284 1,591 1,636 245 275 265 

Nicaragua......................................................... 135 185 132 60 54 65 

Paraguay.......................................................... 726 713 795 62 204 49 

Suriname.......................................................... 158 142 123 n.a. n.a. n.a. 

Other Asia: 

Afghanistan ...................................................... 49 n.a. 102 - - - 

Burma............................................................... 5 7 7 - - - 

Jordan .............................................................. 1,575 1,294 1,016 99 44 44 

Macau............................................................... 97 91 n.a. 6 5 9 

Sri Lanka .......................................................... 548 492 n.a. n.a. 14 n.a. 

Yemen.............................................................. 333 263 235 n.a. n.a. 13 

Other Africa: 

Angola .............................................................. 139 n.a. n.a. n.a. n.a. - 

Cameroon......................................................... 18 15 16 20 16 26 

Ethiopia ............................................................ 349 304 n.a. - - - 

Guinea.............................................................. 16 14 28 12 n.a. n.a. 

Ivory Coast ....................................................... 77 143 76 n.a. n.a. 2 

Kenya ............................................................... 124 146 245 n.a. n.a. 6 

Mauritius........................................................... 113 110 541 9 n.a. n.a. 

Mozambique..................................................... 202 111 144 - - - 

Rwanda ............................................................ 64 41 156 n.a. - - 

Senegal ............................................................ n.a. 25 36 n.a. n.a. n.a. 

Somalia ............................................................ n.a. n.a. n.a. - - - 

Sudan............................................................... 82 n.a. n.a. - - - 

Tanzania........................................................... 452 183 172 9 n.a. 5 

Tunisia.............................................................. 43 56 n.a. 67 73 54 

Uganda............................................................. 167 230 228 n.a. n.a. - 

Zambia ............................................................. 93 72 71 - - - 

Zimbabwe......................................................... 61 143 66 - - n.a. 

All other: 

Papua New Guinea.......................................... n.a. n.a. n.a. n.a. n.a. - 

 

Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

dates for the “Other” geographical categories in the regular monthly/quarterly series on 

U.S. banking liabilities and claims in Capital Movements sections I and II. 
CAPITAL MOVEMENTS 

June 2005 

76 

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 2003 2004 

Type of liability or claim 2000 2001 2002 Dec. Mar. June Sept. Dec. p 

Total liabilities ................................................ 73,904 66,679 67,664 83,475 88,728 105,176 103,419 108,602 

Payable in dollars....................................... 48,931 42,925 45,087 52,922 62,328 72,069 69,922 71,969 

Financial................................................. 25,246 18,763 18,844 25,290 34,150 42,406 43,842 46,173 

Short-term negotiable securities........ n.a. n.a. n.a. 1,895 2,369 1,980 2,867 1,410 

Other .................................................. n.a. n.a. n.a. 23,395 31,781 40,426 40,975 44,763 

Commercial............................................ 23,685 24,162 26,243 27,632 28,178 29,663 26,080 25,796 

Trade payables .................................. 12,162 10,893 13,469 16,000 16,264 17,002 17,044 16,690 

Advance receipts and other............... 11,523 13,269 12,774 11,632 11,914 12,661 9,036 9,106 

Payable in foreign currencies .................... 24,973 23,754 22,577 30,553 26,400 33,107 33,497 36,633 

By major foreign currency: 

Canadian dollars ................................ n.a. n.a. n.a. 1,630 1,345 1,913 2,222 2,623 

Euros.................................................. n.a. n.a. n.a. 11,159 7,846 8,727 8,708 10,127 

United Kingdom pounds sterling........ n.a. n.a. n.a. 12,031 13,407 18,476 18,020 19,047 

Japanese yen..................................... n.a. n.a. n.a. 2,702 1,553 1,915 1,944 1,860 

Other .................................................. n.a. n.a. n.a. 3,031 2,249 2,076 2,603 2,976 

By type of liability: 

Financial............................................. 22,173 22,271 20,717 28,095 24,146 30,628 30,201 33,282 

Short-term negotiable securities.... n.a. n.a. n.a. 12,107 7,490 8,888 8,548 10,349 

Other .............................................. n.a. n.a. n.a. 15,988 16,656 21,740 21,653 22,933 

Commercial........................................ 2,800 1,483 1,860 2,458 2,254 2,479 3,296 3,351 

Trade payables .............................. 2,131 888 1,230 1,174 1,220 1,385 1,308 1,476 

Advance receipts and other........... 669 595 630 1,284 1,034 1,094 1,988 1,875 

Total claims.................................................... 90,157 113,082 102,566 165,934 176,473 188,543 192,347 197,865 

Payable in dollars....................................... 79,558 103,864 91,551 148,406 158,866 145,152 152,511 149,461 

Financial................................................. 46,157 74,471 65,070 122,879 132,701 117,735 124,592 121,979 

Non-negotiable deposits .................... n.a. n.a. n.a. 33,944 43,937 41,344 48,986 42,043 

Negotiable CDs and short-term 

 negotiable instruments..................... n.a. n.a. n.a. 3,047 2,353 5,272 7,436 9,739 

Other .................................................. n.a. n.a. n.a. 85,888 86,411 71,119 68,170 70,197 

Commercial............................................ 33,401 29,393 26,481 25,527 26,165 27,417 27,919 27,482 

Trade receivables .............................. 30,007 25,828 22,635 21,278 21,773 23,663 24,134 24,821 

Advance payments and other............ 3,394 3,565 3,846 4,249 4,392 3,754 3,785 2,661 

Payable in foreign currencies .................... 10,599 9,218 11,015 17,528 17,607 43,391 39,836 48,404 

By major foreign currency: 

Canadian dollars ................................ n.a. n.a. n.a. 2,469 2,772 2,049 1,724 1,844 

Euros.................................................. n.a. n.a. n.a. 4,318 3,680 9,730 14,155 22,220 

United Kingdom pounds sterling........ n.a. n.a. n.a. 4,429 5,021 15,196 10,787 10,808 

Japanese yen..................................... n.a. n.a. n.a. 1,420 1,370 8,550 8,020 7,583 

Other .................................................. n.a. n.a. n.a. 4,892 4,764 7,866 5,150 5,949 

By type of claim: 

Financial............................................. 6,874 6,816 6,319 9,453 9,931 36,361 35,960 43,128 

Non-negotiable deposits ................ n.a. n.a. n.a. 1,976 1,478 1,630 1,328 5,930 

Short-term negotiable securities.... n.a. n.a. n.a. 164 149 196 159 153 

Other .............................................. n.a. n.a. n.a. 7,313 8,304 34,535 34,473 37,045 

Commercial........................................ 3,725 2,402 4,696 8,075 7,676 7,030 3,876 5,276 

Trade receivables .......................... 3,097 1,685 3,750 7,373 6,850 6,258 3,223 4,451 

Advance payments and other........ 628 717 946 702 826 772 653 825 

Memoranda: 

Financial liabilities and claims: 

Positions with unaffiliated entities: 

Financial liabilities .............................. 47,419 41,034 39,561 43,845 45,349 58,319 57,367 63,125 

Financial claims ................................. 53,031 81,287 71,389 67,347 80,256 92,499 101,867 110,643 

Selected positions with affiliated 

 entities: 1 

Financial liabilities.............................. n.a. n.a. n.a. 9,540 12,947 14,715 16,676 16,330 

Financial claims ................................. n.a. n.a. n.a. 64,985 62,376 61,597 58,685 54,464 

 

1

 Beginning March 2003, reporters who are financial intermediaries or insurance 

underwriting subsidiaries of bank/financial holding companies report financial liabilities and 

claims positions with specified affiliated foreign residents. 

 
CAPITAL MOVEMENTS 

June 2005 

77

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2003 2004 

Country 1999 2000 2001 2002 Dec. Mar. June Sept. Dec. p 

Europe: 

Austria.................................. 112 111 151 64 82 80 95 83 143

Belgium 1 .............................. 171 440 253 285 163 107 82 98 74

Bulgaria................................ - 2 3 4 3 2 2 2 2

Czech Republic.................... 26 7 10 13 6 6 29 26 34

Denmark............................... 105 149 148 522 67 76 118 72 41

Finland ................................. 48 91 86 56 47 53 34 39 38

France.................................. 2,331 2,459 3,575 6,008 4,443 3,150 3,184 3,340 2,370

Germany .............................. 3,105 3,215 3,249 3,704 4,386 4,033 4,974 4,356 3,935

Greece ................................. 141 400 410 403 474 542 535 284 248

Hungary................................ 9 8 27 32 11 12 20 10 14

Ireland .................................. 827 1,216 1,264 785 856 848 891 1,635 1,070

Italy....................................... 749 1,773 1,395 1,271 1,154 1,011 1,063 892 795

Luxembourg 1....................... n.a. n.a. n.a. n.a. 705 566 592 712 824

Netherlands.......................... 2,503 2,316 3,117 2,415 668 587 609 656 668

Norway................................. 266 286 320 406 445 357 7,655 4,664 1,365

Poland.................................. 46 42 43 46 26 28 156 154 151

Portugal................................ 34 16 16 17 7 10 22 23 22

Romania............................... 159 178 17 20 30 31 31 43 33

Russia 2 ................................ 251 91 48 38 71 44 93 61 74

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 11 11 14 9 - 24 - 1 2

Spain.................................... 501 468 423 403 1,068 937 1,021 1,292 592

Sweden ................................ 158 117 97 115 656 760 762 746 800

Switzerland .......................... 773 606 884 494 1,884 1,067 936 1,047 1,078

Turkey .................................. 384 408 133 101 302 332 302 121 180

United Kingdom ................... 19,592 29,209 25,131 25,180 26,911 25,025 32,024 31,291 32,628

Channel Islands and 

Isle of Man 4 ..................... n.a. n.a. n.a. n.a. - 2 3 1 2

Other Europe ....................... 201 182 211 201 188 229 296 325 535

Total Europe .................... 32,503 43,801 41,025 42,592 44,653 39,919 55,529 51,974 47,718

Canada..................................... 2,059 2,344 2,577 2,179 3,640 3,879 4,295 4,171 4,843

Latin America: 

Argentina.............................. 169 146 50 62 125 270 101 75 59

Brazil .................................... 271 262 325 318 475 517 367 283 321

Chile ..................................... 64 52 56 55 60 77 74 62 91

Colombia.............................. 141 131 82 50 118 149 96 136 84

Ecuador................................ 58 32 4 5 21 11 20 38 26

Guatemala ........................... 6 10 13 13 15 18 13 9 10

Mexico.................................. 912 867 935 1,201 1,332 1,390 1,780 1,949 1,968

Panama................................ 67 32 49 61 52 51 39 27 7

Peru...................................... 28 24 41 21 15 14 79 18 17

Uruguay................................ 8 27 8 6 4 4 2 1 2

Venezuela ............................ 305 286 168 178 332 389 481 499 451

Other Latin America 5 ........... 379 1,994 284 503 98 202 88 77 113

Total Latin America.............. 2,408 3,863 2,015 2,473 2,647 3,092 3,140 3,174 3,149

Caribbean: 

Bahamas.............................. 23 37 209 74 14 16 39 35 32

Bermuda.................................... 157 2,020 1,551 1,528 1,224 4,251 3,101 3,017 9,230

British West Indies 6.................. 540 482 1,672 401 n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ................. n.a. n.a. n.a. n.a. 3,154 3,987 3,515 4,620 7,279

Cuba..................................... 27 20 42 29 2 3 2 2 -

Jamaica................................ 13 16 12 28 17 17 21 13 24

Netherlands Antilles............. 19 32 46 11 3 12 15 39 14

Trinidad and Tobago............ 15 36 38 33 16 67 19 12 15

Other Caribbean 5 ................ n.a. n.a. n.a. n.a. 564 586 630 702 729

Total Caribbean ............... 794 2,643 3,570 2,104 4,994 8,939 7,342 8,440 17,323

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2005 

78 

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2003 2004 

Country 1999 2000 2001 2002 Dec. Mar. June Sept. Dec. p 

Asia: 

China: 

Mainland............................. 627 497 735 1,252 1,129 3,081 3,496 3,439 3,984

Taiwan................................ 1,175 970 819 659 441 513 572 539 491

Hong Kong ............................. 223 640 560 495 583 494 714 736 668

India........................................ 519 309 179 160 86 202 222 139 103

Indonesia................................ 83 81 44 100 60 57 43 43 74

Israel....................................... 160 468 195 350 519 886 481 376 302

Japan...................................... 5,751 8,973 5,850 6,124 6,196 6,404 6,367 5,952 5,869

Korea...................................... 543 941 897 548 1,331 1,445 1,597 692 722

Lebanon ................................. 56 53 57 53 13 44 40 37 35

Malaysia ................................. 118 162 393 140 188 170 256 311 256

Pakistan.................................. 37 96 94 158 233 77 101 109 171

Philippines.............................. 169 114 1,100 108 139 110 60 120 117

Singapore............................... 917 2,280 1,793 1,796 1,436 1,699 1,348 1,165 822

Syria ....................................... 8 27 6 13 2 22 2 38 21

Thailand.................................. 165 203 105 118 34 37 54 24 79

Oil-exporting countries 7......... 2,555 2,844 2,649 3,993 3,184 2,582 2,335 3,342 2,946

Other Asia .............................. 217 290 83 247 284 236 283 232 303

Total Asia ........................... 13,323 18,948 15,559 16,314 15,858 18,059 17,971 17,294 16,963

Africa: 

Congo (formerly Zaire)........... 9 - 1 1 86 - 2 - -

Egypt ...................................... 86 166 117 128 28 136 126 131 132

Ghana..................................... 163245532

Liberia..................................... 2 18 30 1 - 4 - - 14

Morocco.................................. 31 11 34 42 41 36 37 42 44

South Africa............................ 138 135 111 130 52 46 44 41 36

Oil-exporting countries 8......... 499 483 441 496 464 641 660 581 518

Other Africa ............................ 212 181 152 158 230 267 326 277 332

Total Africa ......................... 978 1,000 889 958 905 1,135 1,200 1,075 1,078

Other countries: 

Australia ................................. 634 344 584 732 1,053 619 574 464 1,047

New Zealand 9........................ n.a. n.a. n.a. n.a. 71 58 36 53 51

All other .................................. 300 898 430 238 98 78 371 96 98

Total other countries .......... 934 1,242 1,014 970 1,222 755 981 613 1,196

Total foreign countries ... 52,975 73,841 66,649 67,590 73,919 75,778 90,458 86,741 92,270

International and regional orgs: 

International ........................... 1 1 - 22 - - - - -

European regional.................. 44 45 30 3 16 3 3 2 2

Latin American regional ......... - - - 46 - - - - -

Caribbean regional 10 ............. n.a. n.a. n.a. n.a. - - - - -

Asian regional ........................ -9 -3 - - - - -

African regional ...................... -8 - - - - - - -

Middle Eastern regional ......... - - - - - - - - -

Total international 

 and regional ..................... 45 63 30 74 16 3 3 2 2

Grand total ..................... 53,020 73,904 66,679 67,664 73,935 75,781 90,461 86,743 92,272

 

 1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 

June 2005 

79

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2003 2004 

Country 1999 2000 2001 2002 Dec. Mar. June Sept. Dec. p

Europe: 

Austria....................................... 208 498 1,985 1,770 1,752 1,794 1,744 1,841 1,816

Belgium 1 ................................... 845 748 893 991 523 567 541 457 2,307

Bulgaria..................................... 6 6 13 9 14 36 27 28 37

Czech Republic......................... 26 67 79 62 54 61 65 48 64

Denmark.................................... 310 229 138 112 716 150 156 235 494

Finland ...................................... 261 224 238 624 176 161 198 139 617

France....................................... 3,203 4,301 4,371 6,411 5,865 5,853 6,978 6,202 3,652

Germany ................................... 2,464 2,830 2,726 5,447 4,143 6,067 4,680 3,636 6,808

Greece ...................................... 487 332 339 409 204 248 295 160 199

Hungary..................................... 54 47 66 51 53 32 33 38 46

Ireland ....................................... 340 616 821 516 423 380 395 387 1,673

Italy............................................ 1,284 1,114 1,434 2,963 4,075 4,381 3,223 3,547 2,439

Luxembourg 1............................ n.a. n.a. n.a. n.a. 115 898 903 133 127

Netherlands............................... 2,658 3,125 2,667 5,138 3,186 2,714 3,319 3,545 7,883

Norway...................................... 273 308 257 286 315 301 3,471 3,415 229

Poland....................................... 62 67 77 79 104 84 72 61 57

Portugal..................................... 91 83 71 222 161 161 184 144 146

Romania.................................... 11 16 34 24 25 21 30 38 47

Russia 2 ..................................... 293 373 137 93 118 133 150 148 157

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 17 15 23 10 13 9 10 17 14

Spain......................................... 715 860 1,042 1,370 1,803 1,527 2,578 1,612 1,243

Sweden ..................................... 339 360 441 417 779 637 597 867 648

Switzerland ............................... 1,253 1,462 1,200 886 2,538 1,866 1,710 1,803 2,506

Turkey ....................................... 464 700 383 503 479 537 465 499 594

United Kingdom ........................ 13,388 20,402 20,343 14,390 15,366 17,149 27,294 30,421 27,678

Channel Islands and 

Isle of Man 4 .......................... n.a. n.a. n.a. n.a. - 8 184 39 25

Other Europe ............................ 360 291 362 422 546 888 595 590 611

Total Europe ......................... 29,412 39,074 40,140 43,205 43,546 46,663 59,897 60,050 62,117

Canada.......................................... 5,310 8,078 9,011 7,803 8,381 8,550 6,826 8,086 8,503

Latin America: 

Argentina................................... 896 1,109 810 602 398 550 355 420 406

Brazil ......................................... 2,381 2,784 3,081 3,036 2,735 2,969 2,773 2,736 2,758

Chile .......................................... 263 302 242 217 382 302 327 287 346

Colombia................................... 349 351 240 240 234 247 272 288 295

Ecuador..................................... 82 66 62 112 117 109 74 86 86

Guatemala ................................ 85 106 90 79 76 96 85 84 90

Mexico....................................... 3,476 3,955 4,466 4,180 2,968 2,872 2,951 3,293 3,760

Panama..................................... 168 244 105 79 232 145 132 180 177

Peru........................................... 148 171 79 69 73 100 76 87 95

Uruguay..................................... 68 35 20 30 16 53 17 15 13

Venezuela ................................. 487 415 371 392 361 402 386 400 474

Other Latin America 5 ................ 1,325 842 919 1,102 427 550 492 491 504

Total Latin America................... 9,728 10,380 10,485 10,138 8,019 8,395 7,940 8,367 9,004

Caribbean: 

Bahamas................................... 1,613 1,390 1,018 1,069 1,075 681 827 1,407 1,631

Bermuda......................................... 401 395 1,287 1,011 1,024 1,773 2,100 1,829 5,358

British West Indies 6....................... 12,280 12,733 33,060 21,547 n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ...................... n.a. n.a. n.a. n.a. 20,067 28,644 27,679 35,312 36,386

Cuba.......................................... - 1 2 - 16 2 8 2 8

Jamaica..................................... 52 126 93 94 84 87 82 77 67

Netherlands Antilles.................. 45 84 70 45 32 16 40 34 37

Trinidad and Tobago................. 46 59 45 54 100 126 130 114 120

Other Caribbean 5 ..................... n.a. n.a. n.a. n.a. 951 1,076 1,086 1,089 1,085

Total Caribbean .................... 14,437 14,788 35,575 23,820 23,349 32,405 31,952 39,864 44,692

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2005 

80 

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2003 2004 

Country 1999 2000 2001 2002 Dec. Mar. June Sept. Dec. p

 

Asia: 

China: 

Mainland............................. 760 1,096 1,052 867 1,066 2,023 3,246 2,900 3,707

Taiwan................................ 1,097 1,299 853 696 783 908 782 880 895

Hong Kong ............................. 400 593 1,094 682 832 696 561 607 701

India ....................................... 599 661 638 743 668 612 424 659 643

Indonesia................................ 408 407 239 280 170 247 217 423 393

Israel ...................................... 336 458 700 453 749 858 711 586 482

Japan ..................................... 5,336 4,427 3,610 3,618 2,955 2,567 2,795 2,897 2,850

Korea...................................... 1,378 1,745 1,850 1,738 1,456 1,552 1,656 1,472 1,601

Lebanon ................................. 14 36 16 21 34 23 23 18 15

Malaysia................................. 516 743 645 521 497 497 516 573 549

Pakistan ................................. 23 37 44 17 34 18 50 52 43

Philippines.............................. 258 106 1,001 708 743 404 304 255 503

Singapore............................... 1,041 1,065 1,120 1,044 1,162 908 1,091 1,267 1,607

Syria ....................................... 5 11 11 28 6 4 9 4 14

Thailand ................................. 651 344 232 237 250 231 256 282 326

Oil-exporting countries 7......... 1,648 1,104 985 897 1,046 1,118 1,206 1,099 1,208

Other Asia .............................. 152 195 189 132 222 234 295 261 309

Total Asia ........................... 14,622 14,327 14,279 12,682 12,673 12,900 14,142 14,235 15,846

Africa: 

Congo (formerly Zaire)........... - - - 18 2 2 - 5 1

Egypt...................................... 186 266 233 155 176 132 181 238 159

Ghana .................................... 6 5 7 9 8 9 10 11 4

Liberia .................................... 3 2 28 50 109 71 23 52 102

Morocco ................................. 35 49 35 24 27 41 47 46 33

South Africa ........................... 323 266 293 273 247 235 150 148 193

Oil-exporting countries 8......... 186 237 137 120 150 196 232 212 162

Other Africa............................ 178 258 326 330 336 326 306 329 281

Total Africa......................... 917 1,083 1,059 979 1,055 1,012 949 1,041 935

Other countries: 

Australia ................................. 1,889 2,041 2,150 3,540 3,624 3,794 3,820 1,458 1,604

New Zealand 9........................ n.a. n.a. n.a. n.a. 208 255 367 403 441

All other.................................. 351 359 383 393 83 112 1,043 146 245

Total other countries .......... 2,240 2,400 2,533 3,933 3,915 4,161 5,230 2,007 2,290

Total foreign countries ... 76,639 90,130 113,082 102,560 100,938 114,086 126,936 133,650 143,387

International and regional orgs : 

International ........................... 2 2 - 212 2 2 3

European regional.................. - 4 - 123 1 - 1

Latin American regional......... - - - 165 5 5 6

Caribbean regional 10 ............. n.a. n.a. n.a. n.a. - - - - 1

Asian regional ........................ - 12 - - 2 1 2 5 3

African regional...................... 12 - 1-- - - -

Middle Eastern regional......... - 7 - 1 - - - - -

Total international 

 and regional ..................... 3 27 - 6 11 11 10 12 14

Grand total ..................... 76,642 90,157 113,082 102,566 100,949 114,097 126,946 133,662 143,401

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states by 

the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 

1994 for the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 

June 2005 

81

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, December 31, 2004, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

 

Europe: 

Austria ........................................... 143 25 118 1,816 1,766 50 

Belgium 1 ....................................... 74 1 73 2,307 2,156 151 

Bulgaria ......................................... 2 - 2 37 31 6 

Czech Republic............................. 34 1 33 64 9 55 

Denmark........................................ 41 1 40 494 397 97 

Finland........................................... 38 23 15 617 419 198 

France ........................................... 2,370 1,351 1,019 3,652 1,391 2,261 

Germany........................................ 3,935 2,911 1,024 6,808 5,389 1,419 

Greece........................................... 248 15 233 199 54 145 

Hungary......................................... 14 5 9 46 6 40 

Ireland ........................................... 1,070 956 114 1,673 1,366 307 

Italy................................................ 795 352 443 2,439 1,326 1,113 

Luxembourg 1 ................................ 824 774 50 127 21 106 

Netherlands................................... 668 363 305 7,883 7,389 494 

Norway .......................................... 1,365 997 368 229 141 88 

Poland ........................................... 151 1 150 57 1 56 

Portugal......................................... 22 3 19 146 94 52 

Romania........................................ 33 - 33 47 6 41 

Russia 2 ......................................... 74 6 68 157 39 118 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 2 - 2 14 2 12 

Spain ............................................. 592 278 314 1,243 631 612 

Sweden ......................................... 800 605 195 648 278 370 

Switzerland.................................... 1,078 514 564 2,506 978 1,528 

Turkey ........................................... 180 8 172 594 365 229 

United Kingdom............................. 32,628 29,231 3,397 27,678 23,953 3,725 

Channel Islands and 

Isle of Man 4 .............................. 2 - 2 25 - 25 

Other Europe................................. 535 278 257 611 426 185 

Total Europe.............................. 47,718 38,699 9,019 62,117 48,634 13,483 

Canada.............................................. 4,843 2,701 2,142 8,503 6,485 2,018 

Latin America: 

Argentina....................................... 59 21 38 406 145 261 

Brazil ............................................. 321 208 113 2,758 1,823 935 

Chile .............................................. 91 5 86 346 85 261 

Colombia ....................................... 84 1 83 295 30 265 

Ecuador......................................... 26 - 26 86 19 67 

Guatemala..................................... 10 - 10 90 31 59 

Mexico........................................... 1,968 26 1,942 3,760 1,742 2,018 

Panama......................................... 7 1 6 177 90 87 

Peru............................................... 17 - 17 95 13 82 

Uruguay......................................... 2 - 2 13 - 13 

Venezuela ..................................... 451 18 433 474 155 319 

Other Latin America 5 .................... 113 1 112 504 267 237 

Total Latin America ....................... 3,149 281 2,868 9,004 4,400 4,604 

Caribbean: 

Bahamas ....................................... 32 - 32 1,631 1,576 55 

Bermuda............................................. 9,230 8,715 515 5,358 4,708 650 

Cayman Islands 6............................. 7,279 7,178 101 36,386 36,226 160 

Cuba.............................................. - - - 8 - 8 

Jamaica......................................... 24 6 18 67 44 23 

Netherlands Antilles ...................... 14 - 14 37 23 14 

Trinidad and Tobago..................... 15 4 11 120 93 27 

Other Caribbean 5 ......................... 729 12 717 1,085 149 936 

Total Caribbean......................... 17,323 15,915 1,408 44,692 42,819 1,873 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2005 

82 

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, December 31, 2004, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

Asia: 

China: 

Mainland.................................... 3,984 2,689 1,295 3,707 2,448 1,259 

Taiwan....................................... 491 14 477 895 89 806 

Hong Kong .................................... 668 105 563 701 200 501 

India............................................... 103 29 74 643 235 408 

Indonesia....................................... 74 8 66 393 233 160 

Israel.............................................. 302 2 300 482 122 360 

Japan............................................. 5,869 1,648 4,221 2,850 993 1,857 

Korea............................................. 722 57 665 1,601 976 625 

Lebanon ........................................ 35 2 33 15 - 15 

Malaysia ........................................ 256 2 254 549 325 224 

Pakistan......................................... 171 1 170 43 17 26 

Philippines..................................... 117 9 108 503 385 118 

Singapore...................................... 822 59 763 1,607 467 1,140 

Syria .............................................. 21 - 21 14 - 14 

Thailand......................................... 79 39 40 326 173 153 

Other Asia ..................................... 3,249 61 3,188 1,517 235 1,282 

Total Asia .................................... 16,963 4,725 12,238 15,846 6,898 8,948 

Africa: 

Congo (formerly Zaire).................. - - - 1 - 1 

Egypt ............................................. 132 - 132 159 10 149 

Ghana............................................ 2 1 1 4 1 3 

Liberia............................................ 14 - 14 102 93 9 

Morocco......................................... 44 2 42 33 15 18 

South Africa................................... 36 18 18 193 63 130 

Other Africa ................................... 850 110 740 443 124 319 

Total Africa ................................ 1,078 131 947 935 306 629 

Other countries: 

Australia ........................................ 1,047 650 397 1,604 955 649 

New Zealand 7............................... 51 22 29 441 106 335 

All other ......................................... 98 1 97 245 40 205 

Total other countries ................. 1,196 673 523 2,290 1,101 1,189 

Total foreign countries .......... 92,270 63,125 29,145 143,387 110,643 32,744 

International and regional orgs: 

International .................................. - - - 3 - 3 

European regional......................... 2 - 2 1 - 1 

Latin American regional ................ - - - 6 - 6 

Caribbean regional 8 ..................... - - - 1 - 1 

Asian regional ............................... - - - 3 - 3 

African regional ............................. - - - - - - 

Middle Eastern regional ................ - - - - - - 

Total international 

 and regional ............................ 2 - 2 14 - 14 

Grand total ............................ 92,272 63,125 29,147 143,401 110,643 32,758 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Before January 2001, data included in “All other countries.” 

8

 Before January 2001, included in “Latin American regional.” 
 CAPITAL MOVEMENTS 

June 2005 

83

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

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International 

and regional 

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign 

 purchases 

 (8) 

Gross foreign 

sales 

(9) 

2001 ......................................... 18,514 3,474 15,726 -686 5,267,730 5,249,216 163,990 1,201,649 1,037,659 

2002 ......................................... 119,921 7,149 110,761 2,011 7,264,450 7,144,529 195,145 1,727,972 1,532,827 

2003 r ....................................... 276,713 113,486 164,010 -783 8,326,310 8,049,597 159,394 1,958,854 1,799,460 

2004 r ...................................... 351,985 201,135 150,131 719 8,935,574 8,583,589 226,370 1,209,379 983,009 

2005 - Jan. - Mar. p.................. 101,158 3,920 97,026 212 2,556,843 2,455,685 49,671 263,315 213,644 

 

2004 - Mar. r............................. 51,215 33,567 17,544 104 803,376 752,161 -624 117,318 117,942 

Apr. r............................. 50,360 22,691 27,458 211 815,613 765,253 26,093 121,177 95,084 

May r ............................ 28,637 7,861 20,781 -5 769,294 740,657 19,213 125,816 106,603 

June r ........................... 45,322 16,335 28,697 290 713,758 668,436 13,816 110,416 96,600 

July r............................. 12,634 5,935 7,083 -384 647,974 635,340 19,273 122,043 102,770 

Aug. r............................ 13,395 15,515 -2,806 686 769,582 756,187 17,482 87,388 69,906 

Sept. r........................... 16,993 10,874 6,883 -764 788,593 771,600 8,410 79,256 70,846 

Oct. r............................. 19,204 15,649 3,086 469 698,175 678,971 21,946 82,828 60,882 

Nov ............................... 33,720 21,049 12,384 287 844,101 810,381 27,802 94,784 66,982 

Dec ............................... 8,357 6,976 1,555 -174 763,558 755,201 26,602 74,475 47,873 

2005 - Jan ................................ 30,741 7,630 22,644 467 788,643 757,902 26,005 87,322 61,317 

Feb. p ........................... 42,505 11,273 31,548 -316 838,622 796,117 16,139 86,155 70,016 

Mar. p ........................... 27,912 -14,983 42,834 61 929,578 901,666 7,527 89,838 82,311 

Corporate and other securities 

Bonds 1 Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

 

2001 .............................................................................. 221,955 741,041 519,086 116,390 3,051,332 2,934,942 

2002 .............................................................................. 182,310 820,747 638,437 50,189 3,209,760 3,159,571 

2003 r ............................................................................ 267,076 991,378 724,302 35,573 3,107,102 3,071,529 

2004 r ............................................................................ 297,878 1,159,244 861,366 27,806 3,966,052 3,938,246 

2005 - Jan. - Mar. p....................................................... 73,535 316,333 242,798 25,580 1,076,218 1,050,638 

 

2004 - Mar. r.................................................................. 26,571 114,857 88,286 -10,520 365,652 376,172 

Apr. r.................................................................. 16,707 89,294 72,587 860 357,308 356,448 

May r ................................................................. 17,976 86,001 68,025 -5,582 338,744 344,326 

June r ............................................................... 25,840 93,361 67,521 3,838 322,923 319,085 

July r.................................................................. 28,085 97,063 68,978 7,322 345,384 338,062 

Aug. r................................................................. 24,649 87,576 62,927 -2,156 271,563 273,719 

Sept. r................................................................ 43,392 108,388 64,996 -3,285 280,405 283,690 

Oct. r.................................................................. 18,908 89,743 70,835 2,927 331,794 328,867 

Nov .................................................................... 25,491 104,151 78,660 13,992 366,837 352,845 

Dec .................................................................... 40,862 117,611 76,749 7,647 362,886 355,239 

2005 - Jan ..................................................................... 18,593 90,659 72,066 16,411 338,673 322,262 

Feb. p ................................................................ 31,964 110,294 78,330 7,446 341,344 333,898 

Mar. p ................................................................ 22,978 115,380 92,402 1,723 396,201 394,478 

 

 

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and 

municipalities. 
 CAPITAL MOVEMENTS 

June 2005 

84 

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] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from 

U.S. 

(2) 

Gross foreign 

purchases from 

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign 

purchases from 

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2001 ..................................................... -19,611 30,502 1,160,102 1,129,600 -50,113 1,397,664 1,447,777 

2002 ..................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 

2003 r ................................................... -65,890 18,864 1,560,060 1,541,196 -84,754 1,333,772 1,418,526 

2004 r ................................................... -108,885 -25,479 1,455,934 1,481,413 -83,406 1,663,824 1,747,230 

2005 - Jan. - Mar. p.............................. -27,763 7,040 386,873 379,833 -34,803 482,213 517,016 

 

2003 - Mar. r......................................... 9,250 7,025 156,701 149,676 2,225 172,855 170,630 

Apr. r......................................... -1,556 8,269 108,816 100,547 -9,825 151,974 161,799 

May r ........................................ -3,580 2,872 109,504 106,632 -6,452 143,294 149,746 

June r ...................................... -7,277 975 109,709 108,734 -8,252 140,371 148,623 

July r ........................................ -14,769 -5,666 105,341 111,007 -9,103 129,329 138,432 

Aug. r........................................ -6,303 -6,672 109,220 115,892 369 124,486 124,117 

Sept. r....................................... -26,599 -22,116 114,836 136,952 -4,483 113,318 117,801 

Oct. r......................................... -12,174 -2,026 121,501 123,527 -10,148 131,759 141,907 

Nov ........................................... -5,732 2,013 120,811 118,798 -7,745 151,367 159,112 

Dec ........................................... -20,511 -6,414 118,719 125,133 -14,097 143,459 157,556 

2005 - Jan ............................................ 603 5,635 116,423 110,788 -5,032 134,252 139,284 

Feb. p ....................................... -13,961 1,380 128,753 127,373 -15,341 152,465 167,806 

Mar. p ....................................... -14,405 25 141,697 141,672 -14,430 195,496 209,926 

 
 CAPITAL MOVEMENTS 

June 2005 

85

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 

2004 2005 2004 2005 2004 2005 2004 2005 

Country 

 Calendar 

 year 

 2004 

 (1) 

Oct. 

through 

Dec. 

(2) 

Jan. 

 through 

 Mar. p 

 (3) 

Calendar 

year 

2004 

(4) 

 Oct. 

 through

 Dec. 

 (5) 

 Jan. 

 through

 Mar. p 

 (6) 

 Calendar 

 year 

 2004 

 (7) 

 Oct. 

 through

 Dec. 

 (8) 

 Jan. 

 through 

 Mar. p 

 (9) 

Calendar 

year 

2004 

(10) 

Oct. 

through 

Dec. 

(11) 

Jan. 

through 

Mar. p 

(12) 

Europe: 

Austria ............................ 701 191 -327 -332 -59 89 266 88 21 -133 -214 -66

Belgium 1 ........................ 118 458 -886 5,649 3,717 -545 5,737 1,668 2,469 -339 -76 587

Bulgaria .......................... -213 -183 -88 -6 4 25 63 - - -12 -1 -2

Czech Republic............... 1,189 870 438 10 27 362 34 27 - -12 -18 -3

Denmark ......................... -299 -62 -249 70 100 248 1,023 173 123 308 273 237

Finland............................ -68 492 -85 255 29 -21 159 -1 -20 -194 -269 -78

France ............................ -10,219 -2,523 1,991 -213 534 -273 7,487 2,292 3,249 -871 -2,452 326

Germany......................... 8,804 3,918 5,343 -123 -84 -495 11,623 -267 5,642 -2,355 568 270

Greece............................ -1,350 -322 -8 62 1 -12 115 67 65 78 38 -9

Hungary.......................... 230 138 19 -3 - - -7 -18 -51 149 144 5

Ireland............................. 952 294 133 4,224 1,691 1,260 10,224 1,751 2,654 2,143 1,202 2,197

Italy................................. -123 465 1,362 -278 65 136 578 339 41 -1,700 -480 -709

Luxembourg 1 ................. -575 -80 423 799 468 138 5,787 1,779 2,054 4,533 1,003 2,738

Netherlands .................... -3,152 -611 -1,057 -163 59 195 2,092 458 542 2,233 1,095 248

Norway ........................... 10,046 6,262 -13,693 1,569 552 356 3,512 1,415 751 1,587 207 11

Poland ............................ -254 -42 -73 105 -1 -105 -33 -28 -3 2 -40 27

Portugal .......................... 1,962 212 -316 49 37 6 80 15 15 24 -2 -68

Romania ......................... 172 220 -116 1,037 305 -94 185 159 - - - -

Russia 2 .......................... -281 158 1,572 14,783 3,107 2,449 161 -7 4 -43 3 -24

Serbia and Montenegro 

(formerly Yugoslavia) 3.... 135 30 -23 - - 1 - - - -3 -4 -

Spain .............................. -1,965 364 1,713 -374 -96 83 1,922 140 680 61 58 102

Sweden........................... 3,236 2,846 103 148 163 133 1,109 132 -57 785 1,148 302

Switzerland ..................... 5,342 2,199 2,522 3,009 1,080 -1,217 3,964 168 764 -1,178 -985 -627

Turkey............................. 4,326 -670 -336 30 3 - 31 15 -2 -27 -5 -20

United Kingdom .............. 78,662 31,948 19,536 53,183 17,858 15,783 98,319 35,814 26,966 15,341 18,042 12,327

Channel Islands and 

Isle of Man 4................ 1,176 249 2,374 575 -134 -181 5,902 1,907 1,290 -177 -481 51

Other Europe .................. -10,218 -4,867 -2,364 192 -153 -225 1,960 456 105 57 -28 93

Total Europe............... 88,334 41,954 17,908 84,257 29,273 18,096 162,293 48,542 47,302 20,257 18,726 17,915

Canada ............................... 16,098 7,520 6,192 5,980 1,039 2,682 6,115 2,293 582 1,359 -1,407 -571

Latin America: 

Argentina ........................ 415 141 148 159 52 19 392 251 249 -78 -34 23

Brazil............................... 1,543 -1,039 -2,537 1,767 1,165 241 747 235 67 109 -72 -203

Chile ............................... 475 85 -820 -616 -245 -200 269 102 74 29 31 5

Colombia ........................ 214 83 630 139 90 209 391 16 177 52 27 15

Ecuador .......................... -32 7 -2 142 35 119 42 -22 80 -11 -12 26

Guatemala ...................... 35 11 - 49 3 - 3 10 5 -2 -5 -

Mexico ............................ 8,360 431 4,582 3,842 599 8,626 15,089 5,881 453 -266 -179 -103

Panama .......................... -492 -150 -115 881 400 94 732 265 223 11 -63 -1

Peru................................ 482 18 1 569 61 158 483 166 91 -100 - -4

Uruguay .......................... -29 -5 84 332 143 86 349 112 154 109 33 47

Venezuela....................... -15 37 7 351 56 -2 910 331 298 59 145 23

Other Latin America........ 70 36 -372 968 273 80 457 153 148 -62 -55 36

Total Latin America..... 11,026 -345 1,606 8,583 2,632 9,430 19,864 7,500 2,019 -150 -184 -136

Caribbean: 

Bahamas ........................ 4,683 -13,518 6,588 2,529 333 -65 -397 82 -37 2,388 1,646 -800

Bermuda ......................... -20,155 -24,962 34,669 1,664 -445 142 10,656 1,746 1,118 1,088 703 1,241

Cayman Islands.............. 18,944 2,327 22,877 21,612 8,052 2,087 33,664 5,242 6,216 -5,464 1,903 7,711

Cuba............................... - n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a.

Jamaica .......................... -79 - -15 36 -30 21 415 49 48 11 2 2

Netherlands Antilles........ 11,596 573 1,312 162 30 -69 459 197 25 985 1,299 -360

Trinidad and Tobago....... 140 158 14 259 87 74 105 43 17 -26 -24 -2

Other Caribbean ............. 7,402 5,649 -1,674 3,320 1,136 408 4,059 2,390 -1,190 364 356 -1,163

Total Caribbean .......... 22,531 -29,773 63,771 29,582 9,163 2,598 48,961 9,749 6,197 -654 5,885 6,629

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2005 

86 

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 

2004 2005 2004 2005 2004 2005 2004 2005 

Country 

Calendar 

year 

2004 

(1) 

Oct. 

through 

Dec. 

(2) 

Jan. 

through 

Mar. p 

(3) 

Calendar 

year 

2004 

(4) 

Oct. 

through 

Dec. 

(5) 

 Jan. 

 through 

 Mar. p 

 (6) 

Calendar 

year 

2004 

(7) 

Oct. 

through 

Dec. 

(8) 

Jan. 

 through 

Mar. p 

 (9) 

Calendar 

year 

2004 

(10) 

Oct. 

through 

Dec. 

(11) 

Jan. 

through 

Mar. p 

(12) 

Asia: 

China: 

Mainland................................ 18,895 12,931 7,822 16,387 5,112 7,108 12,341 4,763 6,685 -290 -45 -342

Taiwan................................... 7,156 1,119 3,039 3,187 605 1,690 1,587 474 167 -294 -298 -150

Hong Kong................................. 1,082 376 570 11,291 2,817 3,979 5,735 2,406 2,722 -779 -278 643

India........................................... -127 -415 545 11 3 - 8 8 9 -159 -33 -87

Indonesia................................... 1,166 525 645 1,693 389 283 -74 1 13 21 -13 1

Israel.......................................... 2,237 1,303 1,391 722 134 54 422 230 228 93 -148 113

Japan......................................... 166,378 8,723 -5,031 44,442 22,182 1,819 30,541 7,370 5,727 2,837 1,700 -68

Korea......................................... 5,856 4,456 -3,472 10,868 1,438 1,453 1,646 368 385 -45 -50 24

Lebanon..................................... -4 - 4 1 - -2 10 7 6 -3 -17 14

Malaysia .................................... 439 433 -54 551 130 144 124 47 25 -109 -8 -50

Pakistan..................................... -297 -166 -99 24 -35 14 1 -17 -12 -8 -3 1

Philippines ................................. 140 1 255 600 266 161 231 67 67 20 1 112

Singapore .................................. 3,469 1,391 4,546 2,057 546 -501 4,257 1,014 -750 -1,726 -1,567 987

Syria .......................................... -10 n.a. n.a. -3 n.a. n.a. -9 n.a. n.a. 3 n.a. n.a.

Thailand..................................... -443 69 101 254 106 147 81 29 -6 17 20 17

Oil-exporting countries 5............. 9,041 8,318 401 4,353 423 544 349 165 194 6,474 2,342 775

Other Asia.................................. -199 -81 217 -33 -67 4 57 42 -9 125 44 -1

Total Asia .............................. 214,779 38,983 10,880 96,405 34,049 16,897 57,307 16,974 15,451 6,177 1,647 1,989

Africa: 

Congo (formerly Zaire)............... -1 n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a.

Egypt ......................................... -20 -12 -4 13 24 - 23 24 2 20 -14 127

Ghana........................................ - - n.a. - - n.a. - - n.a. -2 -1 n.a.

Liberia........................................ -34 -3 -2 -431 -204 -90 261 55 34 -153 -13 43

Morocco..................................... 248 - 249 - - - 2 - - 5 -1 -2

South Africa ............................... 31 12 35 85 10 -10 -175 -133 -5 21 7 -22

Oil-exporting countries 6............. 249 250 755 299 - 3 200 100 4 -21 -2 4

Other Africa ............................... 204 35 -12 95 33 -36 140 53 95 86 29 -2

Total Africa ............................ 677 282 1,021 61 -137 -133 451 99 130 -44 5 148

Other countries: 

Australia..................................... -2,213 2,016 -319 370 -24 -32 1,415 -242 1,516 348 -186 -307

New Zealand.............................. -326 19 -114 47 -7 -33 69 10 3 793 156 82

All other countries ...................... 360 43 1 220 86 - -122 73 -6 -140 -14 -70

Total other countries.............. -2,179 2,078 -432 637 55 -65 1,362 -159 1,513 1,001 -44 -295

Total foreign countries ....... 351,266 60,699 100,946 225,505 76,074 49,505 296,353 84,998 73,194 27,946 24,628 25,679

International and regional orgs: 

International............................... 2 -533 250 385 -112 113 1,206 106 210 -135 -60 -109

European regional ..................... 62 6 - 9 - - 95 40 -5 -2 - -

Latin American regional ............. 11 23 -2 148 19 66 112 76 32 1 3 7

Caribbean regional .................... -37 -32 -20 40 21 13 -3 - 1 - - -

Asian regional............................ 634 1,118 -11 229 296 19 3 3 23 -1 -1 2

African regional.......................... 47 - -5 2 32 -62 104 36 80 - - -

Middle Eastern regional ............. - - - 52 20 17 8 2 - -3 -4 1

Total international and regional.. 719 582 212 865 276 166 1,525 263 341 -140 -62 -99

Grand total......................... 351,985 61,281 101,158 226,370 76,350 49,671 297,878 85,261 73,535 27,806 24,566 25,580

1 Before January 2001, combined data reported for Belgium-Luxembourg. 

2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as 

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 

1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial 

States). 

6 Includes Algeria, Gabon, Libya, and Nigeria. 
 CAPITAL MOVEMENTS 

June 2005 

87

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2005, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

 Total 

 pur- 

 chases 

 (1) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financ- 

 ing Bank

 bonds 

 and 

 notes 

 (2) 

 Bonds 

 of U.S. 

 Gov’t 

 corps 

and 

federally-

 spon- 

 sored 

agencies

 (3) 

 Bonds 

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

 Stocks 

 (7) 

 Total 

 sales 

 (8) 

 Market- 

 able 

 Treasury 

 and 

 Federal 

 Financ- 

 ing Bank 

 bonds 

 and 

 notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps 

and 

federallysponsored 

agencies

(10) 

 Bonds

 (11) 

 Stocks

 (12)

 Bonds

 (13) 

 Stocks

 (14) 

Europe: 

Austria ........................................ 3,900 1,521 493 206 837 338 505 4,231 1,848 404 185 903 416 475 

Belgium 1 .................................... 27,312 3,933 10,783 3,155 4,565 773 4,103 25,102 4,819 11,328 686 3,978 203 4,088 

Bulgaria ...................................... 136 88 25 - 14 8 1 193 176 - - 16 - 1 

Czech Republic........................... 6,237 5,596 392 - 172 - 77 5,443 5,158 30 - 175 2 78 

Denmark ..................................... 5,148 1,986 526 688 861 383 704 5,200 2,235 278 565 624 253 1,245 

Finland........................................ 2,571 1,696 55 28 314 16 462 2,995 1,781 76 48 392 6 692 

France ........................................ 304,900 198,799 804 7,061 77,100 5,891 15,245 298,946 196,808 1,077 3,812 76,774 4,400 16,075 

Germany..................................... 73,118 33,786 601 8,592 14,106 9,771 6,262 59,715 28,443 1,096 2,950 13,836 7,426 5,964 

Greece........................................ 1,107 160 12 89 261 143 442 919 168 24 24 270 23 410 

Hungary ...................................... 572 60 20 80 86 192 134 563 41 20 131 81 197 93 

Ireland......................................... 134,632 101,521 5,000 6,460 11,588 6,646 3,417 127,036 101,388 3,740 3,806 9,391 5,893 2,818 

Italy............................................. 25,447 8,476 1,117 704 9,909 1,759 3,482 24,546 7,114 981 663 10,618 1,627 3,543 

Luxembourg 1.............................. 27,821 8,584 3,496 4,222 7,410 2,289 1,820 21,266 8,161 3,358 2,168 4,672 1,336 1,571 

Netherlands ................................ 33,035 12,773 1,870 1,488 10,998 1,487 4,419 34,326 13,830 1,675 946 10,750 1,164 5,961 

Norway ....................................... 64,673 51,365 6,463 1,389 2,176 1,769 1,511 77,481 65,058 6,107 638 2,165 1,893 1,620 

Poland ........................................ 2,227 1,489 25 - 179 381 153 2,392 1,562 130 3 152 369 176 

Portugal ...................................... 4,216 2,919 377 26 459 176 259 4,604 3,235 371 11 527 89 371 

Romania ..................................... 695 519 115 - - 55 6 995 635 209 - - 122 29 

Russia 2 ...................................... 5,305 1,950 2,702 6 322 117 208 1,707 378 253 2 346 430 298 

Serbia and Montenegro (formerly

Yugoslavia) 3 .......................... 155 154 1 - - - - 177 177 - - - - - 

Spain .......................................... 35,568 7,836 9,413 11,865 1,923 1,683 2,848 32,588 6,123 9,330 11,185 1,821 1,303 2,826 

Sweden....................................... 28,280 12,440 2,067 335 5,568 420 7,450 28,062 12,337 1,934 392 5,266 487 7,646 

Switzerland ................................. 45,864 16,506 1,321 3,891 14,908 2,360 6,878 45,305 13,984 2,538 3,127 15,535 2,235 7,886 

Turkey......................................... 5,012 3,617 4 9 37 415 930 5,182 3,953 4 11 57 147 1,010 

United Kingdom ..........................2,006,651 1,108,241 56,581 148,979 300,906 200,284 191,660 1,955,063 1,088,705 40,798 122,013 288,579 208,235 206,733 

Channel Islands and Isle of Man 4..... 17,577 2,829 276 4,203 4,010 5,289 970 13,594 455 457 2,913 3,959 4,899 911 

Other Europe .............................. 16,760 9,307 1,504 311 1,390 1,461 2,787 19,398 11,671 1,729 206 1,297 1,421 3,074 

Total Europe...........................2,878,919 1,598,151 106,043 203,787 470,099 244,106 256,733 2,797,029 1,580,243 87,947 156,485 452,184 244,576 275,594 

Canada............................................ 204,838 104,971 8,452 6,331 26,358 32,955 25,771 194,149 98,779 5,770 5,749 26,929 29,776 27,146 

Latin America: 

Argentina .................................... 3,403 367 87 359 847 1,146 597 2,267 219 68 110 824 465 581 

Brazil........................................... 16,366 10,932 250 298 666 1,640 2,580 20,997 13,469 9 231 869 3,324 3,095 

Chile ........................................... 5,000 2,947 416 232 324 652 429 5,743 3,767 616 158 319 586 297 

Colombia..................................... 4,320 2,531 332 250 217 864 126 3,436 1,901 123 73 202 1,092 45 

Ecuador ...................................... 817 14 169 141 55 65 373 562 16 50 61 29 92 314 

Guatemala .................................. 94 4 2 8 27 48 5 117 4 2 3 27 73 8 

Mexico ........................................ 33,323 10,481 11,851 1,392 2,538 4,076 2,985 21,019 5,899 3,225 939 2,641 5,817 2,498 

Panama ...................................... 3,157 289 709 428 657 762 312 3,359 404 615 205 658 638 839 

Peru............................................ 720 12 176 126 54 304 48 399 11 18 35 58 196 81 

Uruguay ...................................... 2,414 655 131 241 332 810 245 1,914 571 45 87 285 656 270 

Venezuela................................... 2,711 210 49 431 1,019 860 142 2,210 203 51 133 996 706 121 

Other Latin America 5.................. 4,108 2,893 154 252 229 529 51 4,234 3,265 74 104 193 557 41 

Total Latin America................. 76,433 31,335 14,326 4,158 6,965 11,756 7,893 66,257 29,729 4,896 2,139 7,101 14,202 8,190 

Caribbean: 

Bahamas..................................... 97,888 66,716 689 1,576 21,236 4,137 3,534 92,634 60,128 754 1,613 22,036 4,019 4,084 

Bermuda ..................................... 395,875 214,977 5,683 9,084 140,297 7,132 18,702 360,982 180,308 5,541 7,966 139,056 7,705 20,406 

Cayman Islands 6........................ 655,227 202,696 58,242 53,175 264,765 34,182 42,167 615,363 179,819 56,155 46,959 257,054 33,512 41,864 

Cuba ........................................... - - - - - - - - - - - - - - 

Jamaica ...................................... 491 30 102 56 8 295 - 424 45 81 8 6 283 1 

Netherlands Antilles.................... 28,964 10,540 578 440 11,875 2,898 2,633 27,707 9,228 647 415 12,235 2,854 2,328 

Trinidad and Tobago................... 1,444 560 470 25 33 271 85 1,271 546 396 8 35 203 83 

Other Caribbean 5 ....................... 198,998 73,361 2,343 5,662 97,092 2,150 18,390 201,736 75,035 1,935 6,852 98,255 1,950 17,709 

Total Caribbean......................1,378,887 568,880 68,107 70,018 535,306 51,065 85,511 1,300,117 505,109 65,509 63,821 528,677 50,526 86,475 

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2005 

88 

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2005, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

 Total pur- 

 chases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(2) 

 Bonds 

 of U.S. 

 Gov’t 

corps and

federally- 

 spon- 

 sored 

 agencies 

 (3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

 Total 

 sales 

 (8) 

Marketable 

Treasury 

and 

Federal 

 Financ- 

 ing Bank 

 bonds 

 and 

 notes 

 (9) 

 Bonds 

 of U.S. 

 Gov’t 

corps and 

federallysponsored 

agencies 

 (10) 

 Bonds 

 (11) 

 Stocks 

 (12) 

 Bonds

 (13) 

 Stocks

 (14) 

Asia: 

China: 

Mainland...................... 85,136 51,219 22,829 7,368 695 2,676 349 61,624 43,397 15,721 683 1,037 384 402

Taiwan......................... 14,687 5,922 3,492 552 1,910 794 2,017 12,086 2,883 1,802 385 2,060 193 4,763

Hong Kong ...................... 57,799 18,733 7,302 4,152 3,255 3,750 20,607 51,280 18,163 3,323 1,430 2,612 3,062 22,690

India ................................ 3,077 1,171 1 10 50 58 1,787 3,072 626 1 1 137 21 2,286

Indonesia......................... 2,658 1,295 450 15 87 185 626 1,460 650 167 2 86 60 495

Israel ............................... 6,172 2,013 88 728 2,402 72 869 5,040 622 34 500 2,289 360 1,235

Japan .............................. 243,219 119,519 22,204 11,177 10,570 27,294 52,455 244,895 124,550 20,385 5,450 10,638 26,923 56,949

Korea............................... 15,908 4,653 4,075 1,362 159 1,305 4,354 16,506 8,125 2,622 977 135 440 4,207

Lebanon .......................... 185 4 3 7 114 32 25 141 - 5 1 100 11 24

Malaysia .......................... 5,178 3,639 248 100 89 214 888 5,033 3,693 104 75 139 194 828

Pakistan........................... 136 64 29 3 18 5 17 222 163 15 15 17 7 5

Philippines....................... 3,096 1,234 594 129 258 577 304 2,353 979 433 62 146 539 194

Singapore........................ 39,298 19,811 1,407 2,766 5,340 2,869 7,105 35,336 15,265 1,908 3,516 4,353 1,857 8,437

Syria ................................ 1 -- - 1 -- 1 - - - 1 - -

Thailand........................... 2,048 772 153 11 145 20 947 1,968 671 6 17 128 34 1,112

Other Asia ....................... 18,600 6,278 1,841 649 7,432 1,536 864 15,934 5,660 1,293 464 6,658 1,076 783

Total Asia .................... 497,198 236,327 64,716 29,029 32,525 41,387 93,214 456,951 225,447 47,819 13,578 30,536 35,161 104,410

Africa: 

Congo (formerly Zaire)..... - -- - - -- - - - - - - -

Egypt ............................... 526 3 - 5 237 7 274 416 7 - 3 110 25 271

Ghana ............................. - -- - - -- - - - - - - -

Liberia ............................. 604 - 53 50 319 40 142 587 2 143 16 276 30 120

Morocco........................... 261 249 - - 5 - 7 27 - - - 7 - 20

South Africa..................... 958 56 5 9 87 227 574 1,059 21 15 14 109 219 681

Other Africa ..................... 1,955 1,259 18 188 146 218 126 961 516 51 89 144 55 106

Total Africa .................. 4,304 1,567 76 252 794 492 1,123 3,050 546 209 122 646 329 1,198

Other countries: 

Australia .......................... 33,057 11,969 995 2,058 3,243 3,499 11,293 34,292 12,288 1,027 542 3,550 3,652 13,233

New Zealand ................... 1,337 141 30 27 282 516 341 1,344 255 63 24 200 495 307

All other countries............ 555 12 30 10 274 142 87 617 11 30 16 344 103 113

Total other countries.... 34,949 12,122 1,055 2,095 3,799 4,157 11,721 36,253 12,554 1,120 582 4,094 4,250 13,653

Total foreign countries..

5,075,528 2,553,353 262,775 315,670 1,075,846 385,918 481,966 4,853,806 2,452,407 213,270 242,476 1,050,167 378,820 516,666

International and 

 regional orgs: 

International..................... 5,290 3,422 418 425 298 715 12 4,896 3,172 305 215 407 787 10

European regional ........... 450 - 1 45 - 172 232 610 - 1 50 - 220 339

Latin American regional... 185 - 66 32 56 31 - 54 2 - - 49 3

Caribbean regional .......... 20 - 19 1 - - - 26 20 6 - - - -

Asian regional.................. 145 60 19 23 6 37 - 75 71 - - 4 - -

African regional................ 145 8 - 137 - - - 135 13 62 57 - 3 -

Middle Eastern regional... 32 - 17 - 12 - 3 12 - - - 11 - 1

Total international 

 and regional............. 6,267 3,490 540 663 372 955 247 5,808 3,278 374 322 471 1,013 350

Grand total ..............5,081,795 2,556,843 263,315 316,333 1,076,218 386,873 482,213 4,859,614 2,455,685 213,644 242,798 1,050,638 379,833 517,016

1 Before January 2001, combined data reported for Belgium-Luxembourg.

2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as 

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 

1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin 

America and Caribbean.”

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
 CAPITAL MOVEMENTS 

June 2005 

89

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2004 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

 Total 

 sales 

 (8) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financ- 

 ing Bank

 bonds 

 and 

 notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

Stocks 

(12) 

 Bonds 

 (13) 

Stocks

 (14) 

Europe: 

Austria ................................ 18,070 9,738 1,538 768 3,190 1,762 1,074 17,597 9,037 1,870 502 3,323 1,453 1,412

Belgium 1 ............................ 100,595 27,250 40,194 7,731 12,628 3,896 8,896 88,578 27,132 34,545 1,994 12,967 2,936 9,004

Bulgaria .............................. 397 248 20 77 31 15 6 551 461 26 14 43 7 -

Czech Republic................... 30,080 28,024 700 69 719 305 263 28,514 26,835 690 35 731 41 182

Denmark ............................. 25,898 12,951 2,787 2,566 3,712 1,191 2,691 25,318 13,250 2,717 1,543 3,404 1,589 2,815

Finland................................ 9,422 4,472 571 390 1,900 240 1,849 9,132 4,540 316 231 2,094 153 1,798

France ................................ 1,055,235 573,751 4,983 21,792 388,818 18,626 47,265 1,064,408 583,970 5,196 14,305 389,689 20,252 50,996

Germany............................. 301,312 138,389 5,589 23,566 71,720 43,261 18,787 285,122 129,585 5,712 11,943 74,075 42,595 21,212

Greece................................ 6,162 3,263 134 160 997 414 1,194 7,724 4,613 72 45 919 530 1,545

Hungary .............................. 1,909 738 41 111 392 160 467 1,286 508 44 118 243 61 312

Ireland................................. 494,773 377,387 20,814 26,497 41,364 12,379 16,332 472,494 376,435 16,590 16,273 39,221 9,650 14,325

Italy..................................... 83,878 22,700 3,554 1,466 38,177 8,239 9,742 86,242 22,823 3,832 888 39,877 7,147 11,675

Luxembourg 1 ..................... 81,675 18,568 14,919 11,655 23,135 6,463 6,935 68,583 19,143 14,120 5,868 18,602 4,008 6,842

Netherlands ........................ 148,249 67,831 6,601 8,525 41,748 5,583 17,961 147,090 70,983 6,764 6,433 39,515 5,705 17,690

Norway ............................... 312,766 275,343 10,075 4,952 11,836 6,613 3,947 296,118 265,297 8,506 1,440 10,249 6,240 4,386

Poland ................................ 6,161 4,315 458 10 261 810 307 6,206 4,569 353 43 259 620 362

Portugal .............................. 22,582 18,785 803 163 1,306 642 883 20,259 16,823 754 83 1,282 430 887

Romania ............................. 7,087 5,051 1,260 269 21 486 - 5,425 4,879 223 84 21 218 -

Russia 2 .............................. 26,721 2,034 21,080 222 683 947 1,755 12,167 2,315 6,297 61 726 1,207 1,561

Serbia and Montenegro 

(formerly Yugoslavia) 3 ... 986 935 - - 2 49 - 843 800 - - 5 31 7

Spain .................................. 78,183 24,503 2,832 27,433 8,120 7,324 7,971 81,074 26,468 3,206 25,511 8,059 7,862 9,968

Sweden............................... 104,920 53,573 14,956 1,649 22,466 894 11,382 107,028 50,337 14,808 540 21,681 1,082 18,580

Switzerland ......................... 177,391 58,158 8,730 12,447 63,184 9,643 25,229 163,630 52,816 5,721 8,483 64,362 7,705 24,543

Turkey................................. 16,846 14,258 53 89 136 1,170 1,140 13,412 9,932 23 58 163 1,869 1,367

United Kingdom.................. 6,464,512 3,376,722 188,611 460,301 1,003,293 767,671 667,914 6,324,146 3,298,060 135,428 361,982 987,952 837,489 703,235

Channel Islands and Isle 

 of Man 4........................... 62,031 9,865 1,660 23,972 14,225 8,827 3,482 55,574 8,689 1,085 18,070 14,402 9,795 3,533

Other Europe ...................... 57,486 24,940 5,687 2,905 4,760 6,398 12,796 65,561 35,158 5,495 945 4,703 5,674 13,586

Total Europe................... 9,695,327 5,153,792 358,650 639,785 1,758,824 914,008 870,268 9,454,082 5,065,458 274,393 477,492 1,738,567 976,349 921,823

Canada ................................... 747,114 421,581 16,815 24,444 92,699 113,225 78,350 718,698 405,483 10,835 18,329 91,340 113,602 79,109

Latin America: 

Argentina ............................ 12,618 1,604 617 1,077 4,159 3,170 1,991 10,594 1,189 458 685 4,237 2,251 1,774

Brazil................................... 74,486 44,779 2,921 1,747 2,616 14,641 7,782 70,874 43,236 1,154 1,000 2,507 14,129 8,848

Chile ................................... 19,683 10,466 1,514 884 1,693 3,739 1,387 18,590 9,991 2,130 615 1,664 3,001 1,189

Colombia ............................ 10,042 3,441 1,140 892 1,099 3,240 230 9,646 3,227 1,001 501 1,047 3,620 250

Ecuador .............................. 2,762 225 454 607 756 215 505 2,616 257 312 565 767 163 552

Guatemala .......................... 939 41 92 26 94 658 28 716 6 43 23 96 515 33

Mexico ................................ 93,568 26,787 14,111 17,387 6,321 17,811 11,151 63,446 18,427 10,269 2,298 6,587 16,862 9,003

Panama .............................. 13,097 1,540 3,160 1,735 2,413 2,620 1,629 12,101 2,032 2,279 1,003 2,402 3,437 948

Peru.................................... 3,920 749 853 722 379 899 318 2,355 267 284 239 479 750 336

Uruguay .............................. 9,379 2,426 588 747 1,749 3,096 773 8,236 2,455 256 398 1,640 2,851 636

Venezuela........................... 11,106 1,065 1,230 1,794 3,092 3,058 867 10,276 1,080 879 884 3,033 3,563 837

Other Latin America 5.......... 12,557 7,076 1,344 888 854 2,220 175 10,686 7,006 376 431 916 1,813 144

Total Latin America ........ 264,157 100,199 28,024 28,506 25,225 55,367 26,836 220,136 89,173 19,441 8,642 25,375 52,955 24,550

Caribbean: 

Bahamas ............................ 349,031 185,878 11,585 18,962 86,120 26,419 20,067 339,892 181,195 9,056 19,359 83,732 25,357 21,193

Bermuda ............................. 1,246,010 566,404 99,591 51,366 445,949 26,161 56,539 1,251,687 586,559 97,927 40,710 444,861 25,893 55,737

Cayman Islands 6................ 2,648,939 840,676 404,861 253,852 857,422 131,876 160,252 2,573,001 821,732 383,249 220,188 862,886 130,264 154,682

Cuba................................... - - - - - - - - - - - - - -

Jamaica .............................. 2,303 376 628 500 51 725 23 1,786 455 592 85 40 591 23

Netherlands Antilles............ 144,762 69,117 1,001 2,483 57,596 4,234 10,331 131,500 57,521 839 2,024 56,611 3,810 10,695

Trinidad and Tobago........... 3,475 1,477 986 168 143 674 27 2,880 1,337 727 63 169 567 17

Other Caribbean 5 ............... 907,891 288,423 9,257 34,025 495,711 10,292 70,183 890,966 281,021 5,937 29,966 495,347 10,723 67,972

Total Caribbean.............. 5,302,411 1,952,351 527,909 361,356 1,942,992 200,381 317,422 5,191,712 1,929,820 498,327 312,395 1,943,646 197,205 310,319

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2005 

90 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2004, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

 (1) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financing Bank 

 bonds 

 and 

 notes 

 (2) 

 Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federally- 

 spon- 

 sored 

 agencies 

 (3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds 

 (6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

 Bonds

 (13)

 Stocks 

 (14) 

Asia: 

China: 

Mainland................... 274,041 190,141 61,281 13,946 2,042 5,548 1,083 223,723 171,246 44,894 1,605 2,332 1,949 1,697

Taiwan...................... 52,018 20,239 11,831 2,326 5,363 3,421 8,838 41,226 13,083 8,644 739 5,657 1,160 11,943

Hong Kong ................... 243,457 102,599 26,625 9,728 12,636 16,977 74,892 221,239 101,517 15,334 3,993 13,415 14,045 72,935

India ............................. 15,067 8,572 21 67 220 530 5,657 15,637 8,699 10 59 379 15 6,475

Indonesia...................... 10,969 5,812 3,381 16 326 474 960 8,197 4,646 1,688 90 305 361 1,107

Israel ............................ 32,602 16,910 1,341 2,168 7,526 430 4,227 29,091 14,673 619 1,746 7,433 395 4,225

Japan ........................... 1,192,458 700,988 112,661 50,768 47,743 99,774 180,524 968,901 534,610 68,219 20,227 44,906 87,247 213,692

Korea............................ 102,701 55,862 25,221 2,537 567 5,323 13,191 84,474 50,006 14,353 891 612 3,898 14,714

Lebanon ....................... 625 9 7 17 477 56 59 652 13 6 7 480 94 52

Malaysia ....................... 13,212 7,949 1,098 179 383 1,253 2,350 12,487 7,510 547 55 492 426 3,457

Pakistan........................ 443 158 69 56 80 20 60 712 455 45 55 88 12 57

Philippines.................... 7,072 2,746 1,792 393 459 1,325 357 7,618 2,606 1,192 162 439 2,812 407

Singapore..................... 164,057 79,364 9,238 11,902 24,316 15,617 23,620 147,065 75,895 7,181 7,645 26,042 6,693 23,609

Syria ............................. 19 4 1 - 13 - 1 39 14 4 9 10 1 1

Thailand........................ 6,254 3,014 693 105 383 181 1,878 6,449 3,457 439 24 366 167 1,996

Other Asia .................... 73,862 28,215 10,565 2,809 24,713 3,628 3,932 52,791 19,373 6,245 2,403 18,114 3,286 3,370

Total Asia ................. 2,188,857 1,222,582 265,825 97,017 127,247 154,557 321,629 1,820,301 1,007,803 169,420 39,710 121,070 122,561 359,737

Africa: 

Congo (formerly Zaire).... - - - - - - - 1 1-- - - -

Egypt ............................ 1,321 132 50 114 568 169 288 1,285 152 37 91 548 65 392

Ghana .......................... 29 - - - - - 29 26 - - - 2 - 24

Liberia .......................... 4,562 6 2,746 333 967 105 405 5,071 40 3,177 72 1,120 95 567

Morocco........................ 404 248 - 2 66 56 32 128 - - - 61 32 35

South Africa.................. 4,967 1,418 120 352 484 622 1,971 5,298 1,387 35 527 463 745 2,141

Other Africa .................. 6,208 1,596 611 478 675 1,844 1,004 2,944 1,143 217 138 610 231 605

Total Africa ............... 17,491 3,400 3,527 1,279 2,760 2,796 3,729 14,753 2,723 3,466 828 2,804 1,168 3,764

Other countries: 

Australia ....................... 132,918 59,320 4,163 3,798 12,381 10,085 43,171 136,257 61,533 3,793 2,383 12,033 11,318 45,197

New Zealand ................ 5,650 874 224 224 1,569 1,604 1,155 5,541 1,200 177 155 776 2,070 1,163

All other countries......... 5,425 2,078 578 498 911 966 394 4,830 1,718 358 620 1,051 589 494

Total other countries. 143,993 62,272 4,965 4,520 14,861 12,655 44,720 146,628 64,451 4,328 3,158 13,860 13,977 46,854

Total foreign 

 countries........... 18,359,350 8,916,177 1,205,715 1,156,907 3,964,608 1,452,989 1,662,954 17,566,310 8,564,911 980,210 860,554 3,936,662 1,477,817 1,746,156

International and 

 regional orgs.: 

International ..................... 18,633 12,065 1,531 1,739 1,087 2,187 24 17,799 12,063 1,146 533 1,222 2,792 43

European regional ............ 1,912 203 33 201 3 633 839 2,023 141 24 106 5 721 1,026

Latin American regional...... 1,026 48 297 282 314 85 - 725 37 149 170 313 56 -

Caribbean regional ........... 62 - 60 - - 2 - 60 37 20 3 - - -

Asian regional................... 8,713 7,025 1,648 3 3 33 1 7,842 6,391 1,419 - 4 26 2

African regional................. 209 56 43 104 - 5 1 51 9 41 - - 1 -

Middle Eastern regional .... 102 - 52 8 37 - 5 43 - - - 40 - 3

 Total international 

 and regional............ 30,657 19,397 3,664 2,337 1,444 2,945 870 28,543 18,678 2,799 812 1,584 3,596 1,074

 Grand total.............. 18,390,007 8,935,574 1,209,379 1,159,244 3,966,052 1,455,934 1,663,824 17,594,853 8,583,589 983,009 861,366 3,938,246 1,481,413 1,747,230

1 Before January 2001, combined data reported for Belgium-Luxembourg. 

2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former 

Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: 

Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.” 

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
 CAPITAL MOVEMENTS 

June 2005 

91

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2001 2002 2003 2004 

2005 

 Jan. - Mar. 

United Kingdom............................... 183,986 186,691 168,968 245,505 74,612 

All other Europe .............................. 78,921 57,064 120,710 109,636 26,609 

Caribbean banking centers 1,2......... 57,817 76,144 84,682 85,546 82,856 

Japan............................................... 56,589 91,412 178,189 244,198 2,447 

All other Asia ................................... 110,995 109,314 119,507 130,470 42,770 

Subtotal ....................................... 488,308 520,625 672,056 815,355 229,294 

All other countries ........................... 32,541 26,940 66,700 88,684 20,650 

Grand total .................................. 520,849 547,565 738,756 904,039 249,944 

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 TIC reporting system. 

Foreign investors also acquired 

U.S. equities through mergers 

and reincorporations that 

involve stock swaps. Net 

foreign acquisitions of U.S. 

equities through stock swaps 

have been modest, amounting 

to $7 billion in both 2001 and 

2002, $2 billion in 2003, $36 

billion in 2004, and $4 billion 

in the first quarter of 2005. 

(Stock swaps data for the most 

recent quarter are Federal 

Reserve Board/Treasury 

estimates and are subject to 

substantial revisions.) These 

stock swaps and certain other 

adjustments are not reported 

under the TIC reporting system, 

but are now available on the 

TIC web site. 

Annual net foreign purchases of 

U.S. securities first surpassed 

$100 billion in 1993. In 2004, 

net acquisitions (including 

stock swaps) of U.S. securities 

totaled a record $940 billion. 

Net acquisitions in the first 

quarter of 2005 strengthened 

further to $254 billion. 

0

50

100

150

200

250

300

350

400

450

2001 2002 2003 2004 2005

Jan. - Mar.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net purchases 

during 2005 w ith those in prior years, the chart 

depicts data for all periods at an annualized rate.
 CAPITAL MOVEMENTS 

June 2005 

92 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

 

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2000 2001 2002 2003 2004 

2005 

Jan. - Mar. 

Foreign bonds ........ 4,054 -30,502 -28,492 -18,864 25,479 -7,040

Foreign stocks........ 13,088 50,113 1,493 84,754 83,406 34,803 

Total ..................... 17,142 19,611 -26,999 65,890 108,885 27,763 

* 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 TIC 

reporting system. However, in 

the past several years, U.S. 

investors also have acquired a 

substantial amount of foreign 

stocks, mostly European, 

through mergers that involve 

stock swaps. In addition, when 

foreign firms reincorporate in 

the United States, the associated 

stock swap reduces U.S. 

holdings of foreign equity. Net 

acquisitions through stock 

swaps amounted to $80 billion 

in 2000, $47 billion in 2001, $3 

billion in 2002, $17 billion in 

2003, -$9 billion in 2004, and 

$4 billion in the first quarter of 

2005. (Stock swaps data for the 

most recent quarter are Federal 

Reserve Board/Treasury 

estimates and are subject to 

substantial revisions.) These 

stock swaps are not reported 

under the TIC reporting system, 

but are now available on the 

TIC web site. 

Including the stock swaps, 

annual U.S. net purchases of 

long-term foreign securities 

averaged about $100 billion 

from the mid-1990s through 

2000, without much variation 

from year to year. U.S. 

investors’ acquisitions of 

foreign securities (including 

stock swaps) then slowed over 

the 2001-2003 period before 

rebounding to $100 billion in 

2004, and another $32 billion in 

the first quarter of 2005. 

-50

0

50

100

150

200

250

 2000 2001 2002 2003 2004 2005

Jan.-Mar.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2005

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.
June 2005 

93

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

June 2005 

94 

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] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

 

10/06/04 .................................................................... 442,908 443,962 -1,040 1.2596 

10/13/04 .................................................................... 448,565 450,403 -888 1.2576 

10/20/04 .................................................................... 452,466 443,561 -1,932 1.2435 

10/27/04 .................................................................... 468,202 466,733 -1,686 1.2257 

 

11/03/04 .................................................................... 467,722 461,986 -1,689 1.2123 

11/10/04 .................................................................... 481,851 481,498 -762 1.1980 

11/17/04 .................................................................... 472,525 471,328 -1,325 1.1927 

11/24/04 .................................................................... 487,775 488,751 -730 1.1813 

 

12/01/04 .................................................................... 504,161 503,991 -1,430 1.1864 

12/08/04 .................................................................... 532,113 526,209 -3,558 1.2250 

12/15/04 .................................................................... 444,742 440,130 -3,792 1.2236 

12/22/04 .................................................................... 447,145 443,852 -3,370 1.2403 

12/29/04 .................................................................... 434,661 431,661 -2,344 1.2167 

 

01/05/05 .................................................................... 434,552 431,742 -3,168 1.2239 

01/12/05 .................................................................... 449,632 446,750 -2,967 1.1987 

01/19/05 .................................................................... 436,519 436,524 -2,551 1.2275 

01/26/05 .................................................................... 435,397 432,112 -2,369 1.2312 

 

02/02/05 .................................................................... 429,523 427,307 -2,933 1.2414 

02/09/05 .................................................................... 430,756 426,908 -2,942 1.2513 

02/16/05 .................................................................... 436,983 424,706 -3,471 1.2421 

02/23/05 .................................................................... 449,741 434,432 -3,693 1.2404 

 

03/02/05 .................................................................... 452,794 450,581 -2,837 1.2398 

03/09/05 .................................................................... 488,389 485,075 -2,795 1.2065 

03/16/05 .................................................................... 413,916 411,007 -3,870 1.2043 

03/23/05 .................................................................... 427,967 423,957 -3,447 1.2135 

03/30/05 .................................................................... 425,173 423,788 -3,479 1.2168 

 
FOREIGN CURRENCY POSITIONS 

June 2005 

95

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] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2002 - Dec................... 313,637 309,627 85,780 86,978 38,202 44,315 39,474 33,245 -2,240 1.5729 

2003 - Dec................... 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 

2004 - Apr ................... 427,926 454,259 88,843 87,317 75,026 74,069 72,407 71,433 -2,792 1.3720 

May.................. 441,083 469,351 87,208 83,875 75,683 76,244 86,583 67,683 -3,098 1.3624 

June................. 393,585 398,714 91,106 90,340 62,495 64,248 60,208 58,947 -838 1.3331 

July .................. 418,277 428,665 103,202 96,564 57,522 60,571 53,728 53,439 -841 1.3297 

Aug .................. 443,468 450,360 101,805 94,516 56,456 62,812 57,576 54,226 -918 1.3131 

Sept................. 417,096 425,183 101,813 95,009 54,836 57,879 57,729 54,101 158 1.2619 

Oct................... 467,038 478,024 105,864 96,364 61,269 69,845 63,039 55,069 -2,852 1.2212 

Nov .................. 502,398 512,727 132,946 99,665 64,872 69,313 61,691 61,384 -918 1.1903 

Dec .................. 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 

2005 - Jan ................... 430,788 432,654 120,759 101,894 57,617 65,659 62,650 62,309 -2,397 1.2406 

Feb .................. 463,409 464,011 117,701 107,786 55,301 63,886 59,477 56,845 -2,910 1.2298 

Mar .................. 418,173 418,758 118,320 109,973 59,256 65,599 63,753 61,384 -3,111 1.2097 

 

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

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2001 - Dec................... 30,315 36,513 47,131 43,649 1,151 570 421 224 188 1.5921 

2002 - Mar................... 26,125 29,277 45,237 n.a. n.a. n.a. 595 547 167 1.5932 

June................. 28,748 33,623 45,714 n.a. n.a. 521 930 593 n.a. 1.5166 

Sept................. 39,369 40,753 56,399 38,941 1,449 326 759 351 308 1.5875 

Dec .................. 38,048 41,529 57,695 69,378 868 474 1,433 615 -253 1.5729 

2003 - Mar................... 45,629 50,134 53,084 41,777 750 1,069 1,461 1,491 -2 1.4680 

June................. 28,134 34,279 60,747 49,932 1,011 1,440 1,478 1,792 68 1.3478 

Sept................. 27,882 36,685 59,073 43,044 n.a. 556 1,251 726 12 1.3499 

Dec .................. 27,390 37,777 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 

2004 - Mar................... 31,971 42,329 94,200 n.a. 199 1,080 2,556 635 -517 1.3116 

June................. 30,322 50,196 95,204 n.a. n.a. 736 1,786 747 -13 1.3331 

Sept................. 25,822 35,706 97,007 n.a. 378 445 2,178 1,334 -195 1.2619 

Dec .................. 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 

 
FOREIGN CURRENCY POSITIONS 

June 2005 

96 

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

(4) 

 

10/06/04 .................................................................. 179,748 182,423 308 111.41 

10/13/04 .................................................................. 184,717 188,092 720 109.81 

10/20/04 .................................................................. 189,088 191,893 946 108.18 

10/27/04 .................................................................. 195,972 199,182 886 106.68 

 

11/03/04 .................................................................. 198,977 201,682 977 106.21 

11/10/04 .................................................................. 179,887 182,364 1,064 106.93 

11/17/04 .................................................................. 198,665 201,852 1,006 104.19 

11/24/04 .................................................................. 191,716 193,664 974 102.94 

 

12/01/04 .................................................................. 202,096 205,028 1,045 102.83 

12/08/04 .................................................................. 215,165 218,657 772 104.75 

12/15/04 .................................................................. 194,209 198,166 879 104.05 

12/22/04 .................................................................. 185,133 187,583 521 103.99 

12/29/04 .................................................................. 187,161 190,187 706 104.24 

 

01/05/05 .................................................................. 192,209 195,218 678 103.96 

01/12/05 .................................................................. 199,210 202,900 618 102.34 

01/19/05 .................................................................. 203,713 206,345 223 102.55 

01/26/05 .................................................................. 202,955 206,190 365 102.93 

 

02/02/05 .................................................................. 200,086 202,124 324 104.07 

02/09/05 .................................................................. 206,335 208,486 248 105.86 

02/16/05 .................................................................. 212,614 214,914 346 105.62 

02/23/05 .................................................................. 209,136 211,054 206 105.01 

 

03/02/05 .................................................................. 208,156 210,324 201 104.73 

03/09/05 .................................................................. 220,647 223,254 282 103.90 

03/16/05 .................................................................. 193,639 196,103 130 104.11 

03/23/05 .................................................................. 199,244 202,234 -22 105.77 

03/30/05 .................................................................. 198,523 200,543 145 107.34 

 
FOREIGN CURRENCY POSITIONS 

June 2005 

97

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2002 - Dec................... 172,436 174,874 35,743 36,564 26,486 24,120 31,305 32,826 623 118.81 

2003 - Dec................... 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 

2004 - Apr ................... 206,140 209,985 39,458 38,769 41,152 43,418 45,719 43,336 251 110.55 

May.................. 190,887 193,603 37,957 37,355 43,456 46,643 47,577 45,643 256 110.32 

June................. 205,130 206,606 44,396 43,973 43,626 46,383 46,977 46,811 28 108.88 

July .................. 200,532 203,751 44,401 43,580 45,076 47,401 48,456 46,713 388 111.24 

Aug .................. 207,152 210,302 41,789 40,213 44,656 46,638 48,856 48,024 451 109.26 

Sept................. 198,640 201,450 43,590 43,604 45,464 47,341 47,335 46,453 266 110.04 

Oct................... 211,989 215,180 45,916 43,878 60,567 62,386 47,233 46,319 760 106.05 

Nov .................. 212,017 214,288 40,997 40,153 64,432 64,842 49,123 49,570 1,469 103.05 

Dec .................. 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 

2005 - Jan ................... 218,329 221,044 45,228 42,013 63,038 64,705 53,867 52,278 140 103.57 

Feb .................. 227,481 230,528 45,394 45,323 59,963 63,005 53,570 50,726 65 104.27 

Mar .................. 214,412 217,078 43,661 45,062 59,379 61,810 53,329 50,800 7 107.25 

 

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2001 - Dec................... 11,633 12,154 5,917 6,337 510 661 1,319 669 -221 131.68 

2002 - Mar................... 11,992 11,000 5,696 5,693 n.a. n.a. n.a. n.a. -17 132.73 

June................. 12,703 12,179 5,127 5,006 n.a. n.a. n.a. n.a. -73 119.62 

Sept................. 13,370 13,262 5,606 5,113 n.a. n.a. n.a. n.a. 479 121.81 

Dec .................. 10,390 11,039 4,406 4,550 n.a. n.a. n.a. n.a. -210 118.81 

2003 - Mar................... 11,975 12,499 4,424 3,828 n.a. n.a. n.a. n.a. -462 118.01 

June................. 11,580 13,067 4,934 3,557 n.a. n.a. n.a. n.a. -633 119.75 

Sept................. 11,532 12,147 4,850 3,108 662 776 1,249 725 52 111.50 

Dec .................. 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40 

2004 - Mar................... 11,366 12,220 5,426 2,958 648 768 1,014 505 70 104.33 

June................. 9,951 10,316 5,598 3,601 428 497 741 367 92 108.88 

Sept................. 7,667 8,495 4,498 2,550 487 562 703 461 -155 110.04 

Dec .................. 7,698 7,956 5,377 3,035 484 313 686 372 -115 102.73 

 
FOREIGN CURRENCY POSITIONS 

June 2005 

98 

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

(4) 

 

10/06/04 .................................................................. 476,056 486,244 3,170 1.2649 

10/13/04 .................................................................. 494,392 507,332 3,686 1.2524 

10/20/04 .................................................................. 541,559 557,284 6,163 1.2183 

10/27/04 .................................................................. 517,025 532,559 5,871 1.2054 

 

11/03/04 .................................................................. 505,859 520,124 5,333 1.1970 

11/10/04 .................................................................. 450,240 456,013 5,659 1.1794 

11/17/04 .................................................................. 550,245 564,411 5,681 1.1652 

11/24/04 .................................................................. 476,666 492,767 4,645 1.1495 

 

12/01/04 .................................................................. 684,439 697,092 5,857 1.1443 

12/08/04 .................................................................. 709,278 721,604 4,793 1.1586 

12/15/04 .................................................................. 530,339 539,271 3,540 1.1398 

12/22/04 .................................................................. 487,411 494,474 2,361 1.1530 

12/29/04 .................................................................. 493,216 502,470 1,961 1.1376 

 

01/05/05 .................................................................. 532,382 542,966 1,367 1.1679 

01/12/05 .................................................................. 549,055 556,906 682 1.1653 

01/19/05 .................................................................. 577,264 583,835 2,083 1.1836 

01/26/05 .................................................................. 586,005 591,389 1,544 1.1832 

 

02/02/05 .................................................................. 574,502 583,692 1,339 1.1950 

02/09/05 .................................................................. 593,095 599,516 642 1.2175 

02/16/05 .................................................................. 608,087 614,742 682 1.1911 

02/23/05 .................................................................. 637,976 646,898 1,763 1.1644 

 

03/02/05 .................................................................. 627,213 638,234 2,375 1.1759 

03/09/05 .................................................................. 657,253 665,053 2,365 1.1610 

03/16/05 .................................................................. 474,333 482,928 2,275 1.1525 

03/23/05 .................................................................. 476,703 486,088 1,915 1.1957 

03/30/05 .................................................................. 468,539 478,932 2,232 1.1968 

 
FOREIGN CURRENCY POSITIONS 

June 2005 

99

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2002 - Dec................... 279,171 282,007 50,539 55,470 53,399 45,776 45,632 44,198 1,190 1.3818 

2003 - Dec................... 335,009 347,189 52,350 54,773 60,600 54,918 78,846 77,646 278 1.2407 

2004 - Apr ................... 481,953 489,572 59,742 65,350 56,703 50,371 64,894 60,178 2,242 1.2957 

May.................. 519,541 533,767 58,073 62,708 64,993 56,946 57,939 56,003 3,668 1.2530 

June................. 472,352 484,562 48,905 54,581 62,967 58,480 66,334 64,079 3,874 1.2499 

July .................. 503,351 523,722 47,837 51,212 64,688 63,316 64,142 59,691 3,166 1.2812 

Aug .................. 522,270 536,267 49,249 51,143 63,001 61,076 52,376 47,313 3,676 1.2670 

Sept................. 500,703 513,149 51,310 54,390 63,427 58,436 66,872 59,700 3,656 1.2453 

Oct................... 540,171 554,896 54,019 56,627 61,589 56,975 53,790 44,014 4,616 1.2010 

Nov .................. 552,963 566,383 55,051 58,714 63,773 58,992 58,300 54,907 6,175 1.1426 

Dec .................. 513,527 535,713 52,492 57,292 54,511 52,132 53,509 47,728 2,918 1.1417 

2005 - Jan ................... 586,149 593,598 53,513 57,250 61,591 62,391 56,706 50,204 2,962 1.1880 

Feb .................. 643,727 652,833 62,280 67,060 65,712 64,044 58,165 48,732 1,743 1.1589 

Mar .................. 491,686 501,555 56,418 59,111 63,362 59,179 57,278 47,309 3,110 1.1956 

 

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

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2001 - Dec................... 22,988 31,166 23,417 11,992 n.a. n.a. n.a. 1,278 n.a. 1.6579 

2002 - Mar................... 22,611 28,965 33,250 18,477 n.a. n.a. n.a. n.a. n.a. 1.6826 

June................. 27,717 34,175 32,500 19,410 n.a. n.a. n.a. n.a. 785 1.4826 

Sept................. 27,500 32,490 23,980 9,526 n.a. n.a. 3,850 n.a. 630 1.4767 

Dec .................. 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818 

2003 - Mar................... 27,061 36,052 25,146 9,876 n.a. n.a. 4,229 3,551 -193 1.3506 

June................. 26,550 37,574 25,367 10,203 n.a. n.a. 8,087 3,751 -1,174 1.3515 

Sept................. 23,450 34,639 26,605 8,462 n.a. n.a. 3,873 1,906 90 1.3179 

Dec .................. 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 

2004 - Mar................... 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657 

June................. 27,188 36,873 31,813 9,453 1,359 1,237 n.a. 347 n.a. 1.2499 

Sept................. 19,373 29,597 30,976 8,791 n.a. 1,584 387 264 n.a. 1.2453 

Dec .................. 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 

 
FOREIGN CURRENCY POSITIONS 

June 2005 

100

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

10/06/04 .................................................................. 638,185 626,416 -6,836 1.7760 

10/13/04 .................................................................. 650,730 639,578 2,724 1.7938 

10/20/04 .................................................................. 663,686 656,417 1,731 1.8187 

10/27/04 .................................................................. 667,832 659,056 2,176 1.8323 

 

11/03/04 .................................................................. 661,140 653,599 2,240 1.8445 

11/10/04 .................................................................. 607,201 598,548 1,462 1.8476 

11/17/04 .................................................................. 672,126 661,215 1,594 1.8580 

11/24/04 .................................................................. 630,287 623,081 1,963 1.8813 

 

12/01/04 .................................................................. 700,294 694,555 2,212 1.9297 

12/08/04 .................................................................. 704,089 694,785 1,445 1.9283 

12/15/04 .................................................................. 630,950 620,572 1,920 1.9446 

12/22/04 .................................................................. 640,128 631,430 n.a. 1.9125 

12/29/04 .................................................................. 638,399 627,815 n.a. 1.9157 

 

01/05/05 .................................................................. 650,071 636,132 1,335 1.8875 

01/12/05 .................................................................. 654,286 639,491 1,455 1.8932 

01/19/05 .................................................................. 663,681 650,324 1,559 1.8742 

01/26/05 .................................................................. 666,819 653,758 1,103 1.8833 

 

02/02/05 .................................................................. 645,675 636,249 1,300 1.8826 

02/09/05 .................................................................. 659,308 647,000 1,233 1.8582 

02/16/05 .................................................................. 686,370 670,037 1,623 1.8780 

02/23/05 .................................................................. 685,686 669,755 1,720 1.9066 

 

03/02/05 .................................................................. 706,354 692,968 1,698 1.9124 

03/09/05 .................................................................. 738,362 725,165 1,524 1.9239 

03/16/05 .................................................................. 660,297 647,466 1,280 1.9264 

03/23/05 .................................................................. 652,424 637,698 1,220 1.8712 

03/30/05 .................................................................. 652,536 638,361 1,134 1.8816 

 
FOREIGN CURRENCY POSITIONS 

June 2005 

101

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2002 - Dec................... 424,513 428,433 196,385 182,170 26,278 22,651 27,928 26,744 -396 1.6094 

2003 - Dec................... 562,877 563,000 213,813 215,501 30,379 31,415 27,185 27,154 -568 1.7856 

2004 - Apr ................... 655,322 654,222 212,207 212,702 41,086 42,887 36,102 35,110 155 1.7773 

May.................. 633,489 636,771 226,792 227,454 55,610 56,459 35,233 35,733 854 1.8334 

June................. 652,491 653,937 225,785 201,047 38,875 37,712 33,841 35,708 116 1.8192 

July .................. 668,036 662,765 220,177 214,743 40,892 38,914 36,817 38,446 -227 1.8208 

Aug .................. 671,112 663,402 199,890 193,803 42,794 42,899 37,278 37,193 -4,097 1.8021 

Sept................. 668,562 659,611 243,653 201,760 55,836 53,823 37,383 38,494 -4,835 1.8117 

Oct................... 662,001 653,914 236,163 226,438 47,066 44,365 38,651 40,703 4,801 1.8345 

Nov .................. 679,947 673,508 235,802 223,568 51,232 45,898 38,699 46,440 1,814 1.9073 

Dec .................. 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 

2005 - Jan ................... 679,431 668,728 233,635 221,171 41,784 39,146 34,094 36,884 1,372 1.8850 

Feb .................. 710,790 700,896 247,649 234,939 37,725 35,175 32,941 36,574 1,852 1.9249 

Mar .................. 651,827 643,792 231,793 219,823 37,851 36,279 36,356 39,891 1,391 1.8888 

 

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2001 - Dec................... 32,966 32,833 38,240 31,388 2,224 2,152 2,177 2,373 396 1.4556 

2002 - Mar................... 30,190 31,380 30,000 21,404 n.a. n.a. n.a. 3,633 512 1.4243 

June................. 30,530 30,126 28,877 22,290 n.a. n.a. 4,050 3,974 303 1.5313 

Sept................. 31,096 31,837 38,781 26,991 2,197 n.a. 2,705 2,948 260 1.5683 

Dec .................. 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094 

2003 - Mar................... 31,799 34,426 41,449 29,508 1,006 956 3,265 3,327 -105 1.5830 

June................. 31,339 35,450 43,806 28,353 1,245 2,076 4,107 3,675 n.a. 1.6552 

Sept................. 35,979 37,437 43,092 27,499 950 1,374 3,431 2,835 375 1.6639 

Dec .................. 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 

2004 - Mar................... 36,182 42,176 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454 

June................. 38,638 45,267 53,751 35,342 2,565 2,401 4,770 4,248 437 1.8192 

Sept................. 31,962 40,021 50,886 32,628 1,836 1,510 2,530 4,315 572 1.8117 

Dec .................. 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 

 
FOREIGN CURRENCY POSITIONS 

June 2005 

102

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

10/06/04 ................................................................ 6,557,164 6,554,161 -7,992 n.a. 

10/13/04 ................................................................ 6,687,971 6,681,416 -11,780 n.a. 

10/20/04 ................................................................ 6,890,860 6,895,380 -14,481 n.a. 

10/27/04 ................................................................ 7,098,046 7,085,897 -14,638 n.a. 

 

11/03/04 ................................................................ 7,104,272 7,098,985 -15,680 n.a. 

11/10/04 ................................................................ 6,666,122 6,658,825 -17,052 n.a. 

11/17/04 ................................................................ 7,392,230 7,363,354 -15,679 n.a. 

11/24/04 ................................................................ 6,954,406 6,941,026 -12,532 n.a. 

 

12/01/04 ................................................................ 7,924,086 7,893,032 -9,916 n.a. 

12/08/04 ................................................................ 8,268,942 8,244,886 -9,661 n.a. 

12/15/04 ................................................................ 7,372,809 7,370,639 -8,735 n.a. 

12/22/04 ................................................................ 7,171,263 7,168,775 -6,101 n.a. 

12/29/04 ................................................................ 7,196,879 7,192,536 -10,599 n.a. 

 

01/05/05 ................................................................ 7,375,428 7,386,145 -3,392 n.a. 

01/12/05 ................................................................ 7,535,268 7,549,813 -388 n.a. 

01/19/05 ................................................................ 7,624,089 7,648,066 4,595 n.a. 

01/26/05 ................................................................ 7,616,795 7,626,028 3,748 n.a. 

 

02/02/05 ................................................................ 7,565,236 7,584,330 2,892 n.a. 

02/09/05 ................................................................ 7,721,412 7,752,461 3,810 n.a. 

02/16/05 ................................................................ 7,830,454 7,865,991 708 n.a. 

02/23/05 ................................................................ 7,884,792 7,917,557 -178 n.a. 

 

03/02/05 ................................................................ 7,956,568 7,988,990 2,864 n.a. 

03/09/05 ................................................................ 8,372,944 8,426,371 58 n.a. 

03/16/05 ................................................................ 7,460,328 7,492,177 632 n.a. 

03/23/05 ................................................................ 7,580,397 7,613,383 5,145 n.a. 

03/30/05 ................................................................ 7,477,582 7,512,766 2,124 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2005 

103

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2002 - Dec................... 4,828,993 4,789,483 - - 627,016 570,259 593,640 573,324 -988 n.a. 

2003 - Dec................... 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 

2004 - Apr ................... 6,897,302 6,868,123 - - 976,497 941,989 1,022,803 1,068,359 -3,631 n.a. 

May.................. 6,691,645 6,631,690 - - 997,119 971,564 1,056,554 1,102,628 -5,410 n.a. 

June................. 6,793,317 6,791,732 - - 975,161 947,076 1,017,123 1,065,443 1,913 n.a. 

July .................. 6,957,445 6,974,373 - - 1,013,558 991,696 1,073,607 1,106,768 -1,504 n.a. 

Aug .................. 6,997,715 7,002,637 - - 983,906 961,122 1,083,807 1,122,249 120 n.a. 

Sept................. 6,943,855 6,993,109 - - 1,008,080 980,918 1,085,726 1,089,817 -733 n.a. 

Oct................... 7,376,739 7,430,778 - - 1,020,753 1,035,333 1,238,798 1,276,135 -5,713 n.a. 

Nov .................. 7,722,251 7,842,997 - - 1,094,821 1,132,451 1,296,941 1,335,573 -13,694 n.a. 

Dec .................. 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 

2005 - Jan ................... 7,969,071 7,973,126 - - 1,208,933 1,170,552 1,314,675 1,357,263 6,552 n.a. 

Feb .................. 8,355,432 8,386,945 - - 1,222,120 1,207,448 1,274,898 1,301,192 -1,020 n.a. 

Mar .................. 7,878,352 7,912,104 - - 1,262,340 1,220,219 1,236,568 1,263,695 1,522 n.a. 

 

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

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2001 - Dec................... 337,179 384,159 - - 24,444 18,033 26,605 30,170 3,308 n.a. 

2002 - 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................. 388,218 410,714 - - n.a. n.a. 55,531 56,058 5,146 n.a. 

Dec .................. 356,423 381,746 - - n.a. n.a. 71,715 n.a. 1,272 n.a. 

2003 - Mar................... 418,611 465,808 - - n.a. n.a. n.a. n.a. 1,117 n.a. 

June................. 468,160 456,607 - - n.a. n.a. n.a. n.a. 4,747 n.a. 

Sept................. 448,471 463,129 - - 50,453 44,020 n.a. n.a. 2,711 n.a. 

Dec .................. 419,759 427,434 - - 18,627 12,023 14,580 11,154 2,186 n.a. 

2004 - Mar................... 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a. 

June................. 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a. 

Sept................. 412,177 408,591 - - 13,438 8,900 n.a. n.a. n.a. n.a. 

Dec .................. 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2005 

104

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar) 

(4) 

 

10/06/04 .................................................................. 2,019,438 2,056,880 -2,612 0.8145 

10/13/04 .................................................................. 2,067,542 2,104,428 1,226 0.8102 

10/20/04 .................................................................. 2,106,511 2,134,224 -1,572 0.7920 

10/27/04 .................................................................. 2,167,413 2,193,977 -410 0.7859 

 

11/03/04 .................................................................. 2,201,216 2,226,528 304 0.7820 

11/10/04 .................................................................. 2,102,741 2,136,621 2,036 0.7737 

11/17/04 .................................................................. 2,269,252 2,320,412 863 0.7674 

11/24/04 .................................................................. 2,120,141 2,174,055 -724 0.7598 

 

12/01/04 .................................................................. 2,354,842 2,412,923 -1,330 0.7514 

12/08/04 .................................................................. 2,446,058 2,509,049 751 0.7546 

12/15/04 .................................................................. 2,201,898 2,242,909 -49 0.7447 

12/22/04 .................................................................. 2,121,078 2,169,586 -2,078 0.7468 

12/29/04 .................................................................. 2,119,680 2,170,067 463 0.7370 

 

01/05/05 .................................................................. 2,262,924 2,308,069 -665 0.7523 

01/12/05 .................................................................. 2,311,800 2,347,910 -843 0.7530 

01/19/05 .................................................................. 2,347,072 2,388,579 -2,329 0.7671 

01/26/05 .................................................................. 2,309,577 2,351,040 -2,528 0.7645 

 

02/02/05 .................................................................. 2,333,860 2,363,046 -3,139 0.7683 

02/09/05 .................................................................. 2,407,291 2,437,200 -3,661 0.7814 

02/16/05 .................................................................. 2,399,537 2,424,600 -3,079 0.7696 

02/23/05 .................................................................. 2,399,031 2,425,187 -4,584 0.7571 

 

03/02/05 .................................................................. 2,408,619 2,433,245 -4,290 0.7618 

03/09/05 .................................................................. 2,523,136 2,548,470 -2,644 0.7472 

03/16/05 .................................................................. 2,262,837 2,286,781 -1,934 0.7450 

03/23/05 .................................................................. 2,318,703 2,335,538 -4,071 0.7689 

03/30/05 .................................................................. 2,261,642 2,272,980 -4,045 0.7726 

 
FOREIGN CURRENCY POSITIONS 

June 2005 

105

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 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2002 - Dec................... 1,625,180 1,696,157 1,040,749 995,578 267,591 247,397 203,958 236,553 -2,361 0.9527 

2003 - Dec................... 1,770,094 1,801,409 1,061,881 1,036,384 293,589 286,226 260,869 277,574 -8,427 0.7952 

2004 - Apr ................... 2,011,037 2,050,869 1,006,808 982,487 326,108 306,730 311,786 321,993 -758 0.8349 

May.................. 1,890,945 1,944,335 1,038,744 1,003,943 341,093 295,598 321,755 336,301 808 0.8190 

June................. 1,954,781 2,002,331 1,071,370 1,029,167 309,150 283,200 303,398 325,281 532 0.8200 

July .................. 2,053,912 2,096,653 1,005,155 941,758 310,121 284,439 295,097 319,409 -6,306 0.8319 

Aug .................. 2,039,102 2,085,112 996,261 942,780 303,564 277,764 288,716 308,821 -5,970 0.8216 

Sept................. 2,088,842 2,113,588 1,054,841 999,611 316,930 294,062 294,362 309,120 -9,163 0.8042 

Oct................... 2,193,509 2,224,042 1,074,967 1,014,200 328,338 302,371 287,636 302,683 -1,677 0.7846 

Nov .................. 2,324,168 2,375,753 1,066,185 1,001,614 348,482 325,140 297,059 324,504 -2,778 0.7542 

Dec .................. 2,166,343 2,221,435 1,118,199 1,024,017 328,729 299,561 286,514 320,446 -835 0.7387 

2005 - Jan ................... 2,336,298 2,385,448 1,106,604 1,058,238 326,898 293,256 306,125 334,474 -965 0.7663 

Feb .................. 2,442,907 2,477,006 1,123,307 1,085,590 291,464 285,805 313,536 339,762 -3,790 0.7534 

Mar .................. 2,323,661 2,339,046 1,096,419 1,065,712 316,547 295,261 311,445 341,831 -5,566 0.7711 

 

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

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2001 - Dec................... 171,056 162,581 217,151 150,815 17,066 16,953 16,865 14,370 -58 1.1217 

2002 - Mar................... 139,640 143,570 201,735 123,114 n.a. n.a. 15,392 13,788 547 1.1468 

June................. 165,752 165,199 201,526 141,469 n.a. n.a. 16,231 15,209 1,044 1.0099 

Sept................. 169,381 167,479 197,713 140,707 n.a. n.a. 29,747 29,540 487 1.0130 

Dec .................. 162,235 151,909 154,166 134,844 n.a. n.a. 16,812 13,985 -86 0.9527 

2003 - Mar................... 174,551 165,959 179,611 146,054 n.a. n.a. 21,449 15,577 -2,428 0.9153 

June................. 178,372 170,896 197,305 169,747 n.a. n.a. 26,352 17,778 3,663 0.8687 

Sept................. 178,580 160,509 161,112 111,712 n.a. n.a. 16,932 9,813 -1,316 0.8574 

Dec .................. 153,335 144,106 157,491 77,634 8,294 7,684 9,465 6,754 -781 0.7952 

2004 - Mar................... 176,895 181,365 210,250 127,055 10,418 11,420 14,269 13,505 -3,231 0.8120 

June................. 179,490 191,720 200,735 129,209 14,878 13,521 9,764 10,856 -2,450 0.8200 

Sept................. 148,528 153,097 198,168 112,634 13,785 n.a. 9,761 10,839 455 0.8042 

Dec .................. 151,369 160,263 191,031 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 

 
June 2005 

106

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 Sept. 30, 2004, and Dec. 31, 2004 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital Sept. 30, 2004 

Oct. 1, 2004, 

through 

Dec. 31, 2004 Dec. 31, 2004 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 10,318,702 -33,217 10,285,485 

Special drawing rights 1 ........................................................... 12,781,983 895,306 13,677,289 

Foreign exchange and securities: 

European euro ..................................................................... 10,949,719 1,078,500 12,028,219 

Japanese yen....................................................................... 8,571,144 627,925 9,199,069 

Accounts receivable................................................................. 168,074 -44,904 123,170 

Total assets.......................................................................... 42,789,622 2,523,610 45,313,232 

 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 23,618 4,324 27,942 

Total current liabilities ...................................................... 23,618 4,324 27,942 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,197,360 411,659 7,609,019 

Total other liabilities ......................................................... 9,397,360 411,659 9,809,019 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 33,168,644 2,107,627 35,276,271 

Total capital...................................................................... 33,368,644 2,107,627 35,476,271 

Total liabilities and capital............................................ 42,789,622 2,523,610 45,313,232 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

June 2005 

107

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Oct. 1, 2004, 

through 

Dec. 31, 2004 

Fiscal year to date 

Oct. 1, 2004, 

through 

Dec. 31, 2004 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange .............................................................................. 1,629,661 1,629,661 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ..................................................... 324,189 324,189 

Interest (+) or net charges (-) on: 

SDRs.................................................................................................. 31,313 31,313 

U.S. Government securities............................................................... 49,036 49,036 

Foreign exchange .............................................................................. 73,428 73,428 

Commissions ......................................................................................... - - 

Income from operations..................................................................... 2,107,627 2,107,627 

Net income (+) or loss (-)............................................................... 2,107,627 2,107,627 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

June 2005 

111

TABLE TF-15A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2006. 

The 24-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2006. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2006) .............................................................................................................. 77 

less: 

 

Cash balance (fiscal year 2006) ......................................................................................................................................................................................... 11 

Unfunded authorizations (fiscal year 2006)........................................................................................................................................................................ 66 

24-month revenue estimate (fiscal years 2007 and 2008)................................................................................................................................................. 70.70 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2006) .............................................................................................................. 7 

less: 

 

Cash balance (fiscal year 2006) ......................................................................................................................................................................................... 8 

Unfunded authorizations (fiscal year 2006)........................................................................................................................................................................ -1 

24-month revenue estimate (fiscal years 2007 and 2008)................................................................................................................................................. 11 
TECHNICAL PAPERS 

June 2005 

112

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. 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1425 New York Ave., NW., Room 1000 

Washington, DC 20220 

Telephone (202) 622-1519, or fax (202) 622-1294
June 2005 

113

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 March 2005, the debt 

limit was $8,184,000 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 
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June 2005 

114

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have 

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J, and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), and savings notes issued between May 1967 

and October 1970 have a final maturity of 30 years. Series HH 

bonds (issued since January 1980) mature after 20 years. 

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury 

securities at the price equivalent to the weighted average 

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 
GLOSSARY 

June 2005 

115

“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), 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).